The Hillsborough Florida Pooling and Servicing Agreement is a legally binding document that outlines the terms and conditions for the sale of mortgage loans by a company to a Trustee for inclusion in the Trust Fund. This agreement is specific to the Hillsborough County region in Florida and governs the pooling and servicing of mortgage loans in this area. The agreement ensures that the company properly transfers the mortgage loans to the Trustee, who will manage them on behalf of the Trust Fund. It details the rights and responsibilities of both parties, including the terms for servicing the loans, collecting payments, and maintaining adequate reserves. By entering into this agreement, the company intends to securitize the mortgage loans by pooling them together and creating mortgage-backed securities (MBS). These MBS can be sold to investors, providing the company with additional capital to fund new loans. Some key provisions that may be included in the Hillsborough Florida Pooling and Servicing Agreement include: 1. Loan Transfer: The agreement specifies how the company will transfer the mortgage loans to the Trustee, ensuring that all necessary documentation and records are delivered. 2. Servicing Responsibilities: It outlines the responsibilities of the service, who will collect payments from borrowers, handle escrow accounts, and manage delinquencies or defaults. 3. Representations and Warranties: The agreement may include representations and warranties made by the company regarding the quality and validity of the mortgage loans being sold. 4. Indemnification: The company may agree to indemnify the Trustee against any losses or damages arising from breaches of representations and warranties, loan defects, or any violation of applicable laws. 5. Cash Flows and Distributions: The agreement establishes the rules for distributing the cash flows generated from the mortgage loans to the investors who hold the MBS. It is important to note that the specific name of the Hillsborough Florida Pooling and Servicing Agreement may vary depending on the involved parties or entities. However, the general purpose and provisions of the agreement will remain consistent.
Hillsborough Florida 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
A servicing agreement is a contract between a servicer and a special purpose vehicle (SPV) or an assignee under which the servicer is responsible for administering a lease and acting as a conduit for all payments over the lease term in return for a periodic servicing fee .
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.
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.
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 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.
Pooled Loan means any Existing Loan that encumbers a pool of multiple Real Properties.
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.
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 .