New York Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9046
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages 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.

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.