Mississippi 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 Mississippi Pooling and Servicing Agreement (PSA) is a legal contract that governs the rights and obligations of three entities: IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. The PSA outlines the terms and conditions for pooling mortgage loans and issuing mortgage-backed securities (MBS) based on these loans in the state of Mississippi. The objective of the Mississippi PSA is to establish a framework for the securitization process. It defines the roles and responsibilities of all parties involved, including the loan originators, services, trustees, and investors. The PSA ensures compliance with state and federal regulations, protects the interests of all parties, and provides transparency in the mortgage-backed securities market. Some variants or types of Mississippi Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., may include the following: 1. Prime Mortgage Pooling and Servicing Agreement: This type of PSA involves the pooling of prime mortgage loans, which are those offered to borrowers with good credit history and low default risk. The agreement may specify eligibility criteria, loan-to-value ratios, and other factors that determine which mortgages are eligible to be included in the pool. 2. Subprime Mortgage Pooling and Servicing Agreement: In contrast to prime mortgages, subprime mortgage loans are offered to borrowers with less favorable credit profiles. A subprime PSA deals with the pooling and servicing of such loans, which may require additional risk management measures and stricter underwriting guidelines. 3. Residential Mortgage-Backed Securities (RMBS) Pooling and Servicing Agreement: This type of PSA involves the securitization of mortgage loans by transforming them into RMBS. Investors can purchase these securities, which entitle them to a share of the principal and interest payments from the underlying mortgage loans. The agreement outlines the rights and obligations of the investors and specifies how the cash flows from the mortgages are distributed. 4. Commercial Mortgage-Backed Securities (CMOS) Pooling and Servicing Agreement: CMB SSAS are similar to RMBS SAS but involve the pooling and securitization of commercial mortgage loans instead of residential ones. The agreement may include provisions related to properties such as office buildings, retail centers, and industrial complexes. These different types of Mississippi Pooling and Servicing Agreements enable IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., to effectively pool mortgage loans, structure them into securities, and offer them to investors in the market. The SAS play a crucial role in providing liquidity to the mortgage market while ensuring transparency, compliance, and risk management.

Mississippi Pooling and Servicing Agreement (PSA) is a legal contract that governs the rights and obligations of three entities: IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. The PSA outlines the terms and conditions for pooling mortgage loans and issuing mortgage-backed securities (MBS) based on these loans in the state of Mississippi. The objective of the Mississippi PSA is to establish a framework for the securitization process. It defines the roles and responsibilities of all parties involved, including the loan originators, services, trustees, and investors. The PSA ensures compliance with state and federal regulations, protects the interests of all parties, and provides transparency in the mortgage-backed securities market. Some variants or types of Mississippi Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., may include the following: 1. Prime Mortgage Pooling and Servicing Agreement: This type of PSA involves the pooling of prime mortgage loans, which are those offered to borrowers with good credit history and low default risk. The agreement may specify eligibility criteria, loan-to-value ratios, and other factors that determine which mortgages are eligible to be included in the pool. 2. Subprime Mortgage Pooling and Servicing Agreement: In contrast to prime mortgages, subprime mortgage loans are offered to borrowers with less favorable credit profiles. A subprime PSA deals with the pooling and servicing of such loans, which may require additional risk management measures and stricter underwriting guidelines. 3. Residential Mortgage-Backed Securities (RMBS) Pooling and Servicing Agreement: This type of PSA involves the securitization of mortgage loans by transforming them into RMBS. Investors can purchase these securities, which entitle them to a share of the principal and interest payments from the underlying mortgage loans. The agreement outlines the rights and obligations of the investors and specifies how the cash flows from the mortgages are distributed. 4. Commercial Mortgage-Backed Securities (CMOS) Pooling and Servicing Agreement: CMB SSAS are similar to RMBS SAS but involve the pooling and securitization of commercial mortgage loans instead of residential ones. The agreement may include provisions related to properties such as office buildings, retail centers, and industrial complexes. These different types of Mississippi Pooling and Servicing Agreements enable IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., to effectively pool mortgage loans, structure them into securities, and offer them to investors in the market. The SAS play a crucial role in providing liquidity to the mortgage market while ensuring transparency, compliance, and risk management.