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For Securitized Mortgage Loans the “Pooling and Servicing Agreement”

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For Securitized Mortgage Loans the “Pooling and Servicing Agreement” Finding Pooling And Servicing Agreements (PSA’s) For Securitized Mortgage Loans 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. 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 www.sec.gov. Locating a Pooling and Servicing Agreement on the SEC website can be a challenge. The most important information you will need to find the Pooling and Servicing Agreement is the name of the original lender and the title of the pool of loans. We will work through an example below. Assume that the lender is Ameriquest Mortgage Co. We don’t know the name of the pool that the homeowner’s mortgage ended up in, but we do know that the mortgage was made on June 1, 2002. Step One: Go to www.sec.gov and click on “Search for Company Filings” under “Filing & Forms (EDGAR).” Under “General-Purpose Searches,” click on “Companies & other filers.” Then, in the “Enter your search information” box, type in “Ameriquest” next to “Company name” and click on the “Find Companies” button. Step Two: The page you are now looking at shows a long list of the names of securitized pools of loans. We know the mortgage was made on June 1, 2002. Look for the entry titled “AMERIQUEST MORT SEC INC ASS BK PAS THR CERTS SER 2002 2.” The document number is CIK 0001175125. Click on that number. We selected this entry because it said 2002 on it and the loan in question was made in 2002. There may be several other pools of mortgage loans that Ameriquest securitized in 2002 but this is the first one we come to on this list (when reviewed in late February 2007) so we will pull it up. Step Three: Now you see a list of documents filed with the SEC that are related to this pool of loans. Scroll down to the bottom and you will see a document titled “Prospectus.” This is the document that will likely be the one you want, assuming that the mortgage loan you are concerned about is in this pool. We can only make an educated guess, unless you know the name of the securitized pool in advance (which is unlikely). Click on either “htm or text” next to this document and the Prospectus will appear. Now, bookmark this document on your web browser, so you can come back to it easily in the future. Note that this Prospectus is also contained on this CD-ROM for your use. Step Four: Is this likely to be the document you want? Scroll down to page S-2 and you will see a Table of Contents. Included in that is the “Pooling and Servicing Agreement” which starts on page S-76. Also, scroll down one more page, past the Table of Contents, and you will see a “Summary of Prospectus Supplement.” Certain important information is listed there, including the cut-off and closing dates for loans that will be included in this pool. The closing date is June 7, 2002. Based on this information, you can assume that this document governs the responsibilities of the servicer of the mortgage loan in question, unless that servicer tells you otherwise and can back it up with a reference to a different agreement or pool. Other important information listed in this Summary includes the title of the pool, and the identity of the servicer and trustee. The servicing rights may have been sold since this document was filed and the current servicer may be a different company but the trustee (the legal holder of the mortgage) should be accurate. Step Five: Go the Pooling and Servicing Agreement to find what you need to know. It should describe how the servicer is paid and by how much, who keeps late and other fees, what authority it has to modify the loan or engage in workouts with homeowners, and its obligations to pass mortgage payments on to the trustee. Congratulations! You are now entitled to an official Sherlock Holmes hat. -----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: [email protected] Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TyQk0mN7R89tOjJlwzKgrTsaCCfF0pnZiDmRjXBYZR43a7KlxUeqec6HeZJhb6Vq pHmTtj4yRmYE7qF+iIDBMA== <SEC-DOCUMENT>0000882377-02-000424.txt : 20020611 <SEC-HEADER>0000882377-02-000424.hdr.sgml : 20020611 <ACCEPTANCE-DATETIME>20020610152022 ACCESSION NUMBER: 0000882377-02-000424 CONFORMED SUBMISSION TYPE: 424B5 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020610 SERIAL COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: AMERIQUEST MORT SEC INC ASS BK PAS THR CERTS SER 2002 2 CENTRAL INDEX KEY: 0001175125 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-77012-02 FILM NUMBER: 02674958 BUSINESS ADDRESS: STREET 1: 1100 TOWN & COUNTRY ROAD CITY: ORANGE STATE: CA ZIP: 92868 </SERIAL-COMPANY> FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIQUEST MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0001102913 STANDARD INDUSTRIAL CLASSIFICATION: FINANCE SERVICES [6199] STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B5 SEC ACT: 1933 Act SEC FILE NUMBER: 333-77012 FILM NUMBER: 02674957 BUSINESS ADDRESS: STREET 1: 1100 TOWN & COUNTRY ROAD CITY: ORANGE STATE: CA ZIP: 92868 BUSINESS PHONE: 7145419960 MAIL ADDRESS: STREET 1: C/O WELLS FARGO BANK MINNESOTA NA STREET 2: 11000 BROKEN LAND PARKWAY CITY: COLUMBIA STATE: MD ZIP: 21044 </SEC-HEADER> <DOCUMENT> <TYPE>424B5 <SEQUENCE>1 <FILENAME>d65537.txt <DESCRIPTION>AMERIQUEST MORTGAGE SECURITIES INC <TEXT> Prospectus Supplement dated June 3, 2002 (To Prospectus dated June 3, 2002) $496,250,000 (APPROXIMATE) ASSET-BACKED PASS-THROUGH CERTIFICATES, SERIES 2002-2 AMERIQUEST MORTGAGE SECURITIES INC. DEPOSITOR AMERIQUEST MORTGAGE COMPANY ORIGINATOR AND MASTER SERVICER - -------------------------------------------------------------------------------- YOU SHOULD CONSIDER CAREFULLY THE RISK FACTORS BEGINNING ON PAGE S-10 IN THIS PROSPECTUS SUPPLEMENT AND PAGE 1 IN THE PROSPECTUS. The certificates will represent interests only in a trust consisting primarily of mortgage loans and will not represent ownership interests in or obligations of any other entity. This prospectus supplement may be used to offer and sell the certificates offered hereby only if accompanied by the prospectus. - -------------------------------------------------------------------------------- THE TRUST -- o will consist primarily of a pool of one-to four-family adjustable-rate and fixed-rate, first lien residential mortgage loans; and o will be represented by fifteen classes of certificates, twelve of which are offered by this prospectus supplement. THE OFFERED CERTIFICATES -- o will represent senior or mezzanine interests in the trust and will receive distributions from the assets of the trust; o will have credit enhancement in the form of excess interest, subordination and overcollateralization; and o will receive monthly distributions commencing in July 2002. The underwriters will offer the Class AF-1 Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the Class AF-4 Certificates, the Class AF-5 Certificates and the Class AF-6 Certificates (collectively, the "Class AF Certificates"), the Class AV Certificates, the Class M-1 Certificates, the Class M-2 Certificates, the Class M-3 Certificates, the Class M-4 Certificates and the Class S Certificates (collectively, the "Offered Certificates") from time to time to the public in negotiated transactions or otherwise at varying prices to be determined at the time of sale. The proceeds to the Depositor from the sale of the Offered Certificates, before deducting expenses, will be approximately 100.054% of the initial certificate principal balances of the Offered Certificates, plus accrued interest in the case of the Class AF Certificates and the Class S Certificates. Each Underwriter's commission will be any positive difference between the price it pays to the Depositor for the Offered Certificates and the amount it receives from the sale of such certificates to the public. See "Method of Distribution" in this prospectus supplement. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THE OFFERED CERTIFICATES OR DETERMINED THAT THIS PROSPECTUS SUPPLEMENT OR THE PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. THE ATTORNEY GENERAL OF THE STATE OF NEW YORK HAS NOT PASSED ON OR ENDORSED THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. DEUTSCHE BANK SECURITIES BANC OF AMERICA SECURITIES LLC (Joint Lead Managers and Joint Book Runners) CREDIT SUISSE FIRST BOSTON (Co-Manager) <PAGE> IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED IN THIS DOCUMENT. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH DIFFERENT INFORMATION. YOU SHOULD NOT ASSUME THAT THE INFORMATION IN THIS PROSPECTUS SUPPLEMENT OR THE PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER THAN THE DATE ON THE FRONT OF THIS DOCUMENT. We provide information to you about the Offered Certificates in two separate documents that progressively provide more detail: o the accompanying prospectus, which
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