The Washington Pooling and Servicing Agreement refers to a contractual document signed by New Century Mortgage Securities, Inc., a mortgage-backed securities issuer, and various investors. This agreement outlines the terms and conditions related to the pooling of mortgage loans and the servicing of those loans. Key elements covered in the Washington Pooling and Servicing Agreement include loan origination, loan transfer, pool formation, payment distribution, and loss mitigation strategies. The agreement ensures that the mortgage-backed securities issued by New Century Mortgage Securities, Inc. are backed by a specific pool of mortgage loans and that investors receive principal and interest payments as per the agreed terms. Different types of Washington Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. may include: 1. Residential Mortgage-Backed Securities (RMBS) Agreement: This type of agreement covers the securitization of residential mortgages, wherein mortgage loans are pooled together to create securities that are sold to investors. Investors in these securities receive regular payments based on the interest and principal collected from the underlying mortgage loans. 2. Commercial Mortgage-Backed Securities (CMOS) Agreement: In this type of agreement, New Century Mortgage Securities, Inc. pools commercial mortgage loans, typically secured by commercial properties, to create securities that are sold to investors. CMOS agreements specify the terms of payment distribution and the responsibilities of the service in managing the loans. 3. Collateralized Loan Obligations (CIO) Agreement: CIO agreements involve pooling and securitizing a diversified portfolio of loans, which can include residential mortgages, commercial loans, or corporate loans. These agreements outline the priority of payments and potential loss allocation strategies, providing investors with exposure to a diversified set of loan assets. It is important to note that the specific terms and provisions of Washington Pooling and Servicing Agreements may vary based on the agreement type, specific offerings, and requirements of New Century Mortgage Securities, Inc. These agreements are designed to protect the rights and interests of investors while providing transparency and clarity regarding the management of mortgage-backed securities.