The Idaho Pooling and Servicing Agreement (PSA) is a legal contract entered into between IMPACT Secured Assets Corp. (SSA), iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement governs the pooling and servicing of mortgage loans and the rights and obligations of the parties involved. A PSA is typically created in the context of mortgage-backed securities (MBS), where multiple mortgage loans are pooled together and used as collateral to issue securities to investors. In this case, the PSA specifically pertains to activities and agreements related to mortgage servicing, cash flow distribution, and risk management for the pooled loans. IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., as the parties involved, have specific roles and responsibilities outlined in the PSA. SSA or iMac Funding Corp. often act as the mortgage loan seller or depositor, responsible for contributing the mortgage loans into the pool. Northwest Bank Minnesota, National Assoc. May act as the service, responsible for collecting payments from borrowers and ensuring the smooth operation of the mortgage pool. The Idaho Pooling and Servicing Agreement outlines various important provisions, including: 1. Pooling and Transfer of Mortgage Loans: This section explicitly defines the mortgage loans included in the pool, their characteristics, and the transfer process. 2. Servicing and Administration: It details the duties and obligations of the service, including borrower contact, payment collection, and loan administration. The agreement may specify the rights and responsibilities of the service in modifying or foreclosing upon delinquent loans. 3. Cash Flow Distribution: The agreement establishes the order and priority of cash flow distribution to various parties involved, such as investors, the service, and any other third parties. 4. Loss Allocation and Risk Management: This section covers the allocation of losses incurred due to mortgage defaults or other risks associated with the mortgage pool. It may also outline the mechanisms for credit enhancement and the roles of any third-party insurers or guarantors. Please note that while the above description outlines the general features of an Idaho Pooling and Servicing Agreement, it is always important to review the specific terms and conditions of the agreement itself for accurate and complete information. Different types of Idaho Pooling and Servicing Agreements may exist based on individual agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Variation in terms, conditions, and specific clauses can result in different types of SAS catering to unique requirements and scenarios. However, without further specific details about these variations or names, it is challenging to provide a comprehensive list of different types of Idaho Pooling and Servicing Agreements in existence.
Idaho Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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FAQ
The servicing of your mortgage loan is being transferred, effective [Date]. This means that after this date, a new servicer will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change.
A mortgage servicing disclosure provides information from the lender about whether or not the servicing of the loan may be transferred, sold, or assigned to some other person or entity during the life of the loan.
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.
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
How to Get a Copy of the Pooling and Servicing Agreement. If the securitization is public, the PSA will be filed with the Securities and Exchange Commission (SEC). You can usually find a copy on EDGAR (Electronic Data Gathering, Analysis, and Retrieval) at .sec.gov.