source:
  type: regulation
  id: flood-12cfr-22.2
  authority: 12 CFR §22.2 — Definitions
  description: 12 CFR §22.2 — Definitions.
  coverage_tier: context
obligations:
- id: flood-12cfr-22.2-full
  canonical_id: flood-12cfr-22.2-full
  section: 12 CFR §22.2 — Definitions
  type: reference
  tags:
  - regulator-direct
  - flood
  - corpus-expansion
  - tier-context
  primary_source:
    tier: 1
    authority: 12 CFR §22.2 — Definitions
    source_class: cfpb-regulation
    source_url: https://www.law.cornell.edu/cfr/text/12/22.2
    snapshot_id: 86525cbb0e673f56
    fetched_at: '2026-06-17T20:22:50Z'
    content_hash: sha256:dba880f360a9771a3709832db73dce4fbb4201bdfe7aacf98e79024891d54b42
    paragraph_quote: '§ 22.2 Definitions. For purposes of this part: (a) Act means
      the National Flood Insurance Act of 1968 , as amended ( 42 U.S.C. 4001 - 4129
      ). (b) Administrator of FEMA means the Administrator of the Federal Emergency
      Management Agency . (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)
      Federal savings association means, for purposes of this part, a Federal savings
      association as that term is defined in 12 U.S.C. 1813(b)(2) and any service
      corporations thereof. (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 includes a manufactured home as that term is used in the
      NFIP . (h) Mutual aid society means an organization— (1) Whose members share
      a common religious, charitable, educational, or fraternal bond; (2) That covers
      losses caused by damage to members'' property pursuant to an agreement, including
      damage caused by flooding, in accordance with this common bond; and (3) That
      has a demonstrated history of fulfilling the terms of agreements to cover losses
      to members'' property caused by flooding. (i) National bank means a national
      bank or a Federal branch or agency of a foreign bank. (j) NFIP means the National
      Flood Insurance Program authorized under the Act . (k) Private flood insurance
      means an insurance policy that: (1) Is issued by an insurance company that is:
      (i) Licensed, admitted, or otherwise approved to engage in the business of insurance
      by the insurance regulator of the State or jurisdiction in which the property
      to be insured is located; or (ii) Recognized, or not disapproved, as a surplus
      lines insurer by the insurance regulator of the State or jurisdiction in which
      the property to be insured is located in the case of a policy of difference
      in conditions, multiple peril, all risk, or other blanket coverage insuring
      nonresidential commercial property; (2) Provides flood insurance coverage that
      is at least as broad as the coverage provided under an SFIP for the same type
      of property, including when considering deductibles, exclusions, and conditions
      offered by the insurer. To be at least as broad as the coverage provided under
      an SFIP , the policy must, at a minimum: (i) Define the term “flood” to include
      the events defined as a “flood” in an SFIP ; (ii) Contain the coverage specified
      in an SFIP , including that relating to building property coverage; personal
      property coverage, if purchased by the insured mortgagor(s); other coverages;
      and increased cost of compliance coverage; (iii) Contain deductibles no higher
      than the specified maximum, and include similar non-applicability provisions,
      as under an SFIP , for any total policy coverage amount up to the maximum available
      under the NFIP at the time the policy is provided to the lender; (iv) Provide
      coverage for direct physical loss caused by a flood and may only exclude other
      causes of loss that are excluded in an SFIP . Any exclusions other than those
      in an SFIP may pertain only to coverage that is in addition to the amount and
      type of coverage that could be provided by an SFIP or have the effect of providing
      broader coverage to the policyholder; and (v) Not contain conditions that narrow
      the coverage provided in an SFIP ; (3) Includes all of the following: (i) A
      requirement for the insurer to give written notice 45 days before cancellation
      or non-renewal of flood insurance coverage to: (A) The insured; and (B) The
      national bank or Federal savings association that made the designated loan secured
      by the property covered by the flood insurance, or the servicer acting on its
      behalf; (ii) Information about the availability of flood insurance coverage
      under the NFIP ; (iii) A mortgage interest clause similar to the clause contained
      in an SFIP ; and (iv) A provision requiring an insured to file suit not later
      than one year after the date of a written denial of all or part of a claim under
      the policy; and (4) Contains cancellation provisions that are as restrictive
      as the provisions contained in an SFIP . (l) Residential improved real estate
      means real estate upon which a home or other residential building is located
      or to be located. (m) 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. (n) SFIP means, for purposes
      of §§ 22.2(k) , a standard flood insurance policy issued under the NFIP in effect
      as of the date private flood insurance is provided to a national bank or Federal
      savings association . (o) 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 Administrator of FEMA . (p) 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.
      [ 80 FR 43240 , July 21, 2015, as amended at 84 FR 4969 , Feb. 20, 2019]'
  judgment: false
