MGIC Investment Corporation is a private mortgage insurance provider that enables affordable homeownership by protecting lenders against default risk on low-down-payment residential mortgages throughout the United States. The company generates revenue primarily from monthly and annual premiums on insurance policies written, net investment income from its fixed-income portfolio, and reinsurance-related recoveries, with the substantial majority of new business coming from loans purchased by government-sponsored enterprises Fannie Mae and Freddie Mac. MGIC operates in a competitive market against other private insurers and government programs including the FHA and VA, maintaining profitability through risk-based pricing, underwriting discipline, and compliance with regulatory capital and financial strength requirements imposed by the GSEs and state regulators.