Mortgage Guaranty Insurance Corporation, or MGIC, was founded in Milwaukee in 1957 with the simple goal of helping more people purchase their own homes. The company’s products protect mortgage investors from credit losses, facilitating low-down-payment financing to borrowers.
Today, the founding firm of the modern mortgage guaranty industry has over $220 billion of primary insurance in force covering over one million mortgages.
“As a company, we think long term,” says Sal Miosi (’88), President and Chief Operating Officer. “Our product and our mission are focused on sustainable homeownership and that’s what we’re committed to.”
MGIC’s long-term philosophy was critical during the past decade. The Great Recession was rough on any company associated with real estate, and MGIC was no exception. It incurred seven straight years of operating losses before emerging back into the black beginning in 2014.
Miosi says that targeted use of data and analytics have helped the company price and underwrite its risk. At the same time, the broader industry is seeing the positive effects of tighter underwriting guidelines and regulations, and improved processes by lenders, he says.
“The entire mortgage industry is focused on the sustainable home mortgage now,” he notes, and that has been central to MGIC’s mission all along.
With over 30 years at the company, Miosi himself also takes the long view.
The son of immigrant parents from Sicily, Miosi was a first-generation college student who worked his way through UWM. When he joined the business school’s Financiers organization as an upperclassman, he heard about an internship opportunity with MGIC.
“That was the summer of 1988,” he says. “I graduated in December of that year and began working full time at MGIC in 1989.”
His MGIC journey has included executive roles in marketing, business strategy, and operations. This past summer, he was promoted to President and Chief Operating Officer.
He’s recently revisited his UWM roots as a new member of the Lubar School of Business Advisory Council. Miosi says he is enjoying the opportunity to reconnect with his alma mater.
“UWM and the Lubar School serve as an excellent resource for the city,” he says. “There are so many great things going on in the city right now, and that makes me feel very proud of Milwaukee.”