Appraisal panel backs extending North Dakota waiver for commercial real estate transactions under $1 million

A waiver of appraiser credentialing requirements with respect to commercial real estate transactions under $1 million throughout North Dakota would be extended for one more year if the Federal Financial Institutions Examination Council (FFIEC) approves the recommendation adopted Wednesday by its Appraisal Subcommittee (ASC).

The current waiver, approved in July 2019 based on a reported dearth of qualified appraisers and delays, is due to expire Aug. 7 but would continue for one more year under the ASC’s proposed order. A two-year extension had been requested.

The ASC recommended the one-year extension with conditions, including that the requesters continue their efforts and dialogue with the state’s appraiser board and others to address the scarcity of appraisers in the state and delayed appraisal turn times.

The order awaits action of the FFIEC.