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: Janauary 13, 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) 851-6305
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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 2000-1. The information set forth in these
Collateral Term Sheets will be superseded in their entirety by the information
set forth in the final prospectus for the Series 2000-1 REMIC Pass-Through
Certificates and by any subseqent Collateral Term Sheets filed under Form 8-K
subsequent to the date hereof related to the Series 2000-1 REMIC Pass-Through
Certificates.
On January 27, 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 January 1, 2000) as of
January 1, 2000 of $203,150,796.03. 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 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 Janaury 1,
2000 was 359.24 months.
None of the Mortgage Loans has a scheduled maturity later than Janaury 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 $27,190,959 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").
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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 Registraton
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.
<PAGE>
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
1% 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.
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 and $181,880,735, respectively. The
weighted average Note Rate of the Discount Mortgage Loans and the Premium
Mortgage Loans, as of the Cut-off Date, was 7.002% and 7.941%, 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.
<PAGE>
The following tables set forth information regarding the Mortgage Loans as
of January 1, 2000.
YEARS OF ORIGINATION OF MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
- --------------- -------- --------------------
1992 1 $437,892
1998 8 $3,052,496
1999 566 $199,660,407
Total 575 $203,150,796
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TYPES OF DWELLINGS SUBJECT TO MORTGAGE
LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
- ------------- --------- --------------------
Detached houses 506 $180,466,118
Multi-family Dwellings* 5 $2,546,027
Townhouses 11 $3,523,674
Condominium Units (one to four 17 $4,781,614
stories high)
Condominium Units (over four 7 $2,473,094
stories high)
Cooperative Units 29 $9,360,269
Total 575 $203,150,796
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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 570 $200,604,769
2-family 3 $1,531,664
3-family 2 $1,014,363
Total 575 $203,150,796
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SIZE OF MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
- -------------------- --------- --------------------
$149,999 and Under 13 $1,312,448
$150,000 through $199,999 7 $1,235,911
$200,000 through $249,999 6 $1,315,654
$250,000 through $299,999 199 $55,485,680
$300,000 through $349,999 131 $42,526,388
$350,000 through $399,999 80 $29,943,684
$400,000 through $449,999 48 $20,512,964
$450,000 through $499,999 32 $15,153,520
$500,000 through $549,999 24 $12,579,086
$550,000 through $599,999 13 $7,439,681
$600,000 through $649,999 8 $4,969,776
$650,000 through $699,999 8 $5,466,200
$700,000 through $749,999 0 $0
$750,000 through $799,999 2 $1,561,218
$800,000 through $849,999 1 $827,508
$850,000 through $899,999 0 $0
$900,000 through $949,999 2 $1,826,712
$950,000 through $999,999 1 $994,366
$1,000,000 and Over 0 $0
Total 575 $203,150,796
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<PAGE>
DISTRIBUTION OF MORTGAGE LOANS BY NOTE
RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
- ------------ --------- --------------------
6.000% - 6.000% 1 $223,879
6.010% - 6.500% 2 $474,843
6.510% - 7.000% 29 $10,385,260
7.010% - 7.500% 112 $42,826,979
7.510% - 8.000% 243 $84,522,528
8.010% - 8.250% 162 $55,852,056
8.510% - 9.000% 23 $7,824,364
9.010% - 9.125% 3 $1,040,887
Total 575 $203,150,796
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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 120 $45,677,317
65.001% - 75.000% 110 $40,215,010
75.001% - 80.000% 260 $90,067,510
80.001% - 85.000% 15 $4,646,311
85.001% - 90.000% 56 $18,525,206
90.001% - 95.000% 14 $4,019,441
Total 575 $203,150,796
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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 8 $2,952,952
Arizona 1 $424,685
Arkansas 4 $1,356,785
California 120 $43,809,053
Colorado 11 $4,142,201
Connecticut 18 $6,277,708
Delaware 1 $176,329
District of Columbia 2 $591,562
Florida 22 $8,011,087
Georgia 22 $7,139,340
Illinois 19 $5,824,429
Indiana 3 $727,376
Kansas 1 $211,900
Kentucky 2 $647,511
Louisiana 7 $2,729,610
Maryland 11 $3,830,263
Massachusetts 22 $8,508,085
Michigan 5 $1,793,264
Minnesota 4 $1,379,565
Missouri 2 $661,878
Nebraska 3 $872,694
Nevada 4 $1,741,820
New Jersey 50 $16,969,634
New Mexico 6 $2,113,671
New York 116 $42,306,127
North Carolina 16 $5,955,386
Ohio 4 $1,203,030
Oklahoma 1 $276,123
Oregon 1 $229,114
Pennsylvania 8 $3,182,008
South Carolina 8 $2,750,144
Tennessee 15 $5,729,617
Texas 20 $7,028,749
Utah 2 $547,462
Virginia 26 $8,077,028
Washington 9 $2,778,831
West Virginia 1 $193,774
Total 575 $203,150,796
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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/ Daniel P. Hoffman
-------------------------
Daniel P. Hoffman
Senior Vice President
Dated: January 13, 2000
