MI Servicing
Submit a Loan Modification
MGIC’s Loan Modification policy offers servicers a simplified way to retain loans. Various guideline, pricing and documentation waivers apply to loans that qualify.
Loans currently insured by MGIC may be eligible for an MGIC Loan Modification depending on the details of the transaction. MGIC defines a loan modification as a change to an insured loan evidenced by a modification agreement or a new note with coverage continuing under the existing insurance Certificate.
MGIC Loan Modifications require that the following criteria must be met:
- Coverage percentage must remain the same
- Premium rate category (A, A-, Alt-A) must remain the same
- MGIC Commitment Certificate number will remain the same
- Loan to Value category may change, based on new principal balance
MGIC Loan Modifications are not treated as new loans and are not subject to MGIC’s current Underwriting and Restricted Market Guidelines. A loan modification occurs when a conversion option is being exercised, the interest rate is the only change on a loan, or for the purposes of MGIC's loss mitigation
Submitting Loan Modification requests:
- Online via MGIC/Link Servicing: Login or learn more.
- Batch/volume requests via Secure File Transfer (SFT):
- Complete this Excel spreadsheet and deliver it via MGIC's Secure File Transfer: Login or learn more.
- Refer to the spreadsheet instructions for values/columns/labels definitions.
- Be sure to select "Loan Modifications" as the File Recipient in Secure File Transfer to expedite your request.