The South Dakota Pooling and Servicing Agreement (PSA) is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It outlines the terms and conditions regarding the pooling and servicing of mortgage loans in South Dakota. The PSA serves as a framework for the establishment and operation of a mortgage-backed securities (MBS) program. It defines the roles and responsibilities of the involved parties, establishes the criteria for loan selection and pooling, and outlines the servicing practices being followed. Keywords: South Dakota Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, pooling, servicing, mortgage-backed securities, MBS program. Different types of South Dakota Pooling and Servicing Agreements may exist based on specific characteristics or variations in the terms, such as: 1. Residential Mortgage PSA: This type of agreement focuses on pooling and servicing residential mortgage loans in South Dakota. It outlines the specific requirements and criteria for eligibility, documentation, and processes related to residential mortgage-backed securities (RMBS) programs. 2. Commercial Mortgage PSA: This agreement pertains to pooling and servicing commercial mortgage loans in South Dakota. It addresses the unique aspects and considerations involved in managing commercial mortgage-backed securities (CMOS) programs, including loan selection criteria and servicing practices specific to commercial properties. 3. Government-Backed Mortgage PSA: This type of agreement focuses on pooling and servicing government-backed mortgage loans in South Dakota. It outlines the additional requirements and regulations imposed by government agencies such as the Federal Housing Administration (FHA) or the Veterans Administration (VA) for mortgage-backed securities programs backed by these entities. 4. Non-Performing Loan PSA: This agreement deals with the pooling and servicing of non-performing mortgage loans in South Dakota. It outlines specialized procedures and requirements to manage the servicing of loans in default or with potential delinquencies, including loss mitigation strategies, foreclosure processes, and loan modification options. 5. Specialty Loan PSA: This agreement addresses the pooling and servicing of specialty or unique mortgage loans in South Dakota, which may include jumbo loans, high-risk loans, or loans specific to certain industries. It outlines any additional requirements, protocols, or considerations associated with these specific loan types and their inclusion in mortgage-backed securities programs. These variations in South Dakota Pooling and Servicing Agreements reflect the need for adaptability within the mortgage industry, accommodating different loan types and unique circumstances while maintaining a standardized framework for effective loan pooling, servicing, and securitization.
South Dakota Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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