Mortgage Lending: 7.6.4.2 FIRREA
The first federal law regulating real estate appraisals was Title XI of the Financial Institutions, Recovery, Reform, and Enforcement Act of 1989 (FIRREA), entitled “Real Estate Appraisal Reform Amendments.”691 Title XI prohibits financial institutions692 and the GSEs (Fannie Mae and Freddie Mac) from purchasing an appraisal from anyone except a state-licensed or certified appraiser.693 (Certified appraisers have additional training.) The Act