The Illinois Pooling and Servicing Agreement (PSA) is a legal contract or agreement between IMPACT Secured Assets Corp. (IMPACT), iMac Funding Corp. (iMac), and Northwest Bank Minnesota, National Assoc. (Northwest Bank). This agreement outlines the specific terms and conditions under which mortgage loans are pooled and serviced. In this PSA, IMPACT, iMac, and Northwest Bank act as parties involved in the securitization of mortgage loans. The agreement sets forth the rights and responsibilities of each party, ensuring a smooth coordination and management of the mortgage pool. It governs the relationship between the parties and offers clarity on the division of tasks, cash flows, and obligations related to the securitized assets. The Illinois Pooling and Servicing Agreement is a comprehensive document that covers various aspects, including but not limited to: 1. Definitions: The agreement defines key terms and phrases used throughout the document to avoid any ambiguity or misunderstanding. 2. Pooling of Mortgage Loans: It outlines the process of pooling mortgage loans, which involves gathering multiple mortgages together to create a mortgage-backed security (MBS). 3. Servicing of Mortgage Loans: The PSA specifies the responsibilities and duties of IMPACT and iMac as the services of the mortgage loans. This includes collecting payments from borrowers, handling escrow accounts, resolving delinquencies, and managing any defaults. 4. Cash Flows and Distribution: The document outlines how cash flows from the pooled mortgage loans will be distributed among the various parties, such as investors and the services. 5. Representations and Warranties: The PSA includes representations and warranties made by all parties involved to ensure the accuracy and completeness of the transferred mortgage loans. 6. Indemnification: It defines the indemnification provisions, protecting the parties from financial losses in case of breaches or inaccuracies in the PSA. 7. Default and Termination: The agreement also covers provisions related to defaulting on obligations, the process of curing defaults, and the termination of the agreement. While the description above provides a general outline of what is typically included in an Illinois Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., it is important to note that there may be variations and specific details tailored for each agreement. Different types of Illinois Pooling and Servicing Agreements may exist, depending on factors such as the specific mortgage pool being securitized, the characteristics of the mortgage loans, the investors involved, and other unique considerations. These variations could result in customized terms and conditions to suit the specific requirements of different mortgage-backed securities transactions.
Illinois Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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