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: October 28, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-9)
(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) 559-9583
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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 1998-9
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October 28, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On October 28, 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 October 1, 1998) as of October 1, 1998 of $501,190,013.51. 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 The Bank of New
York, 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
$25,059,500.68. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of October 1, 1998 was 1,454. The
weighted average Note Rate of the Mortgage Loans as of October 1, 1998 was
7.307%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of October 1, 1998 was 356.23 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 October 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than October 1,
2028. Each Mortgage Loan has an original principal balance of not less than
$150,000 nor more than $1,974,000. Mortgage Loans having an aggregate Adjusted
Balance of $31,449,722 as of October 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 October 1, 1998 was 71.1%. No more than $5,489,719 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 October 26, 1998 and the
Prospectus, dated October 26, 1998, (collectively, the "Prospectus"),
relating to the REMIC Pass-Through Certificates, Series 1998-9.
(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 6.50%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 6.50%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $5,331,927.46 and $495,858,086.05, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.556% and 7.315%, 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 349.77 months
and 356.30 months, respectively.
The Special Hazard Loss Amount as of October 1, 1998 was $5,489,719.06.
The Fraud Loss Amount as of October 1, 1998 was $5,011,900.14.
The Bankruptcy Loss Amount as of October 1, 1998 was $128,093.06.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
October 1, 1998 was $481,142,412.47.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
October 1, 1998 was $9,021,420.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of October 1, 1998 was $4,260,115.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of October 1, 1998 was $2,004,760.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of October 1, 1998 was $2,505,950.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of October 1, 1998 was $1,002,380.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of October 1, 1998 was $1,252,976.04.
The Subordinated CitiCertificate Percentage is 4.000000099683%.*
The Class M Subordination Percentage is 2.200000148204%.*
The Class B-1 Subordination Percentage is 1.350000171116%.*
The Class B-2 Subordination Percentage is 0.950000181898%.*
The Class B-3 Subordination Percentage is 0.450000195376%.*
The Class B-4 Subordination Percentage is 0.250000200767%.*
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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 October 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
1988 2 $ 580,800
1990 1 1,821,335
1992 2 613,516
1993 1 240,734
1994 5 1,401,926
1995 7 2,052,124
1996 8 3,262,421
1997 10 2,914,225
1998 1,418 488,302,933
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Total 1,454 $ 501,190,014
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
Detached houses 1,353 $ 466,055,265
Multi-family 18 8,131,378
Dwellings*
Townhouses 22 6,712,754
Condominium Units
(one to four stories 30 9,563,806
high)
Condominium Units
(over four stories 15 5,401,431
high)
Cooperative Units 16 5,325,380
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Total 1,454 $ 501,190,014
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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 1,436 $ 493,058,635
2-family 15 6,800,030
3-family 3 1,331,349
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Total 1,454 $ 501,190,014
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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 $ 149,124
$150,000 through $199,999 1 155,006
$200,000 through $249,999 153 36,982,948
$250,000 through $299,999 475 130,957,257
$300,000 through $349,999 329 106,809,824
$350,000 through $399,999 200 75,661,870
$400,000 through $449,999 103 43,843,142
$450,000 through $499,999 74 35,224,686
$500,000 through $549,999 37 19,599,638
$550,000 through $599,999 44 25,417,355
$600,000 through $649,999 25 15,920,460
$650,000 through $699,999 5 3,380,810
$700,000 through $749,999 1 736,955
$750,000 through $799,999 1 799,376
$800,000 through $849,999 1 808,455
$850,000 through $899,999 0 0
$900,000 through $949,999 1 923,314
$950,000 through $999,999 2 1,998,459
$1,000,000 and over 1 1,821,335
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Total 1,454 $ 501,190,014
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DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
6.25% - 6.50% 6 $ 2,117,721
6.51% - 7.00% 237 81,582,483
7.01% - 7.50% 1,027 357,297,128
7.51% - 8.00% 180 58,596,056
8.01% - 8.375% 4 1,596,626
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Total 1,454 $ 501,190,014
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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 338 $ 124,458,878
65.01% - 75.00% 474 163,242,705
75.01% - 80.00% 535 182,038,709
80.01% - 85.00% 20 6,152,066
85.01% - 90.00% 77 22,706,726
90.01% - 95.00% 10 2,590,930
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Total 1,454 $ 501,190,014
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GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
Alabama 3 $ 869,845
Arizona 7 2,195,079
California 871 299,559,007
Colorado 27 8,819,512
Connecticut 54 21,895,038
Delaware 1 313,608
District of Columbia 5 1,946,485
Florida 18 5,898,748
Georgia 36 13,532,069
Illinois 35 10,862,249
Maryland 33 11,521,980
Massachusetts 42 14,919,196
Michigan 6 1,798,583
Minnesota 2 593,675
Mississippi 3 933,905
Missouri 7 2,159,361
Nevada 8 2,676,028
New Hampshire 4 1,075,476
New Jersey 56 18,251,988
New Mexico 5 1,769,827
New York 81 28,646,696
North Carolina 35 11,427,051
Ohio 3 1,033,380
Oregon 3 1,149,481
Pennsylvania 7 2,205,030
South Carolina 11 3,496,759
Tennessee 4 1,061,538
Texas 15 5,844,575
Utah 4 1,645,889
Virginia 43 14,461,755
Washington 24 8,214,901
Wisconsin 1 411,300
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Total 1,454 $ 501,190,014
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* Multi-family dwellings are 2-family, 3-family and 4-family
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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: October 28, 1998
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