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

Instructions

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

File column descriptions

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

  – For loans with a declining renewal premium, see instructions above

 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

  – For loans with a declining renewal premium, see instructions above

 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

  – For loans with a declining renewal premium, see instructions above

 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

Adding/deleting loans

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.

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.

Loan number changes

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.

Log in to MGIC/Link Servicing

More about changing loan numbers 

Servicing Transfers

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.

Log in to MGIC/Link Servicing

More about transferring servicing 

Cancellations

Submit cancellation requests via MGIC/Link Servicing. Do not include this information in the TXT or Excel file that you return to MGIC.

Login to MGIC/Link

More about cancelling MGIC MI coverage 

New York state properties

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.

 

You might also like

  •  mgic text card teal with green

    File a claim

    Via MGIC/Link Servicing, our secure web platform for all of your servicing-related tasks.

  •  mgic text card navy with green bar on right

    MGIC Servicing Guide

    The information you need to service your MI-insured loans, including guidelines, requirements, and submission options.

  •  mgic text card green with navy bottom right

    Find your Servicing Relationship Manager

    Your SRM is ready to help you with all your servicing-related needs.

X
Cookies help us improve your website experience. By using our website, you agree to our use of cookies. Privacy Warning
Confirm