The Cook Illinois Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a legal contract that outlines the terms and conditions of pooling and servicing residential mortgage loans. This agreement typically covers the securitization process, including the pooling of loans, issuance of securities, and the ongoing servicing of the mortgage loans. One type of Cook Illinois Pooling and Servicing Agreement that may exist between Green point Credit, LLC and Bank One, National Association is the "Master Pooling and Servicing Agreement." This agreement serves as a foundational document that governs the overall relationship between the two parties in pooling and servicing residential mortgage loans. It establishes the roles, responsibilities, and obligations of both Green point Credit, LLC (the originator/seller) and Bank One, National Association (the trustee). Another type of Cook Illinois Pooling and Servicing Agreement could be the "Supplemental Pooling and Servicing Agreement." These agreements act as addendums to the master agreement, addressing specific provisions and conditions related to a particular pool of mortgage loans. The supplemental agreements may define additional eligibility criteria, loan types, credit enhancements, or performance criteria as required for a specific securitization transaction. The Cook Illinois Pooling and Servicing Agreement also encompasses a range of key elements and provisions, such as: 1. Loan Pool Characteristics: It details the characteristics of the mortgage loans included in the pool, such as loan type (e.g., fixed-rate, adjustable-rate), loan balance, interest rate, and geographical location. 2. Pooling Criteria: The agreement defines the criteria for including loans in the pool, such as credit scores, loan-to-value ratios, payment history, and documentation requirements. 3. Servicing Duties: It outlines the duties and responsibilities of the service, such as collecting mortgage payments, maintaining escrow accounts, managing delinquencies, and handling loan modifications or defaults. 4. Cash Flows and Disbursement: The agreement specifies how the cash flows related to the mortgage loans are collected, distributed, and allocated among various parties, including investors and services. 5. Representations and Warranties: It includes representations and warranties made by the originator regarding the accuracy and completeness of loan information, compliance with applicable laws, and the absence of fraud or misrepresentation. 6. Prepayment and Default: The agreement addresses the treatment of prepayments, defaulting loans, foreclosure procedures, and the allocation of losses and recoveries. Overall, the Cook Illinois Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association serves to define the rights, responsibilities, and obligations of the parties involved in the securitization and servicing of residential mortgage loans. It ensures compliance with applicable regulations and establishes a framework for efficient loan administration and investor protection.
Cook Illinois Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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