Oregon Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9080
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn Credit Suisse First Boston Mortgage Securities Corp., Wash. Mutual Bank F.A. and Bank One - National Association dated Nov. 1, 1999. 213 pages The Oregon Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions of a mortgage-backed security (MBS) pooling and servicing arrangement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement governs the process of securitizing and servicing mortgage loans originated by these financial institutions in the state of Oregon. The PSA serves as a framework for pooling individual mortgage loans, subsequently creating a pool of assets that can be sold in the secondary market as MBS to investors. This process helps financial institutions mitigate risk and generate liquidity by transferring the mortgage assets off their balance sheets. The agreement typically includes various provisions that address critical aspects such as loan eligibility criteria, loan servicing obligations, payment priorities, cash flow management, default and foreclosure procedures, investor disclosures, and dispute resolution mechanisms. The Oregon Pooling and Servicing Agreement may have different variations or versions, depending on specific deal structures, loan characteristics, and investor requirements. However, some common types of SAS may include: 1. Fixed-Rate Mortgage PSA: This type of PSA involves pooling and securitizing fixed-rate mortgage loans where the interest rate remains constant over the loan term. Investors typically receive a predetermined interest rate and principal payments over a specified period. 2. Adjustable-Rate Mortgage PSA: In an adjustable-rate mortgage (ARM) PSA, the underlying mortgages have interest rates that can fluctuate based on market conditions. The interest rates typically reset at regular intervals, resulting in varying payment amounts for investors. 3. Prime Mortgage PSA: This type of PSA involves pooling and securitizing prime mortgage loans, which are loans extended to borrowers with high creditworthiness. Such PSA soften have lower default and prepayment risk compared to subprime mortgage-backed securities. 4. Subprime Mortgage PSA: Subprime mortgage SAS involve pooling and securitizing mortgage loans extended to borrowers with weaker credit profiles. These PSA soften carry higher default and prepayment risk due to the potential for delinquency or foreclosure of the underlying loans. In summary, the Oregon Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legally binding contract that governs the securitization and servicing of mortgage loans in Oregon. It enables the financial institutions to generate liquidity and transfer risk while providing investors with access to a diversified pool of mortgage-backed securities. The different types of PSA scan vary based on loan characteristics, interest rate structure, and borrower credit profiles.

The Oregon Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions of a mortgage-backed security (MBS) pooling and servicing arrangement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement governs the process of securitizing and servicing mortgage loans originated by these financial institutions in the state of Oregon. The PSA serves as a framework for pooling individual mortgage loans, subsequently creating a pool of assets that can be sold in the secondary market as MBS to investors. This process helps financial institutions mitigate risk and generate liquidity by transferring the mortgage assets off their balance sheets. The agreement typically includes various provisions that address critical aspects such as loan eligibility criteria, loan servicing obligations, payment priorities, cash flow management, default and foreclosure procedures, investor disclosures, and dispute resolution mechanisms. The Oregon Pooling and Servicing Agreement may have different variations or versions, depending on specific deal structures, loan characteristics, and investor requirements. However, some common types of SAS may include: 1. Fixed-Rate Mortgage PSA: This type of PSA involves pooling and securitizing fixed-rate mortgage loans where the interest rate remains constant over the loan term. Investors typically receive a predetermined interest rate and principal payments over a specified period. 2. Adjustable-Rate Mortgage PSA: In an adjustable-rate mortgage (ARM) PSA, the underlying mortgages have interest rates that can fluctuate based on market conditions. The interest rates typically reset at regular intervals, resulting in varying payment amounts for investors. 3. Prime Mortgage PSA: This type of PSA involves pooling and securitizing prime mortgage loans, which are loans extended to borrowers with high creditworthiness. Such PSA soften have lower default and prepayment risk compared to subprime mortgage-backed securities. 4. Subprime Mortgage PSA: Subprime mortgage SAS involve pooling and securitizing mortgage loans extended to borrowers with weaker credit profiles. These PSA soften carry higher default and prepayment risk due to the potential for delinquency or foreclosure of the underlying loans. In summary, the Oregon Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legally binding contract that governs the securitization and servicing of mortgage loans in Oregon. It enables the financial institutions to generate liquidity and transfer risk while providing investors with access to a diversified pool of mortgage-backed securities. The different types of PSA scan vary based on loan characteristics, interest rate structure, and borrower credit profiles.