In 2010, The Dodd Frank Interim Final Rule was passed to regulate banking and mortgage practices. Dodd Frank addresses many aspects of the mortgage industry, but for purposes of valuation (appraisals) prescribes independence in the appraisal process to shield appraisers from influence.

The Dodd Frank interim final rules can be found and read here.

Section 226.42 covers Valuation Independence and defines the roles, responsibilities and "covered persons" who cannot perform "valuation management functions" within a lending institution.