Recently, I received a letter stating that I could possibly remove PMI from my mortgage account. I followed the instructions provided and put my intentions in writing. I was contacted by a representative who said that she would need to run a report to make sure my property didn't lose value. The cost of the report was $10.00. Once I made my deposit, she ran the report. Of the 6 "comparable" properties on the report, 5 were not comparable in size, bedrooms, or bathrooms. My property came in well under market value effectively making me 2% off to remove PMI. When I inquired why there weren't more comparable properties on the report, I was told that this was an online service and that was how it was. I just appealed my taxes and did a search in my area for comparable properties with a realtor and know that the estimate PenFed did is not accurate. My property is at least $50,000 more than the ridiculously conservative estimate they gave. It seems like a scam for me to keep PMI. There is no logical recourse other than to keep PMI. I wonder if PenFed has other motivations to ensure that their customers keep PMI? Maybe they are getting a kickback from the PMI company?