Glossary of Terms
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Resources/Glossary of Terms
Breakaway Wall - A wall that is not part of the structural support of the building and is intended through its design and construction to collapse under specific lateral loading forces, without causing damage to the elevated portion of the building...
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Resources/Glossary of Terms
Building - For flood insurance purposes, a "building" is defined as:
A structure with two or more outside rigid walls and a fully secured roof, that is affixed to a permanent site; or
A manufactured home (a "manufactured home," also known as...
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Resources/Glossary of Terms
Buydown - Mortgage for which the lender pledges to make a loan with a below-market interest rate to a borrower, in exchange for an interest rate subsidy. This subsidy is usually in the form of a sum of money from the homebuyer, seller, builder, or...
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Resources/Glossary of Terms
Census Tract - Geographic divisions of counties as defined by the U.S. Bureau of the Census, and whose boundaries are designed to reflect significant shifts in demographic data from one portion of a community to another. To help lenders comply with...
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Resources/Glossary of Terms
Closing Costs - Any fees paid by the borrower or seller to effect the closing of the mortgage loan; for example, origination fee, discount points, attorney's fees or title insurance.
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Resources/Glossary of Terms
Closing Statement - Statement that lists the all fees paid and received by the borrower and the seller at loan closing.
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Resources/Glossary of Terms
Co-signer - Individual (or entity) who signs a legal document on an equal basis with the other signer(s). On a promissory note, the co-signer is jointly liable with the other signers for repayment of the full debt.
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Resources/Glossary of Terms
Coastal Barrier - A naturally occurring island, sandbar, or other strip of land (including coastal mainland) that protects the coast from severe wave wash.
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Resources/Glossary of Terms
Coastal Barrier Improvement Act of 1990 (CBIA) - Enacted on November 16, 1990, the Act greatly expanded the identified land in the Coastal Barrier Resources System established pursuant to the Coastal Barrier Resources Act of 1982. The CBIA also...
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Resources/Glossary of Terms
Coastal Barrier Resources Act of 1982 (CBRA) - For the purposes of the NFIP, the Coastal Barrier Resources Act of 1982 designated certain portions of the Gulf and East Coasts as undeveloped coastal barriers, collectively named the Coastal Barrier...
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