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A mortgage pool is a form of alternative investment that provides mortgages to those who may not be approved through usual methods. Essentially, a group of investors pool their money together and invest in projects that range from commercial to residential property.
You should be able to find your current servicer on your mortgage statement, either mailed to you or online. You can also contact your mortgage lender and ask where your loan was transferred. Another option is the Mortgage Electronic Registration System, or MERS.
While "mortgage-backed security" is a broad term describing asset-backed securities, a collateralized mortgage obligation is a more specific class of mortgage-backed security. A CMO is one type of MBS that is divided into categories based on risk and maturity dates.
Company overview Status: CLOSED. Filed for bankruptcy protection April 2, 2007. New Century's mortgage billing and collections unit was sold to Carrington Capital Management, LLC, for $188 million.
The Pooling and Servicing Agreement can be a stand-alone document or it can be part of another paper, usually called the ?Prospectus.? If the securitization is public, these documents must be filed with the Securities and Exchange Commission (SEC), and will be available to the public at .sec.gov.
What is a Loan Servicing Agreement? A loan servicing agreement is a legal agreement between a lender and a third party, the servicer, that outlines the terms and conditions for which that third party will provide loan servicing services.
A Pooling and Servicing Agreement. or PSA, is a legal document that contains all of the rights and responsibilities of a servicer, a trustee, and any others presiding over a pool of mortgage loans. PSAs can be standalone documents or they can be an addition to another document known as a prospectus.
A mortgage-backed security is a type of investment product with a pool of mortgage loans that are packaged together and resold as a new security.
Pooling assets into an ABS is a process called securitization. ABSs appeal to income-oriented investors, as they pay a steady stream of interest, like bonds. Mortgage-backed securities (MBSs) and collateralized debt obligations (CDOs) can be considered types of ABS.
Mortgage securitization is the process of bundling many mortgages into a pool, and then selling shares of that pool as bonds.