Missouri 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 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 (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.