Virginia 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 The Virginia Pooling and Servicing Agreement is a legal contract between Green point Credit, LLC (the issuer) and Bank One, National Association (the trustee) that governs the pooling and servicing of mortgage loans within a securitization transaction. This agreement plays a crucial role in the mortgage-backed securities (MBS) market. Key elements of the Virginia Pooling and Servicing Agreement include: 1. Loan Pooling: The agreement outlines the process of pooling individual mortgage loans originated by Green point Credit, LLC. These loans are combined into a pool, forming the basis for the subsequent securitization process. 2. Loan Servicing: The agreement establishes the responsibilities of Bank One, National Association as the loan service. This includes collecting mortgage payments, handling borrower inquiries, managing escrow accounts, and ensuring compliance with applicable laws and regulations. 3. Mortgage-Backed Securities Issuance: The agreement specifies the terms and conditions for the creation and issuance of mortgage-backed securities based on the pooled loans. It governs the rights and obligations of the issuer (Green point Credit, LLC), trustee (Bank One, National Association), and investors in these securities. 4. Cash Flow and Distributions: The agreement outlines how cash flows generated from the underlying mortgage loans will be distributed to the holders of MBS. This includes the order of priority for allocating principal and interest payments, expenses, and other costs associated with the securitization. 5. Default and Remedies: The agreement defines the procedures and remedies in case of borrower defaults or delinquencies. It outlines the steps to be taken by the trustee, service, and other parties involved to protect investors' interests and maximize recovery in case of loan defaults. Different types of Virginia Pooling and Servicing Agreements between Green point Credit, LLC and Bank One, National Association may vary based on specific loan characteristics, pool sizes, and other factors. For instance, there might be agreements pertaining to prime mortgages, subprime mortgages, adjustable-rate mortgages (ARM's), or fixed-rate mortgages. Each type would have specific terms and conditions tailored to the underlying pool's composition. In summary, the Virginia Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a comprehensive contract in the MBS market that governs the pooling, servicing, and securitization of mortgage loans. Its terms and conditions differ based on the type of mortgage loans and other relevant factors.

The Virginia Pooling and Servicing Agreement is a legal contract between Green point Credit, LLC (the issuer) and Bank One, National Association (the trustee) that governs the pooling and servicing of mortgage loans within a securitization transaction. This agreement plays a crucial role in the mortgage-backed securities (MBS) market. Key elements of the Virginia Pooling and Servicing Agreement include: 1. Loan Pooling: The agreement outlines the process of pooling individual mortgage loans originated by Green point Credit, LLC. These loans are combined into a pool, forming the basis for the subsequent securitization process. 2. Loan Servicing: The agreement establishes the responsibilities of Bank One, National Association as the loan service. This includes collecting mortgage payments, handling borrower inquiries, managing escrow accounts, and ensuring compliance with applicable laws and regulations. 3. Mortgage-Backed Securities Issuance: The agreement specifies the terms and conditions for the creation and issuance of mortgage-backed securities based on the pooled loans. It governs the rights and obligations of the issuer (Green point Credit, LLC), trustee (Bank One, National Association), and investors in these securities. 4. Cash Flow and Distributions: The agreement outlines how cash flows generated from the underlying mortgage loans will be distributed to the holders of MBS. This includes the order of priority for allocating principal and interest payments, expenses, and other costs associated with the securitization. 5. Default and Remedies: The agreement defines the procedures and remedies in case of borrower defaults or delinquencies. It outlines the steps to be taken by the trustee, service, and other parties involved to protect investors' interests and maximize recovery in case of loan defaults. Different types of Virginia Pooling and Servicing Agreements between Green point Credit, LLC and Bank One, National Association may vary based on specific loan characteristics, pool sizes, and other factors. For instance, there might be agreements pertaining to prime mortgages, subprime mortgages, adjustable-rate mortgages (ARM's), or fixed-rate mortgages. Each type would have specific terms and conditions tailored to the underlying pool's composition. In summary, the Virginia Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a comprehensive contract in the MBS market that governs the pooling, servicing, and securitization of mortgage loans. Its terms and conditions differ based on the type of mortgage loans and other relevant factors.