Maine Pooling and Servicing Agreement (PSA) is a legal contract that governs the rights and responsibilities of three entities: IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement outlines the terms and conditions for pooling mortgage loans and establishing a servicing framework for the pooled loans. In a typical Maine PSA, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., act as the parties involved. The primary purpose of this agreement is to facilitate the securitization of mortgage loans, which involves bundling multiple loans together and creating mortgage-backed securities (MBS). The MBS can then be sold to investors in the secondary market. Keywords: Maine Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, securitization, mortgage loans, servicing framework, mortgage-backed securities, MBS, secondary market. There might be different types or variations of Maine PSA between the mentioned entities, depending on the specific terms and conditions agreed upon. These variations could include adjustments to the pooling criteria, servicing responsibilities, prepayment terms, fees, and other provisions tailored to suit the parties' needs. For example, a "Maine PSA with Adjustable Rate Mortgages" might be specifically designed for pooling and servicing mortgage loans with adjustable interest rates. This type of agreement would have additional clauses and provisions related to rate adjustments, index-based calculations, and borrower notification requirements. Alternatively, a "Maine PSA with Non-Traditional Loans" could address the pooling and servicing of loans with unique characteristics, such as interest-only loans or loans with balloon payments. In such cases, the agreement would outline specific guidelines for handling these types of loans, including payment calculations, disclosure requirements, and servicing obligations. Overall, the Maine Pooling and Servicing Agreement serves as the foundation for the securitization process and provides a legally binding framework for the cooperation and coordination between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. In managing and servicing the pooled mortgage loans.
Maine Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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