pass-along

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security, representing pooled debt obli gations repackaged as shares, that passes income from debtors through the intermediary to investors. The most common type of passthrough is a mortgage-backed certificate, usually governmentguaranteed, where homeowners’ principal and interest payments pass from the originating bank or savings and loan through a government agency or investment bank to investors, net of service charges.
Pass-throughs representing other types of assets, such as auto loan paper or student loans, are also widely marketed.
See also certificate of automobile receivables (CARS); collateralized mortgage obligation; remic.

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A pool of fixed-income securities backed by a package of assets. A servicing intermediary collects the monthly payments from issuers, and, after deducting a fee, remits or passes them through to the holders of the pass-through security.

Also known as a "pass-through certificate" or "pay-through security."

Investopedia Says:
The most common type of pass-through is a mortgage-backed certificate, where homeowners' payments pass from the original bank through a government agency or investment bank to investors.

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