FFIEC Green Lights Temporary Appraisal Relief for North Dakota

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council has approved a waiver request from appraisal licensing requirements for the state of North Dakota. The waiver—which was originally requested last August by North Dakota Gov. Doug Burgum, North Dakota Department of Financial Institutions Commissioner Lise Kruse and the North Dakota Bankers Association—is intended to help address the ongoing shortage of licensed appraisers, which has led to significant delays in obtaining appraisals in connection with federally related transactions.

The ASC granted a temporary one-year waiver for all regulated institutions in North Dakota that covers both residential and commercial loan transactions. ASC stipulated that once a proposal to raise the residential appraisal threshold level is finalized, the residential waiver will be rescinded in 60 days. This marks the first time that the ASC has granted such a waiver in nearly 30 years.