Missouri Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions related to the sale and servicing of mortgage loans in the state of Missouri. This agreement is typically entered into by a company (such as a bank or financial institution) that wishes to securitize and sell mortgage loans to a trustee for inclusion in a trust fund. The PSA serves as the governing framework for the pooling and servicing of the mortgage loans, and it outlines the responsibilities and rights of the parties involved. It details the requirements for the selection, transfer, and pooling of the mortgage loans, as well as the trustee's duties in managing the trust fund's assets. The PSA usually outlines the following key aspects: 1. Mortgage Loan Specifications: It includes various details about the mortgages being sold, such as the type of loans (e.g., fixed-rate, adjustable-rate), loan amounts, interest rates, and repayment terms. 2. Transfer of Mortgage Loans: The agreement specifies the mechanism for transferring the mortgage loans from the company to the trustee, ensuring proper legal documentation and compliance with regulatory requirements. 3. Pooling of Mortgage Loans: It provides guidelines for the aggregation and pooling of the mortgage loans into a trust fund, which becomes the vehicle for securitization. The PSA often specifies the minimum number or total principal balance of loans required for pooling. 4. Servicing of Mortgage Loans: The agreement outlines the service's responsibilities for managing the mortgage loans, including collecting payments from borrowers, handling escrow funds, and distributing proceeds to investors. 5. Cash Flows and Distributions: It establishes the priority of cash flows generated by the mortgage loans and how they should be allocated among various parties, including the trustee, service, and investors in the trust fund. 6. Representations and Warranties: The PSA typically includes representations and warranties made by the company regarding the mortgage loans' quality, validity, and compliance with applicable laws. These provisions help protect the investors in case of any loan deficiencies or misrepresentations. 7. Events of Default and Remedies: The agreement outlines the circumstances under which a default may occur and the remedies available to the trustee and investors, such as modifying the servicing arrangement or enforcing the repurchase of non-compliant loans. It is important to note that specific variations of the Missouri Pooling and Servicing Agreement may exist, either tailored to specific types of mortgage loans (e.g., government-insured loans like FHA or VA loans) or to accommodate unique requirements of the parties involved. These tailored agreements might include designations like "Missouri FHA Pooling and Servicing Agreement" or "Missouri VA Pooling and Servicing Agreement." In conclusion, the Missouri Pooling and Servicing Agreement is a comprehensive legal document that governs the sale, pooling, and servicing of mortgage loans in Missouri. It defines the roles, responsibilities, and obligations of the parties involved and ensures compliance with applicable laws and regulations.
Missouri 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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A servicing agreement is a contract between a servicer and a special purpose vehicle (SPV) or an assignee under which the servicer is responsible for administering a lease and acting as a conduit for all payments over the lease term in return for a periodic servicing fee .
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.
A loan agreement is made between the creditor (the lender) and the borrower (the debtor), although it is generally prepared by the lender's legal counsel in order to ensure the legal enforceability of the contract.
Mortgage servicing rights (MSR) refer to a contractual agreement in which the right to service an existing mortgage is sold by the original mortgage lender to another party that specializes in the various functions involved with servicing mortgages.
A credit agreement is a legally binding contract documenting the terms of a loan, made between a borrower and a lender. A credit agreement is used with many types of credit, including home mortgages, credit cards, and auto loans. Credit agreements can sometimes be renegotiated under certain circumstances.
Mortgage servicing rights (MSR) allow a third party to perform the day-to-day mortgage servicing duties in exchange for a flat fee, paid by the loan originator. This can and often does happen while borrowers are in the process of repaying their mortgages. However, borrowers may not notice much of a change.
Mortgage servicers collect homeowners' mortgage payments and pass on those payments to investors, tax authorities, and insurers, often through escrow accounts. Servicers also work to protect investors' interests in mortgaged properties, for example, by ensuring homeowners maintain proper insurance coverage.
Servicers, except small servicers, must establish and maintain policies and procedures to achieve the following: Provide accurate and timely information to borrowers, investors, courts. Confirm a person's status as a successor in interest. Properly evaluate loss mitigation applications per investor guidelines.