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
When someone owns a house that is an abutting property, it means that the property is sharing a boundary with the property next to it. The two abutting properties are adjoining properties ...
Approach to valuing property based on its replacement cost. The cost of each major element of the property per square foot is added together and multiplied by the total space to estimate ...
When we talk about acceptance in the real estate world, we have to talk about an offer that is accepted. The definition of acceptance implies the existence of an offer that we can accept or ...
Circumstance where no people or contents occupy or are kept in a building for at least 60 consecutive days. The same stipulations apply to property coverages as found in unoccupancy. ...
Whenever you hear the term “Baby Boomer” it references to someone who was born between 1946 and 1964. The moniker was coined as a way to represent all the people that were born ...
Selling price for a property less assumed mortgages by the buyer. For tax purposes, the computation of the contract price is critical. ...
The term endorsement can have various meanings depending on the context. In a business transaction, the parties sign a contract about the legal transfer of a negotiable instrument in ...
A home seller and a home buyer agreed upon a fair market value and the deal is off to closing the sale. One of the next steps is running a title search. But what is a title ...
Net operating income (NOI) of property relative to its market value. If rental income property worth $1,000,000 results in NOI of $100,000, the overall return is 10%. NOI compared to ...
Have a question or comment?
We're here to help.