Loss Mitigation
Home Retention Options
MGIC offers a variety of loss mitigation options, similar to the MICA RSP program. As with RSP, MGIC’s goal is to help streamline servicer workflow while helping borrowers remain in their homes. MGIC offers both Home Retention and Nonretention options. MGIC offers delegated guidelines for many of these programs to streamline your loss mitigation process. See the Default Servicing Guide for more information.
MGIC's Home Retention Options include forbearance, repayment plans, and loan modifications, including HAMP loan modifications. If the loan is ineligible for HAMP, then the servicer should offer either a traditional/nontraditional modification or an agency special loan modification program.
If you find that the loan does not qualify for a traditional modification program, we will work with you to explore alternative home retention options. If a home retention option is not feasible, MGIC offers delegated authority to proceed with nonretention options such as short sale or deed in lieu. See the Default Servicing Guide for more information.
Support
Contact MGIC Customer Service, customer_service@mgic.com or 1.800.424.6442.
