Maryland Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9046
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages 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.

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.