Answer: Originator

The **primary mortgage market** is where a mortgage is **created/originated** between the borrower and the lender. An **originator** necessarily participates in this market. - **CMO** and **MBS** are securities created from pools of mortgages, so they are part of the **secondary** mortgage market. - **Fannie Mae** mainly operates in the **secondary** market by purchasing or guaranteeing mortgages.

Author: Manit Arora