Collin Texas Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.

• Category: Corporations - Public - Pooling and Servicing
• State: Multi-State
• County: Collin
• Control #: US-EG-9042
• Format: Word; Rich Text

Description

Pooling and Servicing Agr. btwn IMPAC Secured Assets Corporation, IMAC Funding Corporation and Northwest Bank Minnesota, National Association dated Dec. 1, 1999. 142 pages Collin Texas Pooling and Servicing Agreement is a legal contract executed between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement serves as a framework for the pooling, servicing, and management of mortgage loans in Collin County, Texas. Keywords: Collin Texas, Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, Collin County. Under this agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Collaborate to bundle residential mortgage loans originated in Collin County. Through the pooling of these loans, a new security is created, commonly known as a mortgage-backed security (MBS). This security is then sold to investors in the secondary market, allowing for the efficient financing and management of these loan portfolios. The Collin Texas Pooling and Servicing Agreement outlines various crucial aspects, including: 1. Loan Criteria: The agreement defines the specific eligibility criteria for the inclusion of mortgage loans in the pooling process. This criterion focuses on factors such as loan type, loan-to-value ratio, credit scores, occupancy status, and documentation requirements. 2. Pooling Process: The agreement outlines the process of pooling mortgage loans. It defines the minimum pool size, the time frame for inclusion, the allocation of loans to different tranches, and the methodologies for determining the allocation of principal and interest payments. 3. Servicing Responsibilities: The agreement establishes the roles and responsibilities of each party involved in the servicing of the mortgage loans. It outlines the obligations related to loan administration, collection of payments, tax and insurance management, delinquency and default management, and foreclosure procedures. 4. Cash Flow and Distribution: The agreement details the cash flow mechanics of the mortgage loans and the distribution of funds to various parties involved. It outlines how the principal and interest payments from borrowers are collected, allocated, and distributed to investors and other entities involved, such as the master service and trustee. 5. Representations and Warranties: The agreement includes provisions related to representations, warranties, and covenants made by the parties involved. These provisions ensure that the mortgage loans meet certain quality standards and protect the interests of investors. 6. Termination and Default: The agreement specifies the conditions under which the pooling and servicing agreement can be terminated and the corresponding procedures. It also outlines the consequences and remedies in the event of a default by any of the parties. Different types of Collin Texas Pooling and Servicing Agreements may exist, depending on the specific terms and conditions agreed upon between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. These agreements may vary based on factors such as loan types, geographic focus, loan sizes, and investor preferences.

Collin Texas Pooling and Servicing Agreement is a legal contract executed between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement serves as a framework for the pooling, servicing, and management of mortgage loans in Collin County, Texas. Keywords: Collin Texas, Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, Collin County. Under this agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Collaborate to bundle residential mortgage loans originated in Collin County. Through the pooling of these loans, a new security is created, commonly known as a mortgage-backed security (MBS). This security is then sold to investors in the secondary market, allowing for the efficient financing and management of these loan portfolios. The Collin Texas Pooling and Servicing Agreement outlines various crucial aspects, including: 1. Loan Criteria: The agreement defines the specific eligibility criteria for the inclusion of mortgage loans in the pooling process. This criterion focuses on factors such as loan type, loan-to-value ratio, credit scores, occupancy status, and documentation requirements. 2. Pooling Process: The agreement outlines the process of pooling mortgage loans. It defines the minimum pool size, the time frame for inclusion, the allocation of loans to different tranches, and the methodologies for determining the allocation of principal and interest payments. 3. Servicing Responsibilities: The agreement establishes the roles and responsibilities of each party involved in the servicing of the mortgage loans. It outlines the obligations related to loan administration, collection of payments, tax and insurance management, delinquency and default management, and foreclosure procedures. 4. Cash Flow and Distribution: The agreement details the cash flow mechanics of the mortgage loans and the distribution of funds to various parties involved. It outlines how the principal and interest payments from borrowers are collected, allocated, and distributed to investors and other entities involved, such as the master service and trustee. 5. Representations and Warranties: The agreement includes provisions related to representations, warranties, and covenants made by the parties involved. These provisions ensure that the mortgage loans meet certain quality standards and protect the interests of investors. 6. Termination and Default: The agreement specifies the conditions under which the pooling and servicing agreement can be terminated and the corresponding procedures. It also outlines the consequences and remedies in the event of a default by any of the parties. Different types of Collin Texas Pooling and Servicing Agreements may exist, depending on the specific terms and conditions agreed upon between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. These agreements may vary based on factors such as loan types, geographic focus, loan sizes, and investor preferences.