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In this tutorial, Christopher Rocky, Director of Education at Mortgage Resolution Services, explains the concept of pooling and servicing agreements (PSAs) in relation to short sales. He highlights that many individuals may not be familiar with PSAs and their implications. Rocky emphasizes that between 2002 and mid-2007, loan documents typically included disclosures indicating that loans would be sold into the secondary market, often as mortgage-backed securities (MBS) or collateralized debt obligations (CDOs). He points out that the terms set by investors buying these securities significantly influence the short sale process, underscoring the importance of understanding PSAs for those navigating short sales.