A New Mexico Pooling and Servicing Agreement (PSA) refers to a legally binding contract entered into between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement outlines various terms and conditions regarding the pooling and servicing of mortgage loans. Keywords: New Mexico Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, pooling, servicing. In general, the New Mexico Pooling and Servicing Agreement establishes the framework for the securitization process, where mortgage loans are bundled together and sold as mortgage-backed securities (MBS) to investors. This agreement governs the relationships, rights, and obligations of the parties involved to ensure smooth and efficient management of the mortgage pool. 1. Standard New Mexico Pooling and Servicing Agreement: This is the primary type of agreement that establishes the fundamental terms and conditions for pooling and servicing mortgage loans. It includes clauses related to cash flow distribution, loan servicing, default management, reporting, and investor communication. 2. Special Purpose Vehicle (SPV) New Mexico Pooling and Servicing Agreement: In some cases, IMPACT Secured Assets Corp. may establish a Special Purpose Vehicle (SPV) to carry out securitization activities. This type of agreement is specific to an SPV's unique structure and purpose, outlining the specific roles and responsibilities of the parties involved, including the SPV's trustees and administrators. 3. Trustee-controlled New Mexico Pooling and Servicing Agreement: When Northwest Bank Minnesota, National Assoc. Acts as the trustee for the securitized mortgage loans, a trustee-controlled PSA may be utilized. This agreement delineates the trustee's powers, duties, and rights concerning the administration and management of the mortgage pool. 4. Standby New Mexico Pooling and Servicing Agreement: In certain cases, iMac Funding Corp. may act as a standby service, stepping in to service the mortgage loans if the designated service becomes unable or unwilling to perform its duties. The standby PSA outlines the terms, conditions, and obligations of iMac Funding Corp., IMPACT Secured Assets Corp., and Northwest Bank Minnesota, National Assoc. When invoking the standby provisions. Overall, the different types of New Mexico Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Cater to specific scenarios and roles within the securitization process. These agreements ensure compliance, transparency, and efficient management of mortgage loans, allowing for the smooth functioning of the mortgage-backed securities market.
New Mexico Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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