8-K 1 collateral8k2001-14.txt COLLATERAL TERM SHEETS FOR CMSI 2001-14 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: September 13, 2001 ---------------------------------- (Date of earliest event reported) CITICORP MORTGAGE SECURITIES, INC. (Packager and Servicer) (Issuer in Respect of the REMIC Pass-Through Certificates, Series 2001-14) ------------------------------------------------------------------------- (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 2001-14. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-14 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-14 REMIC Pass-Through Certificates. On September 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 September 1, 2001) as of September 1, 2001 of $280,978,513.74. 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 September 1, 2001) as of September 1, 2001 of $202,143,956.61 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 September 1, 2001) as of September 1, 2001 of $78,834,557.13. 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 September 1, 2001 was 480 and 175, respectively. The weighted average interest rates 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 September 1, 2001 were 7.380% and 6.974%, respectively. The weighted average remaining terms to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of September 1, 2001 were 357.93 months and 175.99 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 July 1, 2000 or January 1, 2001, respectively, or after September 1, 2001. The weighted average original terms to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of September 1, 2001 were 359.37 and 177.28 months, respectively. None of the Group I Mortgage Loans or Group II Mortgage Loans have scheduled maturities later than September 1, 2031 or September 1, 2016, respectively. Each Group I Mortgage Loan and Group II Mortgage Loan had an original principal balance of not less than $27,890 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 $15,413,509 and $1,592,173, respectively, as of September 1, 2001 had loan-to-value ratios at origination in excess of 80%, and one Mortgage Loan had a loan-to-value ratio in excess of 95%. The weighted average loan-to-value ratios at origination of the Group I Mortgage Loans and Group II Mortgage Loans as of September 1, 2001 were 71.0% and 60.3%, respectively. No more than $1,851,536 and $2,090,0325, 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 99%(2) and 98%, 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 96%, 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 4%, 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 49% or 79%, 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 3 each; 2. such Group I Mortgage Loans and Group II Mortgage Loans have aggregate Adjusted Balances of $647,965 and $1,142,437, respectively; 3. the weighted average loan-to-value ratios of such Group I Mortgage Loans and Group II Mortgage Loans, taking into account the loanable value (as defined in the Prospectus) of the additional pledged collateral, are 80% and 78.3%, respectively; and 4. the weighted average loan-to-value ratios of such Group I Mortgage Loans and Group II Mortgage Loans, without taking into account the loanable value of the additional pledged collateral, are 94.6% and 98.0%, respectively. Group I Discount Mortgage Loans will consist of Group I Mortgage Loans with Net Note Rates (NNRs) less than 6.750%. Group I Premium Mortgage Loans will consist of Group I Mortgage Loans with NNRs greater than or equal to 6.750%. 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 $8,949,612 and $193,194,345, 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 6.752% and 7.409%, 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 357.72 months and 357.94 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 $1,206,818 and $77,627,739, 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 6.336% and 6.984%, 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 177.46 months and 175.97 months, respectively. The following tables set forth information regarding the Mortgage Loans as of September 1, 2001. YEARS OF ORIGINATION OF GROUP I MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2000 2 $634,248 2001 478 $201,509,709 Total 480 $202,143,957 === ============ YEARS OF ORIGINATION OF GROUP II MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2001 175 $78,834,557 Total 175 $78,834,557 === =========== TYPES OF DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 451 $190,881,558 Multi-family Dwellings* 3 $1,384,293 Townhouses 10 $4,294,778 Condominium Units (one to four 11 $3,812,989 stories high) Condominium Units (over four 1 $310,930 stories high) Cooperative Units 4 $1,459,409 Total 480 $202,143,957 === ============ ----------- * Multi-family dwellings are 2-family and 3-family. TYPES OF DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 165 $74,672,652 Townhouses 2 $912,138 Condominium Units (one to four 3 $963,523 stories high) Condominium Units (over four 2 $835,491 stories high) Cooperative Units 3 $1,450,753 Total 175 $78,834,557 === =========== NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 477 $200,759,664 2-family 2 $889,651 3-family 1 $494,642 Total 480 $202,143,957 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 175 $78,834,557 Total 175 $78,834,557 === =========== SIZE OF GROUP I MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 2 $150,533 $150,000 through $199,999 2 $369,402 $200,000 through $249,999 0 $0 $250,000 through $299,999 35 $10,178,546 $300,000 through $349,999 131 $42,834,427 $350,000 through $399,999 95 $35,834,835 $400,000 through $449,999 66 $27,904,448 $450,000 through $499,999 50 $23,603,269 $500,000 through $549,999 32 $16,617,674 $550,000 through $599,999 23 $13,301,918 $600,000 through $649,999 14 $8,907,860 $650,000 through $699,999 19 $13,054,965 $700,000 through $749,999 1 $728,323 $750,000 through $799,999 1 $770,000 $800,000 through $849,999 5 $4,144,650 $850,000 through $899,999 2 $1,797,353 $900,000 through $949,999 1 $949,312 $950,000 and over 1 $996,442 Total 480 $202,143,957 === ============ SIZE OF GROUP II MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 5 $380,735 $150,000 through $199,999 0 $0 $200,000 through $249,999 0 $0 $250,000 through $299,999 11 $3,192,031 $300,000 through $349,999 32 $10,505,688 $350,000 through $399,999 35 $13,366,537 $400,000 through $449,999 23 $9,755,571 $450,000 through $499,999 17 $8,049,917 $500,000 through $549,999 14 $7,378,411 $550,000 through $599,999 8 $4,637,001 $600,000 through $649,999 12 $7,621,300 $650,000 through $699,999 9 $6,172,580 $700,000 through $749,999 3 $2,159,608 $750,000 through $799,999 0 $0 $800,000 through $849,999 1 $845,055 $850,000 through $899,999 0 $0 $900,000 through $949,999 3 $2,770,123 $950,000 through $999,999 0 $0 $1,000,000 and over 2 $2,000,000 Total 175 $78,834,557 === =========== DISTRIBUTION OF GROUP I MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.500% - 6.500% 1 $398,171 6.501% - 7.000% 41 $17,739,653 7.001% - 7.500% 347 $147,007,262 7.501% - 8.000% 87 $35,458,085 8.001% - 8.375% 4 $1,540,786 Total 480 $202,143,957 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.250% - 6.500% 5 $1,900,210 6.501% - 7.000% 114 $53,328,505 7.001% - 7.500% 55 $23,258,965 7.501% - 7.750% 1 $346,877 Total 175 $78,834,557 === =========== 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 119 $55,265,251 65.001% - 75.000% 110 $46,288,451 75.001% - 80.000% 207 $85,176,745 80.001% - 85.000% 8 $2,779,691 85.001% - 90.000% 31 $11,181,087 90.001% - 95.000% 4 $1,162,982 over 95% 1 $289,750 Total 480 $202,143,957 === ============ 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 99 $47,276,129 65.001% - 75.000% 35 $14,939,470 75.001% - 80.000% 36 $15,026,785 85.001% - 90.000% 5 $1,592,173 Total 175 $78,834,557 === =========== GEOGRAPHIC DISTRIBUTION OF GROUP I MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 2 $990,417 Arizona 7 $2,806,412 California 138 $61,081,126 Colorado 21 $8,929,276 Connecticut 13 $5,512,109 Delaware 1 $317,764 District of Columbia 3 $1,254,026 Florida 15 $5,695,589 Georgia 26 $10,665,986 Hawaii 1 $505,585 Illinois 13 $5,601,042 Indiana 3 $1,042,930 Kansas 1 $291,783 Kentucky 1 $286,811 Louisiana 1 $361,461 Maryland 10 $3,805,340 Massachusetts 25 $10,026,962 Michigan 2 $941,600 Minnesota 3 $1,512,835 Missouri 5 $2,288,835 Montana 1 $305,093 Nevada 2 $750,345 New Hampshire 1 $399,711 New Jersey 32 $12,737,753 New York 53 $23,101,460 North Carolina 9 $3,229,922 Ohio 8 $3,438,464 Oregon 1 $359,733 Pennsylvania 7 $2,394,713 Rhode Island 1 $439,682 South Carolina 6 $2,911,687 Tennessee 5 $2,173,792 Texas 22 $8,916,380 Utah 1 $369,171 Vermont 1 $321,367 Virginia 30 $12,440,721 Washington 6 $2,446,316 Wyoming 3 $1,489,758 Total 480 $202,143,957 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP II MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 1 $691,838 Arizona 2 $922,467 Arkansas 1 $431,328 California 54 $24,168,398 Colorado 7 $3,986,243 Connecticut 6 $3,480,867 Florida 4 $1,331,844 Georgia 7 $2,458,124 Idaho 1 $348,896 Illinois 4 $1,815,732 Kansas 1 $523,344 Louisiana 1 $434,278 Maryland 5 $2,448,909 Massachusetts 7 $2,992,038 Michigan 2 $601,836 Mississippi 1 $398,738 Missouri 2 $1,154,358 Nevada 1 $541,499 New Jersey 8 $3,941,720 New York 14 $5,306,445 North Carolina 12 $4,778,489 Oregon 2 $1,418,703 Pennsylvania 2 $979,865 South Carolina 2 $782,835 Tennessee 6 $2,633,760 Texas 9 $3,987,338 Utah 1 $369,830 Virginia 8 $4,063,210 Washington 3 $1,516,725 West Virginia 1 $324,900 Total 175 $78,834,557 === =========== 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: September 13, 2001