8-K 1 collateral8k2001-13.txt CMSI 2001-13 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 2001-13) ------------------------------------------------------------------------- (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 2001-13. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-13 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-13 REMIC Pass-Through Certificates. On August 29, 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 $261,128,163.70. The Mortgage Loans that are Relocation Loans, 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 $60,567,555.62 and the Mortgage Loans are not Relocation Loans, 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 $200,560,608.08. 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 472 and 154, 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 7.392% and 6.918%, 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 358.36 months and 358.67 months, respectively. All Mortgage Loans have original maturities of at least 20 but no more than 30 years. None of the Group I Mortgage Loans or the Group II Mortgage Loans were originated prior to January 1, 2001 or November 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 359.43 and 360 months, respectively. None of the Group I Mortgage Loans or Group II Mortgage Loans has a scheduled maturity later than August 1, 2031. Each Group I Mortgage Loan and Group II Mortgage Loan had an original principal balance of not less than $50,000 and $220,000, respectively, nor more than $1,000,000 and $700,000, respectively. Group I Mortgage Loans and Group II Mortgage Loans having an aggregate Adjusted Balance of $11,447,797 and $6,825,264, 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 70.7% and 75.7%, respectively. No more than $2,222,578 and $1,227,599, 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 100%, 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 97% and 15%, 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 3% and 85%, 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 50% or 1%, 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 for which additional collateral was pledged, taken as a group: 1. the number of such loans is 6; 2. such loans have an aggregate Adjusted Balance of $1,335,923; 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 79.2%; 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 98.2%. 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 $774,316 and $199,786,292, 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 6.625% and 7.395%, 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 359.00 months and 358.36 months, respectively. 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 $1,353,440 and $59,214,116, 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 6.314% and 6.932%, 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 357.23 months and 358.70 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 --------------- --------- -------------------- 2001 472 $200,560,608 Total 472 $200,560,608 === ============ YEARS OF ORIGINATION OF GROUP II MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2000 2 $598,407 2001 152 $59,969,149 Total 154 $60,567,556 === =========== TYPES OF DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 434 $185,556,888 Multi-family Dwellings* 2 $892,172 Townhouses 9 $3,243,181 Condominium Units (one to four 13 $5,098,836 stories high) Condominium Units (over four 6 $2,274,531 stories high) Cooperative Units 8 $3,495,000 Total 472 $200,560,608 === ============ ----------- * 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 146 $57,532,122 Townhouses 4 $1,351,014 Condominium Units (one to four 3 $1,253,170 stories high) Condominium Units (over four 1 $431,250 stories high) Total 154 $60,567,556 === =========== NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 470 $199,668,436 2-family 2 $892,172 Total 472 $200,560,608 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 154 $60,567,556 Total 154 $60,567,556 === =========== SIZE OF GROUP I MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 5 $531,038 $150,000 through $199,999 4 $710,597 $200,000 through $249,999 1 $229,838 $250,000 through $299,999 30 $8,722,246 $300,000 through $349,999 128 $41,829,208 $350,000 through $399,999 84 $31,643,932 $400,000 through $449,999 75 $31,715,694 $450,000 through $499,999 47 $22,242,252 $500,000 through $549,999 21 $10,936,759 $550,000 through $599,999 17 $9,705,505 $600,000 through $649,999 21 $13,266,791 $650,000 through $699,999 25 $17,170,071 $700,000 through $749,999 5 $3,549,385 $750,000 through $799,999 2 $1,544,316 $800,000 through $849,999 0 $0 $850,000 through $899,999 2 $1,769,702 $900,000 through $949,999 0 $0 $950,000 and over 5 $4,993,274 Total 472 $200,560,608 === ============ SIZE OF GROUP II MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $249,999 and under 1 $214,049 $250,000 through $299,999 22 $6,389,543 $300,000 through $349,999 50 $16,197,673 $350,000 through $399,999 28 $10,469,427 $400,000 through $449,999 17 $7,204,590 $450,000 through $499,999 12 $5,740,094 $500,000 through $549,999 9 $4,648,887 $550,000 through $599,999 5 $2,859,030 $600,000 through $649,999 1 $619,492 $650,000 and over 9 $6,224,771 Total 154 $60,567,556 === =========== DISTRIBUTION OF GROUP I MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.625% - 7.000% 43 $17,854,511 7.001% - 7.500% 329 $141,137,709 7.501% - 8.000% 98 $40,571,388 8.001% - 8.250% 2 $997,000 Total 472 $200,560,608 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.125% - 6.500% 10 $3,544,015 6.501% - 7.000% 100 $39,725,489 7.001% - 7.500% 43 $16,941,071 7.501% - 7.625% 1 $356,981 Total 154 $60,567,556 === =========== 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 132 $59,509,893 65.001% - 75.000% 111 $47,216,778 75.001% - 80.000% 197 $82,386,140 80.001% - 85.000% 5 $1,763,010 85.001% - 90.000% 26 $9,403,592 90.001% - 95.000% 1 $281,195 Total 472 $200,560,608 === ============ 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 22 $8,325,237 65.001% - 75.000% 32 $14,430,735 75.001% - 80.000% 80 $30,986,321 80.001% - 85.000% 2 $638,468 85.001% - 90.000% 14 $4,999,184 90.001% - 95.000% 4 $1,187,611 Total 154 $60,567,556 === =========== GEOGRAPHIC DISTRIBUTION OF GROUP I MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 1 $346,300 Arizona 7 $3,419,059 Arkansas 1 $699,404 California 148 $65,209,164 Colorado 14 $6,166,568 Connecticut 15 $6,214,773 Delaware 1 $347,682 District of Columbia 6 $2,632,619 Florida 5 $2,107,504 Georgia 21 $8,326,457 Hawaii 1 $425,676 Idaho 1 $500,000 Illinois 17 $6,642,184 Indiana 1 $399,688 Kentucky 1 $404,070 Maine 1 $399,703 Maryland 16 $6,414,440 Massachusetts 18 $7,876,545 Michigan 3 $822,108 Minnesota 4 $1,606,914 Missouri 8 $3,070,056 Nevada 2 $547,820 New Jersey 26 $10,549,175 New Mexico 1 $314,772 New York 64 $28,300,773 North Carolina 12 $4,735,312 Ohio 1 $320,000 Oregon 1 $349,216 Pennsylvania 8 $4,334,607 South Carolina 4 $1,535,624 Tennessee 2 $745,644 Texas 26 $11,080,494 Utah 3 $782,371 Virginia 24 $9,885,098 Washington 7 $2,758,788 Wisconsin 1 $290,000 Total 472 $200,560,608 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP II MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Arizona 2 $615,455 California 24 $10,581,333 Colorado 3 $1,141,566 Connecticut 8 $3,537,663 Florida 2 $855,104 Georgia 8 $2,735,701 Illinois 2 $899,245 Indiana 4 $1,355,087 Kentucky 1 $322,719 Maryland 3 $942,607 Massachusetts 7 $3,138,174 Michigan 14 $5,727,930 Minnesota 5 $1,536,171 Missouri 2 $582,437 New Hampshire 1 $343,348 New Jersey 15 $6,160,970 New York 3 $1,249,664 North Carolina 3 $1,379,869 Ohio 2 $675,438 Oklahoma 1 $377,690 Oregon 1 $492,000 Pennsylvania 8 $2,809,687 Rhode Island 1 $555,544 South Carolina 1 $309,000 Tennessee 2 $650,675 Texas 16 $5,291,160 Virginia 8 $3,647,784 Washington 5 $1,991,674 Wisconsin 2 $661,861 Total 154 $60,567,556 === =========== 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