My PSA requires:
SECTION 2.01. Conveyance of Mortgage Loans.
(i) In connection with such assignment, the Depositor does hereby deliver to, and deposit with, the Trustee or the Custodian, the following documents or instruments with respect to each Mortgage Loan so assigned that is not a Co-op Loan:
(A) The original Mortgage Note endorsed in blank or, "Pay to the order of LaSalle Bank National Association, as trustee, without recourse" together with all riders thereto. The Mortgage Note shall include all intervening endorsements showing a complete chain of the title from the originator to [____________________] or "Pay to the order of LaSalle Bank National Association, as trustee, without recourse";
Am I not understanding this? I am reading this as:
1. The note can be endorsed in blank or to the trustee.
2. There has to be an endorsement from each entity in the securitization process showing a chain of title to the trust.
What are your thoughts on this? Is this normal wording in everyone's PSA? Is this binding on the trust?