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 22, 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 1996-9 (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 24, 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.
IC1296-AFX1
COLLATERAL DETAIL
AMORT TYPE
LOANS CURRENT PERCENT
----- ---------------
FIXED 1241 100.00%
GEOGRAPHIC DISTRIBUTION
STATE LOANS CURRENT PERCENT
----- ---------------
CA 384 41.03%
FL 282 17.19%
NJ 158 12.18%
NY 74 5.06%
MA 30 3.03%
GA 31 2.53%
Other 282 18.98%
PROPERTY TYPE
LOANS CURRENT PERCENT
----- ---------------
CONDO 119 6.63%
2-4 Family 103 6.56%
PUD 102 8.73%
S/F Detached 917 78.08%
ORIGINATION YEAR
LOANS CURRENT PERCENT
----- ---------------
1995 16 1.25%
1996 1224 98.69%
1997 1 0.06%
MATURITY YEAR
LOANS CURRENT PERCENT
----- ---------------
2007 1 0.03%
2010 2 0.06%
2011 106 5.52%
2024 1 0.04%
2025 11 1.05%
2026 1120 93.30%
LOAN PURPOSE
LOANS CURRENT PERCENT
----- ---------------
Refi Cashout 313 22.55%
Purchase 746 60.35%
Refi Rate/Term 182 17.10%
OCCUPANCY TYPE
LOANS CURRENT PERCENT
----- ---------------
Investment 138 5.75%
Owner 1027 89.54%
Second Home 76 4.71%
DOCUMENTATION TYPE
LOANS CURRENT PERCENT
----- ---------------
** 47 4.58%
Full Doc 375 32.70%
Limited Doc 728 56.50%
No Doc 91 6.21%
** Documentation not available
MORTGAGE INSURANCE
LOANS CURRENT PERCENT
----- ---------------
** 1116 89.95%
Insured 125 10.05%
** Documentation not available
BALANCE DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
0.00 100,000.00 506 18.53%
100,000.00 200,000.00 436 32.62%
200,000.00 300,000.00 192 24.79%
300,000.00 400,000.00 51 9.09%
400,000.00 500,000.00 39 9.64%
500,000.00 600,000.00 10 2.87%
600,000.00 700,000.00 5 1.68%
700,000.00 800,000.00 2 0.79%
GROSS COUPON DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
7.50 8.00 4 0.37%
8.00 8.50 50 5.61%
8.50 9.00 270 26.01%
9.00 9.50 464 38.32%
9.50 10.00 310 22.45%
10.00 10.50 55 3.17%
10.50 11.00 45 2.24%
11.00 11.50 18 0.88%
11.50 12.00 13 0.57%
12.00 12.50 3 0.11%
12.50 13.00 5 0.18%
13.50 14.00 1 0.02%
14.00 14.50 1 0.03%
15.00 15.50 1 0.02%
15.50 16.00 1 0.02%
ORIGINAL LTV DISTRIBUTION
LOANS CURRENT PERCENT
----- ---------------
0.01 60.00 246 14.30%
60.01 70.00 245 18.06%
70.01 80.00 359 30.81%
80.00 80.00 303 28.33%
80.01 90.00 114 8.85%
90.01 95.00 28 2.64%
WHOLE LOAN ANALYSIS
01-Nov-1996
Balance 187452320.19
Avg Balance 151049.41
Number of Loans 1241
Gross Coupon 9.22
Net Coupon 8.95
WAM 01-Nov-2025
WALA 1
Original LTV 74.04
Original LTV * 80% 11.48%
Original LTV * 80% & Ins 8.87%
Orig Bal of loans ** $207,000 97893653.85
Gr Cpnloans ** $207,000 9.37
WALTV ** $207,000 72.52
No loans ** $207,000 952
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 or equal to
