Oklahoma Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9195
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association dated December 1, 1999. 112 pages

In the state of Oklahoma, a Pooling and Servicing Agreement (PSA) between Green point Credit, LLC and Bank One, National Association plays a significant role in the realm of mortgage-backed securities. A PSA is a legally binding contract that outlines the responsibilities, rights, and obligations of both parties involved in the securitization process. This agreement sets the framework for the pooling of mortgage loans and subsequent issuance of mortgage-backed securities (MBS). The PSA between Green point Credit, LLC and Bank One, National Association encompasses various vital aspects of the securitization process. It begins with the identification and evaluation of eligible mortgage loans that meet specific criteria, such as creditworthiness, loan size, and lien position. These loans are then pooled together to form a mortgage loan pool, which serves as collateral for the issuance of MBS. The PSA outlines the key roles and responsibilities of each party. Green point Credit, LLC, often acting as the depositor, is responsible for selecting the mortgage loans, transferring them into the pool, and delivering required documents to the trustee, usually Bank One, National Association. The trustee acts as an intermediary between the depositor and the MBS investors, ensuring compliance with the terms and conditions of the PSA. Furthermore, the PSA defines how the mortgage loan pool will generate cash flows and how those cash flows are distributed to the MBS investors. It addresses the payment waterfall, which determines the priority of payments from the mortgage loans, including interest, principal, and any additional fees or charges. This arrangement ensures proper allocation of funds among the investors in various tranches, each having different levels of risk and return. Moreover, the PSA covers the service's responsibilities, which includes loan administration, collection of payments, and distribution of funds. The service, typically Green point Credit, LLC or another entity, handles borrower communication, monitoring delinquencies, and initiating foreclosure or loan modification processes if necessary. It is worth noting that there can be different types of Oklahoma Pooling and Servicing Agreements between Green point Credit, LLC and Bank One, National Association. These agreements may vary based on factors such as the specific mortgage loans included in the pool, the structure of the MBS issued, or the applicable state laws governing the securitization process. The agreements might also be known by specific names or series numbers, distinguishing them based on respective issuance dates or loan characteristics. In conclusion, the Oklahoma Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association establishes the terms and conditions for the securitization process, ensuring the proper management and distribution of mortgage loan pools and subsequent mortgage-backed securities. By adhering to this agreement, both parties can mitigate risks and effectively meet the needs of MBS investors while maintaining compliance with applicable state regulations.