Illinois Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• Control #: US-EG-9219
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement between MLCC Mortgage Investors, Inc., Merrill Lynch Credit Corporation and Bankers Trust Company of California, NA contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company dated Illinois Pooling and Servicing Agreement is a legal document that outlines the terms and conditions of the sale of mortgage loans to a trustee for inclusion in a trust fund by a company. This agreement is crucial in the securitization process and is commonly used in the mortgage-backed securities market. The Illinois Pooling and Servicing Agreement typically includes the following key provisions: 1. Definitions and Interpretations: This section provides clear definitions of terms used throughout the agreement, ensuring both parties have a mutual understanding of its contents. 2. Loan Sale and Transfer: It specifies the terms under which the company transfers the mortgage loans to the trustee, including the timing, method, and conditions of the sale. 3. Representations and Warranties: The agreement includes representations and warranties made by the company about the mortgage loans being sold. These ensure that the loans meet specific criteria, such as being valid and enforceable. 4. Pooling Requirements: This section outlines the criteria for pooling the mortgage loans and creating the trust fund. It may include specifications regarding loan types, credit ratings, geographic location, and loan-to-value ratios. 5. Servicing of the Mortgage Loans: The agreement details the responsibilities and obligations of the service, who is responsible for administering the mortgage loans on behalf of the trustee. It covers aspects such as collecting payments, handling defaults, and forwarding funds to investors in the trust. 6. Payments of Principal and Interest: The agreement sets forth the procedures for distributing the payments received from the mortgage loan borrowers to the investors in the trust fund, including the allocation of principal and interest. 7. Termination and Events of Default: This section specifies the conditions under which the agreement may be terminated and the consequences of any default by either party. There are various types of Illinois Pooling and Servicing Agreements contemplating the sale of mortgage loans to the trustee for inclusion in the Trust Fund. These may include: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement 3. Jumbo Mortgage Pooling and Servicing Agreement 4. Government-Sponsored Enterprise (GSE) Mortgage Pooling and Servicing Agreement Each type of agreement may have specific provisions tailored to the characteristics and requirements of the mortgage loans being pooled and transferred to the trust fund. In conclusion, the Illinois Pooling and Servicing Agreement is a vital contract that governs the sale and administration of mortgage loans within a trust fund structure.

Illinois Pooling and Servicing Agreement is a legal document that outlines the terms and conditions of the sale of mortgage loans to a trustee for inclusion in a trust fund by a company. This agreement is crucial in the securitization process and is commonly used in the mortgage-backed securities market. The Illinois Pooling and Servicing Agreement typically includes the following key provisions: 1. Definitions and Interpretations: This section provides clear definitions of terms used throughout the agreement, ensuring both parties have a mutual understanding of its contents. 2. Loan Sale and Transfer: It specifies the terms under which the company transfers the mortgage loans to the trustee, including the timing, method, and conditions of the sale. 3. Representations and Warranties: The agreement includes representations and warranties made by the company about the mortgage loans being sold. These ensure that the loans meet specific criteria, such as being valid and enforceable. 4. Pooling Requirements: This section outlines the criteria for pooling the mortgage loans and creating the trust fund. It may include specifications regarding loan types, credit ratings, geographic location, and loan-to-value ratios. 5. Servicing of the Mortgage Loans: The agreement details the responsibilities and obligations of the service, who is responsible for administering the mortgage loans on behalf of the trustee. It covers aspects such as collecting payments, handling defaults, and forwarding funds to investors in the trust. 6. Payments of Principal and Interest: The agreement sets forth the procedures for distributing the payments received from the mortgage loan borrowers to the investors in the trust fund, including the allocation of principal and interest. 7. Termination and Events of Default: This section specifies the conditions under which the agreement may be terminated and the consequences of any default by either party. There are various types of Illinois Pooling and Servicing Agreements contemplating the sale of mortgage loans to the trustee for inclusion in the Trust Fund. These may include: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement 3. Jumbo Mortgage Pooling and Servicing Agreement 4. Government-Sponsored Enterprise (GSE) Mortgage Pooling and Servicing Agreement Each type of agreement may have specific provisions tailored to the characteristics and requirements of the mortgage loans being pooled and transferred to the trust fund. In conclusion, the Illinois Pooling and Servicing Agreement is a vital contract that governs the sale and administration of mortgage loans within a trust fund structure.