Nassau New York Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions of the pooling and servicing of mortgage loans between Green point Credit, LLC and Bank One, National Association. This agreement governs the process of bundling individual mortgage loans into a mortgage-backed security (MBS) and the ongoing servicing of these loans. Under the Nassau New York PSA, Green point Credit, LLC acts as the originating lender, responsible for originating and underwriting the mortgage loans. Bank One, National Association, serves as the trustee of the mortgage pool and oversees the administration and disbursement of funds to investors. The agreement specifies various key provisions, including the types of loans eligible for inclusion in the mortgage pool, the criteria for loan servicing, responsibilities of each party, and the allocation of principal and interest payments among the investors. It also outlines the procedures for the distribution of cash flows, handling delinquent loans, and managing foreclosure proceedings. Additionally, the Nassau New York PSA may include provisions regarding the representations and warranties made by Green point Credit, LLC regarding the individual mortgage loans, provisions for loan repurchases or substitute loans in case of defaults, and procedures for the termination or amendment of the agreement. The different types of Nassau New York Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association may include specific variations tailored for different mortgage loan programs or investment objectives. For example, there could be agreements specifically designed for prime mortgage loans, subprime mortgage loans, jumbo loans, or adjustable-rate mortgage loans. Each agreement may have unique provisions and requirements based on the characteristics of the underlying mortgage loans and the preferences of the investors. In conclusion, the Nassau New York Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association establishes the framework for pooling mortgage loans into mortgage-backed securities and governs their ongoing administration. This agreement serves to protect the interests of all parties involved and ensure the proper servicing and distribution of cash flows from the mortgage loans.
Nassau New York Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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