Mortgage News

MGIC Stops Underwriting Non-MI Loans

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Posted by on April 14th, 2009

MGIC has discontinued contract underwriting of uninsured loans. Moving forward and citing market conditions, they have announced that June 1st and beyond they will no longer contract underwrite loans in our Underwriting Service Centers that do not have Mortgage Insurance.

Effective June 1, 2009 MGIC will no longer accept uninsured business in our Underwriting Service Centers. Our Underwriting Service Centers will be available to underwrite your Contract-with-MI and MI-only loans. MGIC’s Contract Underwriting Services for uninsured business will only be available with on-site underwriting at a per-day pricing fee.

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