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Mortgage-Backed Securities and Pass-Throughs

Mortgage securities terms for MBS, pass-throughs, mortgage-backed certificates, and commercial MBS.

This section groups the main tradable mortgage security concepts used in secondary mortgage markets.

It helps readers distinguish mortgage-backed securities, certificates, pass-through structures, and commercial mortgage-backed securities.

In this section

Commercial Mortgage-Backed Security (CMBS): A Comprehensive Overview
Explore the intricacies of Commercial Mortgage-Backed Securities (CMBS), examining their structure, types, investment strategies, and market impact.
MBS: Mortgage-Backed Securities
Mortgage-Backed Securities (MBS) are debt obligations packaged and sold by entities like Fannie Mae.
Mortgage-Backed Certificate: Security Backed by Mortgages
A mortgage-backed certificate is a financial instrument backed by mortgages, where investors receive payments from the interest and principal on the underlying mortgages.
Mortgage-Backed Security: Real Estate-Backed Investments
A detailed exploration of mortgage-backed securities, their types, characteristics, and relevance in the financial markets.
Pass-Throughs: Operating Expenses and Certificates
An in-depth explanation of pass-throughs, including operating expenses charged to tenants and pass-through certificates.

Revised on Monday, May 18, 2026

Pools, CMOs, and REMICs

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Mortgage-Backed Securities and Pass-Throughs

In this section