Tennessee Pooling and Servicing Agreement (PSA) is a legal document that governs the pooling and servicing of mortgage loans by various entities, specifically IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., in the state of Tennessee. This agreement outlines the responsibilities and obligations of each party involved in the securitization process. It serves as a crucial framework for the efficient administration and management of mortgage-backed securities (MBS) in Tennessee. Under the Tennessee Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., collaborate to pool a diverse range of mortgage loans originated in Tennessee. These loans are then sold as a single investment product to investors in the secondary market. The PSA defines the rights and responsibilities of each party involved. IMPACT Secured Assets Corp. generally acts as the master service, responsible for overseeing the day-to-day administration of the mortgage loans. iMac Funding Corp., on the other hand, may serve as a special service, dealing with loans in default or requiring special attention. Northwest Bank Minnesota, National Assoc., as a trustee, ensures compliance with all legal and regulatory requirements outlined by Tennessee state laws. They play a crucial role in safeguarding the interests of investors by ensuring that the mortgage loans are serviced appropriately and that all cash flows are distributed correctly. The Tennessee Pooling and Servicing Agreement may have various types, primarily categorized based on the type of mortgage loans being securitized. These could include conventional mortgage loans, government-backed loans (such as FHA or VA loans), or even commercial mortgage loans specific to Tennessee. Additionally, variations of the agreement may exist to accommodate specific investor preferences or regulatory requirements. These adjustments may include provisions related to the allocation of prepayment risk, interest rate changes, and other factors that impact the performance of the mortgage-backed securities. Overall, the Tennessee Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., is a vital legal document that harmonizes the responsibilities and obligations of each entity involved in the securitization process. It ensures the smooth functioning of the mortgage-backed securities market in Tennessee while safeguarding the interests of all parties involved.
Tennessee Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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