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: November 26, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through
Certificates, Series 1997-5) (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) 559-3435
- --------------------------------------------------------------------------
(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 1997-5
-----------------------------------------------
November 26, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES (1)
--------------------------------
On November 26, 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 November 1, 1997) as of November 1, 1997 of $242,797,110.52. 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 $12,139,855.53. Information below is provided with respect to
all Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of November 1, 1997 was 758. The
weighted average Note Rate of the Mortgage Loans as of November 1, 1997 was
7.707%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of November 1, 1997 was 356.93 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 November 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than November 1,
2027. Each Mortgage Loan has an original principal balance of not less than
$28,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $31,444,187 as of November 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 November 1, 1997 was 74.7%. No more than $2,874,920 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 97%(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
- ----------
(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated November 21, 1997 and the
Prospectus, dated November 21, 1997, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1997-5.
(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>
underlying property as his primary residence, or (b) that the address of the
underlying property is the Mortgagor's mailing address as reflected in
Originator's records. No(2) Mortgage Loans are secured by investment properties.
At least 99% 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, or are refinanced
Mortgage Loans originated using alternative or streamlined underwriting
policies. No more than 42% of the Mortgage Loans will be refinanced Mortgage
Loans originated using alternative or streamlined 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 $29,639,219.29 and $213,157,891.23, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.275% and 7.768%, 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 357.72 months
and 356.82 months, respectively.
The Special Hazard Loss Amount as of November 1, 1997 was $2,874,919.67.
The Fraud Loss Amount as of November 1, 1997 was $2,427,971.11.
The Bankruptcy Loss Amount as of November 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
November 1, 1997 was $231,870,903.86.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
November 1, 1997 was $3,641,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of November 1, 1997 was $3,035,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of November 1, 1997 was $2,064,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of November 1, 1997 was $971,000.00.
- ----------
(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-4 CitiCertificates as
of November 1, 1997 was $486,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of November 1, 1997 was $729,206.66.
The Subordinated CitiCertificate Percentage is 4.500138669937%.(*)
The Class M Subordination Percentage is 3.000532685252%.(*)
The Class B-1 Subordination Percentage is 1.750517809251%.(*)
The Class B-2 Subordination Percentage is 0.900425320267%.(*)
The Class B-3 Subordination Percentage is 0.500502933250%.(*)
The Class B-4 Subordination Percentage is 0.300335806483%.(*)
- ----------
(*) Equal to the Initial Stated Amount thereof divided by the aggregate Adjusted
Balance of the Mortgage Loans.
<PAGE>
The following tables set forth information regarding the Mortgage Loans as
of November 1, 1997.
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- --------------------------
1996 3 $ 1,307,088
1997 755 241,490,023
---- -------------
Total 758 $ 242,797,111
==== =============
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
--------------- ------------- --------------------
Detached houses 695 $ 224,446,919
Multi-family dwellings 8 2,796,932
Townhouses 16 5,243,741
Condominium units (one 19 5,864,666
to four stories high)
Condominium units (over 7 1,927,648
four stories high)
Cooperative units 13 2,517,205
--- -------------
Total 758 $ 242,797,111
=== =============
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ------------- --------------------
1-family 750 $ 240,000,179
2-family 7 2,429,185
3-family 1 367,747
--- -------------
Total 758 $ 242,797,111
=== =============
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------------- ------------- ---------------------------
$149,999 and under 10 $ 836,440
$150,000 through $199,999 7 1,246,720
$200,000 through $249,999 173 40,621,597
$250,000 through $299,999 224 61,275,992
$300,000 through $349,999 135 44,019,623
$350,000 through $399,999 85 31,895,593
$400,000 through $449,999 42 17,785,471
$450,000 through $499,999 35 16,782,397
$500,000 through $549,999 13 6,854,003
$550,000 through $599,999 19 10,939,859
$600,000 through $649,999 6 3,790,222
$650,000 through $699,999 5 3,438,021
$700,000 through $749,999 2 1,438,754
$750,000 through $799,999 0 0
$800,000 through $849,999 0 0
$850,000 through $899,999 1 873,908
$900,000 through $949,999 0 0
$950,000 through $999,999 1 998,511
$1,000,000 and over 0 0
---- -------------
Total 758 $ 242,797,111
==== =============
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- --------------------
6.75% - 7.00% 12 $ 3,551,912
7.01% - 7.50% 206 67,436,009
7.51% - 8.00% 469 151,066,286
8.01% - 8.50% 68 20,347,259
8.51% - 9.00% 3 395,645
--- --------------
Total 758 $ 242,797,111
=== ==============
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 110 $ 39,920,989
65.01% - 75.00% 167 55,756,171
75.01% - 80.00% 364 115,675,764
80.01% - 85.00% 16 4,387,509
85.01% - 90.00% 85 23,030,712
90.01% - 95.00% 16 4,025,966
--- -------------
Total 758 $ 242,797,111
=== =============
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 2 $ 629,555
Arizona 9 2,551,851
Arkansas 6 2,003,087
California 299 101,245,742
Colorado 7 1,960,058
Connecticut 37 12,880,390
District of Columbia 7 1,771,899
Florida 14 4,777,682
Georgia 27 8,021,757
Illinois 18 5,074,478
Indiana 1 873,908
Iowa 2 458,067
Kansas 1 257,423
Louisiana 1 319,547
Maryland 23 7,207,627
Massachusetts 25 7,317,804
Michigan 7 1,985,985
Minnesota 4 1,188,053
Mississippi 3 825,627
Missouri 10 2,994,117
Nevada 5 1,686,104
New Hampshire 2 1,262,315
New Jersey 31 8,484,816
New Mexico 5 1,510,947
New York 96 30,833,209
North Carolina 25 7,537,298
Ohio 5 1,550,514
Oklahoma 1 498,311
Oregon 3 849,717
Pennsylvania 8 2,428,820
South Carolina 8 2,218,182
Tennessee 1 316,500
Texas 13 3,677,048
Utah 3 1,098,425
Vermont 1 239,851
Virginia 34 9,526,055
Washington 13 4,493,076
West Virginia 1 241,266
--- ----------------
Total 758 $ 242,797,111
=== ================
<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: November 26, 1997
