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: November 25, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-10)
(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 1998-10
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November 25, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On November 25, 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 November 1, 1998) as of November 1, 1998 of $560,916,921.69. 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 $28,045,846.08. Information below is provided with respect to
all Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of November 1, 1998 was 1,627.
The weighted average Note Rate of the Mortgage Loans as of November 1, 1998 was
7.261%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of November 1, 1998 was 356.76 months. All Mortgage Loans have
original maturities greater than 15 but no more than 30 years. None of the
Mortgage Loans were originated prior to August 1, 1987 or after November 1,
1998.
None of the Mortgage Loans has a scheduled maturity later than
November 1, 2028. Each Mortgage Loan has an original principal balance of not
less than $229,500 nor more than $1,100,000. Mortgage Loans having an aggregate
Adjusted Balance of $29,759,119 as of November 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 November 1, 1998 was 70.4%. No more than $5,900,459 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 November 23, 1998 and
the Prospectus, dated July 22, 1998 (collectively, the "Prospectus"),
relating to the REMIC Pass-Through Certificates, Series 1998-10.
(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 65% 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 6.250%. Premium Mortgage Loans will consist of Mortgage
Loans with NNRs greater than or equal to 6.250%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $1,647,187.68 and $559,269,734.01, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.248% and 7.264%, 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 359 months
and 356.75 months, respectively.
The Special Hazard Loss Amount as of November 1, 1998 was
$5,900,458.72.
The Fraud Loss Amount as of November 1, 1998 was $5,609,169.22.
The Bankruptcy Loss Amount as of November 1, 1998 was $132,192.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of November 1, 1998 was $538,480,219.43.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of November 1, 1998 was $10,376,900.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates
as of November 1, 1998 was $5,048,300.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of November 1, 1998 was $2,524,100.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates
as of November 1, 1998 was $1,963,200.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates
as of November 1, 1998 was $1,121,900.00.
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The aggregate Initial Stated Amount of the Class B-5 CitiCertificates
as of November 1, 1998 was $1,402,302.26.
The Subordinated CitiCertificate Percentage is 4.000004526945.*
The Class M Subordination Percentage is 2.150015767694%.*
The Class B-1 Subordination Percentage is 1.250007262907%.*
The Class B-2 Subordination Percentage is 0.800011924489%.*
The Class B-3 Subordination Percentage is 0.450013569281%.*
The Class B-4 Subordination Percentage is 0.250001774910%.*
The following tables set forth information regarding the Mortgage Loans
as of November 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ----- --------------------
1987 1 $ 274,752
1991 1 267,438
1994 2 587,333
1995 9 2,887,574
1996 7 3,206,455
1997 12 3,986,755
1998 1,595 $549,706,615
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Total 1,627 $560,916,922
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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 1,485 $511,319,193
Multi-family Dwellings* 23 9,848,736
Townhouses 26 8,282,986
Condominium Units (one to
four stories high) 54 17,119,063
Condominium Units (over four
stories high) 11 4,432,738
Cooperative Units 28 9,914,206
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Total 1,627 $560,916,922
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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 1,604 $551,068,186
2-family 22 9,399,087
3-family 1 449,649
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Total 1,627 $560,916,922
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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 2 $ 193,997
$150,000 through $199,999 0 0
$200,000 through $249,999 173 41,975,003
$250,000 through $299,999 568 156,634,119
$300,000 through $349,999 330 107,335,856
$350,000 through $399,999 215 80,877,331
$400,000 through $449,999 113 47,881,965
$450,000 through $499,999 75 35,704,492
$500,000 through $549,999 58 30,335,866
$550,000 through $599,999 37 21,442,126
$600,000 through $649,999 37 23,540,142
$650,000 through $699,999 11 7,449,847
$700,000 through $749,999 1 741,866
$750,000 through $799,999 0 0
$800,000 through $849,999 0 0
$850,000 through $899,999 1 899,280
$900,000 through $949,999 2 1,853,768
$950,000 through $999,999 3 2,982,375
1,000,000 and over 1 1,068,889
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Total 1,627 $560,916,922
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DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------- ----- --------------------
6.125%- 6.50% 11 $ 4,380,766
6.51% - 7.00% 297 102,048,432
7.01% - 7.50% 1,178 410,174,575
7.51% - 8.00% 136 42,257,997
8.01% - 8.25% 5 2,055,152
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Total 1,627 $560,916,922
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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 414 $150,351,261
65.01% - 75.00% 547 190,244,914
75.01% - 80.00% 565 190,561,628
80.01% - 85.00% 16 4,889,842
85.01% - 90.00% 76 22,501,537
90.01% - 95.00% 9 2,367,740
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Total 1,627 $560,916,922
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- ----- --------------------
Alabama 7 $ 2,130,731
Arizona 10 3,165,895
Arkansas 2 698,431
California 966 334,579,626
Colorado 26 9,346,273
Connecticut 50 19,931,375
Delaware 1 284,783
District of Columbia 5 1,551,764
Florida 16 6,581,929
Georgia 28 8,728,879
Illinois 43 13,632,596
Indiana 2 630,288
Kansas 2 852,352
Maryland 31 10,853,481
Massachusetts 46 14,961,937
Michigan 16 5,570,280
Minnesota 8 2,470,284
Mississippi 3 829,718
Missouri 8 2,912,964
Nevada 6 2,079,689
New Hampshire 3 918,589
New Jersey 59 18,865,227
New Mexico 8 2,530,153
New York 140 50,643,538
North Carolina 38 11,846,545
Ohio 1 284,637
Oregon 1 254,801
Pennsylvania 8 2,844,074
South Carolina 11 4,065,277
Tennessee 9 3,687,251
Texas 17 5,597,848
Utah 3 1,387,675
Virginia 22 6,938,107
Washington 31 9,259,925
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Total 1,627 $560,916,922
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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: November __, 1998
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