Underwriting Guides
Restricted Markets

MGIC has designated a number of Core-Based Statistical Areas (CBSA) and certain states as “Restricted Markets.”

A CBSA is the official term for a functional region based around an urban center of at least 10,000 people, based on standards published by the Office of Management and Budget. Loans secured by properties in these areas must follow MGIC's Restricted Markets underwriting guidelines.

In determining whether to designate a market as a “Restricted Market,” MGIC uses both external and internal information sources including OFHEO Home Price Indices, National Association of Realtors change in median home prices, Moody's Economy.com home price projections and MGIC's own proprietary business mix and performance data.

BEGINNING JULY 1, 2009
MGIC will begin designating Restricted Markets as either “Tier One Restricted Markets” or “Tier Two Restricted Markets” starting July 1, 2009. For more information, please see our announcement below.

National Bulletin #06-2009 – effective 07/01/09 (05/29/09) (pdf)

Restricted Markets List – effective 07/01/09 (pdf)

Underwriting Guideline Summary – effective 07/01/09 (pdf)