11 While, as I note below, the average seasoning of loans in non-banks’ new RMBS deals has fallen in recent  years, the data on non-banks’ securitised loans remain a less reliable indicator of recent lending activity.
12 Atypical RMBS tranche (or note) will pay a floating interest rate with principal returned on a ‘pass-through’ basis  as payments are received (subject to the payment profile specified in the RMBS deal documentation). A shortterm tranche is one that is structured to receive sufficient principal payments such that its weighted average life is less than or equal to one year.