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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)
November 12, 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 1996-6 (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: November 14, 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.
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
Total Pool
- -----------
Number of Loans 2,624
Aggregate Unpaid Principal Balance $103,486,742
Aggregate Arrearage Amount $ 22,460,614
Aggregate Legal Balance $125,947,356
% of
Legal Balance
Property Type*
- --------------
Single Family 89%
Two-Four Family 2%
Condo 2%
Townhouse/Rowhouse 7%
*In most cases, information as to the type of property was not available in
the mortgage loan file. In such cases, the type of mortgage property was
collected from the applicable BPO.
State (more than) 5%
- --------------------
Arizona 20%
Florida 19%
Oklahoma 10%
Pennsylvania 9%
Ohio 9%
Illinois 7%
New York 7%
Original Principal Balance
- --------------------------
$10,000 or Less Less Than 1%
$10,001 - $20,000 4%
$20,001 - $30,000 9%
$30,001 - $40,000 13%
$40,001 - $50,000 15%
$50,001 - $60,000 17%
$60,001 - $70,000 15%
$70,001 - $80,000 12%
$80,001 - $90,000 10%
$90,001 - $100,000 3%
Greater than $100,000 1%
<PAGE>
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
% of
Legal Balance
Unpaid Principal Balance
- ------------------------
$10,000 or Less 1%
$10,001 - $20,000 5%
$20,001 - $30,000 9%
$30,001 - $40,000 13%
$40,001 - $50,000 16%
$50,001 - $60,000 17%
$60,001 - $70,000 16%
$70,001 - $80,000 12%
$80,001 - $90,000 8%
$90,001 - $100,000 2%
Greater than $100,000 1%
Largest Unpaid Principal Balance $116,772
Average Unpaid Principal Balance $39,439
Arrearage Amount
- -----------------
No Interest Arrearage Amount 12%
$1,000 or Less 2%
$1,001 - $5,000 12%
$5,001 - $10,000 18%
$10,001 - $15,000 18%
$15,001 - $20,000 16%
$20,001 - $25,000 10%
$25,001 - $30,000 8%
Greater Than $30,000 4%
Largest Arrearage Amount $61,294
Average Arrearage Amount $11,230
Legal Balance
- --------------
$10,000 or Less 1%
$10,001 - $20,000 3%
$20,001 - $30,000 5%
$30,001 - $40,000 9%
$40,001 - $50,000 10%
$50,001 - $60,000 13%
$60,001 - $70,000 15%
$70,001 - $80,000 11%
$80,001 - $90,000 13%
$90,001 - $100,000 8%
Greater than $100,000 11%
Largest Legal Balance $143,235
Average Legal Balance $47,998
<PAGE>
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
% of
Legal Balance
UPB/Quick Sale Value ("BPO LTV")
- --------------------------------
50.00% or Less 9%
50.01% - 55.00% 3%
55.01% - 60.00% 5%
60.01% - 65.00% 6%
65.01% - 70.00% 7%
70.01% - 75.00% 10%
75.01% - 80.00% 11%
80.01% - 85.00% 13%
85.01% - 90.00% 17%
90.01% - 95.00% 12%
95.01% - 100.00% 4%
100.01% - 110.00% 2%
110.01% - 120.00% 1%
120.01% - 125.00% Less Than 1%
Weighted Average BPO LTV 75.92%
Note: None of the mortgage loans are insured by FHA and none have mortgage
insurance.
<PAGE>
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
% of
Legal Balance
Total Debt/Quick Sale Value ("Total Debt LTV")
- ----------------------------------------------
Note: Loans without Arrearage Amount are included.
50.00% or Less 5%
50.01% - 55.00% 2%
55.01% - 60.00% 3%
60.01% - 65.00% 2%
65.01% - 70.00% 3%
70.01% - 75.00% 4%
75.01% - 80.00% 6%
80.01% - 85.00% 6%
85.01% - 90.00% 7%
90.01% - 95.00% 10%
95.01% - 100.00% 9%
100.01% - 110.00% 19%
110.01% - 120.00% 14%
120.01% - 125.00% 4%
Greater than 125.00% 6%
Weighted Average Total Dept LTV 94.02%
- ----------------------------------------------------------
BPO Type
- ---------
UPB Less Than %5000 and No BPO received Less Than 1%
Standard BPO drive-by valuation
which takes into account 64%
local listings and comparable properties, no
interior inspection is performed
Statistical BPO-market valuation based on regional
data such as historical trends, recent sales
and market conditions, no property inspection
is performed 36%
Seasoning**
- -----------
1 - 60 months 5%
61 - 72 months 1%
73 - 84 months 5%
85 - 96 months 9%
97 - 108 months 11%
109 - 120 months 20%
Greater than 120 months 50%
Weighted Average Seasoning 130 Months
** Seasoning based on the date of origination or, if applicable,
the date of the most recent modification.
<PAGE>
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
% of
Legal Balance
HUD Seasoning*
- --------------
Unknown 9%
12 - 48 months Less Than 1%
49 - 60 months 27%
61 - 72 months 20%
73 - 84 months 14%
85 - 96 months 10%
97 - 108 months 5%
109 - 120 months 4%
Greater than 120 months 11%
Weighted Average HUD Seasoning 80 Months
* Number of months since the loan was assigned to HUD
Original Term
- -------------
1 - 120 months Less Than 1%
121 - 180 months 1%
181 - 240 months 1%
241 - 300 months 3%
301 - 359 months 1%
360 months 94%
Weighted Average Original Term 354 Months
Calculated Remaining Term (Based on UPB only)
- ---------------------------------------------
1 - 60 months Less Than 1%
61 - 120 months 2%
121 - 180 months 4%
181 - 240 months 9%
241 - 300 months 33%
301 - 360 months 52%
Weighted Average Calculated Remaining Term 288 Months
Stated Rem. Term (Based on original maturity date)
- --------------------------------------------------
1 - 60 months 2%
61 - 120 months 4%
121 - 180 months 16%
181 - 240 months 33%
241 - 300 months 42%
301 - 360 months 3%
Weighted Average Stated Remaining Term 223 Months
<PAGE>
EXHIBIT I
BSMSI 1996-6
MORTGAGE COLLATERAL SUMMARY AS OF SEPTEMBER 30, 1996
% of
Legal Balance
Gross Coupon
- ------------
Less than 7.00% Less than 1%
7.00% - 7.49% 1%
7.50% - 7.99% 1%
8.00% - 8.49% 3%
8.50% - 8.99% 9%
9.00% - 9.49% 6%
9.50% - 9.99% 16%
10.00% - 10.49% 15%
10.50% - 10.99% 15%
11.00% - 11.49% 6%
11.50% - 11.99% 7%
12.00% - 12.49% 5%
12.50% - 12.99% 5%
13.00% - 13.49% 4%
13.50% - 13.99% 2%
14.00% or more 5%
Weighted Average Gross Coupon 10.50%
Delinquency Status (as of 9/30/96)
- ----------------------------------
Current 88%
30 days 12%
60 days+ 0%
<PAGE>
<TABLE>
<CAPTION>
BSMSI 1996-6 FHLMC T-004
COLLATERAL COMPARISON
BSMSI 1996-6 FHLMC T-004
<S> <C> <C>
Total Loans 2,624 9,825
Aggregate UPB $103,486,742 $419,382,190
Aggregate Arrearage $ 22,460,614 $ 86,130,589
Legal Balance $125,947,356 $505,512,779
Minimum UPB $ 437 $ 104
Maximim UPB $ 16,772 $ 133,874
Average UPB $ 39,439 $ 42,685
Minimum Arrearage $ 0 $ 0
Maximum Arrearage $ 61,294 $ 92,698
Average Arrearage* $ 11,230 $ 11,905
No Arrearage 15.17% 15.40%
* Includes only those loans with an arrearage
balance greater than 0.
Minimum Gross Rate 5.25% 3.00%
Maximum Gross Rate 17.50% 16.50%
Wtd. Avg. Gross Rate 10.40% 10.00%
Earliest Origination 1960 1959
Latest Origination 1991 1992
Percent Unknown 1.30% 3.70%
Wtd. Avg. of Known 1985 1985
Wtd. Avg. LTV 75.92% 78.85%
Wtd. Avg. TLTV 92.40% 97.87%
LTV greater than 80% 49.00% 48.58%
LTV greater than 100% 4.00% 16.79%
TLTV greater than 80% 74.12% 71.16%
TLTV greater than 100% 40.31% 45.43%
Fixed Rate 100% 98%
Adjustable Rate 0% 2%
State AZ 20% TX 12%
Concentration FL 19% CO 10%
OK 11% CA 10%
PA 9% TN 6%
OH 9% GA 6%
Borrowers in Bankruptcy 0.00% 2.60%
Note: Percentages are based on UPB as of 10/1/96.
</TABLE>
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