The California Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions governing the pooling of mortgage loans and the servicing of those loans by Green point Credit, LLC and Bank One, National Association (now JPMorgan Chase). It is an agreement commonly used in the securitization of mortgage-backed securities. Within the California PSA, Green point Credit, LLC, acts as the depositor, responsible for assembling a pool of mortgage loans. Bank One, National Association, serves as the trustee or custodian of the pool. The PSA typically includes several types of agreements, each with its own specifications: 1. Pooling and Servicing Agreement: This primary agreement outlines the overall terms, responsibilities, and duties of the parties involved in the securitization process. It includes details about the selection and transfer of mortgage loans, pooling requirements, servicing obligations, and distribution of cash flows to investors. 2. Mortgage Loan Sale and Assignment Agreement: This agreement specifies the terms of the sale and assignment of mortgage loans from the lender or originator to the depositor. It includes representations, warranties, and covenants related to the mortgage loans' quality and conformity with the agreed terms. 3. Servicing Agreement: This agreement governs the servicing of the mortgage loans in the pool, either by the originator/lender or a third-party service appointed by the depositor. It includes details about loan administration, collection, investor reporting, escrow management, and other servicing obligations. 4. Trust Agreement: This agreement defines the relationship between the trustee and the investors (certificate holders). It outlines the trustee's responsibilities, such as the administration and distribution of cash flows from the mortgage loans in the pool to the certificate holders. 5. Indenture Agreement: In some cases, especially when mortgage-backed securities are issued, the PSA may reference an indenture agreement. This agreement often includes provisions related to the issuance, registration, and transfer of the securities, as well as the rights and remedies of the certificate holders. The California Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association conforms to California state laws, regulations, and industry standards relevant to the securitization process in that particular jurisdiction. It ensures compliance with applicable rules and protects the interests of both parties involved, and the investors in the mortgage-backed securities.
California Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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The ?Pooling and Servicing Agreement? is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
When rates rise, there are fewer people who benefit from a new mortgage. Lenders and servicers adjust. Servicers looking to raise cash may make part or all of their portfolio available for sale to other servicers. Interested servicers may see this as an opportunity to grow their portfolio. Mortgage Servicing Transferred? Here's What You Should Know rocketmortgage.com ? learn ? mortgage-ser... rocketmortgage.com ? learn ? mortgage-ser...
Homeowners are often transferred to SPS once they become delinquent on their mortgage payments. Many lenders try to protect their brand when it comes to foreclosing on homeowners. stop select portfolio servicing foreclosure Keep Your Keys ? selectportfolioservicing Keep Your Keys ? selectportfolioservicing
Homeowners are often transferred to SPS once they become delinquent on their mortgage payments. Many lenders try to protect their brand when it comes to foreclosing on homeowners.
In 2005, Select Portfolio Servicing was purchased by Credit Suisse, a financial services company, headquartered in Zurich, Switzerland. Select Portfolio Servicing - Wikipedia wikipedia.org ? wiki ? Select_Portfolio_Servici... wikipedia.org ? wiki ? Select_Portfolio_Servici...
SPS is a mortgage servicer, which means we manage your account on behalf of the note holder. FrequentlyAskedQuestions - Select Portfolio Servicing Select Portfolio Servicing ? StaticDetails ? Help Select Portfolio Servicing ? StaticDetails ? Help
What is a Loan Servicing Agreement? A loan servicing agreement is a legal agreement between a lender and a third party, the servicer, that outlines the terms and conditions for which that third party will provide loan servicing services.