San Antonio Texas Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A. and Bank One

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• City: San Antonio
• Control #: US-EG-9080
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn Credit Suisse First Boston Mortgage Securities Corp., Wash. Mutual Bank F.A. and Bank One - National Association dated Nov. 1, 1999. 213 pages A San Antonio Texas Pooling and Servicing Agreement is a legal agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement outlines the terms and conditions under which they establish a pooled investment vehicle for mortgage-backed securities. In this agreement, the three parties come together to pool their respective mortgage loans and create a uniform investment portfolio. The purpose of this pooling is to mitigate risk, increase liquidity, and enhance the overall efficiency of the securitization process. The San Antonio Texas Pooling and Servicing Agreement contains various key elements: 1. Pool Composition: The agreement defines the specific mortgage loans that will be pooled together. It includes details such as loan amounts, property types, borrowers' credit profiles, and other relevant attributes. The pooling criteria aim to create a diversified pool of mortgages. 2. Servicing Responsibilities: The agreement outlines the responsibilities and obligations of the service, who manages the day-to-day operations related to the mortgage loans, including collection and distribution of payments, processing delinquencies, and handling any necessary foreclosure proceedings. It may also specify the compensation or fees to be paid to the service. 3. Cash Flows and Distributions: The agreement dictates how the cash flows generated from the mortgage loans will be allocated. It includes the priority of payments, such as interest payments to investors, expenses, and fees. The distribution waterfall ensures that all parties are appropriately compensated based on their priorities. 4. Reporting and Disclosure: The agreement lays out the reporting requirements for the parties involved. It includes provisions for regular reporting on the performance, delinquency rates, and financial status of the mortgage pool. Investors rely on these reports to assess the quality and risks associated with their investments. 5. Default and Remedies: The agreement establishes protocols to address defaults on mortgage loans within the pool. It defines the actions to be taken by the parties, such as the foreclosure process and the potential restructuring or modification of troubled loans. The agreement also describes the rights and remedies available to investors in the event of non-compliance by the other parties. Different types of San Antonio Texas Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may be named based on specific characteristics or variations in the underlying mortgage loans: 1. Prime Mortgage Pooling and Servicing Agreement: This agreement may focus on high-quality, low-risk mortgage loans with borrowers having excellent credit profiles. It could be geared toward investors seeking stable income streams and lower default probabilities. 2. Subprime Mortgage Pooling and Servicing Agreement: This agreement would involve pooling mortgage loans with higher risk profiles, typically extended to borrowers with lower credit scores or non-traditional income documentation. Investors in this pool may seek higher yields but face increased risks associated with borrower defaults. 3. Alt-A Mortgage Pooling and Servicing Agreement: Alt-A loans are non-conforming mortgage loans that fall between prime and subprime loans in terms of borrower creditworthiness and documentation. This type of agreement may cater to investors looking for a middle ground between risk and return. 4. Jumbo Mortgage Pooling and Servicing Agreement: Jumbo loans are mortgage loans that exceed the conforming loan limits set by government-sponsored entities. This agreement would involve pooling larger loan amounts that may be attractive to investors seeking exposure to the high-end housing market. These different types of San Antonio Texas Pooling and Servicing Agreements provide flexibility and allow investors to choose investments based on their risk appetite, return expectations, and investment objectives.

A San Antonio Texas Pooling and Servicing Agreement is a legal agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. This agreement outlines the terms and conditions under which they establish a pooled investment vehicle for mortgage-backed securities. In this agreement, the three parties come together to pool their respective mortgage loans and create a uniform investment portfolio. The purpose of this pooling is to mitigate risk, increase liquidity, and enhance the overall efficiency of the securitization process. The San Antonio Texas Pooling and Servicing Agreement contains various key elements: 1. Pool Composition: The agreement defines the specific mortgage loans that will be pooled together. It includes details such as loan amounts, property types, borrowers' credit profiles, and other relevant attributes. The pooling criteria aim to create a diversified pool of mortgages. 2. Servicing Responsibilities: The agreement outlines the responsibilities and obligations of the service, who manages the day-to-day operations related to the mortgage loans, including collection and distribution of payments, processing delinquencies, and handling any necessary foreclosure proceedings. It may also specify the compensation or fees to be paid to the service. 3. Cash Flows and Distributions: The agreement dictates how the cash flows generated from the mortgage loans will be allocated. It includes the priority of payments, such as interest payments to investors, expenses, and fees. The distribution waterfall ensures that all parties are appropriately compensated based on their priorities. 4. Reporting and Disclosure: The agreement lays out the reporting requirements for the parties involved. It includes provisions for regular reporting on the performance, delinquency rates, and financial status of the mortgage pool. Investors rely on these reports to assess the quality and risks associated with their investments. 5. Default and Remedies: The agreement establishes protocols to address defaults on mortgage loans within the pool. It defines the actions to be taken by the parties, such as the foreclosure process and the potential restructuring or modification of troubled loans. The agreement also describes the rights and remedies available to investors in the event of non-compliance by the other parties. Different types of San Antonio Texas Pooling and Servicing Agreements between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One may be named based on specific characteristics or variations in the underlying mortgage loans: 1. Prime Mortgage Pooling and Servicing Agreement: This agreement may focus on high-quality, low-risk mortgage loans with borrowers having excellent credit profiles. It could be geared toward investors seeking stable income streams and lower default probabilities. 2. Subprime Mortgage Pooling and Servicing Agreement: This agreement would involve pooling mortgage loans with higher risk profiles, typically extended to borrowers with lower credit scores or non-traditional income documentation. Investors in this pool may seek higher yields but face increased risks associated with borrower defaults. 3. Alt-A Mortgage Pooling and Servicing Agreement: Alt-A loans are non-conforming mortgage loans that fall between prime and subprime loans in terms of borrower creditworthiness and documentation. This type of agreement may cater to investors looking for a middle ground between risk and return. 4. Jumbo Mortgage Pooling and Servicing Agreement: Jumbo loans are mortgage loans that exceed the conforming loan limits set by government-sponsored entities. This agreement would involve pooling larger loan amounts that may be attractive to investors seeking exposure to the high-end housing market. These different types of San Antonio Texas Pooling and Servicing Agreements provide flexibility and allow investors to choose investments based on their risk appetite, return expectations, and investment objectives.