The Louisiana Pooling and Servicing Agreement (PSA) is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It outlines the terms and conditions for pooling mortgage loans and servicing them as a mortgage-backed security (MBS) in the state of Louisiana. This agreement is designed to ensure transparency, efficiency, and compliance with regulations for all parties involved, including the mortgage lenders, securities issuers, and the financial institution servicing the loans. It establishes a set of guidelines, responsibilities, and obligations to protect the rights and interests of investors and borrowers. Key Points of the Louisiana Pooling and Servicing Agreement: 1. Loan Pooling: The agreement allows IMPACT Secured Assets Corp. and iMac Funding Corp. to pool a specific group of mortgage loans and transfer them into a trust. These loans could be residential, commercial, or a combination of both. 2. Securities Issuance: Once the loans are pooled, they are securitized into MBS by IMPACT Secured Assets Corp. and iMac Funding Corp. These MBS are then sold to investors in the secondary market. 3. Servicing Rights: Northwest Bank Minnesota, National Assoc. Is appointed as the servicing agent responsible for collecting monthly mortgage payments, managing escrow accounts, and handling loan administration on behalf of the investors. 4. Investor Protection: The Louisiana PSA contains provisions to safeguard the interests of investors by specifying servicing standards, cash flow distribution rules, and reporting requirements. It assures compliance with relevant laws and regulations, including foreclosure procedures, loan modifications, and borrower communication. 5. Reporting and Records: The agreement outlines the reporting obligations of IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This includes regular reporting on loan performance, delinquencies, defaults, and any other relevant information. There are also requirements for maintaining proper loan records and disclosures. 6. Termination and Amendments: The Louisiana PSA may provide provisions for terminating the agreement, which could occur due to various reasons such as loan payoffs, refinancing, or default. It can also outline procedures for making amendments or modifications to the agreement. Different Types of Louisiana Pooling and Servicing Agreements: While specific types of Louisiana SAS may vary based on the terms negotiated between the involved parties, there could be different versions for various mortgage loan portfolios or investor preferences. These variations may include different loan types, loan sizes, interest rates, targeted borrower profiles, or geographic locations within Louisiana. It's important to note that the above description provides a general overview of a Louisiana Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. The actual agreement terms and variations may only be accurately determined by referencing the official documents and related disclosures.
Louisiana Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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