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: August 28, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through CitiCertificates Series 1997-3)
(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
- --------------------------------------------------------------------------------
(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 1997-3
-----------------------------------------------
August 28, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES (1)
---------------------------------
On August 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 August 1, 1997) as of August 1, 1997 of $201,943,784.44. 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 State Street Bank
and Trust Company, 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 $10,097,189.22. Information below is provided with respect to
all Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of August 1, 1997 was 646. The
weighted average Note Rate of the Mortgage Loans as of August 1, 1997 was
8.051%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of August 1, 1997 was 356.90 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 August 1, 1996 or after August 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than August
1, 2027. Each Mortgage Loan has an original principal balance of not less than
$24,000 nor more than $1,100,000. Mortgage Loans having an aggregate Adjusted
Balance of $33,527,311 as of August 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 August 1, 1997 was 75.2%. No more than $2,073,672 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 96%(2) 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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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated August 22, 1997 and the
Prospectus, dated August 22, 1997, (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1997-3.
(2) 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%(2) of the Mortgage Loans are
secured by investment properties.
At least 90% of the Mortgage Loans will be Mortgage Loans originated
using loan underwriting policies which require, among other things, proof of
income and liquid assets and telephone verification of employment. No more than
7% of the Mortgage Loans will be refinanced Mortgage Loans originated using
alternative underwriting policies. See "Loan Underwriting Policies and Loss and
Delinquency Considerations" in the Prospectus.
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 $7,634,398.61 and $194,309,385.83, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.327% and 8.079%, 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 357.21 months
and 356.89 months, respectively.
The Special Hazard Loss Amount as of August 1, 1997 was $2,125,807.50.
The Fraud Loss Amount as of August 1, 1997 was $4,038,875.69.
The Bankruptcy Loss Amount as of August 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of August 1, 1997 was $191,846,594.94.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of August 1, 1997 was $4,038,875.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates
as of August 1, 1997 was $2,019,437.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of August 1, 1997 was $2,019,437.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates
as of August 1, 1997 was $908,747.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates
as of August 1, 1997 was $403,887.00.
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(2) 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-5 CitiCertificates
as of August 1, 1997 was $706,806.50.
The Subordinated CitiCertificate Percentage is 5.000000137662%(*).
The Class M Subordination Percentage is 3.000000478747%(*).
The Class B-1 Subordination Percentage is 2.000000896883%(*).
The Class B-2 Subordination Percentage is 1.000001315019%(*).
The Class B-3 Subordination Percentage is 0.550001329865%(*).
The Class B-4 Subordination Percentage is 0.350001611567%(*).
The following tables set forth information regarding the Mortgage Loans
as of August 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 3 $ 662,754
1997 643 201,281,030
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Total 646 $ 201,943,784
=== ====================
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- --------------------
Detached houses 586 $ 184,488,295
Multi-family dwellings 9 3,129,186
Townhouses 10 2,902,438
Condominium units (one 16 4,632,351
to three stories high)
Condominium units (over 18 4,976,807
three stories high)
Cooperative units 7 1,814,707
--- --------------------
Total 646 $ 201,943,784
=== ====================
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- --------------------
1-family 637 $ 198,814,598
2-family 8 2,753,680
3-family 1 375,506
--- --------------------
Total 646 $ 201,943,784
=== ====================
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- ------------------------- --------- --------------------
$149,999 and under 8 $ 807,683
$150,000 through $199,999 2 339,427
$200,000 through $249,999 165 38,743,537
$250,000 through $299,999 221 60,651,872
$300,000 through $349,999 96 31,315,653
$350,000 through $399,999 67 25,238,199
$400,000 through $449,999 33 14,283,294
$450,000 through $499,999 23 11,160,956
$500,000 through $549,999 9 4,785,597
$550,000 through $599,999 10 5,796,203
$600,000 through $649,999 8 5,084,609
$650,000 through $699,999 1 676,847
$700,000 through $749,999 0 0
$750,000 through $799,999 0 0
$800,000 through $849,999 0 0
$850,000 through $899,999 0 0
$900,000 through $949,999 0 0
$950,000 through $999,999 2 1,997,003
$1,000,000 and over 1 1,062,904
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Total 646 $ 201,943,784
=== ====================
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- --------------------
7.25% - 7.50% 50 $ 15,350,816
7.51% - 8.00% 292 91,561,596
8.01% - 8.50% 272 85,274,949
8.51% - 9.00% 30 9,243,229
9.01% - 9.25% 2 513,194
--- --------------------
Total 646 $ 201,943,784
=== ====================
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 $ 33,809,594
65.01% - 75.00% 142 44,027,735
75.01% - 80.00% 287 90,579,144
80.01% - 85.00% 13 3,936,896
85.01% - 90.00% 96 26,834,706
90.01% - 95.00% 11 2,755,709
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Total 646 $ 201,943,784
=== ====================
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 4 $ 1,208,472
Arizona 6 2,059,190
Arkansas 6 1,878,963
California 174 56,746,194
Colorado 7 2,154,783
Connecticut 32 11,494,455
District of Columbia 5 1,108,976
Florida 29 9,219,969
Georgia 19 6,804,114
Illinois 13 3,881,635
Iowa 1 230,353
Kansas 1 275,750
Maine 1 223,675
Maryland 29 9,149,682
Massachusetts 18 5,705,119
Michigan 13 3,609,374
Minnesota 8 2,277,515
Nebraska 1 363,389
Nevada 2 573,255
New Hampshire 2 547,276
New Jersey 27 8,071,547
New Mexico 3 993,379
New York 90 28,535,200
North Carolina 29 8,476,241
Ohio 3 859,520
Oklahoma 2 565,780
Oregon 2 545,157
Pennsylvania 21 6,062,611
South Carolina 11 3,261,264
Tennessee 1 247,666
Texas 20 5,605,969
Utah 3 843,471
Vermont 2 487,179
Virginia 42 12,219,004
Washington 18 5,364,931
Wyoming 1 292,726
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Total 646 $ 201,943,784
=== ====================
<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: August 28, 1997
