The King Washington Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. is a legal document that governs the pooling and servicing of mortgage loans issued by New Century Mortgage Securities, Inc. It outlines the rights and responsibilities of different parties involved in the securitization process. Keywords: King Washington Pooling and Servicing Agreement, New Century Mortgage Securities, Inc., securitization, mortgage loans, pooling, servicing, legal document, rights, responsibilities. The King Washington Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. consists of various types based on different characteristics and specifications. These variations cater to specific requirements, terms, and conditions, ensuring flexibility and customization in the securitization process. Some notable types of King Washington Pooling and Servicing Agreement of New Century Mortgage Securities, Inc. include: 1. King Washington Pooling and Servicing Agreement — Fixed-Rate Loans: This type of agreement pertains to mortgage loans with a fixed interest rate. It details how the pool of fixed-rate loans will be governed and serviced, including the collection of principal, interest payments, delinquencies, and foreclosure procedures. 2. King Washington Pooling and Servicing Agreement — Adjustable-Rate Loans: This agreement corresponds to mortgage loans with an adjustable interest rate. It outlines the specific terms and conditions for managing the pool of adjustable-rate loans, including periodic adjustments, payment calculations, interest rate caps, and adjustment indexes. 3. King Washington Pooling and Servicing Agreement — Prime Loans: Prime loans typically refer to mortgage loans granted to borrowers with strong credit scores and financial profiles. This type of agreement focuses on pooling and servicing mortgage loans specifically categorized as prime loans, highlighting the associated servicing requirements, payment structures, and default management procedures. 4. King Washington Pooling and Servicing Agreement — Subprime Loans: In contrast to prime loans, subprime loans are granted to borrowers with weaker credit histories or financial instability. This type of agreement addresses the pooling and servicing of subprime mortgage loans, including mechanisms to handle higher delinquency and default rates, loss mitigation strategies, and foreclosure processes. These are just a few examples of the multiple types of King Washington Pooling and Servicing Agreements of New Century Mortgage Securities, Inc. These variations are designed to accommodate the diverse requirements and characteristics of mortgage loans, allowing for efficient management and risk mitigation within the securitization process.
King Washington Pooling and Servicing Agreement of New Century Mortgage Securities, Inc.
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Family-founded and operated since 1990, Freedom Mortgage is a top mortgage lender.
Brad Morrice's firm, New Century Financial Corp., was the first major subprime lender to go bankrupt in 2007.
The Public Securities Association Standard Prepayment Model (PSA) is the assumed monthly rate of prepayment that is annualized to the outstanding principal balance of a mortgage loan.
In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3.5% of United States GDP, a proportion greater than any other single mortgage lender.
New Century's mortgage billing and collections unit was sold to Carrington Capital Management, LLC, for $188 million. History: Founded by three subprime industry veterans, New Century went public in 1997, survived the subprime crash of the late 1990s, and rocketed to the top in less than a decade.
As an example, there are several ways for homeowners to find out who owns their mortgages: Contact your mortgage servicer.Run a check on the MERS (Mortgage Electronic Registration System) website.Visit the Ginnie Mae, Fannie Mae and Freddie Mac websites to use their loan lookup tools.
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 .
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
Securitization is the process in which certain types of assets are pooled so that they can be repackaged into interest-bearing securities. The interest and principal payments from the assets are passed through to the purchasers of the securities.