Hi Dan, when you borrow money there is a note and a mortgage.
The promissory note is the IOU, so to speak...for example if you borrow 300k @7%, you promise to pay that note secured by a mortgage...the mortgage is the security instrument which secures
payment of the note. "Securitization" of any note is done by collateral which is the home itself. The note lays out the the terms and the mortgage secures it.
I hope this helps you, please feel free to call me directly with any further questions...happy to assist you with all of your Real Estate needs.
Kim Katsenes Broker
Coldwell Banker Honig Bell~ New Lenox 815.302.4255