[mrclean368]

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My mortgage has PMI on it, I paid the loan down to where I have 78% loan to value from the original agreement. My understanding is that this was to come off automatically at 78% but now they want a Brokers Price Opinion costing me $115 which I don't want to do just because of the cost. Is this required or are they just jerking me around?

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Standard. Don't you pay more than that in MI? They aren't going to waive the requirement, so you seem to be cutting your nose to spite your face.

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Well I paid to have the Brokers Price Opinion (which from what I gathered is just another appraisal but cheaper), it just seems like a waste.

From what I had read on ftc.gov it seemed that the lendor was required to remove the PMI automatically once the loan reached 78% LTV. Once the loan reaches 78% LTV the appraisal/opinion seems irrelevant.