EverBank Mortgage Complaint

EverBank Mortgage department,

Conventional fixed mortgage Loan servicing, payments, escrow account Florida

We bought our home - years ago however have made significant improvements. Based on our estimated new value, we suspect we would have hit 80 % LTV ratio on our mortgage. We submitted a request to our mortgage lender to cancel our PMI. They explained the process to use which included an appraisal at our cost and gave us the final number the appraisal would need to come in at to cancel the PMI. We signed this letter and awaited the scheduling of the appraisal from the bank. The bank then called and told us since we hit two years on our mortgage since the request, we now had a new standard of 75 % LTV ratio which now significantly increases the value we need to get on the appraisal. I ca n't find anywhere that this is normal or legal and it directly contradicts the information they gave me just weeks ago. Do I have any recourse in this situation? The bank is Everbank. We are on time for all our payments. This seems completely unfair that they can change this because now paying $420.00 for the appraisal is a much bigger risk if we can not get the new appraisal value which they quoted us by phone ( about an - increase from what they originally told us in the paperwork we signed requesting the PMI cancellation ). Also, how will I even know if I can cancel PMI if they keep changing the LTV standard???