Mortgage-Backed Securities and Pools

Mortgage-Backed Securities and Pools covers MBS, CMOs, REMICs, pass-throughs, mortgage pools, TBA markets, WAC, vintage, coupons, primary-secondary spread, and secondary-market mortgage terms.

Use these pages when mortgage loans are pooled, guaranteed, traded, securitized, or analyzed from an investor perspective. It sits inside Mortgage Securities and Secondary Markets, so readers can move up when the broader property-finance context matters.

Use the table below to choose the narrower mortgage or real-estate finance branch before applying a term to a loan file, closing record, servicing review, investor report, appraisal, or valuation model. Move into the term page when the document, calculation, party role, lien position, or property cash flow matters.

What This Branch Covers

What to Check

• Pool, issuer, guarantor, servicer, collateral type, coupon, WAC, vintage, factor, and payment waterfall.
• Pass-through, CMO, REMIC, TBA, agency, non-agency, or whole-loan market context.
• Prepayment, extension, delinquency, default, servicing, and guarantee characteristics.
• Trade date, settlement, pool number, disclosure file, and investor report.
• Effect on yield, duration, convexity, cash-flow timing, credit risk, and liquidity.

Common Mistakes

• Treating mortgage loans and MBS as the same exposure.
• Ignoring prepayment and extension risk.
• Mixing agency guarantees, private-label credit risk, and servicing rights.
• Comparing pools without coupon, vintage, collateral, geography, and borrower characteristics.

Mortgage-securities content is educational and does not provide investment, trading, tax, legal, or securities advice.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.