PMI question 78% LTV

[Michael Abarca]

Hello,

I have a property that I initially bought for $255K, then later refinanced to $275K. This was conventional and still had PMI. I have 213K left at 2.99%. Am I right to say I have less than 78% LTV and is my bank suppose to automatically drop PMI? On the phone with a representative with the bank, I was told I need to pay for someone to re-assess the value of the property. Does this sound normal? My loan was brought and sold a few times if that makes a difference.