Hennepin Minnesota 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: Hennepin
• 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 The Hennepin Minnesota Pooling and Servicing Agreement is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. The agreement outlines the terms and conditions under which the parties will pool and service mortgage loans in Hennepin County, Minnesota. This agreement serves as a mechanism for the parties to combine their resources and expertise in managing and servicing mortgage loans. It establishes the roles and responsibilities of each party involved, ensuring a smooth and efficient process for loan servicing and debt collection. The Hennepin Minnesota Pooling and Servicing Agreement encompasses various key components. Firstly, it defines the types of mortgage loans that will be included in the pool, such as residential or commercial mortgages. It also outlines the specific criteria for loan eligibility, including the minimum credit score, loan-to-value ratio, and income verification requirements. Furthermore, the agreement includes provisions related to the servicing of the mortgage loans. It details the responsibilities of the service, such as payment collections, customer service, loan modifications, and foreclosure proceedings. The agreement may also address the assignment or transfer of servicing rights between the parties. Additionally, the Hennepin Minnesota Pooling and Servicing Agreement includes provisions for the allocation of cash flows generated by the mortgage loans. It specifies how the principal and interest payments will be distributed among the parties and investors. The agreement may also outline procedures for the allocation of any excess funds or reserves. It is worth noting that there may be different types of Hennepin Minnesota Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. These types could be based on specific loan portfolios, loan origination dates, or other factors that differentiate them from one another. Overall, the Hennepin Minnesota Pooling and Servicing Agreement is a crucial document that ensures efficient management and servicing of mortgage loans in Hennepin County. It establishes a framework for collaboration and cooperation between the parties involved, benefiting both lenders and borrowers in the region.

The Hennepin Minnesota Pooling and Servicing Agreement is a legally binding contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. The agreement outlines the terms and conditions under which the parties will pool and service mortgage loans in Hennepin County, Minnesota. This agreement serves as a mechanism for the parties to combine their resources and expertise in managing and servicing mortgage loans. It establishes the roles and responsibilities of each party involved, ensuring a smooth and efficient process for loan servicing and debt collection. The Hennepin Minnesota Pooling and Servicing Agreement encompasses various key components. Firstly, it defines the types of mortgage loans that will be included in the pool, such as residential or commercial mortgages. It also outlines the specific criteria for loan eligibility, including the minimum credit score, loan-to-value ratio, and income verification requirements. Furthermore, the agreement includes provisions related to the servicing of the mortgage loans. It details the responsibilities of the service, such as payment collections, customer service, loan modifications, and foreclosure proceedings. The agreement may also address the assignment or transfer of servicing rights between the parties. Additionally, the Hennepin Minnesota Pooling and Servicing Agreement includes provisions for the allocation of cash flows generated by the mortgage loans. It specifies how the principal and interest payments will be distributed among the parties and investors. The agreement may also outline procedures for the allocation of any excess funds or reserves. It is worth noting that there may be different types of Hennepin Minnesota Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. These types could be based on specific loan portfolios, loan origination dates, or other factors that differentiate them from one another. Overall, the Hennepin Minnesota Pooling and Servicing Agreement is a crucial document that ensures efficient management and servicing of mortgage loans in Hennepin County. It establishes a framework for collaboration and cooperation between the parties involved, benefiting both lenders and borrowers in the region.