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TeachMeFinance.com - explain derivative mortgage product derivative mortgage product -- a financial instrument that is created by redistributing the cash flow s from some underlying instruments, such as mortgages or mortgage-backed securities, to new classes of holders. The most common derivatives include multiple class securities, stripped mortgage-backed securities, and residuals. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.