A group of mortgages that may be placed into the same investment vehicle, especially a mortgage-backed security. The mortgage pool is collected and then divided up into smaller pieces, each containing the same proportion of the individual mortgages; the pieces are then sold as securities. Generally speaking, the mortgages in a mortgage pool have the same characteristics, such as similar maturities.
A combination of similar mortgages used as collateral for loans or for participation certificates sold to investors. Also called pool.