San Bernardino California 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
• County: San Bernardino
• 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 The San Bernardino California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legal document that outlines the terms and conditions for pooling and servicing a collection of mortgage loans in San Bernardino, California. This agreement is crucial for the efficient management and disposition of mortgage loans, ensuring compliance with applicable laws and regulations. Let's delve into the key aspects of this agreement and explore its various types: Pooling and Servicing Agreement: A Pooling and Servicing Agreement (PSA) is a contract entered into among multiple parties involved in the securitization process of mortgage loans. In the case of the San Bernardino California PSA, the parties involved are Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. The agreement outlines the responsibilities, rights, and obligations of each party regarding the collection and servicing of the mortgage loans. Key terms and provisions: 1. Mortgage Loan Pool: The PSA defines the specific pool of mortgage loans to be serviced under this agreement in San Bernardino, California. It includes details like the number of loans, their outstanding balances, interest rates, borrowers' information, and collateral properties. 2. Servicing Duties: The agreement specifies the responsibilities of the servicing parties, such as payment collection, accounting, investor reporting, escrow administration, default management, foreclosure procedures, and loan modification processes. These duties ensure that the mortgage loans are serviced efficiently and in compliance with legal requirements. 3. Cash Flow and Distribution: The PSA establishes the cash flow mechanisms and distribution priorities for the mortgage loans' principal and interest payments received from the borrowers. It outlines how the funds will be allocated among the parties involved, including any applicable fees or expenses. 4. Investor Protection: This agreement ensures that investors who purchase mortgage-backed securities issued by Credit Suisse First Boston Mortgage Securities Corp. receive the promised cash flows as specified in the offering documents. It may include provisions for credit enhancement mechanisms, reserve funds, and allocation of losses in case of defaults. Types of San Bernardino California Pooling and Servicing Agreements: 1. Residential Mortgage-Backed Securities (RMBS) Agreement: This type of PSA is applicable when the mortgage loans involved are primarily residential properties, such as single-family homes, townhouses, or condos in San Bernardino, California. 2. Commercial Mortgage-Backed Securities (CMOS) Agreement: In cases where the loans pooled and serviced pertain to commercial properties like office buildings, retail centers, or industrial complexes, a CMOS agreement is utilized. This PSA caters to the unique characteristics and risks associated with commercial real estate. 3. Specific Loan Program Agreement: Depending on the nature of the mortgage loans, there could be specific agreements tailored to a particular loan program, such as government-backed loans (FHA, VA) or jumbo loans exceeding conventional loan limits. These are some of the variations that may exist concerning the San Bernardino California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. These agreements play a pivotal role in the securitization process, ensuring efficient management of mortgage loans in compliance with applicable regulations.

The San Bernardino California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One is a legal document that outlines the terms and conditions for pooling and servicing a collection of mortgage loans in San Bernardino, California. This agreement is crucial for the efficient management and disposition of mortgage loans, ensuring compliance with applicable laws and regulations. Let's delve into the key aspects of this agreement and explore its various types: Pooling and Servicing Agreement: A Pooling and Servicing Agreement (PSA) is a contract entered into among multiple parties involved in the securitization process of mortgage loans. In the case of the San Bernardino California PSA, the parties involved are Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. The agreement outlines the responsibilities, rights, and obligations of each party regarding the collection and servicing of the mortgage loans. Key terms and provisions: 1. Mortgage Loan Pool: The PSA defines the specific pool of mortgage loans to be serviced under this agreement in San Bernardino, California. It includes details like the number of loans, their outstanding balances, interest rates, borrowers' information, and collateral properties. 2. Servicing Duties: The agreement specifies the responsibilities of the servicing parties, such as payment collection, accounting, investor reporting, escrow administration, default management, foreclosure procedures, and loan modification processes. These duties ensure that the mortgage loans are serviced efficiently and in compliance with legal requirements. 3. Cash Flow and Distribution: The PSA establishes the cash flow mechanisms and distribution priorities for the mortgage loans' principal and interest payments received from the borrowers. It outlines how the funds will be allocated among the parties involved, including any applicable fees or expenses. 4. Investor Protection: This agreement ensures that investors who purchase mortgage-backed securities issued by Credit Suisse First Boston Mortgage Securities Corp. receive the promised cash flows as specified in the offering documents. It may include provisions for credit enhancement mechanisms, reserve funds, and allocation of losses in case of defaults. Types of San Bernardino California Pooling and Servicing Agreements: 1. Residential Mortgage-Backed Securities (RMBS) Agreement: This type of PSA is applicable when the mortgage loans involved are primarily residential properties, such as single-family homes, townhouses, or condos in San Bernardino, California. 2. Commercial Mortgage-Backed Securities (CMOS) Agreement: In cases where the loans pooled and serviced pertain to commercial properties like office buildings, retail centers, or industrial complexes, a CMOS agreement is utilized. This PSA caters to the unique characteristics and risks associated with commercial real estate. 3. Specific Loan Program Agreement: Depending on the nature of the mortgage loans, there could be specific agreements tailored to a particular loan program, such as government-backed loans (FHA, VA) or jumbo loans exceeding conventional loan limits. These are some of the variations that may exist concerning the San Bernardino California Pooling and Servicing Agreement between Credit Suisse First Boston Mortgage Securities Corp., Washington Mutual Bank F.A., and Bank One. These agreements play a pivotal role in the securitization process, ensuring efficient management of mortgage loans in compliance with applicable regulations.