8-K 1 collateral8k2001-10.txt CMSI 2001-10 COLLATERAL DESCRIPTION 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: July 12, 2001 --------------------------------- (Date of earliest event reported) CITICORP MORTGAGE SECURITIES, INC. (Packager and Servicer) (Issuer in Respect of the REMIC Pass-Through Certificates, Series 2001-10) ------------------------------------------------------------------------- (Exact name of registrant as specified in charter) Delaware 333-72459 13-3408713 ---------------------------------------------------------------------------- (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 -------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's Telephone Number, including area code: (314) 851-6305 -------------------------------------------------------------------------- (Former name, former address and former fiscal year, if changed since last report.) 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 2001-10. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-10 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-10 REMIC Pass-Through Certificates. On July 27, 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 July 1, 2001) as of July 1, 2001 of $585,571,942.00. 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 July 1, 2001) as of July 1, 2001 of $112,147,564.55 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 July 1, 2001) as of July 1, 2001 of $473,424,377.45. 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 July 1, 2001 was 1098 and 281, 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 July 1, 2001 was 7.289% and 6.785%, respectively. The weighted average remaining term to stated maturity of the Regular Mortgage Loans and Relocation Mortgage Loans as of July 1, 2001 was 357.44 months and 356.06 months, respectively. All Mortgage Loans have original maturities of at least 15 but no more than 30 years. None of the Regular Mortgage Loans or the Relocation Mortgage Loans were originated prior to December 1, 1999 and October 1, 2000, respectively, or after July 1, 2001. The weighted average original term to stated maturity of the Regular Mortgage Loans and Relocation Mortgage Loans as of July 1, 2001 was 359.30 and 359.14 months, respectively. None of the Mortgage Loans has a scheduled maturity later than July 1, 2031. Each Regular Mortgage Loan and Relocation Mortgage Loan had an original principal balance of not less than $50,000 and $123,900, respectively, nor more than $1,071,740 and $700,000, respectively. Regular Mortgage Loans and Relocation Mortgage Loans having an aggregate Adjusted Balance of $21,213,505 and $10,734,162, respectively, as of July 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 July 1, 2001 was 70.1% and 75.3%, respectively. No more than $4,751,550 and $1,883,151, respectively, of the Regular Mortgage Loans and the Relocation Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 97%(2) and 100%, 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"). ----------- 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. At least 98% and 23%, 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 2% and 76%, 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 59% and 1%, 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 and Relocation Mortgage Loans for which additional collateral was pledged, taken as a group: 1. the number of such Regular Mortgage Loans and Relocation Mortgage Loans is 15 and 3, respectively; 2. such Regular Mortgage Loans and Relocation Mortgage Loans have an aggregate Adjusted Balance of $3,349,655 and $1,035,574, respectively; 3. the weighted average loan-to-value ratio of such Mortgage 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 Regular Mortgage Loans and Relocation Mortgage Loans, without taking into account the loanable value of the additional pledged collateral, is 97.1% and 98.2%, respectively. Regular Discount Mortgage Loans will consist of Regular Mortgage Loans with Net Note Rates (NNRs) less than 6.500%. Regular Premium Mortgage Loans will consist of Regular Mortgage Loans with NNRs greater than or equal to 6.500%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Regular Discount Mortgage Loans and the Regular Premium Mortgage Loans were $10,984,010 and $462,440,368, 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 6.521% and 7.308%, 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 358.03 months and 357.43 months, respectively. Relocation Discount Mortgage Loans will consist of Relocation Mortgage Loans with NNRs less than 6.250%. Relocation Premium Mortgage Loans will consist of Relocation Mortgage Loans with NNRs greater than or equal to 6.250%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Relocation Discount Mortgage Loans and the Relocation Premium Mortgage Loans were $13,335,752 and $98,811,813, 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 6.311% and 6.849%, 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 356.94 months and 355.94 months, respectively. The following tables set forth information regarding the Mortgage Loans as of July 1, 2001. YEARS OF ORIGINATION OF REGULAR MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 1999 1 $166,704 2000 20 $8,552,735 2001 1077 $464,704,938 Total 1098 $473,424,377 ==== ============ YEARS OF ORIGINATION OF RELOCATION MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2000 23 $8,473,711 2001 258 $103,673,853 Total 281 $112,147,565 === ============ TYPES OF DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 1014 $439,317,713 Multi-family Dwellings* 9 $4,635,901 Townhouses 23 $8,342,640 Condominium Units (one to four 25 $8,685,758 stories high) Condominium Units (over four 7 $3,376,485 stories high) Cooperative Units 20 $9,065,880 Total 1098 $473,424,377 ==== ============ ----------- * Multi-family dwellings are 2-family and 4-family TYPES OF DWELLINGS SUBJECT TO RELOCATION MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 263 $104,970,802 Townhouses 4 $1,435,824 Condominium Units (one to four 13 $5,596,070 stories high) Cooperative Units 1 $144,869 Total 281 $112,147,565 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 1089 $469,435,933 2-family 8 $3,388,339 4-family 1 $600,105 Total 1098 $473,424,377 ==== ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO RELOCATION MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 281 $112,147,565 Total 281 $112,147,565 === ============ SIZE OF REGULAR MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 21 $2,057,900 $150,000 through $199,999 9 $1,575,061 $200,000 through $249,999 3 $673,620 $250,000 through $299,999 75 $21,798,880 $300,000 through $349,999 238 $77,511,552 $350,000 through $399,999 241 $90,640,562 $400,000 through $449,999 131 $56,022,459 $450,000 through $499,999 120 $57,013,352 $500,000 through $549,999 65 $34,025,089 $550,000 through $599,999 55 $31,535,557 $600,000 through $649,999 38 $24,025,293 $650,000 through $699,999 61 $41,985,174 $700,000 through $749,999 12 $8,581,531 $750,000 through $799,999 4 $3,132,794 $800,000 through $849,999 9 $7,534,125 $850,000 through $899,999 5 $4,433,659 $900,000 through $949,999 2 $1,812,313 $950,000 through $999,999 7 $6,960,645 $1,000,000 and over 2 $2,104,811 Total 1098 $473,424,377 ==== ============ SIZE OF RELOCATION MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 2 $268,677 $150,000 through $199,999 0 $0 $200,000 through $249,999 2 $492,535 $250,000 through $299,999 32 $9,257,694 $300,000 through $349,999 83 $26,957,100 $350,000 through $399,999 57 $21,354,175 $400,000 through $449,999 38 $16,279,081 $450,000 through $499,999 26 $12,427,894 $500,000 through $549,999 12 $6,304,884 $550,000 through $599,999 10 $5,819,185 $600,000 through $649,999 2 $1,286,328 $650,000 and over 17 $11,700,012 Total 281 $112,147,565 === ============ DISTRIBUTION OF REGULAR MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.250% - 6.500% 16 $6,234,669 6.501% - 7.000% 173 $71,854,755 7.001% - 7.500% 783 $340,822,238 7.501% - 8.000% 121 $52,556,594 8.001% - 8.500% 4 $1,789,417 8.501% - 8.750% 1 $166,704 Total 1098 $473,424,377 ==== ============ DISTRIBUTION OF RELOCATION MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.000% 2 $784,475 6.001% - 6.500% 74 $30,400,886 6.501% - 7.000% 153 $60,899,159 7.001% - 7.500% 41 $15,880,891 7.501% - 7.875% 11 $4,182,154 Total 281 $112,147,565 === ============ DISTRIBUTION OF REGULAR MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 286 $134,637,696 65.001% - 75.000% 311 $138,954,285 75.001% - 80.000% 444 $178,618,891 80.001% - 85.000% 11 $5,029,913 85.001% - 90.000% 45 $15,884,061 90.001% - 95.000% 1 $299,531 Total 1098 $473,424,377 ==== ============ DISTRIBUTION OF RELOCATION MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 46 $18,317,978 65.001% - 75.000% 46 $17,848,306 75.001% - 80.000% 159 $65,247,119 80.001% - 85.000% 9 $3,107,477 85.001% - 90.000% 19 $7,026,406 90.001% - 97.000% 2 $600,279 Total 281 $112,147,565 === ============ GEOGRAPHIC DISTRIBUTION OF REGULAR MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 9 $3,907,819 Arizona 27 $12,663,861 Arkansas 5 $1,708,031 California 355 $158,220,979 Colorado 55 $23,583,323 Connecticut 25 $12,171,388 Delaware 1 $507,205 District of Columbia 5 $2,504,952 Florida 29 $11,856,020 Georgia 70 $28,588,379 Idaho 2 $565,645 Illinois 29 $10,787,825 Indiana 3 $1,195,597 Iowa 3 $1,153,477 Kansas 3 $1,056,334 Kentucky 3 $1,448,398 Louisiana 3 $1,252,394 Maine 1 $208,837 Maryland 24 $10,214,056 Massachusetts 35 $15,725,365 Michigan 15 $5,513,250 Minnesota 5 $1,679,360 Mississippi 2 $780,821 Missouri 16 $6,436,581 Nevada 10 $3,782,128 New Hampshire 1 $375,000 New Jersey 36 $14,707,318 New Mexico 1 $324,092 New York 91 $43,516,185 North Carolina 37 $14,320,188 Ohio 5 $1,972,405 Oregon 7 $2,247,944 Pennsylvania 20 $7,403,584 South Carolina 24 $9,648,188 Tennessee 9 $4,843,499 Texas 47 $20,824,678 Utah 10 $3,446,730 Virginia 43 $18,351,327 Washington 31 $13,595,214 Wisconsin 1 $336,000 Total 1098 $473,424,377 ==== ============ GEOGRAPHIC DISTRIBUTION OF RELOCATION MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Arizona 3 $1,020,354 California 48 $20,620,828 Colorado 8 $3,171,555 Connecticut 12 $5,162,825 Florida 8 $3,338,020 Georgia 11 $4,119,635 Illinois 6 $2,485,318 Indiana 6 $2,248,766 Kansas 4 $1,713,931 Kentucky 2 $797,843 Maryland 8 $2,984,003 Massachusetts 11 $4,471,996 Michigan 24 $9,741,348 Minnesota 7 $2,567,618 Missouri 3 $885,835 Nevada 2 $871,969 New Jersey 32 $12,531,507 New Mexico 1 $698,761 New York 14 $5,313,626 North Carolina 6 $2,406,596 Ohio 4 $1,410,804 Oregon 2 $1,158,911 Pennsylvania 7 $2,633,882 South Carolina 1 $309,155 Tennessee 4 $1,303,780 Texas 25 $9,479,110 Virginia 16 $6,187,282 Washington 6 $2,512,307 Total 281 $112,147,565 === ============ 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 ------------------------- Howard Darmstadter Assistant Secretary Dated: July 12, 2001