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

State-regulated banks

Washington state Dept. of Financial Institutions Division of Banks

Mortgage companies that aren't a bank or a credit union

Washington state Dept. of Financial Institutions Division of Consumer Services

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

Federal Deposit Insurance Corporation (FDIC): BankFind Suite search: Find out which agency regulates your federally-chartered bank.