Oregon 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 Oregon Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association The Oregon Pooling and Servicing Agreement (PSA) is a legal contract signed between Green point Credit, LLC and Bank One, National Association. This agreement sets out the terms and conditions related to the pooling and servicing of mortgage loans in the state of Oregon. Key components included in the Oregon PSA are: 1. Pooling of Mortgage Loans: The agreement outlines the process of pooling various mortgage loans originated by Green point Credit, LLC in Oregon. This allows the loans to be combined into a single investment pool, which can be sold as mortgage-backed securities to investors. 2. Servicing of Mortgage Loans: The agreement specifies the responsibilities and obligations of Green point Credit, LLC as the service of the mortgage loans within the pool. Servicing includes collecting borrower payments, managing escrow accounts, handling delinquencies, and coordinating foreclosure proceedings if necessary. 3. Loan Buybacks: The Oregon PSA may also address the conditions under which Green point Credit, LLC may repurchase or replace mortgage loans from the pool, typically due to loan defects or breaches of representations and warranties. This provision protects the investors from certain risks associated with loan quality. 4. Payment Distribution: The agreement establishes the distribution of cash flows generated by the mortgage loans among the investors. It details how principal and interest payments collected from borrowers are allocated and disbursed to the holders of mortgage-backed securities. 5. Reporting and Record keeping: The Oregon PSA outlines the requirements for regular reporting to investors, including financial statements, loan-level data, and performance information. It also describes the record keeping obligations of Green point Credit, LLC and the provision of access to such records for review. Types of Oregon Pooling and Servicing Agreements: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement: This type of agreement governs the pooling and servicing of mortgage loans with a fixed interest rate. The terms and conditions regarding loan servicing, distribution of payments, and reporting will vary depending on the specific agreement. 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement: This agreement is specific to mortgage loans with adjustable interest rates. It includes provisions related to the adjustment periods, calculation of interest rates, and the allocation of payments during changes in mortgage rates. 3. Jumbo Loan Pooling and Servicing Agreement: In cases where the mortgage loans being pooled and serviced in Oregon exceed the conforming loan limits established by government-sponsored entities (such as Fannie Mae or Freddie Mac), a separate PSA may be used for jumbo loans. This agreement accommodates the unique characteristics and risks associated with these larger loan amounts. In conclusion, the Oregon Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a comprehensive contract that governs the pooling and servicing of mortgage loans in the state of Oregon. It ensures the proper management, tracking, and distribution of funds for investors while establishing obligations and responsibilities for the service, Green point Credit, LLC.

Oregon Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association The Oregon Pooling and Servicing Agreement (PSA) is a legal contract signed between Green point Credit, LLC and Bank One, National Association. This agreement sets out the terms and conditions related to the pooling and servicing of mortgage loans in the state of Oregon. Key components included in the Oregon PSA are: 1. Pooling of Mortgage Loans: The agreement outlines the process of pooling various mortgage loans originated by Green point Credit, LLC in Oregon. This allows the loans to be combined into a single investment pool, which can be sold as mortgage-backed securities to investors. 2. Servicing of Mortgage Loans: The agreement specifies the responsibilities and obligations of Green point Credit, LLC as the service of the mortgage loans within the pool. Servicing includes collecting borrower payments, managing escrow accounts, handling delinquencies, and coordinating foreclosure proceedings if necessary. 3. Loan Buybacks: The Oregon PSA may also address the conditions under which Green point Credit, LLC may repurchase or replace mortgage loans from the pool, typically due to loan defects or breaches of representations and warranties. This provision protects the investors from certain risks associated with loan quality. 4. Payment Distribution: The agreement establishes the distribution of cash flows generated by the mortgage loans among the investors. It details how principal and interest payments collected from borrowers are allocated and disbursed to the holders of mortgage-backed securities. 5. Reporting and Record keeping: The Oregon PSA outlines the requirements for regular reporting to investors, including financial statements, loan-level data, and performance information. It also describes the record keeping obligations of Green point Credit, LLC and the provision of access to such records for review. Types of Oregon Pooling and Servicing Agreements: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement: This type of agreement governs the pooling and servicing of mortgage loans with a fixed interest rate. The terms and conditions regarding loan servicing, distribution of payments, and reporting will vary depending on the specific agreement. 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement: This agreement is specific to mortgage loans with adjustable interest rates. It includes provisions related to the adjustment periods, calculation of interest rates, and the allocation of payments during changes in mortgage rates. 3. Jumbo Loan Pooling and Servicing Agreement: In cases where the mortgage loans being pooled and serviced in Oregon exceed the conforming loan limits established by government-sponsored entities (such as Fannie Mae or Freddie Mac), a separate PSA may be used for jumbo loans. This agreement accommodates the unique characteristics and risks associated with these larger loan amounts. In conclusion, the Oregon Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a comprehensive contract that governs the pooling and servicing of mortgage loans in the state of Oregon. It ensures the proper management, tracking, and distribution of funds for investors while establishing obligations and responsibilities for the service, Green point Credit, LLC.