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Yes, PMI may be canceled in certain circumstances.

Automatic Termination 
If you’re required to carry PMI, we’ll cancel it automatically when your loan-to-value (LTV) ratio is scheduled to reach 78%. The LTV ratio is the difference between the loan amount and the original market value of the home.

LTV Example: If you borrow $88,000 to buy a house valued at $100,000, your loan-to-value ratio is 88%. ($88,000 /$100,000 = 0.88, or 88%).

Based on the original home value, we’ll project the date when your LTV will reach 78%, and we’ll plan to cancel your PMI on that date.

Early Cancellation
You can request early cancellation of PMI before the automatic cancellation date. Each mortgage investor has different requirements for canceling PMI early.

• In most cases, the property must reach at least an 80% LTV. 
• If you obtained your loan less than two years ago, your investor may require a list of substantial improvements to evaluate the PMI cancellation request. You must have a description of the improvement, the date it occurred, and the associated cost.
• A home valuation may be required to determine your equity amount. The cost of the valuation will be your responsibility. We will let you know if a valuation is required along with the costs and steps to have the valuation completed.
• You must be current on your loan payments. You cannot have been more than 30 days past due in the last year or more than 60 days past due in the last two years.

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PHH Mortgage is one of the nation’s largest non-bank mortgage servicers and we are committed to delivering exceptional service. Helping homeowners is what we do!®

Welcome to PHH Mortgage:

• June 1st - BSI Financial Services

​Which best describes you?

PHH Mortgage is a full-service mortgage company, helping customers for nearly 40 years. Our 5,000 employees are committed to delivering personalized mortgage service to help customers save money and build equity.

As a subsidiary of Onity Group Inc., a leading financial services company, our success is grounded on a shared set of Company Values that guides our behavior and defines the way we do business. 

We’re a servicing leader with a strong track record of success in foreclosure prevention and loss mitigation helping homeowners stay in their homes.  We focus on working together with our customers to give a great customer experience.

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1.5 million loans serviced Offices and operations in West Palm Beach, FL, Mount Laurel, NJ, Houston, TX, the United States Virgin Islands (USVI), India and the Philippines.

When you make a lump-sum payment of $5,000 or more toward the principal balance, we can recalculate the monthly payment based on the reduced balance. This recalculation is called a recast. Your monthly payment decreases while the interest rate, term, and maturity date remain the same. To request a recast, log on to your account and send us a secure message by visiting Account Management > Messages.

You can request a mortgage recast after making a lump-sum payment of $5,000 or more towards the principal balance. The account must meet the following criteria to be eligible for a recast:

• The account must be paid ahead or due for the current month's payment.
• The account must not be active in an interest-only payment period.

HELOC, FHA, VA, GNMA, and commercial accounts are not eligible for a recast.