National Credit Union Administration |
 | Sec. 760.2 Definitions.
(a) Act means the National Flood Insurance Act of 1968, as amended
(42 U.S.C. 4001-4129).
(b) Credit union means a Federal or State-chartered credit union
that is insured by the National Credit Union Share Insurance Fund.
(c) 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.
(d) 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.
(e) Designated loan means a loan secured by a building or mobile
home that is located or to be located in a special flood hazard area in
which flood insurance is available under the Act.
(f) Director of FEMA means the Director of the Federal Emergency
Management Agency.
(g) 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 part, the term mobile home means a mobile home on a
permanent foundation. The term mobile home means a manufactured home as
that term is used in the NFIP.
(h) NFIP means the National Flood Insurance Program authorized under
the Act.
(i) Residential improved real estate means real estate upon which a
home or other residential building is located or to be located.
(j) 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.
(k) 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.
(l) 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.
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