SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 28, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through CitiCertificates Series 1997-2)
(Exact name of registrant as specified in charter)
Delaware 33-66222 13-3408713
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(State or other juris- (Commission (I.R.S. Employer
diction of organization) File Nos.) Identification No.)
909 Third Avenue, New York, New York 10043
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 559-3431
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(Former name, former address and former fiscal year, if changed since last
report.)
<PAGE>
Item 5. Other Events.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1997-2
-----------------------------------------------
May 28, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
AND THE MORTGAGED PROPERTIES (A)
On May 28, 1997, 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 May 1, 1997) as of May 1, 1997 of $203,194,817.37. 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 The 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 $10,159,740.87.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.
The total number of Mortgage Loans as of May 1, 1997 was 630. The weighted
average Note Rate of the Mortgage Loans as of May 1, 1997 was 7.850%. The
weighted average remaining term to stated maturity of the Mortgage Loans as of
May 1, 1997 was 356.92 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 September 1, 1996 or after May 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than May 1, 2027.
Each Mortgage Loan has an original principal balance of not less than $24,000
nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted Balance of
$21,149,234 as of May 1, 1997 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
May 1, 1997 was 74.3%. No more than $2,825,110 of the Mortgage Loans are secured
by Mortgaged Properties located in any one zip code. At least 98%(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 address as
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(A) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated May 22, 1997 and the
Prospectus, dated May 22, 1997, (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1997-2.
(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>
reflected in Originator's records. No more than 1%(B) of the Mortgage Loans are
secured by investment properties.
At least 99%(B) 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.
All 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 7.250%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 7.250%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $25,655,637.71 and $177,539,179.66, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.274% and 7.933%, 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 356.69 months
and 356.95 months, respectively.
The Special Hazard Loss Amount as of May 1, 1997 was $2,031,948.17.
The Fraud Loss Amount as of May 1, 1997 was $4,063,896.35.
The Bankruptcy Loss Amount as of May 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
May 1, 1997 was $193,035,075.85.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
May 1, 1997 was $4,063,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of May 1, 1997 was $2,032,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of May 1, 1997 was $2,032,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of May 1, 1997 was $915,000.00.
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(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>
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of May 1, 1997 was $406,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of May 1, 1997 was $711,741.52.
The Subordinated CitiCertificate Percentage is 5.000000320628%(*).
The Class M Subordination Percentage is 3.000441447725%(*).
The Class B-1 Subordination Percentage is 2.000415942006%(*).
The Class B-2 Subordination Percentage is 1.000390436287%(*).
The Class B-3 Subordination Percentage is 0.550083675591%(*).
The Class B-4 Subordination Percentage is 0.350275429862%(*).
The following tables set forth information regarding the Mortgage Loans as
of May 1, 1997.
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(*) 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
- --------------- --------- --------------------
1996 111 $ 33,402,104
1997 519 169,792,713
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Total 630 $ 203,194,817
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------ --------- --------------------
Detached houses 571 $ 185,483,901
Multi-family dwellings 15 5,291,312
Townhouses 18 5,467,011
Condominium units (one 6 1,242,471
to three stories high)
Condominium units (over 12 3,723,141
three stories high)
Cooperative units 8 1,986,981
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Total 630 $ 203,194,817
=== =================
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- --------- --------------------
1-family 615 $ 197,903,505
2-family 11 3,807,978
3-family 4 1,483,334
--- -----------------
Total 630 $ 203,194,817
=== =================
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------- --------- ----------------------
$149,999 and under 8 $ 671,906
$150,000 through $199,999 3 551,241
$200,000 through $249,999 162 38,122,772
$250,000 through $299,999 189 51,831,397
$300,000 through $349,999 97 31,439,580
$350,000 through $399,999 58 22,054,177
$400,000 through $449,999 33 14,174,089
$450,000 through $499,999 28 13,421,553
$500,000 through $549,999 23 12,116,025
$550,000 through $599,999 15 8,715,926
$600,000 through $649,999 5 3,167,551
$650,000 through $699,999 4 2,705,671
$700,000 through $749,999 1 707,525
$750,000 through $799,999 1 775,541
$800,000 through $849,999 1 838,780
$850,000 through $899,999 0 0
$900,000 through $949,999 1 908,671
$950,000 through $999,999 1 992,412
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Total 630 $ 203,194,817
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- -------------- --------- --------------------
7.00% 6 $ 1,750,779
7.01% - 7.50% 139 44,224,246
7.51% - 8.00% 327 106,210,968
8.01% - 8.50% 144 47,798,258
8.51% - 9.00% 13 3,156,619
9.01% - 9.50% 1 53,947
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Total 630 $ 203,194,817
=== =================
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 97 $ 32,226,111
65.01% - 75.00% 151 51,150,760
75.01% - 80.00% 300 98,668,712
80.01% - 85.00% 12 2,629,662
85.01% - 90.00% 68 18,036,427
90.01% - 95.00% 2 483,145
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Total 630 $ 203,194,817
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
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Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 5 $ 1,403,112
Alaska 1 396,695
Arizona 14 3,951,504
Arkansas 4 1,244,935
California 180 62,895,452
Colorado 10 2,778,788
Connecticut 19 6,083,104
Delaware 2 826,136
District of Columbia 5 1,724,594
Florida 22 6,537,090
Georgia 23 7,179,595
Illinois 16 5,033,644
Iowa 1 319,384
Kansas 3 783,598
Kentucky 2 562,798
Louisiana 2 515,586
Maryland 35 10,824,058
Massachusetts 33 10,487,295
Michigan 10 2,848,165
Minnesota 3 971,190
Missouri 5 1,512,609
Nevada 2 809,900
New Hampshire 1 269,742
New Jersey 29 8,771,779
New Mexico 1 299,586
New York 76 24,410,252
North Carolina 16 5,263,690
Ohio 4 1,271,414
Oregon 2 516,899
Pennsylvania 14 4,686,658
South Carolina 7 2,254,837
Tennessee 6 1,775,297
Texas 8 2,584,981
Utah 2 853,423
Virginia 59 18,000,787
Washington 8 2,546,240
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Total 630 $ 203,194,817
=== =================
<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
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John H. Outland
Senior Vice President
Dated: May 28, 1997
