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 8, 2001
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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 2001-1)
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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 2001-1. 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Collateral Term Sheets will be superseded in its entirety by the information set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 2001-1 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 2001-1 REMIC Pass-Through
Certificates.
On January 26, 2001, 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, 2001) as of
January 1, 2001 of $324,800,753.18. The Mortgage Loans that are Relocation
Loans, the "Relocation Mortgage Loans", have an aggregate Adjusted Balance
outstanding (after deducting principal payments due on or before January 1,
2001) as of January 1, 2001 of $120,048,082.38 and the Mortgage Loans that are
not Relocation Loans, the "Regular Mortgage Loans", have an aggregate Adjusted
Balance outstanding (after deducting principal payments due on or before January
1, 2001) as of January 1, 2001 of $204,752,670.80. Information below is provided
with respect to all Mortgage Loans expected to be included in the Mortgage Pool.
The total number of Regular Mortgage Loans and Relocation Mortgage Loans
as of January 1, 2001 was 517 and 326, respectively. The weighted average
interest rate on the Mortgage Loans (before deduction of servicing fee) (the
"Note Rate") for the Regular Mortgage Loans and Relocation Mortgage Loans as of
January 1, 2001 was 7.889% and 7.688%, respectively. The weighted average
remaining term to stated maturity of the Regular Mortgage Loans and Relocation
Mortgage Loans as of January 1, 2001 was 357.35 months and 356.52 months,
respectively. All Mortgage Loans have original maturities of at least 20 but no
more than 30 years. None of the Regular Mortgage Loans or the Relocation
Mortgage Loans were originated prior to September 1, 1995 and December 1, 1998,
respectively, or after January 1, 2001. The weighted average original term to
stated maturity of the Regular Mortgage Loans and Relocation Mortgage Loans as
of January 1, 2001 was 359.25 and 359.54 months, respectively.
None of the Mortgage Loans has a scheduled maturity later than January 1,
2031. Each Regular Mortgage Loan and Relocation Mortgage Loan has an original
principal balance of not less than $262,100 and $252,750, respectively, nor more
than $1,000,000. Regular Mortgage Loans and Relocation Mortgage Loans having an
aggregate Adjusted Balance of $8,963,537 and $15,802,969, respectively, as of
January 1, 2001 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 Regular Mortgage Loans and Relocation
Mortgage Loans as of January 1, 2001 was 72.7% and 75.2%, respectively. No more
than $2,771,771 and $1,474,555, respectively, of the Regular Mortgage Loans and
the Relocation Mortgage Loans are secured by Mortgaged Properties located in any
one zip code. At least 98%(2) and 99%, respectively, of the Regular Mortgage
Loans and the Relocation 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 Regular Mortgage Loans having such characteristics relative
to the Adjusted Balance of all the Regular Mortgage Loans or of the
aggregate Adjusted Balance of the Relocation Mortgage Loans having such
characteristics relative to the Adjusted Balance of all the Relocation
Mortgage Loans.
<PAGE>
At least 99% and 66%, respectively, of the Regular Mortgage Loans and the
Relocation 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% and 34%, respectively, of the Regular Mortgage Loans
and the Relocation 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 18% and
3%, respectively, of the Regular Mortgage Loans and the Relocation 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 Regular Mortgage Loans for which additional collateral was pledged, taken as
a group:
1. the number of such loans is 4;
2. such loans have an aggregate Adjusted Balance of $1,855,960;
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%.
Regular Discount Mortgage Loans will consist of Regular Mortgage Loans
with Net Note Rates (NNRs) less than 7.000%. Regular Premium Mortgage Loans will
consist of Regular Mortgage Loans with NNRs greater than or equal to 7.000%. The
aggregate Adjusted Balances outstanding as of the Cut-off Date of the Regular
Discount Mortgage Loans and the Regular Premium Mortgage Loans were $5,507,171
and $199,245,500, respectively. The weighted average Note Rates of the Regular
Discount Mortgage Loans and the Regular Premium Mortgage Loans, as of the
Cut-off Date, were 7.008% and 7.914%, respectively. The weighted average
remaining terms to stated maturity of the Regular Discount Mortgage Loans and
the Regular Premium Mortgage Loans, as of the Cut-off Date, were 358.23 months
and 357.32 months, respectively.
Relocation Discount Mortgage Loans will consist of Relocation Mortgage
Loans with NNRs less than 6.750%. Relocation Premium Mortgage Loans will consist
of Relocation Mortgage Loans with NNRs greater than or equal to 6.750%. The
aggregate Adjusted Balances outstanding as of the Cut-off Date of the Relocation
Discount Mortgage Loans and the Relocation Premium Mortgage Loans were
$4,203,341 and $115,844,741, respectively. The weighted average Note Rates of
the Relocation Discount Mortgage Loans and the Relocation Premium Mortgage
Loans, as of the Cut-off Date, were 6.780% and 7.721%, respectively. The
weighted average remaining terms to stated maturity of the Relocation Discount
Mortgage Loans and the Relocation Premium Mortgage Loans, as of the Cut-off
Date, were 354.49 months and 356.60 months, respectively.
<PAGE>
The following tables set forth information regarding the Mortgage Loans as
of January 1, 2001.
YEARS OF ORIGINATION OF REGULAR MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1995 1 $337,798
1998 1 $473,345
2000 515 $203,941,529
Total 517 $204,752,671
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YEARS OF ORIGINATION OF RELOCATION MORTGAGE LOANS
Number of Aggregate Principal
Year Originated Loans Balances Outstanding
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1998 1 $586,766
1999 5 $1,689,714
2000 320 $117,771,603
Total 326 $120,048,082
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<PAGE>
TYPES OF DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
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Detached Houses 472 $186,185,788
Multi-family Dwellings* 7 $3,949,014
Townhouses 12 $4,345,064
Condominium Units (one to four 18 $6,927,182
stories high)
Condominium Units (over four 3 $1,523,023
stories high)
Cooperative Units 5 $1,822,600
Total 517 $204,752,671
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* Multi-family dwellings are 2-family
TYPES OF DWELLINGS SUBJECT TO RELOCATION MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
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Detached Houses 315 $116,826,674
Townhouses 4 $1,198,482
Condominium Units (one to four 6 $1,748,672
stories high)
Condominium Units (over four 1 $274,255
stories high)
Total 326 $120,048,082
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<PAGE>
NUMBER OF UNITS IN DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
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1-family 510 $200,803,657
2-family 7 $3,949,014
Total 517 $204,752,671
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NUMBER OF UNITS IN DWELLINGS SUBJECT TO RELOCATION MORTGAGE LOANS
Type of Number of Aggregate Principal
Dwelling Unit Loans Balances Outstanding
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1-family 326 $120,048,082
Total 326 $120,048,082
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<PAGE>
SIZE OF REGULAR MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
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$249,999 and under 0 $0
$250,000 through $299,999 115 $32,993,277
$300,000 through $349,999 132 $43,212,754
$350,000 through $399,999 89 $33,755,368
$400,000 through $449,999 61 $25,939,012
$450,000 through $499,999 48 $23,062,036
$500,000 through $549,999 22 $11,575,512
$550,000 through $599,999 10 $5,856,153
$600,000 through $649,999 15 $9,472,844
$650,000 through $699,999 14 $9,687,868
$700,000 through $749,999 3 $2,232,503
$750,000 through $799,999 2 $1,568,227
$800,000 through $849,999 2 $1,647,020
$850,000 through $899,999 1 $891,870
$900,000 through $949,999 2 $1,859,608
$950,000 and over 1 $998,619
Total 517 $204,752,671
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<PAGE>
SIZE OF RELOCATION MORTGAGE LOANS
Outstanding Principal Number of Aggregate Principal
Balance by Loan Size Loans Balances Outstanding
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$249,999 and under 0 $0
$250,000 through $299,999 110 $31,167,204
$300,000 through $349,999 77 $25,213,192
$350,000 through $399,999 56 $21,213,070
$400,000 through $449,999 32 $13,739,798
$450,000 through $499,999 22 $10,457,766
$500,000 through $549,999 6 $3,152,601
$550,000 through $599,999 7 $4,077,745
$600,000 through $649,999 5 $3,125,744
$650,000 through $699,999 9 $6,203,436
$700,000 through $949,999 1 $700,000
$950,000 and over 1 $997,527
Total 326 $120,048,082
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<PAGE>
DISTRIBUTION OF REGULAR MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
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6.750% - 7.000% 9 $3,195,098
7.001% - 7.500% 66 $25,632,996
7.501% - 8.000% 305 $119,211,685
8.001% - 8.500% 130 $54,010,621
8.501% - 9.000% 7 $2,702,271
Total 517 $204,752,671
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DISTRIBUTION OF RELOCATION MORTGAGE LOANS BY NOTE RATES
Mortgage Loan Number of Aggregate Principal
Note Rate Loans Balances Outstanding
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6.625% - 7.000% 19 $7,832,517
7.001% - 7.500% 94 $35,688,817
7.501% - 8.000% 156 $56,539,413
8.001% - 8.500% 49 $17,506,329
8.501% - 9.000% 7 $2,211,672
9.001% - 9.250% 1 $269,334
Total 326 $120,048,082
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<PAGE>
DISTRIBUTION OF REGULAR 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 102 $41,946,692
65.001% - 75.000% 110 $45,347,938
75.001% - 80.000% 279 $108,494,505
80.001% - 85.000% 5 $1,709,018
85.001% - 90.000% 20 $6,992,613
90.001% - 95.000% 1 $261,905
Total 517 $204,752,671
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DISTRIBUTION OF RELOCATION 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 54 $21,269,792
65.001% - 75.000% 46 $18,190,659
75.001% - 80.000% 177 $64,784,663
80.001% - 85.000% 11 $3,673,934
85.001% - 90.000% 32 $10,485,346
90.001% - 95.000% 6 $1,643,688
Total 326 $120,048,082
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF
REGULAR MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
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Alabama 4 $1,418,509
Arizona 6 $2,159,170
California 203 $82,240,481
Colorado 17 $6,319,240
Connecticut 8 $3,084,684
Delaware 2 $643,752
District of Columbia 1 $399,148
Florida 6 $2,333,261
Georgia 26 $10,416,949
Idaho 3 $1,256,092
Illinois 8 $2,889,429
Indiana 1 $388,231
Kentucky 1 $299,553
Louisiana 1 $277,946
Maryland 16 $6,362,569
Massachusetts 24 $9,819,241
Michigan 1 $287,622
Minnesota 7 $2,491,799
Mississippi 2 $731,962
Missouri 3 $1,024,334
Nebraska 1 $317,970
Nevada 4 $1,508,129
New Jersey 20 $7,469,191
New Mexico 3 $1,509,322
New York 34 $14,364,664
North Carolina 21 $7,840,561
Ohio 1 $495,332
Oregon 4 $1,512,630
Pennsylvania 6 $2,321,041
South Carolina 6 $2,457,748
Tennessee 4 $1,203,615
Texas 25 $10,666,739
Utah 3 $1,076,516
Virginia 27 $10,301,257
Washington 18 $6,863,985
Total 517 $204,752,671
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<PAGE>
GEOGRAPHIC DISTRIBUTION OF
RELOCATION MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE
Number of Aggregate Principal
State Loans Balances Outstanding
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Alabama 1 $299,772
Arizona 6 $2,553,637
Arkansas 2 $627,857
California 52 $21,833,278
Colorado 17 $6,478,988
Connecticut 12 $4,561,673
Delaware 1 $278,188
Florida 8 $2,935,969
Georgia 9 $3,746,306
Idaho 1 $426,341
Illinois 14 $5,267,935
Indiana 4 $1,241,431
Iowa 2 $582,436
Kansas 2 $626,944
Louisiana 1 $278,574
Maryland 9 $3,014,501
Massachusetts 11 $4,035,895
Michigan 27 $10,052,043
Minnesota 3 $1,089,249
Mississippi 1 $297,356
Missouri 3 $913,434
Nevada 2 $732,783
New Hampshire 2 $658,648
New Jersey 40 $13,416,287
New York 6 $2,016,574
North Carolina 7 $2,390,235
Ohio 13 $4,678,186
Oklahoma 2 $618,919
Oregon 2 $671,508
Pennsylvania 13 $4,038,399
South Carolina 1 $287,069
Tennessee 3 $1,143,153
Texas 30 $11,251,323
Utah 1 $314,362
Virginia 12 $4,183,774
Washington 5 $2,225,424
Wisconsin 1 $279,632
Total 326 $120,048,082
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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: January 8, 2001
