With its new e-commerce unit, Mortgage Guaranty Insurance Corp. may be going head to head with systems developed by Fannie Mae and Freddie Mac.

On Monday the Milwaukee mortgage insurer announced the creation of eMagic.com LLC, which is building a "communications hub" for the mortgage industry. The subsidiary will initially provide the same services that MGIC has offered on its Magic Carpet Web site, which originators use to order mortgage insurance from MGIC or to submit loans to Fannie's Desktop Underwriter or Freddie Mac's Loan Prospector.

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