Central ND News

In a move to address the shortage of trained appraisers in rural America and expedite the home appraisal process, U.S. Senators Kevin Cramer (R-ND) and Jon Tester (D-MT) have put forth the bipartisan Appraisal Industry Improvement Act. Senator Cramer emphasized the importance of increasing the number of appraisers to enhance the homebuying process in North Dakota, stating, "Increasing the number of appraisers is essential to making the homebuying process faster for North Dakotans while also improving access to the housing market."

Meanwhile, Senator Tester highlighted the challenges faced by families in Montana due to rising costs and housing shortages, underscoring the need to accelerate the appraisal process to bring more homes to the market. He expressed, "Speeding up the appraisal process so that more homes can hit the market is a piece of the puzzle that would boost the supply of housing across the board."

The Appraisal Industry Improvement Act proposes several key measures to enhance the appraisal industry, including adding representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture’s Rural Housing Service on the Appraisal Subcommittee of the Federal Financial Institutions Examination Council. Additionally, the act aims to incorporate state credentialed trainee appraisers into the national Appraiser Registry, provide grants for state appraiser certification and licensing agencies to address workforce needs, and offer flexibility in adjusting annual registry fees based on impact assessment.

Moreover, the legislation seeks to renew licensed residential appraisers' authorization to conduct appraisals on FHA properties, thereby facilitating smoother transactions in the housing market. This initiative aligns with the senators' previous bipartisan efforts, such as the Volunteer First Responder Housing Act, aimed at increasing affordable housing options for firefighters and first responders in rural communities.

The Appraisal Industry Improvement Act reflects a bipartisan commitment to streamlining the home appraisal process and improving access to housing in rural areas. By addressing workforce shortages and regulatory barriers, the legislation aims to foster a more efficient and inclusive housing market for residents across the country.