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: July 29, 1998
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1998-6)
(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 1998-6
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July 29, 1998
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On July 29, 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 July 1, 1998) as of July 1, 1998 of $303,459,467.23. 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, 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
$15,172,973.36. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of July 1, 1998 was 862. The
weighted average Note Rate of the Mortgage Loans as of July 1, 1998 was 7.387%.
The weighted average remaining term to stated maturity of the Mortgage Loans as
of July 1, 1998 was 357.08 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 April 1, 1994 or after July 1, 1998.
None of the Mortgage Loans has a scheduled maturity later than July 1,
2028. Each Mortgage Loan has an original principal balance of not less than
$29,250 nor more than $1,434,000. Mortgage Loans having an aggregate Adjusted
Balance of $23,261,004 as of July 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 July 1, 1998 was 72.0%. No more than $7,995,279 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 99%(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.
All 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 58% of the Mortgage Loans will be refinanced Mortgage
Loans originated using alternative or streamlined underwriting policies. See
"Loan
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated July 22, 1998 and the
Prospectus, dated July 22, 1998, (collectively, the "Prospectus"), relating
to the REMIC Pass-Through Certificates, Series 1998-6.
(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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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 6.500%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 6.500%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $574,469.34 and $302,884,997.89, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.538% and 7.389%, 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 358.65 months
and 357.08 months, respectively.
The Special Hazard Loss Amount as of July 1, 1998 was $7,995,278.60.
The Fraud Loss Amount as of July 1, 1998 was $3,034,594.67.
The Bankruptcy Loss Amount as of July 1, 1998 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
July 1, 1998 was $290,561,770.54.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
July 1, 1998 was $6,069,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of July 1, 1998 was $2,883,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of July 1, 1998 was $1,366,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of July 1, 1998 was $1,062,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of July 1, 1998 was $607,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of July 1, 1998 was $910,696.69.
The Subordinated CitiCertificate Percentage is 4.250220567422%.*
The Class M Subordination Percentage is 2.250282962773%.*
The Class B-1 Subordination Percentage is 1.300238455572%.*
The Class B-2 Subordination Percentage is 0.850095966208%.*
The Class B-3 Subordination Percentage is 0.500131600392%.*
The Class B-4 Subordination Percentage is 0.300104886597%.*
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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 May 1, 1998.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number Aggregate Principal
Year Originated of Loans Balances Outstanding
1994 5 $ 1,474,691
1995 6 3,359,047
1996 5 1,672,771
1997 6 2,171,827
1998 840 294,781,131
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Total 862 $ 303,459,467
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number Aggregate Principal
Dwelling Unit of Loans Balances Outstanding
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Detached houses 779 $ 274,288,223
Multi-family
Dwellings* 17 7,027,637
Townhouses 24 7,639,716
Condominium Units
(one to four stories
high) 15 5,258,678
Condominium Units
(over four stories
high) 12 5,014,517
Cooperative Units 15 4,230,696
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Total 862 $ 303,459,467
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NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number Aggregate Principal
Dwelling Unit of Loans Balances Outstanding
1-family 846 $ 297,051,347
2-family 13 5,239,482
3-family 3 1,168,638
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Total 862 $ 303,459,467
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* Multi-family dwellings are 2-family, 3-family and 4-family
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SIZES OF MORTGAGE LOANS
Outstanding Principal Number Aggregate Principal
Balance by Loan Size of Loans Balances Outstanding
$149,999 and under 2 $ 122,984
$150,000 through $199,999 1 173,379
$200,000 through $249,999 85 20,556,025
$250,000 through $299,999 284 78,620,941
$300,000 through $349,999 177 57,615,638
$350,000 through $399,999 112 42,199,569
$400,000 through $449,999 63 26,719,394
$450,000 through $499,999 49 23,508,569
$500,000 through $549,999 30 15,698,126
$550,000 through $599,999 30 17,390,807
$600,000 through $649,999 19 12,022,501
$650,000 through $699,999 2 1,398,921
$700,000 through $749,999 1 749,457
$750,000 through $799,999 1 793,886
$800,000 through $849,999 2 1,642,201
$850,000 through $899,999 0 0
$900,000 through $949,999 1 921,766
$950,000 through $999,999 2 1,935,680
$1,000,000 and over 1 1,389,623
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Total 862 $ 303,459,467
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number Aggregate Principal
Note Rate of Loans Balances Outstanding
6.375% - 6.50% 1 $ 200,799
6.51% - 7.00% 81 28,284,652
7.01% - 7.50% 607 217,740,253
7.51% - 8.00% 167 54,804,727
8.01% - 8.50% 6 2,429,036
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Total 862 $ 303,459,467
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DISTRIBUTION OF MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION
Number Aggregate Principal
Loan-to-Value Ratio of Loans Balances Outstanding
65.00% and Below 186 $ 68,162,069
65.01% - 75.00% 254 91,583,192
75.01% - 80.00% 342 120,424,081
80.01% - 85.00% 11 3,388,529
85.01% - 90.00% 61 17,866,250
90.01% - 95.00% 8 2,035,346
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Total 862 $ 303,459,467
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GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
Number Aggregate Principal
State of Loans Balances Outstanding
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Alabama 8 $ 3,517,292
Arizona 10 3,533,110
Arkansas 1 516,211
California 502 178,078,209
Colorado 15 4,935,652
Connecticut 27 9,654,848
District of Columbia 7 2,150,007
Florida 12 5,950,633
Georgia 17 6,378,440
Illinois 26 9,427,723
Indiana 1 309,070
Kansas 1 399,696
Louisiana 3 845,556
Maryland 15 5,342,972
Massachusetts 24 8,515,794
Michigan 6 1,608,661
Minnesota 3 812,880
Mississippi 1 249,382
Missouri 4 1,517,377
Nebraska 1 599,107
Nevada 1 444,841
New Hampshire 1 417,282
New Jersey 24 7,764,382
New Mexico 3 844,418
New York 65 22,271,176
North Carolina 16 4,882,250
Ohio 3 810,572
Oregon 3 1,007,328
Pennsylvania 7 1,867,110
South Carolina 3 1,244,340
Tennessee 4 1,745,991
Texas 12 4,246,008
Utah 1 262,199
Virginia 20 6,644,486
Washington 15 4,664,464
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Total 862 $ 303,459,467
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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: July 29, 1998
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