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

North Dakota Seeks Waiver on Rural Appraisals

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.”
About the author
Published
Aug 06, 2018
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026