Savings and Loans Associations: Mortgage Lenders
A savings and loan association is a financial institution, which specializes in accepting savings deposits and making mortgage loans. Like commercial banks, they take in and pay interest on deposits from individual savers; then they lend these funds out to borrowers.
They are often mutually held, meaning that the depositors and borrowers are members with voting rights who have the ability to direct the financial and managerial goals of the organization. It is possible for a savings and loan association to be stock-based and even publicly traded. This means, however, that it is no longer an association and depositors and borrowers no longer have any managerial control.
Modern savings and loan associations tend to look and feel like any other bank participating in retail banking. Recent changes in US regulations allow them to refer to themselves as banks or savings banks. The services offered today to individuals are similar, if not identical, to services offered by commercial banks or credit unions.
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