Exhibit 21

MGIC INVESTMENT CORPORATION

DIRECT AND INDIRECT SUBSIDIARIES⁽¹⁾

1. MGIC Assurance Corporation

2. MGIC Australia Pty Limited⁽²⁾

3. MGIC Credit Assurance Corporation

4. MGIC Indemnity Corporation

5. MGIC Insurance Services Corporation

6. MGIC Investor Services Corporation

7. MGIC Mortgage and Consumer Asset I, LLC⁽³⁾

8. MGIC Mortgage and Consumer Asset II, LLC⁽³⁾

9. MGIC Mortgage Reinsurance Corporation

10. MGIC Mortgage Services, LLC

11. MGIC Reinsurance Corporation

12. MGIC Reinsurance Corporation of Vermont⁽⁴⁾

13. MGIC Reinsurance Corporation of Wisconsin

14. MGIC Residential Reinsurance Corporation

15. MIC Reinsurance Corporation of Wisconsin

16. MIC Reinsurance Corporation

17. MGICA Pty Limited⁽²⁾

18. Mortgage Guaranty Insurance Corporation

The names of certain entities that would not in the aggregate be a significant subsidiary are omitted.

(1) Except as otherwise noted in a footnote, all companies listed are 100% directly or indirectly owned by the registrant and all are incorporated in Wisconsin.

(2) Organized under Australian law.

(3) Organized under Delaware law.

(4) Organized under Vermont law.