A homeowner's equity position reaches 20% of the original value o the property. Which of the following statements is true pertaining to the cancellation of the Private Mortgage Insurance (PMI)?
A. The lender must automatically cancel the PMI
B. The homeowner can request cancellation of the PMI
C. The PMI gets automatically cancelled after 30 days
D. The PMI gets cancelled 20 days after the request is submitted
