Appraisal Waiver Request Made to the FFIEC Appraisal Subcommittee

To help address the appraiser shortage in North Dakota, Governor Burgum, Commissioner Kruse, and the North Dakota Bankers Association have submitted a temporary waiver request for certain real estate appraiser requirements from the Federal Financial Institutions Examination Council's Appraisal Subcommittee.   Specifically, the request asks for an increase of the limit when an appraisal is required from $250,000 to $500,000 for residential real estate loans and from $500,000 to $1,000,000 for agriculture and business loans.  This will improve North Dakota citizens’ ability to obtain real estate mortgages in a timely and cost efficient manner and will provide another option for consumers.  

Click here to view the entire appraisal waiver application.