Puerto Rico Pooling and Servicing Agreement (PSA) is a legal contract established between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc., specifically for managing and servicing mortgage loans in Puerto Rico. This agreement outlines the terms and conditions under which the pooling, servicing, and distribution of the mortgage loans are carried out. The PSA serves as a framework for the collaboration and coordination between the parties involved in order to effectively manage a portfolio of mortgage loans in Puerto Rico. It outlines the roles and responsibilities of each entity involved, ensuring smooth operations and compliance with applicable laws and regulations. The Puerto Rico PSA encompasses various types depending on the mortgage loans being serviced. These may include: 1. Residential Mortgage Loans PSA: This type of agreement pertains to mortgage loans secured by residential properties in Puerto Rico. It outlines the procedures for loan servicing, collections, default management, and other related activities. 2. Commercial Mortgage Loans PSA: In cases where mortgage loans are secured by commercial properties in Puerto Rico, a specific PSA is established. It delineates the specific terms for managing commercial loans, which may differ from those applicable to residential loans. 3. Fixed-Rate Mortgage Loans PSA: This type of agreement applies to mortgage loans in Puerto Rico with fixed interest rates. It details the precise procedures for handling such loans, including payment processing, escrow management, and refinancing options. 4. Adjustable-Rate Mortgage Loans PSA: When dealing with mortgage loans in Puerto Rico with adjustable interest rates, a separate PSA governs the specific terms for servicing these loans. It outlines the procedures for rate adjustments, interest calculations, and other aspects relevant to adjustable-rate mortgages. 5. Government-Insured Mortgage Loans PSA: In cases where mortgage loans in Puerto Rico are insured or guaranteed by government entities such as the Federal Housing Administration (FHA), a distinct PSA is established. It incorporates additional provisions and requirements related to government-insured loans. Each type of PSA between IMPACT Secured Assets Corp., iMac Funding Corp., and Northwest Bank Minnesota, National Assoc. Is tailored to the specific characteristics and requirements of the mortgage loans being serviced. The agreements ensure efficient management, proper risk mitigation, and adherence to legal and regulatory standards, providing a framework for the effective pooling and servicing of loans in Puerto Rico.
Puerto Rico Pooling and Servicing Agreement between IMPAC Secured Assets Corp., IMAC Funding Corp. and Northwest Bank Minnesota, National Assoc.
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A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. A mortgage pool is a group of home and other real estate loans that have been bundled so they can be sold. What Is a Mortgage Pool? - The Balance thebalancemoney.com ? what-is-a-mortgage... thebalancemoney.com ? what-is-a-mortgage...
What is a Pooling Agreement? A pooling agreement is a type of contract where corporate shareholders create a voting trust by pooling their voting rights and transferring them to a trustee. This is also called a voting agreement or shareholder-control agreement since it is used to control the affairs of the corporation. Pooling Agreement: Definition & Sample - Contracts Counsel contractscounsel.com ? pooling-agreement contractscounsel.com ? pooling-agreement
PSA is used primarily to derive an implied prepayment speed of new production loans. 00% PSA assumes a prepayment rate of 2% per month in the first month following the date of issue, increasing at 2% percentage points per month thereafter until the 30th month. PSA Prepayment Rate Definition - Nasdaq nasdaq.com ? glossary ? psa-prepayment-rate nasdaq.com ? glossary ? psa-prepayment-rate
An MBS is made up of a pool of mortgages purchased from issuing banks and then sold to investors. An MBS allows investors to benefit from the mortgage business without needing to buy or sell home loans themselves. What Are Mortgage-Backed Securities? rocketmortgage.com ? learn ? mortgage-bac... rocketmortgage.com ? learn ? mortgage-bac...
The ?Pooling and Servicing Agreement? is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans.