North Dakota Seeks Waiver on Rural Appraisals – NMP Skip to main content

North Dakota Seeks Waiver on Rural Appraisals

Phil Hall
Aug 06, 2018
North Dakota

 
North Dakota has requested a federal waiver of real estate appraisal requirements, citing an appraiser shortage in rural areas.
 
The waiver request would enable banks serving rural communities to make valuation assessments, with the goal of improving the time- and cost-efficiencies in real estate transactions. The waiver would cover appraisals on federally related real estate mortgages issued by banks or credit unions that are less than $1 million for business and agriculture loans and less than $500,000 for residential transactions. The current limits are $500,000 and $250,000, respectively.
 
“North Dakota financial institutions are community based and relationship oriented,” said State Commissioner for the Department of Financial Institutions Lise Kruse, who requested the waiver in conjunction with Gov. Doug Burgum and the North Dakota Bankers Association. “They are well prepared to fairly and accurately assess property values, which will provide relief to the existing supply of appraisers.”
Published
Aug 06, 2018
Georgia Governor Signs New Mortgage Licensing Law

Lessens impact on hiring of out-of-state employees with criminal records

Regulation and Compliance
May 10, 2022
10,000 NAHB Members Sign Letter To Biden Seeking Housing Market Help

The letter cites rapidly rising interest rates, rising home prices and rents, and the rising cost of lumber and building materials for significantly decreasing housing affordability.

Construction
May 02, 2022
Pending Home Sales Fall Again

Pending home sales fell for the fifth consecutive month, according to the National Association of Realtors pending home sales index.

Regulation and Compliance
Apr 27, 2022
CFPB Invokes Dormant Authority To Examine Nonbank Companies

Bureau seeking comment on updated procedures

Regulation and Compliance
Apr 25, 2022
FHA Adds 40-Year Loan Modification To Loss Mitigation Options

Joins GSEs, NCUA, & USDA in offering the option.

Regulation and Compliance
Apr 20, 2022
22 AGs Call For Eliminating Mortgage Convenience Fees

Coalition claims fees are nothing more than double payments for services.

Regulation and Compliance
Apr 13, 2022