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
Mortgage loan not insured or guaranteed by a governmental agency such as the Federal Home Administration or the Veterans Administration. This type of loan is repayable in fixed monthly ...
In real estate, the term "preamble" refers to an introductory statement that outlines the fundamental principles and goals guiding the industry's practices. Specifically, in the National ...
New cost less accumulated depreciation to date. ...
Tenant agrees to a replacement landlord. ...
Any real estate owner is aware that assets depreciate over time. So exactly what is accumulated depreciation then? As depreciation happens to every asset, whether it is a three-story ...
Structure have two dwelling units under the same roof. Two-story apartment unit. ...
There’s a lot of confusion regarding the hazard insurance definition. Many people think it’s a synonym for homeowners insurance but they’re wrong. Hazard insurance is ...
Map which documents the area, perimeter location, dimensions, and other data relating to land for purposes of assessing annual real estate taxes. ...
Legal boundary of property. ...
Have a question or comment?
We're here to help.