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 28, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-7)
(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) 851-1467
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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 1999-7
-----------------------------------------
October 28, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
---------------------------------
On October 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 October 1, 1999) as of October 1, 1999 of $248,950,358.60. 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 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
$12,447,517.93. 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 698. 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
7.526%. The weighted average remaining term to stated maturity of the Mortgage
Loans as of October 1, 1999 was 355.32 months. All Mortgage Loans have original
maturities of at least 17 but no more than 30 years. None of the Mortgage Loans
were originated prior to October 1, 1993 or after September 1, 1999. The
weighted average original term to stated maturity of the Mortgage Loans as of
October 1, 1999 was 358.05 months.
None of the Mortgage Loans has a scheduled maturity later than September
1, 2029. Each Mortgage Loan has an original principal balance of not less than
$44,900 nor more than $1,500,000. Mortgage Loans having an aggregate Adjusted
Balance of $24,939,699 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 74.0%. No more than $3,398,091 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 98%(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% of the Mortgage Loans are
secured by investment properties.
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(1) Capitalized terms used herein and not otherwise defined have the
meaning assigned thereto in the Prospectus dated October 21, 1999 (consisting of
a Prospectus Supplement dated October 21, 1999 and a Core Prospectus dated
October 20, 1999), relating to the REMIC Pass-Through Certificates, Series
1999-7.
(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.
<PAGE>
At least 98% 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 2% 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
31% 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 26;
(2) such loans have an aggregate Adjusted Balance of $10,467,821;
(3) the weighted average loan-to-value ratio of such loans, taking into
account the loanable value of the additional pledged collateral, is
74.8% 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 92.2%.
Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 7.000%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 7.000%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $46,902,608 and $202,047,751, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.986% and 7.652%, 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 353.91 months
and 355.65 months, respectively.
The Special Hazard Loss Amount as of October 1, 1999 was $2,987,861.42.
The Fraud Loss Amount as of October 1, 1999 was $2,489,503.59.
The Bankruptcy Loss Amount as of October 1, 1999 was $100,000.
The aggregate Initial Principal Amount of the Class A Certificates as of
October 1, 1999 was $237,746,835.71.
The aggregate Initial Principal Amount of the Class M Certificates as of
October 1, 1999 was $5,851,000.00.
The aggregate Initial Principal Amount of the Class B-1 Certificates as of
October 1, 1999 was $2,116,000.00.
The aggregate Initial Principal Amount of the Class B-2 Certificates as of
October 1, 1999 was $1,120,000.00.
The aggregate Initial Principal Amount of the Class B-3 Certificates as of
October 1, 1999 was $871,000.00.
The aggregate Initial Principal Amount of the Class B-4 Certificates as of
October 1, 1999 was $623,000.00.
The aggregate Initial Principal Amount of the Class B-5 Certificates as of
October 1, 1999 was $622.522.89.
The Subordinated Certificate Percentage is 4.500303977469%.*
The Class M Subordination Percentage is 2.150036224129%.*
The Class B-1 Subordination Percentage is 1.300067574998%.*
The Class B-2 Subordination Percentage is 0.850178686989%.*
The Class B-3 Subordination Percentage is 0.500309739261%.*
The Class B-4 Subordination Percentage is 0.250059045306%.*
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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 October 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- --------------------
1993 2 $640,205
1994 1 $308,041
1996 3 $849,848
1997 2 $638,567
1998 5 $799,487
1999 685 $245,714,211
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Total 698 $248,950,359
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE
LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- --------- --------------------
Detached houses 608 $219,311,104
Multi-family Dwellings* 9 $3,707,594
Townhouses 19 $5,217,959
Condominium Units (one to four 22 $6,200,966
stories high)
Condominium Units (over four 5 $2,011,280
stories high)
Cooperative Units 35 $12,501,456
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Total 698 $248,950,359
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*Multi-family dwellings are 2-family and 4-family
<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- --------- --------------------
1-family 689 $245,242,765
2-family 8 $3,216,291
4-family 1 $491,303
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Total 698 $248,950,359
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SIZE OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- -------------------- --------- --------------------
$149,999 and Under 9 $660,584
$150,000 through $199,999 7 $1,232,403
$200,000 through $249,999 20 $4,800,299
$250,000 through $299,999 231 $64,233,876
$300,000 through $349,999 171 $55,717,694
$350,000 through $399,999 106 $40,097,558
$400,000 through $449,999 45 $19,392,822
$450,000 through $499,999 38 $18,313,819
$500,000 through $549,999 17 $9,085,551
$550,000 through $599,999 19 $11,012,371
$600,000 through $649,999 15 $9,538,857
$650,000 through $699,999 17 $11,726,509
$700,000 through $749,999 1 $747,638
$750,000 through $799,999 0 $0
$800,000 through $849,999 0 $0
$850,000 through $899,999 1 $896,447
$900,000 through $949,999 0 $0
$950,000 through $999,999 0 $0
$1,000,000 and Over 1 $1,493,931
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Total 698 $248,950,359
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE
RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- ------------- --------- --------------------
6.125 % - 6.500 % 10 $3,025,132
6.510 % - 7.000 % 60 $20,386,948
7.010 % - 7.500 % 301 $110,237,044
7.510 % - 8.000 % 278 $98,768,674
8.010 % - 8.500 % 46 $15,168,361
8.510 % - 8.750 % 3 $1,364,200
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Total 698 $248,950,359
=== ============
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 121 $45,772,547
65.001% - 75.000% 149 $53,728,442
75.001% - 80.000% 345 $124,509,671
80.001% - 85.000% 13 $4,049,735
85.001% - 90.000% 61 $18,407,852
90.001% - 95.000% 9 $2,482,112
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Total 698 $248,950,359
=== ============
<PAGE>
GEOGRAPHIC DISTRIBUTION OF
MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- ----- --------------------
Alabama 5 $1,953,990
Arizona 6 $1,923,748
California 192 $73,518,721
Colorado 17 $6,036,040
Connecticut 21 $8,478,010
Delaware 1 $235,340
District of Columbia 4 $1,186,045
Florida 12 $4,090,780
Georgia 33 $12,840,448
Hawaii 1 $376,441
Illinois 11 $3,559,654
Iowa 1 $298,756
Kansas 2 $549,425
Louisiana 5 $1,881,407
Maine 1 $329,588
Maryland 22 $7,081,059
Massachusetts 27 $9,021,108
Michigan 4 $1,474,769
Minnesota 2 $676,376
Mississippi 3 $1,273,187
Missouri 9 $2,718,800
Nevada 7 $2,558,901
New Jersey 24 $7,564,859
New Mexico 3 $1,093,705
New York 154 $54,122,842
North Carolina 18 $6,245,035
Ohio 4 $1,192,262
Oklahoma 1 $309,804
Oregon 2 $617,840
Pennsylvania 10 $3,332,697
Rhode Island 2 $670,181
South Carolina 7 $2,498,035
Tennessee 13 $5,039,958
Texas 17 $5,927,011
Utah 2 $677,171
Virginia 49 $15,739,946
Washington 3 $1,082,497
Wisconsin 3 $773,923
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Total 698 $248,950,359
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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
-------------------------
Daniel P. Hoffman
Senior Vice President
Dated: October 28, 1999
