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Automatic – Occurs when a borrower hits 78% LTV of the scheduled amortization. Cannot be used if borrower pays down balance to get to 78% faster than scheduled.
Borrower requested (original value) – Most often occurs when a borrower pays down a balance faster than scheduled and requests PMI to be removed based on the value used at closing.
Borrower requested (new value) – Occurs when a borrower requests PMI removal based on a new appraised value, and the loan has been open for at least two years.
Here are additional information about requirements that may or may not be required when a Homeowner is removing PMI on Conventional Loans.
The Homeowner should always consult their Servicer before taking any action, including ordering an appraisal. In most cases, the Servicer will need to order the appraisal themselves or they could have additional overlays/restrictions for removing PMI on Conventional Loans.