Salt Lake Utah 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: Salt Lake
• 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 A Salt Lake Utah Pooling and Servicing Agreement is a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. That outlines the terms and conditions related to pooling and servicing of mortgage loans. This agreement facilitates the bundling of individual mortgage loans into a mortgage-backed security (MBS). The MBS acts as collateral for the Issuers' mortgage-backed securities and is then sold to investors in the secondary market. The Salt Lake Utah Pooling and Servicing Agreement typically covers various aspects, including loan origination, loan servicing, payment collection, default management, and the allocation of cash flows among the different parties involved. It establishes the obligations, responsibilities, and rights of each party throughout the life cycle of the securitized mortgage loans. Some key features covered in the Salt Lake Utah Pooling and Servicing Agreement may include: 1. Loan Pooling: The pooling of mortgage loans from various sources into a single pool, thereby creating a larger asset base for creating mortgage-backed securities. 2. Pooling Criteria: The agreement may outline specific criteria governing the eligibility of mortgage loans to be included in the pool, such as loan types, credit scores, loan-to-value ratios, and geographic location. 3. Loan Servicing: Specifies the responsibilities of the loan service, who handles tasks such as collecting mortgage payments, managing escrow accounts, and facilitating communication between borrowers and investors. 4. Cash Flow Allocation: Defines the process for allocating the incoming cash flows generated by the mortgage pool among various parties, such as interest payments to investors and servicing fees to the service. 5. Reporting and Disclosure: Outlines the reporting requirements, frequency, and format for providing information on pool performance, delinquencies, defaults, prepayments, and other relevant data to the involved parties. 6. Default Management: Details the procedures and actions to be taken in the event of borrower defaults, foreclosure, bankruptcy, or loan modifications, including the allocation of losses and recoveries. It's important to note that the specific types of Salt Lake Utah Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. May vary based on the specific mortgage loan portfolio and transaction structure. Each agreement may have its unique features and provisions suited to the particular securitization transaction and the parties' requirements. Overall, a Salt Lake Utah Pooling and Servicing Agreement is a critical document that provides a comprehensive framework for the pooling and servicing of mortgage loans, ensuring efficient management of cash flows, risk mitigation, and investor protection in mortgage-backed securities transactions.

A Salt Lake Utah Pooling and Servicing Agreement is a legal contract between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. That outlines the terms and conditions related to pooling and servicing of mortgage loans. This agreement facilitates the bundling of individual mortgage loans into a mortgage-backed security (MBS). The MBS acts as collateral for the Issuers' mortgage-backed securities and is then sold to investors in the secondary market. The Salt Lake Utah Pooling and Servicing Agreement typically covers various aspects, including loan origination, loan servicing, payment collection, default management, and the allocation of cash flows among the different parties involved. It establishes the obligations, responsibilities, and rights of each party throughout the life cycle of the securitized mortgage loans. Some key features covered in the Salt Lake Utah Pooling and Servicing Agreement may include: 1. Loan Pooling: The pooling of mortgage loans from various sources into a single pool, thereby creating a larger asset base for creating mortgage-backed securities. 2. Pooling Criteria: The agreement may outline specific criteria governing the eligibility of mortgage loans to be included in the pool, such as loan types, credit scores, loan-to-value ratios, and geographic location. 3. Loan Servicing: Specifies the responsibilities of the loan service, who handles tasks such as collecting mortgage payments, managing escrow accounts, and facilitating communication between borrowers and investors. 4. Cash Flow Allocation: Defines the process for allocating the incoming cash flows generated by the mortgage pool among various parties, such as interest payments to investors and servicing fees to the service. 5. Reporting and Disclosure: Outlines the reporting requirements, frequency, and format for providing information on pool performance, delinquencies, defaults, prepayments, and other relevant data to the involved parties. 6. Default Management: Details the procedures and actions to be taken in the event of borrower defaults, foreclosure, bankruptcy, or loan modifications, including the allocation of losses and recoveries. It's important to note that the specific types of Salt Lake Utah Pooling and Servicing Agreements between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. May vary based on the specific mortgage loan portfolio and transaction structure. Each agreement may have its unique features and provisions suited to the particular securitization transaction and the parties' requirements. Overall, a Salt Lake Utah Pooling and Servicing Agreement is a critical document that provides a comprehensive framework for the pooling and servicing of mortgage loans, ensuring efficient management of cash flows, risk mitigation, and investor protection in mortgage-backed securities transactions.