New Mexico Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9080
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn Credit Suisse First Boston Mortgage Securities Corp., Wash. Mutual Bank F.A. and Bank One - National Association dated Nov. 1, 1999. 213 pages New Mexico Pooling and Servicing Agreement refers to a contractual agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One, outlining the terms and conditions for pooling mortgage-backed securities and servicing them in the state of New Mexico. In this agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One collaborate to pool mortgage loans from various borrowers and bundle them into a single fund. This fund, known as a Mortgage-Backed Security (MBS), allows investors to purchase shares or securities representing a proportional interest in the mortgage pool. The pooling process involves combining several mortgage loans with different interest rates, credit scores, and maturities to create a diverse asset-backed security. This diversification helps spread risk for the investors as the performance of one loan will not significantly impact the overall return of the security. The pooling and servicing agreement establishes guidelines for the selection and inclusion of mortgage loans into the pool. Apart from pooling, the agreement also addresses the services required for the mortgage-backed securities pool. These services encompass various administrative and operational tasks, including but not limited to: 1. Loan Servicing: The agreement outlines the responsibilities of the service, which may be one of the participating entities or a designated third-party service. These responsibilities include collecting loan payments, managing escrow accounts, disbursing funds to investors, and handling delinquent loans or foreclosures. 2. Investor Reporting: The agreement specifies the frequency and content of reports to be provided to the investors, ensuring transparency and accountability. These reports typically include information on the performance of the mortgage pool, any delinquencies or defaults, prepayments, and other relevant data. 3. Cash Flow Distribution: The agreement outlines the rules for distributing cash flows generated by the mortgage pool to the investors. It describes the priority of payments, accounting for interest, principal, and any other expenses associated with the servicing of the pool. 4. Pooling Criteria: The agreement defines the eligibility criteria for mortgage loans to be included in the pool, including minimum credit scores, loan-to-value ratios, and other underwriting standards. It may also specify geographic limitations or property types that can be considered. Different types or variations of New Mexico Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One could vary based on specific loan criteria, targeted investor types, or the structure of the mortgage-backed securities. For example: 1. Residential New Mexico Pooling and Servicing Agreement: Focused on residential mortgage loans, limiting the inclusion of commercial or multifamily mortgages. 2. Investor-Specific New Mexico Pooling and Servicing Agreement: Tailored to meet the requirements or preferences of specific investors, considering factors such as risk appetite, desired yield, or sector preference. 3. Hybrid Adjustable-Rate Mortgage (ARM) Pooling and Servicing Agreement: Emphasizes the inclusion of mortgage loans with adjustable interest rates, offering potential higher yields but with associated risks. 4. Jumbo Mortgage Pooling and Servicing Agreement: Concentrates on mortgage loans exceeding the conforming loan limits set by government-sponsored enterprises like Fannie Mae or Freddie Mac. These examples demonstrate that the specific type of New Mexico Pooling and Servicing Agreement can vary based on the characteristics of the mortgage loans included, the target investor base, and the investment objectives of the parties involved.

New Mexico Pooling and Servicing Agreement refers to a contractual agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One, outlining the terms and conditions for pooling mortgage-backed securities and servicing them in the state of New Mexico. In this agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One collaborate to pool mortgage loans from various borrowers and bundle them into a single fund. This fund, known as a Mortgage-Backed Security (MBS), allows investors to purchase shares or securities representing a proportional interest in the mortgage pool. The pooling process involves combining several mortgage loans with different interest rates, credit scores, and maturities to create a diverse asset-backed security. This diversification helps spread risk for the investors as the performance of one loan will not significantly impact the overall return of the security. The pooling and servicing agreement establishes guidelines for the selection and inclusion of mortgage loans into the pool. Apart from pooling, the agreement also addresses the services required for the mortgage-backed securities pool. These services encompass various administrative and operational tasks, including but not limited to: 1. Loan Servicing: The agreement outlines the responsibilities of the service, which may be one of the participating entities or a designated third-party service. These responsibilities include collecting loan payments, managing escrow accounts, disbursing funds to investors, and handling delinquent loans or foreclosures. 2. Investor Reporting: The agreement specifies the frequency and content of reports to be provided to the investors, ensuring transparency and accountability. These reports typically include information on the performance of the mortgage pool, any delinquencies or defaults, prepayments, and other relevant data. 3. Cash Flow Distribution: The agreement outlines the rules for distributing cash flows generated by the mortgage pool to the investors. It describes the priority of payments, accounting for interest, principal, and any other expenses associated with the servicing of the pool. 4. Pooling Criteria: The agreement defines the eligibility criteria for mortgage loans to be included in the pool, including minimum credit scores, loan-to-value ratios, and other underwriting standards. It may also specify geographic limitations or property types that can be considered. Different types or variations of New Mexico Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One could vary based on specific loan criteria, targeted investor types, or the structure of the mortgage-backed securities. For example: 1. Residential New Mexico Pooling and Servicing Agreement: Focused on residential mortgage loans, limiting the inclusion of commercial or multifamily mortgages. 2. Investor-Specific New Mexico Pooling and Servicing Agreement: Tailored to meet the requirements or preferences of specific investors, considering factors such as risk appetite, desired yield, or sector preference. 3. Hybrid Adjustable-Rate Mortgage (ARM) Pooling and Servicing Agreement: Emphasizes the inclusion of mortgage loans with adjustable interest rates, offering potential higher yields but with associated risks. 4. Jumbo Mortgage Pooling and Servicing Agreement: Concentrates on mortgage loans exceeding the conforming loan limits set by government-sponsored enterprises like Fannie Mae or Freddie Mac. These examples demonstrate that the specific type of New Mexico Pooling and Servicing Agreement can vary based on the characteristics of the mortgage loans included, the target investor base, and the investment objectives of the parties involved.