A CMO whose collateral has not been securitized by Ginnie Mae, Freddie Mac or Fannie Mae. Therefore, they are issued by private entities and obtain their AAA rating based on the strength of the collateral and subordinate structures of the deal.

Is a mortgage, either commercial or residential, that has not been securitized.

With ice WST

A loan in which a seller retains no interest in that loan upon sale, but normally continues to service it for a fee.

Single or grouped mortgage loan(s) that have not been rated by a credit agency, guaranteed by a governmental entity or credit-enhanced.

A term used in the secondary market to indicate that the full amount of a loan is available for sale with no portion, or participation, retained by the seller.