Minnesota 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 The Minnesota Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to a Trustee, with the intention of including them in a Trust Fund. This agreement is commonly used by companies and financial institutions involved in the mortgage industry. The Minnesota Pooling and Servicing Agreement ensures that the process of selling and transferring mortgage loans to the Trustee is conducted in a transparent and legally compliant manner. It serves as a protection for both the company selling the loans and the Trustee responsible for managing the Trust Fund. Some of the key elements that the agreement typically covers include: 1. Definitions: The agreement provides clear definitions of terms used throughout the document, ensuring parties involved have a mutual understanding. 2. Transfer of Mortgage Loans: It specifies the criteria for the selection and transfer of mortgage loans from the company to the Trustee, including the necessary documentation and timelines. 3. Representations and Warranties: The agreement outlines the representations and warranties made by the company regarding the quality and accuracy of the mortgage loans being sold. 4. Trust Fund Creation: It explains the process of creating the Trust Fund, including the assets that will be held in the fund and the rights and responsibilities of the Trustee. 5. Servicing and Administration: The agreement defines the servicing and administration of the mortgage loans in the Trust Fund, including the responsibilities of the Trustee and any third-party services involved. 6. Indemnification and Remedies: It addresses the indemnification provisions, stating the rights and obligations of each party in the event of breaches or disputes. 7. Termination: The agreement includes provisions for the termination of the agreement, stipulating the conditions under which the agreement may be terminated and the ensuing consequences. It is worth noting that there may be different variations or subtypes of Minnesota Pooling and Servicing Agreements contemplated for the sale of mortgage loans to the Trustee for inclusion in the Trust Fund by the company. Some of these types could include variations specific to residential mortgages, commercial mortgages, or government-backed loans such as FHA or VA loans. However, specific names for these types would need to be obtained from legal documentation or industry-specific sources.

The Minnesota Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to a Trustee, with the intention of including them in a Trust Fund. This agreement is commonly used by companies and financial institutions involved in the mortgage industry. The Minnesota Pooling and Servicing Agreement ensures that the process of selling and transferring mortgage loans to the Trustee is conducted in a transparent and legally compliant manner. It serves as a protection for both the company selling the loans and the Trustee responsible for managing the Trust Fund. Some of the key elements that the agreement typically covers include: 1. Definitions: The agreement provides clear definitions of terms used throughout the document, ensuring parties involved have a mutual understanding. 2. Transfer of Mortgage Loans: It specifies the criteria for the selection and transfer of mortgage loans from the company to the Trustee, including the necessary documentation and timelines. 3. Representations and Warranties: The agreement outlines the representations and warranties made by the company regarding the quality and accuracy of the mortgage loans being sold. 4. Trust Fund Creation: It explains the process of creating the Trust Fund, including the assets that will be held in the fund and the rights and responsibilities of the Trustee. 5. Servicing and Administration: The agreement defines the servicing and administration of the mortgage loans in the Trust Fund, including the responsibilities of the Trustee and any third-party services involved. 6. Indemnification and Remedies: It addresses the indemnification provisions, stating the rights and obligations of each party in the event of breaches or disputes. 7. Termination: The agreement includes provisions for the termination of the agreement, stipulating the conditions under which the agreement may be terminated and the ensuing consequences. It is worth noting that there may be different variations or subtypes of Minnesota Pooling and Servicing Agreements contemplated for the sale of mortgage loans to the Trustee for inclusion in the Trust Fund by the company. Some of these types could include variations specific to residential mortgages, commercial mortgages, or government-backed loans such as FHA or VA loans. However, specific names for these types would need to be obtained from legal documentation or industry-specific sources.