Virgin Islands Pooling and Servicing Agreement is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., which governs the pooling and servicing of mortgage loans in the Virgin Islands region. This agreement outlines the rights, responsibilities, and obligations of each party involved in the securitization and servicing of mortgage loans. The Virgin Islands Pooling and Servicing Agreement is designed to provide a framework for efficient management and administration of mortgage-backed securities (MBS) in the Virgin Islands market. It establishes guidelines for the collection, remittance, and distribution of payments from the underlying mortgage loans to the MBS investors. Some key elements covered in the Virgin Islands Pooling and Servicing Agreement include: 1. Pooling of Mortgage Loans: This agreement outlines the process of aggregating a pool of mortgage loans, defining criteria such as loan types, credit quality, and geographic location. 2. Waterfall Structure: The agreement establishes a waterfall structure for the distribution of cash flows generated by the underlying mortgage loans. This structure prioritizes repayment to different stakeholders, such as interest and principal payments to MBS investors, fees to services, and any other applicable expenses. 3. Servicing Duties: The agreement establishes the responsibilities and duties of the mortgage loan service, which may include loan collection, distribution of payments, handling delinquencies, foreclosures, or modifications, as well as ensuring compliance with applicable laws and regulations. 4. Reporting: It outlines the reporting requirements of the service, including regular updates on the performance of the mortgage pool, delinquency rates, and other relevant metrics. This ensures transparency for all parties involved. 5. Termination and Default: The agreement includes provisions for the termination of the agreement in case of default or material breach by any of the parties involved. It also details the steps to be taken in case of loan buyouts, substitutions, or sale of servicing rights. While there may not be different types of Virgin Islands Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., variations and amendments can be made to tailor the agreement to specific securitization transactions or regional legal requirements. These could include adjustments to the criteria for loan inclusion, fee structures, reporting formats, or other specific provisions determined by the parties involved. In summary, the Virgin Islands Pooling and Servicing Agreement is a critical document that establishes the terms and conditions for the pooling, servicing, and management of mortgage-backed securities in the Virgin Islands market. It serves to protect the rights and interests of all parties involved while ensuring the smooth flow of cash flows and compliance with applicable regulations.
Virgin Islands Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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