{"id":3298,"date":"2019-09-12T13:33:00","date_gmt":"2019-09-12T13:33:00","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=3298"},"modified":"2025-12-30T12:16:24","modified_gmt":"2025-12-30T12:16:24","slug":"describe-securitization","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/describe-securitization\/","title":{"rendered":"Describe Securitization"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Introduction to Asset-Backed Securities (2025 Level I CFA\u00ae Exam \u2013 Fixed Income \u2013 Module 4)\",\n  \"description\": \"This video lesson covers the securitization process, its benefits to the financial system, and the roles of involved parties. It explores key structures like credit and time tranching, types of mortgage and non-mortgage asset-backed securities, prepayment risk, commercial MBS, CDOs, and how covered bonds differ from other ABS types.\",\n  \"uploadDate\": \"2022-05-24T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/9nVm9Qh4gKw\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=9nVm9Qh4gKw\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/9nVm9Qh4gKw\",\n  \"duration\": \"PT44M50S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"ImageObject\",\n  \"url\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process.png\",\n  \"contentUrl\": \"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process.png\",\n  \"caption\": \"Parties involved in the securitization process\",\n  \"width\": 974,\n  \"height\": 974,\n  \"copyrightNotice\": \"\u00a9 2024 AnalystPrep\",\n  \"acquireLicensePage\": \"https:\/\/analystprep.com\/license-info\",\n  \"creditText\": \"AnalystPrep Design Team\",\n  \"creator\": {\n    \"@type\": \"Organization\",\n    \"name\": \"AnalystPrep\",\n    \"url\": \"https:\/\/analystprep.com\/\"\n  }\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Which of the following parties is likely to be referred to as the originator in the securitization process?\",\n    \"text\": \"Question\\nWhich of the following parties is likely to be referred to as the originator in the securitization process?\\n\\nA. Rogers Mutual Fund.\\nB. Grand American Bank.\\nC. Jim Blank, an individual mortgage borrower.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. The originator in the securitization process is typically a financial institution, like a bank, that provides the loans or mortgages that are later securitized.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/9nVm9Qh4gKw?si=JKVU1MvMge6Cic5Z\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n<p>A hypothetical financial institution, BCG Bank, decides to raise a $100 million loan by securitizing loans rather than issuing corporate bonds. The company sets up a legal entity, Loan Trust, to which it sells the loans. Such a legal entity is called a Special Purpose Entity (SPE) or Special Purpose Vehicle (SPV).<\/p>\n<p>The ultimate owner of the loan, Loan Trust, is not, in any way, is considered bankruptcy-free from the seller of the loans. The loans backed by asset-backed securities are accepted to be safe within the SPE, and creditors of\u00a0 BCG <em>don&#8217;t have any claims on these assets<\/em>.<\/p>\n<p>BCG sells $100 million of loans and receives $100 million in cash. In turn, Loan Trust issues and sells securities that are backed by securitized loans (represents collateral) and receives cash. Periodic cash payments that are received from the collateral, for instance, monthly mortgage payments made by borrowers, are used to make periodic cash payments to security holders, i.e., the investors who bought the asset-based securities. These investors are often large pension funds.<\/p>\n<h2><strong>Parties Involved in the Securitization Process<\/strong><\/h2>\n<p>In our foregoing example, the money flows in the following manner:<\/p>\n<ul>\n<li>individual borrowers contract loans with BCG Bank;<\/li>\n<li>BCG Bank, the originator, then sells these assets to the SPV, Loan Trust. This reduces BCG Bank&#8217;s liabilities portion of its balance sheet;<\/li>\n<li>investors such as Mutual Funds invest in the SPV in exchange for promised monthly mortgage payments.<\/li>\n<\/ul>\n<p>In addition, the following are the other parties involved in the securitization process: independent accountants, lawyers, trustees, underwriters, rating agencies, financial guarantors, liquidity support, etc.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" width=\"974\" height=\"974\" class=\"aligncenter size-full wp-image-16881\" style=\"max-width: 100%;\" src=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process.png\" alt=\"\" srcset=\"https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process.png 974w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-150x150.png 150w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-300x300.png 300w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-768x768.png 768w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-700x700.png 700w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-600x600.png 600w, https:\/\/analystprep.com\/cfa-level-1-exam\/wp-content\/uploads\/2019\/09\/securitization_process-400x400.png 400w\" sizes=\"auto, (max-width: 974px) 100vw, 974px\" \/><\/p>\n<p>A significant amount of legal documentation is required to create a special purpose entity. The purchase agreement is signed by the seller of the collateral and the SPE. Another important legal document is the prospectus which describes the structure of securitization, such as the priority of payments to be made to parties.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Which of the following parties is likely to be referred to as the originator in the securitization process?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li data-tadv-p=\"keep\">Rogers Mutual Fund.<\/li>\n<li data-tadv-p=\"keep\">Grand American Bank.<\/li>\n<li data-tadv-p=\"keep\">Jim Blank, an individual mortgage borrower.<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is <strong>B<\/strong>.<\/p>\n<p>The originator of the loan is usually a financial institution providing mortgage loans to individual borrowers. However, it is important to note that the securitization process does not always have to be based on mortgage loans.<\/p>\n<\/blockquote>","protected":false},"excerpt":{"rendered":"<p>A hypothetical financial institution, BCG Bank, decides to raise a $100 million loan by securitizing loans rather than issuing corporate bonds. The company sets up a legal entity, Loan Trust, to which it sells the loans. Such a legal entity&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-3298","post","type-post","status-publish","format-standard","hentry","category-fixed-income","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Understanding Securitization | CFA Level 1 - AnalystPrep<\/title>\n<meta name=\"description\" content=\"Learn how securitization transforms assets into marketable securities, the role of special purpose entities, and its impact on financial markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/analystprep.com\/cfa-level-1-exam\/fixed-income\/describe-securitization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Understanding Securitization | CFA Level 1 - 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