The purpose of this legislation is to improve the appraisal process for mortgages insured by the Federal Housing Administration (FHA). It aims to ensure that appraisers meet specific education and competency standards while allowing state-licensed appraisers to conduct these appraisals. Key provisions of the legislation include new requirements for appraisers. They must be certified or licensed by the state where the property is located and must meet competency standards set by professional appraisal guidelines.