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Contact your MGIC representative if you have questions about your credit union's MGIC pricing model.

Jump to: BPMI Monthly | BPMI Singles | BPMI Splits | LPMI Singles | LPMI Monthly | Charter-level and GSE

Borrower-paid mortgage insurance rate cards

BPMI Monthly Premiums

All states 

Program highlights

Coverage We provide coverage through the mortgage insurance cancellation date.
Premium due at closing Borrowers pay $0 at closing.
Payment terms Borrowers pay monthly as part of their mortgage payment. We bill lender for premium due.
Cancellable?

Borrowers can request cancellation:

•  Based on investor requirements

•  Under the Homeowners Protection Act of 1998 (HPA)

Lenders must automatically cancel the mortgage insurance policy under HPA Terms.

Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.

Refundable?

We provide a refundable options with a slight premium adjustment and prorate refunds.

If coverage is cancelled or terminated under the HPA, unearned premium is refunded.

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BPMI Single Premiums

All states, except AK & WA
Alaska
Washington

Program highlights

Coverage Unless we cancelled coverage previously at the lender's request, we provide coverage until scheduled amortization reaches 78% of original value. Coverage continues for loans in default on that date until the loan is brought current.
Premium due at closing

Borrowers can pay the one-time, single payment at closing or finance it into the loan amount.

A third party, such as a builder or a seller, can pay the one-time, single payment at closing.

Cancellable?

Borrowers can request cancellation:

• Based on investor requirements OR

• Under the Homeowners Protection Act of 1998 (HPA)

Lenders must automatically cancel the mortgage insurance policy under the terms of the Homeowners Protection Act of 1998 (HPA).

Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.

Refundable?

When we cancel a policy based on HPA requirements, we base refunds for refundable and non-refundable single premiums on our HPA refund schedules.

For refundable single premiums, if coverage is cancelled during the first 5 years for reasons other than HPA requirements, we will provide a prorated refund.

See refund schedules.

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BPMI Split Premiums

MGIC's Split Premiums give your borrowers the option of paying part of the MI premium up front in order to reduce the monthly MI premium paid along with their mortgage payment. Borrowers can choose the initial premium rate, which is a percentage of the loan amount.

National, all upfront options ‐ all states except NY & WA

0.50% upfront

0.75% upfront

1.00% upfront

1.25% upfront

1.50% upfront

1.75% upfront

New York

Washington

Split premiums are not available in Guam and Puerto Rico

Program highlights

Coverage We provide coverage through the mortgage insurance cancellation date.
Premium due at closing

Borrowers can pay the upfront premium at closing or finance it into their loan amount.

A third party, such as a builder or a seller, can pay the the up-front premium at closing.

Payment terms

Borrowers pay the remaining monthly as part of their mortgage payment.

We bill lender for premium due.

Cancellable?

Borrowers can request cancellation:

• Based on investor requirements

• Under the Homeowners Protection Act of 1998 (HPA))

Lenders must automatically cancel the mortgage insurance policy under the terns of the Homeowners Protection Act of 1998 (HPA).

Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.

Refundable? Split premiums are non-refundable, unless coverage is cancelled or terminated under the HPA; then we base the refund on our HPA refund schedules.

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Lender-paid mortgage insurance rate cards

LPMI Monthly Premiums

All states 

Program highlights

MGIC's lender-paid monthly premium program provides a cost-effective, efficient alternative to our standard borrower-paid MI premium rates.
Coverage Lender-Paid Monthly Premiums provide coverage while MI premiums are being paid.
Premium due at closing We require no premium at closing.

We bill the lender the first full month after closing; payment is due the following month and continues until the lender cancels insurance.

The lender or anyone other than the borrowers must pay the premium; the lender must not charge the borrowers separately for premium.

Cancellable?

Borrowers can request cancellation:

•  Based on investor requirements

•  Under the Homeowners Protection Act of 1998 (HPA)

Lenders must automatically cancel the mortgage insurance policy under HPA Terms.

Once we've cancelled the mortgage insurance policy, the borrower's monthly mortgage payment is reduced by the monthly premium amount.

Refundable?

LPMI Monthlies are non-refundable.

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LPMI Single Premiums

All states except AK, NY, & WA
Alaska
New York
Washington 

Program highlights

MGIC's lender-paid single premium program provides a cost-effective, efficient alternative to our standard borrower-paid MI premium rates.

The cost of the single premium may be recouped by building it into the loan interest rate or the origination fee. This provides your members with additional tax deductibility because of the increased interest rate or origination fee. Origination fees may also be paid by a third party, such as a builder or a seller.

Coverage We provide coverage for the life of the loan.
Premium due at closing

The lender or anyone other than the borrower pay a one-time, single payment at closing.

The lender cannot charge the premium separately to the borrower.

Refundable? LPMI Singles are non-refundable

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Charter-level and GSE programs rate cards

Housing Finance Agency rate cards

HFA Charter-Level coverage rates HFA coverage rates (North Dakota only)

HomeReady® rate card

HomeReady rates

Home Possible™ rate card

Home Possible rates

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