Cook Illinois Pooling and Servicing Agreement refers to a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. This agreement outlines the terms and conditions regarding the pooling and servicing of assets, specifically mortgage loans, and establishes the roles and responsibilities of each party involved. Under this agreement, IMPACT Secured Assets Corp. acts as the master service and oversees the administration and management of the mortgage loans. iMac Funding Corp. is responsible for securitizing the mortgage loans and issuing mortgage-backed securities (MBS) to investors, while Northwest Bank Minnesota, National Assoc. May potentially act as a trustee or custodian of the mortgage loans. The Cook Illinois Pooling and Servicing Agreement aims to ensure that the mortgage loans are pooled together into a trust or pool and appropriate servicing activities are carried out. Key activities covered in the agreement include loan origination, collection of borrower payments, accounting, investor reporting, and default management. This agreement also outlines the allocation of cash flows generated from the mortgage loans among the parties involved. It establishes the priority of payments and determines the distribution of principal and interest payments to the investors who own the MBS issued by iMac Funding Corp. It should be noted that there may be variations or different types of Cook Illinois Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., as the terms and conditions of these agreements can vary based on specific mortgage loan portfolios or securitization transactions. Each agreement may have its own unique characteristics, including different performance metrics, fee structures, and reporting requirements. In conclusion, the Cook Illinois Pooling and Servicing Agreement represents a contractual arrangement governing the pooling and servicing of mortgage loans by IMPACT Secured Assets Corp., iMac Funding Corp., and potentially involving Northwest Bank Minnesota, National Assoc. It ensures the efficient management of mortgage-backed securities and the compliance with legal and regulatory requirements.
Cook Illinois Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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