A Colorado Pooling and Servicing Agreement is a legal contract that outlines the terms and conditions for the pooling of mortgage loans and their subsequent servicing by IMPACT Secured Assets Corp. (iMac) and iMac Funding Corp. with Northwest Bank Minnesota, National Assoc. This agreement is crucial in the mortgage-backed securities market as it governs the responsibilities, rights, and obligations of all parties involved. The Colorado Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the framework for the purchase, pooling, and servicing of mortgage loans. It details how the loans will be collected, processed, and distributed on behalf of the investors, while also addressing various issues including loan modifications, foreclosure proceedings, and investor reporting. There can be different types of Colorado Pooling and Servicing Agreements between these entities, each tailored to suit specific requirements or circumstances. Some variations may include: 1. Colorado Master Pooling and Servicing Agreement: This type of agreement provides a comprehensive framework for the pooling and servicing of mortgage loans on an ongoing basis. It typically covers various deal-specific terms, such as the types of loans included, their eligibility criteria, and the applicable servicing fees. 2. Colorado Seasoned Loan Agreement: A Seasoned Loan Agreement is designed to support the pooling and servicing of mortgage loans that have already been originated and serviced for a certain period. This type of agreement might govern specific requirements and guidelines for the purchase and servicing of seasoned loans. 3. Colorado Reconstituted Loan Agreement: In situations where the original loan pool becomes impaired or requires restructuring, a Reconstituted Loan Agreement might be established. This agreement defines the process and guidelines for creating a new pool of loans from the impaired loans, allowing them to be managed and serviced efficiently. It is important to note that the specifics of these agreements can vary depending on the unique circumstances and requirements of the parties involved. Legal professionals with expertise in mortgage-backed securities and servicing agreements play a vital role in drafting and negotiating these agreements to ensure compliance with applicable laws and regulations while protecting the interests of all parties.
Colorado Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold.
Mortgage Pool Insurance means one or more policies of insurance issued by a Qualified Insurer or Qualified Insurers insuring against loss resulting or arising from an event of default under any or all Mortgage Loans financed with the proceeds of a Series of Bonds resulting from the mortgagor's failure to make any ...
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.
An MBS is made up of a pool of mortgages purchased from issuing banks and then sold to investors. An MBS allows investors to benefit from the mortgage business without needing to buy or sell home loans themselves.
What is a Loan Servicing Agreement? A loan servicing agreement is a legal agreement between a lender and a third party, the servicer, that outlines the terms and conditions for which that third party will provide loan servicing services.