7. The MAI Designation

My lender said I need to get an "MAI appraisal". What is it? 
The term MAI, which stands for "Member Appraisal Institute", is a registered trademark of the Appraisal Institute. The Appraisal Institute is a trade organization. There is such thing as an "MAI appraisal." Persons requesting an "MAI appraisal" mean that the report should be prepared by an MAI designated member of the Appraisal Institute. Appraisal Institute members are held to higher standards than licensed-only appraisers, but so too are designated members of other appraisal trade organizations. Each appraiser needs to be judged by his/her merits rather than the association to which they belong.