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

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

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages Harris Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the terms and conditions of mortgage-backed securities (MBS) issued by New Century Mortgage Securities, Inc. The agreement outlines the roles and responsibilities of various parties involved in the securitization process, including the trustee, service, and investors. Keywords: Harris Texas Pooling and Servicing Agreement, New Century Mortgage Securities, MBS, securitization, trustee, service, investors. 1. Overview of the Harris Texas Pooling and Servicing Agreement: The Harris Texas Pooling and Servicing Agreement is a binding contract that establishes the rules and regulations for the issuance and management of mortgage-backed securities by New Century Mortgage Securities, Inc. It provides the framework for pooling many mortgages into a single security. 2. Role of the Trustee: The trustee plays a crucial role in the Harris Texas Pooling and Servicing Agreement. Acting as an intermediary between the issuer and the investors, the trustee ensures that all obligations and duties under the agreement are fulfilled. They monitor the performance of the service and act in the best interest of the investors. 3. Responsibilities of the Service: The service, as defined in the Harris Texas Pooling and Servicing Agreement, is responsible for collecting mortgage payments from borrowers, processing claims, and managing default scenarios. Additionally, the service handles the distribution of cash flows to investors according to the terms outlined in the agreement. 4. Investor's Rights and Protections: The Harris Texas Pooling and Servicing Agreement entitles investors to certain rights and protections. These may include timely payment of principal and interest, access to periodic reports on the performance of the underlying mortgage loans, and the ability to authorize certain actions if defaults occur. 5. Types of Harris Texas Pooling and Servicing Agreement: While there may not be specific types of the Harris Texas Pooling and Servicing Agreement, variations or updates to the agreement can exist over time. These modifications may account for changes in regulations or market conditions, ensuring the agreement remains relevant and compliant. 6. Security-level Features: The Harris Texas Pooling and Servicing Agreement may also outline security-level features for investors. Such features can include priority of payment, payment waterfall, prepayment provisions, and allocation of losses. These provisions aim to safeguard investors' interests and manage risk associated with the mortgage-backed securities. In summary, the Harris Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a comprehensive legal contract that governs the issuance and management of mortgage-backed securities. It establishes the roles and responsibilities of various parties involved, ensures investor protection, and defines the terms for cash flow distributions and risk management.

Harris Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the terms and conditions of mortgage-backed securities (MBS) issued by New Century Mortgage Securities, Inc. The agreement outlines the roles and responsibilities of various parties involved in the securitization process, including the trustee, service, and investors. Keywords: Harris Texas Pooling and Servicing Agreement, New Century Mortgage Securities, MBS, securitization, trustee, service, investors. 1. Overview of the Harris Texas Pooling and Servicing Agreement: The Harris Texas Pooling and Servicing Agreement is a binding contract that establishes the rules and regulations for the issuance and management of mortgage-backed securities by New Century Mortgage Securities, Inc. It provides the framework for pooling many mortgages into a single security. 2. Role of the Trustee: The trustee plays a crucial role in the Harris Texas Pooling and Servicing Agreement. Acting as an intermediary between the issuer and the investors, the trustee ensures that all obligations and duties under the agreement are fulfilled. They monitor the performance of the service and act in the best interest of the investors. 3. Responsibilities of the Service: The service, as defined in the Harris Texas Pooling and Servicing Agreement, is responsible for collecting mortgage payments from borrowers, processing claims, and managing default scenarios. Additionally, the service handles the distribution of cash flows to investors according to the terms outlined in the agreement. 4. Investor's Rights and Protections: The Harris Texas Pooling and Servicing Agreement entitles investors to certain rights and protections. These may include timely payment of principal and interest, access to periodic reports on the performance of the underlying mortgage loans, and the ability to authorize certain actions if defaults occur. 5. Types of Harris Texas Pooling and Servicing Agreement: While there may not be specific types of the Harris Texas Pooling and Servicing Agreement, variations or updates to the agreement can exist over time. These modifications may account for changes in regulations or market conditions, ensuring the agreement remains relevant and compliant. 6. Security-level Features: The Harris Texas Pooling and Servicing Agreement may also outline security-level features for investors. Such features can include priority of payment, payment waterfall, prepayment provisions, and allocation of losses. These provisions aim to safeguard investors' interests and manage risk associated with the mortgage-backed securities. In summary, the Harris Texas Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a comprehensive legal contract that governs the issuance and management of mortgage-backed securities. It establishes the roles and responsibilities of various parties involved, ensures investor protection, and defines the terms for cash flow distributions and risk management.