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: August 27, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-3)
(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.)
<PAGE>
Item 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1998-7
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August 27, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On August 27, 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 August 1, 1998) as of August 1, 1998 of $501,246,851.00. 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
$25,062,342.55. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of August 1, 1998 was 1,449. The
weighted average Note Rate of the Mortgage Loans as of August 1, 1998 was
7.368%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of August 1, 1998 was 356.82 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 June 1, 1989 or after August 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than August 1,
2028. Each Mortgage Loan has an original principal balance of not less than
$129,200 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $32,570,580 as of August 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 August 1, 1998 was 71.6%. No more than $8,110,379 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 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%(2) 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 59% 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.
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(1) Capitalized terms used herein and not otherwise defined have the
meaning assigned thereto in the Prospectus Supplement dated August 21, 1998 and
the Prospectus, dated July 22, 1998, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1998-7.
(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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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 $29,353,622.69 and $471,893,228.31, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.820% and 7.402%, 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 356.91 months
and 356.82 months, respectively.
The Special Hazard Loss Amount as of August 1, 1998 was $8,110,379.35.
The Fraud Loss Amount as of August 1, 1998 was $5,012,468.51.
The Bankruptcy Loss Amount as of August 1, 1998 was $134,421.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
August 1, 1998 was $481,196,105.77.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
August 1, 1998 was $9,273,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of August 1, 1998 was $4,512,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of August 1, 1998 was $2,255,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of August 1, 1998 was $1,755,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of August 1, 1998 was $1,002,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of August 1, 1998 was $1,253,745.23.
The Subordinated CitiCertificate Percentage is 4.000173804583%.*
The Class M Subordination Percentage is 2.150187120078%.*
The Class B-1 Subordination Percentage is 1.250031839102%.*
The Class B-2 Subordination Percentage is 0.800153701114%.*
The Class B-3 Subordination Percentage is 0.450026813235%.*
The Class B-4 Subordination Percentage is 0.250125308018%.*
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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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<PAGE>
The following tables set forth information regarding the Mortgage Loans as
of August 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
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Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ----- --------------------
1989 1 $ 236,574
1990 1 302,257
1993 1 310,188
1994 1 265,484
1995 8 2,121,211
1996 10 3,520,755
1997 7 2,721,539
1998 1,420 $491,768,843
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Total 1,449 $501,246,851
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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 1,342 $465,271,179
Multi-family Dwellings* 12 4,939,109
Townhouses 33 10,508,308
Condominium Units (one to
four stories high) 25 7,996,121
Condominium Units (over four
stories high) 19 6,271,192
Cooperative Units 18 $ 6,260,942
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Total 1,449 $501,246,851
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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 1,437 $496,307,742
2-family 8 2,938,613
3-family 3 1,524,849
4-family 1 $ 475,647
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Total 1,449 $501,246,851
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* Multi-family dwellings are 2-family, 3-family and 4-family
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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 1 $ 128,729
$150,000 through $199,999 0 0
$200,000 through $249,999 173 41,827,852
$250,000 through $299,999 479 131,907,822
$300,000 through $349,999 293 95,229,604
$350,000 through $399,999 187 70,647,991
$400,000 through $449,999 107 45,433,786
$450,000 through $499,999 84 39,913,158
$500,000 through $549,999 45 23,590,955
$550,000 through $599,999 37 21,392,970
$600,000 through $649,999 22 14,034,739
$650,000 through $699,999 5 3,483,243
$700,000 through $749,999 3 2,186,359
$750,000 through $799,999 3 2,351,244
$800,000 through $849,999 3 2,526,924
$850,000 through $899,999 3 2,655,137
$900,000 through $949,999 1 939,302
$950,000 through $999,999 3 $ 2,997,036
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Total 1,449 $501,246,851
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
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Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------- ----- --------------------
6.375% - 6.50% 3 $ 970,498
6.51% - 7.00% 162 55,479,771
7.01% - 7.50% 1,006 348,351,079
7.51% - 8.00% 271 93,783,812
8.01% - 8.50% 7 $ 2,661,691
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Total 1,449 $501,246,851
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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 323 $119,760,546
65.01% - 75.00% 441 157,451,641
75.01% - 80.00% 573 191,464,084
80.01% - 85.00% 18 5,399,585
85.01% - 90.00% 82 24,048,713
90.01% - 95.00% 12 3,122,282
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Total 1,449 $501,246,851
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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 10 $ 2,987,760
Arizona 11 3,823,615
Arkansas 5 1,832,543
California 802 285,871,740
Colorado 16 4,909,658
Connecticut 43 14,283,078
Delaware 2 1,300,047
District of Columbia 4 983,839
Florida 15 5,291,519
Georgia 40 12,814,053
Idaho 2 652,267
Illinois 36 11,299,264
Kansas 1 243,714
Louisiana 2 533,558
Maryland 46 14,915,317
Massachusetts 54 18,906,974
Michigan 6 1,837,856
Minnesota 4 1,099,410
Missouri 8 3,059,469
Nevada 5 1,905,104
New Hampshire 2 566,175
New Jersey 49 15,511,598
New Mexico 3 826,036
New York 113 40,503,546
North Carolina 31 9,658,827
Ohio 5 1,806,477
Oregon 2 517,232
Pennsylvania 8 2,738,672
Rhode Island 1 239,252
South Carolina 16 5,663,734
Tennessee 9 2,943,845
Texas 18 6,966,990
Utah 4 1,388,584
Virginia 43 13,465,958
Washington 30 9,080,670
West Virginia 2 558,848
Wyoming 1 $ 259,622
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Total 1,449 $501,246,851
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<PAGE>
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: August 27, 1998
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