SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: December 19, 1996
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through CitiCertificates Series 1996-1)
(Exact name of registrant as specified in charter)
Delaware 33-66222 13-3408713
(State or other juris- (Commission (I.R.S. Employer
diction of organization) File Nos.) Identification No.)
909 Third Avenue, New York, New York 10043
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 559-9583
(Former name, former address and former fiscal year, if changed since last
report.)
<PAGE>
Item 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1996-1
-----------------------------------------------
December 19, 1996
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES A
--------------------------------
On December 19, 1996, Citicorp Mortgage Securities, Inc. ("CMSI") will
transfer to the Trustee Mortgage Loans evidenced by Mortgage Notes with an
aggregate Adjusted Balance outstanding (after deducting principal payments due
on or before December 1, 1996) as of December 1, 1996 of $200,054,396.04. The
Mortgage Loans will be delivered in exchange for the CitiCertificates,
authenticated by the Trustee, evidencing 100% of the regular interests in the
Trust. Distributions on the CitiCertificates will be made by Bank of New York,
as paying agent, by wire transfer or by such other means as the person entitled
thereto and CMSI shall agree. CMSI may repurchase all Mortgage Loans remaining
in the Mortgage Pool pursuant to the Pooling Agreement if at the time of
repurchase the aggregate Adjusted Balance of such Mortgage Loans is less than
$10,002,719.80. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of December 1, 1996 was 668. The
weighted average Note Rate of the Mortgage Loans as of December 1, 1996 was
8.261%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of December 1, 1996 was 355.20 months. All Mortgage Loans have original
maturities of at least 20 but no more than 30 years. None of the Mortgage Loans
were originated prior to December 1, 1990 or after December 1, 1996.
None of the Mortgage Loans has a scheduled maturity later than December 1,
2026. Each Mortgage Loan has an original principal balance of not less than
$20,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $30,907,128 as of December 1, 1996 had loan-to-value ratios at
origination in excess of 80%, but no Mortgage Loans had loan-to-value ratios in
excess of 95%. The weighted average loan-to-value ratio at origination of the
Mortgage Loans as of December 1, 1996 was 75.6%. No more than $1,704,160 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 97%B of the Mortgage Loans are secured by Mortgaged Properties
determined by Citicorp Mortgage, Inc. to be the primary residence of the
borrower ("Mortgagor"). The sole basis for such determination is either (a) a
representation by the Mortgagor at origination of the Mortgage Loan that the
underlying property will be used for a period of at least 6 months every year or
that he intends to use the underlying property as his primary residence, or (b)
that the address of the underlying property is the Mortgagor's mailing
- --------
(A) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated December 16, 1996 and the
Prospectus, dated December 16, 1996, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1996-1.
(B) Such Percentages are expressed as a percentage of the aggregate Adjusted
Balance of the Mortgage Loans having such characteristics relative to the
Adjusted Balance of all Mortgage Loans.
<PAGE>
address as reflected in Originator's records. No more than 1%3 of the Mortgage
Loans are secured by investment properties.
At least 98%4 of the Mortgage Loans are Mortgage Loans originated using
loan underwriting policies which require among other things, proof of income and
liquid assets and telephone verification of employment.
At least 99% of the Mortgage Loans which had loan-to-value ratios greater
than 80% at origination had primary mortgage insurance as of such date.
Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 7.500%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 7.500%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $11,838,226.36 and $188,216,169.68 respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.508% and 8.308%, respectively. The
weighted average remaining term to stated maturity of the Discount Mortgage
Loans and the Premium Mortgage Loans, as of the Cut-off Date, was 356.61 months
and 355.11 months, respectively.
The Special Hazard Loss Amount as of December 1, 1996 was $2,000,543.96.
The Fraud Loss Amount as of December 1, 1996 was $4,001,087.92.
The Bankruptcy Loss Amount as of December 1, 1996 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
December 1, 1996 was $189,051,403.66.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
December 1, 1996 was $4,001,088.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as of
December 1, 1996 was $2,500,680.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as of
December 1, 1996 was $2,000,544.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as of
December 1, 1996 was $1,000,272.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as of
December 1, 1996 was $500,136.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as of
- ----------------
(B) Such Percentages are expressed as a percentage of the aggregate Adjusted
Balance of the Mortgage Loans having such characteristics relative to the
Adjusted Balance of all Mortgage Loans.
<PAGE>
December 1, 1996 was $1,000,272.38.
The Subordinated CitiCertificate Percentage is 5.500000298819%.*
The Class M Subordination Percentage is 3.500000259230%.*
The Class B-1 Subordination Percentage is 2.250000234487%.*
The Class B-2 Subordination Percentage is 1.250000214692%.*
The Class B-3 Subordination Percentage is 0.750000204795%.*
The Class B-4 Subordination Percentage is 0.500000199846%.*
The following tables set forth information regarding the Mortgage Loans as
of December 1, 1996.
- -----------------
* Equal to the Initial Stated Amount thereof divided by the aggregate Adjusted
Balance of the Mortgage Loans.
<PAGE>
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- ----------------------
1990 1 $ 111,177
1991 2 313,954
1995 8 1,114,410
1996 657 198,514,855
---- ---------------------
Total 668 $ 200,054,396
==== =====================
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- ------------------------
Detached houses 596 $ 186,731,144
Multi-family dwellings 14 4,624,261
Townhouses 9 2,600,037
Condominium units (one 6 1,432,930
to three stories high)
Condominium units (over 4 1,254,614
three stories high)
Cooperative units 39 3,411,410
----- ------------------------
Total 668 $ 200,054,396
===== ========================
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- ------------------------
1-family 654 $ 195,430,135
2-family 12 4,048,769
3-family 2 575,492
----- ------------------------
Total 668 $ 200,054,396
===== ========================
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- -------------------- --------- ------------------------
$149,999 and under 37 $ 2,382,994
$150,000 through $199,999 5 861,980
$200,000 through $249,999 186 43,187,104
$250,000 through $299,999 188 51,626,253
$300,000 through $349,999 124 40,239,865
$350,000 through $399,999 47 17,824,459
$400,000 through $449,999 21 9,075,950
$450,000 through $499,999 23 11,060,921
$500,000 through $549,999 10 5,279,168
$550,000 through $599,999 13 7,457,604
$600,000 through $649,999 4 2,535,039
$650,000 through $699,999 3 2,028,571
$700,000 through $749,999 1 746,852
$750,000 through $799,999 0 0
$800,000 through $849,999 0 0
$850,000 through $899,999 1 875,267
$900,000 through $949,999 1 905,722
$950,000 through $999,999 4 3,966,647
----- ------------------------
Total 668 $ 200,054,396
===== ========================
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- ------------------------
7.125% - 7.50% 23 $ 6,704,922
7.51% - 8.00% 201 61,068,343
8.01% - 8.50% 273 84,207,840
8.51% - 9.00% 155 43,652,074
9.01% - 9.50% 15 4,363,243
9.51% - 10.00% 1 57,974
----- ------------------------
Total 668 $ 200,054,396
===== ========================
DISTRIBUTION OF MORTGAGE LOANS BY
LOAN-TO-VALUE RATIOS AT ORIGINATION
-----------------------------------
Number of Aggregate Principal
Loan-to-Value Ratio Loans Balances Outstanding
- ------------------------- --------- ------------------------
65.00% and Below 90 $ 27,696,525
65.01% - 75.00% 147 47,514,758
75.01% - 80.00% 309 93,935,985
80.01% - 85.00% 12 3,353,939
85.01% - 90.00% 109 27,229,250
90.01% - 95.00% 1 323,939
----- ------------------------
Total 668 $ 200,054,396
===== ========================
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- ------------------------
Alabama 5 $ 1,439,987
Arizona 4 1,234,354
Arkansas 12 4,147,500
California 157 54,414,757
Colorado 14 3,736,405
Connecticut 32 9,560,161
District of Columbia 4 1,129,149
Florida 19 5,528,020
Georgia 31 9,994,928
Hawaii 2 775,718
Illinois 27 7,470,090
Kansas 1 251,602
Kentucky 1 252,676
Louisiana 2 651,543
Maryland 20 6,258,713
Massachusetts 27 7,565,200
Michigan 6 1,738,785
Minnesota 4 1,086,941
Mississippi 2 803,541
Missouri 2 462,393
Nevada 4 1,347,514
New Hampshire 2 472,407
New Jersey 26 7,220,993
New Mexico 6 1,606,001
New York 128 31,145,264
North Carolina 21 7,042,420
Ohio 3 848,135
Oregon 2 546,237
Pennsylvania 13 3,460,053
South Carolina 5 1,445,035
Tennessee 10 3,046,696
Texas 19 6,170,050
Utah 4 1,128,866
Vermont 1 274,892
Virginia 42 13,082,855
Washington 7 1,857,574
Wisconsin 2 629,337
Wyoming 1 227,604
----- ------------------------
Total 668 $ 200,054,396
===== ========================
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CITICORP MORTGAGE SECURITIES, INC.
(Registrant)
By: /s/ John H. Outland
John H. Outland
Senior Vice President
Dated: December 19, 1996
