Alaska Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• Control #: US-EG-9042
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn IMPAC Secured Assets Corporation, IMAC Funding Corporation and Northwest Bank Minnesota, National Association dated Dec. 1, 1999. 142 pages Alaska Pooling and Servicing Agreement (APA) is a contractual agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It is designed to govern the pooling and servicing of mortgage loans secured by properties located in the state of Alaska. Under the APA, IMPACT Secured Assets Corp. acts as the master service, responsible for the administration and management of the mortgage loans. iMac Funding Corp. is the custodian of the mortgage documents and ensures compliance with the guidelines set forth in the agreement. Northwest Bank Minnesota, National Assoc. Serves as the trustee, representing the interests of the investors. This specific APA is created to facilitate the securitization of mortgage loans in Alaska, allowing investors to purchase a fractional interest in a pool of mortgage loans. The agreement outlines the rights and responsibilities of each party involved, ensuring the smooth functioning of the securitization process. Some key components covered in the APA include loan origination and acquisition requirements, loan servicing duties, cash flow distribution, reporting and accounting obligations, investor protections, default and foreclosure procedures, and termination provisions. While the provided information is specific to the Alaska Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., it is important to note that there could be variations or different types of Apses based on the specific characteristics of mortgage loans being pooled and serviced. These variations might include differences in loan types, geographical locations, or the involvement of additional parties such as mortgage insurers or credit enhancers. In conclusion, the Alaska Pooling and Servicing Agreement is a crucial framework that governs the pooling and servicing of mortgage loans in Alaska. It ensures the transparent and efficient management of these loans, benefiting both investors and borrowers.

Alaska Pooling and Servicing Agreement (APA) is a contractual agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It is designed to govern the pooling and servicing of mortgage loans secured by properties located in the state of Alaska. Under the APA, IMPACT Secured Assets Corp. acts as the master service, responsible for the administration and management of the mortgage loans. iMac Funding Corp. is the custodian of the mortgage documents and ensures compliance with the guidelines set forth in the agreement. Northwest Bank Minnesota, National Assoc. Serves as the trustee, representing the interests of the investors. This specific APA is created to facilitate the securitization of mortgage loans in Alaska, allowing investors to purchase a fractional interest in a pool of mortgage loans. The agreement outlines the rights and responsibilities of each party involved, ensuring the smooth functioning of the securitization process. Some key components covered in the APA include loan origination and acquisition requirements, loan servicing duties, cash flow distribution, reporting and accounting obligations, investor protections, default and foreclosure procedures, and termination provisions. While the provided information is specific to the Alaska Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., it is important to note that there could be variations or different types of Apses based on the specific characteristics of mortgage loans being pooled and serviced. These variations might include differences in loan types, geographical locations, or the involvement of additional parties such as mortgage insurers or credit enhancers. In conclusion, the Alaska Pooling and Servicing Agreement is a crucial framework that governs the pooling and servicing of mortgage loans in Alaska. It ensures the transparent and efficient management of these loans, benefiting both investors and borrowers.