Dallas, Texas 05/16/2014 (FINANCIALSTRENDS) – Mortgage Guaranty Insurance Corporation, which is MGIC Investment Corp (NYSE:MTG)‘s primary subsidiary announced that it has added 2 veteran mortgage-industry professionals to the company’s sales team. These additions support its growing market share. Tim Makoutz now brings over 20 years in progressive experience in retail & wholesale as well as in correspondent mortgage lending to the new role as the Account Manager. And he serves the market in Northern Virginia.
Gregg Maske has over 28 years of experience in the mortgage banking sector with a very strong history of successfully-managing & leading mortgage production & operations. He now serves as the Account Manager for Alabama & the Florida Panhandle markets. The company’s Senior VP Field Operations, Cheryl Webb said that it is very important to the company that its customers feel like they have gained a very experienced partner whenever they choose to conduct business them. The depth of the industry knowledge that Tim & Gregg bring reflects that particular commitment.
What MGIC does
MGIC, the primary subsidiary of MGIC Investment Corp (NYSE:MTG), serves lenders across the U.S, Puerto Rico, as well as many other locations and helps families achieve their homeownership much sooner by making the affordable low-down-payment mortgages the reality. At 31 March 2014 the company had $157.9B of primary insurance in-force covering around 1.0 million mortgages.
In the year ending 31 December 2012, it wrote new insurance in every jurisdiction within MGIC and/or in MIC. The company also capitalized MIC to write the new insurance in some jurisdictions where the MGIC does not meet & is unable to get waiver of, the minimum capital requirements in those jurisdictions. The private mortgage-insurance covers the losses from the homeowner defaults on the residential mortgage loans, reducing & in some cases also eliminating loss to an insured institution if that homeowner defaults.