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: May 15, 1997
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through CitiCertificates)
(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) 559-3443
---------------------------------------------------------------
(Former name, former address and former fiscal year, if changed
since last report.)
1
<PAGE>
Item 5. Other Events.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates
----------------------------------------------
Attached as Exhibit I are the Computational Materials (as defined in the
no-action letter dated May 20, 1994 issued by the Securities and Exchange
Commission to Kidder, Peabody Acceptance Corporation-I, Kidder, Peabody & Co.
Incorporated and Kidder Structured Asset Corporation) and/or Structural Term
Sheets or Collateral Term Sheets(each as defined in the no-action letter dated
February 17, 1995 issued by the Securities and Exchange Commission to the Public
Securities Association) prepared by Citicorp Mortgage Securities, Inc. that are
required to be filed pursuant to such letters in connection with a proposed
Series 1997- 3 of its REMIC Pass-Through Certificates.
2
<PAGE>
EXHIBIT INDEX
Exhibit No. Page No.
- ----------- --------
I Computational Materials/Structural Term
Sheets/Collateral Term Sheets prepared by
Citicorp Mortgage Securities, Inc.
3
<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: May 15, 1997
4
<PAGE>
CITICORP MORTGAGE SECURITIES
- --------------------------------------------------------------------------------
Series 1997-3
Collateral/Security Data
Estimated Issue Balance $200MM
Pass-Through Rate 7.50%
Settlement Date Late June
- --------------------------------------------------------------------------------
Senior/Sub S&P/Fitch Class Size Total Coverage
- --------------------------------------------------------------------------------
A AAA/AAA 95.00% 5.00%
M AA/AA 2.00% 3.00%
B-1 A/A 0.75% 2.25%
B-2 BBB/BBB+ 0.75% 1.50%
B-3 BB/BB+ 0.70% 0.80%
B-4 B/B 0.40% 0.40%
B-5 Unrated 0.40% --
DESCRIPTION OF THE POOL
AND THE MORTGAGED PROPERTIES
The Pool to be evidenced by the CitiCertificates will include Mortgage
Loans evidenced by mortgage notes with an aggregate Adjusted Balance as of the
Cut-Off Date of approximately $200,000,000.
The "Adjusted Balance" of any Mortgage Loan as of the first day of any
month is the scheduled principal balance thereof as of the close of business on
such day (whether or not any scheduled payments have been received and before
any adjustment to the related amortization schedule by reason of bankruptcy
(other than a Deficient Valuation)), less any Principal Prepayment thereon or in
respect thereof received or posted prior to the close of business on the
business day preceding such first day (or, in the case of the Cut-Off Date, any
Principal Prepayments thereon or in respect thereof received or posted prior to
the close of business on the Cut-Off Date).
The following paragraphs and tables set forth detailed information
projected as of June 1, 1997 with respect to the Mortgage Loans expected to be
included in the final Pool. It is expected that the final Pool will include
mortgage loans in addition to those described herein. It is also expected that
the actual Mortgage Loans that will constitute the entire Pool will differ, and
may differ substantially, from those described herein. In addition, the actual
Pool of Mortgage Loans will include actual (as opposed to projected) Mortgage
Loan balances as of June 1, 1997. To the extent that the Mortgage Loans differ
from the description contained herein, material variances in such information
may result. Prospective purchasers of CitiCertificates should review the
description of the actual Pool to be set forth in
5
<PAGE>
the Prospectus Supplement.
The total number of Mortgage Loans is 230. The weighted average Note Rate
of the Mortgage Loans is expected to be 7.97%. The weighted average remaining
term to stated maturity of the Mortgage Loans is expected to be 358 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 1996. The weighted
average loan-to-value ratio at origination of the Mortgage Loans was 75.5%.
At least 96% of the Mortgage Loans (by principal balance) 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 reflected in the originator's records. All of the Mortgage
Loans were originated after April 1, 1991 using loan documentation policies
which require, among other things, proof of income and liquid assets and
telephone verification of employment.
It is expected that (a) approximately 70% of the Mortgage Loans (by
principal balance) will have been originated for the purpose of acquiring the
related Mortgaged Property, (b) the remaining 30% (by principal balance) of the
Mortgage Loans will have been refinancings and (c) of such 30%, approximately
20% will have been "no cash out" refinancings and approximately 10% will have
been "cash out" refinancings.
The following tables provide more detailed information on the hypothetical
Mortgage Loan Pool:
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Percent of
Year Originated Total Balances
--------------- --------------
1996 0.9%
1997 99.1
---- -----
Total 100.0%
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
------------------------------------------------------
Type of Percent of
Dwelling Unit Total Balances
------------- --------------
Detached houses 90.1%
Multi-family dwellings 0.4
Townhouses 1.1
6
<PAGE>
Condominium units (one 3.8
to three stories high)
Condominium units 3.4
(over three stories
high)
Cooperative units 1.2
----------------- -----
Total 100.0%
SIZES OF MORTGAGE LOANS
-----------------------
Outstanding Principal Percent of
Balance by Loan Size Total Balances
---------- --------- --------------
$199,999 and Under 0.7%
$200,000 through $349,999 67.1
$350,000 through $499,999 21.2
$500,000 through $649,999 9.6
$650,000 through $749,999 0.0
$750,000 through $849,999 0.0
$850,000 through $949,999 0.0
$950,000 through $999,999 1.4
$1,000,000 and Over 0.0
------------------- ---
Total 100.0%
DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
Mortgage Loan Percent of
Note Rate Total Balance
--------- -------------
7.25% - 7.50% 13.2%
7.51% - 8.00% 50.3
8.01% - 8.50% 33.7
8.51% - 9.00% 1.6
9.01% - 9.375% 1.2
---------------- -----
Total 100.0%
7
<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY
LOAN-TO-VALUE RATIOS AT ORIGINATION
-----------------------------------
Percent of
Loan-to-Value Ratio Total Balances
------------------- --------------
65.00% and Below 13.1%
65.01% - 75.00% 29.0
75.01% - 80.00% 42.7
80.01% - 85.00% 1.0
85.01% - 90.00% 13.1
90.01% - 95.00% 1.1%
--------------- ----
Total 100.0%
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
--------------------------------------------------------
Percent of
State Total Balances
----- --------------
Alabama 0.4%
Arizona 0.6
Arkansas 1.9
California 28.8
Colorado 0.8
Connecticut 3.2
District of Columbia 0.2
Florida 5.3
Georgia 1.3
Illinois 1.7
Maryland 4.0
Massachusetts 3.8
Michigan 2.2
Minnesota 0.5
Nevada 0.8
New Jersey 5.7
New Mexico 1.1
New York 12.3
8
<PAGE>
North Carolina 5.5
Ohio 0.4
Oklahoma 0.3
Oregon 0.8
Pennsylvania 3.7
South Carolina 1.4
Texas 3.7
Utah 0.4
Vermont 0.7
Virginia 5.2
Washington 2.9
Wyoming 0.4
------- ---
Total 100.0%
9
