8-K 1 collateral8k2001-12.txt CMSI 2001-12 COLLATERAL TERM SHEETS 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: August 20, 2001 --------------------------------- (Date of earliest event reported) CITICORP MORTGAGE SECURITIES, INC. (Packager and Servicer) (Issuer in Respect of the REMIC Pass-Through Certificates, Series 2001-12) ------------------------------------------------------------------------- (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 2001-12. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-12 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-12 REMIC Pass-Through Certificates. On August 30, 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 August 1, 2001) as of August 1, 2001 of $435,275,299.93. The Mortgage Loans that have original maturities of at least 20 but no more than 30 years, the "Group I Mortgage Loans", have an aggregate Adjusted Balance outstanding (after deducting principal payments due on or before August 1, 2001) as of August 1, 2001 of $250,290,587.92 and the Mortgage Loans that have original maturities of at least 10 but no more than 15 years, the "Group II Mortgage Loans", have an aggregate Adjusted Balance outstanding (after deducting principal payments due on or before August 1, 2001) as of August 1, 2001 of $184,984,712.01. Information below is provided with respect to all Mortgage Loans expected to be included in the Mortgage Pool. The total number of Group I Mortgage Loans and Group II Mortgage Loans as of August 1, 2001 was 584 and 422, respectively. The weighted average interest rate on the Mortgage Loans (before deduction of servicing fee) (the "Note Rate") for the Group I Mortgage Loans and Group II Mortgage Loans as of August 1, 2001 was 7.340% and 6.948%, respectively. The weighted average remaining term to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of August 1, 2001 was 357.92 months and 177.89 months, respectively. All Mortgage Loans have original maturities of at least 10 but no more than 30 years. None of the Group I Mortgage Loans or the Group II Mortgage Loans were originated prior to August 1, 1999 or May 1, 2000, respectively, or after August 1, 2001. The weighted average original term to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of August 1, 2001 was 359.77 and 179.78 months, respectively. None of the Group I Mortgage Loans or Group II Mortgage Loans has a scheduled maturity later than August 1, 2031 or August 1, 2016, respectively. Each Group I Mortgage Loan and Group II Mortgage Loan had an original principal balance of not less than $60,000 and $50,000, respectively, nor more than $1,000,000. Group I Mortgage Loans and Group II Mortgage Loans having an aggregate Adjusted Balance of $8,343,873 and $1,852,656, respectively, as of August 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 Group I Mortgage Loans and Group II Mortgage Loans as of August 1, 2001 was 69.1% and 60.2%, respectively. No more than $2,235,483 and $1,742,985, respectively, of the Group I Mortgage Loans and the Group II Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 98%(2) and 95%, respectively, of the Group I Mortgage Loans and the Group II 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 Group I Mortgage Loans having such characteristics relative to the Adjusted Balance of all the Group I Mortgage Loans or of the aggregate Adjusted Balance of the Group II Mortgage Loans having such characteristics relative to the Adjusted Balance of all the Group II Mortgage Loans. At least 98% and 94%, respectively, of the Group I Mortgage Loans and the Group II 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 6%, respectively, of the Group I Mortgage Loans and the Group II 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 57% or 58%, respectively, of the Group I Mortgage Loans and the Group II 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 Group I Mortgage Loans and Group II Mortgage Loans for which additional collateral was pledged, taken as a group: 1. the number of such Group I Mortgage Loans and Group II Mortgage Loans is 6 and 10, respectively; 2. such Group I Mortgage Loans and Group II Mortgage Loans have an aggregate Adjusted Balance of $1,907,754 and $2,226,278, 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 Group I Mortgage Loans and Group II Mortgage Loans, without taking into account the loanable value of the additional pledged collateral, is 95.9% and 97.8%, respectively. Group I Discount Mortgage Loans will consist of Group I Mortgage Loans with Net Note Rates (NNRs) less than 6.500%. Group I Premium Mortgage Loans will consist of Group I Mortgage Loans with NNRs greater than or equal to 6.500%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Group I Discount Mortgage Loans and the Group I Premium Mortgage Loans were $1,619,838 and $248,670,750, respectively. The weighted average Note Rates of the Group I Discount Mortgage Loans and the Group I Premium Mortgage Loans, as of the Cut-off Date, were 6.567% and 7.345%, respectively. The weighted average remaining terms to stated maturity of the Group I Discount Mortgage Loans and the Group I Premium Mortgage Loans, as of the Cut-off Date, were 357.92 months. Group II Discount Mortgage Loans will consist of Group II Mortgage Loans with NNRs less than 6.250%. Group II Premium Mortgage Loans will consist of Group II Mortgage Loans with NNRs greater than or equal to 6.250%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Group II Discount Mortgage Loans and the Group II Premium Mortgage Loans were $10,188,749 and $174,795,963, respectively. The weighted average Note Rates of the Group II Discount Mortgage Loans and the Group II Premium Mortgage Loans, as of the Cut-off Date, were 6.147% and 6.994%, respectively. The weighted average remaining terms to stated maturity of the Group II Discount Mortgage Loans and the Group II Premium Mortgage Loans, as of the Cut-off Date, were 176.99 months and 177.94 months, respectively. The following tables set forth information regarding the Mortgage Loans as of August 1, 2001. YEARS OF ORIGINATION OF GROUP I MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 1999 1 $536,919 2000 5 $1,965,170 2001 578 $247,788,499 Total 584 $250,290,588 === ============ YEARS OF ORIGINATION OF GROUP II MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2000 4 $1,001,880 2001 418 $183,982,832 Total 422 $184,984,712 === ============ TYPES OF DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 546 $233,749,976 Multi-family Dwellings* 7 $3,364,150 Townhouses 11 $4,399,298 Condominium Units (one to four 4 $1,479,172 stories high) Condominium Units (over four 6 $3,389,900 stories high) Cooperative Units 10 $3,908,092 Total 584 $250,290,588 === ============ ----------- * Multi-family dwellings are 2-family. TYPES OF DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached Houses 392 $172,834,153 Multi-family Dwellings* 1 $94,105 Townhouses 6 $2,280,443 Condominium Units (one to four 14 $5,037,919 stories high) Condominium Units (over four 3 $1,234,747 stories high) Cooperative Units 6 $3,503,343 Total 422 $184,984,712 === ============ ----------- * Multi-family dwellings are 2-family. NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 577 $246,926,438 2-family 7 $3,364,150 Total 584 $250,290,588 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 421 $184,890,607 2-family 1 $94,105 Total 422 $184,984,712 === ============ SIZE OF GROUP I MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 2 $203,776 $150,000 through $199,999 1 $190,230 $200,000 through $249,999 2 $458,275 $250,000 through $299,999 30 $8,744,879 $300,000 through $349,999 159 $51,654,216 $350,000 through $399,999 115 $43,451,771 $400,000 through $449,999 79 $33,638,761 $450,000 through $499,999 71 $34,020,478 $500,000 through $549,999 30 $15,755,367 $550,000 through $599,999 29 $16,785,815 $600,000 through $649,999 22 $13,767,309 $650,000 through $699,999 34 $23,259,564 $700,000 through $749,999 1 $700,000 $750,000 through $799,999 3 $2,346,887 $800,000 through $849,999 2 $1,637,624 $850,000 through $899,999 2 $1,739,378 $900,000 through $949,999 1 $937,000 $950,000 and over 1 $999,258 Total 584 $250,290,588 === ============ SIZE OF GROUP II MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 7 $740,148 $150,000 through $199,999 4 $722,100 $200,000 through $249,999 1 $245,731 $250,000 through $299,999 21 $6,121,525 $300,000 through $349,999 85 $27,818,858 $350,000 through $399,999 100 $37,824,820 $400,000 through $449,999 52 $22,067,589 $450,000 through $499,999 46 $22,073,161 $500,000 through $549,999 34 $17,933,092 $550,000 through $599,999 18 $10,372,227 $600,000 through $649,999 13 $8,110,179 $650,000 through $699,999 20 $13,526,801 $700,000 through $749,999 6 $4,298,462 $750,000 through $799,999 3 $2,364,760 $800,000 through $849,999 5 $4,076,607 $850,000 through $899,999 2 $1,768,990 $900,000 through $949,999 1 $946,000 $950,000 through $999,999 1 $973,662 $1,000,000 and over 3 $3,000,000 Total 422 $184,984,712 === ============ DISTRIBUTION OF GROUP I MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.500% 2 $745,349 6.501% - 7.000% 64 $24,981,724 7.001% - 7.500% 434 $188,229,263 7.501% - 8.000% 83 $36,058,049 8.001% - 8.125% 1 $276,203 Total 584 $250,290,588 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 5.625% - 6.000% 7 $2,741,163 6.001% - 6.500% 28 $11,992,025 6.501% - 7.000% 250 $109,258,359 7.001% - 7.500% 130 $58,184,328 7.501% - 8.000% 5 $2,215,172 8.001% - 8.500% 2 $593,665 Total 422 $184,984,712 === ============ DISTRIBUTION OF GROUP I MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 165 $75,069,487 65.001% - 75.000% 159 $69,169,052 75.001% - 80.000% 236 $97,708,176 80.001% - 85.000% 6 $2,002,657 85.001% - 90.000% 18 $6,341,216 Total 584 $250,290,588 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 232 $105,782,491 65.001% - 75.000% 92 $40,257,217 75.001% - 80.000% 93 $37,092,348 80.001% - 85.000% 1 $335,078 85.001% - 90.000% 4 $1,517,578 Total 422 $184,984,712 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP I MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 4 $1,833,958 Arizona 13 $6,132,088 Arkansas 2 $658,714 California 184 $80,229,522 Colorado 22 $9,191,971 Connecticut 20 $9,748,574 District of Columbia 5 $2,417,363 Florida 15 $5,918,070 Georgia 43 $17,303,948 Hawaii 1 $551,559 Idaho 1 $569,521 Illinois 10 $4,601,114 Indiana 3 $1,222,415 Iowa 1 $455,268 Kentucky 1 $661,047 Louisiana 2 $838,869 Maine 1 $299,772 Maryland 9 $3,643,438 Massachusetts 20 $8,139,875 Michigan 3 $1,159,759 Minnesota 4 $1,476,393 Missouri 10 $4,202,887 Nebraska 1 $143,776 Nevada 1 $499,600 New Hampshire 1 $405,566 New Jersey 33 $14,434,024 New York 55 $23,033,277 North Carolina 15 $6,999,913 Ohio 4 $1,739,483 Oklahoma 1 $383,749 Oregon 2 $977,589 Pennsylvania 12 $4,950,205 Rhode Island 1 $394,911 South Carolina 2 $1,233,115 Tennessee 6 $2,514,814 Texas 28 $12,673,444 Utah 3 $1,144,696 Virginia 33 $12,572,072 Washington 10 $3,951,722 West Virginia 1 $374,428 Wyoming 1 $608,079 Total 584 $250,290,588 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP II MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 9 $4,670,040 Arizona 11 $4,419,092 Arkansas 2 $828,590 California 138 $63,221,052 Colorado 12 $5,514,044 Connecticut 14 $6,794,579 District of Columbia 2 $987,377 Florida 17 $6,213,334 Georgia 19 $8,163,059 Idaho 1 $645,797 Illinois 10 $4,333,866 Indiana 3 $1,373,463 Maryland 12 $5,402,877 Massachusetts 15 $7,294,968 Michigan 6 $2,508,422 Minnesota 3 $1,181,917 Missouri 9 $3,761,553 Nevada 1 $316,959 New Hampshire 1 $413,339 New Jersey 17 $6,433,877 New York 31 $15,178,904 North Carolina 8 $3,315,430 Ohio 4 $1,747,149 Oklahoma 1 $530,842 Pennsylvania 9 $2,831,596 South Carolina 7 $2,715,464 Tennessee 10 $4,432,497 Texas 18 $7,371,827 Utah 4 $1,272,929 Vermont 1 $141,115 Virginia 11 $4,941,687 Washington 12 $4,663,906 West Virginia 2 $668,346 Wisconsin 2 $694,815 Total 422 $184,984,712 === ============ 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: August 20, 2001