Idaho 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 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.

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.