Question:

Who are the Mortgage Guaranty Insurance Corporation (MGIC)?

Answer:

The Mortgage Guaranty Insurance Corporation (MGIC) are a leading provider of private mortgage insurance for the US and Puerto Rico. They are a private mortgage insurer established in 1954, helping people attain ownership with less than 20% down payment.

The Mortgage Guaranty Insurance Corporation (MGIC) founder was a real estate attorney who first came up with the idea of insuring not the whole loan amount but only the top 20%. Owing to the idea of private mortgage insurance for the top of a mortgage loan, borrowers' monthly mortgage payments were greatly reduced and homeownership became a lot more affordable. 

MGIC Investment Corporation is the parent company of Mortgage Guaranty Insurance Corporation (MGIC). MGIC Investment Corporation is a credit risk management company offering globally a variety of financial services.

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Common misspellings: mortage and morgage