PASS-THROUGH Definition

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PASS-THROUGH is a mortgage or asset-backed security for which the payments on the underlying debt are passed from the debtor through the servicing agent (who receives a fee) to the security holder.

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BUSINESS RISK see OPERATING RISK.

CORE PROCESS is a process with a set of related and interdependent activities that transform an input to a system to an output with added value to a customer. It is the transformation of people, money, materials or information that is the value-added work of the organization. The CORE PROCESSES are those processes by which the organization creates its most value-added and essential transformations for the customers.

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