What can I expect after submitting the request?
After you submit your request to cancel PMI, we'll send you a packet of information detailing the eligibility criteria, process, and other pertinent information.
Next, here's what will happen:
Within five business days of receiving your request to cancel PMI, we will determine whether your loan may be eligible based on requirements specific to your loan and notify you by mail as follows:
Your loan is not eligible and why;
Your loan is eligible and does not require an updated home value appraisal;
An optional principal reduction payment is required to lower the principal balance to 80% of the original property value (details and instructions will be provided); or
An updated property valuation or appraisal is required to confirm eligibility for PMI cancellation.
If an updated property valuation or appraisal is required, please contact Customer Care by phone, email, or secured message if you wish to proceed. If an appraisal is required, please note:
The appraisal must be ordered through Customer Care. We will provide you with the estimated cost, collect the amount from you, and order the appraisal.
The appraiser will contact you directly to schedule the appraisal on a mutually agreeable date and time. The appraisal must be completed within 90 days of your request to cancel your PMI.
The appraisal will be sent directly to us for evaluation. If applicable, we will evaluate any Substantial Improvements made to the property (as provided by you).
If the appraisal does not satisfy the Loan-to-Value ratio requirement for your loan, we will notify you by mail.
If your loan does satisfy the requirements for PMI cancellation (including sufficient equity), within two business days we will terminate your PMI and notify you in writing. At that point, no further premiums, payments, or fees will be due in connection with PMI and we will adjust your monthly payment accordingly. We will send you an updated billing statement reflecting your new monthly payment amount.
We adhere to the Homeowners Protection Act (HPA), state laws, and investor requirements.
