PMI on less than 20% down, but LTCV >20% with appraisal

[Scott Szurek]

Why does the consumer (loan holder) still have to pay PMI when the property's LTCV is 20% or greater after the appraisal needed for the loan.

I bought a property for $210,000 and only put 10% down. It appraised for $250,000. I had to wait to remove PMI after a refinance a year down the road?

This happened in 2008 during the brink of collapse.