A Delaware Pooling and Servicing Agreement (PSA) is a legal contract established between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It outlines the terms and conditions governing the pooling and servicing of mortgage loans or other financial assets. In this agreement, IMPACT Secured Assets Corp. acts as the sponsor, responsible for acquiring a pool of mortgage loans from various sources and transferring them to a trust. iMac Funding Corp. serves as the depositor, responsible for depositing the mortgage loans into the trust. Northwest Bank Minnesota, National Assoc. Acts as the trustee, responsible for ensuring the terms of the PSA are upheld and acting on behalf of the investors. The PSA includes several key provisions that govern the relationship and responsibilities of the parties involved. It outlines the specific criteria for selecting mortgage loans to be included in the pool, including the creditworthiness of borrowers, loan-to-value ratios, and other underwriting considerations. The agreement also includes provisions for the payment and allocation of principal and interest received from the mortgage loans among the investors. Another essential component of the PSA is the servicing provisions. It defines the obligations of the service, typically a separate entity, to manage the mortgage loans on behalf of the trust and investors. These responsibilities may include collecting borrower payments, handling delinquencies, and foreclosure proceedings, among others. The PSA may also include provisions for the creation of different classes of certificates or tranches, each with varying degrees of risk and return. These certificates represent ownership interests in the pool of mortgage loans and are sold to investors. The different tranches provide flexibility for investors with different risk appetite and return expectations. Furthermore, there might be several variations or types of Delaware Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. These variations could involve different mortgage loan assets, varying pool sizes, or amended terms that adapt to specific investor demands or regulatory requirements. In conclusion, a Delaware Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Is a legal contract that governs the pooling and servicing of mortgage loans. It establishes the roles, responsibilities, and rights of the parties involved and ensures compliance with applicable laws and regulations. The agreement may include provisions for different classes or tranches of certificates, allowing investors to choose to vary risk-reward profiles.
Delaware Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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