Wyoming Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9046
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages The Wyoming Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the securitization of mortgage loans originated by New Century Mortgage Corporation. This agreement outlines the rights and responsibilities of various parties involved in the pooling and servicing of these loans. The Wyoming Pooling and Servicing Agreement sets forth the terms and conditions under which the mortgage loans are pooled together and sold to a trust. The trust then issues mortgage-backed securities (MBS) to investors, who receive periodic payments of interest and principal from the cash flows generated by the underlying mortgage loans. This agreement distinguishes between different types of mortgage loans, including prime, subprime, adjustable-rate, and fixed-rate loans. Each loan type has its specific terms and conditions, such as interest rates, maturity dates, and prepayment provisions, which are outlined in the agreement. The Wyoming Pooling and Servicing Agreement also addresses the responsibilities of the service, which is typically a financial institution or mortgage service hired to collect payments from borrowers and manage the day-to-day administration of the mortgage loan portfolio. The service is responsible for collecting borrower payments, performing borrower outreach, managing escrow accounts, and handling delinquencies and defaults. Other important aspects covered in the agreement include the allocation of cash flows generated by the mortgage loans, the distribution of principal and interest to MBS investors, the creation and maintenance of reserve accounts, and the provision of reports and disclosures to investors. It is worth mentioning that New Century Mortgage Securities, Inc. may have multiple Pooling and Servicing Agreements for different securitization, each tailored to the specific characteristics of the mortgage loans being securitized. These agreements may vary in terms of loan types, credit quality, geographic concentration, and other factors influencing the risk and return profile of the underlying mortgage-backed securities. In summary, the Wyoming Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. forms the foundation for the securitization process of mortgage loans and governs the rights and obligations of the parties involved in the pooling and servicing of these loans, ensuring transparency, accountability, and compliance with applicable laws and regulations.

The Wyoming Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the securitization of mortgage loans originated by New Century Mortgage Corporation. This agreement outlines the rights and responsibilities of various parties involved in the pooling and servicing of these loans. The Wyoming Pooling and Servicing Agreement sets forth the terms and conditions under which the mortgage loans are pooled together and sold to a trust. The trust then issues mortgage-backed securities (MBS) to investors, who receive periodic payments of interest and principal from the cash flows generated by the underlying mortgage loans. This agreement distinguishes between different types of mortgage loans, including prime, subprime, adjustable-rate, and fixed-rate loans. Each loan type has its specific terms and conditions, such as interest rates, maturity dates, and prepayment provisions, which are outlined in the agreement. The Wyoming Pooling and Servicing Agreement also addresses the responsibilities of the service, which is typically a financial institution or mortgage service hired to collect payments from borrowers and manage the day-to-day administration of the mortgage loan portfolio. The service is responsible for collecting borrower payments, performing borrower outreach, managing escrow accounts, and handling delinquencies and defaults. Other important aspects covered in the agreement include the allocation of cash flows generated by the mortgage loans, the distribution of principal and interest to MBS investors, the creation and maintenance of reserve accounts, and the provision of reports and disclosures to investors. It is worth mentioning that New Century Mortgage Securities, Inc. may have multiple Pooling and Servicing Agreements for different securitization, each tailored to the specific characteristics of the mortgage loans being securitized. These agreements may vary in terms of loan types, credit quality, geographic concentration, and other factors influencing the risk and return profile of the underlying mortgage-backed securities. In summary, the Wyoming Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. forms the foundation for the securitization process of mortgage loans and governs the rights and obligations of the parties involved in the pooling and servicing of these loans, ensuring transparency, accountability, and compliance with applicable laws and regulations.