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 25, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the Adjustable REMIC Pass-Through
Certificates, Series 1997-6) (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) 559-3431
(Former name, former address and former fiscal year, if changed since last
report.)
<PAGE>
Item 5. Other Events.
CITICORP MORTGAGE SECURITIES, INC.
Adjustable Rate REMIC Pass-Through Certificates, Series 1997-6
-----------------------------------------------
November 25, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES 1
--------------------------------
On November 25, 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 $101,182,952.93. 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
$5,059,147.65. 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 245. The
weighted average Note Rate of the Mortgage Loans as of November 1, 1997 was
5.783%. The initial Stated Rate of the CitiCertificates as of November 1, 1997
was 5.428%. The weighted average Maximum Note Rate of the Mortgage Loans as of
November 1, 1997 was 11.631%. The weighted average Mortgage Margin of the
Mortgage Loans as of November 1, 1997 was 2.762%. The weighted average remaining
term to stated maturity of the Mortgage Loans as of November 1, 1997 was 351.66
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 October 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than October 1,
2027. Each Mortgage Loan has an original principal balance of not less than
$79,800 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $7,893,992 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 69.2%. No more than $2,282,508 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
- -------------------------------
(1) Capitalized terms used herein and not
otherwise defined have the meaning assigned thereto in the Prospectus Supplement
dated November 12, 1997 and the Prospectus, dated November 12, 1997,
(collectively, the "Prospectus"), relating to the Adjustable Rate REMIC
Pass-Through Certificates, Series 1997-6.
(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 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. None of the 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 10% of the Mortgage Loans will be refinanced Mortgage
Loans originated using alternative or streamlined underwriting policies. See
"Loan Underwriting Policies" and "Delinquency, Foreclosure and Loss
Considerations and Experience" 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.
The Special Hazard Loss Amount as of November 1, 1997 was $2,230,456.90.
The Fraud Loss Amount as of November 1, 1997 was $2,023,659.06.
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 $98,906,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of November 1, 1997 was $1,113,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of November 1, 1997 was $556,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of November 1, 1997 was $607,952.93.
<PAGE>
The Subordinated CitiCertificate Percentage is 2.250332555105%*
The Class B-1 Subordination Percentage is 1.150344891402%.*
The Class B-2 Subordination Percentage is 0.600845213937%.*
- -----------------
* 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.
<TABLE>
<CAPTION>
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- --------------------------
<S> <C> <C>
1996 114 $ 48,340,070
1997 131 52,842,883
------ --------------
Total 245 $ 101,182,953
==== =============
</TABLE>
<TABLE>
<CAPTION>
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ----------- --------------------
<S> <C> <C>
Detached houses 229 $ 96,241,909
Multi-family dwellings 1 324,709
Townhouses 3 1,183,480
Condominium units (one 4 1,125,141
to four stories high)
Condominium units (over 7 2,133,057
four stories high)
Cooperative units 1 174,657
----- ---------------------
Total 245 $ 101,182,953
=== =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ----------- --------------------
<S> <C> <C>
1-family 244 $ 100,858,244
2-family 1 324,709
------- ---------------------
Total 245 $ 101,182,953
=== ============
</TABLE>
<TABLE>
<CAPTION>
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principa Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------------- ------------- --------------------
<S> <C> <C>
$149,999 and under 6 $ 776,134
$150,000 through $199,999 3 498,368
$200,000 through $249,999 28 6,490,098
$250,000 through $299,999 47 13,009,277
$300,000 through $349,999 32 10,338,903
$350,000 through $399,999 27 10,146,182
$400,000 through $449,999 18 7,707,743
$450,000 through $499,999 26 12,527,743
$500,000 through $549,999 13 6,763,855
$550,000 through $599,999 14 8,153,309
$600,000 through $649,999 4 2,539,608
$650,000 through $699,999 5 3,369,266
$700,000 through $749,999 5 3,665,126
$750,000 through $799,999 3 2,348,520
$800,000 through $849,999 2 1,656,959
$850,000 through $899,999 4 3,493,063
$900,000 through $949,999 2 1,834,954
$950,000 through $999,999 6 5,863,845
------ -------------------
Total 245 $ 101,182,953
==== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- --------------------
<S> <C> <C>
5.125% - 5.50% 103 39,546,829
5.51% - 6.00% 117 51,543,071
6.01% - 6.50% 6 2,276,961
6.51% - 7.00% 0 0
7.01% - 7.50% 4 1,950,580
7.51% - 8.00% 10 3,752,468
8.01% - 8.375% 5 2,113,044
------ -------------------
Total 245 $ 101,182,953
==== ===========
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MORTGAGE LOANS BY
MAXIMUM NOTE RATES
-----------------------------------------
Maximum Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- ----------------------
<S> <C> <C>
11.125% - 11.50% 107 41,497,409
11.51% - 12.00% 127 55,295,539
12.01% - 12.50% 10 3,871,230
12.51% - 12.625% 1 518,775
------- -------------------
Total 245 $ 101,182,953
==== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MORTGAGE LOANS BY
NEXT INTEREST RATE ADJUSTMENT DATE
----------------------------------------------------
Interest Rate Number of Aggregate Principal
Adjustment Date Loans Balances Outstanding
- --------------------- --------- --------------------
<S> <C> <C>
December 1, 1997 18 9,273,033
January 1, 1998 76 30,780,711
February 1, 1998 86 33,001,929
March 1, 1998 1 456,898
April 1, 1998 1 583,740
May 1, 1998 2 485,448
June 1, 1998 1 218,867
July 1, 1998 1 784,109
August 1, 1998 6 2,055,702
September 1, 1998 12 4,643,492
October 1, 1998 30 13,172,167
November 1, 1998 11 5,726,857
------- ------------------
Total 245 $ 101,182,953
==== ===========
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MORTGAGE LOANS BY
MORTGAGE MARGINS
---------------------------------
Mortgage Margin Number of Aggregate Principal
Loans Balances Outstanding
- --------------------- --------- --------------------
<S> <C> <C>
2.625% - 2.75% 229 95,406,014
2.76% - 3.00% 16 5,776,939
------- -------------------
Total 245 $ 101,182,953
==== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
DISTRIBUTION OF MORTGAGE LOANS BY
LOAN-TO-VALUE RATIOS AT ORIGINATION
-----------------------------------
Number of Aggregate Principal
Loan-to-Value Ratio Loans Balances Outstanding
- ------------------------- --------- --------------------
<S> <C> <C>
65.00% and Below 63 $ 29,841,415
65.01% - 75.00% 75 35,387,875
75.01% - 80.00% 75 28,059,671
80.01% - 85.00% 6 1,649,643
85.01% - 90.00% 18 4,936,563
90.01% - 95.00% 8 1,307,786
------- ----------------------
Total 245 $ 101,182,953
==== =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
<S> <C> <C>
Alabama 2 $ 543,583
Arizona 7 3,247,629
Arkansas 1 222,368
California 93 40,833,464
Colorado 15 5,725,382
Connecticut 4 2,898,437
District of Columbia 2 689,268
Florida 7 3,380,500
Georgia 6 1,455,188
Hawaii 1 715,263
Idaho 1 363,394
Illinois 43 16,567,046
Indiana 2 481,298
Kansas 1 257,330
Maryland 2 1,140,749
Michigan 9 4,504,924
Minnesota 2 504,335
Missouri 7 2,149,708
Nevada 2 1,085,008
New Jersey 1 808,826
New Mexico 1 152,435
New York 6 2,993,758
North Carolina 7 2,551,385
Ohio 3 813,563
Oregon 1 666,247
Texas 8 2,601,989
Utah 2 692,276
Washington 8 2,840,752
Wisconsin 1 296,848
----- ---------------------
Total 245 $ 101,182,953
==== =============
</TABLE>
<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 25, 1997
