Maryland 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 Maryland Pooling and Servicing Agreement is a legally binding contract that establishes the terms and conditions for the pooling and servicing of mortgage loans between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement ensures smooth and efficient operations in managing mortgage loans and includes provisions for the distribution of principal and interest payments, loan servicing responsibilities, and default management. Some key components of the Maryland Pooling and Servicing Agreement include: 1. Pooling of Mortgage Loans: The agreement outlines the process of pooling various mortgage loans into a single entity, commonly known as a trust. This allows the investors and parties involved to share the risks and benefits associated with the mortgage loans. 2. Servicing of Mortgage Loans: The agreement defines the responsibilities and obligations of the service, which is typically a specialized entity responsible for the day-to-day management of the mortgage loans. These duties include collecting borrower payments, managing escrow accounts, handling delinquencies, and foreclosure proceedings if necessary. 3. Cash Flow and Distribution: The agreement specifies the process for distributing principal and interest payments received from borrowers to the investors or beneficiaries of the trust. It outlines the priority of payments and any waterfall structures that determine the distribution of funds. 4. Representations and Warranties: The agreement includes provisions regarding the accuracy and completeness of the mortgage loan documentation provided by the seller or originator. It establishes the rights and remedies available to the parties in case of misrepresentation or breach of warranties. 5. Events of Default and Remedies: The agreement defines the events that would trigger a default, such as failure to make required payments or breaches of covenants. It also outlines the remedies available to the non-defaulting parties, such as the appointment of a successor service or the acceleration of mortgage loan repayments. Different types of Maryland Pooling and Servicing Agreements may exist based on various factors, such as the specific mortgage loans involved, the nature of the trust, or the role of different parties. These variations could include: 1. Residential Mortgage Pooling and Servicing Agreement: This type of agreement specifically deals with residential mortgage loans, typically secured by single-family homes. 2. Commercial Mortgage Pooling and Servicing Agreement: This agreement focuses on pooling and servicing commercial mortgage loans, which are secured by income-generating properties such as office buildings, shopping centers, or industrial facilities. 3. Government-Sponsored Enterprise (GSE) Pooling and Servicing Agreement: Uses, such as Fannie Mae or Freddie Mac, have their own specific pooling and servicing agreements tailored to their requirements and guidelines. 4. Private Label Pooling and Servicing Agreement: This type of agreement involves mortgage loans that do not conform to GSE guidelines and are typically issued by private lenders or investors. In conclusion, the Maryland Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the framework for effectively managing and distributing mortgage loans. Different types of these agreements exist based on the nature of the loans and the parties involved.

Maryland Pooling and Servicing Agreement is a legally binding contract that establishes the terms and conditions for the pooling and servicing of mortgage loans between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement ensures smooth and efficient operations in managing mortgage loans and includes provisions for the distribution of principal and interest payments, loan servicing responsibilities, and default management. Some key components of the Maryland Pooling and Servicing Agreement include: 1. Pooling of Mortgage Loans: The agreement outlines the process of pooling various mortgage loans into a single entity, commonly known as a trust. This allows the investors and parties involved to share the risks and benefits associated with the mortgage loans. 2. Servicing of Mortgage Loans: The agreement defines the responsibilities and obligations of the service, which is typically a specialized entity responsible for the day-to-day management of the mortgage loans. These duties include collecting borrower payments, managing escrow accounts, handling delinquencies, and foreclosure proceedings if necessary. 3. Cash Flow and Distribution: The agreement specifies the process for distributing principal and interest payments received from borrowers to the investors or beneficiaries of the trust. It outlines the priority of payments and any waterfall structures that determine the distribution of funds. 4. Representations and Warranties: The agreement includes provisions regarding the accuracy and completeness of the mortgage loan documentation provided by the seller or originator. It establishes the rights and remedies available to the parties in case of misrepresentation or breach of warranties. 5. Events of Default and Remedies: The agreement defines the events that would trigger a default, such as failure to make required payments or breaches of covenants. It also outlines the remedies available to the non-defaulting parties, such as the appointment of a successor service or the acceleration of mortgage loan repayments. Different types of Maryland Pooling and Servicing Agreements may exist based on various factors, such as the specific mortgage loans involved, the nature of the trust, or the role of different parties. These variations could include: 1. Residential Mortgage Pooling and Servicing Agreement: This type of agreement specifically deals with residential mortgage loans, typically secured by single-family homes. 2. Commercial Mortgage Pooling and Servicing Agreement: This agreement focuses on pooling and servicing commercial mortgage loans, which are secured by income-generating properties such as office buildings, shopping centers, or industrial facilities. 3. Government-Sponsored Enterprise (GSE) Pooling and Servicing Agreement: Uses, such as Fannie Mae or Freddie Mac, have their own specific pooling and servicing agreements tailored to their requirements and guidelines. 4. Private Label Pooling and Servicing Agreement: This type of agreement involves mortgage loans that do not conform to GSE guidelines and are typically issued by private lenders or investors. In conclusion, the Maryland Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the framework for effectively managing and distributing mortgage loans. Different types of these agreements exist based on the nature of the loans and the parties involved.