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Default Servicing
Update Default Status

Reporting Requirements

On a monthly basis, report to MGIC both the status of the loan and your servicing efforts to remedy the default.

Reporting Submission Options

If you report defaults using Automated Default Reporting (ADR):

  • update MGIC’s Monthly Exception Audit (MEA), and
  • return the MEA to MGIC via MGIC/Link Servicing – select File/Update Default in the main menu.

If you use a method other than ADR to report defaults:

  • update MGIC’s Monthly Delinquency Loan Status Report (MDLSR).
  • return the MDLSR to MGIC by the 20th of the month via:
    • MGIC/Link Servicing – select File/Update a Default in the main menu; OR
    • fax the MDLSR, 1.800.353.8781.

Guidelines

See section 1.03 of MGIC’s Default Servicing Guide.

MI Loan Activity Reporting Template

The MI Industry has been working on a Loss Mitigation Loan Activity reporting template that would be common to all MI companies. Mortgage Insurance Companies of America (MICA) issued a press release announcing this template in Q4 2011.

MGIC wants to clarify its position on this template since it may differ from what has been communicated by other MI Companies.

MGIC's Position on MI Loan Activity Reporting Template

Your current Automated Default Reporting (ADR) process for MGIC will not change.

  • You must continue to create and submit the Automated Default Report in the same format, at the same time (no earlier than the 20th of each month, but prior to the 3rd to last business day of each month), through the same submission path as you do today. This process will not change for the foreseeable future. See MGIC's Default Servicing Guide for more information regarding Automated Default Reporting (ADR) requirements.

MI Loan Activity Reporting Template – Delinquency Information

  • The template includes delinquency information which can be provided along with the loss mitigation information, but it does NOT replace the current ADR process outlined above.
  • If delinquency information is included on the MI Loan Activity Report, which is complimentary to the ADR report and process, but does NOT replace the ADR process, then the report needs to be created and submitted no earlier than the 20th of each month, but prior to the 3rd to last business day of each month.

MI Loan Activity Reporting Template – Loss Mitigation Information

  • If the report does not include delinquency data, information from the loss mitigation components of the template can be reported to MGIC at any time during the calendar month.
  • Please continue submitting your loan modification and any other loan workout reporting to MGIC until validation of the new template has been completed.

Validation of the MI Loan Activity Reporting Template

  • To begin the validation process, contact us at ecommerce_services@mgic.com.
  • Send your test file through Secure File Transfer and select "MI Loan Activity Report" as the file recipient.
  • For information on Secure File Transfer, contact MGIC Customer Service at customer_service@mgic.com or 1.800.424.6442.

Ongoing delivery of monthly MI Loan Activity Reports

  • Once you have received approval from MGIC on your template and have been given permission to discontinue submission of previous loan modification and other loan workout reporting, send monthly reports through Secure File Transfer and select "MI Loan Activity Report" as the file recipient.

Questions, please contact ecommerce_services@mgic.com.

MI Loan Activity Reporting Template

Support

Contact MGIC Customer Service, customer_service@mgic.com or 1.800.424.6442.

For ADR setup, contact MGIC eCommerce Services, ecommerce_services@mgic.com or 1.800.558.9900.

View our training tutorial, File/Update a Default through MGIC/Link.

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