A Nevada Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions for the pooling and servicing of mortgage loans. It is specifically applicable to the agreement between IMPACT Secured Assets Corp. (IMPACT), iMac Funding Corp. (iMac), and Northwest Bank Minnesota, National Assoc. (Northwest Bank). In this agreement, IMPACT and iMac act as the issuers or sponsors of mortgage-backed securities (MBS). They pool together individual mortgage loans from borrowers and transfer them to a trust, which is managed and administered by Northwest Bank as the trustee. The trusteeship involves overseeing the collection and distribution of payments from the mortgage loans to investors who purchase MBS. The Nevada PSA between IMPACT, iMac, and Northwest Bank establishes the rights, responsibilities, and obligations of each party involved. It covers essential aspects such as loan servicing, distribution of cash flows, allocation of principal and interest payments, provision for default scenarios, and guidelines for loan modifications or refinancing. The agreement typically defines the criteria for eligible loans to be included in the pool, including mortgage loan types, characteristics, and loan-to-value ratios. It also stipulates the procedures for servicing the mortgage loans, handling borrower payments, managing escrow accounts, and conducting foreclosure proceedings, if necessary. Additionally, it may outline the reporting requirements, disclosure obligations, and indemnification provisions for the involved parties. Different types of Nevada Pooling and Servicing Agreements, specific to IMPACT, iMac, and Northwest Bank, may exist depending on the nature of the mortgage loans being pooled. These variations can include agreements for residential mortgages, commercial mortgages, or specialized mortgage-backed securities. In summary, the Nevada Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., plays a pivotal role in governing the pooling and servicing of mortgage loans. It safeguards the interests of investors in mortgage-backed securities, ensures the proper management of loans, and establishes guidelines for servicing, collections, and distributions.
Nevada Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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