“Refinance is when mortgage refinance companies come in… they buy a portion of the mortgage portfolio from banks, give them liquidity, and free up their books so they can create more mortgages. That’s how refinance works. PMRC will package the mortgage portfolio and turn it into units—just like stocks—that investors can buy. The mortgages’ collateral is backed by repayments, generating profit for the investor. That’s the securitization structure.” Mudassir H. Khan, MD & CEO of Pakistan Mortgage