Nebraska Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that outlines the terms and conditions for the pooling of mortgage loans and the servicing of these loans by New Century Mortgage Securities, Inc. It is specific to mortgage-backed securities issued by New Century Mortgage Securities, Inc. in the state of Nebraska. The Nebraska Pooling and Servicing Agreement includes crucial details such as the rights and responsibilities of the parties involved, the allocation of cash flows from the underlying mortgage loans, provisions regarding the collection of payments, default and foreclosure procedures, as well as various administrative and reporting requirements. The agreement serves to protect the interests of investors who purchase mortgage-backed securities issued by New Century Mortgage Securities, Inc. It governs how the mortgage loans are pooled together, allowing for the creation of investment vehicles that can be traded on the secondary market. Different types of Nebraska Pooling and Servicing Agreements of New Century Mortgage Securities, Inc. may include: 1. Residential Mortgage-Backed Securities (RMBS) Pooling and Servicing Agreement: This type of agreement pertains to mortgage loans collateralized by residential properties. It outlines the specific terms for pooling and servicing residential mortgage loans in Nebraska. 2. Commercial Mortgage-Backed Securities (CMOS) Pooling and Servicing Agreement: This agreement is applicable to mortgage loans backed by commercial properties such as office buildings, retail centers, or hotels. It sets forth the terms and conditions for the pooling and servicing of commercial mortgage loans specific to Nebraska. 3. Asset-Backed Securities (ABS) Pooling and Servicing Agreement: This type of agreement covers a broader range of assets such as auto loans, credit card receivables, or student loans. It outlines how these assets are pooled and serviced within the state of Nebraska. In conclusion, the Nebraska Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legally binding contract that governs the pooling and servicing of mortgage loans for the issuance of mortgage-backed securities. By adhering to the terms outlined in this agreement, New Century Mortgage Securities, Inc. ensures compliance and transparency, thus safeguarding the interests of investors in Nebraska.
Nebraska Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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