Pooling and Servicing Agreements (PSAs) are important legal documents that govern mortgage-backed securities. As a professional, I can assure you that many people are interested in whether or not these agreements are a matter of public record.
To answer the question directly – yes, PSAs are indeed public records. In fact, they are required by law to be publicly accessible as part of the Securities and Exchange Commission (SEC) filing requirements.
When a mortgage loan is bundled together with other loans to create a mortgage-backed security, the PSA outlines how those loans will be serviced and how the cash flows from the underlying loans will be distributed among investors.
The PSA is a binding agreement between the investors who purchase the security and the company that will manage the mortgage loans (known as the servicer). Essentially, it sets forth the terms and conditions of the securitization, including the rights and obligations of the parties involved.
In terms of accessibility, PSAs can be found on the SEC’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. This system is accessible to the public and allows users to search for and access a wide variety of SEC filings, including PSAs.
It is worth noting that PSAs can be quite lengthy and complex documents, often running into hundreds of pages. They are typically written in highly technical language and require a strong understanding of the legal and financial aspects of mortgage-backed securities in order to be properly understood.
If you are looking for a particular PSA, it can be helpful to search for it by the name of the trust that issued the securities. This will help you narrow down your search and locate the specific filing you are looking for.
In summary, PSAs are indeed public record and can be accessed through the SEC’s EDGAR system. However, given their complexity and technical language, it is important to have a solid understanding of the legal and financial aspects of mortgage-backed securities in order to fully understand the contents of a PSA.