A temporary request from federal real estate appraiser requirements for transactions in North Dakota will be taken up in a special meeting July 9 of the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC).
At least a five-year waiver of federal appraiser requirements for residential and commercial real estate transactions involving less than $500,000 and $1 million, respectively, is being sought throughout the state of North Dakota in a request from the state’s governor, its banking regulator and the North Dakota Bankers Association.
The request to the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC) was published in the Federal Register May 30 with a public comment deadline of July 1.
Specifically, the request seeks 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 “for a period of not less than five years.”
The request was initially submitted Aug. 1, 2018, in a letter to the ASC from North Dakota Gov. Doug Burgum, the North Dakota Department of Financial Institutions, and the North Dakota Bankers Association. Subcommittee staff replied Sept. 7 with information required for a complete waiver request, which was submitted April 10.
In its April 10 reply, the requesters said consumers are being harmed by a scarcity of qualified appraisers; they also noted frustration with the waiver process, which they said has resulted in just one temporary waiver in 30 years.