Securitization: Special Purpose Vehicles vs. Trusts

I'm trying to learn more about the basics of Securitized Products, and after reviewing a high level process of how a pool of assets is securitized and sold to investors, I still don't understand why the loan pool is sold into a Trust from a Special Purpose Vehicle.

For some context, I've added the timeline I'm working with below and bolded the step I'm stuck on:

Consumer -- cashflows from loan made to consumer --> Company
Company -- Loans from company (Loan Pool) --> SPV
SPV -- Loan Pool --> Trust
Trust -- Cashflows (principal + interest) from Loan Pool --> Securities
Securities -- Cashflows from Securities --> Investors

I understand the SPV is bankruptcy remote, and a separate entity from the issuer, but I don't see how the Trust fits into this picture.

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Sep 26, 2017
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