Pima Arizona Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• County: Pima
• 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 Lima Arizona Pooling and Servicing Agreement is a comprehensive legal contract executed between Green point Credit, LLC and Bank One, National Association, outlining the terms and conditions for pooling and servicing mortgage loans in Lima, Arizona. This agreement establishes a framework for the management, administration, and disposition of a specific mortgage pool. Green point Credit, LLC, referred to as the "Seller" or "Service," is a leading financial institution specializing in mortgage lending services, while Bank One, National Association, referred to as the "Purchaser" or "Trustee," is a reputable banking organization with expertise in asset management. The parties involved in the agreement, Green point Credit, LLC and Bank One, National Association, are dedicated to ensuring the smooth operation and effective management of mortgage loans in Lima, Arizona. Through this agreement, they aim to establish clear guidelines and responsibilities regarding the collection, distribution, and maintenance of loan payments, as well as the handling of any defaulting loans or foreclosures. Specific provisions covered under the Lima Arizona Pooling and Servicing Agreement include: 1. Mortgage Loan Pool Formation: This section outlines the criteria for selecting individual mortgage loans to be included in the pool, such as geographical location, type of mortgage, and creditworthiness of borrowers. It may also detail the permissible loan-to-value ratios, loan sizes, and other requirements. 2. Payment Collection and Distribution: The agreement specifies how and when borrowers' payments are collected, and how the funds are distributed among investors or bondholders. It may outline the process of principal and interest disbursement, reserve funds for taxes and insurance, and any applicable servicing fees. 3. Servicing Responsibilities: Serving as an important aspect of the agreement, this section defines the responsibilities of Green point Credit, LLC as the service. It may include servicing fees, escrow account maintenance, borrower communications, record-keeping, and compliance with applicable laws and regulations. 4. Reporting and Auditing: The agreement may require regular reporting of loan performance, including delinquencies, defaults, and prepayments. Additionally, it may stipulate the auditing requirements to ensure compliance and accuracy in the servicing and investor reporting. 5. Compensation and Indemnification: This section outlines the compensation terms for the service, including fee structures, reimbursement of expenses, and any penalties or remedies for non-performance. It also addresses indemnification clauses, protecting both parties from potential losses or legal claims arising from errors, omissions, or breach of contract. It is important to note that the specific terms of the Lima Arizona Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association can vary depending on the nature and structure of the mortgage pool. If there are multiple agreements, they might differ based on the loan types, risk characteristics, or other specific criteria required by investors or regulatory authorities.

Lima Arizona Pooling and Servicing Agreement is a comprehensive legal contract executed between Green point Credit, LLC and Bank One, National Association, outlining the terms and conditions for pooling and servicing mortgage loans in Lima, Arizona. This agreement establishes a framework for the management, administration, and disposition of a specific mortgage pool. Green point Credit, LLC, referred to as the "Seller" or "Service," is a leading financial institution specializing in mortgage lending services, while Bank One, National Association, referred to as the "Purchaser" or "Trustee," is a reputable banking organization with expertise in asset management. The parties involved in the agreement, Green point Credit, LLC and Bank One, National Association, are dedicated to ensuring the smooth operation and effective management of mortgage loans in Lima, Arizona. Through this agreement, they aim to establish clear guidelines and responsibilities regarding the collection, distribution, and maintenance of loan payments, as well as the handling of any defaulting loans or foreclosures. Specific provisions covered under the Lima Arizona Pooling and Servicing Agreement include: 1. Mortgage Loan Pool Formation: This section outlines the criteria for selecting individual mortgage loans to be included in the pool, such as geographical location, type of mortgage, and creditworthiness of borrowers. It may also detail the permissible loan-to-value ratios, loan sizes, and other requirements. 2. Payment Collection and Distribution: The agreement specifies how and when borrowers' payments are collected, and how the funds are distributed among investors or bondholders. It may outline the process of principal and interest disbursement, reserve funds for taxes and insurance, and any applicable servicing fees. 3. Servicing Responsibilities: Serving as an important aspect of the agreement, this section defines the responsibilities of Green point Credit, LLC as the service. It may include servicing fees, escrow account maintenance, borrower communications, record-keeping, and compliance with applicable laws and regulations. 4. Reporting and Auditing: The agreement may require regular reporting of loan performance, including delinquencies, defaults, and prepayments. Additionally, it may stipulate the auditing requirements to ensure compliance and accuracy in the servicing and investor reporting. 5. Compensation and Indemnification: This section outlines the compensation terms for the service, including fee structures, reimbursement of expenses, and any penalties or remedies for non-performance. It also addresses indemnification clauses, protecting both parties from potential losses or legal claims arising from errors, omissions, or breach of contract. It is important to note that the specific terms of the Lima Arizona Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association can vary depending on the nature and structure of the mortgage pool. If there are multiple agreements, they might differ based on the loan types, risk characteristics, or other specific criteria required by investors or regulatory authorities.