The Texas Pooling and Servicing Agreement (PSA) is a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. That outlines the terms and conditions regarding the pooling and servicing of mortgage loans in Texas. This agreement is essential in the mortgage-backed securities (MBS) industry, ensuring that the rights and responsibilities of all parties involved are clearly defined and maintained. Under the Texas PSA, IMPACT Secured Assets Corp. and iMac Funding Corp. act as the originators and sellers of mortgage loans, while Northwest Bank Minnesota, National Assoc. Acts as the trustee or service responsible for managing the mortgage loans on behalf of investors or bondholders. The key purpose of the PSA is to establish the mechanisms and procedures for collecting mortgage loan payments, handling delinquent loans, and distributing cash flows generated from the underlying mortgage loans. Some relevant keywords associated with the Texas Pooling and Servicing Agreement include: 1. Mortgage-backed securities (MBS): These represent investment securities that are backed by a pool of mortgage loans, such as those included in the Texas PSA. 2. Pooling: The process of combining multiple individual mortgage loans into a single pool, which provides investors with exposure to a diversified set of mortgage assets. 3. Servicing: Refers to the ongoing management and administration of the mortgage loans, including collecting payments, managing escrow accounts, handling delinquencies, and investor reporting. 4. Trustee: Northwest Bank Minnesota, National Assoc. Fulfills the role of a trustee, responsible for holding the mortgage loans as collateral on behalf of the MBS investors. The trustee also ensures adherence to the terms of the PSA and protects the interests of bondholders. 5. Originator: IMPACT Secured Assets Corp. and iMac Funding Corp. are the originators/sellers of the mortgage loans, meaning they originate the loans and subsequently sell them to be included in the MBS pool. Different types of Texas Pooling and Servicing Agreements may exist, depending on specific characteristics or criteria. These variations can include agreements based on loan type (e.g., conventional mortgages, government-backed mortgages), property type (e.g., residential, commercial), or specific investor requirements (e.g., credit quality, loan-to-value ratios). Each type of agreement may have unique provisions tailored to the specific characteristics of the mortgage loans being pooled and serviced. It is important to note that the details of specific variations of the Texas Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Would require examining the specific terms and provisions outlined in each agreement.
Texas Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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