What Happened To Collin Merrill

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• County: Collin
• Control #: US-EG-9219
• Format: Word; Rich Text

Description

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 A Collin Texas Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions for the sale of mortgage loans by a company to a trustee for inclusion in a Trust Fund. This agreement is commonly used in the mortgage-backed securities (MBS) market to pool together various mortgage loans and sell them as a single investment vehicle. The PSA serves as a contract between the company, which originates and services the mortgage loans, and the trustee, who holds and manages the loans on behalf of investors. It establishes the rights and responsibilities of each party involved in the securitization process. The Collin Texas PSA typically includes the following key components: 1. Definitions: This section provides detailed definitions for key terms used throughout the agreement, ensuring clarity and consistency in interpretation. 2. Representations and warranties: The company makes certain statements and guarantees regarding the quality and legality of the mortgage loans being sold. These representations protect the trustee and investors from purchasing flawed or fraudulent loans. 3. Transfer and conveyance of mortgage loans: It specifies the procedures for the assignment and transfer of mortgage loans from the company to the trustee. This ensures proper legal documentation and the transfer of ownership rights. 4. Pooling and allocation: The PSA outlines the criteria for aggregating mortgage loans into a pool, such as geographic location, loan type, or credit rating. It also details how the cash flows generated by the loans will be allocated to investors. 5. Servicing of mortgage loans: This section covers the company's obligations and responsibilities as the service of the loans, including collecting payments, handling delinquencies, and foreclosure proceedings. It may also address the appointment of a backup service if the primary service fails to meet its obligations. 6. Payment and distribution mechanics: The PSA establishes the calculation and distribution of cash flows generated by the mortgage loans to investors. It defines priority of payments, waterfall structure, and fees payable to the trustee and other parties involved. 7. Termination provisions: This section describes the circumstances under which the agreement can be terminated, along with the rights and obligations of the parties upon termination. It may also include provisions for early redemption or extension of the agreement. While the description above provides a general overview of a Collin Texas Pooling and Servicing Agreement, it is necessary to mention that variations or additional clauses can exist based on specific circumstances or legal requirements. Therefore, it is crucial to review the specific agreement in question to ascertain its precise terms and provisions. Different types of Collin Texas Pooling and Servicing Agreements contemplating the sale of mortgage loans to the Trustee for inclusion in the Trust Fund may have specific names, but without further information, it's challenging to provide specific examples.

A Collin Texas Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions for the sale of mortgage loans by a company to a trustee for inclusion in a Trust Fund. This agreement is commonly used in the mortgage-backed securities (MBS) market to pool together various mortgage loans and sell them as a single investment vehicle. The PSA serves as a contract between the company, which originates and services the mortgage loans, and the trustee, who holds and manages the loans on behalf of investors. It establishes the rights and responsibilities of each party involved in the securitization process. The Collin Texas PSA typically includes the following key components: 1. Definitions: This section provides detailed definitions for key terms used throughout the agreement, ensuring clarity and consistency in interpretation. 2. Representations and warranties: The company makes certain statements and guarantees regarding the quality and legality of the mortgage loans being sold. These representations protect the trustee and investors from purchasing flawed or fraudulent loans. 3. Transfer and conveyance of mortgage loans: It specifies the procedures for the assignment and transfer of mortgage loans from the company to the trustee. This ensures proper legal documentation and the transfer of ownership rights. 4. Pooling and allocation: The PSA outlines the criteria for aggregating mortgage loans into a pool, such as geographic location, loan type, or credit rating. It also details how the cash flows generated by the loans will be allocated to investors. 5. Servicing of mortgage loans: This section covers the company's obligations and responsibilities as the service of the loans, including collecting payments, handling delinquencies, and foreclosure proceedings. It may also address the appointment of a backup service if the primary service fails to meet its obligations. 6. Payment and distribution mechanics: The PSA establishes the calculation and distribution of cash flows generated by the mortgage loans to investors. It defines priority of payments, waterfall structure, and fees payable to the trustee and other parties involved. 7. Termination provisions: This section describes the circumstances under which the agreement can be terminated, along with the rights and obligations of the parties upon termination. It may also include provisions for early redemption or extension of the agreement. While the description above provides a general overview of a Collin Texas Pooling and Servicing Agreement, it is necessary to mention that variations or additional clauses can exist based on specific circumstances or legal requirements. Therefore, it is crucial to review the specific agreement in question to ascertain its precise terms and provisions. Different types of Collin Texas Pooling and Servicing Agreements contemplating the sale of mortgage loans to the Trustee for inclusion in the Trust Fund may have specific names, but without further information, it's challenging to provide specific examples.