New York 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 New York Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions of a mortgage-backed securities (MBS) transaction involving IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement governs the relationship between the parties involved in pooling mortgage loans and servicing the resulting MBS. Keywords: New York Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage-backed securities, MBS, mortgage loans, servicing. The New York Pooling and Servicing Agreement provides a detailed framework for the securitization process, ensuring compliance with laws, regulations, and industry best practices. It covers various aspects of the transaction, including the rights, obligations, and responsibilities of each party. Under this agreement, IMPACT Secured Assets Corp., as the seller, transfers mortgage loans to a trust held by Northwest Bank Minnesota, acting as the trustee. iMac Funding Corp. may act as the service responsible for collecting loan payments, managing delinquencies, and distributing the cash flows generated by the MBS to investors. Different types of New York Pooling and Servicing Agreements can be based on variations in loan types, such as residential or commercial mortgages. They may also differ in terms of the size, composition, or risk profile of the mortgage loan pool being securitized. These agreements typically specify the criteria for eligible loans, governing the credit quality, loan-to-value ratios, and documentation standards. They also outline the steps for loan servicing, including the collection and remittance of payments, handling defaults, and foreclosure procedures. The New York Pooling and Servicing Agreement sets forth the terms related to the allocation of cash flows from the underlying mortgage loans. It might include provisions for seniority of different tranches or classes of securities, the order of priority for distribution, and how losses or defaults are allocated among investors. Furthermore, the agreement addresses representations and warranties made by the seller regarding the quality and characteristics of the mortgage loans being securitized. It also covers indemnification provisions in case of breaches or non-compliance. The New York Pooling and Servicing Agreement serves as a crucial document for investors, as it provides transparency and clarity about the rights and obligations associated with investing in MBS. It helps promote investor confidence by ensuring adherence to established standards, procedures, and legal requirements. In summary, the New York Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., establishes the framework for securitizing mortgage loans and servicing the resulting MBS. It outlines the rights and responsibilities of each party involved, the criteria for loan eligibility, and mechanisms for cash flow distribution and risk allocation. Different types of these agreements exist depending on various factors such as loan type, pool composition, and risk profile.

New York Pooling and Servicing Agreement (PSA) is a legal document that outlines the terms and conditions of a mortgage-backed securities (MBS) transaction involving IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement governs the relationship between the parties involved in pooling mortgage loans and servicing the resulting MBS. Keywords: New York Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage-backed securities, MBS, mortgage loans, servicing. The New York Pooling and Servicing Agreement provides a detailed framework for the securitization process, ensuring compliance with laws, regulations, and industry best practices. It covers various aspects of the transaction, including the rights, obligations, and responsibilities of each party. Under this agreement, IMPACT Secured Assets Corp., as the seller, transfers mortgage loans to a trust held by Northwest Bank Minnesota, acting as the trustee. iMac Funding Corp. may act as the service responsible for collecting loan payments, managing delinquencies, and distributing the cash flows generated by the MBS to investors. Different types of New York Pooling and Servicing Agreements can be based on variations in loan types, such as residential or commercial mortgages. They may also differ in terms of the size, composition, or risk profile of the mortgage loan pool being securitized. These agreements typically specify the criteria for eligible loans, governing the credit quality, loan-to-value ratios, and documentation standards. They also outline the steps for loan servicing, including the collection and remittance of payments, handling defaults, and foreclosure procedures. The New York Pooling and Servicing Agreement sets forth the terms related to the allocation of cash flows from the underlying mortgage loans. It might include provisions for seniority of different tranches or classes of securities, the order of priority for distribution, and how losses or defaults are allocated among investors. Furthermore, the agreement addresses representations and warranties made by the seller regarding the quality and characteristics of the mortgage loans being securitized. It also covers indemnification provisions in case of breaches or non-compliance. The New York Pooling and Servicing Agreement serves as a crucial document for investors, as it provides transparency and clarity about the rights and obligations associated with investing in MBS. It helps promote investor confidence by ensuring adherence to established standards, procedures, and legal requirements. In summary, the New York Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., establishes the framework for securitizing mortgage loans and servicing the resulting MBS. It outlines the rights and responsibilities of each party involved, the criteria for loan eligibility, and mechanisms for cash flow distribution and risk allocation. Different types of these agreements exist depending on various factors such as loan type, pool composition, and risk profile.