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: February 26, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-1)
(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
- ------------------------------------ -----
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 559-3435
- --------------------------------------------------------------------------------
(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 1998-1
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February 26, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
-----------------------------------------
AND THE MORTGAGED PROPERTIES 1
--------------------------------
On February 26, 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 February 1, 1998) as of February 1, 1998 of $207,670,264.33. 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
$10,383,513.22. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of February 1, 1998 was 634. The
weighted average Note Rate of the Mortgage Loans as of February 1, 1998 was
7.539%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of February 1, 1998 was 357.13 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 September 1, 1996 or after February 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than February
1, 2028. Each Mortgage Loan has an original principal balance of not less than
$44,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $20,310,041 as of February 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 February 1, 1998 was 73.2%. No more than $2,420,806 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 96%2 of the Mortgage Loans are secured by Mortgaged Properties
determined by Citicorp Mortgage,
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated February 24, 1998 and the
Prospectus, dated February 24, 1998, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1998-1.
(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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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 53% 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 6.750%. 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 $5,071,030.93 and $202,599,233.40, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.805% and 7.558%, 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 358.62 months
and 357.09 months, respectively.
The Special Hazard Loss Amount as of February 1, 1998 was $2,420,806.23.
The Fraud Loss Amount as of February 1, 1998 was $2,076,702.64.
The Bankruptcy Loss Amount as of February 1, 1998 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of February 1, 1998 was $197,805,925.88.
The aggregate Initial Stated Amount of the Class M CitiCertificates as
of February 1, 1998 was $5,191,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of February 1, 1998 was $1,765,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of February 1, 1998 was
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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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$1,143,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of February 1, 1998 was $726,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of February 1, 1998 was $416,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of February 1, 1998 was $623,338.45.
The Subordinated CitiCertificate Percentage is 4.750000430647%*
The Class M Subordination Percentage is 2.250364762176%.*
The Class B-1 Subordination Percentage is 1.400459742941%.*
The Class B-2 Subordination Percentage is 0.850067993940%.*
The Class B-3 Subordination Percentage is 0.500475334470%.*
The Class B-4 Subordination Percentage is 0.300157777528%.*
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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 February 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
--------------------------------------
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- -------- --------------------------
1996 2 $ 201,392
1997 599 196,785,198
1998 33 10,683,674
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Total 634 $ 207,670,264
=== =============
TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
--------------------------------------------
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
--------------- ------- -------------------------
Detached houses 564 $ 185,272,774
Multi-family dwellings* 10 4,266,659
Townhouses 15 4,670,096
Condominium units (one 21 6,864,603
to four stories high)
Condominium units (over 6 1,792,345
four stories high)
Cooperative units 18 4,803,787
---- ----------------------
Total 634 $ 207,670,264
=== =============
*Multi-family dwellings are 2-family, 3-family and 4-family.
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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 624 $ 203,403,605
2-family 6 2,894,213
3-family 3 902,370
4-family 1 470,076
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Total 634 $ 207,670,264
=== ==============
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 7 $ 539,962
$150,000 through $199,999 1 190,471
$200,000 through $249,999 113 26,996,683
$250,000 through $299,999 220 60,523,158
$300,000 through $349,999 119 38,740,550
$350,000 through $399,999 67 25,186,222
$400,000 through $449,999 35 14,836,241
$450,000 through $499,999 17 8,140,731
$500,000 through $549,999 23 12,078,701
$550,000 through $599,999 16 9,319,626
$600,000 through $649,999 8 4,980,664
$650,000 through $699,999 4 2,753,741
$700,000 through $749,999 1 719,466
$750,000 through $799,999 0 0
$800,000 through $849,999 1 813,875
$850,000 through $899,999 1 850,953
$900,000 through $949,999 0 0
$950,000 through $999,999 1 999,220
$1,000,000 and over 0 0
- -------------------- ----- --------------------
Total 634 $ 207,670,264
==== =============
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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 $ 397,108
6.51% - 7.00% 35 12,186,733
7.01% - 7.50% 296 97,943,459
7.51% - 8.00% 282 91,285,902
8.01% - 8.50% 18 5,450,554
8.51% - 8.75% 2 406,508
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Total 634 $ 207,670,264
==== ===========
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 117 $ 42,389,352
65.01% - 75.00% 162 54,339,808
75.01% - 80.00% 279 90,631,063
80.01% - 85.00% 15 4,248,880
85.01% - 90.00% 51 13,477,163
90.01% - 95.00% 10 2,583,998
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Total 634 $ 207,670,264
==== ============
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GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
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Number of Aggregate Principal
State Loans Balances Outstanding
- ----- --------- ---------------------------
Alabama 1 $ 299,777
Arizona 4 1,161,315
Arkansas 4 1,157,326
California 232 79,487,234
Colorado 15 4,829,417
Connecticut 29 9,135,545
District of Columbia 6 2,237,118
Florida 11 3,744,065
Georgia 20 6,476,689
Illinois 21 7,590,358
Indiana 1 303,280
Kansas 4 1,273,930
Maryland 31 9,779,179
Massachusetts 8 2,959,491
Michigan 2 675,393
Minnesota 2 625,108
Mississippi 3 1,053,724
Missouri 2 307,071
Nevada 2 555,381
New Hampshire 1 231,819
New Jersey 22 6,485,239
New Mexico 5 1,745,867
New York 84 26,773,804
North Carolina 39 12,375,195
Ohio 2 653,851
Pennsylvania 14 4,112,922
Rhode Island 1 648,958
South Carolina 13 3,855,819
Tennessee 3 1,197,835
Texas 12 3,567,296
Utah 1 269,800
Virginia 34 10,691,293
Washington 5 1,409,165
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Total 634 $ 207,670,264
=== ====================
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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
John H. Outland
Senior Vice President
Dated: March 2, 1998
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