The Virginia Pooling and Servicing Agreement (PSA) is a legal document that establishes the terms and conditions for the pooling and servicing of mortgage loans by Credit Suisse First Boston Mortgage Securities Corp. (CFBS), Washington Mutual Bank F.A., and Bank One. This agreement outlines the responsibilities, rights, and obligations of each party involved in the securitization process. Keywords: Virginia Pooling and Servicing Agreement, Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., Bank One, securitization, mortgage loans, pooling, servicing, terms and conditions, responsibilities, rights, obligations. There are two main types of Virginia Pooling and Servicing Agreements between CFBS, Washington Mutual Bank F.A., and Bank One: 1. Traditional Pooling and Servicing Agreement: This type of agreement pertains to the conventional securitization process, where mortgage loans are pooled together and sold as mortgage-backed securities (MBS) to investors in the secondary market. CFBS, as the sponsor, purchases mortgage loans from originating lenders, packages them into MBS, and transfers them to a trust established by Washington Mutual Bank F.A. and Bank One. The trust then administers the loans, collects payment from borrowers, and distributes funds to MBS investors based on predetermined terms and conditions outlined in the PSA. Keywords: Traditional Pooling and Servicing Agreement, conventional securitization, mortgage-backed securities, MBS, secondary market, sponsor, originating lenders, trust, loan administration, borrower payments, investor distribution. 2. Master Servicing Agreement: In some cases, CFBS, Washington Mutual Bank F.A., and Bank One may enter into a Master Servicing Agreement in addition to the traditional PSA. This agreement defines the roles and responsibilities of the master service, who acts as a middleman between the trust and the individual loan services. The master service handles various aspects of the loan administration, such as collecting and distributing borrower payments, addressing delinquencies, and coordinating default management activities. By having a master service, the trust can efficiently manage a large portfolio of mortgage loans while benefiting from the expertise and resources of a specialized service like Bank One. Keywords: Master Servicing Agreement, master service, loan services, loan administration, borrower payments, delinquencies, default management activities, portfolio management, specialized service. These Virginia Pooling and Servicing Agreements provide a legal framework for the efficient transfer, management, and servicing of mortgage loans between CFBS, Washington Mutual Bank F.A., and Bank One. By pooling and securitizing mortgage loans, these parties can access alternative funding avenues, mitigate risk, and provide liquidity to the housing market.
Virginia Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One
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