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How to Request Pooling and

Servicing Agreement: A Step-by-
Step Guide
Written by: Hank Cooper Published: March 25, 2023

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If you’re in the mortgage industry, you may have heard of a Pooling and
Servicing Agreement, or PSA. A PSA is a legal document that governs the pooling
of mortgage loans into a trust and the servicing of those loans. As an investor, you
need to review the PSA to understand the risks and benefits of investing in a
particular security.

Requesting a PSA can be a daunting process, especially if you’re new to the

industry. In this step-by-step guide, we’ll walk you through the process of how to
request a Pooling and Servicing Agreement. We’ll cover everything from what
information you need to provide to how long it takes to receive the PSA.

Whether you’re a seasoned investor or just starting out, this guide will provide you
with the information you need to confidently request a PSA. Let’s get started!
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Table of Contents [ show ]

1 What is a Pooling and Servicing Agreement?

A Pooling and Servicing Agreement (PSA) is a legal document that governs the
process of securitizing loans into mortgage-backed securities. A PSA specifies the
rights and obligations of each party involved in the transaction, such as the loan
originators, the servicers, and the investors. It also outlines the rules for servicing
the mortgage loans, including the collection of payments, the management of
delinquencies, and the foreclosure process.

When a bank or other financial institution originates a large number of mortgage

loans, it may decide to bundle them together and sell them to investors as
securities. This process is known as securitization. By doing so, the bank can obtain
additional funding to make more loans, while the investors can earn a return on
their investment from the payments made by the homeowners.

The securitization process typically involves the creation of a trust that holds the
mortgage loans as its assets. The trust issues different classes of securities to the
investors, each with its own level of risk and return. The PSA governs the
relationship between the trust and the parties involved in the securitization, and
establishes the rules for the allocation of cash flows and losses among the different
classes of securities.

1.1 Definition of a Pooling and Servicing Agreement

A Pooling and Servicing Agreement, or PSA, is a legal document used in the
process of securitizing loans. In a securitization transaction, loans are pooled
together and sold to investors as securities. The PSA governs the relationship
between the various parties involved in the securitization, including the originator
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The PSA includes details on the characteristics of the loans in the pool, such as the
interest rate, maturity, and credit quality, as well as the cash flow structure and the
rights and responsibilities of the parties involved. It is an essential document for
investors who need to understand the risks and benefits of investing in the
securities backed by the loans.

The PSA also establishes the procedures for servicing the loans, such as collecting
payments from borrowers, handling delinquent loans, and managing defaults. The
servicer is responsible for ensuring that the loans are managed in accordance with
the terms of the PSA, which helps to protect the investors’ interests in the
securitized assets.

2 Why Would You Need to Request a Pooling

and Servicing Agreement?
Verify the Ownership of Your Mortgage: One reason to request a pooling and
servicing agreement is to verify the ownership of your mortgage. These
agreements outline the transfer of ownership of mortgage loans from the original
lender to the trustee who manages the pool of mortgages.

Negotiate Loan Modifications: Another reason to request a pooling and servicing

agreement is if you are looking to negotiate loan modifications or refinancing. The
agreement can provide valuable information about the terms of your mortgage,
such as interest rates and payment schedules, that can help you make informed
decisions.

Resolve Disputes: In the event of a dispute with your mortgage servicer or lender,
a pooling and servicing agreement can be used as evidence in legal proceedings. It
can help establish the terms of your mortgage and prove who has the legal right
to collect payments and enforce the terms of the loan.

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mortgage securitization and the secondary mortgage market, a pooling and
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servicing Accept
agreement can provide valuable insight. These agreements outline how
pools of mortgage loans are created and how investors can purchase securities

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backed by these pools.

Prepare for the Sale of Your Mortgage: If your mortgage is being sold, you may
want to request a copy of the pooling and servicing agreement to understand how
the sale will affect your loan. The agreement can provide information about the
terms of the sale and how it will impact your mortgage payments.

2.1 Common Reasons to Request a Pooling and Servicing

Agreement
Loan Modification: Borrowers may need a pooling and servicing agreement to
verify if their loan can be modified to prevent foreclosure.

Investor Information: Investors who have purchased a mortgage-backed security

may need the pooling and servicing agreement to gain information about the
underlying loans.

Legal Proceedings: In some legal proceedings, such as a foreclosure defense, a

pooling and servicing agreement can be used as evidence to support the
borrower’s case.

Asset Verification: When purchasing a mortgage-backed security, investors may

want to verify the assets that are included in the pool.

Due Diligence: Prospective investors or buyers may want to conduct due diligence
on the underlying mortgage loans before purchasing a mortgage-backed security.

3 What Information Do You Need to Provide to

Request a Pooling and Servicing Agreement?
When requesting a Pooling and Servicing Agreement, it is essential to have all the
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CookieDetails:
Loan Settings YouAccept
will need to provide the details of the loan or loans that were
securitized, including the loan number, the borrower’s name, and the property

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address.

Reason for the Request: You will need to provide a reason for the request, such as
a legal dispute, research, or auditing.

Requested Documents: You will need to specify which documents you are
requesting. This can include the entire PSA or specific sections or schedules.

Contact Information: You will need to provide your contact information, including
your name, address, phone number, and email address.

Proof of Authority: If you are making the request on behalf of someone else, you
will need to provide proof of your authority to act on their behalf.

3.1 Required Information for Requesting a Pooling and

Servicing Agreement
When requesting a Pooling and Servicing Agreement (PSA), it’s important to
provide the necessary information to ensure a smooth process. The following are
the details you need to gather before making your request:

1 Loan Information: You will need to provide loan-level data, such as the
loan number and original loan amount, for each loan you are requesting
information on.

2 Requesting Entity Information: You will need to identify yourself as the

requesting entity and provide contact information, including a name, phone
number, and email address.

3 Authorization: You will need to provide documentation that authorizes

you to request the PSA. This could include a power of attorney or other legal
documentation.

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the delinquency status of the loans, or you might need
information on the loan balance or payment history.

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5 Reason for Request: You will need to provide a reason for your request.
This could be for regulatory compliance, legal proceedings, or investment
analysis, among others.

By providing all of the necessary information, you can ensure that your request for
a Pooling and Servicing Agreement is processed efficiently and effectively.

3.2 Additional Information that may be Requested

Depending on the specifics of your situation, the issuer may request additional
documentation or information to process your request. Some common additional
information that may be requested includes:

1 Loan-level data: Detailed information about the loans in the pool,

including loan amounts, interest rates, and payment history.

2 Legal documentation: Copies of legal agreements related to the pool,

such as the prospectus or offering circular.

3 Third-party reports: Reports from third-party vendors that provide

information about the loans in the pool, such as credit scores or property
valuations.

4 Pool policy: Information about how the pool is managed and how
decisions about the pool are made.

5 Issuance and servicing history: Information about the history of the

pool, including when it was created, how it has performed over time, and any
changes that have been made to it.

Providing this additional information promptly and accurately can help to expedite
the processing of your request and ensure that it is handled in a timely and
efficient manner.

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Contact the appropriate parties: To obtain the required information, you
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may need to contact various parties such as your mortgage servicer, loan

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originator, or trustee.

Review your loan documents: Your loan documents will have information
about your loan, such as the original loan amount, interest rate, and
payment schedule.

Gather financial documents: You may need to provide financial documents

such as tax returns, bank statements, and employment verification to prove
your eligibility for the requested agreement.

Work with a third-party service provider: If you do not have the required
information or are having difficulty obtaining it, you may consider working
with a third-party service provider who can assist you in gathering the
necessary information.

Be prepared to pay fees: Some parties may charge a fee for providing the
required information, so be prepared to pay for any costs associated with
obtaining the necessary documentation.

Obtaining the required information for a Pooling and Servicing Agreement request
may be a time-consuming process, but it is important to ensure that all necessary
information is provided accurately and completely. By following the necessary
steps, you can increase your chances of a successful request and ensure that your
loan is serviced properly.

4 How to Contact the Issuer to Request a

Pooling and Servicing Agreement?
If you need to request a pooling and servicing agreement, the first step is to
identify the issuer of the securities. You can find this information in the prospectus
or other disclosure documents associated with the securities.

Once you have identified the issuer, you can reach out to them directly to request
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It is important to have all of the required information on hand before contacting

the issuer, as they may require specific information about the securities and your
ownership of them to process your request.

Depending on the issuer’s policies and procedures, you may be able to make your
request online or through other electronic means, such as email or a secure online
portal.

It is also a good idea to review the issuer’s policies and procedures for requesting a
PSA before contacting them, to ensure that you understand the process and any
associated fees or requirements.

4.1 Methods for Contacting the Issuer

Once you have gathered all the necessary information, you are ready to contact
the issuer to request the pooling and servicing agreement. Here are some methods
for contacting the issuer:

Phone: You can call the issuer’s customer service number and request to
speak with someone who can assist you with your request for the pooling
and servicing agreement.

Email: Many issuers have a dedicated email address for customer inquiries.
You can send an email to this address requesting the pooling and servicing
agreement.

Mail: If you prefer to send a letter, you can mail a request for the pooling
and servicing agreement to the issuer’s address. Be sure to include all the
necessary information and a self-addressed stamped envelope for the
issuer’s response.

Online: Some issuers may allow you to request the pooling and servicing
agreement through their website. Check the issuer’s website for any online
We use request
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In-person: If the issuer has a physical location, you may be able to visit in
person
Cookie Settings to request
Accept the pooling and servicing agreement. Check the issuer’s

website or call their customer service number to find out if this is an option.

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Whichever method you choose, be sure to provide all the necessary information
and clearly state your request for the pooling and servicing agreement. It may take
some time for the issuer to process your request, so be patient and follow up if
necessary.

4.2 Information to Include in Your Request

Name: Start by introducing yourself and provide your name. It’s always a
good idea to begin with a friendly greeting.

Service Needed: Clearly state the service you need help with. Be specific
and include any relevant details that the service provider needs to know.

Timeline: Let the service provider know when you need the service to be
completed. Be realistic and considerate of their schedule. It’s also a good
idea to ask for a timeline from the service provider to ensure that everyone
is on the same page.

Budget: Be upfront about your budget. This will help the service provider
determine if they are able to accommodate your needs and provide you
with a quote for the service.

Contact Information: Make sure to provide your contact information,

including your email address and phone number, so the service provider
can easily get in touch with you to discuss your request.

Additional Details: Use this section to provide any additional details or

special requests for the service provider to consider. This can include things
like preferred communication methods or specific requirements for the
service.

By including all of this information in your request, you will make it much easier for
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chance you have of getting the exact service you need at a fair price.

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5 How Long Does it Take to Receive a Pooling

and Servicing Agreement?
If you’re in the process of buying or refinancing a property, you may need to
obtain a Pooling and Servicing Agreement (PSA) from the lender. This is a legal
document that outlines the terms and conditions of a securitized loan.

The length of time it takes to receive a PSA can vary depending on a number of
factors, including the complexity of the loan and the efficiency of the lender’s
process. Some lenders may be able to provide a PSA within a few days, while
others may take several weeks or even months.

It’s important to note that the timeline for receiving a PSA can also be impacted by
the amount of negotiation that is required between the parties involved. This can
include negotiations over the terms of the loan, as well as any legal or regulatory
requirements that need to be addressed.

To ensure that you receive your PSA in a timely manner, it’s a good idea to work
with a lender who has a reputation for being efficient and responsive. Additionally,
you may want to consider working with an experienced real estate attorney who
can help facilitate the negotiation and review process.

5.1 Typical Timeframe for Receiving a Pooling and Servicing

Agreement
While the timeline for receiving a Pooling and Servicing Agreement (PSA) can
vary depending on several factors, there are some typical timeframes to keep in
mind.

Timeframe for Factors That Can Impact

Loan Type
Receiving PSA Timeline
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Loan complexity, investor

Residential Mortgage-
1-2 weeks demand, legal and regulatory
Backed Securities (RMBS)
requirements

Loan complexity, investor

Commercial Mortgage-
3-6 weeks demand, legal and regulatory
Backed Securities (CMBS)
requirements

Loan complexity, investor

Asset-Backed Securities
2-4 weeks demand, legal and regulatory
(ABS)
requirements

Loan complexity, investor

Collateralized Loan
4-6 weeks demand, legal and regulatory
Obligations (CLOs)
requirements

Loan complexity, investor

Collateralized Debt
4-8 weeks demand, legal and regulatory
Obligations (CDOs)
requirements

Loan complexity, investor

Residential Whole Loans
2-4 weeks demand, legal and regulatory
(RWLs)
requirements

It’s important to note that these are just general guidelines and the actual
timeframe for receiving a PSA can vary depending on the unique circumstances of
each loan. Additionally, delays in the process can occur if there are negotiations or
revisions to the PSA that need to be made.

5.2 Factors That May Affect Processing Time

If you are in the process of obtaining a pooling and servicing agreement, it is
important to understand that the timeframe for receiving it can vary. There are a
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Firstly, the complexity of the transaction is one of the most important factors that
can impact the processing time. A more complex transaction may require
additional review and analysis, which can cause delays in the approval process.

Secondly, the completeness of the information you provide can also affect how
quickly your request is processed. If the necessary information is not provided, it
can cause delays in the approval process.

Finally, the volume of requests received by the servicer can also impact how long
it takes to receive your pooling and servicing agreement. If the servicer is
experiencing a high volume of requests, it may take longer to process your
request.

Factors Impact Description

A more complex transaction may require

Complexity of High
additional review and analysis, which can
transaction impact
cause delays in the approval process.

Completeness of Medium If the necessary information is not provided,

information provided impact it can cause delays in the approval process.

If the servicer is experiencing a high volume

Volume of requests Low
of requests, it may take longer to process
received impact
your request.

It is important to keep these factors in mind when submitting your request for a
pooling and servicing agreement. By providing complete and accurate information
and allowing for sufficient processing time, you can help ensure that your request
is processed as quickly and efficiently as possible.

6 What to Do if Your Request for a Pooling and

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If your request for a pooling and servicing agreement has been denied, don’t

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panic. First, you should find out why your request was denied. The denial letter
should provide specific reasons for the decision. It may be that you did not provide
all the required documentation or that the loan does not meet the necessary
criteria.

Once you understand why your request was denied, you can take steps to address
the issue. If it was a documentation issue, gather the necessary paperwork and
reapply. If the loan does not meet the necessary criteria, consider whether there
are any other options available to you.

If you believe that your request was denied unfairly, you can file an appeal. The
appeal process varies depending on the entity that denied your request. Be sure to
follow the appeal process carefully and provide any additional information that
may support your case.

It is important to remember that a denial of a pooling and servicing agreement

request is not the end of the road. There may be other options available to you,
such as working with a different lender or exploring alternative financing options.

Ultimately, the key to successfully navigating a denial of a pooling and servicing

agreement request is to stay calm, gather information, and explore all available
options.

6.1 Possible Reasons for Denial

If your request for a Pooling and Servicing Agreement is denied, it could be due to
a number of factors. One possible reason is insufficient documentation. Your
request may have been missing important information that was required in order
to process the agreement. Another reason could be ineligibility. If you do not
meet the requirements for receiving a Pooling and Servicing Agreement, your
request may be denied.
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information is inaccurate, your request may be denied. It is important to carefully

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review and double-check all documentation before submitting your request.

Timing may also be a factor in the denial of your request. If you submit your
request too close to the deadline or if there are delays in processing, you may not
receive your agreement in time. In such cases, it is important to communicate with
the relevant parties to determine if there are any options available to expedite the
process or if there are alternative solutions.

6.2 Steps to Take if Your Request is Denied

If your request for a pooling and servicing agreement is denied, there are several
steps you can take to address the issue.

Contact the Lender or Servicer: The first step is to contact the lender or servicer
and ask for an explanation of why your request was denied. They may be able to
provide additional information that can help you address the issue.

Review the Pooling and Servicing Agreement: Review the pooling and servicing
agreement to determine if there are any provisions that may have been violated. If
you believe that the lender or servicer has violated the terms of the agreement,
you may be able to take legal action.

Consult with a Legal Professional: If you are unable to resolve the issue on your
own, it may be helpful to consult with a legal professional who has experience in
this area. They can help you understand your rights and options, and provide
guidance on how to proceed.

7 Frequently Asked Questions

7.1 What is a Pooling and Servicing Agreement? +

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7.2 Who can request a Pooling and Servicing Agreement? +
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7.3
What information do I need to provide to request a Pooling and Servicing Agreement?
+

7.4 How can I make a request for a Pooling and Servicing Agreement? +

About Us Contact Us Privacy Policy Terms and Conditions

7.5 How long does it take to receive a Pooling

© 2024 and Servicing Agreement?
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7.6 What should I do if my request for a Pooling and Servicing Agreement is denied? +

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