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I have a loan with PHH and my loan ratio has reached 77.7% last month. I contacted them to inquire about why the PMI has not dropped off for my payment this month. I was told that it was not scheduled to drop off for several more months based on the "initial amortization" schedule that was anticipated when we did the initial loan. Because I have paid extra some months I reached the required <78% sooner. They told me I would have to get an appraisal and submit a request for "early cancellation"? Is this legal? I thought the goal was to reach less than 78%...not reach a specific date. We have had the loan for almost 5 years and have never missed a payment. It's not even about the money at this point but what seems like kind of a shady practice in general.