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: June 25, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-4)
(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 1998-4
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June 25, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
--------------------------------
On June 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 June 1, 1998) as of June 1, 1998 of $304,729,300.08. 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 $15,236,465.00. Information below is provided with respect to all Mortgage
Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of June 1, 1998 was 895. The
weighted average Note Rate of the Mortgage Loans as of June 1, 1998 was 7.392%.
The weighted average remaining term to stated maturity of the Mortgage Loans as
of June 1, 1998 was 356.22 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 February 1, 1988 or after June 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than June 1,
2028. Each Mortgage Loan has an original principal balance of not less than
$63,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $21,890,454 as of June 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 June 1, 1998 was 70.9%. No more than $4,220,291 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 97%(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 June 19, 1998 and the
Prospectus, dated June 19, 1998, (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1998-4.
(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 more than
1% of the 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 69% 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 6.75%. Premium Mortgage Loans consist of Mortgage Loans with
NNRs greater than or equal to 6.75%. The aggregate Adjusted Balance outstanding
as of the Cut-off Date of the Discount Mortgage Loans and the Premium Mortgage
Loans was $13,978,593.07 and $290,750,707.01, respectively. The weighted average
Note Rate of the Discount Mortgage Loans and the Premium Mortgage Loans, as of
the Cut-off Date, was 6.819% and 7.419%, 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 358.74 months and 356.09 months,
respectively.
The Special Hazard Loss Amount as of June 1, 1998 was $4,220,291.20.
The Fraud Loss Amount as of June 1, 1998 was $3,047,293.00.
The Bankruptcy Loss Amount as of June 1, 1998 was $100,000.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of June 1, 1998 was $292,540,082.45.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of June 1, 1998 was $5,637,500.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of June 1, 1998 was $2,742,500.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of June 1, 1998 was $1,371,300.00.
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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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The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of June 1, 1998 was $1,066,500.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of June 1, 1998 was $609,500.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of June 1, 1998 was $761,917.63.
The Subordinated CitiCertificate Percentage is 4.000014972896%.*
The Class M Subordination Percentage is 2.150012364509%.*
The Class B-1 Subordination Percentage is 1.250033268544%.*
The Class B-2 Subordination Percentage is 0.800027312556%.*
The Class B-3 Subordination Percentage is 0.450044557462%.*
The Class B-4 Subordination Percentage is 0.250030971686%.*
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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 June 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
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Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ------- --------------------
1988 1 296,276
1994 3 811,943
1995 10 2,609,419
1996 11 4,037,709
1997 18 5,206,894
1998 852 291,767,059
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Total 895 $ 304,729,300
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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 832 $ 283,687,183
Multi-family dwellings* 10 4,046,487
Townhouses 12 3,930,400
Condominium units (one
to four stories high) 19 6,225,691
Condominium units (over
four stories high) 6 1,952,707
Cooperative units 16 4,886,832
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Total 895 $ 304,729,300
===== ====================
*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 885 $ 300,682,814
2-family 7 2,652,904
3-family 1 369,725
4-family 2 1,023,857
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Total 895 $ 304,729,300
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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 2 $ 150,379
$150,000 through $199,999 1 199,674
$200,000 through $249,999 97 23,414,022
$250,000 through $299,999 327 90,156,058
$300,000 through $349,999 180 58,392,164
$350,000 through $399,999 122 45,653,622
$400,000 through $449,999 50 21,163,633
$450,000 through $499,999 41 19,690,476
$500,000 through $549,999 25 13,109,532
$550,000 through $599,999 22 12,784,807
$600,000 through $649,999 14 8,859,649
$650,000 through $699,999 5 3,377,339
$700,000 through $749,999 2 1,473,055
$750,000 through $799,999 0 0
$800,000 through $849,999 2 1,671,404
$850,000 through $899,999 2 1,772,027
$900,000 through $949,999 2 1,862,948
$950,000 through $999,999 1 998,511
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Total 895 $ 304,729,300
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DISTRIBUTION OF MORTGAGE LOANS BY
NOTE RATES
---------------------------------
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------------------- ------- --------------------
6.625%- 7.00% 92 $ 31,193,086
7.01% - 7.50% 620 211,189,260
7.51% - 8.00% 176 59,885,744
8.01% - 8.50% 7 2,461,210
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Total 895 $ 304,729,300
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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 216 $ 79,048,505
65.01% - 75.00% 284 96,924,313
75.01% - 80.00% 317 106,866,028
80.01% - 85.00% 19 5,441,778
85.01% - 90.00% 54 15,123,589
90.01% - 95.00% 5 1,325,087
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Total 895 $ 304,729,300
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GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
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Number of Aggregate Principal
State Loans Balances Outstanding
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Alabama 6 $ 2,117,131
Arizona 9 3,407,864
Arkansas 1 389,359
California 465 162,528,653
Colorado 11 3,402,033
Connecticut 28 10,837,174
District of Columbia 10 3,350,563
Florida 8 2,946,543
Georgia 29 10,320,900
Illinois 27 8,923,343
Iowa 1 319,750
Louisiana 1 317,758
Maryland 31 10,194,300
Massachusetts 19 6,141,311
Michigan 6 1,830,092
Minnesota 3 930,260
Mississippi 1 292,553
Missouri 9 2,695,144
Montana 1 299,754
Nevada 2 794,189
New Hampshire 1 279,603
New Jersey 29 9,068,013
New Mexico 10 2,815,977
New York 79 25,946,426
North Carolina 27 8,810,868
Ohio 2 478,361
Oregon 3 847,707
Pennsylvania 6 1,659,048
South Carolina 11 3,309,207
Tennessee 5 1,749,909
Texas 9 3,024,838
Utah 2 552,094
Virginia 36 12,146,807
Washington 7 2,001,768
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Total 895 $ 304,729,300
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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: June 25, 1998
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