Hi TJ, and thank you for writing. There are two percentages being tossed around here. At 78 percent, the government requires lenders to drop your PMI coverage -- period. At 80 percent LTV, your lender may choose to drop the coverage. You may have to request cancellation in writing, and you may have to be in good standing with the lender -- late payments in your history, for example, could cause them to deny your request.
Your first step is to request in writing immediate cancellation of your coverage from your loan servicer. That's the company you actually send your payments to, not necessarily the same company that approved and funded your loan. You may have problems getting your request approved if you have added a home equity loan or second mortgage, or if property values in your area have declined.
Thank you for writing and good luck.