How to Remove PMI from Pennymac

If Pennymac services your mortgage, you can cancel PMI without refinancing once you have the equity. Pennymac's process is often relatively straightforward — many borrowers begin with a single phone call to its servicing team.

Step 1: Confirm Your LTV

Estimate your loan-to-value ratio — current balance divided by current home value. At or below 80%, you likely have grounds to request cancellation. Your Pennymac account or statement shows the balance.

Step 2: Start the Request

Reach Pennymac's servicing team to begin a PMI cancellation request. Even if you start by phone, follow up in writing with your loan number and a clear statement that you're requesting cancellation based on current value, so there's a dated record.

Step 3: The Valuation

Pennymac will order a valuation to confirm your home's value. The fee for a PMI removal valuation has been reported in the range of around $200, though this varies — confirm the current cost when you start. Ask whether a broker price opinion is acceptable.

Step 4: Requirements and Timeline

• A seasoning period — a minimum length of ownership before a current-value request.
• A good recent payment history.
• A servicer-ordered valuation confirming 80% LTV or lower.

Once the valuation is ordered, the process commonly takes around a month, though timelines vary by case and market.

Step 5: Confirm It's Done

Follow up if the request goes quiet, keep notes of every call, and ask for written confirmation once PMI is removed and your payment is adjusted.

The Bottom Line

Pennymac's PMI removal process is among the more approachable: confirm your equity, start the request, complete the valuation, and follow through to confirmation.

PMI Ninja handles Pennymac cancellations for you — confirming current requirements, submitting the request correctly, and following up until PMI is confirmed off your payment.