I received the following letter after requesting that my PMI payment be discontinued:
After reviewing your account, I have confirmed we can't cancel your mortgage insurance premium (MIP) at this time.
Stephen, please rest assured, the U.S. Department of Housing and Urban Development (HUD) may allow you to cancel your MIP early. You have met the following requirements of having your MIP paid through April 10, 2016, and no mortgage payments made over 30 days late in the last 12 months.
You still need to meet the following requirement of having an unpaid principal balance less than or equal to $106,353.00, which will bring your loan-to-value (LTV) ratio to the required 78% of the sale price or appraised value of your home at closing, whichever is lower. HUD will only use these values for your LTV and won't consider a new appraisal to determine your LTV. Your premium end date is June 10, 2021. If you continue to pay your mortgage on time, your mortgage insurance premiums will automatically cancel on this date.
The current appraised value of home is 198000 with loan balance of 113000.
Why was my request denied?