Pass-Throughs are fixed-income securities that represent an undivided interest in a pool of federally insured mortgages put together by the Government National Mortgage Association (Ginnie Mae).

Mortgage-backed certificates are the most common type of pass-through, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.

• Loan term
• Scheduled monthly payment
• Estimated prepayment
• Credit enhancements
• Treasury spot rate curve
• Yield spread