An umbrella council for federal financial institution regulators on Friday approved a one-year extension of appraisal credentialing requirements for federally related commercial real estate transactions under $1 million in North Dakota.
The extension, which continues the waiver until Aug. 7, 2021, was considered and recommended by the Federal Financial Institutions Examination Council (FFIEC) Appraisal Subcommittee (ASC) on July 29. The FFIEC met Friday and adopted the subcommittee’s recommendation for a one-year extension, with conditions:
- During the additional one-year period, requesters are expected to continue efforts to develop, through continued dialogue with the state’s appraiser board and other North Dakota stakeholders, a plan to identify potential solutions to address appraiser scarcity and appraisal delays.
- The ASC (pursuant to 12 CFR 1102.7) may terminate the waiver order on a finding that significant delays in the receipt of appraisals for federally related transactions no longer exist or that the terms and conditions of the order are not being satisfied.
The extension, published as an order, is set to publish in the Federal Register Aug. 13.