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: January 27, 2000
(Date of earliest event reported)
CITICORP MORTGAGE SECURITIES, INC.
(Packager and Servicer)
(Issuer in Respect of the REMIC Pass-Through Certificates, Series 2000-1)
(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) 851-1467
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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 2000-1
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January 27, 2000
DETAILED DESCRIPTION OF THE MORTGAGE POOL
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AND THE MORTGAGED PROPERTIES(1)
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On January 27, 2000, 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 January 1, 2000) as of January 1, 2000 of $203,150,795.51. 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 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$10,157,539.78. Information below is provided with respect to all
Mortgage Loans included in the Mortgage Pool.
The total number of Mortgage Loans as of January 1, 2000 was 575. The
weighted average interest rate on the Mortgage Loans (before deduction of
servicing fee) (the "Note Rate of the Mortgage Loans") as of January 1, 2000
was 7.842%. The weighted average remaining term to stated maturity of the
Mortgage Loans as of January 1, 2000 was 355.55 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, 1992 or after January
1, 2000. The weighted average original term to stated maturity of the
Mortgage Loans as of January 1, 2000 was 359.24 months.
None of the Mortgage Loans has a scheduled maturity later than January
1, 2030. Each Mortgage Loan has an original principal balance of not less
than $28,000 nor more than $995,000. Mortgage Loans having an aggregate
Adjusted Balance of $27,190,958 as of January 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 January 1, 2000 was 73.1%.
No more than $2,642,507 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 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 2% 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. No more than 28% 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. In the
case of the Mortgage Loans for which Additional Collateral (as defined in the
Pooling Agreement) was pledged, taken as a group:
(1) the number of such loans is 25;
(2) such loans have an aggregate Adjusted Balance of $7,659,430;
(3) the weighted average loan-to-value ratio of such loans, taking into
account the loanable value of the additional pledged collateral, is
77.8% 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 98.1%.
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 $21,270,061.46 and $181,880,734.05
respectively. The weighted average Note Rate of the Discount Mortgage Loans
and the Premium Mortgage Loans, as of the Cut-off Date, was 7.0019155050%
and 7.9405918725%, 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 352.49 months and 355.90 months,
respectively.
The Special Hazard Loss Amount as of January 1, 2000 was $2,031,507.96.
The Fraud Loss Amount as of January 1, 2000 was $2,031,507.96.
The Bankruptcy Loss Amount as of January 1, 2000 was $100,000.00.
The aggregate Initial Principal Amount of the Class A Certificates as
of January 1, 2000 was $194,008,824.64.
The aggregate Initial Principal Amount of the Class M Certificates as
of January 1, 2000 was $4,774,000.00.
The aggregate Initial Principal Amount of the Class B-1 Certificates as
of January 1, 2000 was $1,727,000.00.
The aggregate Initial Principal Amount of the Class B-2 Certificates as
of January 1, 2000 was $914,000.00.
The aggregate Initial Principal Amount of the Class B-3 Certificates as
of January 1, 2000 was $711,000.00
The aggregate Initial Principal Amount of the Class B-4 Certificates as
of January 1, 2000 was $508,000.00.
The aggregate Initial Principal Amount of the Class B-5 Certificates as
of January 1, 2000 was $507,970.87.
The Subordinated Certificate Percentage is 4.500091100825%*
The Class M Subordination Percentage is 2.150112609225%.*
The Class B-1 Subordination Percentage is 1.300005182540%.*
The Class B-2 Subordination Percentage is 0.850093087583%.*
The Class B-3 Subordination Percentage is 0.500106764263%.*
The Class B-4 Subordination Percentage is 0.250046212580%.*
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1 Capitalized terms used herein and not otherwise defined have the meaning
assigned thereto in the Prospectus dated january 25, 2000 (consisting of a
prospectus Supplement dated Janaury 25, 2000 and a Core Prospectus dated January
25, 2000), relating to the REMIC Pass-Through Certificates, Series 2000-1
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.
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* Equal to the Initial Principal 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 January 1, 2000.
YEARS OF ORIGINATION OF MORTGAGE LOANS
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: January 27, 2000
