The Board of the Appraisal Subcommittee held a public meeting to determine action on a waiver of appraiser credentialing requirements for federally related transactions under $500,000 for 1-to-4 family residential real estate transactions and under $1,000,000 for agricultural and commercial real estate transactions throughout the State of North Dakota for a period of not less than five years.
The chair and co-chair of NAR’s Real Property Valuation Committee made a few remarks on video about NAR’s appraiser independence policy last week during the 2018 REALTORS® Legislative Meetings in Washington.
Comments on the North Dakota's request for a waiver of appraiser credentialing requirements must be received by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) on or before July 1, 2019.
As of May 16, 2019, the Department of Veteran's Affairs will require that the ordering of an appraisal related to the VA Home Loan program must have the Certificate of Eligibility (COE) be in "Active or Pending" status.
NAR submitted comments to the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively “the Agencies”) on a the threshold for requiring an appraisal in commercial real estate transactions to $400,000 from the current level of $250,000.