8-K 1 collateral8k2001-11.txt CMSI 2001-11 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 2001-11) ------------------------------------------------------------------------- (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 2001-11. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-11 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-11 REMIC Pass-Through Certificates. On July 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 July 1, 2001) as of July 1, 2001 of $372,095,984.08. The Mortgage Loans that are seasoned loans, the "Seasoned 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 $141,725,498.11 and the Mortgage Loans that are not Seasoned 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 $230,370,485.97. 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 Seasoned Mortgage Loans as of July 1, 2001 was 506 and 419, respectively. The weighted average interest rate on the Mortgage Loans (before deduction of servicing fee) (the "Note Rate") for the Regular Mortgage Loans and Seasoned Mortgage Loans as of July 1, 2001 was 6.891% and 6.767%, respectively. The weighted average remaining term to stated maturity of the Regular Mortgage Loans and Seasoned Mortgage Loans as of July 1, 2001 was 176.89 months and 145.61 months, respectively. All Mortgage Loans have original maturities of at least 10 but no more than 15 years. None of the Regular Mortgage Loans or the Seasoned Mortgage Loans were originated prior to April 1, 2000 and January 1, 1988, respectively, or after July 1, 2001 and December 1, 1998, respectively. The weighted average original term to stated maturity of the Regular Mortgage Loans and Seasoned Mortgage Loans as of July 1, 2001 was 179.22 and 178.79 months, respectively. None of the Regular Mortgage Loans or Seasoned Mortgage Loans has a scheduled maturity later than July 1, 2016 or December 1, 2013, respectively. Each Regular Mortgage Loan and Seasoned Mortgage Loan had an original principal balance of not less than $140,000 and $48,000, respectively, nor more than $1,000,000. Regular Mortgage Loans and Seasoned Mortgage Loans having an aggregate Adjusted Balance of $3,692,277 and $3,879,658, 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 Seasoned Mortgage Loans as of July 1, 2001 was 61.0% and 62.6%, respectively. No more than $2,827,203 and $3,777,423, respectively, of the Regular Mortgage Loans and the Seasoned Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 98%(2) and 95%, respectively, of the Regular Mortgage Loans and the Seasoned 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 Seasoned Mortgage Loans having such characteristics relative to the Adjusted Balance of all the Seasoned Mortgage Loans. At least 97% and 99%, respectively, of the Regular Mortgage Loans and the Seasoned 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 3% and 1%, respectively, of the Regular Mortgage Loans and the Seasoned 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 79% and 83%, respectively, of the Regular Mortgage Loans and the Seasoned 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 5; 2. such loans have an aggregate Adjusted Balance of $1,852,371; 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 76.3%; 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 97.8%. Regular Discount Mortgage Loans will consist of Regular Mortgage Loans with Net Note Rates (NNRs) less than 6.250%. Regular Premium Mortgage Loans will consist of Regular Mortgage Loans with NNRs greater than or equal to 6.250%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Regular Discount Mortgage Loans and the Regular Premium Mortgage Loans were $15,698,041 and $214,672,445, 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 6.240% and 6.939%, 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 177.28 months and 176.87 months, respectively. Seasoned Discount Mortgage Loans will consist of Seasoned Mortgage Loans with NNRs less than 6.250%. Seasoned Premium Mortgage Loans will consist of Seasoned Mortgage Loans with NNRs greater than or equal to 6.250%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Seasoned Discount Mortgage Loans and the Seasoned Premium Mortgage Loans were $19,829,134 and $121,896,364, respectively. The weighted average Note Rates of the Seasoned Discount Mortgage Loans and the Seasoned Premium Mortgage Loans, as of the Cut-off Date, were 6.206% and 6.858%, respectively. The weighted average remaining terms to stated maturity of the Seasoned Discount Mortgage Loans and the Seasoned Premium Mortgage Loans, as of the Cut-off Date, were 146.45 months and 145.47 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 --------------- --------- -------------------- 2000 8 $2,777,631 2001 498 $227,592,855 Total 506 $230,370,486 === ============ YEARS OF ORIGINATION OF SEASONED MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 1988 2 $110,871 1991 1 $158,996 1997 4 $1,578,605 1998 412 $139,877,026 Total 419 $141,725,498 === ============ TYPES OF DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 480 $219,890,108 Townhouses 9 $3,858,624 Condominium Units (one to four 6 $1,924,100 stories high) Condominium Units (over four 5 $2,266,632 stories high) Cooperative Units 6 $2,431,022 Total 506 $230,370,486 === ============ TYPES OF DWELLINGS SUBJECT TO SEASONED MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 386 $131,604,435 Multi-family Dwellings* 3 $1,078,296 Townhouses 8 $2,351,121 Condominium Units (one to four 4 $2,007,738 stories high) Condominium Units (over four 6 $2,086,406 stories high) Cooperative Units 12 $2,597,502 Total 419 $141,725,498 === ============ -------------- *Multi-family Dwellings are 2-family NUMBER OF UNITS IN DWELLINGS SUBJECT TO REGULAR MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 506 $230,370,486 Total 506 $230,370,486 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO SEASONED MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 415 $140,302,245 2-family 4 $1,423,253 Total 419 $141,725,498 === ============ SIZE OF REGULAR MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 2 $266,134 $150,000 through $199,999 2 $375,159 $200,000 through $249,999 0 $0 $250,000 through $299,999 28 $8,233,683 $300,000 through $349,999 94 $30,888,266 $350,000 through $399,999 104 $39,144,287 $400,000 through $449,999 89 $38,088,232 $450,000 through $499,999 56 $26,837,777 $500,000 through $549,999 26 $13,789,295 $550,000 through $599,999 29 $16,787,818 $600,000 through $649,999 26 $16,237,932 $650,000 through $699,999 23 $15,809,210 $700,000 through $749,999 5 $3,593,022 $750,000 through $799,999 3 $2,302,517 $800,000 through $849,999 2 $1,667,547 $850,000 through $899,999 3 $2,624,445 $900,000 through $949,999 2 $1,885,180 $950,000 and over 12 $11,839,982 Total 506 $230,370,486 === ============ SIZE OF SEASONED MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 9 $739,174 $150,000 through $199,999 2 $351,310 $200,000 through $249,999 43 $10,199,426 $250,000 through $299,999 140 $38,448,404 $300,000 through $349,999 82 $26,794,350 $350,000 through $399,999 51 $18,969,408 $400,000 through $449,999 39 $16,669,518 $450,000 through $499,999 19 $8,976,782 $500,000 through $549,999 13 $6,783,508 $550,000 through $599,999 10 $5,723,738 $600,000 through $649,999 5 $3,086,463 $650,000 through $699,999 0 $0 $700,000 through $749,999 0 $0 $750,000 through $799,999 3 $2,354,390 $800,000 through $849,999 0 $0 $850,000 and over 3 $2,629,027 Total 419 $141,725,498 === ============ DISTRIBUTION OF REGULAR MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 5.625% - 6.000% 5 $2,192,594 6.001% - 6.500% 45 $18,952,645 6.501% - 7.000% 347 $158,068,264 7.001% - 7.500% 103 $48,815,965 7.501% - 8.000% 4 $1,407,024 8.001% - 8.250% 2 $933,994 Total 506 $230,370,486 === ============ DISTRIBUTION OF SEASONED MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 5.750% - 6.000% 12 $4,170,705 6.001% - 6.500% 95 $32,421,606 6.501% - 7.000% 247 $84,357,937 7.001% - 7.500% 65 $20,775,250 Total 419 $141,725,498 === ============ 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 260 $122,355,928 65.001% - 75.000% 119 $55,214,440 75.001% - 80.000% 117 $49,107,841 80.001% - 85.000% 2 $682,626 85.001% - 90.000% 8 $3,009,651 Total 506 $230,370,486 === ============ DISTRIBUTION OF SEASONED MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 205 $71,598,759 65.001% - 75.000% 120 $41,640,578 75.001% - 80.000% 79 $24,606,503 80.001% - 85.000% 5 $1,153,882 85.001% - 90.000% 10 $2,725,776 Total 419 $141,725,498 === ============ GEOGRAPHIC DISTRIBUTION OF REGULAR MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 4 $1,532,968 Arizona 8 $3,546,943 Arkansas 6 $2,868,205 California 155 $73,031,336 Colorado 10 $5,330,060 Connecticut 11 $4,872,404 Florida 17 $7,821,371 Georgia 26 $12,870,355 Hawaii 1 $697,767 Idaho 1 $539,698 Illinois 21 $8,933,510 Indiana 5 $2,458,449 Kansas 1 $309,062 Kentucky 3 $1,263,356 Louisiana 3 $1,502,455 Maine 1 $690,696 Maryland 18 $6,879,553 Massachusetts 14 $6,762,029 Michigan 6 $2,638,572 Minnesota 5 $1,964,855 Missouri 8 $3,829,407 Nevada 6 $2,846,224 New Hampshire 4 $1,332,902 New Jersey 18 $7,545,447 New Mexico 1 $667,863 New York 22 $10,524,162 North Carolina 28 $11,757,484 Ohio 4 $2,046,000 Oklahoma 2 $844,120 Oregon 2 $882,080 Pennsylvania 10 $4,115,828 South Carolina 11 $4,874,491 Tennessee 8 $4,262,954 Texas 30 $12,903,795 Virginia 20 $8,236,102 Washington 13 $5,960,709 West Virginia 2 $751,107 Wisconsin 1 $476,167 Total 506 $230,370,486 === ============ GEOGRAPHIC DISTRIBUTION OF SEASONED MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 5 $1,837,001 Arizona 1 $254,782 Arkansas 2 $637,588 California 165 $57,851,092 Colorado 4 $2,012,052 Connecticut 12 $4,298,675 District of Columbia 4 $1,433,488 Florida 9 $3,575,460 Georgia 13 $4,591,851 Hawaii 1 $314,410 Illinois 18 $5,737,801 Indiana 1 $328,487 Louisiana 1 $230,290 Maryland 9 $2,820,023 Massachusetts 15 $4,815,710 Michigan 4 $1,074,676 Missouri 5 $1,755,540 Nebraska 1 $243,516 Nevada 8 $2,671,052 New Jersey 17 $5,777,637 New Mexico 2 $828,854 New York 50 $15,591,408 North Carolina 19 $5,697,913 Ohio 1 $424,569 Oregon 1 $286,374 Pennsylvania 1 $288,138 South Carolina 9 $3,160,833 Tennessee 8 $2,310,862 Texas 12 $3,774,571 Utah 2 $674,317 Virginia 14 $4,562,029 Washington 3 $1,083,659 Wisconsin 1 $516,607 Wyoming 1 $264,233 Total 419 $141,725,498 === ============ 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