The South Carolina Pooling and Servicing Agreement of New Century Mortgage Securities, Inc., is a legal contract that governs the pooling and servicing of mortgage loans in the state of South Carolina. It outlines the terms and conditions under which these loans are bundled together and sold as securities to investors. As a key document in the mortgage-backed securities market, the South Carolina Pooling and Servicing Agreement provides detailed information about the various parties involved, their responsibilities, and the rights and obligations of each party. This agreement is essential for ensuring transparency and proper functioning of the mortgage market. Keywords: South Carolina Pooling and Servicing Agreement, New Century Mortgage Securities, mortgage loans, securities, investors, legal contract, pooling, servicing, mortgage-backed securities, parties, responsibilities, transparency, mortgage market. Types of South Carolina Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.: 1. Residential Mortgage-Backed Securities Agreement: This type of agreement specifically pertains to the pooling and servicing of residential mortgage loans originated by New Century Mortgage Securities, Inc. in South Carolina. It outlines the processes involved in bundling these loans and the subsequent creation and sale of mortgage-backed securities. 2. Commercial Mortgage-Backed Securities Agreement: This variant of the South Carolina Pooling and Servicing Agreement focuses on the pooling and servicing of commercial mortgage loans originated within the state. It addresses the unique considerations and requirements of commercial mortgages, taking into account factors such as property type, lease terms, and market conditions. 3. Government-Sponsored Enterprises Agreement: Another type of South Carolina Pooling and Servicing Agreement involves the pooling and servicing of mortgage loans backed by government-sponsored enterprises (Uses) such as Fannie Mae or Freddie Mac. These agreements adhere to the specific guidelines and standards set forth by the Uses, ensuring compliance and compatibility with their respective programs. Each of these agreement types may have further variations and specific provisions tailored to the requirements of the particular mortgage-backed securities being offered or the preferences of the involved parties. It is crucial for investors, borrowers, and other relevant stakeholders to carefully review and understand the specific terms and conditions outlined in the South Carolina Pooling and Servicing Agreement to ensure legal compliance and effective pooling and servicing of mortgage loans.
South Carolina Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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