The Iowa Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is a legal contract that outlines the terms and conditions regarding the pooling and servicing of mortgage loans. This agreement is specific to the state of Iowa and is entered into by Green point Credit, LLC (the originator of the loans) and Bank One, National Association (the trustee responsible for managing the loans). Under the Iowa Pooling and Servicing Agreement, Green point Credit, LLC transfers a pool of mortgage loans to Bank One, National Association. These loans are typically originated by Green point Credit and encompass various terms, rates, and borrowers. The agreement establishes the responsibilities and obligations of both parties, ensuring the efficient management and servicing of the mortgage loans within the pool. Key components of the Iowa Pooling and Servicing Agreement may include: 1. Loan Pool Characteristics: The agreement specifies the attributes of the mortgage loans being pooled, such as loan amounts, interest rates, terms, and any specific eligibility criteria. These characteristics help determine the risk associated with the pool and influence the servicing requirements. 2. Servicing Obligations: The agreement outlines the duties and responsibilities of Bank One, National Association as the loan service. This includes collecting and processing mortgage payments, handling borrower inquiries, managing escrow accounts, and ensuring compliance with applicable laws and regulations. 3. Investor Reporting: The agreement defines the reporting requirements to be followed by Bank One, National Association. This includes providing regular updates to investors regarding the performance and status of the mortgage loans, including delinquencies, prepayments, and defaults. 4. Compensation: The agreement specifies the fees and expenses that Bank One, National Association is entitled to receive for its services as the trustee and loan service. This may include a servicing fee, reimbursement for out-of-pocket expenses, and other compensation arrangements. It is important to note that although the Iowa Pooling and Servicing Agreement between Green point Credit, LLC and Bank One, National Association is designed to govern the pooling and servicing of mortgage loans, the specific terms and conditions may vary between individual agreements. Different variations or types of agreements may exist based on factors like loan characteristics, investor requirements, and regulatory considerations. These variations can lead to different specifications and provisions within the Iowa Pooling and Servicing Agreement.
Iowa Pooling and Servicing Agreement between Greenpoint Credit, LLC and Bank One, National Association
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A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. What Is a Mortgage Pool? - The Balance thebalancemoney.com ? what-is-a-mortgage... thebalancemoney.com ? what-is-a-mortgage...
What Is a Mortgage Pool? 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.
What is a Pooling Agreement? A pooling agreement is a type of contract where corporate shareholders create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation. Pooling Agreement: Definition & Sample - Contracts Counsel contractscounsel.com ? pooling-agreement contractscounsel.com ? pooling-agreement
An MBS is made up of a pool of mortgages purchased from issuing banks and then sold to investors. An MBS allows investors to benefit from the mortgage business without needing to buy or sell home loans themselves. What Are Mortgage-Backed Securities? rocketmortgage.com ? learn ? mortgage-bac... rocketmortgage.com ? learn ? mortgage-bac...
PSA is used primarily to derive an implied prepayment speed of new production loans. 00% PSA assumes a prepayment rate of 2% per month in the first month following the date of issue, increasing at 2% percentage points per month thereafter until the 30th month. PSA Prepayment Rate Definition - Nasdaq nasdaq.com ? glossary ? psa-prepayment-rate nasdaq.com ? glossary ? psa-prepayment-rate