Pooling and Servicing Agreement between MLCC Mortgage Investors, Inc., Merrill Lynch Credit Corporation and Bankers Trust Company of California, NA contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company dated
Allegheny Pennsylvania Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to the Trustee, with the purpose of including them in the Trust Fund. This agreement is primarily used in the mortgage industry to facilitate the transfer of loans and ensure compliance with relevant regulations. The Pooling and Servicing Agreement (PSA) serves as a contractual framework between the company, acting as the seller of the mortgage loans, and the Trustee, who is responsible for managing the loans within the Trust Fund. The PSA lays out the responsibilities, rights, and obligations of both parties involved in the transaction. The PSA details various aspects of the mortgage loan sale, including: 1. Loan Pool Composition: The agreement outlines the criteria for selecting and including mortgage loans in the Trust Fund. It may specify the types of loans eligible for inclusion, such as fixed-rate, adjustable-rate, or government-backed loans. The PSA may also include criteria related to loan size, geographic location, credit quality, or other relevant factors. 2. Loan Purchase Price: The agreement defines the purchase price for the mortgage loans being sold. It may specify how this price is determined, such as based on the outstanding principal balance, current interest rate, or other factors. 3. Representations and Warranties: The PSA includes representations and warranties made by the seller regarding the quality and characteristics of the mortgage loans being sold. These ensure that the loans meet specific standards, such as loan-to-value ratio, borrower creditworthiness, and compliance with regulations. 4. Servicing of Loans: The PSA may detail how the servicing of the mortgage loans will be handled, including the responsibilities of the service and any compensation arrangements. It may also outline provisions for the transfer of servicing rights to a third-party service, if applicable. 5. Cash Flows and Distributions: The agreement specifies how cash flows from the mortgage loans, such as borrower payments of principal and interest, will be allocated and distributed to investors holding interests in the Trust Fund. This includes the calculation of interest payments, reserve accounts, and any priority of payments. 6. Default and Remedies: The PSA outlines the procedures and processes to be followed in case of borrower default, foreclosure, or other loan-related issues. It may describe the rights and remedies available to the Trustee and investors in such situations. It is important to note that Allegheny Pennsylvania Pooling and Servicing Agreement can have variations and may include additional provisions or clauses specific to the parties involved and the nature of the mortgage loans being sold. Furthermore, it is advisable to consult legal professionals or refer to the specific agreement in question for comprehensive and accurate information.
Allegheny Pennsylvania Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to the Trustee, with the purpose of including them in the Trust Fund. This agreement is primarily used in the mortgage industry to facilitate the transfer of loans and ensure compliance with relevant regulations. The Pooling and Servicing Agreement (PSA) serves as a contractual framework between the company, acting as the seller of the mortgage loans, and the Trustee, who is responsible for managing the loans within the Trust Fund. The PSA lays out the responsibilities, rights, and obligations of both parties involved in the transaction. The PSA details various aspects of the mortgage loan sale, including: 1. Loan Pool Composition: The agreement outlines the criteria for selecting and including mortgage loans in the Trust Fund. It may specify the types of loans eligible for inclusion, such as fixed-rate, adjustable-rate, or government-backed loans. The PSA may also include criteria related to loan size, geographic location, credit quality, or other relevant factors. 2. Loan Purchase Price: The agreement defines the purchase price for the mortgage loans being sold. It may specify how this price is determined, such as based on the outstanding principal balance, current interest rate, or other factors. 3. Representations and Warranties: The PSA includes representations and warranties made by the seller regarding the quality and characteristics of the mortgage loans being sold. These ensure that the loans meet specific standards, such as loan-to-value ratio, borrower creditworthiness, and compliance with regulations. 4. Servicing of Loans: The PSA may detail how the servicing of the mortgage loans will be handled, including the responsibilities of the service and any compensation arrangements. It may also outline provisions for the transfer of servicing rights to a third-party service, if applicable. 5. Cash Flows and Distributions: The agreement specifies how cash flows from the mortgage loans, such as borrower payments of principal and interest, will be allocated and distributed to investors holding interests in the Trust Fund. This includes the calculation of interest payments, reserve accounts, and any priority of payments. 6. Default and Remedies: The PSA outlines the procedures and processes to be followed in case of borrower default, foreclosure, or other loan-related issues. It may describe the rights and remedies available to the Trustee and investors in such situations. It is important to note that Allegheny Pennsylvania Pooling and Servicing Agreement can have variations and may include additional provisions or clauses specific to the parties involved and the nature of the mortgage loans being sold. Furthermore, it is advisable to consult legal professionals or refer to the specific agreement in question for comprehensive and accurate information.