A Real Estate Mortgage Investment Conduit (REMIC) is a type of multiclass mortgage-related security in which interest and principal payments from the mortgage-related assets serving as collateral are structured into separately traded securities called classes. The cash flow from the underlying collateral is directed to several classes, which may have different coupon rates, average lives, prepayment sensitivities, and final maturities. REMICs further enhance the mortgage securities market with their increased efficiency.