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The conduit will usually pool enough funds from the mortgage-back securities before reissuing the funds to another party. A conduit may be used if a borrower is unable to meet the requirements of the original lender. See also conduit borrower, conduit issuer. The water was leaking, so I figured that there must be some kind of problem with a conduit that was causing the leak.
To understand the evolution of the conduit loan, it is necessary to first think of the loan as a bank asset. A loan promises a future revenue stream. Since it is an asset, the loan can be traded and sold. Financial institutions began purchasing loans, packaging them and selling them as securities in the 1980s.