A pooling and servicing agreement is a formal document prepared in the field of finance. This document is usually prepared when servicing is provided to a pooled loan. The agreement states the process in which the loan is serviced. The loan that is serviced in a pooling and servicing agreement is a collections of loans gathered into a securitized pool. The usual purpose of investing in a securitized loan is to create diversity in property types, sizes and markets.
The parties usually involved in a pooling and servicing agreement are:
The originator of the loan who is also known as the primary servicer
An individual responsible for subcontracting duties to the primary servicer. This individual is known as the master servicer.
A special servicer who takes the responsibility of administration of the loan in case of a default
A trustee that holds loan documents and also distributes payments
An agency that monitors the performance of the pool
Pooling and Servicing Agreement
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