The Lima Arizona Pooling and Servicing Agreement (PSA) of New Century Mortgage Securities, Inc. is a legal contract that governs the pooling and servicing of mortgage loans within the Pima County region of Arizona. This agreement refers specifically to the mortgage securities offered by New Century Mortgage Securities, Inc. and outlines the terms and conditions under which these mortgage loans are bundled and serviced. The Lima Arizona PSA establishes a standardized framework for the pooling and management of mortgage loans to create mortgage-backed securities (MBS). These MBS are then sold to investors who receive regular payments based on the performance of the underlying mortgage loans. The PSA serves as a contractual agreement between New Century Mortgage Securities, Inc. and the investors, providing a detailed set of guidelines and responsibilities for both parties. Key aspects covered in the Lima Arizona PSA of New Century Mortgage Securities, Inc. include: 1. Loan Pooling: The PSA outlines the process of pooling mortgage loans together for securitization. It establishes eligibility criteria for loans to ensure that only qualified mortgages are included. 2. Servicing Requirements: The agreement outlines the obligations and responsibilities of the mortgage service, including loan administration, collection of payments, and dealing with defaults or delinquencies. 3. Cash Flow Distribution: The PSA specifies the distribution of cash flows generated by the mortgage loans among the investors. It defines payment priorities, interest rates, and the allocation of principal and interest. 4. Reporting and Monitoring: The PSA requires regular reporting on the performance and status of the mortgage loans to ensure transparency and accountability. It also establishes mechanisms for resolving disputes and conflicts of interest. It's worth noting that while the general structure and provisions of the Lima Arizona PSA may be similar across multiple mortgage-backed securities issued by New Century Mortgage Securities, Inc., there might be variations in specific terms and conditions, such as interest rates, maturities, and loan characteristics. Therefore, it's essential to refer to the specific PSA associated with a particular pool or offering for accurate and detailed information.
Pima Arizona Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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