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

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

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the formation, operation, and management of mortgage-backed security (MBS) pools originated by New Century Mortgage Securities, Inc. in Collin County, Texas. This agreement outlines the rights and obligations of various parties involved in the securitization process, including the mortgage originator, the trustee, and the investors. By pooling many individual mortgage loans, New Century Mortgage Securities, Inc. creates MBS pools, which are then sold to investors. The pooling and servicing agreement sets forth the terms and conditions under which these mortgage loans are securitized, ensuring that all parties' rights and responsibilities are clearly defined and protected. The Collin Texas Pooling and Servicing Agreement establishes the duties and obligations of the mortgage originator, such as New Century Mortgage Securities, Inc., which includes properly underwriting the loans, conducting due diligence, and ensuring compliance with applicable regulations. It also explains the mechanisms through which mortgage payments are collected from borrowers and subsequently distributed to investors. Under this agreement, a trustee is appointed to oversee the MBS pool on behalf of the investors. The trustee ensures that the mortgage loans in the pool are serviced correctly and that the cash flows from borrowers are collected and distributed in an efficient and timely manner. Additionally, the agreement may include provisions for the replacement of the trustee in case of default or non-performance. Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. may encompass various types and structures of MBS pools. Some examples of these variations include: 1. Fixed-Rate Mortgage Pools: These pools contain mortgage loans with a fixed interest rate for the entire loan term. Payments made by borrowers and interest distributions to investors remain constant throughout the life of the MBS pool. 2. Adjustable-Rate Mortgage Pools: These pools consist of mortgage loans with adjustable interest rates, typically tied to an index. The interest rates on these loans can change periodically, and consequently, the payments made by borrowers and interest distributions to investors can fluctuate accordingly. 3. Hybrid Mortgage Pools: These pools combine the characteristics of both fixed-rate and adjustable-rate mortgage loans. They typically start with an initial fixed-rate period and then switch to adjustable rates for the remaining loan term. In conclusion, the Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a comprehensive document that details the formation, operation, and management of MBS pools in Collin County, Texas. It establishes the roles and responsibilities of parties involved, protects investors' interests, and defines the various types of MBS pools, including fixed-rate, adjustable-rate, and hybrid structures.

Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the formation, operation, and management of mortgage-backed security (MBS) pools originated by New Century Mortgage Securities, Inc. in Collin County, Texas. This agreement outlines the rights and obligations of various parties involved in the securitization process, including the mortgage originator, the trustee, and the investors. By pooling many individual mortgage loans, New Century Mortgage Securities, Inc. creates MBS pools, which are then sold to investors. The pooling and servicing agreement sets forth the terms and conditions under which these mortgage loans are securitized, ensuring that all parties' rights and responsibilities are clearly defined and protected. The Collin Texas Pooling and Servicing Agreement establishes the duties and obligations of the mortgage originator, such as New Century Mortgage Securities, Inc., which includes properly underwriting the loans, conducting due diligence, and ensuring compliance with applicable regulations. It also explains the mechanisms through which mortgage payments are collected from borrowers and subsequently distributed to investors. Under this agreement, a trustee is appointed to oversee the MBS pool on behalf of the investors. The trustee ensures that the mortgage loans in the pool are serviced correctly and that the cash flows from borrowers are collected and distributed in an efficient and timely manner. Additionally, the agreement may include provisions for the replacement of the trustee in case of default or non-performance. Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. may encompass various types and structures of MBS pools. Some examples of these variations include: 1. Fixed-Rate Mortgage Pools: These pools contain mortgage loans with a fixed interest rate for the entire loan term. Payments made by borrowers and interest distributions to investors remain constant throughout the life of the MBS pool. 2. Adjustable-Rate Mortgage Pools: These pools consist of mortgage loans with adjustable interest rates, typically tied to an index. The interest rates on these loans can change periodically, and consequently, the payments made by borrowers and interest distributions to investors can fluctuate accordingly. 3. Hybrid Mortgage Pools: These pools combine the characteristics of both fixed-rate and adjustable-rate mortgage loans. They typically start with an initial fixed-rate period and then switch to adjustable rates for the remaining loan term. In conclusion, the Collin Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a comprehensive document that details the formation, operation, and management of MBS pools in Collin County, Texas. It establishes the roles and responsibilities of parties involved, protects investors' interests, and defines the various types of MBS pools, including fixed-rate, adjustable-rate, and hybrid structures.