Rhode Island 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 Rhode Island Pooling and Servicing Agreement, also known as RIPS, refers to the contractual agreement that encompasses the responsibilities, obligations, and rights associated with mortgage-backed securities (MBS) pooling and servicing activities. This specific agreement is established between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. RIPS serves as a legal framework defining how the mortgages are pooled, serviced, and distributed among investors. Under the Rhode Island Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Collaborate to assemble portfolios of mortgage loans. These loans are grouped together based on specific characteristics such as interest rates, loan size, or geographic location. By pooling these mortgages, the agreement aims to create Mortgage-Backed Securities (MBS) that can be sold to investors in the secondary market. The pooling aspect of the agreement involves combining the mortgage loans into a trust or special purpose entity (SPE), which acts as the issuer of the MBS. Investors can then purchase these MBS, which represent a pro rata share of the underlying mortgage pool. The investors' returns are derived from the principal and interest payments made by the homeowners whose mortgages are included in the pool. The servicing component of the agreement is responsible for a range of operational tasks related to the management of the mortgage loans. Northwest Bank Minnesota, National Assoc. Typically, acts as the service of the mortgage loans, handling the day-to-day activities such as collecting payments, managing escrow accounts, disbursing funds to investors, and facilitating communication between borrowers and investors. Though the provided information outlines the general Rhode Island Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., it's important to note that specific terms and conditions may vary across individual agreements. Each agreement might have its unique provisions concerning the composition of the mortgage pool, investor rights, default procedures, and indemnification clauses. In conclusion, the Rhode Island Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Represent the contractual arrangement governing the pooling and servicing activities related to mortgage-backed securities. The agreement serves to ensure the proper management and distribution of cash flows from the underlying mortgage pool to investors in the secondary market.

Rhode Island Pooling and Servicing Agreement, also known as RIPS, refers to the contractual agreement that encompasses the responsibilities, obligations, and rights associated with mortgage-backed securities (MBS) pooling and servicing activities. This specific agreement is established between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. RIPS serves as a legal framework defining how the mortgages are pooled, serviced, and distributed among investors. Under the Rhode Island Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Collaborate to assemble portfolios of mortgage loans. These loans are grouped together based on specific characteristics such as interest rates, loan size, or geographic location. By pooling these mortgages, the agreement aims to create Mortgage-Backed Securities (MBS) that can be sold to investors in the secondary market. The pooling aspect of the agreement involves combining the mortgage loans into a trust or special purpose entity (SPE), which acts as the issuer of the MBS. Investors can then purchase these MBS, which represent a pro rata share of the underlying mortgage pool. The investors' returns are derived from the principal and interest payments made by the homeowners whose mortgages are included in the pool. The servicing component of the agreement is responsible for a range of operational tasks related to the management of the mortgage loans. Northwest Bank Minnesota, National Assoc. Typically, acts as the service of the mortgage loans, handling the day-to-day activities such as collecting payments, managing escrow accounts, disbursing funds to investors, and facilitating communication between borrowers and investors. Though the provided information outlines the general Rhode Island Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., it's important to note that specific terms and conditions may vary across individual agreements. Each agreement might have its unique provisions concerning the composition of the mortgage pool, investor rights, default procedures, and indemnification clauses. In conclusion, the Rhode Island Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Represent the contractual arrangement governing the pooling and servicing activities related to mortgage-backed securities. The agreement serves to ensure the proper management and distribution of cash flows from the underlying mortgage pool to investors in the secondary market.