Michigan Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions surrounding the sale of mortgage loans by a company to a Trustee for inclusion in a Trust Fund. This agreement serves as a framework for the pooling and servicing of these mortgage loans, ensuring transparency, accountability, and the protection of all parties involved. The Michigan PSA contains several essential provisions and considerations pertaining to the sale and management of mortgage loans. These provisions include: 1. Definitions: The agreement starts by clearly defining the terms used throughout the document, such as Trustee, Trust Fund, Service, Mortgage Loans, and various other contractual terms. 2. Sale and Assignment: The PSA outlines the process and conditions for the sale and assignment of mortgage loans by the company to the Trustee. It includes details regarding the transfer of ownership, warranties, and representations of the mortgage loans being sold. 3. Pooling and Servicing: This section highlights how the mortgage loans will be pooled together and serviced by the designated Service. It covers responsibilities related to loan administration, collections, disbursements, and accounting. 4. Creation of Trust Fund: The PSA specifies the creation of a Trust Fund where the mortgage loans sold by the company will be held. It delineates the requirements for the Trust Fund, including the initial deposit, future investments, and the allocation of income and losses. 5. Cash Flow and Distributions: This section outlines the distribution of cash flows generated by the mortgage loans to the Certificate holders, including the timing, priority, and calculation methodology for such distributions. It also covers the payment obligations of the Service and the allocation of excess funds. 6. Representations and Warranties: The PSA includes representations and warranties made by the company regarding the mortgage loans sold. These include assurances about the validity of the loans, their compliance with applicable laws and regulations, and their freedom from any liens or encumbrances. 7. Termination and Default: The agreement specifies the circumstances under which it may be terminated or modified and establishes the rights and remedies available to the parties in case of default or breach. It also covers the appointment of a successor Trustee if necessary. The Michigan PSA may also have different variations or types, tailored to specific purposes or characteristics. Some potential variations include Non-Agency Mortgage Loan PSA, Government-Sponsored Entity PSA, or Conforming Loan PSA. Each variation addresses the specific nuances, requirements, and regulations associated with the type of mortgage loans being sold and the entities involved in the transaction. In conclusion, the Michigan Pooling and Servicing Agreement is a comprehensive contractual framework that governs the sale and management of mortgage loans sold to a Trustee for inclusion in a Trust Fund. By adhering to this agreement, all parties involved can ensure a smooth and transparent process while navigating the complexities of the mortgage loan market.
Michigan Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company
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How to fill out Michigan Pooling And Servicing Agreement Contemplating The Sale Of Mortgage Loans To Trustee For Inclusion In The Trust Fund By The Company?
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