It stands for callable pass-through certificate; a mortgage security (mortgage-backed security) that is created by splitting a pass-through into two classes: a callable class and a call class. The callable class is paid all of the principal and interest from the underlying collateral (mortgage pool). The call class receives no principal or interest, but the holder (of the call class) has the right (and option) to call the underlying pass-through at a stated price (typically, par value plus accrued interest) from the callable class holders after the passage of a specified period of time from the issue date of the two classes.

CPC may also denote other multiple terms such as capital pool company, credit participation certificate, cost per click, central product classification, etc.