Home Foreclosures: 3.6.3.3 Is the Loan Properly Included in the Trust?
The terms of a pooling and servicing agreement govern when and how a trust acquires mortgages. For example, some PSAs permit the trust to acquire only mortgages that are current, precluding the trustee from accepting loans that are in default. A trust agreement may set a closing date after which new mortgages may not be added to the trust pool.