North Dakota Seeks Waiver on Rural Appraisals

Aug 06, 2018

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

Phil Hall

Link copied

Published

Aug 06, 2018

People On The Move

Foundation Mortgage Bolsters Account Executive Team

Shelly Seedorf and Tim Marsteiner bring decades of Non-QM expertise to support the lender’s national expansion and broker-focused mission

Foundation Mortgage Corporation, headquartered in Miami Beach, Fla., is expanding its national footprint with the addition of two seasoned professionals to its Account Executive team. The company announced that Shelly Seedorf and Tim Marsteiner have joined its ranks, bringin...

People On The Move

Celink Taps Former Ginnie Mae Executive For Board Role

Leslie Meaux Pordzik, a longtime federal housing finance leader, joins the board of Celink’s parent company following her retirement from Ginnie Mae

Peer Advisors, the parent company of Celink, the nation’s leading reverse mortgage subservicer, has appointed Leslie Meaux Pordzik to its Board of Directors as an Independent Representative, bringing a veteran perspective in federal housing finance to the company’s strategic...