Pooling and Servicing Agreement (PSA)
The PSA is the principal agreement governing a CMBS securitization, covering trust creation, conveyance of mortgage loans, appointment of transaction parties (trustee, master servicer, special servicer, and others), payment waterfalls and advancing obligations, servicing standards, and reporting requirements.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Securitization closing; ongoing servicing/workout
- Property types
- CMBS; structured mortgage finance
In practice
PSA terms often govern who gets information, who controls decisions in distress, and how advances are treated - these are not "boilerplate."
Related terms
trusteemaster servicerspecial servicerwaterfallremittance report
Institutional and Capital Markets
- Agency Securities
- Commercial Mortgage-Backed Securities (CMBS)
- Ginnie Mae Mortgage-Backed Securities (Ginnie Mae I)
- Master Servicing Fee
- Preliminary Prospectus ("Red")
- Private Label Securities (Non-Agency Securities)
- Private Placement
- Prospectus
- Real Estate Investment Trust (REIT)
- Sub-Servicer
General information, not legal, tax or financial advice.