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
Through the homestead exemption definition, we understand the legal instrument that provides physical and financial shelter in dire situations. The homestead exemption legal provision can ...
Flaw in an otherwise proper title. A title obtained through error or fraud without proper signature or consideration or other improper action. A defective title is null and void having no ...
The ability to pay is a self-explanatory term used in Real Estate to determine if the Home Buyer has the financial health to honor a deal. Mortgage Lenders can't afford to lend out money ...
When we look at title policies, there are different types of coverages offered by title companies. Figuring out which one is the best option in your particular situation often depends on ...
Also called the Rule of the Sum of the Digits. An approach that bank use to formulate a loan amortization schedule. It results in a borrower paying more interest in the beginning of a ...
Also called trust deed. A document that conveys title to a neutral third party during the period in which the mortgage loan is outstanding as collateral for a debt. ...
Rental based on a percent of sales or profit that in addition to the constant rental amount. ...
Some plausible, but not completely clear-cut indication of ownership rights. It supplements a claim to title to property, but does not actually establish it. ...
The definition of trade-in in real estate refers to a swap of houses. The trade-in program gives a seller of a property the chance to find an ideal replacement home for their family while ...
Have a question or comment?
We're here to help.