A severe shortage of real estate appraisers has North Dakota officials making a request to waive appraisal reports, at least temporarily, on some residential loans. Banking regulators see the move as necessary.
In some parts of the state, appraisal are reportedly taking up to three months. As a result, some of the transactions have fallen through — hurting timely credit availability for prospective borrowers and slowing economic development.
A joint request was made by North Dakota Gov. Doug Burgum, Department of Financial Institutions Commissioner Lise Kruse and the North Dakota Bankers Association to the Federal Financial Institutions Examination Council’s Appraisal Subcommittee.
Source: Mortgage Daily