Today, MGIC serves lenders in the United States, Puerto Rico and Guam with obtaining mortgage insurance.

In 1957, the company was founded in Milwaukee by Max H. Karl, a real estate attorney who noticed that his clients were having trouble paying for their new homes.

Karl invented modern private mortgage insurance and secured US$250,000 from investors, including friends and business associates, to open MGIC.

[3][4] In 1983 Baldwin United filed for Chapter 11 bankruptcy protection,[5] and in 1985 MGIC was liquidated and its assets sold to Northwestern Mutual for $775 million.

[10] Mortgage Guaranty Insurance Corporation has been named a "Top Workplace" by the Milwaukee Journal Sentinel every year since 2010.