A new method to improve the excess spin density obtained from unrestricted Hartree-Fock wave functions in terms of natural orbitals is proposed. Using this modified excess spin density to evaluate the correlation energy by means of density functionals leads to large improvements in the computed magnetic coupling constants of several materials without need to modify the exchange contribution. This is important because it reconciles the density functional theory description with the one provided by multi-determinant wave functions. Using the present approach, the leading contribution to the magnetic coupling constant arises from electron correlation effects. The performance of the new method is illustrated on various materials including high-critical-temperature superconductors parent compounds. (C) 2004 American Institute of Physics.