Bismarck – Bank of North Dakota and North Dakota Housing Finance Agency are taking the first steps toward consolidating the roles they play as state agencies in financing residential real estate, according to a press release issues this week by North Dakota’s Industrial Commission.
Because both agencies provide mortgage loans, representatives began meeting in 2019 to discuss ways to implement Governor Burgum’s directive to increase efficiency in state government. In the first phase of the plan, BND will transfer the servicing of most of its residential loan portfolio to NDHFA on April 1, 2021. It is expected that BND will discontinue its residential lending program by the end of the year.
BND’s residential portfolio was just over $535 million on December 31,
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