California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9046
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages California Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal document that governs the securitization and servicing of mortgage loans in the state of California. It outlines the rights and responsibilities of various parties involved in the securitization process, including the issuer, service, trustee, and investors. The PSA establishes the terms and conditions under which mortgage loans are pooled together and sold as mortgage-backed securities (MBS) to investors. It includes details regarding the characteristics of the mortgages, such as loan types, interest rates, loan-to-value ratios, and credit quality. The agreement also specifies the manner in which cash flows from the mortgage loans will be collected, disbursed, and distributed to the MBS holders. New Century Mortgage Securities, Inc., as the issuer, creates different types of California Pooling and Servicing Agreements to cater to various investor preferences and risk appetites. These agreements may differ based on factors such as the types of mortgage loans included, the geographic location of the properties, the vintage of the loans, and the credit enhancement provided. Some potential types of California Pooling and Servicing Agreements offered by New Century Mortgage Securities, Inc. could include: 1. California Prime Pooling and Servicing Agreement: This PSA involves the securitization of prime mortgage loans originated in California. These loans typically have higher credit quality borrowers with strong repayment histories and lower risk of default. 2. California Subprime Pooling and Servicing Agreement: This type of PSA focuses on securitizing subprime mortgage loans in California. Subprime loans are extended to borrowers with lower credit scores or limited credit history and may have higher interest rates and greater risk of default. 3. California Jumbo Pooling and Servicing Agreement: This PSA involves the securitization of jumbo mortgage loans, which are higher in value compared to conforming mortgage loans. Jumbo loans are often used to finance luxury properties or homes in high-cost areas. 4. California Non-Agency Pooling and Servicing Agreement: This type of PSA includes mortgage loans that do not meet the eligibility criteria of government-sponsored enterprises such as Fannie Mae or Freddie Mac. These loans may have unique characteristics or underwriting guidelines, making them suitable for private securitization. In conclusion, the California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. governs the securitization and servicing of mortgage loans in California and encompasses various types of agreements tailored to specific loan characteristics and investor preferences.

California Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal document that governs the securitization and servicing of mortgage loans in the state of California. It outlines the rights and responsibilities of various parties involved in the securitization process, including the issuer, service, trustee, and investors. The PSA establishes the terms and conditions under which mortgage loans are pooled together and sold as mortgage-backed securities (MBS) to investors. It includes details regarding the characteristics of the mortgages, such as loan types, interest rates, loan-to-value ratios, and credit quality. The agreement also specifies the manner in which cash flows from the mortgage loans will be collected, disbursed, and distributed to the MBS holders. New Century Mortgage Securities, Inc., as the issuer, creates different types of California Pooling and Servicing Agreements to cater to various investor preferences and risk appetites. These agreements may differ based on factors such as the types of mortgage loans included, the geographic location of the properties, the vintage of the loans, and the credit enhancement provided. Some potential types of California Pooling and Servicing Agreements offered by New Century Mortgage Securities, Inc. could include: 1. California Prime Pooling and Servicing Agreement: This PSA involves the securitization of prime mortgage loans originated in California. These loans typically have higher credit quality borrowers with strong repayment histories and lower risk of default. 2. California Subprime Pooling and Servicing Agreement: This type of PSA focuses on securitizing subprime mortgage loans in California. Subprime loans are extended to borrowers with lower credit scores or limited credit history and may have higher interest rates and greater risk of default. 3. California Jumbo Pooling and Servicing Agreement: This PSA involves the securitization of jumbo mortgage loans, which are higher in value compared to conforming mortgage loans. Jumbo loans are often used to finance luxury properties or homes in high-cost areas. 4. California Non-Agency Pooling and Servicing Agreement: This type of PSA includes mortgage loans that do not meet the eligibility criteria of government-sponsored enterprises such as Fannie Mae or Freddie Mac. These loans may have unique characteristics or underwriting guidelines, making them suitable for private securitization. In conclusion, the California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. governs the securitization and servicing of mortgage loans in California and encompasses various types of agreements tailored to specific loan characteristics and investor preferences.