United Way – Our co-workers donated more than $161,000 to United Way's 2016 campaign. And with our corporate gift, the total contribution amounted to more than $496,000.
Home > About MGIC
about MGIC
We're proud to be guiding an industry, supporting our customers and helping borrowers find a better way to achieve their dreams of homeownership.
Corporate profile
We are the principal subsidiary of MGIC Investment Corporation, a private mortgage insurer with $187.3 billion primary insurance in force covering approximately 1 million mortgages as of June 30, 2017. We founded modern private mortgage insurance in 1957, and we remain the industry's premier provider today.
We serve lenders in the United States, Puerto Rico and Guam and help families achieve homeownership sooner by making affordable low-down-payment mortgages a reality. Over the years, we've proven that private capital plays a vital role in the housing industry. Our products, services and experience help make homeownership attainable for the public, and originating high-LTV loans safer for the financial institutions we serve.
We provide a critical component of our country’s residential mortgage finance system by protecting mortgage investors from credit losses. The mortgage insurance we provide also benefits consumers by helping them achieve homeownership sooner with low-down-payment loans.
Our strength comes from our history, leadership and co-worker commitment to providing quality products and customer service.
| Trading symbol | MTG on New York Stock Exchange (NYSE) |
| Financial strength ratings |
|
| MIC financial strength ratings |
|
| Company website | mgic.com |
| Investor website | mtg.mgic.com |
| Industry website | usmi.org |
| Investor relations contacts | Michael Zimmerman, Senior Vice President-Investor Relations mike_zimmerman@mgic.com or 1-800-558-9900, ext. 6596 |
History
Our founder, Max Karl, invented modern private mortgage insurance. We don't just carry our history as a company with us — we carry the history of an entire industry.
In the late 1950s, the national population was growing with the Baby Boom, and everyone expected to have a chicken in every pot and a car in every garage. But before the garage and the car came a home. The average cost of a home at that time was $20,000 and average yearly income was $4,545. Putting the required 20% down payment on a home was difficult.
Mr. Karl was a real estate attorney in Milwaukee, Wisconsin. He observed the struggles that people had with saving for a down payment on a home. He also understood the risks that mortgage originators faced in lending money to potential homebuyers. He was frustrated with the process of closing loans with 100% government guarantees, which he believed was rife with red tape and bureaucracy. Why not create a private company that insured only the top portion of a mortgage, rather than 100% of the mortgage? This could be a less costly and easier way to provide low-down-payment financing to borrowers with less than a 20% down payment.
Mr. Karl took his idea to a group of investors, many of whom were Savings & Loan executives. This group, along with his family and friends (even his barber!) contributed $250,000 in capital, and he founded Mortgage Guaranty Insurance Corporation, or MGIC, in 1957.
Today, saving for a down payment is still difficult. And we're still here, working with mortgage lenders and helping people afford homes with low-down-payment loans.
in the community
At the core of what drives our company is a desire to do what is right. One way we accomplish this is by serving as a responsible corporate citizen. By supporting local charities, we work to help make Milwaukee a strong community.
In 2016, our company and our co-workers donated approximately $936,000 in financial contributions and countless volunteer hours to local organizations. Every year, we lend support to causes emphasizing health, social services, civic efforts, education, arts and culture.
These are just a few of the 150 causes and programs we support.
United Performing Arts Fund – We were designated a Silver Pacesetter Corporation for direct corporate and employee giving in 2015, supporting UPAF's professional performing arts groups and helping to make the arts accessible and affordable to all audiences.
Matching gifts to learning institutions – We match co-worker contributions to colleges or universities and high schools dollar for dollar, up to $2,000 annually per co-worker.
Make a Difference – Wisconsin, Inc. – Our co-workers are among area volunteers who deliver educational seminars to high school students to help them develop sound financial decision-making skills. The seminars focus on the importance of budgeting, how checking and savings accounts work, and why credit matters. Students are encouraged to share their knowledge with family and community members and ultimately make choices that will advance their financial goals.
Jeans Fund – On Fridays, our co-workers contribute $1 each to the Jeans Fund in exchange for the comfort of wearing blue jeans to work that day. In 2016, contributions from co-workers added up to $8,604. With our company's matching gift, $17,209 was divided among a list of nonprofit organizations.
Junior Achievement – Since 1994, our co-workers have volunteered their time to teach children at a local elementary school about business. Using a project created by our co-workers, the kids create books, and track their business plan, sales and profits using various software programs.
Public Television Channel 10/36 Auction – A long-time supporter of Milwaukee’s public television stations, our co-workers volunteer to man phones and collect bids during the annual fund raiser. In addition, we provide marketing support for other Channel 10/36 fund raising events.
Habitat for Humanity – We team up with Habitat for Humanity to sponsor volunteer days, where co-workers share time and talents building and renovating homes in Milwaukee. Habitat for Humanity is a recipient of our biannual Jeans Fund contributions.
keeping it green
Sustainability
Our social responsibility includes a commitment to environmental sustainability, including:
- Conserving energy and water
- Reducing waste
- Incorporating best sustainable practices into the design and construction of our corporate headquarters building refresh project
- Supporting bus transportation to reduce vehicle emissions by working with the Milwaukee County Transit System to offer subsidized bus programs to co-workers
you might also like
