A Maryland Pooling and Servicing Agreement (PSA) is a legal document that governs the pooling and servicing of mortgage loans by New Century Mortgage Securities, Inc., a now-defunct mortgage company based in Maryland. The PSA outlines the rights and obligations of various parties involved in the securitization process, including the trustee, service, investors, and borrowers. Under the terms of the PSA, New Century Mortgage Securities, Inc. bundles together a collection of mortgage loans and sells them to a trust. In return, the trust issues mortgage-backed securities (MBS) to investors, who then receive principal and interest payments from the mortgage loans. The service is responsible for collecting borrower payments, managing delinquencies, and distributing funds to the investors as per the terms laid out in the PSA. There are different types of Maryland Pooling and Servicing Agreements that New Century Mortgage Securities, Inc. may have entered into, depending on the specific mortgage loans being securitized. These could include prime loans, subprime loans, adjustable-rate mortgages (ARM's), fixed-rate mortgages, or a combination thereof. The PSA establishes the rules and procedures for the securitization process, including provisions for loan transfers, servicing standards, cash flow distribution, and dispute resolution. It also sets forth the criteria for removing and replacing the service in case of default or underperformance. The purpose of a Maryland PSA is to provide investors with a clear understanding of their rights and the risks associated with the mortgage-backed securities they are investing in. It establishes a structured framework for the securitization process and aims to protect the interests of all parties involved. In summary, a Maryland Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal contract that outlines the terms and conditions of securitizing mortgage loans. It establishes the rights and responsibilities of the trustee, service, investors, and borrowers, and provides a framework for the pooling and servicing of mortgage-backed securities. The specific types of PSA may vary depending on the characteristics of the underlying mortgage loans.
Maryland Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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PSA is used primarily to derive an implied prepayment speed of new production loans. 00% PSA assumes a prepayment rate of 2% per month in the first month following the date of issue, increasing at 2% percentage points per month thereafter until the 30th month. PSA Prepayment Rate Definition - Nasdaq nasdaq.com ? glossary ? psa-prepayment-rate nasdaq.com ? glossary ? psa-prepayment-rate
An MBS is made up of a pool of mortgages purchased from issuing banks and then sold to investors. An MBS allows investors to benefit from the mortgage business without needing to buy or sell home loans themselves. What Are Mortgage-Backed Securities? rocketmortgage.com ? learn ? mortgage-bac... rocketmortgage.com ? learn ? mortgage-bac...
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.
What is a Pooling Agreement? A pooling agreement is a type of contract where corporate shareholders create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation. Pooling Agreement: Definition & Sample - Contracts Counsel contractscounsel.com ? pooling-agreement contractscounsel.com ? pooling-agreement
A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. What Is a Mortgage Pool? - The Balance thebalancemoney.com ? what-is-a-mortgage... thebalancemoney.com ? what-is-a-mortgage...