Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal contract that outlines the terms and conditions for pooling and servicing mortgage loans in Maricopa County, Arizona. It is specifically related to mortgage securities issued by New Century Mortgage Securities, Inc. The agreement serves as a framework for the management, administration, and distribution of cash flows from the mortgage loans to the investors who hold these securities. The Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. governs the rights and responsibilities of various parties involved in the securitization process. These parties typically include the mortgage originators, loan services, investors, trustees, and issuers. The agreement sets forth the obligations and duties of each party, ensuring compliance with applicable laws and regulations. Some specific types or variations of Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. may include: 1. Residential Mortgage-Backed Securities (RMBS) Agreement: This agreement pertains to mortgage loans secured by residential properties in Maricopa County. It outlines the specific terms and conditions for pooling these residential mortgages and administering the cash flows generated from them. 2. Commercial Mortgage-Backed Securities (CMOS) Agreement: This type of agreement focuses on pooling and servicing commercial mortgage loans in Maricopa County. It caters to properties such as office buildings, hotels, retail spaces, or industrial properties. The terms of this agreement may differ from those in RMBS agreements due to the unique characteristics and risks associated with commercial mortgages. 3. Collateralized Mortgage Obligation (CMO) Agreement: A CMO is a mortgage-backed security that is divided into separate classes or tranches, each with varying levels of risk and maturity. The CMO Agreement within the Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. defines the rights and obligations of the different classes of CMO investors regarding how cash flows from the mortgage loans are distributed across these classes. In summary, the Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a comprehensive legal contract that governs the pooling, servicing, and distribution of cash flows from mortgage loans in Maricopa County. It ensures compliance with regulations and establishes the rights and obligations of various parties involved in the securitization process. Different types of agreements may exist within this framework, such as RMBS, CMOS, or CMO agreements, each catering to specific categories of mortgage-backed securities.
Maricopa Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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