Title: Understanding the North Carolina Pooling and Servicing Agreement between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Introduction: A North Carolina Pooling and Servicing Agreement (PSA) is a legal document that governs the pooling and servicing of mortgage loans by various entities. In this article, we will explore the specific terms of a PSA between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., and discuss key points and potential variations found within these agreements. 1. Definition and Purpose of a Pooling and Servicing Agreement: A PSA is a contract that outlines the responsibilities, rights, and obligations of the parties involved in a mortgage-backed securities (MBS) transaction. It establishes rules for the pooling of loans, the determination of interest rates, the collection and distribution of payments, and the servicing of the mortgage loans. 2. Participants: The PSA involves three primary entities: a) IMPACT Secured Assets Corp.: Acts as the depositor responsible for selecting and transferring eligible mortgage loans into the pool. b) iMac Funding Corp.: Acts as the master service responsible for overseeing the loan servicing process, including collecting payments and managing delinquencies. c) Northwest Bank Minnesota, National Assoc.: Acts as the trustee, ensuring compliance with the PSA terms and the interests of MBS investors. 3. Key Components of the PSA: A North Carolina PSA can include various provisions, such as: a) Mortgage Loan Pooling: It specifies eligibility criteria for mortgage loans to be included in the pool, addressing aspects like loan types, credit quality, loan-to-value ratios, and conforming/non-conforming loans. b) Servicing Rights: It outlines the rights, responsibilities, and compensation of the service, including procedures for loan payments, escrow management, and handling defaults or foreclosures. c) Payment Distribution: It explains the process of distributing principal and interest payments to MBS investors, providing details on cash flow waterfall, priority of payments, and accounting principles. d) Reporting and Record Keeping: It mandates regular reporting of loan-level details, loan performance metrics, and compliance with applicable laws to ensure transparency and accountability. e) Subsequent Transfers: It includes provisions for the transfer of mortgage loans between participants, addressing proper documentation, notices, and required consents. 4. Potential Variations: Different types or versions of North Carolina SAS may exist depending on factors like loan characteristics, investor preferences, and regulatory requirements. Some common variations include: a) Fixed vs. Adjustable Rate Mortgages: PSA scan differ based on whether they include only fixed-rate mortgage loans, adjustable-rate mortgage loans, or a combination of both. b) Conventional vs. Government-Backed Loans: SAS may cover mortgage loans insured or guaranteed by entities such as Fannie Mae, Freddie Mac, FHA, or VA, or exclusively consist of conventional loans. c) Pass-Through vs. Pay-Through Structure: PSA scan be structured as pass-through securities, where principal and interest payments are passed directly to certificate holders, or pay-through with the master service collecting payments before distributing to investors. Conclusion: A North Carolina Pooling and Servicing Agreement is a crucial document that governs the pooling, servicing, and distribution of mortgage loans within the framework of a mortgage-backed securities transaction. Understanding the nuances and variations in these agreements is vital for all parties involved to ensure adherence to compliance, transparency, and successful mortgage loan servicing.
North Carolina Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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A mortgage servicing disclosure provides information from the lender about whether or not the servicing of the loan may be transferred, sold, or assigned to some other person or entity during the life of the loan.
The transferee servicer shall provide the notice of transfer to the borrower not more than 15 days after the effective date of the transfer.
NOTE: Another way to find a PSA is to go to the SEC EDGAR search index page: .
Know your rights under the law You have a 60-day grace period after a transfer to a new servicer.
The servicing of your mortgage loan is being transferred, effective [Date]. This means that after this date, a new servicer will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change.