Bank of America refuses to terminate mortgage insurance on the property, even thou the LTV is below 70 %. BofA demanding we pay {$450.00} for another appraisal to be done by XXXX XXXX XXXX XXXX on our property. I think it is unnecessary and violates the spirit and the letter of the Federal Homeowners Protection Act of XXXX as amended in XXXX. The full appraisal of the subject property was performed on XXXX XXXX, XXXX by a fully licensed appraiser, certified to perform appraisals for FHA. The subject property was appraised at {$490000.00}. A copy of the Appraisal Report was submitted to BofA on XXXX XXXX, XXXX. The current Principal Balance on the loan is {$340000.00}. Nowhere in the loan documents does it state that the only acceptable appraisal can be performed by XXXX XXXX XXXX XXXX. Under the law BofA is required to automatically terminate PMI under these circumstances. We requested termination XXXX times and it is denied. 
In BofA 's letters dated XXXX XXXX, XXXX, and again on XXXX XXXX, XXXX it stated " your current Loan to Value ( LTV ) ratio is above 80.0 %. A new appraisal is required '' and requested payment of {$450.00}. The statement that current LTV is above 80.0 % is incorrect, and contradicts BofA ' own data. According to the letter dated XXXX XXXX, XXXX received from BofA, it estimated the Property Value as of XXXX XXXX, XXXX to be {$470000.00}. With current Principal Balance of {$340000.00} the current LTV ratio based on BofA 's own Property Value Estimate is 71.00 %, well below 80 %. Furthermore, even if you take the Purchase Price of the Property at the time of purchase in XXXX, of {$430000.00}, the current principal balance of {$340000.00} represents LTV of under 80.0 %. I believe BofA request for a new appraisal is motivated by policy to generate additional costs and fees, and to prolong the time and cost of unnecessary PMI charges. I also believe it violates current law on this subject. 
