The Pennsylvania Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal contract governing the pooling and servicing of mortgage loans in the state of Pennsylvania. This agreement outlines the responsibilities and rights of the parties involved in the securitization process, including the mortgage originator, service, and investors. Pennsylvania Pooling and Servicing Agreements are typically categorized based on the specific type of mortgage-backed securities (MBS) issued by New Century Mortgage Securities, Inc. Some common types are: 1. Residential Mortgage-Backed Securities (RMBS) PSA: This type of agreement involves the pooling and servicing of residential mortgage loans. It outlines the mortgage loan selection criteria, payment and distribution processes, default management procedures, and other essential elements related to the securitization of residential mortgages in Pennsylvania. 2. Commercial Mortgage-Backed Securities (CMOS) PSA: CMOS SAS pertain to the pooling and servicing of commercial mortgage loans. These agreements address the unique requirements of commercial properties, such as office buildings, retail centers, industrial facilities, and multi-family residences. They include provisions regarding lease analysis, property valuation, loan repayment, and potential default scenarios. 3. Mortgage-Backed Securities (MBS) Pass-Through PSA: This type of PSA is specific to pass-through MBS, where cash flows generated from the pooled mortgage loans are distributed directly to the investors. The PSA defines the payment mechanism, reporting requirements, and investor protection measures for Pennsylvania-based pass-through MBS. 4. Collateralized Mortgage Obligations (CMO) PSA: CMO SAS govern the securitization of mortgage loans that are divided into tranches, or segments, with different bond classes, maturities, and risks. The agreement describes the structure of CMOs, the priority of repayment for each tranche, prepayment considerations, and the allocation of interest and principal payments. SAS plays a crucial role in protecting the rights and interests of involved parties in the securitization process. They ensure compliance with Pennsylvania state laws and regulations governing mortgage-backed securities, and serve as a foundation for the smooth administration and servicing of mortgage loans in the state.
Pennsylvania Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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