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: March 30, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-1)
(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
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (212) 559-9583
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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 1999-1
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March 30, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On March 30, 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 March 1, 1999) as of March 1, 1999 of $301,000,778.64. The Mortgage Loans
were 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 $15,050,038.93.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.
The total number of Mortgage Loans as of March 1, 1999 was 856. The
weighted average Note Rate of the Mortgage Loans as of March 1, 1999 was 7.173%.
The weighted average remaining term to stated maturity of the Mortgage Loans as
of March 1, 1999 was 351.65 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 January 1, 1987 or after March 1, 1999.
None of the Mortgage Loans has a scheduled maturity later than March 1,
2029. Each Mortgage Loan has an original principal balance of not less than
$33,600 nor more than $925,000. Mortgage Loans having an aggregate Adjusted
Balance of $19,651,854 as of March 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 March 1, 1999 was 69.7%. No more than $2,984,449 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
At least 97%(2) of the Mortgage Loans are secured by
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated March 25, 1999 and the
Prospectus, dated March 25, 1999 (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1999-1.
(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.
<PAGE>
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.
At least 97% 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 68% 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 6.500%. 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 $12,155,027 and $288,845,752, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.460% and 7.203%, 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 354.18 months
and 351.54 months, respectively.
The Special Hazard Loss Amount as of March 1, 1999 was $3,010,008.00.
The Fraud Loss Amount as of March 1, 1999 was $3,010,007.79.
The Bankruptcy Loss Amount as of March 1, 1999 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as of
March 1, 1999 was $288,960,684.32.
The aggregate Initial Stated Amount of the Class M CitiCertificates as of
March 1, 1999 was $5,719,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates as
of March 1, 1999 was $2,558,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates as
of March 1, 1999 was $1,355,000.00.
<PAGE>
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates as
of March 1, 1999 was $1,053,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates as
of March 1, 1999 was $602,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates as
of March 1, 1999 was $753,094.32.
The Subordinated CitiCertificate Percentage is 4.000020988118.*
The Class M Subordination Percentage is 2.100025903109%.*
The Class B-1 Subordination Percentage is 1.250194214448%.*
The Class B-2 Subordination Percentage is 0.800029265998%.*
The Class B-3 Subordination Percentage is 0.450196283918%.*
The Class B-4 Subordination Percentage is 0.250196801285%.*
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* Equal to the Initial Stated 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 March 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- --------- --------------------
1987 5 $ 1,543,475
1988 4 880,627
1989 3 951,882
1990 3 812,016
1991 3 692,108
1992 8 2,333,438
1993 2 718,639
1994 6 1,466,870
1995 23 7,767,798
1996 18 5,351,856
1997 13 4,631,499
1998 385 132,520,027
1999 383 141,330,544
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Total 856 $301,000,779
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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 796 $281,114,163
Multi-family Dwellings* 10 3,951,921
Townhouses 15 4,967,428
Condominium Units (one to
four stories high) 15 4,451,266
Condominium Units (over
four stories high) 9 3,432,276
Cooperative Units 11 3,083,725
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Total 856 $301,000,779
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* Multi-family dwellings are 2-family and 3-family
<PAGE>
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 846 $297,048,858
2-family 9 3,301,921
3-family 1 650,000
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Total 856 $301,000,779
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SIZES OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- --------------------- --------- --------------------
$149,999 and Under 10 $ 856,814
$150,000 through $199,999 6 1,111,616
$200,000 through $249,999 69 16,555,688
$250,000 through $299,999 252 70,022,910
$300,000 through $349,999 205 66,316,786
$350,000 through $399,999 110 41,667,866
$400,000 through $449,999 63 26,728,149
$450,000 through $499,999 61 29,175,048
$500,000 through $549,999 26 13,706,265
$550,000 through $599,999 25 14,335,432
$600,000 through $649,999 10 6,329,846
$650,000 through $699,999 10 6,855,336
$700,000 through $749,999 2 1,428,464
$750,000 through $799,999 2 1,554,786
$800,000 through $849,999 2 1,678,062
$850,000 through $899,999 2 1,754,089
$900,000 through $949,999 1 923,622
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Total 856 $ 301,000,779
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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% - 6.00% 3 $ 508,139
6.01% - 6.50% 20 7,172,414
6.51% - 7.00% 252 91,719,111
7.01% - 7.50% 525 182,825,834
7.51% - 8.00% 55 18,378,284
8.01% - 8.25% 1 396,997
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Total 856 $ 301,000,779
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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 233 $ 88,037,522
65.01% - 75.00% 288 103,083,707
75.01% - 80.00% 270 90,227,696
80.01% - 85.00% 16 5,447,623
85.01% - 90.00% 45 13,126,149
90.01% - 95.00% 4 1,078,082
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Total 856 $301,000,779
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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 9 $ 3,718,662
Alaska 2 803,063
Arizona 4 1,142,667
Arkansas 4 1,223,298
California 423 150,658,899
Colorado 16 6,598,657
Connecticut 17 6,847,144
District of Columbia 3 574,288
Florida 15 5,434,803
Georgia 16 6,004,086
Hawaii 2 1,012,032
Illinois 29 9,634,543
Indiana 2 725,203
Iowa 1 258,653
Kansas 2 816,109
Louisiana 1 258,605
Maryland 24 8,392,030
Massachusetts 29 10,360,481
Michigan 10 4,244,120
Minnesota 1 283,870
Mississippi 1 269,795
Missouri 8 2,951,772
Nevada 3 883,326
New Jersey 33 9,771,579
New Mexico 6 2,074,425
New York 82 27,829,966
North Carolina 18 6,008,508
Ohio 5 2,293,333
Oregon 2 552,304
Pennsylvania 2 401,196
South Carolina 7 2,695,732
Tennessee 12 4,704,343
Texas 16 4,460,986
Utah 10 3,162,053
Vermont 1 265,563
Virginia 27 9,620,239
Washington 13 4,064,446
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Total 856 $301,000,779
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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/ John H. Outland
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John H. Outland
Senior Vice President
Dated: March 30, 1999
