A collateral, in a repo transaction or CMOs, that comes in the form of a whole loan. For whole loan repo, there are mainly two types of whole loans: mortgage whole loans and consumer whole loans. While for whole loan CMOs, there are many types of loans used as whole loan collateral including ARMs, TPMs, balloons, RELOs, long-term mortgages.

Whole-loan collateral is also known as a nonagency collateral because the loans are not supported by a government agency.