Mortgage Banking Wall Street Repurchase (REPO) facilities.

How do REPO facilities provided by Wall Street firms like UBS and Morgan Stanley work. Where did the term Repurchase or REPO come from and how does this form of financing differ from a traditional mortgage warehouse line of credit provided by a commercial bank? Are REPO's structured as on-balance sheet or off-balance sheet and do mortgage companies actually repurchase the loans sold to, say UBS for instance, or is it that they just may be required to repurchase the loans. If the loans are repurchased by the seller is this because the seller intends to securitize them? Thanks

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