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Appraisal Resources

Residential Preferred List
Residential guidelines


  • 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?
Appraiser application form