The one-year waiver from appraiser credentialing requirements approved last month for North Dakota is effective, or “applicable,” as of Wednesday (Aug. 7), according to a notice the same day in the Federal Register.
The waiver, approved by the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC), includes an option to request continuation of the waiver for a second year.
The waiver was sought by the state, and supported by Gov. Dough Burgum (R), due to a shortage of qualified appraisers in the state. Specifically, the state had requested at least a five-year waiver of credentialing requirements for appraisers conducting appraisals of federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1 million for agricultural and commercial real estate transactions throughout the state. The state pointed to local concerns over long wait times for appraisals due to a lack of appraisers in the state.
To get a one-year extension of the waiver, the state, at least 30 days prior to the expiration of the current one-year period, will need to provide a status report to the ASC on a plan, and progress on the plan, to resolve appraiser scarcity and delay issues faced in North Dakota; and (2) supporting data showing that appraiser scarcity leading to significant delays continues to exist.