8-K 1 collateral8k2001-16.txt CMSI 2001-16 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: November 8, 2001 --------------------------------- (Date of earliest event reported) CITICORP MORTGAGE SECURITIES, INC. (Packager and Servicer) (Issuer in Respect of the REMIC Pass-Through Certificates, Series 2001-16) -------------------------------------------------------------------------- (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 2001-16. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-16 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-16 REMIC Pass-Through Certificates. On November 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 November 1, 2001) as of November 1, 2001 of $304,097,297.32 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 November 1, 2001) as of November 1, 2001 of $201,718,972.56 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 November 1, 2001) as of November 1, 2001 of $102,378,324.76. Information below is provided with respect to all Mortgage Loans expected to be included in the Mortgage Pool. The total numbers of Group I Mortgage Loans and Group II Mortgage Loans as of November 1, 2001 were 491 and 229, 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 November 1, 2001 were 7.227% and 6.881%, respectively. The weighted average remaining terms to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of November 1, 2001 were 357.30 months and 176.93 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 Group II Mortgage Loans were originated prior to January 1, 2001 or December 1, 2000, respectively, or after November 1, 2001. The weighted average original terms to stated maturity of the Group I Mortgage Loans and Group II Mortgage Loans as of November 1, 2001 were 358.93 and 179.05 months, respectively. None of the Group I Mortgage Loans or Group II Mortgage Loans have a scheduled maturity later than November 1, 2031 or November 1, 2016, respectively. Each Group I Mortgage Loan and Group II Mortgage Loan had an original principal balance of not less than $67,500 and $187,400, respectively, nor more than $1,000,000. Group I Mortgage Loans and Group II Mortgage Loans having aggregate Adjusted Balances of $20,364,313 and $2,177,602, respectively, as of November 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 ratios at origination of the Group I Mortgage Loans and Group II Mortgage Loans as of November 1, 2001 were 72.6% and 60.6%, respectively. No more than $1,840,937 and $2,005,429, respectively, of the Group I Mortgage Loans and Group II Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 98%(2) and 96%, respectively, of the Group I Mortgage Loans and 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 as a percentage 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 95%, respectively, of the Group I Mortgage Loans and 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 5%, respectively, of the Group I Mortgage Loans and 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 77%, respectively, of the Group I Mortgage Loans or 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 numbers of such Group I Mortgage Loans and Group II Mortgage Loans are 9 and 3, repsectively; 2. such Group I Mortgage Loans and Group II Mortgage Loans have aggregate Adjusted Balances of $2,447,586 and $1,135,150, 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 both 80%; 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 97.6% and 100%, respectively. Group I Premium Mortgage Loans will consist of Group I Mortgage Loans with Net Note Rates (NNRs) greater than or equal to 6.000%. All Group I Mortgage Loans are Group I Premium Mortgage Loans. The aggregate Adjusted Balance outstanding as of the Cut-off Date of the Group I Premium Mortgage Loans was $201,718,973. The weighted average Note Rate of the Group I Premium Mortgage Loans, as of the Cut-off Date, was 7.227%. The weighted average remaining term to stated maturity of the Group I Premium Mortgage Loans, as of the Cut-off Date, was 357.30 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 $4,662,940 and $97,715,385, 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 6.275% and 6.910%, 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 177.96 months and 176.88 months, respectively. The following tables set forth information regarding the Mortgage Loans as of November 1, 2001. YEARS OF ORIGINATION OF GROUP I MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2001 491 $201,718,973 Total 491 $201,718,973 === ============ YEARS OF ORIGINATION OF GROUP II MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2000 1 $305,103 2001 228 $102,073,222 Total 229 $102,378,325 === ============ TYPES OF DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 440 $182,763,806 Multi-family Dwellings* 5 $2,316,386 Townhouses 8 $2,646,246 Condominium Units (one to four 17 $5,780,895 stories high) Condominium Units (over four 3 $1,312,419 stories high) Cooperative Units 18 $6,899,221 Total 491 $201,718,973 === ============ ----------- * 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 217 $96,728,586 Multi-family Dwellings* 1 $437,124 Townhouses 4 $2,278,022 Condominium Units (one to four 2 $744,889 stories high) Condominium Units (over four 2 $719,292 stories high) Cooperative Units 3 $1,470,412 Total 229 $102,378,325 === ============ ----------- * Multi-family dwellings are 3-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 486 $199,402,587 2-family 5 $2,316,386 Total 491 $201,718,973 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 228 $101,941,201 3-family 1 $437,124 Total 229 $102,378,325 === ============ SIZE OF GROUP I MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 7 $741,238 $150,000 through $199,999 2 $340,532 $200,000 through $249,999 1 $212,429 $250,000 through $299,999 39 $11,413,213 $300,000 through $349,999 123 $40,464,047 $350,000 through $399,999 116 $43,674,338 $400,000 through $449,999 63 $26,859,457 $450,000 through $499,999 54 $25,830,220 $500,000 through $549,999 32 $16,718,275 $550,000 through $599,999 14 $8,084,348 $600,000 through $649,999 16 $10,165,793 $650,000 through $699,999 20 $13,695,416 $700,000 through $749,999 1 $739,437 $750,000 through $949,999 1 $799,360 $950,000 and over 2 $1,980,870 Total 491 $201,718,973 === ============ SIZE OF GROUP II MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $199,999 and under 1 $186,239 $200,000 through $299,999 15 $4,332,959 $300,000 through $349,999 53 $17,276,193 $350,000 through $399,999 46 $17,383,767 $400,000 through $449,999 31 $13,130,243 $450,000 through $499,999 31 $14,955,548 $500,000 through $549,999 7 $3,716,427 $550,000 through $599,999 12 $6,899,977 $600,000 through $649,999 11 $6,941,510 $650,000 through $699,999 8 $5,420,552 $700,000 through $749,999 5 $3,659,297 $750,000 through $799,999 1 $773,206 $800,000 through $849,999 1 $837,028 $850,000 through $949,999 1 $894,243 $950,000 and over 6 $5,971,136 Total 229 $102,378,325 === ============ DISTRIBUTION OF GROUP I MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.875% - 7.000% 113 $46,614,721 7.001% - 7.500% 350 $143,662,390 7.501% - 8.000% 28 $11,441,862 Total 491 $201,718,973 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.125% - 6.500% 19 $8,046,077 6.501% - 7.000% 170 $76,369,404 7.001% - 7.500% 40 $17,962,844 Total 229 $102,378,325 === ============ 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 105 $47,387,236 65.001% - 75.000% 120 $50,184,888 75.001% - 80.000% 206 $83,782,537 80.001% - 85.000% 7 $2,772,269 85.001% - 90.000% 49 $16,759,358 90.001% - 95.000% 4 $832,685 Total 491 $201,718,973 === ============ 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 126 $58,815,698 65.001% - 75.000% 48 $20,471,806 75.001% - 80.000% 49 $20,917,219 80.001% - 85.000% 4 $1,569,172 85.001% - 90.000% 2 $608,430 Total 229 $102,378,325 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP I MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 4 $1,637,194 Arizona 10 $4,115,136 Arkansas 2 $662,897 California 134 $55,788,218 Colorado 16 $6,935,456 Connecticut 14 $5,343,107 District of Columbia 3 $1,558,791 Florida 10 $4,022,830 Georgia 19 $7,138,302 Illinois 16 $7,302,076 Indiana 2 $733,862 Kentucky 1 $85,942 Louisiana 1 $459,262 Maryland 15 $6,478,769 Massachusetts 26 $11,107,228 Michigan 6 $1,968,157 Minnesota 5 $2,232,315 Mississippi 1 $307,275 Missouri 12 $5,220,129 Montana 1 $347,927 Nevada 8 $3,696,205 New Hampshire 1 $431,290 New Jersey 33 $13,186,858 New York 68 $28,457,943 North Carolina 11 $4,155,858 Ohio 2 $853,312 Oregon 1 $298,845 Pennsylvania 6 $2,024,616 South Carolina 6 $2,379,435 Tennessee 5 $2,337,513 Texas 11 $4,421,377 Utah 2 $683,671 Vermont 1 $125,899 Virginia 26 $10,188,318 Washington 11 $4,669,451 West Virginia 1 $363,509 Total 491 $201,718,973 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP II MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 4 $1,783,691 Arizona 1 $588,213 Arkansas 1 $311,470 California 56 $25,788,619 Colorado 4 $2,403,267 Connecticut 1 $682,616 District of Columbia 1 $326,965 Florida 6 $2,293,227 Georgia 10 $4,839,201 Illinois 10 $4,482,162 Indiana 3 $1,641,933 Louisiana 1 $404,340 Maryland 7 $2,824,569 Massachusetts 12 $5,077,003 Michigan 2 $578,309 Minnesota 1 $460,530 Mississippi 1 $396,109 Missouri 6 $2,397,772 Nevada 2 $749,886 New Jersey 15 $6,896,050 New Mexico 1 $275,247 New York 20 $9,252,288 North Carolina 11 $4,473,973 Ohio 3 $1,174,904 Oregon 2 $900,703 Pennsylvania 2 $623,098 South Carolina 9 $3,819,430 Tennessee 3 $1,718,892 Texas 17 $8,309,786 Vermont 1 $336,831 Virginia 9 $3,325,510 Washington 6 $2,745,070 Wisconsin 1 $496,661 Total 229 $102,378,325 === ============ 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: November 8, 2001