The South Carolina Pooling and Servicing Agreement (PSA) plays a crucial role in mortgage-backed security transactions between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement is employed to govern the pooling, servicing, and management of mortgage loans. By using relevant keywords pertaining to this agreement, we can provide a detailed description of its various aspects. The South Carolina PSA between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the framework for the securitization of mortgage loans. This agreement outlines the rights and responsibilities of all parties involved, ensuring transparency and adherence to legal and regulatory requirements. The PSA covers the pooling aspect, where mortgage loans are aggregated together to create a mortgage-backed security (MBS). This allows investors to purchase shares or interests in the MBS, providing them with exposure to a diversified pool of mortgage loans. The PSA defines the specific criteria for inclusion in the pool, such as loan type, loan size, credit quality, and geographical location. Furthermore, the PSA addresses the servicing component. It outlines the obligations of the service, which in this case is Northwest Bank Minnesota, National Assoc. The service is responsible for collecting mortgage payments from borrowers, ensuring timely disbursement to investors, managing escrow accounts, handling delinquencies, and overseeing foreclosure proceedings when necessary. The agreement establishes servicing standards and performance metrics to maintain the quality of loan servicing. The South Carolina PSA also includes provisions for the management of cash flows generated by the mortgage loans. It specifies the distribution of principal and interest payments to the MBS investors in accordance with their ownership interests. The agreement delineates the priority of payments, waterfall structures, reserve accounts, and procedures for addressing defaults and losses. While the description above covers the general framework of the South Carolina PSA, it's important to note that specific variations of this agreement may exist. Different types of South Carolina SAS between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Could include variations in terms of loan characteristics, risk profiles, or investor requirements. These variations address specific investor preferences or regulations, ensuring the flexibility and adaptability of the agreement to differing market conditions or investment strategies.
South Carolina Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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