Got a real estate question

I pay private mortgage insurance (PMI). with my mtg pymt.  Who gets it, what is it for and if its insurance against debt is it real insurance regulated by MD insurance commission?  I know its a bunch of questions, but I suspect there is a mortgage or insurance or real estate person who can help me
Thank u

I am not a real estate agent but I did stay at a Holiday In last night (hehe).
Private Mortgage Insurance insures the lender against your default on the loan. It is required if you are not able to put down at least 20% at closing.  It is not tax deductible and it is UP TO YOU to do the groundwork if you want to get rid of the PMI once you do have at 20% of your home paid off.  Of course, if you bought your home for $200K and it is not worth $400K you need 20 percent of $400K.  I don't think it is regulated by the MD insurance commisiion since there is no guantee that your lender is local to MD. 
How long have you owned your home?  Chances are if you bought your home in the last 3 years with at least 10 - 15 percent down, your LTV ratio might be 20/80 (since home prices have gone down...) and you should look into getting your PMI removed.
HOPEFULLY, someone *****ally knows what they are talking about will respond.  My husband is in real estate but he's outsidee washing MY car so I'd hate to interrupt him.
E

I see your point Hoilday inn.  If a transaction is closed in MD and the lender is licensed ito sell money in Md then the PMI insurance should be regulated by MD.  I guess u can see this is going to be a trick question.
Think PMI premiums and insurance fraud = toxic acids  -- Quote by Warren Buffet in Sept 08'
Where did the premiums go? and where was the insurance reserve holiday inn? - no reserve = toxic assets.  MD cant spell AIG let alone go after them
Sorry, trying to get MD forum on a rant and rave
Losing lbs in crofton

Well, where does any insurance go for that matter.  You are essentially paying for the people who default on their loans.  20% down = no PMI.
Start saving.
E

To get a better idea of where you stand with your mortgage, try the following formula:

Line 1 - Enter the present value of your mortgage:   $ Multiply Line 1 by 1.25   x 1.25 Line 2 - This represents the minimum value of your property required to cancel PMI:   $ Line 3 - Enter the purchase price of your property or a current appraisal that is acceptable to the lender or holder of the mortgage on your property (whichever is larger):   $ If the value of line 2 is larger than line 3, your lender will probably continue to require PMI. If the value of line 2 is less than line 3, you may be able to cancel PMI.

well you are right. My premiums are paid to keep other loans from becoming TOXIC.  All sub primes and less than 20% dp'ers should have been covered by an insurance policy to keep them from becoming toxic  - insurance fraud.  I'am not only paying my premiums but bailing out Prudential, allstate, AIG, loyds, and a host of second hand insurers.  Govt's best kept secret.  Can somebody bail me out?
Thats why I'am fed up with Wash DC
sorry for the rant and rave