COVID-19 updates and resources - updated 09/30/21 Dismiss Alert Mortgage insurance premium refunds rates We offer refundable and non-refundable premium plans. Each loan's insurance Commitment/Certificate specifies whether it is eligible for a mortgage insurance premium refund. Learn more about direct deposit (ACH) premium refunds. Premium refund guidelines Refundable premium plans Premium Plan Initial Insurance Effective Date Refund Calculation Annual Premiums Prior to 7/29/1999 See our Annual Premium Refund Schedule Annual Premiums On or after 7/29/1999 Prorated refund – We calculate this refund based on the number of days of coverage in force divided by 365 days Monthly Premiums N/A Prorated refund – We calculate this refund based on the number of days of coverage in force divided by 30 days Single Premiums – Borrower-Paid N/A See our Single Premium Refund Schedules We will not provide a refund for any period more than 45 days prior to our receipt of the required mortgage insurance cancellation notice. We will mail premium refund checks to you. For annual and single premiums less than $5, we will only provide a refund upon request. Non-refundable premium plans Our borrower-paid, non-refundable premium plans may be partially refundable if the borrower or lender terminated mortgage insurance under the Homeowners Protection Act (HPA). We base these refunds on our HPA refund schedules. Otherwise, premium under these plans is non-refundable. Non-refundable Single Premiums – HPA cancellation Refer to the appropriate HPA refund schedule. Initial insurance effective date Property state July 29, 1999 – Sept. 8, 2013 All states Sept. 9, 2013 and after All states except AK and MD Sept. 9, 2013 and after AK only Dec. 17, 2013 and after MD only Refundable Single Premiums – lender-requested cancellation Refer to the appropriate 5-year refund schedule. Initial insurance effective date Property state April 30, 2001 and before All states May 1, 2001 – Aug. 1 2004 All states Aug. 2, 2004 – Sept. 8, 2013 All states Sept. 9, 2013 and after All states except AK Sept., 9 2013 and after AK only Refundable Annual Premiums – lender-requested cancellation Refer to the refund schedule or calculation, as appropriate. Initial insurance effective date Property state Prior to July 29, 1999 All states July 29,1999 and after We will provide a prorated refund based on the number of days insurance is in force divided by 365 days, and then multiplying the resulting percentage by the annual premium amount. All states Refundable Monthly Premiums We will provide a prorated refund based on the number of days insurance is in force divided by 30 days, and then multiplying the resulting percentage by the monthly premium amount. You might also like Request a refund Via MGIC/Link Servicing, our secure web platform for all of your servicing-related tasks. Log in or sign up Cancelling mortgage insurance How and when to cancel mortgage insurance coverage from MGIC. Learn more MGIC Servicing Guide The information you need to service your MI-insured loans, including guidelines, requirements, and submission options. View our Servicing Guide Resources When and How to Cancel MGIC Mortgage Insurance (for lenders) Homeowners Protection Act brochure Sign up for direct deposit (ACH) premium refunds Cancellation of Insurance form PO Terms Legal Site Security Site Map © Copyright 2021 All rights reserved. About MGIC About MGIC Careers Contact Us Master Policy MI Basics New To MGIC Popular Links First-time homebuyers Get a Rate Quote Homebuyer education Self-employed borrower worksheets Training MGIC Websites Credit Unions For Investors Loan Officer Hub MGIC Connects Readynest - Tips for homebuyers MGIC Connects Facebook LinkedIn Twitter YouTube Cookies help us improve your website experience. By using our website, you agree to our use of cookies. Privacy Warning Confirm