Central ND News

U.S. Senators Kevin Cramer and Ruben Gallego have introduced a bipartisan bill aimed at improving the home appraisal process, particularly in rural areas facing a shortage of trained appraisers. The Appraisal Industry Improvement Act seeks to address issues stemming from an aging workforce, with two-thirds of appraisers over 51 years old and only 13% under 35. This shortage has led to longer wait times for appraisals, such as the average 21-day wait in North Dakota compared to the national average of six to nine days.

The proposed legislation aims to support the appraisal workforce by adding state credentialed trainee appraisers to the national Appraiser Registry managed by the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council. It also plans to include representation from the U.S. Department of Veterans Affairs and the U.S. Department of Agriculture Rural Housing Service. Additionally, ASC grants will be available for state appraiser certification and licensing agencies to enhance education and training efforts.

Senator Cramer emphasized that "housing markets, especially rural markets like those in North Dakota, are negatively impacted by a shortage of trained appraisers." He noted that adding state-licensed appraisers to the registry and supporting training could expedite the homebuying process without compromising appraisal quality.

Senator Gallego highlighted that "appraisals are a critical part of the home buying and selling process," pointing out that delays due to a lack of licensed appraisers are raising costs for Arizonans, particularly in rural and tribal areas. He expressed pride in introducing this bipartisan bill as part of efforts to make homeownership accessible for all families.

The bill text is available online for further details.