8-K 1 collateral8k2001-17.txt CMSI 2001-17 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 2001-17) -------------------------------------------------------------------------- (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 2001-17. The information set forth in these Collateral Term Sheets will be superseded in its entirety by the information set forth in the final prospectus for the Series 2001-17 REMIC Pass-Through Certificates and by any subsequent Collateral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 2001-17 REMIC Pass-Through Certificates. On November 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 November 1, 2001) as of November 1, 2001 of $358,107,693.27. The Mortgage Loans that have original maturities of at least 20 but no more than 30 years and are Relocation Loans, 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 $83,190,862.00, the Mortgage Loans that have original maturities of at least 20 but no more than 30 years and are not Relocation Loans, 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 $205,482,617.27, and the Mortgage Loans that have original maturities of at least 10 but no more than 15 years, the "Group III 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 $69,434,214.00. 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, Group II Mortgage Loans and Group III Mortgage Loans as of November 1, 2001 were 488, 208 and 162, respectively. The weighted average interest rates on the Mortgage Loans (before deduction of servicing fee) (the "Note Rate") for the Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans as of November 1, 2001 were 7.154%, 6.812% and 6.790%, respectively. The weighted average remaining terms to stated maturity of the Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans as of November 1, 2001 were 357.55 months, 356.53 months and 178.21 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, Group II Mortgage Loans or the Group III Mortgage Loans were originated prior to December 1, 2000, January 1, 2001 or April 1, 2001, respectively, or after November 1, 2001. The weighted average original terms to stated maturity of the Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans as of November 1, 2001 were 359.15 months, 358.98 months and 179.58 months, respectively. None of the Group I Mortgage Loans or Group II Mortgage Loans have scheduled maturities later than November 1, 2031. None of the Group III Mortgage Loans have scheduled maturities later than November 1, 2016. Each Group I Mortgage Loan, Group II Mortgage Loan and Group III Mortgage Loan had an original principal balance of not less than $279,600, $246,900 and $71,650, respectively, nor more than $1,000,000, $945,000 and $1,000,000, respectively. Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans having aggregate Adjusted Balances of $11,386,304, $6,652,343 and $729,512, respectively, as of November 1, 2001 had loan-to-value ratios at origination in excess of 80%, but no 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, Group II Mortgage Loans and Group III Mortgage Loans as of November 1, 2001 were 69.3%, 74.2% and 58.1%, respectively. No more than $2,486,000, $1,865,013 and $1,092,747, respectively, of the Group I Mortgage Loans, Group II Mortgage Loans and Group III Mortgage Loans are secured by Mortgaged Properties located in any one zip code. At least 97%(2), 100% and 95%, respectively, of the Group I Mortgage Loans, Group II Mortgage Loans and Group III 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, 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, or as a percentage of the aggregate Adjusted Balance of the Group III Mortgage Loans having such characteristics relative to the Adjusted Balance of all the Group III Mortgage Loans. At least 98%, 15% and 97%, respectively, of the Group I Mortgage Loans, Group II Mortgage Loans and Group III 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%, 85% and 3%, respectively, of the Group I Mortgage Loans, Group II Mortgage Loans and Group III 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 53%, 1% or 81%, respectively, of the Group I Mortgage Loans, Group II Mortgage Loans or Group III 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 II Mortgage Loans and Group III Mortgage Loans for which additional collateral was pledged, taken as a group: 1. the numbers of such Group II Mortgage Loans and Group III Mortgage Loans are 1 and 2, respectively; 2. such Group II Mortgage Loan has an Adjusted Balance of $249,034, and such Group III Mortgage Loans have an aggregate Adjusted Balance of $597,872; 3. the weighted loan-to-value ratio of such Group II Mortgage Loan, taking into account the loanable value (as defined in the Prospectus) of the additional pledged collateral, is 75.2%, and the weighted average loan-to-value ratio of such Group III Mortgage Loans, taking into account the loanable value (as defined in the Prospectus) of the additional pledged collateral, is 80.0%; and 4. the weighted loan-to-value ratios of such Group II Mortgage Loan, without taking into account the loanable value of the additional pledged collateral, is 100%, and the weighted average loan-to-value ratio of such Group III Mortgage Loans, without taking into account the loanable value of the additional pledged collateral, is 86.5%. 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 $4,815,292 and $200,667,325, 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 6.467% and 7.171%, 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 358.01 months and 357.54 months, respectively. Group II Premium Mortgage Loans will consist of Group II Mortgage Loans with NNRs greater than or equal to 6.000%. All Group II Mortgage Loans are Group II Premium Mortgage Loans. The aggregate Adjusted Balance outstanding as of the Cut-off Date of the Group II Premium Mortgage Loans was $83,190,862. The weighted average Note Rate of the Group II Premium Mortgage Loans, as of the Cut-off Date, was 6.812%. The weighted average remaining term to stated maturity of the Group II Premium Mortgage Loans, as of the Cut-off Date, was 356.53 months. Group III Discount Mortgage Loans will consist of Group III Mortgage Loans with Net Note Rates (NNRs) less than 6.000%. Group III Premium Mortgage Loans will consist of Group III Mortgage Loans with NNRs greater than or equal to 6.000%. The aggregate Adjusted Balances outstanding as of the Cut-off Date of the Group III Discount Mortgage Loans and the Group III Premium Mortgage Loans were $297,954 and $69,136,260, respectively. The weighted average Note Rates of the Group III Discount Mortgage Loans and the Group III Premium Mortgage Loans, as of the Cut-off Date, were 6.125% and 6.793%, respectively. The weighted average remaining terms to stated maturity of the Group III Discount Mortgage Loans and the Group III Premium Mortgage Loans, as of the Cut-off Date, were 178.00 months and 178.21 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 --------------- --------- -------------------- 2000 1 $460,124 2001 487 $205,022,493 Total 488 $205,482,617 === ============ YEARS OF ORIGINATION OF GROUP II MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2001 208 $83,190,862 Total 208 $83,190,862 === =========== YEARS OF ORIGINATION OF GROUP III MORTGAGE LOANS Number of Aggregate Principal Year Originated Loans Balances Outstanding --------------- --------- -------------------- 2001 162 $69,434,214 Total 162 $69,434,214 === =========== TYPES OF DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 449 $189,569,917 Multi-family Dwellings* 4 $1,912,094 Townhouses 11 $4,453,228 Condominium Units (one to four 6 $2,198,583 stories high) Condominium Units (over four 4 $1,542,907 stories high) Cooperative Units 14 $5,805,888 Total 488 $205,482,617 === ============ ----------- * 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 197 $79,318,709 Multi-family Dwellings* 1 $257,327 Townhouses 4 $1,422,399 Condominium Units (one to four 6 $2,192,427 stories high) Total 208 $83,190,862 === =========== ----------- * Multi-family dwellings are 2-family. TYPES OF DWELLINGS SUBJECT TO GROUP III MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- Detached houses 152 $65,246,383 Townhouses 1 $468,501 Condominium Units (one to four 6 $2,526,369 stories high) Condominium Units (over four 2 $1,012,000 stories high) Cooperative Units 1 $180,961 Total 162 $69,434,214 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP I MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 484 $203,570,523 2-family 3 $1,473,131 3-family 1 $438,963 Total 488 $205,482,617 === ============ NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP II MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 207 $82,933,535 2-family 1 $257,327 Total 208 $83,190,862 === =========== NUMBER OF UNITS IN DWELLINGS SUBJECT TO GROUP III MORTGAGE LOANS Type of Number of Aggregate Principal Dwelling Unit Loans Balances Outstanding --------------- --------- -------------------- 1-family 162 $69,434,214 Total 162 $69,434,214 === =========== SIZE OF GROUP I MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $299,999 and under 33 $9,635,688 $300,000 through $349,999 134 $44,050,182 $350,000 through $399,999 108 $40,855,243 $400,000 through $449,999 66 $28,111,769 $450,000 through $499,999 58 $27,589,653 $500,000 through $549,999 21 $11,007,358 $550,000 through $599,999 24 $13,925,501 $600,000 through $649,999 25 $15,625,631 $650,000 through $699,999 13 $8,960,972 $700,000 through $849,999 1 $833,194 $850,000 through $949,999 1 $935,000 $950,000 and over 4 $3,952,426 Total 488 $205,482,617 === ============ SIZE OF GROUP II MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $249,999 and under 2 $494,822 $250,000 through $299,999 35 $10,114,290 $300,000 through $349,999 54 $17,732,219 $350,000 through $399,999 38 $14,375,930 $400,000 through $449,999 31 $13,102,186 $450,000 through $499,999 18 $8,668,191 $500,000 through $549,999 8 $4,182,358 $550,000 through $599,999 8 $4,622,393 $600,000 through $649,999 4 $2,494,282 $650,000 through $699,999 7 $4,838,228 $700,000 through $799,999 1 $795,602 $800,000 through $899,999 1 $833,576 $900,000 and over 1 $936,785 Total 208 $83,190,862 === =========== SIZE OF GROUP III MORTGAGE LOANS Outstanding Principal Number of Aggregate Principal Balance by Loan Size Loans Balances Outstanding --------------------- --------- -------------------- $149,999 and under 1 $70,260 $150,000 through $199,999 2 $351,375 $200,000 through $299,999 7 $2,052,148 $300,000 through $349,999 46 $14,844,697 $350,000 through $399,999 29 $11,034,016 $400,000 through $449,999 25 $10,646,602 $450,000 through $499,999 15 $7,188,786 $500,000 through $549,999 11 $5,758,155 $550,000 through $599,999 8 $4,629,753 $600,000 through $649,999 7 $4,412,994 $650,000 through $699,999 7 $4,761,295 $700,000 through $949,999 1 $700,000 $950,000 and over 3 $2,984,133 Total 162 $69,434,214 === =========== DISTRIBUTION OF GROUP I MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.000% - 6.000% 1 $556,687 6.001% - 6.500% 7 $2,954,949 6.501% - 7.000% 154 $64,234,545 7.001% - 7.500% 307 $129,671,471 7.501% - 8.000% 18 $7,604,841 8.001% - 8.250% 1 $460,124 Total 488 $205,482,617 === ============ DISTRIBUTION OF GROUP II MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.250% - 6.500% 36 $14,712,412 6.501% - 7.000% 146 $58,137,083 7.001% - 7.500% 26 $10,341,367 Total 208 $83,190,862 === =========== DISTRIBUTION OF GROUP III MORTGAGE LOANS BY NOTE RATES Mortgage Loan Number of Aggregate Principal Note Rate Loans Balances Outstanding ------------- --------- -------------------- 6.125% - 6.500% 20 $9,589,310 6.501% - 7.000% 124 $52,611,419 7.001% - 7.250% 18 $7,233,485 Total 162 $69,434,214 === =========== 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 140 $64,499,177 65.001% - 75.000% 130 $53,784,344 75.001% - 80.000% 186 $75,812,793 80.001% - 85.000% 5 $1,890,204 85.001% - 90.000% 26 $9,192,726 90.001% - 95.000% 1 $303,373 Total 488 $205,482,617 === ============ 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 31 $14,525,848 65.001% - 75.000% 37 $16,078,003 75.001% - 80.000% 119 $45,934,667 80.001% - 85.000% 5 $1,593,522 85.001% - 90.000% 13 $4,220,504 90.001% - 95.000% 3 $838,318 Total 208 $83,190,862 === =========== DISTRIBUTION OF GROUP III MORTGAGE LOANS BY LOAN-TO-VALUE RATIOS AT ORIGINATION Number of Aggregate Principal Loan-To-Value Ratio Loans Balances Outstanding ------------------- --------- -------------------- 65.00% and below 101 $43,539,139 65.001% - 75.000% 32 $14,538,944 75.001% - 80.000% 27 $10,626,619 80.001% - 85.000% 1 $431,558 85.001% - 90.000% 1 $297,954 Total 162 $69,434,214 === =========== GEOGRAPHIC DISTRIBUTION OF GROUP I MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 4 $1,842,970 Arizona 7 $3,091,158 Arkansas 1 $415,459 California 132 $55,128,757 Colorado 27 $12,423,502 Connecticut 13 $5,714,107 Delaware 1 $399,680 District of Columbia 2 $638,317 Florida 9 $4,010,332 Georgia 31 $13,068,099 Idaho 1 $345,944 Illinois 13 $6,341,521 Kentucky 2 $748,334 Louisiana 2 $810,103 Maryland 21 $8,132,323 Massachusetts 27 $11,926,580 Michigan 3 $963,849 Mississippi 2 $589,015 Missouri 8 $3,446,861 Nevada 3 $1,299,641 New Hampshire 1 $482,743 New Jersey 24 $9,787,188 New York 53 $21,861,576 North Carolina 17 $7,544,607 Ohio 7 $2,490,951 Oregon 2 $760,559 Pennsylvania 4 $1,817,065 Rhode Island 1 $326,082 South Carolina 9 $3,704,231 Tennessee 7 $3,072,711 Texas 19 $8,530,281 Utah 1 $347,722 Virginia 27 $11,103,450 Washington 7 $2,316,899 Total 488 $205,482,617 === ============ GEOGRAPHIC DISTRIBUTION OF GROUP II MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 1 $313,452 Arizona 2 $632,209 California 23 $10,671,257 Colorado 6 $2,303,499 Connecticut 7 $3,228,637 Delaware 2 $796,271 Florida 6 $2,034,683 Georgia 13 $5,032,035 Illinois 8 $2,921,992 Indiana 4 $1,558,025 Iowa 2 $567,640 Kentucky 2 $602,723 Maryland 2 $672,162 Massachusetts 8 $3,935,798 Michigan 12 $4,602,999 Minnesota 5 $2,081,190 Missouri 5 $1,973,752 New Jersey 25 $10,223,255 New Mexico 1 $319,189 New York 7 $2,636,672 North Carolina 3 $1,099,087 Ohio 2 $803,345 Oregon 2 $806,833 Pennsylvania 13 $4,389,746 Tennessee 3 $1,010,242 Texas 19 $7,796,808 Vermont 1 $386,288 Virginia 14 $5,694,918 Washington 8 $3,167,659 Wisconsin 2 $928,496 Total 208 $83,190,862 === =========== GEOGRAPHIC DISTRIBUTION OF GROUP III MORTGAGE LOAN MORTGAGED PROPERTIES BY STATE Number of Aggregate Principal State Loans Balances Outstanding ----- --------- -------------------- Alabama 2 $1,236,696 Arizona 5 $1,980,195 California 51 $22,771,187 Colorado 4 $1,458,334 Connecticut 4 $1,512,750 District of Columbia 1 $366,839 Florida 4 $1,959,805 Georgia 4 $2,415,816 Idaho 1 $319,965 Illinois 8 $3,757,900 Indiana 1 $382,537 Kansas 1 $302,988 Louisiana 2 $925,633 Maryland 4 $1,413,420 Massachusetts 5 $1,909,676 Michigan 2 $700,679 Missouri 6 $2,770,475 Montana 1 $70,260 New Jersey 6 $3,123,704 New York 11 $4,299,912 North Carolina 5 $2,361,091 Ohio 7 $2,332,854 Pennsylvania 2 $685,935 South Carolina 4 $1,265,197 Tennessee 1 $295,109 Texas 12 $5,482,005 Utah 1 $632,908 Virginia 4 $1,543,643 Washington 1 $502,236 West Virginia 1 $310,026 Wyoming 1 $344,439 Total 162 $69,434,214 === =========== 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