New York Sale and Servicing Agreement

• Category: Corporations - Public - Sales
• State: Multi-State
• Control #: US-EG-9062
• Format: Word; Rich Text

Description

Sale and Servicing Agr. btwn Prudential Securities Secured Financing Corp., ABFS Mortgage Loan Trust 1999-4, American Bus. Credit, Inc., et al. dated Dec. 1, 1999. 58 pages A New York Sale and Servicing Agreement, also known as NYASA, is a legal contract commonly used in the mortgage and lending industry. It establishes the terms and conditions between the parties involved in the sale and servicing of mortgage loans. This comprehensive agreement covers various aspects, such as loan origination, sale, and servicing rights. The New York Sale and Servicing Agreement outlines the responsibilities and obligations of both the seller and the buyer of the loans. It includes provisions regarding the transfer of mortgage servicing rights, payment terms, fees, and other important terms and conditions. The agreement typically complies with New York law and regulations, ensuring the protection of all parties involved. There are different types of New York Sale and Servicing Agreements, including: 1. Master Agreement: This type of agreement is designed to cover multiple purchase and sale transactions between the parties over an extended period. It provides a framework and sets the general terms to streamline the process for future transactions. 2. Stand-Alone Agreement: Also referred to as a Single Transaction Agreement, it is used for a one-time purchase or sale of mortgage loans. This type of agreement is commonly executed when the parties are not involved in ongoing business relationships. 3. Co-Issuance Agreement: In cases where multiple entities collaborate to issue mortgage-backed securities, a Co-Issuance Agreement is required. This agreement specifies the roles, responsibilities, and division of tasks among the collaborating parties during the issuance process. 4. Subservicing Agreement: A Subservicing Agreement is a type of New York Sale and Servicing Agreement that focuses primarily on the servicing rights transfer. It outlines the obligations of the subscriber, who operates on behalf of the mortgage loan service. In conclusion, a New York Sale and Servicing Agreement is a crucial contract in the mortgage industry that establishes the terms and conditions for the sale and servicing of mortgage loans. By comprehensively addressing various aspects, this agreement ensures a smooth transaction process while adhering to New York legislation.

A New York Sale and Servicing Agreement, also known as NYASA, is a legal contract commonly used in the mortgage and lending industry. It establishes the terms and conditions between the parties involved in the sale and servicing of mortgage loans. This comprehensive agreement covers various aspects, such as loan origination, sale, and servicing rights. The New York Sale and Servicing Agreement outlines the responsibilities and obligations of both the seller and the buyer of the loans. It includes provisions regarding the transfer of mortgage servicing rights, payment terms, fees, and other important terms and conditions. The agreement typically complies with New York law and regulations, ensuring the protection of all parties involved. There are different types of New York Sale and Servicing Agreements, including: 1. Master Agreement: This type of agreement is designed to cover multiple purchase and sale transactions between the parties over an extended period. It provides a framework and sets the general terms to streamline the process for future transactions. 2. Stand-Alone Agreement: Also referred to as a Single Transaction Agreement, it is used for a one-time purchase or sale of mortgage loans. This type of agreement is commonly executed when the parties are not involved in ongoing business relationships. 3. Co-Issuance Agreement: In cases where multiple entities collaborate to issue mortgage-backed securities, a Co-Issuance Agreement is required. This agreement specifies the roles, responsibilities, and division of tasks among the collaborating parties during the issuance process. 4. Subservicing Agreement: A Subservicing Agreement is a type of New York Sale and Servicing Agreement that focuses primarily on the servicing rights transfer. It outlines the obligations of the subscriber, who operates on behalf of the mortgage loan service. In conclusion, a New York Sale and Servicing Agreement is a crucial contract in the mortgage industry that establishes the terms and conditions for the sale and servicing of mortgage loans. By comprehensively addressing various aspects, this agreement ensures a smooth transaction process while adhering to New York legislation.