Palm Beach Florida Pooling and Servicing Agreement is a contractual agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. It serves as a legal document that outlines the terms and conditions for pooling mortgage loans and establishing a servicing arrangement. This specific agreement allows IMPACT Secured Assets Corp. to transfer its loans to iMac Funding Corp., who acts as the master service and oversees the management and administration of the mortgage pool. Northwest Bank Minnesota, National Assoc. Will act as the trustee, holding the legal title to the mortgage loans on behalf of the investors. The agreement includes various vital components, such as the rights and obligations of each party involved, the criteria for loan eligibility, servicing standards, payment distribution, and rights to early payment defaults and other loan events. It also establishes the waterfall structure for payments, specifying the order in which funds are distributed, including principal and interest payments, service advances, and fees. Additionally, the Palm Beach Florida Pooling and Servicing Agreement may include different types or series within the agreement, named as tranches. These tranches represent different classes or groups of mortgage loans with varying risk and return profiles. Each tranche may have specific characteristics, such as different interest rates, payment priorities, and possible subordination to other tranches. By utilizing relevant keywords like Palm Beach Florida, Pooling and Servicing Agreement, IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., this content provides an overview of the specific agreement and its main components. It highlights the roles and responsibilities of each party involved and mentions the possibility of different tranches within the agreement.
Palm Beach Florida Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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