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I get the need for PMI but it's such bullshit that the borrower pays it when it's for the lender's benefit.
I am not defending this, just explaining their perspective, but the institution is basically taking a risk of loss on any loan over 80%. The PMI helps lower the impact on that risk, and is paid by the borrower because they are the risk themselves.
If the bank has to foreclose within 6 months because someone hasn't made their payments, they're not going to get the same value the home was sold for when they put the home to auction. The lower the LTV, the higher the chance is that the bank can at least break even on the total loan given.
Yeah, banks aren't amazing, but from what I'm seen, whatever bs they pull is like the thing least wrong with the American financial system. It at least makes sense.