Mecklenburg North Carolina Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• County: Mecklenburg
• Control #: US-EG-9195
• Format: Word; Rich Text

Description

Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association dated December 1, 1999. 112 pages Mecklenburg North Carolina Pooling and Servicing Agreement is a legal contract between Green point Credit, LLC and Bank One, National Association, governing the management and administration of mortgage-backed securities (MBS) pools in Mecklenburg County, North Carolina. It establishes the rights, responsibilities, and obligations of both parties involved in the pooling and servicing of mortgage loans. This agreement is crucial for the efficient functioning of the MBS market in Mecklenburg County. It ensures that the mortgage loans pooled by Green point Credit, LLC are properly serviced and administered by Bank One, National Association, in compliance with applicable laws and regulations. Some key provisions typically included in a Mecklenburg Pooling and Servicing Agreement are: 1. Pooling and Servicing Administration: The agreement outlines the responsibilities of Bank One, National Association, for administering and managing the MBS pools. This includes handling payments from borrowers, managing escrow accounts, ensuring compliance with legal requirements, and reporting to investors. 2. Mortgage Loan Pool Criteria: The agreement specifies the eligibility criteria for mortgage loans entering the pools, such as loan-to-value ratios, credit scores, property types, and geographical restrictions. This ensures that only high-quality loans are included, reducing risk for investors. 3. Cash Flows and Distributions: The agreement defines how the cash flows from the pooled mortgage loans will be distributed among the MBS investors. It outlines the priority of payments, including principal, interest, and any fees or expenses incurred in the servicing process. 4. Reporting and Records: The agreement sets requirements for regular reporting to investors, including financial statements, loan-level data, and performance analytics. It also stipulates that proper records must be maintained to allow for audits and due diligence. 5. Default Management and Loss Mitigation: In the event of borrower defaults, the agreement establishes the procedures and responsibilities for managing loan workouts, foreclosure proceedings, and loss mitigation efforts. It ensures that Bank One, National Association, acts in the best interest of the MBS investors. It is important to note that the Mecklenburg Pooling and Servicing Agreement may have different types based on the specific features or variations required by the parties involved. Examples of such variations may include agreements for different MBS pools, agreement amendments, master agreements with additional addendums, or agreements tailored to specific investor requirements. In conclusion, the Mecklenburg North Carolina Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association, is a comprehensive contract that governs the pooled mortgage loans in Mecklenburg County. It ensures the smooth functioning of MBS pools, protects investors, and outlines the responsibilities of both parties involved in servicing and administration.

Mecklenburg North Carolina Pooling and Servicing Agreement is a legal contract between Green point Credit, LLC and Bank One, National Association, governing the management and administration of mortgage-backed securities (MBS) pools in Mecklenburg County, North Carolina. It establishes the rights, responsibilities, and obligations of both parties involved in the pooling and servicing of mortgage loans. This agreement is crucial for the efficient functioning of the MBS market in Mecklenburg County. It ensures that the mortgage loans pooled by Green point Credit, LLC are properly serviced and administered by Bank One, National Association, in compliance with applicable laws and regulations. Some key provisions typically included in a Mecklenburg Pooling and Servicing Agreement are: 1. Pooling and Servicing Administration: The agreement outlines the responsibilities of Bank One, National Association, for administering and managing the MBS pools. This includes handling payments from borrowers, managing escrow accounts, ensuring compliance with legal requirements, and reporting to investors. 2. Mortgage Loan Pool Criteria: The agreement specifies the eligibility criteria for mortgage loans entering the pools, such as loan-to-value ratios, credit scores, property types, and geographical restrictions. This ensures that only high-quality loans are included, reducing risk for investors. 3. Cash Flows and Distributions: The agreement defines how the cash flows from the pooled mortgage loans will be distributed among the MBS investors. It outlines the priority of payments, including principal, interest, and any fees or expenses incurred in the servicing process. 4. Reporting and Records: The agreement sets requirements for regular reporting to investors, including financial statements, loan-level data, and performance analytics. It also stipulates that proper records must be maintained to allow for audits and due diligence. 5. Default Management and Loss Mitigation: In the event of borrower defaults, the agreement establishes the procedures and responsibilities for managing loan workouts, foreclosure proceedings, and loss mitigation efforts. It ensures that Bank One, National Association, acts in the best interest of the MBS investors. It is important to note that the Mecklenburg Pooling and Servicing Agreement may have different types based on the specific features or variations required by the parties involved. Examples of such variations may include agreements for different MBS pools, agreement amendments, master agreements with additional addendums, or agreements tailored to specific investor requirements. In conclusion, the Mecklenburg North Carolina Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association, is a comprehensive contract that governs the pooled mortgage loans in Mecklenburg County. It ensures the smooth functioning of MBS pools, protects investors, and outlines the responsibilities of both parties involved in servicing and administration.