Alabama Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9195
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association dated December 1, 1999. 112 pages Title: Understanding the Alabama Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association Introduction: The Alabama Pooling and Servicing Agreement (PSA) is a legal contract between Green point Credit, LLC (Green point) and Bank One, National Association (Bank One), outlining the terms and conditions for pooling mortgage loans and establishing a servicing arrangement between the two entities. This detailed description will provide an overview of the agreement, its significance, and highlight any potential variations or types within the Alabama Pooling and Servicing Agreement. 1. What is a Pooling and Servicing Agreement? A Pooling and Servicing Agreement (PSA) is a contractual document commonly used in the mortgage-backed securities market. It establishes how a pool of mortgage loans will be assembled, managed, and distributed to investors. The agreement governs the relationship between the mortgage originator (Green point Credit, LLC) and the service (Bank One, National Association). 2. Roles and Responsibilities: The PSA clarifies the specific roles and responsibilities of each party involved. Green point Credit, LLC acts as the mortgage originator, responsible for underwriting and originating the mortgage loans to be included in the pool. Bank One, National Association serves as the service, handling the day-to-day administration of the loans, including collecting payments, addressing borrower inquiries, and managing delinquencies. 3. Loan Pool Assembly: The PSA outlines the criteria for selecting the loans that will be included in the pool. It typically specifies loan characteristics such as loan type (fixed-rate, adjustable-rate, etc.), loan size, credit quality, geographical location, and other pertinent factors. Both parties agree on these selection criteria to ensure compliance with applicable regulations and investor requirements. 4. Investment Structure: The PSA determines the structure of the investment offering based on the pool of mortgage loans. It includes details such as the interest rate payable to investors, the timing and frequency of interest payments, and provides clarity on loan prepayment procedures and associated fees. Types of Alabama Pooling and Servicing Agreements between Green point Credit, LLC and Bank One, National Association: 1. Fixed-Rate Mortgage PSA: This type of agreement focuses on pooling and servicing fixed-rate mortgage loans. It outlines how interest rates and payments will be calculated and establishes the terms for handling loan prepayments. 2. Adjustable-Rate Mortgage PSA: This variation of the agreement specifically addresses the pooling and servicing of adjustable-rate mortgage (ARM) loans. It includes provisions for periodic interest rate adjustments, rate caps, and other essential aspects unique to ARM products. 3. Prime Mortgage PSA: In this type of agreement, Green point Credit, LLC pools and Bank One, National Association services prime mortgage loans. The agreement may emphasize high-quality loans originated for borrowers with excellent credit standing. 4. Subprime Mortgage PSA: This variation focuses on pooling and servicing subprime mortgage loans, which cater to borrowers with lower credit scores or other credit impairments. This agreement might contain specific provisions addressing the additional risks associated with subprime lending. Conclusion: The Alabama Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association serves as the foundation for pooling mortgage loans and establishing a servicing arrangement. It effectively outlines the roles, responsibilities, loan selection criteria, investment structure, and any specific provisions tailored to different mortgage types. The agreement ensures transparency, compliance, and helps facilitate the efficient management of mortgage loan pools to the benefit of investors and borrowers alike.

Title: Understanding the Alabama Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association Introduction: The Alabama Pooling and Servicing Agreement (PSA) is a legal contract between Green point Credit, LLC (Green point) and Bank One, National Association (Bank One), outlining the terms and conditions for pooling mortgage loans and establishing a servicing arrangement between the two entities. This detailed description will provide an overview of the agreement, its significance, and highlight any potential variations or types within the Alabama Pooling and Servicing Agreement. 1. What is a Pooling and Servicing Agreement? A Pooling and Servicing Agreement (PSA) is a contractual document commonly used in the mortgage-backed securities market. It establishes how a pool of mortgage loans will be assembled, managed, and distributed to investors. The agreement governs the relationship between the mortgage originator (Green point Credit, LLC) and the service (Bank One, National Association). 2. Roles and Responsibilities: The PSA clarifies the specific roles and responsibilities of each party involved. Green point Credit, LLC acts as the mortgage originator, responsible for underwriting and originating the mortgage loans to be included in the pool. Bank One, National Association serves as the service, handling the day-to-day administration of the loans, including collecting payments, addressing borrower inquiries, and managing delinquencies. 3. Loan Pool Assembly: The PSA outlines the criteria for selecting the loans that will be included in the pool. It typically specifies loan characteristics such as loan type (fixed-rate, adjustable-rate, etc.), loan size, credit quality, geographical location, and other pertinent factors. Both parties agree on these selection criteria to ensure compliance with applicable regulations and investor requirements. 4. Investment Structure: The PSA determines the structure of the investment offering based on the pool of mortgage loans. It includes details such as the interest rate payable to investors, the timing and frequency of interest payments, and provides clarity on loan prepayment procedures and associated fees. Types of Alabama Pooling and Servicing Agreements between Green point Credit, LLC and Bank One, National Association: 1. Fixed-Rate Mortgage PSA: This type of agreement focuses on pooling and servicing fixed-rate mortgage loans. It outlines how interest rates and payments will be calculated and establishes the terms for handling loan prepayments. 2. Adjustable-Rate Mortgage PSA: This variation of the agreement specifically addresses the pooling and servicing of adjustable-rate mortgage (ARM) loans. It includes provisions for periodic interest rate adjustments, rate caps, and other essential aspects unique to ARM products. 3. Prime Mortgage PSA: In this type of agreement, Green point Credit, LLC pools and Bank One, National Association services prime mortgage loans. The agreement may emphasize high-quality loans originated for borrowers with excellent credit standing. 4. Subprime Mortgage PSA: This variation focuses on pooling and servicing subprime mortgage loans, which cater to borrowers with lower credit scores or other credit impairments. This agreement might contain specific provisions addressing the additional risks associated with subprime lending. Conclusion: The Alabama Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association serves as the foundation for pooling mortgage loans and establishing a servicing arrangement. It effectively outlines the roles, responsibilities, loan selection criteria, investment structure, and any specific provisions tailored to different mortgage types. The agreement ensures transparency, compliance, and helps facilitate the efficient management of mortgage loan pools to the benefit of investors and borrowers alike.