We did a 1st mortgage loan a couple years ago and at the time the LTV was < 80%. We are now in a position where we need to do a work-out for the borrower. We are modifying the terms to interest only for 3 years, then P&I for the remaining term.
We had an appraisal done in July and the LTV is now 86%.
Are we required to get PMI, or can the bank waive that?