Pass-Through Security

What Does Pass-Through Security Mean?
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 explains Pass-Through Security
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.