Savings And Loan Association
Definition of "Savings and loan association"
Financial institution that channels the savings of its depositors mostly into mortgage and home improvement loans. It concentrates on originating , servicing, and holding mortgage loans. Traditionally, they have been the largest supplier of single-family owner-occupied residential permanent financing, although S&Ls are not limited solely to this type of financing. Savings and loan associations also make home-improvement loans and loans to investors for apartments, industrial property, and commercial real estate. Approximately 40% of the S&Ls are federally chartered, the rest are state chartered. If federal, the association must be a member of the Federal Home Loan Bank System (FHLBS), and its funds must be insured by the Federal Savings and Loan Insurance Corporation (FSLIC). All federally chartered S&Ls are mutually owned and the word 'federal' must appear in their title. State chartered S&Ls can be either mutually owned or stock associations. They have optional membership in both the FHLBS and the FSLIC. In some states, these lenders are known as building and loan associations or cooperative banks.
Popular Real Estate Terms
(1) Licensed broker employed to represent and match both buyers and sellers. Usually employs several real estate agents in an office. (2) Commission or fee charged to sell real estate or ...
Gets rid of unwanted substances and materials from a residence or office building. Waste includes solids and liquids, hazardous and nonhazardous materials. ...
Opening so that air or gas may enter or leave. For example, an air conditioner has a "vent open" or "vent closed" knob for outside air. The "vent close" switch must be on for air ...
Millennials – also known as Generation Y, because they come after the so-called Generation X - is a term coined for a generational extract of people born at the end of the first ...
Land and any existing tenements that are part of a conveyance. For example, upon closing a real estate sale. The seller deeds the premises to the purchaser. ...
Note having more than one maker, if one or more of the makers default on the note, all makers are sued jointly, rather than just one or all, to make restitution ...
A method of brick construction where the bricks are laid with their sides facing outward. ...
When talking about the open space ratio we are referring to a term that is used in zoning laws and regulations. The open space ratio is a term used to measure open space on a developed land ...
Method to obtaining title to property through open, notorious, adverse, and continuous use of the property for a statutorily prescribed period of time. For example, Jack openly and ...
Have a question or comment?
We're here to help.