Illinois Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9080
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn Credit Suisse First Boston Mortgage Securities Corp., Wash. Mutual Bank F.A. and Bank One - National Association dated Nov. 1, 1999. 213 pages The Illinois Pooling and Servicing Agreement (PSA) refers to a legally binding contract established between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement outlines the terms and conditions for pooling and servicing a collection of mortgage loans in the state of Illinois. A PSA acts as a framework for the securitization process, where mortgage loans are bundled together and transformed into mortgage-backed securities (MBS). By pooling these mortgages, the financial institutions are able to create an investment product that can be bought and sold on the secondary market. Key terms and provisions included in the Illinois PSA may include: 1. Pooling of Mortgage Loans: The PSA outlines the specific mortgage loans that will be combined into a pool. It identifies the borrower, loan amount, interest rate, loan term, and other relevant details for each loan. 2. Servicing Responsibilities: It defines the roles and responsibilities of the service, which is typically the bank or financial institution. This includes collecting monthly payments, managing escrow accounts, handling borrower inquiries, and ensuring compliance with applicable laws. 3. Cash Flow and Distribution: The PSA establishes the priority and methodology for distributing cash flows generated by borrower payments and other income, such as prepayment penalties or late fees. It may also outline how losses or delinquencies are allocated among the investors in the MBS. 4. Reporting and Remittance: The agreement establishes the reporting requirements for the service, including providing regular statements on the status of the mortgage pool and remitting payments to the investors based on the agreed distribution methodology. 5. Default and Foreclosure Proceedings: The PSA includes provisions outlining the steps and processes to be followed in the event of borrower defaults, including foreclosure proceedings, loss mitigation efforts, and potential loan modifications. It is important to note that specific names or variations of Illinois SAS between these parties could exist, depending on the particular transaction or period in question. However, without further information, it is not possible to provide precise names or unique variations of the agreement. In summary, the Illinois Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One acts as a comprehensive contract governing the pooling, servicing, and eventual securitization of a collection of mortgage loans. It establishes the rights, obligations, and procedures that ensure the smooth functioning of the securitization process and protect the interests of the investors involved.

The Illinois Pooling and Servicing Agreement (PSA) refers to a legally binding contract established between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement outlines the terms and conditions for pooling and servicing a collection of mortgage loans in the state of Illinois. A PSA acts as a framework for the securitization process, where mortgage loans are bundled together and transformed into mortgage-backed securities (MBS). By pooling these mortgages, the financial institutions are able to create an investment product that can be bought and sold on the secondary market. Key terms and provisions included in the Illinois PSA may include: 1. Pooling of Mortgage Loans: The PSA outlines the specific mortgage loans that will be combined into a pool. It identifies the borrower, loan amount, interest rate, loan term, and other relevant details for each loan. 2. Servicing Responsibilities: It defines the roles and responsibilities of the service, which is typically the bank or financial institution. This includes collecting monthly payments, managing escrow accounts, handling borrower inquiries, and ensuring compliance with applicable laws. 3. Cash Flow and Distribution: The PSA establishes the priority and methodology for distributing cash flows generated by borrower payments and other income, such as prepayment penalties or late fees. It may also outline how losses or delinquencies are allocated among the investors in the MBS. 4. Reporting and Remittance: The agreement establishes the reporting requirements for the service, including providing regular statements on the status of the mortgage pool and remitting payments to the investors based on the agreed distribution methodology. 5. Default and Foreclosure Proceedings: The PSA includes provisions outlining the steps and processes to be followed in the event of borrower defaults, including foreclosure proceedings, loss mitigation efforts, and potential loan modifications. It is important to note that specific names or variations of Illinois SAS between these parties could exist, depending on the particular transaction or period in question. However, without further information, it is not possible to provide precise names or unique variations of the agreement. In summary, the Illinois Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One acts as a comprehensive contract governing the pooling, servicing, and eventual securitization of a collection of mortgage loans. It establishes the rights, obligations, and procedures that ensure the smooth functioning of the securitization process and protect the interests of the investors involved.