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: June 28, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-4)
(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 1999-4
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June 28, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES (1)
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On June 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 June 1, 1999) as of June 1, 1999 of $351,655,693.89. 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 $17,582,784.69.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.
The total number of Mortgage Loans as of June 1, 1999 was 951. The
weighted average Note Rate of the Mortgage Loans as of June 1, 1999 was 7.084%.
The weighted average remaining term to stated maturity of the Mortgage Loans as
of June 1, 1999 was 353.02 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 August 1, 1987 or after June 1, 1999.
None of the Mortgage Loans has a scheduled maturity later than June 1,
2029. Each Mortgage Loan has an original principal balance of not less than
$110,400 nor more than $994,000. Mortgage Loans having an aggregate Adjusted
Balance of $24,611,027 as of June 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 June 1, 1999 was 71.8%. No more than $4,033,980 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 Mortgaged Properties
determined by Citicorp Mortgage, Inc. to be the primary residence
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated June 23, 1999 and the
Prospectus, dated June 23, 1999 (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1999-4.
(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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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 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 50% 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 $13,193,231 and $338,462,463, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.505% and 7.107%, 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 356.21 months
and 352.90 months, respectively.
The Special Hazard Loss Amount as of June 1, 1999 was $3,879,143.00.
The Fraud Loss Amount as of June 1, 1999 was $3,516,556.94
The Bankruptcy Loss Amount as of June 1, 1999 was $101,931.00.
The aggregate Initial Principal Amount of the Class A Certificates as of
June 1, 1999 was $336,710,326.49.
The aggregate Initial Principal Amount of the Class M Certificates as of
June 1, 1999 was $7,384,700.00.
The aggregate Initial Principal Amount of the Class B-1 Certificates as of
June 1, 1999 was $2,989,100.00.
The aggregate Initial Principal Amount of the Class B-2 Certificates as of
June 1, 1999 was $1,582,400.00.
The aggregate Initial Principal Amount of the Class B-3 Certificates as of
June 1, 1999 was $1,230,800.00.
The aggregate Initial Principal Amount of the Class B-4 Certificates as of
June 1, 1999 was $879,200.00.
The aggregate Initial Principal Amount of the Class B-5 Certificates as of
June 1, 1999 was $879,167.40.
The Subordinated Certificate Percentage is 4.250000116499%.*
The Class M Subordination Percentage is 2.150019900535%.*
The Class B-1 Subordination Percentage is 1.300012335768%.*
The Class B-2 Subordination Percentage is 0.850026731242%.*
The Class B-3 Subordination Percentage is 0.500025289097%.*
The Class B-4 Subordination Percentage is 0.250008009333%.*
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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 June 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ----- --------------------
1987 2 $ 767,430
1988 1 206,577
1989 1 392,876
1992 2 533,382
1994 1 284,118
1995 16 5,025,521
1996 20 6,749,165
1997 32 11,885,939
1998 21 8,377,491
1999 855 317,433,195
Total 951 $351,655,694
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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 876 $326,979,989
Multi-family Dwellings* 8 3,305,469
Townhouses 20 6,418,215
Condominium Units (one to
four stories high) 15 4,685,308
Condominium Units (over
four stories high) 11 3,479,621
Cooperative Units 21 6,787,092
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Total 951 $351,655,694
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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
- ------------- ----- --------------------
1-family 943 $348,350,225
2-family 7 2,865,787
3-family 1 439,682
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Total 951 $351,655,694
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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 1 $ 110,214
$150,000 through $199,999 1 184,471
$200,000 through $249,999 29 6,975,454
$250,000 through $299,999 297 81,930,305
$300,000 through $349,999 219 71,015,333
$350,000 through $399,999 141 53,218,820
$400,000 through $449,999 87 36,880,722
$450,000 through $499,999 60 28,659,021
$500,000 through $549,999 32 16,885,620
$550,000 through $599,999 26 14,992,450
$600,000 through $649,999 16 10,109,089
$650,000 through $699,999 27 18,601,770
$700,000 through $749,999 7 5,096,347
$750,000 through $799,999 2 1,546,138
$800,000 through $849,999 1 836,692
$850,000 through $899,999 3 2,671,510
$900,000 through $949,999 1 948,513
$950,000 through $999,999 1 993,225
$1,000,000 and over 0 0
- -
Total 951 $351,655,694
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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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6.25% - 6.50% 19 $ 7,395,396
6.51% - 7.00% 426 155,081,829
7.01% - 7.50% 484 182,043,388
7.51% - 8.00% 22 7,135,081
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Total 951 $351,655,694
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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 212 $ 86,615,539
65.01% - 75.00% 269 96,508,095
75.01% - 80.00% 391 143,921,033
80.01% - 85.00% 12 4,081,198
85.01% - 90.00% 61 18,915,759
90.01% - 95.00% 6 1,614,070
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Total 951 $351,655,694
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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 4 $ 1,279,800
Arizona 7 2,226,057
Arkansas 2 778,845
California 402 151,211,933
Colorado 23 8,305,428
Connecticut 37 17,081,917
Delaware 2 830,218
District of Columbia 6 2,047,723
Florida 14 5,256,176
Georgia 35 12,415,851
Hawaii 1 397,827
Idaho 1 382,370
Illinois 36 13,481,086
Indiana 1 337,723
Kansas 1 280,869
Kentucky 1 339,728
Louisiana 2 593,697
Maryland 32 10,505,899
Massachusetts 29 11,703,043
Michigan 6 2,033,710
Minnesota 5 1,609,107
Missouri 9 3,195,473
Nebraska 1 305,148
Nevada 5 2,067,960
New Hampshire 1 424,039
New Jersey 31 11,011,027
New Mexico 5 1,599,274
New York 114 42,059,909
North Carolina 32 11,205,780
Ohio 3 1,121,611
Oregon 1 380,296
Pennsylvania 6 1,925,058
South Carolina 4 1,425,586
Tennessee 11 3,678,210
Texas 12 3,959,251
Utah 7 2,691,155
Virginia 46 15,908,582
Washington 13 4,617,582
Wisconsin 2 720,914
Wyoming 1 259,832
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Total 951 $351,655,694
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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: June 28, 1999
