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For Mortgage Industry

When does a financial professional engage an AIC Professional Appraiser (P. App.)?

Mortgage brokers, lenders, insurers, servicers and investors engage AIC-designated appraisers when an independent opinion of value or related analysis is needed to support sound credit decisions and portfolio risk management. AIC-designated appraisers follow the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and may provide expert testimony before judicial and quasi-judicial bodies.

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What types of reports can an AIC Professional Appraiser (P. App.) provide?

  • Full Appraisal Report – Interior and exterior inspection with comprehensive research and analysis.
  • Drive-by Report – Exterior-only scope.
  • Desktop Report – No site visit; analysis based on available data

For mortgage financing, Drive-by/Desktop Reports may be used when all the following criteria are met:

  1. First mortgages only.
  2. Property not under construction/renovation.
  3. Recent property information is available (e.g. less than three years MLS/prior inspection).
  4. The lender accepts a limited-scope report with a CAD$50,000 liability cap.

If these criteria are not met—or when risk or complexity is greater—a Full Appraisal Report is more appropriate.

Additional report types:

  • Residential Land Appraisal – Opinion of value for a parcel of land.
  • Progress Inspection Report – Objective status updates for construction loan advances.
  • Market Rent Report – Estimated market rent for a specific property.
  • Market Rent Consulting Report – Typical area rent for a given property type.

What types of properties can an AIC Professional Appraiser (P. App.) appraise?

AIC-designated appraisers provide appraisal, review, and consulting services across:

  • Residential (e.g., single-family homes)
  • Commercial (e.g., office buildings)
  • Industrial (e.g., machine shops)
  • Institutional (e.g., schools)
  • Rural (e.g., farms)
  • Resource-based (e.g., timberland)
  • Special use (e.g., golf courses)

Working with appraisal reports in mortgage decisions

Here’s an overview of what to expect when working with a Professional Appraiser in a real estate transaction.

  • The lender or insurer decides if an appraisal is needed and what scope fits the file.
  • The appraiser is independent—they provide an assessment of value, they don’t advocate for a target number. 
  • The report is prepared for a specific client of record (typically the lender or their agent). 

Helping things go smoothly

  • Share clear property details early (such as address, access, and known upgrades). 
  • Flag any time-sensitive needs up front. Timelines vary by market and complexity. 
  • Keep communication in the lender’s channel to preserve independence. 

Using a report beyond the first lender

  • If a file switches lenders, the new lender may need permission, revisions or other documentation before relying on the original report. Ask the new lender what they need.

Click here to find out more about this process and how you can work with an appraiser to complete your deals with confidence.

The benefits of hiring an AIC Professional Appraiser

What are the benefits of hiring an appraiser vs. other professionals for decisions involving real estate
The benefits of hiring an AIC Professional Appraiser