Billing Process
Premium billing
MGIC provides a premium bill each month that includes:
- Monthly and annual coverage periods
- Insurance premiums
- Applicable taxes, assessments and other charges by government agencies
MGIC identifies loans on the bill where coverage periods were previously billed and are past due. These loans appear on your premium bill until they are paid or coverage terminates.
Billing format options
- Automated Renewal Billing - For more information about the vendors and software providers MGIC supports, contact ecommerce_services@mgic.com or 1.800.558.9900
- Electronic formats, including CSV (Excel) files - For more information, contact ecommerce_services@mgic.com or 1.800.558.9900
- PDF bills - MGIC will deliver a PDF file of your premium bill through Secure File Transfer
- We will notify you via e-mail that your premium bill has been posted to SFT
- For more information, contact customer_service@mgic.com or 1.800.424.6442
Billing cycle options
Select the cycle that best fits your payment processing time frame to ensure you receive the most current bill.
Cycles 1 through 4 bill the first, second, third and fourth full weekends of the month, respectively, and include billing dates for the current month’s monthly premiums due and next month’s annual premiums due
- For example, if the current month is January, the bill is for January monthly premiums due and February annual premiums due
Cycle 5 bills the first full weekend of the month and includes billing for the previous month’s monthly premiums due and the current month’s annual premiums due
- For example, if the current month is January, the bill is for December monthly premiums due and January annual premiums due
Payment options
MGIC allows payments by check, ACH credit or wire. If you’d like to remit premium payments by ACH or wire, contact premium_remit@mgic.com.
Note: While MGIC deposits all checks for payment of premiums immediately upon receipt, recognize that receipt and deposit of premium does not constitute a waiver of our rights or defenses under our policies of insurance.
Renewal option types
- Constant Renewal Premiums
- Pay amount shown on the MGIC Premium Bill
- Do not change premium due
- Contact premium_pay@mgic.com or 1.800.558.9900 if you have questions about the amount due
- Declining Renewal Premiums
- Pay amount shown on the MGIC Premium Bill
- In the event that the mortgage balance and premium due fields are blank, provide current mortgage balance and calculate and remit premium due
- Calculation: (Mortgage Balance x Premium Rate) ÷ 12 months
Taxes, assessments and other charges by government agencies
In order to retain coverage, you must include taxes, assessments and other charges by government agencies with your insurance premium remittance.
Florida
The State of Florida Insurance Code requires that MGIC collect from the insured lender an emergency assessment on both the initial and renewal mortgage insurance premiums for loans secured by Florida properties.
Kentucky
The Kentucky Insurance Code requires that MGIC collect from the insured lender the following taxes on both the initial and renewal mortgage insurance premiums for loans secured by Kentucky properties:
- a state property and casualty insurance surcharge
- any applicable municipal or urban county government premium tax, which is assessed at a rate set by the local government
West Virginia
The West Virginia Insurance Code requires that MGIC collect from the insured lender a surcharge tax on both the initial and renewal mortgage insurance premiums for loans secured by West Virginia properties.
Termination of insurance
Insurance coverage will be terminated, in accordance with your Master Policy, if MGIC does not receive the entire renewal premium(s) due, including taxes, assessments and other charges by government agencies, within a 45-day grace period after the original payment due date.
Reinstatements
To request reinstatement, contact customer_service@mgic.com or 1.800.424.6442.