San Antonio Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that outlines the terms and conditions of the pooling and servicing of mortgage loans. This agreement is specific to New Century Mortgage Securities, Inc., a former American real estate investment trust (REIT) that operated as a mortgage lender. The purpose of the San Antonio Texas Pooling and Servicing Agreement is to define the roles and responsibilities of various parties involved in the mortgage securitization process. It establishes guidelines for the collection and distribution of monthly mortgage payments, the management of escrow accounts, and the handling of delinquent loans. Key provisions of the agreement include: 1. Pooling of Mortgage Loans: This section outlines the criteria for selecting mortgage loans to be included in the pool. It may specify factors such as loan types, credit ratings, and geographical location. 2. Servicing of Mortgage Loans: The agreement defines the duties and obligations of the service, who is responsible for collecting loan payments, administering escrow accounts, and handling borrower inquiries. It may also include guidelines for loan modifications, foreclosure procedures, and loss mitigation efforts. 3. Cash Flow and Distribution: This section details the allocation of principal and interest payments among the bondholders. It may specify the order of payment, calculation of interest, and provisions for prepayment penalties. 4. Representations and Warranties: The agreement includes representations and warranties made by the originator/seller regarding the quality and accuracy of the mortgage loans. These provisions aim to protect investors against fraudulent or faulty loan documentation. It's important to note that the specific San Antonio Texas Pooling and Servicing Agreement referred to is likely tailored to New Century Mortgage Securities, Inc. and may not have different types or variations with different names. However, variations in the terms and conditions of the agreement may exist, depending on the specific mortgage-backed securities issued by the company or other factors relevant to the securitization process.
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