Palm Beach Florida Pooling and Servicing Agreement (PSA) between Green point Credit, LLC and Bank One, National Association is a contractual agreement that outlines the terms and conditions for the pooling and servicing of mortgage loans in Palm Beach County, Florida. The primary purpose of the Palm Beach Florida PSA is to establish guidelines for the securitization process, where Green point Credit, LLC acts as the originator or seller of mortgage loans, while Bank One, National Association serves as the trustee or service of these loans. This agreement ensures that the mortgage loans are properly packaged into a pool, known as a mortgage-backed security (MBS), and subsequently sold to investors in the secondary market. Green point Credit, LLC transfers the ownership and servicing rights of the mortgage loans to Bank One, National Association, who then manages the ongoing administration and collection of payments from the borrowers. Key elements covered in the Palm Beach Florida PSA include: 1. Pool Composition: The agreement specifies the types of mortgage loans eligible for inclusion in the pool, such as conforming, non-conforming, fixed-rate, adjustable-rate, etc. It may also define any specific loan characteristics or requirements. 2. Pooling and Delivery Procedures: Guidelines are established for the transfer of mortgage loans from Green point Credit, LLC to Bank One, National Association. It includes detailed instructions on the proper documentation, timing, and transfer of funds. 3. Servicing Obligations: Bank One, National Association assumes the responsibility for managing the mortgage loans, which includes tasks like billing, collecting payments, handling delinquencies, pursuing foreclosures, and disbursing principal and interest payments to investors. 4. Payment Structure: The agreement outlines the distribution of cash flows generated from the mortgage loans. It specifies the priority of payments, including servicing fees for Bank One, National Association and interest payments to investors. 5. Representations and Warranties: Green point Credit, LLC provides assurances regarding the quality and accuracy of the mortgage loans being transferred. These representations and warranties protect Bank One, National Association from potential loan defects or misrepresentations. It's important to note that the specifics of any Palm Beach Florida PSA between Green point Credit, LLC and Bank One, National Association may vary based on the specific terms and circumstances of each agreement. There might be multiple SAS between the parties, each tailored to different pools of mortgage loans, loan types, or investor preferences. These could include variations in loan characteristics, servicing requirements, or payment structures.
Palm Beach Florida Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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