MGIC Investment Corp is a Wisconsin corporation organized in 1984. The Company is a holding company and through wholly-owned subsidiaries it provides private mortgage insurance and ancillary services. The Company sells its insurance products through its own employees. It provides mortgage insurance to lenders throughout the United States and to government sponsored entities to protect against loss from defaults on low down payment residential mortgage loans. Its principal product is primary mortgage insurance. Through certain other non-insurance subsidiaries, it also provides various services for the mortgage finance industry, such as contract underwriting and portfolio analysis and retention. It competes with other mortgage insurers, governmental agencies and products designed to eliminate the need to purchase private mortgage insurance. It competes directly with federal and state governmental and quasi-governmental agencies, principally the FHA and, to a lesser degree, the VA. The Company is subject to comprehensive, detailed regulation by state insurance departments.