8-K 1 collateral8k2001-15.txt CMSI 2001-15 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: October 5, 2001 --------------------------------- (Date of earliest event reported) CITICORP MORTGAGE SECURITIES, INC. (Packager and Servicer) (Issuer in Respect of the REMIC Pass-Through Certificates, Series 2001-15) -------------------------------------------------------------------------- (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 2001-15. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-15 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-15 REMIC Pass-Through Certificates. On October 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 October 1, 2001) as of October 1, 2001 of $255,029,344.94. Information below is provided with respect to all Mortgage Loans expected to be included in the Mortgage Pool. The total number of Mortgage Loans as of October 1, 2001 was 607. The weighted average interest rate on the Mortgage Loans (before deduction of servicing fee) (the "Note Rate of the Mortgage Loans") as of October 1, 2001 was 7.329%. The weighted average remaining term to stated maturity of the Mortgage Loans as of October 1, 2001 was 356.95 months. All Mortgage Loans have original maturities of at least 20 but no more than 30 years. None of the Mortgage Loans were originated prior to July 1, 2000 or after October 1, 2001. The weighted average original term to stated maturity of the Mortgage Loans as of October 1, 2001 was 358.54 months. None of the Mortgage Loans has a scheduled maturity later than October 1, 2031. Each Mortgage Loan had an original principal balance of not less than $91,960 nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted Balance of $6,630,857 as of October 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 Mortgage Loans as of October 1, 2001 was 69.9%. No more than $2,427,221 of the Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 99% (2) of the 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 Mortgage Loans having such characteristics relative to the Adjusted Balance of all Mortgage Loans. At least 97% of the 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% of the 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 48% of the 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 Mortgage Loans for which additional collateral was pledged, taken as a group: 1. the number of such loans is 2; 2. such loans have an aggregate Adjusted Balance of $620,221; 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 78.4%; 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 98.4%. Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates (NNRs) less than 6.500%. Premium Mortgage Loans will consist of Mortgage Loans with NNRs greater than or equal to 6.500%. The aggregate Adjusted Balance outstanding as of the Cut-off Date of the Discount Mortgage Loans and the Premium Mortgage Loans was $446,606 and $254,582,739, respectively. The weighted average Note Rate of the Discount Mortgage Loans and the Premium Mortgage Loans, as of the Cut-off Date, was 6.625% and 7.330%, respectively. The weighted average remaining term to stated maturity of the Discount Mortgage Loans and the Premium Mortgage Loans, as of the Cut-off Date, was 359.00 months and 356.95, respectively. The following tables set forth information regarding the Mortgage Loans as of October 1, 2001. YEARS OF ORIGINATION OF MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- -------- -------------------- 2000 7 $2,445,064 2001 600 $252,584,281 Total 607 $255,029,345 === ============ TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding ------------- --------- -------------------- Detached Houses 569 $239,159,964 Multi-family Dwellings* 3 $1,219,095 Townhouses 14 $5,569,829 Condominium Units (one to four 9 $3,621,677 stories high) Condominium Units (over four 4 $1,913,977 stories high) Cooperative Units 8 $3,544,803 Total 607 $255,029,345 === ============ ----------- * Multi-family dwellings are 2-family. NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding ------------- --------- -------------------- 1-family 604 $253,810,250 2-family 3 $1,219,095 Total 607 $255,029,345 === ============ SIZE OF MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 2 $238,085 $150,000 through $199,999 0 $0 $200,000 through $249,999 1 $229,255 $250,000 through $299,999 46 $13,502,963 $300,000 through $349,999 161 $52,865,437 $350,000 through $399,999 135 $50,757,567 $400,000 through $449,999 96 $40,980,442 $450,000 through $499,999 55 $26,104,693 $500,000 through $549,999 32 $16,936,354 $550,000 through $599,999 26 $15,114,745 $600,000 through $649,999 18 $11,364,379 $650,000 through $699,999 20 $13,733,111 $700,000 through $749,999 5 $3,581,452 $750,000 through $799,999 1 $799,391 $800,000 through $849,999 0 $0 $850,000 through $899,999 1 $897,095 $900,000 through $949,999 0 $0 $950,000 through $999,999 7 $6,924,376 $1,000,000 and over 1 $1,000,000 Total 607 $255,029,345 === ============ DISTRIBUTION OF MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.625% - 7.000% 67 $28,472,092 7.001% - 7.500% 467 $196,623,931 7.501% - 8.000% 68 $28,686,725 8.001% - 8.500% 3 $926,049 8.501% - 9.000% 1 $229,255 9.001% - 9.250% 1 $91,293 Total 607 $255,029,345 === ============ DISTRIBUTION OF MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and Below 156 $68,653,596 65.001% - 75.000% 168 $68,947,726 75.001% - 80.000% 264 $110,797,166 80.001% - 85.000% 6 $2,056,644 85.001% - 90.000% 13 $4,574,213 Total 607 $255,029,345 === ============ GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- -------- -------------------- Alabama 11 $4,815,455 Arizona 12 $4,537,430 California 182 $74,384,198 Colorado 26 $10,557,382 Connecticut 26 $12,261,276 Delaware 2 $460,276 District of Columbia 1 $305,087 Florida 7 $2,649,647 Georgia 22 $9,601,422 Hawaii 1 $448,887 Illinois 18 $7,392,402 Louisiana 1 $355,472 Maryland 22 $9,158,280 Massachusetts 25 $9,959,784 Michigan 5 $2,210,021 Minnesota 4 $1,572,098 Mississippi 3 $1,217,641 Missouri 10 $4,031,878 Nevada 3 $1,053,367 New Hampshire 1 $278,272 New Jersey 33 $13,204,075 New Mexico 1 $464,267 New York 71 $33,958,508 North Carolina 13 $5,360,281 Ohio 4 $1,847,459 Oregon 6 $2,689,790 Pennsylvania 9 $3,631,038 South Carolina 3 $1,504,835 Tennessee 4 $1,331,474 Texas 23 $9,952,488 Utah 5 $2,045,939 Vermont 1 $449,674 Virginia 28 $11,707,498 Washington 21 $8,394,404 West Virginia 3 $1,237,340 Total 607 $255,029,345 === ============ 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: October 5, 2001