North Dakota Receives Extension to Temporary Appraisal Waiver

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On August 13, 2020, the Federal Financial institutions Examination Council (FFIEC) approved the Appraisal Subcommittee's (ASC) extension of a commercial real estate transaction temporary waiver relief order for North Dakota.  The extended waiver allows banks and credit unions in North Dakota to waive appraiser credentialing requirements for federally-related commercial real estate transactions under $1 million through August 7, 2021.  The waiver was originally granted on August 7, 2019, in response to a collaborative request by the State of North Dakota, the Department of Financial Institutions, and the North Dakota banking and credit union trade associations.

The FFIEC order can be viewed here: FFIEC Order

The Conference of State Bank Supervisors (CSBS) issued a press release applauding the temporary waiver while urging efforts to come up with a long-term solution to a problem that affects lenders nationwide.  CSBS Press Release

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