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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.

Substantial improvements are changes to your home that increase the home’s value. For example:

• Significant structural alterations, including adding square footage
• Construction requiring permits
• Adding new features, such as a new bathroom, central air conditioning, etc.

 
Repairs and home maintenance are not considered substantial improvements. For example:

• New flooring
• New appliances
• Painting
• Replacing the roof or siding.

You can speak with a Customer Service representative in a language other than English, or get a verbal translation of any correspondence.

For New York City customers, translations and descriptions of commonly-used debt collection terms are available in multiple languages on the New York City Department of Consumer Affairs website, www.nyc.gov/dca.

You can initiate an electronic transfer via ACH to send funds from your HELOC account to your designated disbursement account.

To setup a designated disbursement account, follow the steps below. The account established will be the designated account on file for all disbursements.

1. Complete the HELOC Disbursement Account Form
2. Provide a copy of a voided check from the bank account you are designating as your disbursement account.   
3. Allow 2 business days for the request to be processed. 
4. A valid email address must be on file to receive immediate notifications of requests and changes. Once the request is processed, a confirmation email and letter will be sent.

To initiate an ACH disbursement to your bank account, call 1-877-461-2437 to complete the request through our automated system or to speak with a live agent.  An email confirmation will be sent to confirm the request.

To check the status of your application, contact us.

On March 23, 2026, PHH Mortgage rebranded to Onity Mortgage. Rebranding to Onity Mortgage was the culmination of our transformation, growth and expansion into a balanced and diversified mortgage company. Our new name (pronounced ON-it-ee) is derived from the phrase “on it,” which conveys action and commitment to getting the job done. We believe our name reflects the capabilities of a hardworking team with a can-do attitude, problem-solving culture and the promise of dependability, performance and support. As we begin this new chapter, we are grateful for our current borrowers and look forward to serving new borrowers who value outstanding, industry leading service.

We are excited to announce that PHH Mortgage has changed its name to Onity Mortgage. 

Our name, Onity, is based on the phrase "we're on it". Onity is pronounced ON-it-ee. 

Your mortgage servicer is not changing, and there is nothing you need to do right now related to our name change. We are the same company with a nearly 40-year legacy of serving homeowners, but now with a new name that is built with our customers in mind.
 

Frequently Asked Questions: 

Why Onity?
Our name, Onity, is based on the phrase "we're on it". Onity is pronounced ON-it-ee. We are the same company with a nearly 40-year legacy of serving homeowners, but now with a new name that is built with our customers in mind. 

Is my mortgage account being transferred? 
No, your mortgage is still being serviced by the same company. You will just see Onity Mortgage where you used to see the company name PHH Mortgage.

Will my account number or any other details about my account change?
No, your account number is not changing. Your mortgage is still being serviced by the same company. You will just see Onity Mortgage where you used to see PHH Mortgage.

Do I need to do anything due to your name change?
There is nothing for you to do at this time! Our website address and our mobile app are not changing. 

Will my online or mobile app log in credentials change?
No, your username and password did not change and will not need to be updated due to our name change. 

Is the PHH Mortgage name going away completely?
Yes, the PHH Mortgage name will no longer exist. For a period of time, you may see PHH Mortgage referenced in various communications.

I use my bank’s bill payer service. Do I need to update anything with my bank?
No, we will continue to accept payments to PHH Mortgage. However, please feel free to update your bill payer information to Onity Mortgage for ease of reference in the future.

• Note: If you currently make your check payable to your bank or original mortgage provider, no change is needed. 

I’m on Autopay, where you currently automatically draft my payment. Do I need to do anything?
No, no updates are needed if you make Autopay payments via our website.

I mail my monthly payment to you - do I need to do anything?
We will continue to accept checks made payable to PHH Mortgage. Please feel free to make your check payable to Onity Mortgage in the future though.

• Note: If you currently make your check payable to your bank or original mortgage provider, no change is needed. 

How will this change impact my credit reporting?
After our name change, it may take a few weeks for the credit reporting agencies to update your credit report with our new name, Onity Mortgage. 

How will your name change impact my tax statements?
Your 2026 tax statements will be issued by PHH Mortgage. In 2027, your tax forms will be issued with our new name, Onity Mortgage. 

Will I need to contact my insurance company to update the mortgage company name on my insurance policy?
No, we will work with your insurance carrier to make all updates. 

My account is being reviewed for a release of liability, assumption, modification, etc. Will this review continue?
Yes, your review will continue. Our name change to Onity Mortgage will have no impact on your request. 

I'm on a military allotment. Do I have to do anything?
No, you will not need to follow anything different. 

I authorized someone to transact on my behalf on my account. Do I have to send an updated authorization form?
No, you will not need to update the authorization. 

Welcome to Onity Mortgage. A home is one of the biggest investments you can make, and we know how important it is. This page introduces you to what you can expect during the process.