I have monthly MI on my loan that I have requested to be dropped. MI can be dropped once the LTV is below 80%. I am a mortgage Loan Processor and I have seen this every day where lenders will drop MI once the LOan to Value is low enough. I have requested they remove this to save my family $55 a month. I owe $123, 000 and my home is worth $180, 000. Even the TAX VALUE on my home is $164, 000 and that rate puts the Loan to Value at 75%. They will not drop it. I even sent them the information directly from the FHA/HUD site that says MI can be... read full review »