Orange California 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: Orange
• 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 Orange California Pooling and Servicing Agreement (OCP SA) is a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It serves as an agreement that outlines the terms and conditions related to the pooling and servicing of mortgage loans by these entities. The OCP SA establishes a framework for the securitization of mortgage loans, allowing IMPACT Secured Assets Corp. and iMac Funding Corp. to pool multiple loans together and create mortgage-backed securities (MBS). These MBS are then sold to investors in the secondary market. Key terms included in the OCP SA are: 1. Pooling: Loan pooling refers to grouping individual mortgage loans into a single investment pool. This diversifies risk and improves marketability. 2. Servicing: The service, in this case, Northwest Bank Minnesota, National Assoc., is responsible for collecting loan payments, managing escrow accounts, and handling borrower inquiries. They act as an intermediary between the investors and the borrowers. 3. Loan Eligibility Criteria: The OCP SA specifies the criteria for including mortgage loans in the pool, such as loan size, credit quality, and property type. These criteria are crucial in determining the risk profile and performance of the MBS. 4. Payment Distribution: The OCP SA defines the order of payment distribution and the priority of payments received from the borrowers. It outlines the allocation of principal and interest payments to investors and the service. 5. Reporting and Record Keeping: The agreement requires the parties involved to maintain accurate records, provide periodic reports, and adhere to regulatory guidelines. This ensures transparency and accountability. Different types of Orange California Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. May include variations in loan types, duration, and risk profiles. These differences cater to specific investor preferences and market demands. For example, there could be Cases for residential mortgages, commercial mortgages, or a combination of both. The duration of these agreements may also vary, such as short-term agreements for bridge loans or long-term agreements for traditional mortgages. It is important to note that the specific terms and types of Cases between these entities may evolve over time based on market conditions and regulatory changes. Therefore, it is recommended to consult the most recent legal documentation for accurate and updated information.

Orange California Pooling and Servicing Agreement (OCP SA) is a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It serves as an agreement that outlines the terms and conditions related to the pooling and servicing of mortgage loans by these entities. The OCP SA establishes a framework for the securitization of mortgage loans, allowing IMPACT Secured Assets Corp. and iMac Funding Corp. to pool multiple loans together and create mortgage-backed securities (MBS). These MBS are then sold to investors in the secondary market. Key terms included in the OCP SA are: 1. Pooling: Loan pooling refers to grouping individual mortgage loans into a single investment pool. This diversifies risk and improves marketability. 2. Servicing: The service, in this case, Northwest Bank Minnesota, National Assoc., is responsible for collecting loan payments, managing escrow accounts, and handling borrower inquiries. They act as an intermediary between the investors and the borrowers. 3. Loan Eligibility Criteria: The OCP SA specifies the criteria for including mortgage loans in the pool, such as loan size, credit quality, and property type. These criteria are crucial in determining the risk profile and performance of the MBS. 4. Payment Distribution: The OCP SA defines the order of payment distribution and the priority of payments received from the borrowers. It outlines the allocation of principal and interest payments to investors and the service. 5. Reporting and Record Keeping: The agreement requires the parties involved to maintain accurate records, provide periodic reports, and adhere to regulatory guidelines. This ensures transparency and accountability. Different types of Orange California Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. May include variations in loan types, duration, and risk profiles. These differences cater to specific investor preferences and market demands. For example, there could be Cases for residential mortgages, commercial mortgages, or a combination of both. The duration of these agreements may also vary, such as short-term agreements for bridge loans or long-term agreements for traditional mortgages. It is important to note that the specific terms and types of Cases between these entities may evolve over time based on market conditions and regulatory changes. Therefore, it is recommended to consult the most recent legal documentation for accurate and updated information.