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 27, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-8)
(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.)
12855 North Outer Forty Drive, St. Louis, Missouri 63141
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (314) 851-6305
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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 1999-8
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October 27, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
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On October 27, 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 October 1, 1999) as of October 1, 1999 of $210,231,805.42. 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
$10,511,590.27. 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, 1999 was 586. The
weighted average interest rate on the Mortgage Loans (before deduction of
servicing fee) (the "Note Rate of the Mortgage Loans") as of October 1, 1999 was
6.824%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of October 1, 1999 was 356.16 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 November 1, 1997 or after October 1, 1999. The weighted
average original term to stated maturity of the Mortgage Loans as of October 1,
1999 was 359.81 months.
None of the Mortgage Loans has a scheduled maturity later than October 1,
2029. Each Mortgage Loan has an original principal balance of not less than
$140,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $41,863,768 as of October 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 October 1, 1999 was 77.5%. No more than $2,835,293 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
All 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
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1 Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus dated insert (consisting of a Prospectus
Supplement dated insert and a Core Prospectus dated insert), relating to the
REMIC Pass-Through Certificates, Series insert.
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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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. None of the Mortgage Loans are secured by investment properties. All
of the Mortgage Loans are relocation loans.
At least 52% 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 48% of the Mortgage Loans will be Mortgage Loans
originated using a loan underwriting policy which, among other things, requires
verification of employment and may require proof of liquid assets, but does not
require verification of income as stated on the loan application. No more than
1% of the Mortgage Loans will be refinanced Mortgage Loans originated using
alternative or streamlined underwriting policies. See "Deliquency Loss and
Forclosure Experience" 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) such loans have an aggregate Adjusted Balance of $636,325;
(3) the weighted average loan-to-value ratio of such loans, taking into
account the loanable value of the additional pledged collateral, is
80.0% 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 100.0%.
Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 6.25%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 6.25%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $34,764,223 and $175,467,582, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.302% and 6.928%, 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 355.23 months
and 356.35 months, respectively.
The Special Hazard Loss Amount as of October 1, 1999 was $2,102,318.05.
The Fraud Loss Amount as of October 1, 1999 was $2,102,318.05.
The Bankruptcy Loss Amount as of October 1, 1999 was $100,000.00.
The aggregate Initial Principal Amount of the Class A Certificates as of
October 1, 1999 was $204,450,286.56.
The aggregate Initial Principal Amount of the Class M Certificates as of
October 1, 1999 was $3,363,000.00.
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The aggregate Initial Principal Amount of the Class B-1 Certificates as of
October 1, 1999 was $841,000.00.
The aggregate Initial Principal Amount of the Class B-2 Certificates as of
October 1, 1999 was $526,000.00.
The aggregate Initial Principal Amount of the Class B-3 Certificates as of
October 1, 1999 was $525,000.00.
The aggregate Initial Principal Amount of the Class B-4 Certificates as of
October 1, 1999 was $211,000.00.
The aggregate Initial Principal Amount of the Class B-5 Certificates as of
October 1, 1999 was $315,518.86.
The Subordinated Certificate Percentage is 2.750068596162%.*
The Class M Subordination Percentage is 1.150405789061%.*
The Class B-1 Subordination Percentage is 0.750371170931%.*
The Class B-2 Subordination Percentage is 0.500171160067%.*
The Class B-3 Subordination Percentage is 0.250446814623%.*
The Class B-4 Subordination Percentage is 0.150081411026%.*
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* Equal to the Initial Principal 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, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1997 1 $255,533
1998 24 $8,524,229
1999 561 $201,452,043
Total 586 $210,231,805
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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 552 $196,654,270
Townhouses 10 $4,428,672
Condominium Units (one to four 10 $3,569,113
stories high)
Condominium Units (over four 13 $5,290,482
stories high)
Cooperative Units 1 $289,268
Total 586 $210,231,805
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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 586 $210,231,805
Total 586 $210,231,805
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SIZE OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
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$149,999 and Under 2 $241,855
$150,000 through $199,999 2 $333,714
$200,000 through $249,999 25 $6,155,697
$250,000 through $299,999 214 $59,226,481
$300,000 through $349,999 123 $39,788,696
$350,000 through $399,999 68 $25,608,945
$400,000 through $449,999 63 $26,885,046
$450,000 through $499,999 29 $14,027,333
$500,000 through $549,999 12 $6,397,667
$550,000 through $599,999 19 $11,087,888
$600,000 through $649,999 12 $7,579,737
$650,000 through $699,999 12 $8,220,262
$700,000 through $749,999 0 $0
$750,000 through $799,999 0 $0
$800,000 through $849,999 2 $1,684,873
$850,000 through $899,999 0 $0
$900,000 through $949,999 0 $0
$950,000 through $999,999 3 $2,993,611
$1,000,000 and Over 0 $0
Total 586 $210,231,805
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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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5.875% - 6.000% 3 $1,481,637
6.010% - 6.500% 175 $63,000,958
6.510% - 7.000% 263 $94,410,176
7.010% - 7.500% 108 $38,071,756
7.510% - 8.000% 33 $12,149,952
8.010% - 8.250% 4 $1,117,326
Total 586 $210,231,805
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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 59 $24,291,050
65.001% - 75.000% 91 $33,558,616
75.001% - 80.000% 302 $110,518,371
80.001% - 85.000% 18 $6,019,014
85.001% - 90.000% 95 $30,126,657
90.001% - 95.000% 21 $5,718,097
Total 586 $210,231,805
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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 1 $269,199
Arizona 7 $2,214,677
California 87 $34,649,144
Colorado 18 $5,686,393
Connecticut 47 $19,441,288
Delaware 3 $668,292
Florida 20 $6,550,662
Georgia 18 $6,449,085
Hawaii 1 $337,105
Idaho 1 $392,341
Illinois 43 $14,538,773
Indiana 8 $2,896,338
Iowa 1 $298,932
Kansas 1 $308,336
Kentucky 4 $1,325,495
Louisiana 2 $442,866
Maryland 11 $3,567,896
Massachusetts 18 $6,676,199
Michigan 22 $7,909,174
Minnesota 4 $1,116,523
Missouri 14 $4,553,630
New Hampshire 1 $273,064
New Jersey 70 $23,683,743
New Mexico 1 $286,751
New York 29 $11,568,185
North Carolina 24 $8,498,848
Ohio 10 $3,835,054
Oklahoma 3 $915,789
Oregon 1 $341,978
Pennsylvania 35 $12,051,099
Rhode Island 1 $314,140
South Carolina 1 $390,774
Tennessee 7 $2,302,917
Texas 44 $15,422,209
Utah 3 $1,225,337
Virginia 12 $4,324,894
Washington 11 $3,809,442
Wisconsin 2 $695,233
Total 586 $210,231,805
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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/ Daniel P. Hoffman
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Daniel P. Hoffman
Senior Vice President
Dated: October 27, 1999
