The South Dakota Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that outlines the terms and conditions surrounding the pooling and servicing of mortgage loans. It is specific to New Century Mortgage Securities, Inc., which is a financial institution operating in South Dakota. This agreement is designed to protect the interests of investors who have invested in mortgage-backed securities offered by New Century Mortgage Securities, Inc. It establishes the guidelines for pooling various mortgage loans together to create a mortgage-backed security, which is then sold to investors in the capital markets. The agreement outlines the specific terms of the pooling and servicing arrangement, including the responsibilities of the service and the rights of the investors. Key terms and clauses mentioned in the South Dakota Pooling and Servicing Agreement include: 1. Pooling: The agreement defines how mortgage loans are pooled together. It specifies the criteria for including loans in the pool, such as loan types, loan-to-value ratios, and credit scores. 2. Servicing: The agreement outlines the responsibilities of the service, who is responsible for collecting monthly mortgage payments from borrowers, managing escrow accounts, and handling delinquencies or defaults. It also defines the compensation structure for the service. 3. Investor Rights: The agreement includes provisions that protect the rights of investors. It outlines how cash flows from the mortgage loans are allocated among the investors and establishes guidelines for the distribution of principal and interest payments. 4. Reporting: The agreement mandates regular reporting and disclosure requirements for the service. This includes providing information on the performance of the mortgage loans in the pool, such as delinquency rates, prepayment rates, and loan modifications. While there may not be different types of South Dakota Pooling and Servicing Agreements specific to New Century Mortgage Securities, Inc., it's important to note that different versions and variations of such agreements may exist based on the specific terms negotiated between the parties involved.
South Dakota Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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