Law Dictionary

service corporation

a corporation wholly owned by one or more savings institutions that engages in business activities reasonably related to a savings institution. All activities must be approved by the Office of Thrift Supervision, and can include some activities that the parent thrift may not engage in directly. Typical service corporation activities include: originating, holding, selling and servicing mortgages; performing appraisal, brokerage, clerical, escrow, and research services; and acquiring, developing, renovating or holding real estate for investment purposes. See operating subsidiary.

Source : U.S. Department of the Treasury

Language : English

Return

Return to Law Dictionary Index