SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
October 15, 1996
BEAR STEARNS MORTGAGE SECURITIES INC.
(Exact name of registrant as specified in charter)
Delaware 33-44658 13-3633241
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification
incorporation) No.)
245 Park Avenue, New York, New York 10167
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 272-2000
Not Applicable
(Former name or former address, if changed since last report.)
<PAGE>
Item 5. Other Events
Filing of Collateral Term Sheet.
In connection with the offering of the Bear Stearns Mortgage Securities
Inc. Mortgage Pass-Through Certificates, Series 1996-8 (the "Certificates"),
Bear, Stearns & Co. Inc. as underwriter of the Certificates (the "Underwriter")
has prepared a collateral term sheet (the "Collateral Term Sheet") for
distribution to its potential investors in accordance with the position of the
Securities and Exchange Commission in its letter dated February 17, 1995 to The
Public Securities Association. The Collateral Term Sheet is attached hereto as
Exhibit 7.1.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(c) Exhibits:
7.1 Collateral Term Sheet.
<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.
BEAR STEARNS MORTGAGE SECURITIES INC.
(Registrant)
Date: October 17, 1996 By: /s/ Joseph T. Jurkowski, Jr.
---------------- -------------------------------
Name: Joseph T. Jurkowski, Jr.
Title: Vice President
<PAGE>
EXHIBIT INDEX
Sequentially
Exhibit Number Description Numbered Page
- -------------- ----------- -------------
7.1 Collateral Term Agreement.
HL1196-FX2
COLLATERAL DETAIL
AMORT TYPE
LOANS CURRENT PERCENT
----- ---------------
FIXED 609 100.00%
GEOGRAPHIC DISTRIBUTION
STATE LOANS CURRENT PERCENT
----- ---------------
CA 326 65.57%
WA 80 11.08%
OR 63 7.79%
CO 27 3.76%
UT 24 3.24%
NV 26 3.04%
Other 63 5.51%
PROPERTY TYPE
LOANS CURRENT PERCENT
----- ---------------
CONDO 36 4.44%
2-4 Family 85 10.69%
PUD 55 9.73%
S/F Detached 433 75.13%
ORIGINATION YEAR
LOANS CURRENT PERCENT
----- ---------------
1996 609 100.00%
MATURITY YEAR
LOANS CURRENT PERCENT
----- ---------------
2011 44 4.90%
2016 1 0.12%
2026 564 94.99%
LOAN PURPOSE
LOANS CURRENT PERCENT
----- ---------------
Refi Cashout 160 23.89%
Purchase 347 58.79%
Refi Rate/Term 102 17.32%
OCCUPANCY TYPE
LOANS CURRENT PERCENT
----- ---------------
Investment 190 20.13%
Owner 402 77.54%
Second Home 17 2.33%
DOCUMENTATION TYPE
LOANS CURRENT PERCENT
----- ---------------
EZ Doc 200 32.07%
Full Doc 271 48.48%
Limited Doc 131 18.91%
** 7 0.54%
** Documentation not available
MORTGAGE INSURANCE
LOANS CURRENT PERCENT
----- ---------------
Not Ins. 558 92.09%
Insured 51 7.91%
BALANCE DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
0.00 100,000.00 201 13.82%
100,000.00 200,000.00 212 29.57%
200,000.00 300,000.00 135 33.29%
300,000.00 400,000.00 44 14.60%
400,000.00 500,000.00 9 3.93%
500,000.00 600,000.00 4 2.28%
600,000.00 700,000.00 4 2.51%
GROSS COUPON DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
7.75 8.00 5 0.76%
8.00 8.25 8 1.85%
8.25 8.50 34 8.28%
8.50 8.75 89 18.96%
8.75 9.00 151 26.43%
9.00 9.25 127 20.13%
9.25 9.50 100 13.25%
9.50 9.75 56 6.40%
9.75 10.00 24 2.63%
10.00 10.25 6 0.46%
10.25 10.50 5 0.55%
10.75 11.00 2 0.17%
11.00 11.25 2 0.13%
ORIGINAL LTV DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
0.01 60.00 79 6.99%
60.01 70.00 75 10.93%
70.01 80.00 171 30.37%
80.00 80.00 232 43.69%
80.01 90.00 44 6.20%
90.01 95.00 8 1.82%
WHOLE LOAN ANALYSIS
01-Nov-1996
Balance 101291753.08
Avg Balance 166324.72
Number of Loans 609
Gross Coupon 8.92
Net Coupon 8.65
WAM 01-Dec-2025
WALA 1
Original LTV 76.18
Original LTV * 80% 8.01%
Original LTV * 80% & Ins 7.91%
Bal of loans ** $203,150 44151115.34
Gr Cpnloans ** $203,150 9.08
WA LTV ** $203,150 74.04
No loans ** $203,150 414
1 Mth CPP n/a
3 Mth CPP n/a
6 Mth CPP n/a
12 Mth CPP n/a
Life CPP n/a
1 Mth PSA n/a
3 Mth PSA n/a
6 Mth PSA n/a
12 Mth PSA n/a
Life PSA n/a
Delinq 30 days n/a
Delinq 60 days n/a
Delinq 90 days n/a
Foreclosure n/a
Bankrupt n/a
No. Bankrupt n/a
REO n/a
* greater than
** less than
