Michigan 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 Michigan Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the pooling and servicing of mortgage loans originated by Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement is essential in securitizing and managing mortgage-backed securities (MBS). Key Terms and Provisions: 1. Pooling: The agreement facilitates the pooling of mortgage loans from the three institutions into a single pool known as the Mortgage Pool Trust. 2. Servicing: It outlines the responsibilities and obligations of the service, which is usually one of the participating institutions, for the administration and collection of mortgage payments and other related services. 3. Payment of Principal and Interest: The agreement defines how principal and interest payments on the mortgage loans will be distributed to the investors who own the MBS certificates. 4. Representations and Warranties: This section establishes the standards and assurances regarding the accuracy of information provided by the originators for the mortgage loans included in the pool. 5. Indemnification: The agreement specifies the indemnification provisions wherein one party agrees to compensate the other for any losses resulting from breaches of representations, warranties, or other specified covenants. 6. Default and Remedies: It outlines the procedures and actions that can be taken in case of default on mortgage loans, including the foreclosure process and the recovery of losses. 7. Termination: The conditions under which the agreement may be terminated, such as bankruptcy, regulatory actions, or material breach of contract. Types of Michigan Pooling and Servicing Agreements: 1. Conventional Mortgage Pooling and Servicing Agreement: This type of agreement includes conventional mortgage loans originated by the participating institutions. 2. Jumbo Mortgage Pooling and Servicing Agreement: This agreement involves jumbo mortgage loans, which exceed the conforming loan limits set by Fannie Mae and Freddie Mac. 3. Subprime Mortgage Pooling and Servicing Agreement: This agreement pertains to the pooling and servicing of subprime mortgage loans, which are offered to borrowers with lower credit scores or higher risks. 4. Alt-A Mortgage Pooling and Servicing Agreement: This type of agreement focuses on Alt-A mortgage loans, which fall between prime and subprime categories in terms of credit quality. 5. Adjustable-Rate Mortgage (ARM) Pooling and Servicing Agreement: This agreement deals specifically with mortgage loans that have adjustable interest rates, allowing the interest rate to fluctuate over time based on prevailing market rates. In conclusion, Michigan Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One establishes the guidelines for pooling mortgage loans and managing the securitization process. With various types of agreements based on loan types, it ensures efficient management and performance of mortgage-backed securities.

Michigan Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the pooling and servicing of mortgage loans originated by Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement is essential in securitizing and managing mortgage-backed securities (MBS). Key Terms and Provisions: 1. Pooling: The agreement facilitates the pooling of mortgage loans from the three institutions into a single pool known as the Mortgage Pool Trust. 2. Servicing: It outlines the responsibilities and obligations of the service, which is usually one of the participating institutions, for the administration and collection of mortgage payments and other related services. 3. Payment of Principal and Interest: The agreement defines how principal and interest payments on the mortgage loans will be distributed to the investors who own the MBS certificates. 4. Representations and Warranties: This section establishes the standards and assurances regarding the accuracy of information provided by the originators for the mortgage loans included in the pool. 5. Indemnification: The agreement specifies the indemnification provisions wherein one party agrees to compensate the other for any losses resulting from breaches of representations, warranties, or other specified covenants. 6. Default and Remedies: It outlines the procedures and actions that can be taken in case of default on mortgage loans, including the foreclosure process and the recovery of losses. 7. Termination: The conditions under which the agreement may be terminated, such as bankruptcy, regulatory actions, or material breach of contract. Types of Michigan Pooling and Servicing Agreements: 1. Conventional Mortgage Pooling and Servicing Agreement: This type of agreement includes conventional mortgage loans originated by the participating institutions. 2. Jumbo Mortgage Pooling and Servicing Agreement: This agreement involves jumbo mortgage loans, which exceed the conforming loan limits set by Fannie Mae and Freddie Mac. 3. Subprime Mortgage Pooling and Servicing Agreement: This agreement pertains to the pooling and servicing of subprime mortgage loans, which are offered to borrowers with lower credit scores or higher risks. 4. Alt-A Mortgage Pooling and Servicing Agreement: This type of agreement focuses on Alt-A mortgage loans, which fall between prime and subprime categories in terms of credit quality. 5. Adjustable-Rate Mortgage (ARM) Pooling and Servicing Agreement: This agreement deals specifically with mortgage loans that have adjustable interest rates, allowing the interest rate to fluctuate over time based on prevailing market rates. In conclusion, Michigan Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One establishes the guidelines for pooling mortgage loans and managing the securitization process. With various types of agreements based on loan types, it ensures efficient management and performance of mortgage-backed securities.