The New Mexico Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions for the sale and servicing of mortgage loans by a company to a trustee for inclusion in a trust fund. This agreement is an important component of the securitization process, wherein mortgage loans are bundled together and sold as mortgage-backed securities (MBS) to investors. The PSA defines the responsibilities and rights of both the company (originator/seller) and the trustee. It covers various aspects, such as loan origination, loan transfers, loan servicing, and the distribution of cash flows generated by the mortgage loans. The agreement typically includes the following key elements: 1. Mortgage Loan Sale: The PSA specifies the terms under which the originator/seller transfers the mortgage loans to the trustee. This includes details regarding loan balance, interest rate, maturity date, borrower information, and other relevant loan characteristics. 2. Pooling of Mortgage Loans: The PSA outlines the criteria for pooling the mortgage loans into a single trust fund. It may define certain eligibility requirements, such as loan type (fixed-rate, adjustable-rate, etc.), minimum credit score, loan-to-value ratios, geographic location, or other factors. 3. Trustee's Role and Duties: The agreement describes the role of the trustee, who serves as a fiduciary for the investors and manages the trust fund. The trustee ensures compliance with the terms of the PSA, collects mortgage payments, distributes cash flows to investors, and handles default and foreclosure proceedings. 4. Loan Servicing: The PSA outlines the obligations of the company to service the mortgage loans or appoint a separate service. It may highlight requirements related to escrow management, borrower communication, delinquency management, and the handling of insurance and tax payments. 5. Cash Flow Distribution: The agreement specifies the priority and frequency of cash flow distributions from the trust fund. It outlines the waterfall structure, detailing how principal and interest payments are allocated to various tranches (classes) of MBS holders, prioritizing senior tranches over subordinate tranches. Different names of New Mexico Pooling and Servicing Agreements contemplating the sale of mortgage loans to Trustee for inclusion in the Trust Fund by the company may vary depending on the specific entity or institution involved. These agreements might be referred to as Trust Indentures, Asset-Backed Security Agreements, or Mortgage Loan Purchase Agreements, among others. Each agreement will have its own unique terms and conditions, tailored to the requirements of the parties involved and the specific securities being offered.
New Mexico 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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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
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
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.
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...
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...
Mortgage servicing rights (MSR) refer to a contractual agreement in which the right to service an existing mortgage is sold by the original mortgage lender to another party that specializes in the various functions involved with servicing mortgages.