Private Mortgage Insurance (PMI) is a type of mortgage insurance that is required by Amplify Credit Union. PMI is required for homeowners who exceed 80% loan-to-value ratio, meaning the buyer has contributed 20% or less of the value of the home in their deposit. Over time the member may qualify to remove PMI from their monthly payments.  In this section, we will explain how members qualify and how to apply for removal of PMI.

What are PMI Removal requirements?

If eligible, you may decide to remove PMI from your monthly mortgage payments. Members become eligible if they have made improvements to their home, paid down the principal balance, or have been making payments for two years or more. Amplify has requirements for our members to determine eligibility of PMI Removal. A list of those requirements are as follows:

• Member must provide cancellation request in writing (email will suffice).
• Loan-to-value must be below 80% of the original value.
• Loan is current when the termination is requested.
• No 30-day late payments in the last 12 months and no 60-day late payments in the last 24 months.
• Loan is not subject to a subordinate lien.
• Appraisal may be needed for removal.
  1. Appraisal must be ordered by Amplify.
  2. Cannot use past appraisals.
  3. The cost of the appraisal will be the responsibility of the member (starts at $500 and up).
• Submit any updates/improvements made to the home.

Is there a fee for PMI removal?

Amplify Credit Union does not charge a fee to remove PMI. The only fee that may be charged is an appraisal. This fee is the responsibility of the member. The funds can be transferred directly from the member’s Amplify Share or Checking Account. If funds are not available at Amplify, the member can mail a check made payable to Amplify Credit Union to the follow address:

Attn: Loan Servicing
P.O. Box 85300
Austin, TX 78708

How do I apply for PMI removal?

To apply for PMI removal from the monthly mortgage payment, a written request is required. This request can be emailed to loan servicing at loanserivicng@goamplify.com or it can be mailed to the address listed above.