CC_S_203.2 Commercial/Multifamily Pooling and Servicing Agreements

1-5 CMB Points Commercial / Multifamily Commercial Certified Mortgage Servicer (CCMS) Education Intermediate Loan Administration & Servicing Self-Study Web-Based Courses
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Option Price
Member $50.00
Non-Member $100.00

Pooling and servicing agreements (PSAs) govern commercial mortgage-backed securities (CMBS) and are unique to each deal. The PSA sets forth specific servicing requirements of key loans comprising the deal, consistent with accepted standard servicing practices or requirements. The favorable tax status granted to securitized pools makes it critical that servicers not do anything to impact this tax status and potentially negatively impact the certificate holders or investors to the deal.

Commercial/Multifamily Pooling and Servicing Agreements explores basic concepts of PSAs, including the processes and requirements defined by these agreements. First, it covers the basic contents and structure of most PSAs as well as legal issues and considerations associated with PSAs. Next, it discusses important elements of the PSA and the responsibilities of the servicer, specific to the servicing requirements identified in the provisions. It then explores the common servicer approval requirements dictated by PSA and REMIC provisions pertaining to borrower requests. Finally, the course covers the role of the subservicing agreement for CMBS loans.

This is a commercial/multifamily course.

  • Basics of Commercial/Multifamily Pooling and Servicing Agreements
  • Important Elements of the PSA
  • Approval Process Requirements
  • Subservicing Agreements


    Seat time approximately 2.5 hours.

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