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Your Mortgage Chopped Up and Sold Off

UNDERWRITER The underwriter purchases all of the certificates from the depositor and sells them to the final investors. TRUSTEE The party that oversees the pool of investments on behalf of investors. I+1= 2 AGGREGATOR Purchases loans from 234 - one or more originators to form a pool of assets. ing to YOUR MORTGAGE Chopped Up and Sold Off SERVICER MORTGAGE BROKER The broker shops around for the best mortgage to sell the borrower. LOAN ORIGINATOR Sometimes called the lender. This is the entity that gives the money to the borrower. DEPOSITOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. bankruptcies and lawsuits. You're buying a new home, but once you retain a mortgage broker and sign the papers, the wheels of the mortgage industry machine start to spin. .and everyone takes their piece of the pie. IsSUER Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually are sold to investors. BORROWER A person/family who wants to buy a home. INVESTORS The people who actually buy shares in the securitized pool. I+1= 2 UNDERWRITER TRUSTEE AGGREGATOR The underwriter purchases all The party that oversees the pool of investments on 234- Purchases loans from of the certificates from the one or more originators to form a pool of 31 depositor and sells them to the final investors. behalf of investors. assets. YOUR MORTGAGE Chopped Up and Sold Off DEPOSITOR SERVICER LOAN ORIGINATOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose is to act as a shield against bankruptcies and lawsuits. MORTGAGE BROKER Sometimes called the lender. This is the entity that gives the money to the borrower. The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. The broker shops around for the best mortgage to sell the borrower. ISSUER You're buying a new home, but once you retain BORROWER INVESTORS Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually a mortgage broker and sign the papers, the wheels The people who actually buy A person/family who wants to buy a home. of the mortgage industry machine start to spin. shares in the securitized pool. .and everyone takes their piece of the pie. are sold to investors. I+1= 2 UNDERWRITER TRUSTEE AGGREGATOR The underwriter purchases all The party that oversees the pool of investments on 234- Purchases loans from of the certificates from the one or more originators to form a pool of 31 depositor and sells them to the final investors. behalf of investors. assets. YOUR MORTGAGE Chopped Up and Sold Off DEPOSITOR SERVICER LOAN ORIGINATOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose is to act as a shield against bankruptcies and lawsuits. MORTGAGE BROKER Sometimes called the lender. This is the entity that gives the money to the borrower. The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. The broker shops around for the best mortgage to sell the borrower. ISSUER You're buying a new home, but once you retain BORROWER INVESTORS Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually a mortgage broker and sign the papers, the wheels The people who actually buy A person/family who wants to buy a home. of the mortgage industry machine start to spin. shares in the securitized pool. .and everyone takes their piece of the pie. are sold to investors. I+1= 2 UNDERWRITER TRUSTEE AGGREGATOR The underwriter purchases all The party that oversees the pool of investments on 234- Purchases loans from of the certificates from the one or more originators to form a pool of 31 depositor and sells them to the final investors. behalf of investors. assets. YOUR MORTGAGE Chopped Up and Sold Off DEPOSITOR SERVICER LOAN ORIGINATOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose is to act as a shield against bankruptcies and lawsuits. MORTGAGE BROKER Sometimes called the lender. This is the entity that gives the money to the borrower. The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. The broker shops around for the best mortgage to sell the borrower. ISSUER You're buying a new home, but once you retain BORROWER INVESTORS Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually a mortgage broker and sign the papers, the wheels The people who actually buy A person/family who wants to buy a home. of the mortgage industry machine start to spin. shares in the securitized pool. .and everyone takes their piece of the pie. are sold to investors. I+1= 2 UNDERWRITER TRUSTEE AGGREGATOR The underwriter purchases all The party that oversees the pool of investments on 234- Purchases loans from of the certificates from the one or more originators to form a pool of 31 depositor and sells them to the final investors. behalf of investors. assets. YOUR MORTGAGE Chopped Up and Sold Off DEPOSITOR SERVICER LOAN ORIGINATOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose is to act as a shield against bankruptcies and lawsuits. MORTGAGE BROKER Sometimes called the lender. This is the entity that gives the money to the borrower. The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. The broker shops around for the best mortgage to sell the borrower. ISSUER You're buying a new home, but once you retain BORROWER INVESTORS Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually a mortgage broker and sign the papers, the wheels The people who actually buy A person/family who wants to buy a home. of the mortgage industry machine start to spin. shares in the securitized pool. .and everyone takes their piece of the pie. are sold to investors. I+1= 2 UNDERWRITER TRUSTEE AGGREGATOR The underwriter purchases all The party that oversees the pool of investments on 234- Purchases loans from of the certificates from the one or more originators to form a pool of 31 depositor and sells them to the final investors. behalf of investors. assets. YOUR MORTGAGE Chopped Up and Sold Off DEPOSITOR SERVICER LOAN ORIGINATOR The depositor's job is to set up a Special Purpose Vehicle, SPV. The SPV's entire purpose is to act as a shield against bankruptcies and lawsuits. MORTGAGE BROKER Sometimes called the lender. This is the entity that gives the money to the borrower. The party that does all the processing work traditionally performed by banks - receiving mortgage payments from borrowers, etc. The broker shops around for the best mortgage to sell the borrower. ISSUER You're buying a new home, but once you retain BORROWER INVESTORS Acquires the pool of mortgages from the depositor, and drafts the certificates that eventually a mortgage broker and sign the papers, the wheels The people who actually buy A person/family who wants to buy a home. of the mortgage industry machine start to spin. shares in the securitized pool. .and everyone takes their piece of the pie. are sold to investors.

Your Mortgage Chopped Up and Sold Off

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You're buying a new home, but once you retain a mortgage broker and sign the papers, the wheels of the mortgage industry machine start to spin.... ....and everyone takes their piece of the pie.

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