MGIC Loan Servicing Guide

We are aware that mortgage Servicers supporting borrowers impacted by COVID-19 may have questions regarding our policies on default reporting and borrower workout programs. To help you, we created this quick reference Q&A for Servicers.

Our MGIC Servicing and Rescission Relief guides provide you with information you need to service your MI insured loans including guidelines, requirements, and submission options.

Servicing Guide

Download the full guide or review a specific section.

Full MGIC Servicing Guide (03/18/2021)

Section 1, Mortgage Insurance Premium

Section 2, Cancellations

Section 3, Reinstatements

Section 4, Certificate Changes

Section 5, Servicing Transfers

Section 6, Assumptions

Section 7, Partial Releases

Section 8, Loan Status & Activity Reporting

Section 9, Loan Modifications

Section 10, Loss Mitigation

Section 11, Foreclosure

Section 12, Claim

Section 13, Real Estate Owned (REO) Property Sales & Election of Acquisition Option

Section 14, Credible Evidence

Section 15, Appeals

Section 16, Exhibits

Section 17, Servicing Tools

Rescission Relief Guide

Our Gold Cert Coverage provides rescission relief for Significant Defects, Valuation Defects and Borrower fraud on qualifying loans after 36 months, regardless of the submission method. For loans that do not meet 36-month coverage requirements, Gold Cert Coverage provides relief at 60 months.

You can also opt for early rescission relief by submitting certain documents at application and/or after you notify MGIC to activate insurance. Refer to your Master Policy and the following guide for complete requirements.

MGIC Rescission Relief Guide (02/08/2021)

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