The Guam Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal contract that governs the pooling of mortgage loans and the servicing of those loans by New Century Mortgage Securities, Inc. This agreement outlines the rights and responsibilities of all parties involved in the mortgage-backed securities transaction. As a type of PSA, the Guam PSA is specifically designed for mortgage loans originated in Guam, a U.S. territory located in the western Pacific Ocean. The New Century Mortgage Securities, Inc. specializes in issuing mortgage-backed securities backed by these Guam-based mortgage loans. The Guam PSA provides a detailed framework for the pooling and servicing of these mortgage loans. It establishes the guidelines for the bundling and securitization of the loans into mortgage-backed securities, which are then sold to investors in the secondary market. The PSA also dictates how the loans are serviced and how payments, such as principal and interest, are collected and distributed to the investors. Key elements of the Guam PSA include the eligibility criteria for the loans included in the pool, the calculation and allocation of payments, the mortgage loan servicing standards, and the conditions for default and foreclosure procedures. It also addresses issues related to compliance with applicable laws and regulations, indemnification provisions, and dispute resolution processes. It is important to note that while the Guam PSA is specifically tailored to mortgage loans originating in Guam, there may be different variations or series within the overall New Century Mortgage Securities, Inc. PSA, depending on factors such as loan types, risk ratings, or specific investor requirements. These different types may include variations based on loan features (fixed-rate, adjustable-rate, interest-only, etc.), loan purposes (residential, commercial, etc.), or borrower credit profiles. In summary, the Guam PSA of New Century Mortgage Securities, Inc. is a legally binding agreement that governs the pooling and servicing of mortgage loans originating in Guam. It ensures transparency, adherence to regulations, and enables the securitization of these loans into mortgage-backed securities for sale to investors in the secondary market.
Guam Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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