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
Appearing in person. In propria personal is a formal judicial request to appear personally before the court to plead a particular matter. While it does not prevent an individual from ...
Lien on a given property, such as an person's house as a collateral for a loan. ...
Legal document that conveys real estate to the lender after the borrower defaults on his or her mortgage payments. The borrower should demand cancellation of the unpaid balance and a ...
The direction in which a community is growing. Directional growth is measured over time, and its path strongly influences current and future market values of those properties clearly in ...
federal law protecting someone in active service from bank foreclosure of their property that was bought before entering the armed services. ...
Credit note which a lender's only security is the borrower's personal financial situation and credit history. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
An insurance policy indemnifying a property owner up to the limits of the policy against fire or other hazard requiring the total destruction and removal of the structure. ...
A court order issued to a defendant in an action either prohibiting or commanding the performance of a defined act. A violation of an injunction could lead to a contempt of court citation. ...
Have a question or comment?
We're here to help.