PennyMac policy mandates a home inspection in order to remove PMI after 78% LTV. Is this normal? We hit 78% LTV on our mortgage and I just called PennyMac to see about getting Mortage Insurance removed from the loan. My understanding was that at 78%, removal of MI is mandatory. Well the guy I spoke with informed me that they have a policy that requires an inspection of the property before MI can be removed and they charge $190 for that insp…