Oklahoma Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• Control #: US-EG-9219
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement between MLCC Mortgage Investors, Inc., Merrill Lynch Credit Corporation and Bankers Trust Company of California, NA contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company dated Oklahoma Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions associated with the sale of mortgage loans to a trustee for inclusion in a trust fund by a company. This agreement serves as the foundation for the creation and operation of mortgage-backed securities (MBS), enabling investors to pool their funds and invest in a diversified portfolio of mortgage loans. The PSA sets forth various provisions that govern the relationship between the company (loan originator or mortgage lender) and the trustee representing the investors. It specifies the responsibilities and obligations of each party, ensuring transparency, accountability, and protection for all stakeholders involved. Key elements typically addressed in an Oklahoma PSA contemplating the sale of mortgage loans to a trustee for inclusion in the trust fund include: 1. Definitions: Clearly defines all relevant terms used throughout the agreement, such as loan terms, collateral, service, borrower, trustee, etc. 2. Pooling of Mortgage Loans: Outlines the process by which mortgage loans are pooled by the company and subsequently sold to the trustee. It may detail criteria for loan eligibility, such as creditworthiness, loan size, and loan-to-value ratio. 3. Representations and Warranties: Sets forth the representations and warranties made by the company regarding the mortgage loans being sold. This includes the accuracy and completeness of loan disclosures, the absence of fraudulent activities, compliance with applicable laws, etc. 4. Servicing of Mortgage Loans: Addresses the duties and responsibilities of the loan service, who acts as an intermediary between the borrower and the trustee. It covers loan administration, collections, disbursements, reporting, and resolving delinquencies. 5. Cash Flow and Distributions: Specifies how cash flows generated from the mortgage loans are distributed to the investors. This part outlines payment priorities, reserve requirements, allocation of principal and interest, deductions for servicing fees, and other applicable expenses. 6. Loan Modifications and Defaults: Describes the procedures to be followed in the event of borrower defaults, including the foreclosure process, loan modifications, and forbearance agreements. It ensures that the interests of the investors are protected in the event of deteriorating loan performance. 7. Termination and Indemnification: Outlines the circumstances under which the PSA can be terminated, as well as the rights and obligations of the parties upon termination. It also addresses indemnification for losses incurred due to breaches of the PSA by either party. Different types of Oklahoma SAS contemplating the sale of mortgage loans to a trustee for inclusion in the trust fund may include variations based on the unique needs and objectives of the parties involved. This can include distinctions related to loan characteristics (such as fixed-rate versus adjustable-rate mortgages) or specific asset classes (such as residential versus commercial mortgages). The specific names or labels for these types of agreements would be customized by the company or institution involved in the creation of the mortgage-backed securities.

Oklahoma Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions associated with the sale of mortgage loans to a trustee for inclusion in a trust fund by a company. This agreement serves as the foundation for the creation and operation of mortgage-backed securities (MBS), enabling investors to pool their funds and invest in a diversified portfolio of mortgage loans. The PSA sets forth various provisions that govern the relationship between the company (loan originator or mortgage lender) and the trustee representing the investors. It specifies the responsibilities and obligations of each party, ensuring transparency, accountability, and protection for all stakeholders involved. Key elements typically addressed in an Oklahoma PSA contemplating the sale of mortgage loans to a trustee for inclusion in the trust fund include: 1. Definitions: Clearly defines all relevant terms used throughout the agreement, such as loan terms, collateral, service, borrower, trustee, etc. 2. Pooling of Mortgage Loans: Outlines the process by which mortgage loans are pooled by the company and subsequently sold to the trustee. It may detail criteria for loan eligibility, such as creditworthiness, loan size, and loan-to-value ratio. 3. Representations and Warranties: Sets forth the representations and warranties made by the company regarding the mortgage loans being sold. This includes the accuracy and completeness of loan disclosures, the absence of fraudulent activities, compliance with applicable laws, etc. 4. Servicing of Mortgage Loans: Addresses the duties and responsibilities of the loan service, who acts as an intermediary between the borrower and the trustee. It covers loan administration, collections, disbursements, reporting, and resolving delinquencies. 5. Cash Flow and Distributions: Specifies how cash flows generated from the mortgage loans are distributed to the investors. This part outlines payment priorities, reserve requirements, allocation of principal and interest, deductions for servicing fees, and other applicable expenses. 6. Loan Modifications and Defaults: Describes the procedures to be followed in the event of borrower defaults, including the foreclosure process, loan modifications, and forbearance agreements. It ensures that the interests of the investors are protected in the event of deteriorating loan performance. 7. Termination and Indemnification: Outlines the circumstances under which the PSA can be terminated, as well as the rights and obligations of the parties upon termination. It also addresses indemnification for losses incurred due to breaches of the PSA by either party. Different types of Oklahoma SAS contemplating the sale of mortgage loans to a trustee for inclusion in the trust fund may include variations based on the unique needs and objectives of the parties involved. This can include distinctions related to loan characteristics (such as fixed-rate versus adjustable-rate mortgages) or specific asset classes (such as residential versus commercial mortgages). The specific names or labels for these types of agreements would be customized by the company or institution involved in the creation of the mortgage-backed securities.