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: September 28, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-6)
(Exact name of registrant as specified in charter)
Delaware 333-72459 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) 559-5328
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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 1999-6
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September 28, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
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On September 28, 1999, Citicorp Mortgage Securities, Inc. ("CMSI")
transferred to the Trustee Mortgage Loans evidenced by Mortgage Notes with an
aggregate Adjusted Balance outstanding (after deducting principal payments due
on or before September 1, 1999) as of September 1, 1999 of $251,247,808.51. The
Mortgage Loans were delivered in exchange for the Certificates, authenticated by
the Trustee, evidencing 100% of the regular interests in the Trust.
Distributions on the Certificates 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
$12,562,390.43. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of September 1, 1999 was 688. The
weighted average Note Rate of the Mortgage Loans ( before deduction of servicing
fee)( the "Note Rate of the Mortgage Loans")as of September 1, 1999 was
6.7377225207%. The weighted average remaining term to stated maturity of the
Mortgage Loans as of September 1, 1999 was 173.13 months. All Mortgage Loans
have original maturities of at least 10 but no more than 15 years. None of the
Mortgage Loans were originated prior to September 1, 1986 or after August 1,
1999. The weighted average original term to stated maturity of the Mortgage
Loans as of September 1, 1999 was 177.64 months
None of the Mortgage Loans has a scheduled maturity later than
September 1, 2014. Each Mortgage Loan has an original principal balance of not
less than $75,200 nor more than $963,800. Mortgage Loans having an aggregate
Adjusted Balance of $5,733,575 as of September 1, 1999 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 September 1, 1999 was 63.7%. No more than $2,534,976 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 93%(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
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus dated September 22, 1999, relating to the
REMIC Pass-Through Certificates, Series 1999-6.
(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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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 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 72% 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. In the case
of the Mortgage Loans for which Additional Collateral (as defined in the Pooling
Agreement) was pledged, taken as a group:
(1) the number of such loans is 2;
(2) have an aggregate Adjusted Balance of $864,182;
(3) the weighted average loan-to-value ratio of such loans, taking
into account the loanable value of the additional pledged
collateral, is 70.5% and
(4) the weighted average loan-to-value ratio of such loans, without
taking into account the loanable value of the additional pledged
collateral, is 79.6%.
The Special Hazard Loss Amount as of September 1, 1999 was
$2,512,478.09.
The Fraud Loss Amount as of September 1, 1999 was $2,512,478.09.
The Bankruptcy Loss Amount as of September 1, 1999 was $100,000.00.
The aggregate Initial Principal Amount of the Class A Certificates as
of September 1, 1999 was $245,594,000.
The aggregate Initial Principal Amount of the Class M Certificates as
of September 1, 1999 was $2,513,000.
The aggregate Initial Principal Amount of the Class B-1 Certificates as
of September 1, 1999 was $879,000.
The aggregate Initial Principal Amount of the Class B-2 Certificates as
of September 1, 1999 was $754,000.
The aggregate Initial Principal Amount of the Class B-3 Certificates as
of September 1, 1999 was $628,000.
The aggregate Initial Principal Amount of the Class B-4 Certificates as
of September 1, 1999 was $502,000.
<PAGE>
The aggregate Initial Principal Amount of the Class B-5 Certificates as
of September 1, 1999 was $377,808.51
The Subordinated Certificate Percentage is 2.250291671609%.*
The Class M Subordination Percentage is 1.250083942474%.*
The Class B-1 Subordination Percentage is 0.900230144659%.*
The Class B-2 Subordination Percentage is 0.600128024576%.*
The Class B-3 Subordination Percentage is 0.350175595648%.*
The Class B-4 Subordination Percentage is 0.150372857874%.*
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* Equal to the Initial Principal Amount thereof divided by the aggregate
Adjusted Balance of the Mortgage Loans.
<PAGE>
The following tables set forth information regarding the Mortgage Loans
as of September 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ---- --------------------
1986 1 107,552
1992 4 940,309
1993 2 486,324
1997 1 340,835
1998 31 10,502,462
1999 649 238,870,327
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Total 688 $251,247,809
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
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Detached houses 639 $232,875,145
Multi-family Dwellings* 4 1,811,167
Townhouses 8 3,288,484
Condominium Units (one to
four stories high) 17 5,874,585
Condominium Units (over four
stories high) 9 3,563,620
Cooperative Units 11 3,834,808
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Total 688 $251,247,809
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* Multi-family dwellings are 2-family and 3-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
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1-family 684 $249,436,642
2-family 3 1,130,634
3-family 1 680,533
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Total 688 $251,247,809
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SIZES OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
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$149,999 and Under 6 $ 552,340
$150,000 through $199,999 2 311,442
$200,000 through $249,999 38 9,214,787
$250,000 through $299,999 229 63,524,607
$300,000 through $349,999 135 44,005,126
$350,000 through $399,999 94 35,247,143
$400,000 through $449,999 52 22,035,288
$450,000 through $499,999 47 22,640,388
$500,000 through $549,999 23 12,087,620
$550,000 through $599,999 14 8,121,867
$600,000 through $649,999 13 8,192,095
$650,000 through $699,999 25 17,122,544
$700,000 through $749,999 2 1,457,693
$750,000 through $799,999 3 2,358,254
$800,000 through $849,999 1 825,924
$850,000 through $899,999 3 2,602,124
$900,000 through $949,999 1 948,567
$950,000 through $999,999 0 0
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Total 688 $251,247,809
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
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5.625% - 6.00% 32 $ 10,987,161
6.01% - 6.50% 144 53,962,594
6.51% - 7.00% 430 156,492,942
7.01% - 7.50% 78 28,253,904
7.51% - 7.875% 4 1,551,208
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Total 688 $ 251,247,809
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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
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65.00% and Below 294 $ 114,321,690
65.001% - 75.000% 226 81,110,534
75.001% - 80.000% 149 50,082,010
80.001% - 85.000% 3 806,813
85.001% - 90.000% 16 4,926,762
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Total 688 $ 251,247,809
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF
MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
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Alabama 11 $ 4,661,613
Arizona 3 979,995
Arkansas 2 1,067,874
California 206 74,992,579
Colorado 13 4,726,862
Connecticut 18 7,935,237
Delaware 2 582,006
District of Columbia 3 907,414
Florida 27 9,961,307
Georgia 30 10,204,887
Hawaii 1 692,743
Idaho 1 274,264
Illinois 31 11,529,370
Indiana 4 2,037,805
Iowa 1 285,822
Kansas 2 509,075
Louisiana 2 879,914
Maryland 13 4,315,627
Massachusetts 26 9,957,326
Michigan 7 2,192,074
Minnesota 7 2,407,849
Mississippi 2 671,539
Missouri 8 3,543,488
Nevada 5 1,692,149
New Hampshire 1 382,316
New Jersey 23 8,610,820
New Mexico 2 763,811
New York 94 32,472,475
North Carolina 33 12,036,115
Ohio 4 1,410,873
Oklahoma 1 288,243
Oregon 2 537,464
Pennsylvania 10 3,520,734
Rhode Island 3 957,176
South Carolina 5 2,226,845
Tennessee 13 5,092,546
Texas 23 7,680,890
Utah 8 2,746,250
Vermont 1 261,663
Virginia 21 8,136,237
Washington 17 6,514,145
Wyoming 2 600,387
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Total 688 $251,247,809
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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/ Daniel P. Hoffman
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Daniel P. Hoffman
Attorney-in-fact
Dated: September 28, 1999
