Washington Report

Advocacy Updates from Washington D.C.

North Dakota Appraisal Requirement Waiver Decision

On July 9, 2019, the Board of the Appraisal Subcommittee (ASC Board) held a public meeting to determine action regarding a request for a waiver of appraiser credentialing requirements for appraisals for federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years. The request was submitted by North Dakota Governor Doug Burgum, the North Dakota Department of Financial Institutions, and the North Dakota Bankers Association. The request for this relief is due to concerns with long wait times for appraisals and a lack of appraisers in the state.
After witness testimony and deliberation, the ASC Board voted 5-2 to provide a limited temporary waiver. The waiver request was not granted for the full five years, but for one year with an option for a second year provided that both the North Dakota Department of Financial Institutions and the North Dakota Appraiser Board work to address issues that lead to the long turnaround times for an appraisal.
The grant of a waiver must be concurred in by the Federal Financial Institutions Examination Council at its next meeting before a final order can be issued.