The appraisal rule contains exemptions from the appraisal requirement by identifying certain real estate-related financial transactions that do not require the services of an appraiser. An exemption is established under the rule for a transaction that involves:
[T]he purchase, sale, investment in, exchange of, or extension of credit
secured by, a loan or interest in a loan, pooled loans, or interests in real
property, including mortgage-backed securities, and each loan or interest
in a loan, pooled loan, or real property interest met the requirements of
this regulation, if applicable, at the time of origination;
12 C.F.R. §722.3(a)(6). The “Transactions Involving Real Estate Notes” exemption applies to the sale of an interest in a loan.