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: May 27, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-3)
(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.)
<PAGE>
Item 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1999-3
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May 27, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
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On May 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 May 1, 1999) as of May 1, 1999 of $301,109,315.28. 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 $15,055,465.76.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.
The total number of Mortgage Loans as of May 1, 1999 was 812. The weighted
average Note Rate of the Mortgage Loans as of May 1, 1999 was 7.066%. The
weighted average remaining term to stated maturity of the Mortgage Loans as of
May 1, 1999 was 354.99 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 March 1, 1992 or after May 1, 1999.
None of the Mortgage Loans has a scheduled maturity later than May 1,
2029. Each Mortgage Loan has an original principal balance of not less than
$242,500 nor more than $1,064,000. Mortgage Loans having an aggregate Adjusted
Balance of $20,137,762 as of May 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 May 1, 1999 was 70.2%. No more than $4,297,426 of the Mortgage Loans
are secured by Mortgaged Properties located in any one zip code. At least 96%(2)
of the Mortgage
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated May 21, 1999 and the
Prospectus, dated May 21, 1999 (collectively, the "Prospectus"), relating to the
REMIC Pass-Through Certificates, Series 1999-3.
(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>
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. None 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 65% 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 $16,538,652 and $284,570,663, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.514% and 7.098%, 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 355.43 months
and 354.96 months, respectively.
The Special Hazard Loss Amount as of May 1, 1999 was $4,297,426.26.
The Fraud Loss Amount as of May 1, 1999 was $3,011,093.15.
The Bankruptcy Loss Amount as of May 1, 1999 was $100,000.00.
The aggregate Initial Stated Amount of the Class A Certificates as of
May 1, 1999 was $288,960,684.32.
The aggregate Initial Stated Amount of the Class M Certificates as of
May 1, 1999 was $5,719,000.00.
The aggregate Initial Stated Amount of the Class B-1 Certificates as
of May 1, 1999 was $2,558,000.00.
The aggregate Initial Stated Amount of the Class B-2 Certificates as
of May 1, 1999 was $1,355,000.00.
The aggregate Initial Stated Amount of the Class B-3 Certificates as
of May 1, 1999 was $1,053,000.00.
The aggregate Initial Stated Amount of the Class B-4 Certificates as
of May 1, 1999 was $602,000.00.
The aggregate Initial Stated Amount of the Class B-5 Certificates as
of May 1, 1999 was $753,094.32.
The Subordinated Certificate 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 May 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- ----- --------------------
1992 1 $ 292,563
1993 1 605,604
1994 5 1,495,080
1995 4 1,690,721
1996 9 2,987,819
1997 16 5,920,366
1998 21 7,937,936
1999 755 280,179,226
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Total 812 $301,109,315
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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 761 $282,702,090
Multi-family Dwellings* 4 1,587,500
Townhouses 12 3,940,981
Condominium Units (one to
four stories high) 20 6,738,547
Condominium Units (over
four stories high) 5 1,763,441
Cooperative Units 10 4,376,756
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Total 812 $301,109,315
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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
- ------------- ----- --------------------
1-family 808 $299,521,815
2-family 4 1,587,500
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Total 812 $301,109,315
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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 0 $ 0
$150,000 through $199,999 1 150,629
$200,000 through $249,999 17 4,153,046
$250,000 through $299,999 259 71,525,164
$300,000 through $349,999 197 63,788,546
$350,000 through $399,999 119 44,856,500
$400,000 through $449,999 66 28,046,601
$450,000 through $499,999 51 24,524,574
$500,000 through $549,999 32 16,859,343
$550,000 through $599,999 28 16,363,042
$600,000 through $649,999 15 9,545,376
$650,000 through $699,999 16 11,025,977
$700,000 through $749,999 1 749,400
$750,000 through $799,999 0 0
$800,000 through $849,999 0 0
$850,000 through $899,999 3 2,606,873
$900,000 through $949,999 1 934,271
$950,000 through $999,999 5 4,930,571
$1,000,000 and over 1 1,049,402
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Total 812 $ 301,109,315
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- --------- ----- --------------------
6.25% - 6.50% 24 $ 8,377,714
6.51% - 7.00% 395 147,342,345
7.01% - 7.50% 379 139,917,904
7.51% - 8.00% 13 4,473,328
8.01% - 8.125% 1 998,024
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Total 812 $ 301,109,315
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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 191 $ 82,706,483
65.01% - 75.00% 256 93,108,873
75.01% - 80.00% 299 105,156,197
80.01% - 85.00% 10 3,063,505
85.01% - 90.00% 52 15,968,679
90.01% - 95.00% 4 1,105,578
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Total 812 $301,109,315
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF
MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
- ----- ----- --------------------
Alabama 5 $ 2,398,432
Arizona 14 4,621,145
California 384 147,723,341
Colorado 25 8,633,981
Connecticut 25 9,594,220
District of Columbia 2 789,389
Florida 16 5,919,467
Georgia 30 9,954,319
Hawaii 3 1,002,729
Idaho 2 777,489
Illinois 26 10,335,576
Iowa 1 290,743
Kansas 1 299,495
Kentucky 1 599,520
Maine 1 400,000
Maryland 18 6,317,986
Massachusetts 18 7,253,683
Michigan 6 2,187,486
Minnesota 5 1,841,477
Mississippi 2 625,424
Missouri 5 2,051,200
Nevada 1 693,391
New Jersey 29 9,452,839
New Mexico 3 976,617
New York 86 31,013,990
North Carolina 18 6,163,929
Ohio 4 1,137,397
Oklahoma 1 340,000
Oregon 3 834,258
Pennsylvania 5 1,843,662
South Carolina 7 2,563,410
Tennessee 8 2,835,123
Texas 14 5,399,426
Utah 3 990,304
Virginia 25 8,731,294
Washington 13 3,986,010
Wisconsin 1 269,779
Wyoming 1 262,784
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Total 812 $301,109,315
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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: May 27, 1999
