If your down payment is less than 20% of your home's value, your mortgage lender usually requires you to have PMI.
PMI and your rights
Under the federal Homeowners Protection Act (HPA), your lender must:
- Tell you in writing that you have PMI.
- Explain how coverage works.
- Tell you when and how you can cancel PMI.
- Let you know annually when you qualify to cancel the coverage.
If you pay your mortgage on time each month, you can ask to cancel the coverage once your mortgage is less than 80% of your home's value or purchase price.
How to file a complaint if your lender doesn’t follow the HPA
First, find out who regulates your lender. Then, contact the organization that oversees or regulates it:
State-regulated credit unions
Washington state Dept. of Financial Institutions Division of Credit Unions
- Phone: 877-RING DFI (877-746-4334) or 360-902-8701
- Email: dcu@dfi.wa.gov
State-regulated banks
Washington state Dept. of Financial Institutions Division of Banks
- Phone: 877-RING DFI (877-746-4334) or 360-902-9704
- Email: banks@dfi.wa.gov
Mortgage companies that aren't a bank or a credit union
Washington state Dept. of Financial Institutions Division of Consumer Services
- Phone: 877-RING DFI (877-746-4334) or 360-902-8703
- Email: csenforcecomplaints@dfi.wa.gov
- Phone: 855-411-2372
Federally regulated credit unions
National Credit Union Association (ncua.gov)
Federally regulated banks
U.S. Department of Treasury, Office of the Comptroller of the Currency
- Phone: 800-613-6743
Federal Deposit Insurance Corporation (FDIC): BankFind Suite search: Find out which agency regulates your federally-chartered bank.