underlying mortgage

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Underlying Mortgage

In a mortgage-backed security, a mortgage or a piece of a mortgage that gives value to the security. For example, if a bank sells the mortgage on Joe's house to another bank and that bank repackages it into an MBS, Joe's mortgage is one of the underlying mortgages for the security. See also: Underlying asset.

underlying mortgage

The first mortgage in a wraparound mortgage arrangement.
References in periodicals archive ?
Doral Financial also retained a call option which grants it a right to repurchase the mortgage loans at par if the floating pass-though rate equals or exceeds the weighted-average interest rate on the underlying mortgages.
Katz Associates recently placed underlying mortgages for sever 1 co-op buildings, including $360,000 first mortgage on 511 East 82nd Street in NYC , a five-story apartment building containing 11 apartments and one office, in which the n w mortgage is at a 8.
In the case of the floating rate IOs, the recorded gain on sale represents the estimated present value of the excess interest spread, discounted over the expected life of the underlying mortgages, using the prepayment experience of the mortgage portfolio to calculate estimated life.
Katz Associates recently placed underlying mortgages for several rental buildings, including a $700,000 first mortgage on 2546-2548 Seventh Avenue, New York City.
Although the underlying mortgages are generally amortizing and floating-rate, one tranche of the senior notes has been structured as a three-year fixed-rate bullet.
The Park Avenue Commercial Group arranges underlying mortgages for co-ops as well as major financial transactions for commercial buildings.
dollars; the other classes will be in Australian dollars, the currency of the underlying mortgages.
With unemployment at an all-time high and housing prices slumping, the quality of the underlying mortgages is underpinning the performance of the transactions.
Medical Mortgages has the discretion to adjust the interest rate on the underlying mortgages to meet the redemption of the commercial paper and expenses of the special purpose vehicle.
Katz Associates recently placed three underlying mortgages in aggregate of $1.
National Cooperative Bank (NCB), one of the largest originators of underlying mortgages for cooperative housing corporations, continued its active lending by arranging more than $19 million in financing in November.
To date, Cheshire has restructured more than over $54 million worth of underlying mortgages at no fewer than 12 co-ops in the metropolitan New York region.