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: October 29, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through
Certificates Series, 1997-4) (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.
REMIC Pass-Through Certificates, Series 1997-4
-----------------------------------------------
October 29, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES 1
--------------------------------
On October 29, 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 October 1, 1997) as of October 1, 1997 of $202,313,302.40. 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
$10,115,665.12. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of October 1, 1997 was 627. The
weighted average Note Rate of the Mortgage Loans as of October 1, 1997 was
7.755%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of October 1, 1997 was 357.03 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 October 1, 1996 or after September 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than September
1, 2027. Each Mortgage Loan has an original principal balance of not less than
$45,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $21,549,904 as of October 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 October 1, 1997 was 74.1%. No more than $3,515,821 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 98%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
- -------------------------------------------------------------------------------
(1) Capitalized terms used herein and not otherwise defined have the
meaning assigned thereto in the Prospectus Supplement dated October 27, 1997 and
the Prospectus, dated October 27, 1997, (collectively, the "Prospectus"),
relating to the REMIC Pass-Through Certificates, Series 1997-4.
(2) Such Percentages are expressed as a percentage of the aggregate Adjusted
Balance ofthe Mortgage Loans having such characteristics relative to the
Adjusted Balanceof 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 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 35% 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 $20,957,800.93 and $181,355,501.47, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.283% and 7.809%, 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 358.25 months
and 356.89 months, respectively.
The Special Hazard Loss Amount as of October 1, 1997 was $3,515,820.69.
The Fraud Loss Amount as of October 1, 1997 was $2,023,133.02.
The Bankruptcy Loss Amount as of October 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
October 1, 1997 was $193,714,291.31.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
October 1, 1997 was $3,035,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of October 1, 1997 was $1,821,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of October 1, 1997 was $1,821,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of October 1, 1997 was $809,000.00.
- -------------------------------------------------------------------------------
(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 October 1, 1997 was $404,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of October 1, 1997 was $709,011.09.
The Subordinated CitiCertificate Percentage is 4.250343891376%*
The Class M Subordination Percentage is 2.750195377167%.*
The Class B-1 Subordination Percentage is 1.850106268642%.*
The Class B-2 Subordination Percentage is 0.950017160117%.*
The Class B-3 Subordination Percentage is 0.550142317285%.*
The Class B-4 Subordination Percentage is 0.350452037305%.*
- -------------------------------------------------------------------------------
* 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 October 1, 1997.
<TABLE>
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- ---------------------
<S> <C> <C>
1996 2 $ 566,817
1997 625 201,746,485
---- ------------------
Total 627 $ 202,313,302
==== ==================
</TABLE>
<TABLE>
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ------------- --------------------
<S> <C> <C>
Detached houses 570 $ 185,319,647
Multi-family dwellings 6 2,635,167
Townhouses 21 5,778,043
Condominium units (one 13 3,696,254
to four stories high)
Condominium units (over 10 3,175,973
four stories high)
Cooperative units 7 1,708,218
----- -------------------
Total 627 $ 202,313,302
=== ===================
</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 621 $ 199,678,135
2-family 5 2,135,893
3-family 1 499,274
------- ---------------------
Total 627 $ 202,313,302
====== =====================
</TABLE>
<TABLE>
<CAPTION>
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------------- ----------- --------------------
<S> <C> <C>
$149,999 and under 2 $ 91,154
$150,000 through $199,999 3 586,988
$200,000 through $249,999 159 37,487,798
$250,000 through $299,999 184 50,883,195
$300,000 through $349,999 124 40,289,946
$350,000 through $399,999 61 23,080,285
$400,000 through $449,999 32 13,679,677
$450,000 through $499,999 14 6,781,618
$500,000 through $549,999 16 8,540,727
$550,000 through $599,999 18 10,380,681
$600,000 through $649,999 7 4,455,839
$650,000 through $699,999 2 1, 399,012
$700,000 through $749,999 1 710,642
$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 4 3,945,740
$1,000,000 and over 0 0
------ --------------
Total 627 $ 202,313,302
==== ==============
</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>
6.875% - 7.00% 3 982,977
7.01% - 7.50% 151 48,687,784
7.51% - 8.00% 399 128,969,519
8.01% - 8.50% 69 22,154,951
8.51% - 8.75% 5 1,518,071
------ -------------------
Total 627 $ 202,313,302
==== ===================
</TABLE>
<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 101 $ 36,798,597
65.01% - 75.00% 141 46,027,058
75.01% - 80.00% 308 97,937,743
80.01% - 85.00% 7 2,253,620
85.01% - 90.00% 64 17,826,168
90.01% - 95.00% 6 1,470,116
---- --------------------
Total 627 $ 202,313,302
==== ====================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
<S> <C> <C>
Alabama 1 $ 449,379
Arizona 7 1,922,209
Arkansas 1 254,300
California 272 91,634,043
Colorado 7 2,318,949
Connecticut 16 5,088,107
Delaware 1 249,590
District of Columbia 6 2,167,098
Florida 6 1,665,243
Georgia 19 6,179,849
Idaho 1 245,550
Illinois 30 10,262,450
Indiana 1 229,674
Iowa 1 299,783
Kansas 2 525,434
Maryland 18 5,522,806
Massachusetts 20 5,498,632
Michigan 1 610,620
Minnesota 5 1,789,169
Mississippi 1 257,223
Missouri 5 1,838,496
Montana 1 239,269
Nebraska 1 288,925
Nevada 2 693,695
New Hampshire 2 565,720
New Jersey 30 9,266,574
New Mexico 5 1,768,722
New York 70 21,593,793
North Carolina 16 5,042,252
Ohio 2 496,377
Oklahoma 2 521,350
Oregon 2 591,863
Pennsylvania 9 3,009,531
South Carolina 3 724,649
Tennessee 2 703,939
Texas 14 4,137,394
Utah 4 1,210,618
Virginia 25 7,331,388
Washington 16 5,118,639
---- ----------------------
Total 627 $ 202,313,302
=== ======================
</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: October 29, 1997
