On July 6, 2020, Governor Doug Burgum, the Department of Financial Institutions, the North Dakota Bankers Association (NDBA), the Independent Community Banks of North Dakota (ICBND), and the Credit Union Association of the Dakotas (CUAD) applied to the FFIEC Appraisal Subcommittee for an extension to the temporary appraisal waiver, which was granted in July 2019.
Financial institutions are reporting that the waiver is utilized and that the option has been helpful.
There has not been much change in appraiser availability in the last year, and it appears wait times are still long throughout every section of North Dakota. The financial institution regulators have issued numerous statements to address the COVID-19 pandemic, including encouraging financial institutions to work with borrowers, to provide borrowers with quick access to funds, and to provide borrowers with the ability to take advantage of equity in their real estate. Therefore, it makes sense to keep the waiver in place since it provides much needed flexibility for financial institutions and borrowers, which will also help the economic recovery. Due to the pandemic, collaboration work with the appraiser and financial institutions industries to determine possible solutions has been paused. Therefore, we are asking for a two-year extension.
Attached is the application along with a letter of support from Representative Kelly Armstrong. We thank Representative Armstrong for supporting our application.
Application to Extend Waiver Letter of Support from Representative Armstrong