SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 29, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-8)
(Exact name of registrant as specified in charter)
Delaware 333-43167 13-3408713
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(State or other juris- (Commission (I.R.S. Employer
diction of organization) File Nos.) Identification No.)
909 Third Avenue, New York, New York 10043
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 559-3435
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(Former name, former address and former fiscal year, if changed since last
report.)
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Item 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1998-8
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September 29, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On September 29, 1998, 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 September 1, 1998) as of September 1, 1998 of $501,081,112.58. 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 $25,054,055.63. Information below is provided with respect to
all Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of September 1, 1998 was 1,442.
The weighted average Note Rate of the Mortgage Loans as of September 1, 1998 was
7.320%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of September 1, 1998 was 355.51 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 August 1, 1987 or after September 1,
1998.
None of the Mortgage Loans has a scheduled maturity later than
September 1, 2028. Each Mortgage Loan has an original principal balance of not
less than $66,000 nor more than $1,000,000. Mortgage Loans having an aggregate
Adjusted Balance of $29,085,838 as of September 1, 1998 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 September 1, 1998 was 70.6%. No more than $6,729,711 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
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated September 23, 1998 and
the Prospectus, dated July 22, 1998 (collectively, the "Prospectus"),
relating to the REMIC Pass-Through Certificates, Series 1998-8.
(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.
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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 61% 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 6.750%. Premium Mortgage Loans will consist of Mortgage
Loans with NNRs greater than or equal to 6.750%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $41,771,965.68 and $459,309,146.90, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.816% and 7.366%, 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 356.97 months
and 355.38 months, respectively.
The Special Hazard Loss Amount as of September 1, 1998 was
$6,729,711.33.
The Fraud Loss Amount as of September 1, 1998 was $5,010,811.13.
The Bankruptcy Loss Amount as of September 1, 1998 was $127,686.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of September 1, 1998 was $481,037,868.01.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of September 1, 1998 was $9,270,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates
as of September 1, 1998 was $4,509,730.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of September 1, 1998 was $2,254,865.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates
as of September 1, 1998 was $1,753,784.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates
as of September 1, 1998 was $1,002,162.00.
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The aggregate Initial Stated Amount of the Class B-5 CitiCertificates
as of September 1, 1998 was $1,252,703.57.
The Subordinated CitiCertificate Percentage is 4.000000013331.*
The Class M Subordination Percentage is 2.150000129626%.*
The Class B-1 Subordination Percentage is 1.250000132264%.*
The Class B-2 Subordination Percentage is 0.800000133583%.*
The Class B-3 Subordination Percentage is 0.450000112435%.*
The Class B-4 Subordination Percentage is 0.250000157370%.*
The following tables set forth information regarding the Mortgage Loans
as of September 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ----- --------------------
1987 1 $ 325,278
1992 1 251,046
1993 1 282,428
1994 7 1,753,837
1995 14 5,333,447
1996 26 8,082,273
1997 13 4,819,397
1998 1,379 $480,233,407
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Total 1,442 $501,081,113
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* Equal to the Initial Stated Amount thereof divided by the aggregate
Adjusted Balance of the Mortgage Loans.
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- ----- --------------------
Detached houses 1,329 $463,117,118
Multi-family Dwellings* 18 7,254,946
Townhouses 34 10,860,256
Condominium Units (one to
four stories high) 25 7,925,034
Condominium Units (over four
stories high) 16 5,042,136
Cooperative Units 20 6,881,623
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Total 1,442 $501,081,113
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NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- ----- --------------------
1-family 1,424 $493,826,167
2-family 16 6,410,966
3-family 2 843,980
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Total 1,442 $501,081,113
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* Multi-family dwellings are 2-family and 3-family
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SIZES OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- -------------------- ----- --------------------
$149,999 and under 1 $ 65,897
$150,000 through $199,999 0 0
$200,000 through $249,999 147 35,572,078
$250,000 through $299,999 475 131,424,315
$300,000 through $349,999 323 104,392,567
$350,000 through $399,999 179 67,139,302
$400,000 through $449,999 98 41,791,546
$450,000 through $499,999 98 46,888,337
$500,000 through $549,999 34 17,916,289
$550,000 through $599,999 39 22,466,753
$600,000 through $649,999 28 17,826,428
$650,000 through $699,999 10 6,825,963
$700,000 through $749,999 1 748,767
$750,000 through $799,999 0 0
$800,000 through $849,999 3 2,440,659
$850,000 through $899,999 2 1,701,897
$900,000 through $949,999 1 948,550
$950,000 through $999,999 3 2,931,765
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Total 1,442 $501,081,113
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DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------- ----- --------------------
6.375% - 6.50% 6 $ 2,105,866
6.51% - 7.00% 227 79,037,779
7.01% - 7.50% 1,007 353,630,984
7.51% - 8.00% 198 64,893,624
8.01% - 8.375% 4 1,412,860
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Total 1,442 $501,081,113
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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 355 $136,660,453
65.01% - 75.00% 440 151,610,390
75.01% - 80.00% 546 183,724,432
80.01% - 85.00% 16 4,562,201
85.01% - 90.00% 71 20,792,748
90.01% - 95.00% 14 3,730,889
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Total 1,442 $501,081,113
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GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- ----- --------------------
Alabama 5 $ 1,687,534
Arizona 9 3,594,582
Arkansas 1 357,411
California 837 295,662,184
Colorado 10 2,950,940
Connecticut 51 18,272,711
District of Columbia 10 3,507,371
Florida 21 7,375,045
Georgia 31 10,396,634
Illinois 40 13,270,685
Indiana 1 236,500
Kentucky 1 233,313
Maine 1 263,600
Maryland 42 13,938,458
Massachusetts 43 14,203,906
Michigan 7 2,208,541
Minnesota 3 1,168,081
Missouri 6 2,345,370
Nebraska 1 279,562
Nevada 2 685,253
New Hampshire 1 622,014
New Jersey 36 12,515,710
New York 144 49,525,953
North Carolina 30 9,588,393
Ohio 5 1,818,271
Pennsylvania 5 1,779,153
Rhode Island 1 369,149
South Carolina 8 2,536,852
Tennessee 21 7,322,089
Texas 12 3,941,930
Utah 3 1,538,632
Vermont 1 301,976
Virginia 40 12,352,341
Washington 13 4,230,969
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Total 1,442 $501,081,113
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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
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John H. Outland
Senior Vice President
Dated: September 29, 1998
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