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: September 7, 2000
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(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 2000-3)
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(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) 851-6305
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(Former name, former address and former fiscal year, if changed since last
report.)
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Item 5. Other Events.
The following are Collateral Term Sheets prepared by Citicorp Mortgage
Securities, Inc. ("CMSI") in connection with the offering of its REMIC Pass-
Through Certificates, Series 2000-3. The information set forth in these
Collateral Term Sheets will be superseded in its entirety by the information
set forth in the final prospectus for the Series 2000-3 REMIC Pass-Through
Certificates and by any subsequent Collateral Term Sheets filed under Form 8-K
subsequent to the date hereof related to the Series 2000-3 REMIC Pass-Through
Certificates.
On September 28, 2000, CMSI is to transfer to the Trustee Mortgage Loans
(1) evidenced by Mortgage Notes with an aggregate Adjusted Balance outstanding
(after deducting principal payments due on or before September 1, 2000) as of
September 1, 2000 of $118,913,836. Information below is provided with respect
to all Mortgage Loans expected to be included in the Mortgage Pool.
The total number of Mortgage Loans as of September 1, 2000 was 330. The
weighted average interest rate on the Mortgage Loans (before deduction of
servicing fee) (the "Note Rate of the Mortgage Loans") as of September 1, 2000
was 7.766%. The weighted average remaining term to stated maturity of the
Mortgage Loans as of September 1, 2000 was 352.65 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 April 1, 1998 or after September 1,
2000. The weighted average original term to stated maturity of the Mortgage
Loans as of September 1, 2000 was 359.70 months.
None of the Mortgage Loans has a scheduled maturity later than September
1, 2030. Each Mortgage Loan has an original principal balance of not less than
$200,000 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted
Balance of $14,351,976 as of September 1, 2000 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 September 1, 2000 was 76.5%. No more than $2,005,614 of the
Mortgage Loans are secured by Mortgaged Properties located in any one zip code.
All of the Mortgage Loans are secured by Mortgaged Properties determined by
CitiMortgage, Inc. to be the primary residence of the borrower ("Mortgagor").
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1 Capitalized terms used herein and not defined have the meaning assigned
thereto in the form of Prospectus included in CMSI's Registration
Statement(333-72459).
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At least 55% (2) 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 45% 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. None
of the Mortgage Loans will be refinanced Mortgage Loans originated using
alternative or streamlined underwriting policies.
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 was pledged, taken as a
group:
1. the number of such loans is 3;
2. such loans have an aggregate Adjusted Balance of $1,621,752;
3. the weighted average loan-to-value ratio of such loans, taking into
account the loanable value (as defined in the Prospectus) of the
additional pledged collateral, is 80%; 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 100%.
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 $10,838,168 and $108,075,667, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 6.757% and 7.867%, 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 345.87 months
and 353.33 months, respectively.
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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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The following tables set forth information regarding the Mortgage Loans as
of September 1, 2000.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1998 5 $1,874,690
1999 144 $51,096,520
2000 181 $65,942,626
Total 330 $118,913,836
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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 312 $113,158,869
Townhouses 4 $1,385,586
Condominium Units (one to four 11 $3,407,207
stories high)
Condominium Units (over four 1 $289,165
stories high)
Cooperative Units 2 $673,008
Total 330 $118,913,836
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<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 330 $118,913,836
Total 330 $118,913,836
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SIZE OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
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$199,999 and Under 1 $199,458
$200,000 through $249,999 1 $203,347
$250,000 through $299,999 112 $31,128,038
$300,000 through $349,999 87 $28,242,782
$350,000 through $399,999 50 $18,775,154
$400,000 through $449,999 31 $13,242,625
$450,000 through $499,999 19 $8,991,390
$500,000 through $549,999 7 $3,665,874
$550,000 through $599,999 9 $5,188,566
$600,000 through $649,999 3 $1,896,881
$650,000 through $699,999 7 $4,755,717
$700,000 through $749,999 1 $740,954
$750,000 through $799,999 0 $0
$800,000 through $849,999 0 $0
$850,000 through $899,999 1 $888,475
$900,000 through $949,999 0 $0
$950,000 and Over 1 $994,574
Total 330 $118,913,836
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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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6.000% 1 $371,340
6.010% - 6.500% 5 $1,747,944
6.510% - 7.000% 18 $7,380,579
7.010% - 7.500% 61 $21,622,450
7.510% - 8.000% 170 $62,049,993
8.010% - 8.500% 65 $22,202,718
8.510% - 9.000% 10 $3,538,811
Total 330 $118,913,836
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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 37 $14,444,425
65.001% - 75.000% 50 $18,829,473
75.001% - 80.000% 198 $71,287,962
80.001% - 85.000% 5 $1,686,070
85.001% - 90.000% 30 $9,836,691
90.001% - 95.000% 10 $2,829,215
Total 330 $118,913,836
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF
MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
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Arizona 6 $2,132,925
California 40 $14,673,913
Colorado 12 $4,514,524
Connecticut 21 $8,249,476
Delaware 2 $774,575
Florida 9 $3,158,547
Georgia 6 $2,038,118
Illinois 14 $4,177,467
Indiana 15 $5,178,527
Iowa 1 $337,599
Kansas 1 $298,382
Louisiana 4 $1,267,270
Maryland 8 $2,749,645
Massachusetts 13 $4,630,374
Michigan 16 $5,416,155
Minnesota 3 $1,025,535
Missouri 2 $593,921
Nevada 1 $324,605
New Hampshire 3 $1,007,175
New Jersey 49 $17,918,686
New York 13 $4,408,610
North Carolina 5 $1,902,506
Ohio 5 $1,550,060
Pennsylvania 26 $9,477,586
Tennessee 2 $670,069
Texas 34 $12,951,471
Virginia 12 $4,752,008
Washington 6 $2,478,063
Wisconsin 1 $256,045
Total 330 $118,913,836
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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/ Howard Darmstadter
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Howard Darmstadter
Assistant Secretary
Dated: September 7, 2000
