Mr. Culver: MGIC is the nation's largest and leading private mortgage insurer. We provide mortgage guarantee insurance for mortgage lenders which allows borrowers who have less than a 20% downpayment to achieve home ownership.
TWST: Do you exclusively provide insurance to those who cannot put the
full down payment as required by the lender?
Mr. Culver: With loans with less than 20% down that are sold to Fannie
Mae and Freddie Mac, they have to have mortgage insurance, and as a
result, the users of our product are only individuals who have or choose
to put less than 20% down.
TWST: What is the dollar amount of insurance that you have in force, and
where do you stand in terms of your competitive environment?
Mr. Culver: MGIC has 191 billion of insurance in force. We're the
largest company in the industry. On an in-force basis, we have
approximately 26% of the insurance in force.
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