Underwriting Guides
Underwriting Guide

MGIC's Underwriting Guide is being updated, see our Underwriting Guide Summary for the most current information. If you have questions please contact your MGIC Account Manager. This version of the Underwriting Guide was last updated 4/21/2008.

MGIC's Underwriting Guide includes our current policies on topics such as loan, borrower and property eligibility.

Note: links below open the Underwriting Guide .pdf document.

1 MI Basics

1.01 Who is MGIC? 1.02 What is mortgage insurance? ·
1.03 Our underwriting philosophy · 1.04 Our fair-underwriting commitment · 1.05 Our commitment to quality · 1.06 Agency automated underwriting · 1.07 Emerging Markets

2 Applying for MGIC MI

2.01 How to apply for MGIC mortgage insurance ·
2.02 Submission methods · 2.03 MGIC MI application

3 Eligible Loans

3.01 Eligible properties · 3.02 LTV Calculation · 3.03 Maximum combined LTV (CLTV) · 3.04 Maximum home equity combined LTV (HCLTV) · 3.05 Maximum loan amortization period · 3.06 Eligible loan programs · 3.07 Eligible loan purposes · 3.08 Seller/builder contribution limits · 3.09 Loan program parameters

4 Borrower Eligibility

4.01 Eligible borrowers · 4.02 Occupancy status · 4.03 Maximum MGIC-insured loans (and total exposure) per borrower · 4.04 Qualification ratios · 4.05 Standard A credit · 4.06 A- Expanded Criteria credit · 4.07 Reduced Documentation credit · 4.08 Qualifying income · 4.09 Source of funds toward down payment · 4.10 Documentation requirements

5 Property Eligibility

5.01 Marketability & value· 5.02 Special property-type factors · 5.03 Property title requirements

6 MI Commitment/Certificate

6.01 What happens when a loan is approved for MGIC MI? ·
6.02 Terms and extensions · 6.03 Changes at or before closing · 6.04 Changes after coverage is activated · 6.05 Assumptions and loan modifications · 6.06 Incomplete or denied applications