Processing premium bills
Your Excel (TXT) premium bill file includes:
- Premiums due to Mortgage Guaranty Insurance Corporation and/or MGIC Indemnity Corporation
- Premiums due for coverage on unimproved lot loans issued by MGIC Assurance Corporation
- All insurance premiums, applicable taxes, assessments and other charges by government agencies due for the current and outstanding coverage dates
To process your bill:
- Download the TXT bill file from our Secure File Transfer (SFT) system. Save the file as MGICBILL.txt
- Review the data
- For loans where a declining renewal premium has reached its anniversary month, the Premium Calculation Mortgage Balance (column E), Premium Due (column G), Tax Due (column I) and Total Premium/Tax Due (column J) amounts are all listed as "0"(Note: To calculate premium, multiply the mortgage balance by the premium rate; if monthly, divide by 12. To calculate the Tax/Assessment, multiply the new premium by the tax/assessment rate.)
- Enter the current mortgage balance and use it to calculate and enter the Premium Due (column G), Tax Due (column I) and Total Premium/Tax Due (column J) amounts
- MGIC-provided-macro users: Once you enter the Premium Calculation Mortgage Balance (column E), the macro will automatically calculate and fill in the Premium Due (column G), Tax Due (column I) and Total Premium/Tax Due (column J) amounts
- Multiple coverage dates listed for a loan indicate that we previously billed for the loan and had not yet received payment at the time the current bill was generated. If past due and previously billed premiums remain unpaid, we will terminate coverage, per our Master Policy
- Save the file for your records
- Return your response file to us via SFT on or before the payment due date, as determined by your billing cycle. Select Send File to MGIC > MGIC Group > ARB Remit
- Remit premium payments due on or before the payment due date, as determined by your billing cycle, via ACH or wire transfer:
| Account Name | MGIC |
| Account # | 112-663-706 |
| To | US Bank, Milwaukee, WI 53202 |
| ABA # | 075000022 |
| ARB Premiums | TXT File |
| Addendum | ARB Renewals |
| Attn | ARB Renewals - TXT File |
Contact customer_service@mgic.com or 1-800-424-6442 to request changes to any information in the columns marked with an asterisk (*).
| TXT | Macro | Data | Description |
| A* | A* | Cert # | The MGIC-assigned insurance certificate number |
| B | B | Loan # | The lender loan number last reported to MGIC |
| C* | C* | Borrower Name | The borrower's name |
| D* | D* | Coverage Date | The start date of the billed coverage period |
| E | E | Premium Calculation Mortgage Balance | The current mortgage balance, unless the loan has a declining renewal premium
|
| F* | F* | Premium Rate | The premium rate for this loan |
| G | G | Premium Due | The premium due amount, unless the loan has a declining renewal premium
|
| H* | H* | Tax Rate | Tax/assessment rate for this loan |
| I | I | Tax Due | The tax/assessment due amount, unless the loan has a declining renewal premium
|
| N/A | J | Total Premium/Tax Due | The total of premiums and tax/assessment due for this loan for the coverage period |
| J* | K* | Bill Frequency | States whether the premium is billed for on a monthly, annual or one-time basis |
| K* | L* | Renewal Option | States whether the premium has a level or declining renewal |
| L* | M* | LPMI/BPMI | States whether the premium is lender-paid or borrower-paid |
| M* | N* | Address | Subject property address |
| N* | O* | City | Subject property city |
| O* | P* | State | Subject property state |
| P* | Q* | ZIP | Subject property ZIP |
Add loans to the file
Add additional loans for which you are remitting premium to the end of the file:
- Recently purchased loans still in the previous servicer's name on our system for which we have not yet received notification
- Determine renewal rate and premium amount due via MGIC/Link Servicing or by calling MGIC Customer Service, 1-800-424-6442
- Include MGIC certificate numbers and premium payments
- Recently closed loans
- Include loan closing dates
- Insert new rows above the Total row
- Include loan closing dates
Delete loans from the file
Delete loans from the file for which you are not remitting premium at this time; use the Delete key rather than the Hide function.
Notify us of loan number changes via MGIC/Link Servicing. Do not include this information in the TXT or Excel file that you return to us.
Notify us of servicing transfers via MGIC/Link Servicing. Do not include this information in the TXT or Excel file that you return to us.
Submit cancellation requests via MGIC/Link Servicing. Do not include this information in the TXT or Excel file that you return to MGIC.
It is the insured's or servicer's responsibility to comply with New York Insurance Law 6503 (d) & (e): A mortgagor shall not be required to pay, directly or indirectly, the cost of continuing insurance on a loan secured by a first lien on NY real estate when the unpaid principal balance is 75% or less of the original appraised value. For SONYMA loans, use 60% of original fair market value. Please refer to the Homeowners Protection Act to determine its effect on this New York law.
File a claim
Go to MGIC/Link Servicing, our secure web platform for all of your loan servicing-related tasks.
MGIC Servicing Guide
Access the information you need to service your MI-insured loans, including guidelines, requirements, and submission options.
Contact Customer Service
We’re ready and waiting to answer any questions you might have.