San Jose California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.

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

Description

Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. dated 00/00. 166 pages San Jose California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. (SURPASS) is a legal document that outlines the terms and conditions of mortgage-backed securities issued by New Century Mortgage Corporation in San Jose, California. Keywords: San Jose California, Pooling and Servicing Agreement, New Century Mortgage Securities, Inc., mortgage-backed securities, New Century Mortgage Corporation. The San Jose California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc., commonly referred to as SURPASS, is a contractual agreement governing the pooling and servicing of mortgage loans originated by the New Century Mortgage Corporation in San Jose, California. This agreement provides investors with information about the collateral underlying the mortgage-backed securities issued by New Century Mortgage Securities, Inc. Within the SURPASS, different types of mortgage-backed securities are often referred to based on the characteristics or features they possess. Some common types of SURPASS include: 1. Fixed-rate mortgage-backed securities: These securities are backed by a pool of mortgage loans with a fixed interest rate for the lifetime of the loan. Investors receive regular interest payments and a final principal payment upon maturity. 2. Adjustable-rate mortgage-backed securities: These securities are backed by a pool of mortgage loans with variable interest rates that periodically adjust based on an agreed-upon index. The interest rates and payments to investors may change over time. 3. Senior and Subordinated Securities: Within SURPASS, there may be different classes of securities with varying levels of priority in terms of payment. Senior securities have priority over subordinated securities in receiving interest and principal payments. 4. Pass-through certificates: These securities represent ownership interests in a pool of mortgage loans, and payments collected from the borrowers are passed through to the certificate holders on a pro rata basis. 5. Interest-only and principal-only securities: These securities may be created by dividing the cash flows from the underlying mortgage loans into separate tranches. Interest-only securities receive only interest payments, while principal-only securities receive only principal payments. The SURPASS is a crucial document for investors, as it provides detailed information about the mortgage loan pool, such as the number and types of loans, their interest rates, payment terms, and any potential risks associated with the underlying collateral. It also outlines the responsibilities and obligations of the service, who collects the mortgage payments from borrowers and distributes them to the investors. Investors rely on the SURPASS to assess the risks and potential returns of investing in New Century Mortgage Securities, Inc.'s mortgage-backed securities, helping them make informed decisions.

San Jose California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. (SURPASS) is a legal document that outlines the terms and conditions of mortgage-backed securities issued by New Century Mortgage Corporation in San Jose, California. Keywords: San Jose California, Pooling and Servicing Agreement, New Century Mortgage Securities, Inc., mortgage-backed securities, New Century Mortgage Corporation. The San Jose California Pooling and Servicing Agreement of New Century Mortgage Securities, Inc., commonly referred to as SURPASS, is a contractual agreement governing the pooling and servicing of mortgage loans originated by the New Century Mortgage Corporation in San Jose, California. This agreement provides investors with information about the collateral underlying the mortgage-backed securities issued by New Century Mortgage Securities, Inc. Within the SURPASS, different types of mortgage-backed securities are often referred to based on the characteristics or features they possess. Some common types of SURPASS include: 1. Fixed-rate mortgage-backed securities: These securities are backed by a pool of mortgage loans with a fixed interest rate for the lifetime of the loan. Investors receive regular interest payments and a final principal payment upon maturity. 2. Adjustable-rate mortgage-backed securities: These securities are backed by a pool of mortgage loans with variable interest rates that periodically adjust based on an agreed-upon index. The interest rates and payments to investors may change over time. 3. Senior and Subordinated Securities: Within SURPASS, there may be different classes of securities with varying levels of priority in terms of payment. Senior securities have priority over subordinated securities in receiving interest and principal payments. 4. Pass-through certificates: These securities represent ownership interests in a pool of mortgage loans, and payments collected from the borrowers are passed through to the certificate holders on a pro rata basis. 5. Interest-only and principal-only securities: These securities may be created by dividing the cash flows from the underlying mortgage loans into separate tranches. Interest-only securities receive only interest payments, while principal-only securities receive only principal payments. The SURPASS is a crucial document for investors, as it provides detailed information about the mortgage loan pool, such as the number and types of loans, their interest rates, payment terms, and any potential risks associated with the underlying collateral. It also outlines the responsibilities and obligations of the service, who collects the mortgage payments from borrowers and distributes them to the investors. Investors rely on the SURPASS to assess the risks and potential returns of investing in New Century Mortgage Securities, Inc.'s mortgage-backed securities, helping them make informed decisions.