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 4, 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 2000-2)
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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.)
<PAGE>
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 2000-2. 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Collateral Term Sheets will be superseded in its entirety by the information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 2000-2 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 2000-2 REMIC Pass-Through
Certificates.
On May 25, 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 May 1, 2000) as of May 1,
2000 of $161,272,286. 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 May 1, 2000 was 443. The weighted
average interest rate on the Mortgage Loans (before deduction of servicing fee)
(the "Note Rate of the Mortgage Loans") as of May 1, 2000 was 8.231%. The
weighted average remaining term to stated maturity of the Mortgage Loans as of
May 1, 2000 was 356.01 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 February 1, 1998 or after May 1, 2000. The weighted average original
term to stated maturity of the Mortgage Loans as of May 1, 2000 was 359.30
months.
None of the Mortgage Loans has a scheduled maturity later than May 1,
2030. Each Mortgage Loan has an original principal balance of not less than
$49,200 nor more than $1,225,000. Mortgage Loans having an aggregate Adjusted
Balance of $12,282,174 as of May 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 May 1, 2000 was 75.1%. No more than $2,100,729 of the Mortgage Loans
are secured by Mortgaged Properties located in any one zip code. At least 84%
(2) 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).
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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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 1% 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
20% 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 32;
2. such loans have an aggregate Adjusted Balance of $9,790,984;
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 78.2%; 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 98.2%
Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 7.500%. Premium Mortgage Loans will consist of Mortgage Loans
with NNRs greater than or equal to 7.500%. The aggregate Adjusted Balance
outstanding as of the Cut-off Date of the Discount Mortgage Loans and the
Premium Mortgage Loans was $16,834,197 and $144,438,089, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.309% and 8.339%, 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 350.52 months
and 356.65 months, respectively.
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The following tables set forth information regarding the Mortgage Loans as
of May 1, 2000.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1998 6 $1,063,458
1999 139 $48,996,227
2000 298 $111,212,601
Total 443 $161,272,286
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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 356 $130,782,121
Multi-family Dwellings* 6 $3,049,245
Townhouses 11 $4,018,130
Condominium Units (one to four 21 $5,766,902
stories high)
Condominium Units (over four 6 $2,293,605
stories high)
Cooperative Units 43 $15,362,282
Total 443 $161,272,286
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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 437 $158,223,041
2-family 6 $3,049,245
Total 443 $161,272,286
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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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$149,999 and Under 10 $1,003,915
$150,000 through $199,999 9 $1,552,349
$200,000 through $249,999 8 $1,833,774
$250,000 through $299,999 108 $30,457,892
$300,000 through $349,999 123 $39,820,784
$350,000 through $399,999 69 $25,869,938
$400,000 through $449,999 35 $14,827,600
$450,000 through $499,999 29 $13,895,566
$500,000 through $549,999 12 $6,322,959
$550,000 through $599,999 18 $10,476,234
$600,000 through $649,999 11 $6,964,990
$650,000 through $699,999 9 $6,181,283
$700,000 through $749,999 0 $0
$750,000 through $799,999 0 $0
$800,000 through $849,999 1 $840,000
$850,000 through $899,999 0 $0
$900,000 through $949,999 0 $0
$950,000 through $999,999 0 $0
$1,000,000 and Over 1 $1,225,000
Total 443 $161,272,286
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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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6.250% - 6.500% 2 $447,521
6.510% - 7.000% 7 $1,934,509
7.010% - 7.500% 30 $10,133,336
7.510% - 8.000% 96 $35,549,474
8.010% - 8.500% 227 $81,916,297
8.510% - 9.000% 71 $26,421,563
9.010% - 9.500% 9 $4,477,773
9.510% - 9.625% 1 $391,812
Total 443 $161,272,286
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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 54 $20,930,282
65.001% - 75.000% 97 $39,527,007
75.001% - 80.000% 252 $88,532,823
80.001% - 85.000% 5 $1,369,477
85.001% - 90.000% 31 $9,993,671
90.001% - 95.000% 4 $919,025
Total 443 $161,272,286
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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 2 $599,144
Arizona 3 $1,028,129
Arkansas 3 $989,361
California 159 $60,366,254
Colorado 12 $4,340,226
Connecticut 4 $1,612,816
District of Columbia 8 $2,282,648
Florida 21 $6,476,898
Georgia 18 $6,174,291
Hawaii 1 $497,151
Illinois 7 $2,194,738
Indiana 1 $269,636
Louisiana 1 $333,863
Maine 1 $278,646
Maryland 8 $3,073,700
Massachusetts 13 $4,593,565
Michigan 4 $1,386,282
Minnesota 1 $469,214
Missouri 3 $1,463,537
Montana 1 $317,864
Nevada 3 $1,429,732
New Jersey 9 $2,764,396
New Mexico 1 $338,815
New York 78 $31,040,614
North Carolina 17 $5,821,594
Ohio 1 $336,436
Oregon 2 $685,867
Pennsylvania 3 $1,006,857
Rhode Island 2 $428,452
South Carolina 5 $1,721,038
Tennessee 5 $1,470,011
Texas 19 $6,202,358
Utah 11 $4,002,039
Virginia 9 $3,076,615
Washington 6 $1,898,034
Wyoming 1 $301,464
Total 443 $161,272,286
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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/ Michael J. Tarpley
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Michael J. Tarpley
Assistant Vice President
Dated: May 4, 2000
