Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
About this form
This document is a Pooling and Servicing Agreement between Impac Secured Assets Corp., Impac Funding Corporation, and Northwest Bank Minnesota, National Association. This agreement governs the management of a pool of mortgage loans and outlines the responsibilities of the involved parties regarding the servicing and distribution of payments to Certificateholders. It serves as a framework for structuring and operating a real estate mortgage investment conduit (REMIC), enabling efficient management of Mortgage Pass-Through Certificates.
What’s included in this form
- Definitions of terms relevant to the agreement and the mortgage loans.
- Responsibilities of the Depositor, Master Servicer, and Trustee.
- Procedures for initiating and managing mortgage loan payments.
- Distribution of payments to Certificateholders based on interest and principal collections.
- Conditions for termination of the agreement and repurchase of loans.
Situations where this form applies
This agreement should be utilized whenever a financial institution intends to pool mortgage loans into a security known as Mortgage Pass-Through Certificates. It is relevant for transactions involving multiple parties, including a Depositor, Master Servicer, and Trustee, to outline their roles in managing and servicing a mortgage pool while complying with legal and regulatory requirements.
Who should use this form
- Financial institutions acting as a Depositor for mortgage-backed securities.
- Mortgage servicers managing a pool of mortgage loans.
- Trustees responsible for overseeing mortgage loan agreements.
- Investors interested in purchasing or managing Mortgage Pass-Through Certificates.
Instructions for completing this form
- Identify the parties involved, including the Depositor, Master Servicer, and Trustee.
- Specify the mortgage loans being pooled, including details such as loan amounts and terms.
- Outline the roles and responsibilities of each party as per the agreement.
- Detail the process for collecting payments and distributing them to Certificateholders.
- Include provisions for managing defaults or liquidated loans within the agreement.
Notarization guidance
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
Mistakes to watch out for
- Failing to define key terms clearly, leading to confusion over responsibilities.
- Omitting specifics about the payment distribution process, causing delays in distribution.
- Not outlining provisions for loan defaults or liquidations adequately.
- Underestimating the importance of state laws affecting mortgage servicing.
Benefits of using this form online
- Convenient access to a legally sound and compliant form for mortgage pooling.
- Easy customization according to specific transaction needs and regulatory requirements.
- Streamlined process for electronic signatures and submissions, enhancing efficiency.
- Secure storage and retrieval options for important legal documents.
Legal use & context
- The agreement is legally binding upon all parties involved, governing the handling of the mortgage loan pool.
- Ensures compliance with REMIC regulations to maintain favorable tax treatment.
- Failure to adhere to provisions may lead to legal complications or loss of REMIC status.
What to keep in mind
- The Pooling and Servicing Agreement is essential for structuring and managing mortgage-backed security offerings.
- Clear definitions and specified roles prevent misunderstandings and financial discrepancies.
- Adapting the agreement to comply with both state and federal regulations is crucial for legal effectiveness.
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FAQ
National banking association is a bank that has been organized under the National Bank Act. Such an association operates pursuant to a certificate of authority issued by the Comptroller of the Currency. Each national banking association is required to become a member of the Federal Reserve System.
A national bank is a financial institution chartered by the national government. It is also required to be a member of the Federal Reserve System. The comptroller of the U.S. Treasury monitors national banks.
The OCC regulates and supervises about 1,200 national banks, federally-licensed savings associations, and federally-licensed branches of foreign banks in the United States, accounting for more than two-thirds of the total assets of all U.S. commercial banks (as of September 30, 2020).
U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution in the United States.
U.S. Bank Trust National Association is a transfer agent regulated by the U.S. Security and Exchange Commission and incorporated in the state of Delaware. For financial reporting, their fiscal year ends on December 31st.
