Property Valuation Indemnity Insurance (PVII)


Property Valuation Indemnity Insurance (PVII) was launched nationally in 2011 to help lenders mitigate property valuation risk. PVII provides comfort to the lender that the declared value of the property generally reflects the market value of the property. It protects a lender for losses suffered as a result of the lending value being less that 95% of the market value at origination. The insurance is valid for 7 years or until the mortgage is discharged.

PVII offers the most comprehensive coverage of any valuation insurer in the market and this type of coverage is exclusively offered in the marketplace by FCT. PVII is available for purchase and refinance transactions.

  • Application is processed through CMHC’s Low Ratio Emili
  • Eligibility is determined in seconds
  • Improved Customer Experience for qualified PVII customers
    • Faster Approvals
    • Mortgage Approvals no longer conditional on full appraisal
    • In the case of refinance transactions – no inconvenience of having to setup an appraisal appointment
  • Improved efficiencies and profitability for the Lender
    • Fewer conditions and shortened timelines typically result in improved funding rates and eliminating full appraisals will support both of these objectives
    • The use of Low Ratio Emili could reduce underwriting time and review
    • Potential to save over $250 on every PVII qualified customer vis-à-vis using a full appraisal AND having coverage to reduce your exposure to Valuation Error!