CDOs, MBSs, CMBS, CMOs

PSAs and REMIC Trusts

Posted on Tuesday, April 14, 2009

Among the primary documents involved in REMIC Trusts is of course the PSA (Pooling and Servicing Agreement) The parties to the PSA are the depositor (the entity that sells the mortgage loans to the trust), the master servicer, the special servicer and the trustee. The PSA will include a "servicing standard" that must be followed and obligate the servicer to maximize investor recovery on the loan to the CMBS certificateholders on a present value basis. The PSA may grant the master servicer less authority over loan assumptions and modifications than would otherwsie be allowed by the REMIC rules for performing loans.


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