Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
About this form
This Pooling and Servicing Agreement is a legal document that governs the relationship and responsibilities between the parties involved in a mortgage-backed securities transaction. Specifically, it outlines the terms under which Impac Secured Assets Corp., Impac Funding Corp. (master servicer), and Norwest Bank Minnesota (trustee) manage and administer a pool of mortgage loans, ensuring all obligations are met. This agreement differs from similar forms as it specifically addresses the pooling and servicing of mortgage loans and the issuance of related securities, establishing the rights and obligations of each party involved.
Key components of this form
- Definitions and background of terms used in the agreement.
- Responsibilities of the Master Servicer regarding mortgage loan servicing.
- Details on the operation of the Custodial Account and Certificate Account.
- Provisions related to the appointment and duties of the Trustee.
- Instructions for the distribution of payments to Certificateholders.
- Terms regarding the purchase or repurchase of Mortgage Loans and Certificates.
Situations where this form applies
This form should be used when establishing a mortgage-backed securities transaction, specifically for pooling and servicing mortgage loans. It is needed in scenarios such as the issuance of mortgage-backed securities, managing collection and distribution of payments from mortgage loans, and ensuring compliance with regulatory requirements related to REMIC (Real Estate Mortgage Investment Conduit). It is essential for financial institutions engaged in securitizing mortgage loans and for those looking to issue related securities.
Who needs this form
- Financial institutions involved in mortgage lending and securitization.
- Investors seeking to understand the terms governing mortgage-backed securities.
- Legal professionals drafting or reviewing agreements related to mortgage loan pools.
- Regulatory authorities overseeing compliance with mortgage securities regulations.
How to complete this form
- Identify all parties involved: Impac Secured Assets Corp., Impac Funding Corp., and Norwest Bank Minnesota.
- Specify the terms of the agreement including definitions and responsibilities of each party.
- Outline the conditions for the servicing of mortgage loans and the management of associated funds.
- Include provisions for distribution of payments to Certificateholders.
- Ensure compliance with applicable laws and regulations regarding mortgage securitization.
Does this document require notarization?
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to properly define key terms and roles of each party involved.
- Not including the necessary conditions for the servicing of the mortgage loans.
- Overlooking state-specific legal requirements for mortgage documents.
- Neglecting to outline the procedures for payment distributions clearly.
- Not providing for contingencies in case of default or other failures.
Benefits of completing this form online
- Allows for easy editing and customization according to specific needs.
- Provides access to templates drafted by licensed attorneys ensuring reliability and legality.
- Facilitates immediate download and use, saving time in formalizing agreements.
- Minimizes in-person requirements by offering online notarization options.
Legal use & context
- This form is legally binding and outlines the rules for mortgage-backed securities.
- It provides protections for both investors and institutions involved.
- Compliance with federal and state laws regarding mortgage loans is essential for enforceability.
- Failure to adhere to the terms may result in legal repercussions or loss of securities status.
Quick recap
- The agreement governs pooling and servicing of mortgage loans for securities issuance.
- It is crucial for parties involved in mortgage securitization to understand their roles.
- The form emphasizes compliance with laws to maintain REMIC status and prevent tax issues.
- Proper execution and adherence to terms can safeguard investment interests.
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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.