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: April 24, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-2)
(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 1998-2
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April 24, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
--------------------------------
On April 24, 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 April 1, 1998) as of April 1, 1998 of $402,446,883.02. 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 $20,122,344.15. Information below is provided with respect to all Mortgage
Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of April 1, 1998 was 1145. The
weighted average Note Rate of the Mortgage Loans as of April 1, 1998 was
7.394%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of April 1, 1998 was 356.59 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 January 1, 1997 or after April 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than April
1, 2028. Each Mortgage Loan has an original principal balance of not less than
$37,800 nor more than $1,290,000. Mortgage Loans having an aggregate Adjusted
Balance of $24,022,195 as of April 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 April 1, 1998 was 69.6%. No more than $5,804,107 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
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated April 17, 1998 and the
Prospectus, dated April 17, 1998, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1998-2.
(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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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 Originator's records. No Mortgage
Loans are secured by investment properties.
At least 99% 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, or are
refinanced Mortgage Loans originated using alternative or streamlined
underwriting policies. No more than 80% of the Mortgage Loans are 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 consist of Mortgage Loans with Net Note Rates
(NNRs) less than 6.750%. Premium Mortgage Loans 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 $18,143,616.24 and $384,303,266.78, respectively. The weighted average
Note Rate of the Discount Mortgage Loans and the Premium Mortgage Loans, as of
the Cut-off Date, was 6.830% and 7.420%, 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 357.75 months and 356.53 months,
respectively.
The Special Hazard Loss Amount as of April 1, 1998 was $5,804,106.80.
The Fraud Loss Amount as of April 1, 1998 was $4,024,468.83.
The Bankruptcy Loss Amount as of April 1, 1998 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of April 1, 1998 was $386,348,185.82.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of April 1, 1998 was $8,048,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of April 1, 1998 was $3,220,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of April 1, 1998 was $1,811,000.00.
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(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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<PAGE>
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of April 1, 1998 was 1,409,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of April 1, 1998 was $604,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of April 1, 1998 was $1,006,697.20.
The Subordinated CitiCertificate Percentage is 4.000204220541%*
The Class M Subordination Percentage is 2.000437210394%.*
The Class B-1 Subordination Percentage is 1.200331622338%.*
The Class B-2 Subordination Percentage is 0.750334349056%.*
The Class B-3 Subordination Percentage is 0.400226034282%.*
The Class B-4 Subordination Percentage is 0.250144116522%.*
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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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The following tables set forth information regarding the Mortgage Loans
as of April 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
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Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ------- --------------------
1997 113 35,160,592
1998 1,032 367,286,291
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Total 1,145 $ 402,446,883
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
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Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
--------------- ------- ---------------------
Detached houses 1,047 $ 369,189,039
Multi-family dwellings* 18 7,003,639
Townhouses 21 7,447,924
Condominium units (one
to four stories high) 18 6,147,401
Condominium units (over
four stories high) 20 6,517,942
Cooperative units 21 6,140,938
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Total 1,145 $ 402,446,883
===== ====================
*Multi-family dwellings are 2-family, 3-family and 4-family.
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NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
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Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- --------------- ------- --------------------
1-family 1,127 $ 395,443,244
2-family 17 6,554,964
3-family 1 448,675
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Total 1,145 $ 402,446,883
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SIZES OF MORTGAGE LOANS
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Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- -------------------- ----- --------------------
$149,999 and under 13 $ 1,374,328
$150,000 through $199,999 2 367,292
$200,000 through $249,999 122 29,377,317
$250,000 through $299,999 351 96,793,841
$300,000 through $349,999 233 75,878,347
$350,000 through $399,999 149 56,375,121
$400,000 through $449,999 89 38,026,530
$450,000 through $499,999 70 33,319,594
$500,000 through $549,999 35 18,464,496
$550,000 through $599,999 39 22,500,543
$600,000 through $649,999 25 15,948,112
$650,000 through $699,999 5 3,438,631
$700,000 through $749,999 2 1,433,441
$750,000 through $799,999 2 1,535,286
$800,000 through $849,999 2 1,669,337
$850,000 through $899,999 2 1,770,649
$900,000 through $949,999 1 909,011
$950,000 through $999,999 2 1,978,417
$1,000,000 and over 1 1,286,590
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Total 1,145 $ 402,446,883
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DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- ------- --------------------
6.50% 1 $ 268,000
6.51% - 7.00% 129 45,262,465
7.01% - 7.50% 729 262,473,866
7.51% - 8.00% 277 90,500,070
8.01% - 8.50% 7 2,854,099
8.51% - 8.875% 2 1,088,383
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Total 1,145 $ 402,466,883
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DISTRIBUTION OF MORTGAGE LOANS BY
LOAN-TO-VALUE RATIOS AT ORIGINATION
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Number of Aggregate Principal
Loan-to-Value Ratio Loans Balances Outstanding
- ------------------------- ------ --------------------
65.00% and Below 298 $ 113,918,392
65.01% - 75.00% 377 134,296,099
75.01% - 80.00% 385 130,210,197
80.01% - 85.00% 23 6,947,984
85.01% - 90.00% 55 15,310,501
90.01% - 95.00% 7 1,763,710
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Total 1,145 $ 402,446,883
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
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Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- --------------------
Alabama 6 $ 2,201,402
Arizona 4 1,464,978
Arkansas 6 2,188,168
California 644 236,454,992
Colorado 13 4,016,946
Connecticut 36 13,115,559
Delaware 1 255,628
District of Columbia 11 3,498,204
Florida 10 2,709,795
Georgia 25 8,263,474
Idaho 2 593,082
Illinois 27 8,906,445
Indiana 1 291,660
Kansas 1 432,171
Louisiana 2 576,372
Maryland 32 11,420,084
Massachusetts 13 4,210,743
Michigan 11 4,151,153
Minnesota 9 2,730,577
Mississippi 2 688,873
Missouri 11 3,478,452
Nebraska 2 641,499
Nevada 7 2,281,257
New Jersey 35 11,363,761
New Mexico 10 3,169,526
New York 91 29,552,659
North Carolina 47 14,915,288
Ohio 2 854,755
Pennsylvania 6 1,818,364
South Carolina 10 3,123,713
Tennessee 4 1,391,772
Texas 9 3,683,910
Utah 4 1,151,050
Virginia 35 11,801,476
Washington 14 4,438,795
Wisconsin 2 610,300
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Total 1,145 $ 402,446,883
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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: April 24, 1998
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