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: April 29, 1999
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 1999-2)
(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.)
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Item 2. Acquisition or Disposition of Assets.
CITICORP MORTGAGE SECURITIES, INC.
REMIC Pass-Through Certificates, Series 1999-2
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April 29, 1999
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
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On April 29, 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 April 1, 1999) as of April 1, 1999 of $250,969,852.06. 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 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
$12,548,492.60. Information below is provided with respect to all Mortgage Loans
included in the Mortgage Pool.
The total number of Mortgage Loans as of April 1, 1999 was 703. The
weighted average Note Rate of the Mortgage Loans as of April 1, 1999 was 7.061%.
The weighted average remaining term to stated maturity of the Mortgage Loans as
of April 1, 1999 was 351.18 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, 1988 or after April 1, 1999.
None of the Mortgage Loans has a scheduled maturity later than April 1,
2029. Each Mortgage Loan has an original principal balance of not less than
$141,800 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $13,733,020 as of April 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 April 1, 1999 was 71.0%. No more than $2,333,763 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 of the
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(1) Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus Supplement dated April 20, 1999 and the
Prospectus, dated April 20, 1999 (collectively, the "Prospectus"), relating to
the REMIC Pass-Through Certificates, Series 1999-2.
(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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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 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 62% 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 $11,186,062.88 and $239,783,789.18, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.518% and 7.087%, 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 356.81 months
and 350.92 months, respectively.
The Special Hazard Loss Amount as of April 1, 1999 was $2,509,698.52.
The Fraud Loss Amount as of April 1, 1999 was $2,509,698.52.
The Bankruptcy Loss Amount as of April 1, 1999 was $100,000.00.
The aggregate Initial Stated Amount of the Class A CitiCertificates as
of April 1, 1999 was $240,303,262.04.
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The aggregate Initial Stated Amount of the Class M CitiCertificates as
of April 1, 1999 was $5,270,000.00.
The aggregate Initial Stated Amount of the Class B-1 CitiCertificates
as of April 1, 1999 was $2,133,000.00.
The aggregate Initial Stated Amount of the Class B-2 CitiCertificates
as of April 1, 1999 was $1,129,000.00.
The aggregate Initial Stated Amount of the Class B-3 CitiCertificates
as of April 1, 1999 was $879,000.00.
The aggregate Initial Stated Amount of the Class B-4 CitiCertificates
as of April 1, 1999 was $627,000.00.
The aggregate Initial Stated Amount of the Class B-5 CitiCertificates
as of April 1, 1999 was $628,590.02.
The Subordinated CitiCertificate Percentage is 4.250147949025.*
The Class M Subordination Percentage is 2.150294139198%.*
The Class B-1 Subordination Percentage is 1.300391259433%.*
The Class B-2 Subordination Percentage is 0.850536429965%.*
The Class B-3 Subordination Percentage is 0.500295158838%.*
The Class B-4 Subordination Percentage is 0.250464354519%.*
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* Equal to the Initial Stated 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 April 1, 1999.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1988 2 $ 805,448
1990 1 589,181
1991 2 523,413
1992 3 624,913
1993 2 816,007
1994 7 2,195,770
1995 28 9,643,048
1996 35 11,381,092
1997 48 16,806,104
1998 54 19,292,534
1999 521 188,292,342
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Total 703 $250,969,852
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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 652 $233,582,056
Multi-family Dwellings* 11 4,300,165
Townhouses 7 2,106,246
Condominium Units (one to
four stories high) 17 5,300,160
Condominium Units (over four
stories high) 11 3,603,347
Cooperative Units 5 2,077,878
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Total 703 $250,969,852
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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
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1-family 692 $246,669,687
2-family 9 3,473,595
3-family 2 826,570
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Total 703 $250,969,852
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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 3 $ 416,839
$150,000 through $199,999 1 194,857
$200,000 through $249,999 41 9,924,994
$250,000 through $299,999 245 67,457,161
$300,000 through $349,999 137 44,432,542
$350,000 through $399,999 112 42,291,142
$400,000 through $449,999 63 26,759,771
$450,000 through $499,999 28 13,218,562
$500,000 through $549,999 18 9,385,413
$550,000 through $599,999 16 9,153,215
$600,000 through $649,999 15 9,521,478
$650,000 through $699,999 14 9,614,647
$700,000 through $749,999 1 733,358
$750,000 through $799,999 0 0
$800,000 through $849,999 3 2,443,429
$850,000 through $899,999 3 2,576,821
$900,000 through $949,999 2 1,846,261
$950,000 through $999,999 1 999,362
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Total 703 $250,969,852
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DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
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6.125% - 6.50% 20 $ 6,555,708
6.51% - 7.00% 383 135,217,726
7.01% - 7.50% 282 101,945,431
7.51% - 8.00% 17 6,251,625
8.01% - 8.25% 1 999,362
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Total 703 $250,969,852
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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 151 $ 57,776,772
65.01% - 75.00% 256 93,576,646
75.01% - 80.00% 247 85,883,414
80.01% - 85.00% 10 2,743,017
85.01% - 90.00% 33 9,392,423
90.01% - 95.00% 6 1,597,580
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Total 703 $250,969,852
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GEOGRAPHIC DISTRIBUTION OF
MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
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Alabama 7 $ 2,462,591
Arizona 10 4,011,268
Arkansas 4 1,126,950
California 348 128,814,293
Colorado 14 4,639,549
Connecticut 17 6,897,313
District of Columbia 5 1,890,417
Florida 11 3,069,931
Georgia 23 7,485,463
Illinois 19 6,565,438
Indiana 1 374,693
Iowa 1 269,518
Kansas 1 237,856
Kentucky 1 246,654
Louisiana 1 437,238
Maine 1 426,650
Maryland 20 7,332,504
Massachusetts 19 7,390,152
Michigan 8 2,532,004
Minnesota 5 1,973,146
Mississippi 1 269,680
Missouri 7 2,359,074
New Jersey 24 7,037,214
New Mexico 3 995,300
New York 62 20,881,098
North Carolina 12 4,562,800
Ohio 3 1,058,711
Oregon 4 1,322,162
Pennsylvania 2 519,418
South Carolina 7 2,200,048
Tennessee 7 2,464,066
Texas 16 5,656,276
Utah 2 697,505
Virginia 18 6,230,490
Washington 16 5,590,849
Wisconsin 2 672,733
Wyoming 1 268,800
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Total 703 $250,969,852
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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/ Kathleen Tillwitz
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Kathleen Tillwitz
Vice President
Dated: April 29, 1999
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