North Carolina Pooling and Servicing Agreement (NC PSA) is a legal contract that establishes the terms and conditions for the pooling and servicing of mortgage loans between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement ensures the efficient management and administration of mortgage-backed securities (MBS) in compliance with North Carolina state laws. The NC PSA governs the responsibilities and obligations of each party involved in the securitization process. It outlines the rights and duties of the issuer (Credit Suisse First Boston Mortgage Securities Corp.), the depositor (Washington Mutual Bank F.A.), and the service (Bank One). Key provisions of the NC PSA include the criteria for selecting and pooling mortgage loans, guidelines for creating and registering MBS with the appropriate regulatory authorities, the servicing rights and duties of the service, and the distribution of cash flows generated from the mortgage loans. The agreement also addresses default and foreclosure procedures, property insurance requirements, investor reporting, and the handling of any disputes that may arise throughout the life of the securitized mortgage loans. Different types of North Carolina Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may include variations based on specific mortgage loan criteria, such as loan term, loan type (fixed-rate, adjustable-rate, etc.), borrower creditworthiness, geographic location, or other factors relevant to the pooling and securitization process. Some possible variations or subtypes of NC PSA may include: 1. North Carolina Pooling and Servicing Agreement for Prime Fixed-Rate Mortgage Loans: This type of agreement focuses on the pooling and servicing of prime, fixed-rate mortgage loans meeting specific criteria for credit quality and interest rate stability. 2. North Carolina Pooling and Servicing Agreement for Subprime Adjustable-Rate Mortgage Loans: This agreement may pertain to the pooling and servicing of subprime mortgage loans with adjustable interest rates, typically involving borrowers with less favorable credit profiles. 3. North Carolina Pooling and Servicing Agreement for Government-Backed Mortgage Loans: This agreement could address the pooling and servicing of mortgage loans insured or guaranteed by government agencies, such as the Federal Housing Administration (FHA) or Veterans Administration (VA), which provide added security to lenders. These are just a few examples of potential variations within North Carolina Pooling and Servicing Agreements. The specific terms and types of agreements may vary depending on the objectives and requirements of the parties involved, as well as the characteristics of the mortgage loans being securitized.
North Carolina Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One
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Definition. Loan servicing is the process that a company, known as the loan servicer, goes through to collect payments, interest, and escrow (if needed) from borrowers of loans.
Origination generally includes all the steps from taking a loan application up to disbursal of funds (or declining the application). For mortgages, there is a specific mortgage origination process. Loan servicing covers everything after disbursing the funds until the loan is fully paid off.
Homeowners are often transferred to SPS once they become delinquent on their mortgage payments. Many lenders try to protect their brand when it comes to foreclosing on homeowners.
A Servicing Agreement (or Loan Servicing Agreement) is a document entered into in connection with a facility established for the securitization of various types of assets, most often loans, receivables or leases.
NOTE: Another way to find a PSA is to go to the SEC EDGAR search index page: .
Opens in a new tab. opens in a new tab. Servicing Agreements. Introduction. A Servicing Agreement (or Loan Servicing Agreement) is a document entered into in connection with a facility established for the securitization of various types of assets, most often loans, receivables or leases.
Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.