The New York Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal document that governs the creation and management of mortgage-backed securities (MBS). It outlines the responsibilities and obligations of the different parties involved in the securitization process, such as the mortgage originators, services, trustees, and investors. This specific agreement is designed to comply with the laws and regulations of New York, ensuring that the MBS transactions are conducted in a transparent and lawful manner. The PSA defines the rules for pooling various mortgage loans into a single trust, which then issues securities backed by these loans to investors. Key terms within the New York Pooling and Servicing Agreement include: 1. Mortgage Origination: The agreement specifies the criteria for eligible mortgage loans, outlining factors like creditworthiness, loan-to-value ratio, and property type. This ensures that only suitable mortgages are included in the securitized pool. 2. Pooling of Mortgages: The PSA describes the process by which individual mortgages are pooled together to form a single collateral pool. The loans' characteristics, such as interest rates, terms, and payment schedules, are detailed within the agreement. 3. Servicing of Mortgages: The PSA outlines the responsibilities of the mortgage service, which includes collection of payments, management of escrow accounts, and borrower communication. It also defines the compensation structure for the service. 4. Investor Rights and Obligations: The agreement specifies the rights and obligations of the investors who purchase the MBS issued by the trust. This includes the entitlement to receive principal and interest payments, voting rights on significant decisions, and remedies in case of default. 5. Cash Flow Waterfalls: The PSA establishes the "waterfall" structure, which determines the order in which cash flows are distributed to different tranches of MBS. Senior tranches receive payments before subordinate tranches, ensuring repayments are made in a specific priority sequence. It is important to note that there may be multiple variations or series of New York Pooling and Servicing Agreements of New Century Mortgage Securities, Inc., each corresponding to a different issuance or securitization of mortgage-backed securities. These variations may incorporate specific terms, such as different interest rates, maturity dates, or underlying mortgage pools, in order to cater to different investor preferences or market conditions.
New York Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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An MBS is made up of a pool of mortgages purchased from issuing banks and then sold to investors. An MBS allows investors to benefit from the mortgage business without needing to buy or sell home loans themselves. What Are Mortgage-Backed Securities? rocketmortgage.com ? learn ? mortgage-bac... rocketmortgage.com ? learn ? mortgage-bac...
PSA is used primarily to derive an implied prepayment speed of new production loans. 00% PSA assumes a prepayment rate of 2% per month in the first month following the date of issue, increasing at 2% percentage points per month thereafter until the 30th month. PSA Prepayment Rate Definition - Nasdaq nasdaq.com ? glossary ? psa-prepayment-rate nasdaq.com ? glossary ? psa-prepayment-rate
The ?Pooling and Servicing Agreement? is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. What Is a Mortgage Pool? - The Balance thebalancemoney.com ? what-is-a-mortgage... thebalancemoney.com ? what-is-a-mortgage...
What is a Pooling Agreement? A pooling agreement is a type of contract where corporate shareholders create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation. Pooling Agreement: Definition & Sample - Contracts Counsel contractscounsel.com ? pooling-agreement contractscounsel.com ? pooling-agreement
Securitization. Act of pooling mortgages and then selling them as mortgage-backed securities. - Mortgage loans purchased from the primary mortgage market are assembled into pools by a government/quasi-governmental entity or a private investor who operates in the secondary mortgage market.