ASC OKs North Dakota Request for Temporary Appraisal Waiver

The Appraisal Subcommittee on July 9 granted a request from North Dakota for a temporary waiver from appraisal licensing requirements after state officials claimed a scarcity of appraisers. The ASC granted the one-year waiver from licensing requirements by a 5-2 vote; an additional year is possible if state officials again seek a waiver based on the scarcity argument.

The Federal Financial Institutions Examination Council still needs to approve the decision, which is expected to happen at its meeting later this month. It’s important to note that the temporary waiver is not a waiver from appraisals, but from appraisal licensing requirements. All appraisals still need to comply with the Uniform Standards of Professional Appraisal Practice.

The waiver will cover both residential and commercial appraisals; however, the residential waiver could be sunset 60 days after banking regulators raise the appraisal threshold, if they choose to do so. A decision by the regulators on the threshold could come as soon as this month.

During the ASC’s special meeting, North Dakota Appraisal Board Chair Corey Kost, MAI, argued against granting the temporary waiver, citing no evidence of a scarcity of appraisers. He also argued that Congress has already addressed this issue with the rural appraisal waiver granted in the regulatory relief bill signed by President Trump last year.

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