I have a mortgage with Bank of America. I current principle balance of {$80000.00} on the original loan amount of {$92000.00} with original appraisal was {$100000.00} which put me at 22.3 percent equity in the house or debt of 77.7 percent. Bank of America had advised verbally that my PMI would automatically roll off after I reached 20 percent equity in my home. I have reached better than 20 percent equity in my home yet Bank of America consistently denies to remove the PMI. They have indicated it will automatically come off XX/XX/XXXX but at that point I will have paid well over {$800.00} from this point until then which is outrageous. 
At closing my lender was not onsite to disclose to me the documentation that I was signing. My lender specifically XXXX XXXX at XXXX XXXX XXXX XXXX XXXX XXXX, XXXX, Ohio XXXX at phone XXXX. The title agent was not knowledgeable enough to answer the questions I had regarding the paperwork. 
I have reviewed the documentation from my closing and have been thus far unable to find a PMI document that Bank of America has stated I signed/initialed regarding their PMI practices. Bank of America has indicated that I can, at my own expense, request an appraisal from ONE OF THEIR APPRAISERS and pending the value of the home not diminishing since the original appraisal XX/XX/XXXX they would remove PMI. All of the values of homes in my neighborhood have only been increasing based on sale prices alone. Bank of America has no standing or grounds on which to base their assumption that values have decreased since I purchased my home, but there is irrefutable evidence that values have increased. Additionally, I do have an appraisal report from a qualified appraiser indicating the value of my home to be in excess of {$120000.00} in the home 's current condition. I will be submitting to Bank of America a QWR as well as the appraisal in-order to have a copy of all the documents Bank of America has as well as to have the PMI removed. 
I feel their business practices are unfair and deceptive regarding their disclosure of PMI and requiring a borrower substantiate a non-decreasing value of a home when all property values regarding the neighborhood are increasing is unfair and puts a burden on the home owner that is fair from warranted. 
