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Article: Crossroads to reform. (real estate appraisal industry and the Appraisal Institute)(Affiliated industries)
- Article from:
- Mortgage Banking
- Article date:
- November 1, 1991
- Author:
CopyrightCOPYRIGHT 1991 Mortgage Bankers Association of America. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CROSSROADS to REFORM
TODAY'S troubled real estate market, combined with current banking hardships, has emphasized the importance of establishing meaningful real estate appraisal guidelines and qualifications. In 1989, President Bush signed the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) with the intent of reforming the lending and appraisal industries. The law's mandate still stands - lenders must establish quality control systems for appraisals, and appraisers must meet qualifications to perform certain types of transactions.
As the nation's leading appraisal organization, the Appraisal Institute has been instrumental in developing ...