California 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 A California Pooling and Servicing Agreement (PSA) is a legal contract executed between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., pertaining to the pooling and servicing of mortgage loans in California. This agreement outlines the rights, obligations, and responsibilities of each party involved in the transaction. Keywords: California Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, pooling, servicing, legal contract. There can be several types of California Pooling and Servicing Agreements, each serving a specific purpose. Some common types include: 1. Non-Agency PSA: This type of PSA involves mortgage loans that do not conform to the guidelines set by government-sponsored enterprises (Uses) such as Fannie Mae or Freddie Mac. It allows for more flexibility in underwriting standards and loan eligibility criteria. 2. Subservicing PSA: In a subservicing PSA, IMPACT Secured Assets Corp. or iMac Funding Corp. may act as the master service, while Northwest Bank Minnesota, National Assoc. Assumes the role of subscriber. The subscriber is responsible for managing the day-to-day operations of mortgage loans, including collecting payments, maintaining escrow accounts, and handling borrower inquiries. 3. Securitization PSA: This type of PSA is typically associated with the securitization and sale of mortgage-backed securities (MBS). In this agreement, IMPACT Secured Assets Corp. serves as the sponsor or depositor, iMac Funding Corp. acts as the mortgage loan seller, and Northwest Bank Minnesota, National Assoc. May be appointed as the trustee or custodian of the securitized assets. 4. Non-Performing Loan (NPL) PSA: NPL SAS are designed specifically for dealing with non-performing mortgage loans. If IMPACT Secured Assets Corp. or iMac Funding Corp. acquires distressed loans, they may enter into an agreement with Northwest Bank Minnesota, National Assoc. To manage and service these loans, aiming to mitigate losses and potentially rehabilitate them. These various types of California Pooling and Servicing Agreements highlight the different roles and functions of the involved parties, depending on the specific context and objectives of the mortgage loan transactions.

A California Pooling and Servicing Agreement (PSA) is a legal contract executed between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., pertaining to the pooling and servicing of mortgage loans in California. This agreement outlines the rights, obligations, and responsibilities of each party involved in the transaction. Keywords: California Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, pooling, servicing, legal contract. There can be several types of California Pooling and Servicing Agreements, each serving a specific purpose. Some common types include: 1. Non-Agency PSA: This type of PSA involves mortgage loans that do not conform to the guidelines set by government-sponsored enterprises (Uses) such as Fannie Mae or Freddie Mac. It allows for more flexibility in underwriting standards and loan eligibility criteria. 2. Subservicing PSA: In a subservicing PSA, IMPACT Secured Assets Corp. or iMac Funding Corp. may act as the master service, while Northwest Bank Minnesota, National Assoc. Assumes the role of subscriber. The subscriber is responsible for managing the day-to-day operations of mortgage loans, including collecting payments, maintaining escrow accounts, and handling borrower inquiries. 3. Securitization PSA: This type of PSA is typically associated with the securitization and sale of mortgage-backed securities (MBS). In this agreement, IMPACT Secured Assets Corp. serves as the sponsor or depositor, iMac Funding Corp. acts as the mortgage loan seller, and Northwest Bank Minnesota, National Assoc. May be appointed as the trustee or custodian of the securitized assets. 4. Non-Performing Loan (NPL) PSA: NPL SAS are designed specifically for dealing with non-performing mortgage loans. If IMPACT Secured Assets Corp. or iMac Funding Corp. acquires distressed loans, they may enter into an agreement with Northwest Bank Minnesota, National Assoc. To manage and service these loans, aiming to mitigate losses and potentially rehabilitate them. These various types of California Pooling and Servicing Agreements highlight the different roles and functions of the involved parties, depending on the specific context and objectives of the mortgage loan transactions.