Connecticut Pooling and Servicing Agreement (PSA) is a legal contract entered into by a company involved in the mortgage loan industry, contemplating the sale of mortgage loans to a trustee for inclusion in a trust fund. This agreement defines the terms and conditions of the pooling and servicing of mortgage loans, ensuring that the rights and responsibilities of all parties involved are clearly outlined and protected. The Connecticut PSA addresses various aspects related to the sale, transfer, and management of mortgage loans within the trust fund. It typically covers the following points: 1. Definitions and Parties: The agreement begins by identifying the parties involved, including the company, trustee, and potentially other stakeholders such as investors or bondholders. It clarifies the roles and responsibilities of each party. 2. Transfer of Mortgage Loans: The PSA outlines the process and conditions for transferring the mortgage loans from the company to the trustee. It specifies the required documentation and procedures to ensure a valid and enforceable transfer. 3. Pooling and Servicing: This section discusses how the mortgage loans will be pooled together to form the trust fund. It addresses the composition of the trust fund, the allocation of cash flows from the mortgage loans, and the rights and duties of the trustee in managing the loans. 4. Representations and Warranties: The PSA includes representations and warranties made by the company regarding the mortgage loans being sold. These statements ensure that the loans meet certain quality standards and protect the trustee and investors from potential misrepresentation or fraud. 5. Indemnification: It is common for the PSA to include provisions for indemnification, where the company agrees to compensate the trustee for any losses resulting from breaches of the agreement or defects in the mortgage loans. 6. Termination and Amendment: This section outlines the circumstances under which the PSA can be terminated or modified, including any necessary consent requirements from the parties involved. It may also encompass provisions for the substitution or removal of loans from the trust fund. Different types of Connecticut Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company may include variations based on the specific terms and conditions agreed upon by the parties. These variations can include factors such as the size and nature of the mortgage loans being pooled, the specific rights and duties of the trustee, the composition and structure of the trust fund, and any unique provisions requested by investors or other stakeholders. Keywords: Connecticut Pooling and Servicing Agreement, mortgage loans, Trustee, inclusion, Trust Fund, transfer, pooling, servicing, representations, warranties, indemnification, termination, amendment.
Connecticut Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company
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How to fill out Connecticut Pooling And Servicing Agreement Contemplating The Sale Of Mortgage Loans To Trustee For Inclusion In The Trust Fund By The Company?
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