Requirements

• 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
• Interior Inspection of all rooms in the property to be completed
• 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
  
  

Comparables & Photographs:  

• Comparables:
  
  • The report needs to include a minimum of two comparable sales closed within 120 days of the report date.
  • The two comparables within 120 days:
  • Must be similar in design/style, location, bedroom count etc.
  • Must have gross adjustments no more than 25% of their sale price for properties in urban areas and 35% for properties in rural/remote areas
• At minimum three interior pictures are required.
• Map included, 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 1 outbuilding (personal use only)

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?

Click here to access the appraiser application form