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Appraisal Resources

Residential approved list
Residential guidelines
COVID-19 update

We recognize that with COVID-19 not all appraisers are entering properties, and in some cases have been asked not to. At this time we are accepting a modified full report. Some same standards still apply, please see the highlighted areas that have been modified to accommodate COVID-19 social distancing practices.

  • The appraisal must be completed by an accredited appraiser (CRA or AACI) that has been accepted by CWB Optimum Mortgage
  • Appraisals are to be addressed to CWB Optimum Mortgage
  • Current appraisals from approved appraisers addressed to parties other than CWB Optimum Mortgage, may be accepted provided a Letter of Transmittal from the appraiser is obtained
  • The appraisal must clearly indicate that CWB Optimum Mortgage is permitted to use the subject appraisal for mortgage financing purposes
  • Appraisals are to include specific comments on any unusual or detracting property features, property conditions including general upkeep, and any detracting neighbourhood features
  • Appraisal analysis is to be performed with particular attention to the property's geographic location, remaining economic life, and the location of the comparables used in the Direct Comparison Approach section
  • In all cases, payment of appraisal fees will be the sole responsibility of the mortgage broker and the borrower, unless otherwise stated by CWB Optimum Mortgage in writing
  • Appraisals must be original or email/.pdf; no facsimile copies will be accepted
  • Appraisals must be submitted on standard Appraisal Institute forms and the following items must be attached to, or included in, the report

Photographs:

  • When possible three colour photographs of the exterior of the property (front, rear and street scene)
  • Photographs taken by the owner of exterior and interior will be acceptable 
  • MLS listings within the last 3 years with pictures are acceptable to use for condition of the exterior and interior of home
  • Interview with owner is acceptable to assess any additions, issues or renovations that may have occurred and comments about the property to be included in the appraisal
  • Comparable sale photos (clear and legible copies from a MLS Board may be considered acceptable). Comparable sales used must be no older than 90 days from appraisal report date unless accompanied  by complete explanation. Adjustments on comparable sales must be no more than 25% for gross and 15% for net unless accompanied by adequate explanation
  • Location map, showing the location of the property and the comparables used
  • A 12-month listing history of the property showing all listings, sales and expired listings

Please note the following:

  • If possible reports to be based on an as is value
  • For acreage properties, value to be based on maximum 5 acres and no outbuildings

Please answer the following questions in each report:

  • Who let you into the property?
  • If it was the owner, were they aware that a transaction (refinance or sale) is pending on their property?
Commercial guidelines
Only available in Ontario.
  • The appraisal must be completed by an accredited appraiser (AACI) that has been accepted by CWB Optimum Mortgage and placed on our approved list of commercial appraisers
  • Appraisals are to be addressed to CWB Optimum Mortgage. Current appraisals from approved appraisers addressed to parties other than CWB Optimum Mortgage, may be accepted provided a Letter of Transmittal from the appraiser is obtained
  • A full narrative commercial appraisal is required. The transmittal letter must state that the appraisal is suitable for use by CWB Optimum Mortgage for financing purposes. Appraisals are to include a market valuation on an as is basis including income approach, direct comparison and cost basis methods. Specific reference is to be made to any extraordinary conditions, such as environmental factors, particularly is the final estimate of value is contingent on such conditions. A physical inspection and interior photographs are required
  • In all cases, payment of appraisal fees will be the sole responsibility of the mortgage broker and the borrower, unless otherwise stated by CWB Optimum Mortgage in writing
  • Appraisals must be original or email/.pdf; no facsimile copies will be accepted
Appraiser application form

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