Cook Illinois Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company

• Category: Real Estate - Mortgages and Deeds of Trust
• State: Multi-State
• County: Cook
• 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 Cook Illinois Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to a trustee for inclusion in a Trust Fund by the company. This agreement is commonly used in the field of mortgage-backed securities. In this agreement, Cook Illinois, as the seller, transfers a pool of mortgage loans to a trustee who will manage and administer the Trust Fund on behalf of investors. The trustee holds legal title to the loans and is responsible for safeguarding the interests of the investors. The Cook Illinois Pooling and Servicing Agreement typically covers various aspects related to the mortgage loans, including loan origination, servicing, documentation, and financial arrangements. It ensures transparency and sets a framework for the smooth operation of the Trust Fund. The agreement sets forth the terms under which the mortgage loans can be sold, including the eligibility criteria for the loans, representations and warranties made by the seller, and the purchase price calculation. It also defines the responsibilities and obligations of both the seller and the trustee throughout the life of the agreement. Important clauses that may be included within a Cook Illinois Pooling and Servicing Agreement contemplating the sale of mortgage loans include: 1. Loan Pooling: This clause specifies the criteria for pooling the mortgage loans, such as loan types, credit quality, geographic location, and loan-to-value ratios. 2. Servicing Arrangements: This section outlines the responsibilities of the service, including loan administration, collection of payments, and handling of delinquencies or defaults. 3. Cash Flows and Distributions: It details how the cash flows from the mortgage loans are distributed to the investors, including interest payments, principal repayments, and any prepayment penalties. 4. Representations and Warranties: The agreement outlines the representations and warranties made by the seller regarding the accuracy of loan information, compliance with laws and regulations, and absence of material defects. 5. Events of Default and Remedies: This section covers potential breaches of the agreement and the remedies available to the trustee or investors in case of default, such as loan repurchase or substitution. It is important to note that different variations of the Cook Illinois Pooling and Servicing Agreement may exist. For example, there could be separate agreements for different types of mortgage loans, such as residential or commercial mortgages. Each agreement may have its own specific terms and conditions tailored to the characteristics of the loan portfolio being securitized. In summary, Cook Illinois Pooling and Servicing Agreement is a foundational document in the securitization of mortgage loans. It ensures transparency, establishes the rights and responsibilities of the parties involved, and provides a legal framework for the successful inclusion of mortgage loans in a Trust Fund.

Cook Illinois Pooling and Servicing Agreement is a legal document that outlines the terms and conditions for the sale of mortgage loans to a trustee for inclusion in a Trust Fund by the company. This agreement is commonly used in the field of mortgage-backed securities. In this agreement, Cook Illinois, as the seller, transfers a pool of mortgage loans to a trustee who will manage and administer the Trust Fund on behalf of investors. The trustee holds legal title to the loans and is responsible for safeguarding the interests of the investors. The Cook Illinois Pooling and Servicing Agreement typically covers various aspects related to the mortgage loans, including loan origination, servicing, documentation, and financial arrangements. It ensures transparency and sets a framework for the smooth operation of the Trust Fund. The agreement sets forth the terms under which the mortgage loans can be sold, including the eligibility criteria for the loans, representations and warranties made by the seller, and the purchase price calculation. It also defines the responsibilities and obligations of both the seller and the trustee throughout the life of the agreement. Important clauses that may be included within a Cook Illinois Pooling and Servicing Agreement contemplating the sale of mortgage loans include: 1. Loan Pooling: This clause specifies the criteria for pooling the mortgage loans, such as loan types, credit quality, geographic location, and loan-to-value ratios. 2. Servicing Arrangements: This section outlines the responsibilities of the service, including loan administration, collection of payments, and handling of delinquencies or defaults. 3. Cash Flows and Distributions: It details how the cash flows from the mortgage loans are distributed to the investors, including interest payments, principal repayments, and any prepayment penalties. 4. Representations and Warranties: The agreement outlines the representations and warranties made by the seller regarding the accuracy of loan information, compliance with laws and regulations, and absence of material defects. 5. Events of Default and Remedies: This section covers potential breaches of the agreement and the remedies available to the trustee or investors in case of default, such as loan repurchase or substitution. It is important to note that different variations of the Cook Illinois Pooling and Servicing Agreement may exist. For example, there could be separate agreements for different types of mortgage loans, such as residential or commercial mortgages. Each agreement may have its own specific terms and conditions tailored to the characteristics of the loan portfolio being securitized. In summary, Cook Illinois Pooling and Servicing Agreement is a foundational document in the securitization of mortgage loans. It ensures transparency, establishes the rights and responsibilities of the parties involved, and provides a legal framework for the successful inclusion of mortgage loans in a Trust Fund.