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Loan and Mortgage Terms Glossary

Savings And Loan Association:

An association of savers and borrowers formally established to accept deposits and make loans, primarily on residential real estate. An association may be organized as a mutual or a stock association. A mutual association is owned by its depositors and, in some cases, its borrowers. A stock association is owned by its shareholders. A savings and loan association may be chartered by a state or receive a federal charter from the office of thrift supervision. Savings and loan associations are also called s&ls, savings associations, building and loan associations, cooperative banks, or homestead societies.

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