The Washington Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a legal contract that outlines the terms and conditions for the pooling and servicing of mortgage loans. Green point Credit, LLC, a financial institution, and Bank One, National Association, a national banking association, come together in this agreement to establish a structured framework for managing and distributing mortgage loans and related assets. This specific agreement is designed to comply with the laws and regulations set forth by the state of Washington. It ensures that all mortgage loans included in the pool are originated, serviced, and transferred in accordance with the state's requirements. The Washington Pooling and Servicing Agreement includes various clauses and sections that cover important aspects of the arrangement. These may include the following: 1. Definitions: This section clarifies key terms used throughout the agreement, such as "mortgage loan," "service," "pool," and "certificate holder." 2. Pooling and Transfer of Mortgage Loans: It details how the mortgage loans are assembled into a pool and subsequently transferred to Bank One, National Association. This section may specify the criteria for loan eligibility, acceptable loan types, and any restrictions. 3. Servicing of Mortgage Loans: It outlines the responsibilities and obligations of Green point Credit, LLC as the loan service. This includes loan administration, collections, escrow management, and reporting requirements. 4. Compensation and Fees: This section addresses the fee structure and compensation provided to Green point Credit, LLC for the servicing of the mortgage loans. It may define the calculation methodologies, timing, and distribution of these fees. 5. Representations, Warranties, and Covenants: Both parties make various representations and warranties regarding the accuracy and legality of the mortgage loans being pooled. This ensures compliance with applicable laws and regulations. 6. Termination and Default: It describes the conditions under which either party can terminate the agreement and the consequences of default or breach of contract. Different types of Washington Pooling and Servicing Agreements may exist between Green point Credit, LLC and Bank One, National Association, depending on the specific requirements of the mortgage loans being pooled. Some of these types may include: 1. Residential Mortgage Pooling and Servicing Agreement: This type of agreement would pertain to residential mortgage loans. 2. Commercial Mortgage Pooling and Servicing Agreement: This agreement would be relevant for pooling and servicing commercial mortgage loans. 3. Government-Backed Mortgage Pooling and Servicing Agreement: If the mortgage loans being pooled are backed by government entities such as Fannie Mae or Freddie Mac, a specialized agreement would be required to meet the particular regulations governing these loans. These various types of agreements ensure that the pooling and servicing of mortgage loans between Green point Credit, LLC and Bank One, National Association is conducted in a legally compliant manner while addressing the specific needs and characteristics of different loan types.
Washington Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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