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ASC Grants Temporary Waiver of North Dakota Licensing and Certification Requirements

Jul 10, 2019
 
Does Not Grant Full Scope of Requested Relief

On July 9, the Appraisal Subcommittee (ASC) held a special meeting to act on a received request from the state of North Dakota asking for a five year waiver of residential and commercial appraiser licensing and certification requirements, subject to certain dollar thresholds. After remarks from both the North Dakota Department of Financial Institutions, who supported the waiver, and the North Dakota State Appraiser Licensing Board, who opposed the waiver, as well as nearly three hours of debate among ASC members, the ASC voted 5-2 to provide a temporary waiver.

The waiver, which applies to both residential loans below $500,000 and commercial real estate loans below $1,000,000, is for one year with an ASC-activated option for a second year provided that both the Department of Financial Institutions and the Appraiser Board work productively to address issues that lead to some of the longest turnaround times in the nation, whether or not those issues are related to the presence or absence of a scarcity of appraisers in North Dakota.

The grant of a waiver must be concurred in by the Federal Financial Institutions Examination Council at its next meeting before a final order can be issued. As part of the public comment period, ASA joined with the Appraisal Institute, the American Society of Farm Managers and Rural Appraisers, and MBREA to voice our opposition to the proposed waiver. To read those comments, click here.