This is the entity on whose books the assets to be securitised exist. It is the prime deal, that is, it sets up the necessary structures to execute the deal. It sells the assets and receives the funds generated from such sale. In a true sale, the originator the legal and the beneficial interest in the assets to the SPV.
An issuer, also known as the SPV, is the entity which would typically buy the assets to be the originator. An SPV is typically a low-capitalised entity wim narrowly defined activities, and usually has independent trustees/Directors. As one of the main securitisation is to remove the assets from the balance sheet of the originator, the Spy important role in as much as it holds the assets in its books and makes the upfront to the originator.