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
The Nevada Pooling and Servicing Agreement (PSA) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legal document that outlines the terms and conditions for pooling and servicing mortgage loans. This agreement helps facilitate the securitization process, where mortgage loans are bundled together and sold to investors as mortgage-backed securities (MBS). One type of PSA between these parties could be a Residential Mortgage-Backed Securities (RMBS) agreement. This type of PSA typically covers residential mortgage loans, including single-family homes, townhouses, and condominiums. The PSA outlines how the mortgage loans will be pooled, the criteria for including loans in the pool, and the responsibilities of each party involved. Another type of PSA could be a Commercial Mortgage-Backed Securities (CMOS) agreement. CMOS deals primarily with commercial real estate loans, such as office buildings, retail centers, and multi-family properties. The PSA for CMOS would have similar provisions regarding pooling commercial mortgage loans and the servicing responsibilities. The Nevada PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may include key terms such as loan eligibility criteria, payment terms, loan servicing responsibilities, default and foreclosure procedures, and allocation of losses or gains among the parties. Loan eligibility criteria may include factors such as loan-to-value ratios, borrower creditworthiness, and property types. The PSA would outline how these criteria are evaluated and enforced by the parties involved. Payment terms cover the frequency and calculation of payments from borrowers, as well as the distribution of payments to investors who own the mortgage-backed securities. It would specify how the funds collected from borrowers are allocated and distributed among the parties involved, including any related fees or expenses. Loan servicing responsibilities outline the roles and responsibilities of the parties involved in managing the mortgage loans once they are pooled. This includes tasks like collecting payments from borrowers, handling delinquencies and defaults, maintaining escrow accounts, and communicating with borrowers. Default and foreclosure procedures are crucial aspects of the PSA. It sets out the steps to be taken in case of borrower default, including foreclosure proceedings, potential sale of the property, and recovery of losses. It may also cover any remedies available to investors if the performance of the mortgage-backed securities falls short. Allocation of losses or gains specifies how losses or gains from the mortgage loans are allocated among the parties involved. This may include provisions for the reimbursement of losses by the originating bank or the allocation of gains to investors based on their ownership percentages. In summary, the Nevada Pooling and Servicing Agreement is a legally binding document that outlines the terms and conditions for pooling and servicing mortgage loans between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. The agreement can be tailored to residential or commercial mortgage-backed securities and covers important aspects such as loan eligibility criteria, payment terms, servicing responsibilities, default procedures, and allocation of losses or gains.
The Nevada Pooling and Servicing Agreement (PSA) between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legal document that outlines the terms and conditions for pooling and servicing mortgage loans. This agreement helps facilitate the securitization process, where mortgage loans are bundled together and sold to investors as mortgage-backed securities (MBS). One type of PSA between these parties could be a Residential Mortgage-Backed Securities (RMBS) agreement. This type of PSA typically covers residential mortgage loans, including single-family homes, townhouses, and condominiums. The PSA outlines how the mortgage loans will be pooled, the criteria for including loans in the pool, and the responsibilities of each party involved. Another type of PSA could be a Commercial Mortgage-Backed Securities (CMOS) agreement. CMOS deals primarily with commercial real estate loans, such as office buildings, retail centers, and multi-family properties. The PSA for CMOS would have similar provisions regarding pooling commercial mortgage loans and the servicing responsibilities. The Nevada PSA between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may include key terms such as loan eligibility criteria, payment terms, loan servicing responsibilities, default and foreclosure procedures, and allocation of losses or gains among the parties. Loan eligibility criteria may include factors such as loan-to-value ratios, borrower creditworthiness, and property types. The PSA would outline how these criteria are evaluated and enforced by the parties involved. Payment terms cover the frequency and calculation of payments from borrowers, as well as the distribution of payments to investors who own the mortgage-backed securities. It would specify how the funds collected from borrowers are allocated and distributed among the parties involved, including any related fees or expenses. Loan servicing responsibilities outline the roles and responsibilities of the parties involved in managing the mortgage loans once they are pooled. This includes tasks like collecting payments from borrowers, handling delinquencies and defaults, maintaining escrow accounts, and communicating with borrowers. Default and foreclosure procedures are crucial aspects of the PSA. It sets out the steps to be taken in case of borrower default, including foreclosure proceedings, potential sale of the property, and recovery of losses. It may also cover any remedies available to investors if the performance of the mortgage-backed securities falls short. Allocation of losses or gains specifies how losses or gains from the mortgage loans are allocated among the parties involved. This may include provisions for the reimbursement of losses by the originating bank or the allocation of gains to investors based on their ownership percentages. In summary, the Nevada Pooling and Servicing Agreement is a legally binding document that outlines the terms and conditions for pooling and servicing mortgage loans between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. The agreement can be tailored to residential or commercial mortgage-backed securities and covers important aspects such as loan eligibility criteria, payment terms, servicing responsibilities, default procedures, and allocation of losses or gains.