Mutual Savings Banks
Definition of "Mutual savings banks"
A saving bank owned by its depositors. They are mostly located in the northwestern United States and are an important supplier of real estate financing. All mutual savings banks are state chartered and typically are less regulated than their closest financing relative, the savings and loan association. The percentage of their assets invested in real estate mortgages is less than the average S&L, although a higher percentage of their total mortgage portfolio is FHA and VA loans. Most mutual banks have a relatively large percentage of mortgages. Mutual banks also make personal loans which can result in capital being moved from surplus areas to deficit areas. Over two-third of the mutual banks maintain membership in the FDIC. The remaining ones are insured by state savings insurance agencies. These state agencies exercise authority over both type of investments and amount of their assets mutual banks can invest in particular types of real estate.
Popular Real Estate Terms
If escrow is the legal “moment” where assets are held by a third party (an escrow agent) hired by both the buyer and the seller of goods like real estate and insurance until the ...
The meaning of undue influence revolves around a control one individual can exert upon another to persuade them to do something that won’t be beneficial for the influenced party. ...
An Appraisal is the evaluation of a real estate property made by a neutral third party expert known as an Appraiser. There are a number of reasons a home Appraisal is done: - ...
Small furnace placed between the studs of a wall. It is typically electric, but in the past more frequently was gas. ...
Person or business that benefits from the work of another person or business. The recipient has not compensated the other party for this gain. In law, the one being enriched at the ...
Interest computations based only on the original principal. For example, the simple interest on a $100,000, 8% loan is $8,000. It is compared with compound interest which is applied to the ...
(1) Financial ability and soundness of a business or individual to afford the purchase of property. (2) Worth of the dollar in real terms considering inflation. ...
Upper layer of ground. ...
A strong piece of lumber at least two-by-four. It is used for studs and beams to hold a building or structure up. The structure is in effect, attached to, or built onto the structural ...
Have a question or comment?
We're here to help.