Jurisdiction(s):
United Kingdom

Key definition

Mortgage-backed securities definition

What does Mortgage-backed securities mean? Securities whose interest and principal payments are funded by cash flows from a pooled portfolio of mortgage loans (residential RMBS or commercial CMBS). In practice, mortgage-backed securities arise in securitisation transactions where a special purpose vehicle (SPV) purchases mortgages and issues notes to investors, often in tranches with differing priorities, supported by credit enhancement and a payment waterfall. Security is typically granted over the loan receivables and related rights, with a trustee/security trustee acting for noteholders. The term is a market description rather than a statutory definition, though it is used in offering documents and case law commentary. Key legal issues...

CMBS transaction documents: a practitioner’s guide to key agreements, parties, provisions and signing-to-closing timeline

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note

This Practice Note outlines the principal documents needed for a commercial Mortgage-backed securities (CMBS) deal, identifying the principal parties to each, the salient issues to assess in them, and the stage in the process at which they ought to be executed. As with any financing method or transaction, there are many variations in how the detailed terms of any given transaction may function, which fall outside the remit of this Practice Note. Furthermore, unless expressly stated, the Requirements of specific jurisdictions—most notably the United States—in relation to a CMBS transaction are not addressed in this Practice Note. This Practice Note should be read alongside Practice Note: Key parties, documents and terms of a commercial mortgage-back Securities transaction. It focuses on documents, participants and timing considerations, rather than prescribing structures or variations, and is intended as guidance for reference purposes only...

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Web page updated on 21/05/2026

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