Loss Mitigation: Home Retention Options
Loan Modifications
A loan modification should be offered on every MGIC-insured loan when borrowers have the financial ability to continue paying their full mortgage payment (including escrows) after the loan is modified.
You have authority to perform loan modifications that meet MGIC Delegated Guidelines.
Modifications that fall outside of MGIC Delegated Guidelines must be approved by MGIC before you perform the modification. Submit your request for approval to MGIC.
Learn more about reporting modifications on performing loans.
Reporting Options
- For individual modifications, use:
- MGIC/Link Servicing – select Loan Modification in the main menu; OR
- our web-based Loan Modification Submission form.
- For multiple modifications, complete and submit the Loan Modification Request Spreadsheet via:
- MGIC/Link Servicing – select Loan Modification in the main menu; OR
- Secure File Transfer – select Loan Modifications as the File Recipient.
Guidelines
See section 2.05 of MGIC’s Default Servicing Guide.
Support
Contact MGIC Customer Service, customer_service@mgic.com or 1.800.424.6442.
View our training tutorials:
Report Single Loan Modification Notices through MGIC/Link.
Report Multiple Loan Modification Notices through MGIC/Link.
