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: February 26, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through CitiCertificates
Series 1997-1)
(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 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1997-1
-----------------------------------------------
February 26, 1997
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES 1
--------------------------------
On February 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 February 1, 1997) as of February 1, 1997 of $205,749,143.13. 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 $10,287,457.16. Information below is provided with respect to
all Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of February 1, 1997 was 646. The
weighted average Note Rate of the Mortgage Loans as of February 1, 1997 was
7.820%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of February 1, 1997 was 358.20 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 December 1, 1995 or after February 1, 1997.
None of the Mortgage Loans has a scheduled maturity later than February 1,
2027. Each Mortgage Loan has an original principal balance of not less than
$24,000 nor more than $1,500,000. Mortgage Loans having an aggregate Adjusted
Balance of $22,970,996 as of February 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 90%. The weighted average loan-to-value ratio at origination of the
Mortgage Loans as of February 1, 1997 was 74.0%. No more than $2,332,837 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
- -----------------
(A) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated February 24, 1997 and the
Prospectus, dated February 24, 1997, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1997-1.
(B) 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>
residence, or (b)
that the address of the underlying property is the Mortgagor's mailing address
as reflected in Originator's records. No more than 1%3 of the Mortgage Loans are
secured by investment properties.
At least 98%4 of the Mortgage Loans are Mortgage Loans originated using
loan underwriting policies which require among other things, proof of income and
liquid assets and telephone verification of employment.
At least 99% 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 $24,730,478.42 and $181,018,664.71, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.270% and 7.895%, 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 358.78 months
and 358.12 months, respectively.
The Special Hazard Loss Amount as of February 1, 1997 was $2,995,751.56.
The Fraud Loss Amount as of February 1, 1997 was $2,057,491.43.
The Bankruptcy Loss Amount as of February 1, 1997 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
February 1, 1997 was $194,947,107.43.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
February 1, 1997 was $4,115,188.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of February 1, 1997 was $2,571,864.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of February 1, 1997 was $2,057,492.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of February 1, 1997 was $822,996.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of February 1, 1997 was $411,499.00.
- -----------------
(B) 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 February 1, 1997 was $822,996.70.
The initial Class A-IO Notional Amount as of February 1, 1997 was
$181,018,664.71.
The initial rate per annum for determination of the Distributable Class
A-IO Interest Amount is 0.395499503634%.
The Subordinated CitiCertificate Percentage is 5.250099969153%.*
The Class M Subordination Percentage is 3.250000266478%.*
The Class B-1 Subordination Percentage is 2.000000407001%.*
The Class B-2 Subordination Percentage is 1.000000130596%.*
The Class B-3 Subordination Percentage is 0.600000408857%.*
The Class B-4 Subordination Percentage is 0.400000061959%.*
The following tables set forth information regarding the Mortgage Loans as
of February 1, 1997.
- -----------------
* 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
- --------------- --------- ----------------------
1995 1 $ 261,482
1996 605 192,067,739
1997 40 13,419,922
--- ---------------------
Total 646 $ 205,749,143
=== =====================
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- --------------------
Detached houses 598 $ 192,428,125
Multi-family dwellings 4 1,345,085
Townhouses 10 2,848,832
Condominium units (one 14 3,213,734
to three stories high)
Condominium units (over 13 4,365,585
three stories high)
Cooperative units 7 1,547,782
---- --------------------
Total 646 $ 205,749,143
==== ====================
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- --------- --------------------
1-family 642 $ 204,404,058
2-family 4 1,345,085
----- --------------------
Total 646 $ 205,749,143
=== ====================
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------- --------- --------------------
$149,999 and under 6 $ 421,714
$150,000 through $199,999 3 519,162
$200,000 through $249,999 168 39,521,362
$250,000 through $299,999 180 49,260,829
$300,000 through $349,999 129 42,022,335
$350,000 through $399,999 68 25,693,382
$400,000 through $449,999 30 12,880,236
$450,000 through $499,999 25 11,861,554
$500,000 through $549,999 9 4,696,151
$550,000 through $599,999 10 5,808,194
$600,000 through $649,999 11 6,992,135
$650,000 through $699,999 2 1,395,212
$700,000 through $749,999 2 1,473,945
$750,000 through $799,999 1 798,809
$800,000 through $849,999 0 0
$850,000 through $899,999 0 0
$900,000 through $949,999 1 906,247
$950,000 through $999,999 0 0
$1,000,000 and over 1 1,497,876
---- -------------------
Total 646 $ 205,749,143
=== ===================
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- --------- --------------------
7.00% 4 $ 1,209,773
7.01% - 7.50% 159 49,608,956
7.51% - 8.00% 341 110,523,766
8.01% - 8.50% 129 40,402,157
8.51% - 9.00% 12 3,694,872
9.01% - 9.125% 1 309,619
---- -------------------
Total 646 $ 205,749,143
=== ===================
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 $ 38,932,733
65.01% - 75.00% 139 46,357,344
75.01% - 80.00% 313 97,488,070
80.01% - 85.00% 17 4,618,178
85.01% - 90.00% 67 18,352,818
---- --------------------
Total 646 $ 205,749,143
=== ====================
<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 8 $ 2,400,975
Arizona 7 2,327,964
Arkansas 4 1,197,478
California 193 66,016,759
Colorado 10 2,944,590
Connecticut 29 9,476,622
District of Columbia 5 1,625,473
Florida 16 4,104,817
Georgia 32 9,824,584
Idaho 1 399,718
Illinois 15 5,061,420
Indiana 1 445,400
Iowa 2 513,151
Kansas 1 214,661
Louisiana 1 524,639
Maryland 29 9,466,387
Massachusetts 28 9,561,387
Michigan 9 2,878,255
Minnesota 3 939,466
Mississippi 1 271,831
Missouri 4 1,083,219
Nevada 1 227,200
New Jersey 35 10,753,879
New Mexico 2 584,592
New York 66 20,925,037
North Carolina 22 6,285,739
Ohio 1 280,607
Pennsylvania 11 3,676,127
Rhode Island 1 259,641
South Carolina 1 224,697
Tennessee 9 2,889,205
Texas 18 5,697,606
Utah 3 1,484,337
Virginia 62 16,934,485
Washington 14 4,022,358
Wyoming 1 224,837
---- --------------------
Total 646 $ 205,749,143
=== ====================
<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: February 26, 1997
