The Harris Texas Pooling and Servicing Agreement (PSA) is a legal contract that outlines the terms and conditions under which mortgage loans are sold by a company to a Trustee for inclusion in a Trust Fund. This agreement is crucial in the securitization process of mortgage loans, as it ensures the smooth transfer of assets from the originating company to the Trustee. Key elements of the Harris Texas PSA: 1. Mortgage Loan Sale: The PSA defines the criteria for mortgage loans eligible for sale to the Trustee. It includes details such as loan types, credit quality, loan-to-value ratio, and other relevant factors. 2. Trust Fund Establishment: The PSA establishes the Trust Fund, which acts as a repository for the mortgage loans transferred from the company to the Trustee. The Trust Fund is structured to fulfill certain investment objectives, providing benefits to investors. 3. Transfer of Mortgage Loans: The agreement outlines the process and timeline for transferring the mortgage loans from the company to the Trustee. It includes the necessary documentation that needs to be executed to complete the transfer. 4. Servicing Arrangements: The PSA specifies the servicing arrangements for the mortgage loans included in the Trust Fund. It covers responsibilities such as payment collection, borrower communication, loan modification, and default management. 5. Asset Pooling and Distributions: The PSA outlines the criteria for pooling the mortgage loans into homogeneous groups, known as tranches. It defines how principal and interest payments received on the mortgage loans are distributed among the different tranches based on predefined priority levels. 6. Representations and Warranties: The agreement includes representations and warranties made by the company regarding the mortgage loans being transferred. These ensure that the company is liable for any misrepresentations or breaches in the loan documents. Different types of Harris Texas Pooling and Servicing Agreements contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund can vary based on various factors such as: 1. Mortgage Loan Type: Agreements might be specific to certain types of mortgage loans, such as residential mortgages, commercial mortgages, or government-backed mortgages like FHA or VA loans. 2. Investor Requirements: Different agreements could exist to cater to the preferences or requirements of specific investors or groups of investors. These might include considerations such as risk tolerance, return expectations, or geographical focus. 3. Loan Origination Channel: Agreements might differentiate between mortgage loans originated by the company itself or those acquired from other lenders or institutions. It is important for companies and investors to carefully review the specific terms of the Harris Texas PSA to understand the rights, obligations, and risks associated with the sale of mortgage loans to the Trustee for inclusion in the Trust Fund.
Harris Texas Pooling and Servicing Agreement contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company
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