MGIC Teams with ICBA to Provide Profit and Productivity Enhancement Opportunities to Community Banks

MILWAUKEE, Nov. 11 /PRNewswire-FirstCall/ -- Mortgage Guaranty Insurance Corporation (MGIC), (NYSE: MTG - News) and the Independent Community Bankers of America (ICBA) today announced an agreement that will offer ICBA members a suite of MGIC mortgage-related products and services designed to enhance community banks' profitability.

Under the agreement, ICBA members may take part in a group captive reinsurance program with MGIC, allowing community banks to expand their low- down-payment mortgage lending while tapping into a potential new revenue stream. MGIC will also be providing ICBA members with additional products and services designed to increase productivity and enhance customer service -- including contract underwriting, homebuyer education, training seminars and an invaluable customer retention program.

"The ICBA captive builds on the strengths of ICBA's member banks -- a focus on quality borrowers combined with geographic dispersion. The earnings potential of the group captive will encourage member banks to expand their mortgage lending activities," said C.R. (Rusty) Cloutier, chairman of ICBA and president and CEO of MidSouth Bank, a $400 million-asset, publicly traded community bank in Lafayette, Louisiana.

"MGIC's solid reputation as an innovative leader, as well as its commitment to customer service, make it the obvious choice as an ICBA strategic partner," remarked Kenneth Guenther, president and CEO of ICBA, the only national trade association that exclusively serves community banks.

"MGIC looks forward to working with the ICBA to contribute to its ongoing success," said James MacLeod, executive vice president of field operations. "MGIC is committed to providing our customers with products, programs and services that make them more responsive to their customers' needs, as well as more efficient and more profitable."

MGIC ( www.mgic.com ), the principal subsidiary of MGIC Investment Corporation (NYSE: MTG - News), is the nation's leading provider of private mortgage insurance coverage with $191.0 billion primary insurance in force covering 1.6 million mortgages as of September 30, 2003. MGIC serves 5,000 lenders with locations across the country and in Puerto Rico, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality.

ICBA is the nation's leading voice for community banks and the only national trade association dedicated exclusively to protecting the interests of the community banking industry. We aggregate the power of our members to provide a voice for community banking interests in Washington, resources to enhance community bank education and marketability, and profitability options to help community banks compete in an ever-changing marketplace. ICBA has nearly 5,000 members with 17,000 locations nationwide. Our members hold more than $526 billion in insured deposits, $643 billion in assets and more than $405 billion in loans to consumers, small businesses and farms. For more information, visit www.icba.org .

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Source: MGIC Investor Services Corporation