The Alabama Pooling and Servicing Agreement (PSA) is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It establishes the terms and conditions for pooling and servicing mortgage loans in the state of Alabama. This agreement serves as a framework for the management and administration of mortgage-backed securities (MBS) issued by these entities. Keywords: Alabama Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, mortgage-backed securities, pooling, servicing, management, administration. There are several types of Alabama Pooling and Servicing Agreements depending on the nature of the mortgage loans being pooled and serviced. Some common variations include: 1. Residential Mortgage Pooling and Servicing Agreement: This type of PSA outlines the terms and conditions for pooling and servicing residential mortgage loans in Alabama. It includes provisions for loan origination, payment collections, investor distributions, default management, and foreclosure processes. 2. Commercial Mortgage Pooling and Servicing Agreement: This variant of the Alabama PSA is specifically designed for pooling and servicing commercial mortgage loans. It focuses on the unique aspects of commercial real estate financing, such as property valuation, rental income, lease terms, and borrower creditworthiness. 3. Prime Mortgage Pooling and Servicing Agreement: In this type of PSA, the focus is on pooling and servicing prime mortgage loans in Alabama. These mortgages typically have lower interest rates and are extended to borrowers with excellent credit ratings. The agreement includes provisions for prepayment penalties, refinancing options, and servicing fee structures tailored to prime loans. 4. Subprime Mortgage Pooling and Servicing Agreement: This PSA caters to the pooling and servicing of subprime mortgage loans in Alabama. Subprime mortgages are extended to borrowers with lower credit scores, and often carry higher interest rates. The agreement addresses the unique challenges associated with servicing loans in this segment, such as higher delinquency and default rates. These are just a few examples of the different types of Alabama Pooling and Servicing Agreements delineated between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Each agreement is tailored to the specific characteristics and requirements of the mortgage loans being pooled and serviced, ensuring compliance with applicable regulations and industry best practices.
Alabama Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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