San Antonio Texas Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions of transferring mortgage loans to a trustee for inclusion in a Trust Fund. These agreements are common in the mortgage-backed securities (MBS) industry, where lenders bundle individual mortgages into investment products. The PSA governs the relationship between the company (originator or sponsor), the trustee, and the investors of the Trust Fund. It specifies the rights, duties, and responsibilities of each party involved in the securitization process. By selling the mortgage loans to the trustee, the company transfers its ownership rights and future cash flows derived from the loans to the investors. The San Antonio Texas Pooling and Servicing Agreement typically includes the following key provisions: 1. Pooling Criteria: The PSA establishes criteria for assembling the mortgage loans into a pool. These criteria may include loan types, geographical location, credit quality, loan balance, and other factors. 2. Transfer and Assignment: The agreement outlines the process of transferring the mortgage loans from the company to the trustee. It may require the delivery of various documents, such as mortgage notes, assignments, and title deeds. 3. Servicing Responsibilities: The PSA defines the duties and obligations of the company as the service of the mortgage loans. It covers loan administration, collection of payments, handling delinquencies, and foreclosure procedures if necessary. 4. Cash Flow Waterfalls: The agreement describes the allocation of cash flows generated by the mortgage loans among different classes of investors within the Trust Fund. It establishes priorities for the distribution of principal and interest payments. 5. Representations and Warranties: The PSA includes representations and warranties made by the company regarding the quality, validity, and enforceability of the mortgage loans. It may also specify remedies for breaches of these representations. 6. Events of Default and Termination: The agreement outlines the circumstances under which a party can be deemed in default and the consequences thereof. It may provide remedies for curing defaults, termination of the agreement, or appointment of a successor service. Some different types of San Antonio Texas Pooling and Servicing Agreements contemplating the sale of mortgage loans to a trustee for inclusion in the Trust Fund by the company may include: 1. Residential Mortgage-Backed Security (RMBS) Agreements: These SAS involve the securitization of residential mortgage loans, such as single-family homes or condominiums. 2. Commercial Mortgage-Backed Security (CMOS) Agreements: These SAS relate to the securitization of commercial mortgage loans, including properties like office buildings, retail centers, or industrial warehouses. 3. Collateralized Debt Obligation (CDO) Agreements: These SAS pertain to the securitization of various debt instruments, including mortgage loans, auto loans, credit card receivables, etc. 4. Government-Sponsored Enterprise (GSE) Agreements: These SAS involve mortgage loans guaranteed or originated by government-sponsored enterprises like Fannie Mae or Freddie Mac. In conclusion, a San Antonio Texas Pooling and Servicing Agreement contemplating the sale of mortgage loans to a trustee for inclusion in a Trust Fund by the company is a legally binding agreement that facilitates the securitization of mortgage loans. It provides a framework for the transfer, servicing, and distribution of cash flows among investors.
San Antonio 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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FAQ
Loan Pool means: (a) in the context of a Securitization, any pool or group of loans that are a part of such Securitization; (b) in the context of a Transfer, all loans which are sold, transferred or assigned to the same transferee; and (c) in the context of a Participation, all loans as to which participating interests
A mortgage pool is a group of mortgages held in trust as collateral for the issuance of a mortgage-backed security. Some mortgage-backed securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae are known as "pools" themselves. These are the simplest form of mortgage-backed security.
The Pooling and Servicing Agreement is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
Loan servicing includes sending monthly payment statements, collecting monthly payments, maintaining records of payments and balances, collecting and paying taxes and insurance (and managing escrow funds), remitting funds to the note holder, and following up on any delinquencies.
Mortgage-backed securities, called MBS, are bonds secured by home and other real estate loans. They are created when a number of these loans, usually with similar characteristics, are pooled together. For instance, a bank offering home mortgages might round up $10 million worth of such mortgages.
How to Get a Copy of the Pooling and Servicing Agreement. If the securitization is public, the PSA will be filed with the Securities and Exchange Commission (SEC), and you can usually find a copy on EDGAR (Electronic Data Gathering, Analysis, and Retrieval) at .
Mortgage pools consist of mortgages with similar characteristics that are grouped together and sold. Lenders create mortgage pools to sell on the secondary mortgage market so they can free up funds for more loans.
A loan servicing agreement is a written contract between a lender and a loan servicer that gives the loan servicer the authority to manage most aspects of a particular loan.
The Pooling and Servicing Agreement is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.
Your mortgage lender is the financial institution that loaned you the money. Your mortgage servicer is the company that sends you your mortgage statements. Your servicer also handles the day-to-day tasks for managing your loan.