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.”