A Harris Texas Pooling and Servicing Agreement is a legal contract entered into 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 mortgage loans. The main purpose of the Harris Texas Pooling and Servicing Agreement is to establish a mechanism for pooling many mortgage loans together and then selling interests in these loans as Mortgage Backed Securities (MBS) to investors. This allows the originator of the loans, potentially IMPACT Secured Assets Corp. and iMac Funding Corp., to receive funds upfront and reduce their risk exposure. Keyword: Harris Texas Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., Northwest Bank Minnesota, National Assoc., mortgage loans, pooling, servicing, Mortgage Backed Securities, MBS, investors, originator, risk exposure. There might be different types of Harris Texas Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., based on the specific terms and parties involved. Some potential variations could include: 1. Harris Texas Pooling and Servicing Agreement for Residential Mortgage Loans: This type of agreement may focus on pooling and servicing residential mortgage loans, providing details on interest rates, loan terms, and borrower criteria specific to residential properties. 2. Harris Texas Pooling and Servicing Agreement for Commercial Mortgage Loans: In this variation, the agreement would pertain to pooling and servicing commercial mortgage loans, which may involve different terms, such as higher loan amounts, longer loan terms, and specific commercial property requirements. 3. Harris Texas Pooling and Servicing Agreement for Government-backed Loans: This type of agreement might deal with pooling and servicing mortgage loans insured or guaranteed by government entities like the Federal Housing Administration (FHA) or the Department of Veterans Affairs (VA). It could outline the additional requirements and regulations associated with these types of loans. 4. Harris Texas Pooling and Servicing Agreement for Non-Performing Loans: This variation could center around pooling and servicing non-performing mortgage loans, which are loans in default or at high risk of default. The agreement might specify special provisions for managing and attempting to recover these delinquent loans. 5. Harris Texas Pooling and Servicing Agreement for Subprime Loans: In this scenario, the agreement could focus on pooling and servicing subprime mortgage loans, which are loans offered to borrowers with lower credit scores. It may include specific risk mitigation measures and guidelines for managing these higher-risk loans. It is important to note that the specific details and variations of Harris Texas Pooling and Servicing Agreements can vary depending on the context, parties involved, and regional regulations.
Harris Texas Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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