For a conventional loan with borrower-paid private mortgage insurance (PMI), you can generally request cancellation when your principal balance reaches 80% of the property’s original value, provided you meet the Homeowners Protection Act’s eligibility conditions. PMI normally terminates automatically at the date your balance is first scheduled to reach 78% of original value if you are current. Those percentages use original value—not necessarily today’s market price—and the rules do not automatically apply to FHA, VA, USDA, lender-paid or other mortgage-insurance products.
The practical route is to identify the insurance and current servicer, verify the applicable original-value balance and payment requirements, then send a written cancellation request to the servicer’s designated address. Keep delivery proof and ask for the decision, any valuation process and any fee in writing.
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Confirm that the charge is borrower-paid PMI
Start with your mortgage statement, closing documents and current servicing records. The charge must be borrower-paid private mortgage insurance covered by the Homeowners Protection Act (HPA). The Consumer Financial Protection Bureau (CFPB) describes PMI as insurance that protects the lender against loss, not insurance that protects you from foreclosure or missed payments. It is commonly associated with conventional loans originated with less than a 20% down payment and can also arise in a conventional refinance with less than 20% equity. See the CFPB’s explanation at What is private mortgage insurance?
Do not assume that every line item called mortgage insurance follows the HPA’s 80% and 78% rules. FHA mortgage insurance, VA or USDA program charges, lender-paid mortgage insurance and other products can have different cancellation terms. Identify the product in your loan documents and ask the current servicer which rule applies before you calculate a date.
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The two HPA cancellation paths
| Path | Trigger | What you do | Important conditions |
|---|---|---|---|
| Borrower-requested cancellation | The principal balance reaches, or is scheduled to reach, 80% of the property’s original value under the applicable amortization schedule or actual-balance procedure. | Send a written request to the servicer and satisfy its established documentation process. | Payment status and good-payment-history requirements apply; the servicer may require a subordinate-lien certification and evidence that the property’s value has not fallen below original value. |
| Automatic termination | The balance is first scheduled to reach 78% of original value. | No cancellation request is generally required, but the loan must be current for the automatic rule to operate. | The date is based on the scheduled amortization, not simply on a current appraisal or an estimate of equity. |
The CFPB’s HPA examination procedures describe the 80% borrower-requested process. CFPB supervisory highlights describe automatic termination at the scheduled 78% point when the borrower is current; the discussion appears in this 2015 supervisory-highlights PDF. A request at 80% is not the same as an automatic drop at 78%: the first requires you to initiate a written request and demonstrate eligibility, while the second is tied to the scheduled date and current status.
Understand original value and the balance test
Original value is the HPA reference point
The 80% and 78% tests compare the loan balance with the property’s original value as reflected in the loan documents. Depending on the transaction, that basis can be the original purchase price or the original appraisal value used for the loan. Ask the servicer to confirm the exact figure and the corresponding cancellation and termination dates; do not substitute a new market estimate for the original-value figure.
Scheduled amortization versus actual balance
The HPA procedures distinguish between the balance projected by the original amortization schedule and the principal balance actually owed. If you made extra principal payments, the actual balance may reach 80% earlier than the scheduled date. Ask the servicer to evaluate the account under its actual-balance process, and remember that the other eligibility conditions still apply. A payment that merely reduces interest or advances the due date is not necessarily an extra principal payment, so check how your servicer credited it and retain the transaction history.
An illustrative calculation
Suppose the original-value figure confirmed by the servicer is $300,000. The 80% request point would correspond to a $240,000 principal balance, while the scheduled 78% automatic-termination point would correspond to $234,000. These numbers illustrate the arithmetic only; your original-value basis, amortization schedule, payment history and servicer procedures control the actual result.
Why appreciation alone is not enough
A higher current market value does not automatically reset the HPA’s original-value calculation. A servicer may have an established valuation procedure and may require evidence that the property has not fallen below original value, but that is different from allowing any new appraisal to increase the original-value denominator. Ask what evidence and valuation method the servicer has established before paying for an appraisal or other report.
Step-by-step: request PMI cancellation
1. Identify the current servicer
Check the latest mortgage statement and servicing correspondence for the company that receives your payments. Loans can be sold or servicing can transfer, so an old address or form may no longer be valid. Use the current statement, online account or transfer notice to find the address or portal specifically designated for PMI-cancellation requests.
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2. Obtain the original-value threshold and dates
Ask the servicer for the original-value amount used for HPA purposes, the principal balance at 80%, the date your scheduled balance reaches that point and the date it is scheduled to reach 78%. Request the current principal balance as well. If extra payments may have accelerated the actual-balance route, ask how the servicer handles that calculation. Request the amortization schedule if you do not have it; the scheduled dates and an actual-balance review are different calculations.
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Review your payment history for delinquencies and confirm that the account is current. The cancellation process can require a good payment history in addition to the percentage test. The servicer should explain the standard it applies and identify any payment-history issue that could prevent cancellation. Do not assume that reaching the balance threshold cures a late-payment issue.
4. Ask about liens and valuation evidence
Determine whether the servicer requires a certification that no subordinate lien exists. Ask what evidence it uses to establish that the property’s value has not fallen below original value and whether it orders a valuation, accepts a particular report or charges a fee. There is no single HPA-wide appraisal fee or uniform ordinary-request timeline established in the cited guidance, so obtain the details for your loan before ordering anything yourself. Ask whether the servicer will tell you the result of its valuation and what happens if the evidence is insufficient.
5. Prepare a written request
Use the servicer’s designated address or form. Include your name, property address, loan number, the original-value basis you believe applies, and a request for written confirmation of the decision and any required documents. Adapt this wording to the servicer’s instructions:
I am requesting cancellation of borrower-paid private mortgage insurance on loan account
[account number]for[property address]. Please confirm the applicable original-value basis and cancellation threshold, whether my loan meets the payment-history and current-status requirements, and the documents, lien certification or property-valuation evidence you require. Please provide your decision and any valuation procedure or fee in writing.Special offer. See more information about Outbyte and uninstall instructions. Please review EULA and Privacy policy.
This sample is a drafting aid, not a statutory form or legal advice. If the servicer supplies its own form, follow that form and retain a copy. State that the request concerns cancellation of borrower-paid PMI so it is not confused with a general escrow or payment inquiry.
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6. Send it in a traceable way and preserve the file
Submit the request through the servicer’s identified portal, certified mail or another method that creates a confirmation. Save the request, attachments, delivery receipt, portal confirmation, payment history, valuation materials and every response. A complete record makes it easier to correct a calculation or escalate a servicing error. If you mail it, use the address specified for PMI cancellation or for a qualifying written notice, not an address found only on an old statement.
What the servicer may decide
Approval at the 80% point
If the servicer confirms the applicable balance and all conditions, it should tell you when the PMI charge will stop and whether a final payment or account adjustment is needed. Review subsequent statements to make sure the charge actually disappears. Do not stop making the full contractual payment until the servicer confirms the change and your statement reflects it.
Request for more information or a valuation
The servicer may ask for documents, a lien certification or evidence under its established valuation criteria. Ask for the requirement in writing, the submission address, the deadline and any fee. A valuation request does not mean that a higher current appraisal automatically qualifies you; it is part of the servicer’s process for applying the HPA conditions. Before ordering a report, confirm whether the servicer accepts it, who may prepare it and whether the cost is yours.
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Denial
Request the denial and the reason in writing. Ask the servicer to identify the balance and date it used, the original-value figure, the payment-history or current-status finding, and any unmet lien or property-value criterion. If the denial is based on a calculation, request the amortization schedule and transaction history used to reach it. Correcting a factual error is usually more effective when you identify the exact account entry or date at issue. If you believe the account was current or an extra principal payment was omitted, attach the statement or payment confirmation supporting that point.
If the servicer does not act or you suspect an error
For a servicing error or a request for account information, use the servicer’s designated address for qualified written notices or information requests, rather than a general payment address when the servicer lists a separate one. The CFPB explains the process in How do I dispute an error or request information about my mortgage?
For a qualifying error notice or information request, the CFPB describes a general response period of 30 days, excluding weekends and legal public holidays, with statutory exceptions and possible extensions. That response period is a servicing-information rule; it is not a promise that PMI will be cancelled within 30 days. State the specific error or information sought, include identifying account details, attach relevant records and keep proof of delivery. If the issue remains unresolved, you can submit a complaint to the CFPB after giving the servicer the opportunity to respond. A complaint can prompt review, but it does not replace the HPA eligibility test or guarantee cancellation.
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Insurance types that require a different analysis
FHA mortgage insurance
FHA mortgage-insurance premiums are not borrower-paid conventional PMI for HPA purposes. The cancellation result depends on the FHA loan’s rules, endorsement date and terms. Consult your FHA documents, the relevant agency guidance and your servicer rather than applying the 80%/78% summary.
VA and USDA charges
VA funding-related charges and USDA guarantee or annual-fee structures are program charges, not automatically HPA PMI. Their removal or termination rules come from the applicable program and loan documents.
Lender-paid mortgage insurance
With lender-paid insurance, the lender—not you—pays the premium, often in exchange for a different interest rate or loan pricing. The borrower-requested HPA procedure for borrower-paid PMI may not apply. Review the note, closing disclosure and servicing agreement and ask the servicer how the insurance is structured.
Other mortgage-insurance arrangements
Some loans combine insurance with special pricing, second liens or investor requirements. If your statement uses a term other than borrower-paid PMI, obtain the product name and governing cancellation provision before sending an HPA request.
Common mistakes that delay removal
- Using today’s value as the denominator. The HPA test is tied to original value; appreciation alone does not force cancellation.
- Confusing 20% equity with the 80% original-value balance. Equity based on a current market price is a different calculation.
- Waiting for an automatic drop at 80%. The borrower-requested path generally requires a written request; automatic termination is generally tied to the scheduled 78% date when current.
- Ignoring payment status. A balance threshold does not eliminate current-status and payment-history conditions.
- Sending the request to the wrong address. Use the PMI, qualified-written-request or information-request address the servicer designates.
- Ordering an appraisal before learning the rules. The servicer may use a specified valuation method, and any fee or acceptable evidence is loan-specific.
- Stopping payments after submitting the request. Continue the contractual payment until the servicer confirms the account change.
- Failing to document a transfer. If servicing changed, preserve the transfer notice and send the request to the current servicer.
- Assuming an extra payment changes the schedule automatically. Ask whether the servicer will evaluate the actual principal balance and provide the transaction history used.
Records to keep until the charge is gone
- The note, closing disclosure, original appraisal or purchase documents showing the original-value basis.
- Current and prior mortgage statements showing the PMI line item.
- The amortization schedule and a history of extra principal payments.
- Your written cancellation request, attachments and delivery confirmation.
- Any lien certification, valuation report, invoice or fee disclosure.
- The servicer’s approval, denial or request for additional information.
- Statements after approval confirming that PMI is no longer billed.
The CFPB said in its August 4, 2015 guidance that “Consumers should not be billed for unnecessary private mortgage insurance.” Applying the correct insurance category, original-value calculation, payment conditions and written-request procedure is the safest way to seek removal without relying on an unsupported automatic-20%-equity assumption.
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Frequently Asked Questions
Can I ask my lender to remove PMI at 20% equity?
You can request cancellation when the principal balance reaches 80% of the property’s original value, subject to the HPA’s payment, lien and value-related conditions. Equity based on today’s market price is not automatically the HPA calculation.
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Does PMI automatically fall off at 20%?
Generally, no. The borrower-requested route is tied to 80% of original value and requires a written request. Automatic termination generally occurs at the scheduled 78% balance when the loan is current.
What if I paid extra principal?
Ask the servicer to evaluate your actual principal balance. Extra payments may bring the balance to 80% earlier than the original schedule, but the other eligibility requirements still apply.
Can appreciation remove PMI?
Appreciation alone does not automatically reset the original-value calculation or force cancellation. Ask the servicer whether its established valuation procedure accepts evidence that value has not fallen below original value.
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Do I have to pay for an appraisal?
There is no single HPA-wide fee or uniform evidence requirement for ordinary requests in the CFPB guidance. Ask your servicer whether a valuation is required, which method is acceptable and who pays any fee before ordering one.
How long does a PMI request take?
The cited guidance does not establish one ordinary-request deadline. Ask the servicer for its submission and decision process. A 30-day period described by the CFPB applies generally to qualifying servicing-error notices or information requests, not guaranteed PMI approval.
What if the servicer denies my request?
Request the denial and calculation in writing, including the original-value figure, balance, date and unmet condition. If you identify a servicing error, send a specific written notice or information request to the servicer’s designated address and retain delivery proof.
Does this apply to FHA, VA or USDA loans?
Not automatically. FHA mortgage insurance, VA or USDA program charges, lender-paid insurance and other products have different rules. Confirm the product in your loan documents and follow the applicable agency and servicer provisions.
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First verify that the charge is borrower-paid conventional PMI covered by the HPA. Then ask the current servicer to confirm the original-value figure, the 80% request balance, the scheduled 78% date and every required condition. Submit a written request to the designated address, keep proof and continue making the contractual payment until the change appears on your statement. If the servicer’s calculation or handling is wrong, document the specific error and use the CFPB-described written servicing-request process.
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