Glossary of Terms
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Resources/Glossary of Terms
Federal Reserve Board (FRB) - In regard to federal flood regulations, the Federal Reserve Board is responsible for the regulation and supervision of banks that are members of the Federal Reserve System, bank holding companies, international banking...
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Resources/Glossary of Terms
Federal Reserve System (FRS) - The central banking system of the U.S., comprised of the Federal Reserve Board, the 12 Federal Reserve Banks, and the national and state member banks. The Federal Reserve System has several diverse functions. Besides...
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Resources/Glossary of Terms
FEMA
Flood Zone Designations - See Definitions of FEMA
Flood Zone Designations
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Resources/Glossary of Terms
FHA Loan - A loan made through an approved lender and insured by the Federal Housing Administration. While there are limits to the size of FHA loans, they are intended to finance both low- and moderately-priced homes. As a federal agency lender, the...
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Resources/Glossary of Terms
FHA
Value - The
value established by the FHA as the basis for determining the maximum mortgage
amount that may be insured on a specific property. The FHA value is the sum of
the appraised value of the property plus HUD/FHA's estimate of closing...
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Resources/Glossary of Terms
Fill - The use of compacted dirt on a construction site to raise the level of the ground. Fill is usually performed to increase the elevation of a building foundation in order to reduce the likelihood that the building will flood. A building can be...
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Resources/Glossary of Terms
Fixed-Rate Mortgage - Mortgage loan in which the interest rate is fixed for the life of the loan.
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Resources/Glossary of Terms
Flash Flood - A sudden, often violent flood. Flash floods typically occur after a heavy rain or the melting of heavy snow, and may be more common in areas with hilly terrain or soils with low permeability.
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Resources/Glossary of Terms
Flash Flood Warning - A public alert that flash flooding is imminent or in progress. Those in the affected area should take necessary precautions immediately.
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Resources/Glossary of Terms
Flash Flood Watch - A public alert that flash flooding is possible. Those in the affected area are urged to be ready to take additional precautions if a flash flood warning is issued or if flooding is observed.
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