FAQ's

Yes, your member can request PMI cancellation on or after either of these dates:

1. The date the principal balance of your loan is first scheduled to reach 80% of the original value of the property or
2. The date the principal balance actually reaches 80% of the original value of the property.

PMI will only be canceled on these dates if:

• Your member submits a written request for cancellation
• Your member has a good payment history;
• Your member are current on the payments required by their loan; and
• We receive, if requested and at your member’s expense, evidence that the value of the property has not declined below its original value and certification that there are no subordinate liens on the property.

A “Good Payment History” means no payments 60 or more days past due within two years and no payments 30 or more days past due within one year of the later of (a) the cancellation date, or (b) the date you submit a request for cancellation.

“Original Value” means the lesser of the contract sales price of the property or the appraised value of the property at the time the loan was closed. If this loan refinanced an existing loan secured by the property, “original value” means the appraised value relied on by the lender to approve this loan.