OTTAWA, Aug. 6, 2015 /CNW/ - The Appraisal Institute of Canada (AIC) applauds the Financial Services Commission of Ontario (FSCO) in their recognition of the importance of an appraisal conducted by a professional with a CRA (Canadian Residential Appraiser) or AACI (Accredited Appraiser Canadian Institute) designation in the detection and prevention of mortgage fraud in Ontario. This recommendation is included in FSCO's New Checklist on Detecting and Preventing Mortgage Fraud, released on July 29, 2015.
AIC-designated appraisers are committed to protecting the public. AIC's Canadian Standards of Professional Appraisal Practice (CUSPAP) and Code of Conduct regulate not only the appraisal methodology but also the business practice and conduct of our members. Since 1938, AIC members have delivered trusted valuation services in communities across Canada.
"On-site inspections, thorough research and analysis of the data and an unbiased and independent assessment of the market value of the subject property by AIC-designated appraisers is an effective weapon in the arsenal to combat mortgage fraud," states Daniel Doucet, AACI, P.App, National President of the Appraisal Institute of Canada. "AIC members are the professionals of choice in Canada. Our designation process is very rigorous; our CUSPAP standards are recognized nationally and internationally; and all of our members must meet strict ethical obligations to protect the public and provide quality services to our clients."
"An on-site appraisal is critical in detecting mortgage fraud as it provides the assurance that the subject property does in fact exist. It helps to identify any red flags that might indicate signs of fraudulent behaviour. It also mitigates lending risk by validating and reporting the property and neighbourhood characteristics," says AIC-Ontario President, Robin Jones, AACI, P.App.
"Fraud affects all of us and industry members must work together to combat it. AIC-Ontario looks forward to working with FSCO and other industry partners to continue to find solutions to the growing problem of mortgage fraud."
The Checklist is available on the FSCO website at http://www.fsco.gov.on.ca/en/mortgage/compliancechecklists/Pages/2015-checklist-detect-prevent-mort-fraud.aspx
The Appraisal Institute of Canada (AIC) is a leading real property valuation association with over 5,000 members across Canada and around the world. Established in 1938, AIC works collaboratively with its 10 provincial affiliated associations to grant the distinguished Accredited Appraiser Canadian Institute (AACI™) and Canadian Residential Appraiser (CRA™) designations. AIC is a self-regulating organization that is guided by a Bylaws, Regulations and standards of professional practice known as the Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP) and a Code of Conduct to ensure the integrity of the profession and the protection of public interest. AIC Designated Members are highly qualified, respected professionals who undertake comprehensive curriculum, experience and examination requirements. They are committed to continuing professional development to maintain the highest level of competency within the evolving marketplace. Our members provide unbiased appraisal, review, consulting, reserve fund studies and other services on all types of properties within their areas of competence defined under CUSPAP.
For more information, go to www.AICanada.ca.
SOURCE Appraisal Institute of Canada
For further information: Sheila Roy, Director - Marketing & Communications, Appraisal Institute of Canada, 403-200 Catherine Street, Ottawa, Ontario K2P 2K9, Phone: 613-234-6533, Ext. 224, Cell : 613.863.0127, E-mail: [email protected], www.aicanada.ca