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 23, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through
Certificates, Series 1997-7) (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 1997-7
-----------------------------------------------
December 23, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES (1)
--------------------------------
On December 23, 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 December 1, 1997) as of December 1, 1997 of $202,017,271.39. 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 $10,100,863.57. 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, 1997 was 604. The
weighted average Note Rate of the Mortgage Loans as of December 1, 1997 was
7.624%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of December 1, 1997 was 358.24 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 July 1, 1995 or after December 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than December 1,
2027. Each Mortgage Loan has an original principal balance of not less than
$94,650 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $18,850,951 as of December 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 December 1, 1997 was 72.9%. No more than $2,548,982 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 December 19, 1997 and the Prospectus, dated December 19, 1997,
(collectively, the "Prospectus"), relating to the REMIC Pass-Through
Certificates, Series 1997-7.
(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 48% 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 7.000%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 7.000%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $9,323,249.47 and $192,694,021.92, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.966% and 7.656%, 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 359.21 months
and 358.19 months, respectively.
The Special Hazard Loss Amount as of December 1, 1997 was $2,548,981.53.
The Fraud Loss Amount as of December 1, 1997 was $2,020,172.71.
The Bankruptcy Loss Amount as of December 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
December 1, 1997 was $192,926,493.62.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
December 1, 1997 was $3,535,302.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of December 1, 1997 was $2,020,172.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of December 1, 1997 was $1,717,146.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of December 1, 1997 was $808,069.00.
- --------------------------------------------------------------------------------
(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 December 1, 1997 was $404,034.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of December 1, 1997 was $606,054.77.
The Subordinated CitiCertificate Percentage is 4.500000275942%*
The Class M Subordination Percentage is 2.750000399360%.*
The Class B-1 Subordination Percentage is 1.750000752746%.*
The Class B-2 Subordination Percentage is 0.900001152125%.*
The Class B-3 Subordination Percentage is 0.500001194478%.*
The Class B-4 Subordination Percentage is 0.300001463158%.*
- --------------------------------------------------------------------------------
* 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 December 1, 1997.
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- --------------------
1995 1 $ 245,098
1997 603 201,772,173
---- -------------------
Total 604 $ 202,017,271
==== =============
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
--------------- --------- --------------------
Detached houses 555 $ 185,793,852
Multi-family dwellings 7 3,008,081
Townhouses 12 3,537,927
Condominium units (one 11 3,156,640
to four stories high)
Condominium units (over 8 2,873,578
four stories high)
Cooperative units 11 3,647,193
----- -------------------
Total 604 $ 2 02,017,271
=== ===================
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ------------- --------------------
1-family 597 $ 199,009,190
2-family 7 3,008,081
--- -------------------
Total 604 $ 202,017,271
=== ===================
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------------- ------------- ----------------------
$149,999 and under 2 $ 219,395
$150,000 through $199,999 2 342,341
$200,000 through $249,999 112 26,770,881
$250,000 through $299,999 197 53,989,288
$300,000 through $349,999 101 32,623,476
$350,000 through $399,999 60 22,524,979
$400,000 through $449,999 48 20,349,588
$450,000 through $499,999 28 13,334,504
$500,000 through $549,999 23 12,003,214
$550,000 through $599,999 15 8,656,478
$600,000 through $649,999 7 4,331,273
$650,000 through $699,999 5 3,338,568
$700,000 through $749,999 1 728,992
$750,000 through $799,999 0 0
$800,000 through $849,999 1 805,000
$850,000 through $899,999 0 0
$900,000 through $949,999 0 0
$950,000 through $999,999 1 999,294
$1,000,000 and over 1 1,000,000
------ ---------------
Total 604 $ 202,017,271
==== =============
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- --------------------
6.50% 1 $ 523,327
6.51% - 7.00% 17 5 ,230,084
7.01% - 7.50% 218 73,870,980
7.51% - 8.00% 345 115,538,568
8.01% - 8.50% 22 6,500,138
8.51% - 8.75% 1 354,174
------ ---------------
Total 604 $ 202,017,271
==== ================
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 117 $ 41,564,217
65.01% - 75.00% 155 52,942,438
75.01% - 80.00% 266 88,659,665
80.01% - 85.00% 11 3,081,864
85.01% - 90.00% 47 13,606,589
90.01% - 95.00% 8 2,162,498
------- -------------------
Total 604 $ 202,017,271
==== =================
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 3 $ 786,010
Arizona 7 1,896,154
Arkansas 2 52,986
California 262 90,950,949
Colorado 16 4,710,034
Connecticut 27 9,965,971
Delaware 1 320,000
District of Columbia 3 931,038
Florida 15 4,496,888
Georgia 23 8,339,991
Idaho 1 399,710
Illinois 29 9,162,941
Iowa 1 465,654
Kansas 2 905,000
Louisiana 2 494,483
Maine 1 339,760
Maryland 25 8,164,549
Massachusetts 15 4,759,548
Michigan 4 1,278,734
Minnesota 2 484,344
Missouri 3 908,815
Nevada 2 581,700
New Jersey 22 6,310,453
New Mexico 1 273,722
New York 48 16,597,577
North Carolina 15 5,190,458
Ohio 1 247,058
Oregon 2 517,379
Pennsylvania 8 2,767,679
South Carolina 7 2,106,174
Tennessee 4 1,195,396
Texas 4 948,606
Utah 5 1,518,320
Virginia 27 9,036,866
Washington 10 3,043,781
Wisconsin 3 768,543
Wyoming 1 500,000
----- ---------------
Total 604 $ 202,017,271
=== ===============
<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 23, 1997
