MGIC Investment Corp (NYSE: MTG) is a private mortgage insurance company that provides mortgage guaranty insurance to lenders on residential mortgage loans. It makes money by collecting premiums from borrowers or lenders on insured mortgage policies, covering losses when borrowers default on loans with low down payments. MGIC is the operating subsidiary of MGIC Investment Corporation, headquartered in Milwaukee, Wisconsin. The company operates in the private mortgage insurance (PMI) market, which serves lenders originating residential mortgages where the borrower's down payment is below 20% of the home's value. Key demand drivers include home purchase volume, refinancing activity, and the credit risk transfer programs run by government-sponsored enterprises. The business is regulated under PMIERs (Private Mortgage Insurer Eligibility Requirements), which govern the minimum capital lenders must hold as Available Assets to remain eligible insurers. Products include both borrower-paid mortgage insurance (BPMI) and credit risk transfer structures. The 10-K is filed for the fiscal year ended 2025, as reported February 25, 2026.

Revenue model

Premium-based insurance model. MGIC collects recurring premiums on active mortgage insurance policies. Premiums persist as long as the insured loan remains in force, measured by Annual Persistency (the percentage of insurance remaining in force from one year prior). Revenue declines as loans are paid off, refinanced, or cancelled.

Products and services

Borrower-paid mortgage insurance (BPMI), lender-paid mortgage insurance, and credit risk transfer (CRT) structures that transfer a portion of mortgage credit risk to the private sector.

Customers and end markets

Mortgage lenders and loan servicers originating residential mortgages with down payments below 20%. End borrowers are residential homebuyers. Key institutional counterparties include mortgage servicers who report delinquent loans to MGIC.

Value-chain role

Private mortgage insurer sitting between residential mortgage lenders and borrowers. Absorbs credit risk on low-down-payment loans, enabling lenders to originate conforming mortgages that meet GSE standards.

Geographic exposure

United States residential mortgage market. Headquarters in Milwaukee, Wisconsin.

Source: SEC 10-K, filed 2026-02-25

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