Franklin Ohio 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: Franklin
• 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 Franklin Ohio Pooling and Servicing Agreement is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It governs the structuring, servicing, and administration of mortgage-backed securities (MBS) transactions in the state of Ohio. This agreement outlines the rights, responsibilities, and obligations of the parties involved in the pooling and servicing of mortgage loans. It establishes the framework for the creation of MBS, which involves bundling individual mortgage loans into a single investment product. IMPACT Secured Assets Corp., as the sponsor, arranges the pooling of mortgage loans and transfers them to a trust entity. iMac Funding Corp., as the service, is responsible for loan administration, collection of payments, and communication with borrowers. Northwest Bank Minnesota, National Assoc., acts as the trustee, ensuring compliance with regulations and overseeing the distribution of payments to investors. The Franklin Ohio Pooling and Servicing Agreement encompasses various provisions, such as loan eligibility criteria, loan transfer procedures, cash flow distribution rules, servicing standards, and default resolution procedures. It sets forth the terms for the creation, maintenance, and termination of the MBS. Different types of Franklin Ohio Pooling and Servicing Agreements may exist, depending on the specific MBS transaction and the characteristics of the underlying mortgage loans. These variations may include: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement: This type of agreement pertains to MBS backed by mortgage loans with fixed interest rates, providing investors with predetermined payment streams. 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement: Here, the MBS is backed by mortgage loans with adjustable interest rates, which may change over time based on predefined indexes. This agreement accommodates the unique characteristics of such loans. 3. Government-Sponsored Mortgage Pooling and Servicing Agreement: In this case, the MBS consists of mortgage loans guaranteed or insured by government entities such as Fannie Mae, Freddie Mac, or the Federal Housing Administration (FHA). 4. Non-Agency Mortgage Pooling and Servicing Agreement: This agreement covers MBS transactions involving mortgage loans that do not conform to the requirements of government-sponsored entities. These loans often have non-traditional features or are issued by private lenders. The Franklin Ohio Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the foundation for the efficient and transparent securitization of mortgage loans, benefiting both investors and borrowers.

Franklin Ohio Pooling and Servicing Agreement is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It governs the structuring, servicing, and administration of mortgage-backed securities (MBS) transactions in the state of Ohio. This agreement outlines the rights, responsibilities, and obligations of the parties involved in the pooling and servicing of mortgage loans. It establishes the framework for the creation of MBS, which involves bundling individual mortgage loans into a single investment product. IMPACT Secured Assets Corp., as the sponsor, arranges the pooling of mortgage loans and transfers them to a trust entity. iMac Funding Corp., as the service, is responsible for loan administration, collection of payments, and communication with borrowers. Northwest Bank Minnesota, National Assoc., acts as the trustee, ensuring compliance with regulations and overseeing the distribution of payments to investors. The Franklin Ohio Pooling and Servicing Agreement encompasses various provisions, such as loan eligibility criteria, loan transfer procedures, cash flow distribution rules, servicing standards, and default resolution procedures. It sets forth the terms for the creation, maintenance, and termination of the MBS. Different types of Franklin Ohio Pooling and Servicing Agreements may exist, depending on the specific MBS transaction and the characteristics of the underlying mortgage loans. These variations may include: 1. Fixed-Rate Mortgage Pooling and Servicing Agreement: This type of agreement pertains to MBS backed by mortgage loans with fixed interest rates, providing investors with predetermined payment streams. 2. Adjustable-Rate Mortgage Pooling and Servicing Agreement: Here, the MBS is backed by mortgage loans with adjustable interest rates, which may change over time based on predefined indexes. This agreement accommodates the unique characteristics of such loans. 3. Government-Sponsored Mortgage Pooling and Servicing Agreement: In this case, the MBS consists of mortgage loans guaranteed or insured by government entities such as Fannie Mae, Freddie Mac, or the Federal Housing Administration (FHA). 4. Non-Agency Mortgage Pooling and Servicing Agreement: This agreement covers MBS transactions involving mortgage loans that do not conform to the requirements of government-sponsored entities. These loans often have non-traditional features or are issued by private lenders. The Franklin Ohio Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Establishes the foundation for the efficient and transparent securitization of mortgage loans, benefiting both investors and borrowers.