[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR614.4925]



[Page 143]

 

                       TITLE 12--BANKS AND BANKING

 

                 CHAPTER VI--FARM CREDIT ADMINISTRATION

 

PART 614_LOAN POLICIES AND OPERATIONS--Table of Contents

 

                 Subpart S_Flood Insurance Requirements

 

Sec. 614.4925  Definitions.



    (a) Building means a walled and roofed structure, other than a gas 

or liquid storage tank, that is principally above ground and affixed to 

a permanent site, and a walled and roofed structure while in the course 

of construction, alteration, or repair.

    (b) Community means a State or a political subdivision of a State 

that has zoning and building code jurisdiction over a particular area 

having special flood hazards.

    (c) Designated loan means a loan secured by a building or a mobile 

home that is located or to be located in a special flood hazard area in 

which flood insurance is available under the 1968 Act.

    (d) Director of FEMA means the Director of the Federal Emergency 

Management Agency.

    (e) Mobile home means a structure, transportable in one or more 

sections, that is built on a permanent chassis and designed for use with 

or without a permanent foundation when attached to the required 

utilities. The term mobile home does not include a recreational vehicle. 

For purposes of this subpart, the term mobile home means a mobile home 

on a permanent foundation. The term mobile home includes a manufactured 

home as that term is used in the NFIP.

    (f) NFIP means the National Flood Insurance Program authorized under 

the 1968 Act.

    (g) Residential improved real estate means real estate upon which a 

home or other residential building is located or to be located.

    (h) Servicer means the person responsible for:

    (1) Receiving any scheduled, periodic payments from a borrower under 

the terms of a loan, including amounts for taxes, insurance premiums, 

and other charges with respect to the property securing the loan; and

    (2) Making payments of principal and interest and any other payments 

from the amounts received from the borrower as may be required under the 

terms of the loan.

    (i) Special flood hazard area means the land in the flood plain 

within a community having at least a one percent chance of flooding in 

any given year, as designated by the Director of FEMA.

    (j) Table funding means a settlement at which a loan is funded by a 

contemporaneous advance of loan funds and an assignment of the loan to 

the person advancing the funds.