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:  May 28, 1997
(Date of earliest event reported)


                       CITICORP MORTGAGE SECURITIES, INC.
                             (Packager and Servicer)
  (Issuer in Respect of the REMIC Pass-Through CitiCertificates Series 1997-2)
               (Exact name of registrant as specified in charter)

Delaware                          33-66222                      13-3408713
--------------------------------------------------------------------------------
(State or other juris-          (Commission                  (I.R.S. Employer
diction of organization)        File Nos.)                   Identification No.)


909 Third Avenue, New York, New York                     10043
------------------------------------                     -----
(Address of principal executive offices)               (Zip Code)


Registrant's Telephone Number, including area code (212) 559-3431
--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report.)


<PAGE>

Item 5. Other Events.


                       CITICORP MORTGAGE SECURITIES, INC.
                 REMIC Pass-Through Certificates, Series 1997-2
                 -----------------------------------------------

                                  May 28, 1997

                    DETAILED DESCRIPTION OF THE MORTGAGE POOL
                        AND THE MORTGAGED PROPERTIES (A)


      On May 28, 1997, Citicorp Mortgage Securities, Inc. ("CMSI") will transfer
to the Trustee  Mortgage  Loans  evidenced  by Mortgage  Notes with an aggregate
Adjusted  Balance  outstanding  (after  deducting  principal  payments due on or
before May 1, 1997) as of May 1, 1997 of  $203,194,817.37.  The  Mortgage  Loans
will be  delivered in exchange for the  CitiCertificates,  authenticated  by the
Trustee, evidencing 100% of the regular interests in the Trust. Distributions on
the  CitiCertificates  will be made by The Bank of New York, as paying agent, by
wire  transfer  or by such other means as the person  entitled  thereto and CMSI
shall agree.  CMSI may repurchase  all Mortgage Loans  remaining in the Mortgage
Pool  pursuant  to the  Pooling  Agreement  if at the  time  of  repurchase  the
aggregate  Adjusted Balance of such Mortgage Loans is less than  $10,159,740.87.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.

      The total number of Mortgage Loans as of May 1, 1997 was 630. The weighted
average  Note  Rate of the  Mortgage  Loans as of May 1,  1997 was  7.850%.  The
weighted  average  remaining term to stated maturity of the Mortgage Loans as of
May 1, 1997 was 356.92 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 September 1, 1996 or after May 1, 1997.

     None of the Mortgage Loans has a scheduled maturity later than May 1, 2027.
Each  Mortgage Loan has an original  principal  balance of not less than $24,000
nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted Balance of
$21,149,234 as of May 1, 1997 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
May 1, 1997 was 74.3%. No more than $2,825,110 of the Mortgage Loans are secured
by  Mortgaged  Properties  located in any one zip code.  At least  98%(B) of the
Mortgage  Loans are  secured by  Mortgaged  Properties  determined  by  Citicorp
Mortgage,  Inc. to be the primary residence of the borrower  ("Mortgagor").  The
sole  basis  for  such  determination  is  either  (a) a  representation  by the
Mortgagor at origination of the Mortgage Loan that the underlying  property will
be used for a period of at least 6 months  every  year or that he intends to use
the underlying property as his primary residence, or (b) that the address of the
underlying property is the Mortgagor's mailing address as

--------------------------------
(A)  Capitalized  terms used herein and not  otherwise  defined have the meaning
assigned  thereto  in the  Prospectus  Supplement  dated  May 22,  1997  and the
Prospectus,  dated May 22, 1997, (collectively,  the "Prospectus"),  relating to
the REMIC  Pass-Through  Certificates,  Series 1997-2.  

(B) 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.


<PAGE>

reflected in Originator's records.  No more than 1%(B) of the Mortgage Loans are
secured by investment properties.

     At least 99%(B) of the Mortgage Loans are Mortgage Loans  originated  using
loan underwriting policies which require among other things, proof of income and
liquid assets and telephone verification of employment.

      All of the Mortgage Loans which had loan-to-value  ratios greater than 80%
at origination had primary mortgage insurance as of such date.

      Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 7.250%.  Premium  Mortgage Loans will consist of Mortgage Loans
with NNRs  greater  than or equal to  7.250%.  The  aggregate  Adjusted  Balance
outstanding  as of the  Cut-off  Date of the  Discount  Mortgage  Loans  and the
Premium Mortgage Loans was $25,655,637.71 and $177,539,179.66, respectively. The
weighted  average  Note Rate of the  Discount  Mortgage  Loans  and the  Premium
Mortgage Loans, as of the Cut-off Date, was 7.274% and 7.933%, 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 356.69 months
and 356.95 months, respectively.

      The Special Hazard Loss Amount as of May 1, 1997 was $2,031,948.17.

      The Fraud Loss Amount as of May 1, 1997 was $4,063,896.35.

      The Bankruptcy Loss Amount as of May 1, 1997 was $100,000.00.

      The aggregate Initial Stated Amount of the Class A CitiCertificates  as of
May 1, 1997 was $193,035,075.85.

      The aggregate Initial Stated Amount of the Class M CitiCertificates  as of
May 1, 1997 was $4,063,000.00.

      The aggregate Initial Stated Amount of the Class B-1  CitiCertificates  as
of May 1, 1997 was $2,032,000.00.

      The aggregate Initial Stated Amount of the Class B-2  CitiCertificates  as
of May 1, 1997 was $2,032,000.00.

      The aggregate Initial Stated Amount of the Class B-3  CitiCertificates  as
of May 1, 1997 was $915,000.00.

--------------------------------
(B) 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.


<PAGE>

      The aggregate Initial Stated Amount of the Class B-4  CitiCertificates  as
of May 1, 1997 was $406,000.00.

      The aggregate Initial Stated Amount of the Class B-5  CitiCertificates  as
of May 1, 1997 was $711,741.52.

      The Subordinated CitiCertificate Percentage is 5.000000320628%(*).

      The Class M Subordination Percentage is 3.000441447725%(*).

      The Class B-1 Subordination Percentage is 2.000415942006%(*).

      The Class B-2 Subordination Percentage is 1.000390436287%(*).

      The Class B-3 Subordination Percentage is 0.550083675591%(*).

      The Class B-4 Subordination Percentage is 0.350275429862%(*).

      The following tables set forth information regarding the Mortgage Loans as
of May 1, 1997.

------------------------------
     (*) Equal to the Initial  Stated  Amount  thereof  divided by the aggregate
Adjusted Balance of the Mortgage Loans.


<PAGE>

                     YEARS OF ORIGINATION OF MORTGAGE LOANS
                     --------------------------------------

                              Number of             Aggregate Principal
Year Originated               Loans                 Balances Outstanding
---------------               ---------             --------------------

1996                            111                    $      33,402,104
1997                            519                          169,792,713
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================



                  TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
                  --------------------------------------------

Type of                       Number of             Aggregate Principal
Dwelling Unit                 Loans                 Balances Outstanding
------------                  ---------             --------------------
Detached houses                 571                    $     185,483,901
Multi-family dwellings           15                            5,291,312
Townhouses                       18                            5,467,011
Condominium units (one            6                            1,242,471
  to three stories high)
Condominium units (over          12                            3,723,141
  three stories high)
Cooperative units                 8                            1,986,981
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================


<PAGE>

             NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
             ------------------------------------------------------

Type of                       Number of             Aggregate Principal
Dwelling Unit                 Loans                 Balances Outstanding
-------------                 ---------             --------------------
1-family                        615                    $     197,903,505
2-family                         11                            3,807,978
3-family                          4                            1,483,334
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================



                             SIZES OF MORTGAGE LOANS
                             -----------------------

Outstanding Principal         Number of           Aggregate Principal
Balance by Loan Size          Loans               Balances Outstanding
---------------------         ---------           ----------------------
$149,999 and under                8                    $         671,906
$150,000 through $199,999         3                              551,241
$200,000 through $249,999       162                           38,122,772
$250,000 through $299,999       189                           51,831,397
$300,000 through $349,999        97                           31,439,580
$350,000 through $399,999        58                           22,054,177
$400,000 through $449,999        33                           14,174,089
$450,000 through $499,999        28                           13,421,553
$500,000 through $549,999        23                           12,116,025
$550,000 through $599,999        15                            8,715,926
$600,000 through $649,999         5                            3,167,551
$650,000 through $699,999         4                            2,705,671
$700,000 through $749,999         1                              707,525
$750,000 through $799,999         1                              775,541
$800,000 through $849,999         1                              838,780
$850,000 through $899,999         0                                    0
$900,000 through $949,999         1                              908,671
$950,000 through $999,999         1                              992,412
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================


<PAGE>

                        DISTRIBUTION OF MORTGAGE LOANS BY
                                   NOTE RATES
                        ---------------------------------

Mortgage Loan                 Number of             Aggregate Principal
Note Rate                     Loans                 Balances Outstanding
--------------                ---------             --------------------

7.00%                             6                    $       1,750,779
7.01%  - 7.50%                  139                           44,224,246
7.51%  - 8.00%                  327                          106,210,968
8.01%  - 8.50%                  144                           47,798,258
8.51%  - 9.00%                   13                            3,156,619
9.01%  - 9.50%                    1                               53,947
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================



                        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                 97                    $      32,226,111
65.01% - 75.00%                 151                           51,150,760
75.01% - 80.00%                 300                           98,668,712
80.01% - 85.00%                  12                            2,629,662
85.01% - 90.00%                  68                           18,036,427
90.01% - 95.00%                   2                              483,145
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================


<PAGE>

            GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
            --------------------------------------------------------

                              Number of             Aggregate Principal
State                         Loans                 Balances Outstanding
-----                         ---------             --------------------

Alabama                           5                    $       1,403,112
Alaska                            1                              396,695
Arizona                          14                            3,951,504
Arkansas                          4                            1,244,935
California                      180                           62,895,452
Colorado                         10                            2,778,788
Connecticut                      19                            6,083,104
Delaware                          2                              826,136
District of Columbia              5                            1,724,594
Florida                          22                            6,537,090
Georgia                          23                            7,179,595
Illinois                         16                            5,033,644
Iowa                              1                              319,384
Kansas                            3                              783,598
Kentucky                          2                              562,798
Louisiana                         2                              515,586
Maryland                         35                           10,824,058
Massachusetts                    33                           10,487,295
Michigan                         10                            2,848,165
Minnesota                         3                              971,190
Missouri                          5                            1,512,609
Nevada                            2                              809,900
New Hampshire                     1                              269,742
New Jersey                       29                            8,771,779
New Mexico                        1                              299,586
New York                         76                           24,410,252
North Carolina                   16                            5,263,690
Ohio                              4                            1,271,414
Oregon                            2                              516,899
Pennsylvania                     14                            4,686,658
South Carolina                    7                            2,254,837
Tennessee                         6                            1,775,297
Texas                             8                            2,584,981
Utah                              2                              853,423
Virginia                         59                           18,000,787
Washington                        8                            2,546,240
                                ---                    -----------------
    Total                       630                    $     203,194,817
                                ===                    =================


<PAGE>

                                   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/ John H. Outland
        ---------------
        John H. Outland
        Senior Vice President


Dated: May 28, 1997
[{"type": "8-K", "sequence": "1", "description": "CMSI 1997-2 - DETAILED DESCRIPTION", "secsgml_size_bytes": 18341}]
{"company-data": {"conformed-name": "CITICORP MORTGAGE SECURITIES INC", "cik": "0000811785", "assigned-sic": "6189", "irs-number": "132614988", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-66222", "film-number": "97618853"}, "business-address": {"street1": "900 THIRD AVE 17TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10043", "phone": "2125596727"}, "mail-address": {"street1": "CITIBANK N A LEGAL AFFAIRS OFFICE", "street2": "425 PARK AVENUE 2ND FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10043"}}
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:  May 28, 1997
(Date of earliest event reported)

                       CITICORP MORTGAGE SECURITIES, INC.
                             (Packager and Servicer)
  (Issuer in Respect of the REMIC Pass-Through CitiCertificates Series 1997-2)
               (Exact name of registrant as specified in charter)

Delaware                          33-66222                      13-3408713
--------------------------------------------------------------------------------
(State or other juris-          (Commission                  (I.R.S. Employer
diction of organization)        File Nos.)                   Identification No.)

909 Third Avenue, New York, New York                     10043
------------------------------------                     -----
(Address of principal executive offices)               (Zip Code)

Registrant's Telephone Number, including area code (212) 559-3431
--------------------------------------------------------------------------------
(Former  name,  former  address and former  fiscal year,  if changed  since last
report.)
Item 5. Other Events.

                       CITICORP MORTGAGE SECURITIES, INC.
                 REMIC Pass-Through Certificates, Series 1997-2
                 -----------------------------------------------

                                  May 28, 1997

                    DETAILED DESCRIPTION OF THE MORTGAGE POOL
                        AND THE MORTGAGED PROPERTIES (A)

      On May 28, 1997, Citicorp Mortgage Securities, Inc. ("CMSI") will transfer
to the Trustee  Mortgage  Loans  evidenced  by Mortgage  Notes with an aggregate
Adjusted  Balance  outstanding  (after  deducting  principal  payments due on or
before May 1, 1997) as of May 1, 1997 of  $203,194,817.37.  The  Mortgage  Loans
will be  delivered in exchange for the  CitiCertificates,  authenticated  by the
Trustee, evidencing 100% of the regular interests in the Trust. Distributions on
the  CitiCertificates  will be made by The Bank of New York, as paying agent, by
wire  transfer  or by such other means as the person  entitled  thereto and CMSI
shall agree.  CMSI may repurchase  all Mortgage Loans  remaining in the Mortgage
Pool  pursuant  to the  Pooling  Agreement  if at the  time  of  repurchase  the
aggregate  Adjusted Balance of such Mortgage Loans is less than  $10,159,740.87.
Information below is provided with respect to all Mortgage Loans included in the
Mortgage Pool.

      The total number of Mortgage Loans as of May 1, 1997 was 630. The weighted
average  Note  Rate of the  Mortgage  Loans as of May 1,  1997 was  7.850%.  The
weighted  average  remaining term to stated maturity of the Mortgage Loans as of
May 1, 1997 was 356.92 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 September 1, 1996 or after May 1, 1997.

     None of the Mortgage Loans has a scheduled maturity later than May 1, 2027.
Each  Mortgage Loan has an original  principal  balance of not less than $24,000
nor more than $1,000,000. Mortgage Loans having an aggregate Adjusted Balance of
$21,149,234 as of May 1, 1997 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
May 1, 1997 was 74.3%. No more than $2,825,110 of the Mortgage Loans are secured
by  Mortgaged  Properties  located in any one zip code.  At least  98%(B) of the
Mortgage  Loans are  secured by  Mortgaged  Properties  determined  by  Citicorp
Mortgage,  Inc. to be the primary residence of the borrower  ("Mortgagor").  The
sole  basis  for  such  determination  is  either  (a) a  representation  by the
Mortgagor at origination of the Mortgage Loan that the underlying  property will
be used for a period of at least 6 months  every  year or that he intends to use
the underlying property as his primary residence, or (b) that the address of the
underlying property is the Mortgagor's mailing address as

--------------------------------
(A)  Capitalized  terms used herein and not  otherwise  defined have the meaning
assigned  thereto  in the  Prospectus  Supplement  dated  May 22,  1997  and the
Prospectus,  dated May 22, 1997, (collectively,  the "Prospectus"),  relating to
the REMIC  Pass-Through  Certificates,  Series 1997-2.  

(B) 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.
reflected in Originator's records.  No more than 1%(B) of the Mortgage Loans are
secured by investment properties.

     At least 99%(B) of the Mortgage Loans are Mortgage Loans  originated  using
loan underwriting policies which require among other things, proof of income and
liquid assets and telephone verification of employment.

      All of the Mortgage Loans which had loan-to-value  ratios greater than 80%
at origination had primary mortgage insurance as of such date.

      Discount Mortgage Loans will consist of Mortgage Loans with Net Note Rates
(NNRs) less than 7.250%.  Premium  Mortgage Loans will consist of Mortgage Loans
with NNRs  greater  than or equal to  7.250%.  The  aggregate  Adjusted  Balance
outstanding  as of the  Cut-off  Date of the  Discount  Mortgage  Loans  and the
Premium Mortgage Loans was $25,655,637.71 and $177,539,179.66, respectively. The
weighted  average  Note Rate of the  Discount  Mortgage  Loans  and the  Premium
Mortgage Loans, as of the Cut-off Date, was 7.274% and 7.933%, 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 356.69 months
and 356.95 months, respectively.

      The Special Hazard Loss Amount as of May 1, 1997 was $2,031,948.17.

      The Fraud Loss Amount as of May 1, 1997 was $4,063,896.35.

      The Bankruptcy Loss Amount as of May 1, 1997 was $100,000.00.

      The aggregate Initial Stated Amount of the Class A CitiCertificates  as of
May 1, 1997 was $193,035,075.85.

      The aggregate Initial Stated Amount of the Class M CitiCertificates  as of
May 1, 1997 was $4,063,000.00.

      The aggregate Initial Stated Amount of the Class B-1  CitiCertificates  as
of May 1, 1997 was $2,032,000.00.

      The aggregate Initial Stated Amount of the Class B-2  CitiCertificates  as
of May 1, 1997 was $2,032,000.00.

      The aggregate Initial Stated Amount of the Class B-3  CitiCertificates  as
of May 1, 1997 was $915,000.00.

--------------------------------
(B) 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.
The aggregate Initial Stated Amount of the Class B-4  CitiCertificates  as
of May 1, 1997 was $406,000.00.

      The aggregate Initial Stated Amount of the Class B-5  CitiCertificates  as
of May 1, 1997 was $711,741.52.

      The Subordinated CitiCertificate Percentage is 5.000000320628%(*).

      The Class M Subordination Percentage is 3.000441447725%(*).

      The Class B-1 Subordination Percentage is 2.000415942006%(*).

      The Class B-2 Subordination Percentage is 1.000390436287%(*).

      The Class B-3 Subordination Percentage is 0.550083675591%(*).

      The Class B-4 Subordination Percentage is 0.350275429862%(*).

      The following tables set forth information regarding the Mortgage Loans as
of May 1, 1997.

------------------------------
     (*) Equal to the Initial  Stated  Amount  thereof  divided by the aggregate
Adjusted Balance of the Mortgage Loans.
YEARS OF ORIGINATION OF MORTGAGE LOANS
                     --------------------------------------

                              Number of             Aggregate Principal
Year Originated               Loans                 Balances Outstanding
---------------               ---------             --------------------

1996                            111                    $      33,402,104
1997                            519                          169,792,713
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================

                  TYPES OF DWELLINGS SUBJECT TO MORTGAGE LOANS
                  --------------------------------------------

Type of                       Number of             Aggregate Principal
Dwelling Unit                 Loans                 Balances Outstanding
------------                  ---------             --------------------
Detached houses                 571                    $     185,483,901
Multi-family dwellings           15                            5,291,312
Townhouses                       18                            5,467,011
Condominium units (one            6                            1,242,471
  to three stories high)
Condominium units (over          12                            3,723,141
  three stories high)
Cooperative units                 8                            1,986,981
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================
NUMBER OF UNITS IN DWELLINGS SUBJECT TO MORTGAGE LOANS
             ------------------------------------------------------

Type of                       Number of             Aggregate Principal
Dwelling Unit                 Loans                 Balances Outstanding
-------------                 ---------             --------------------
1-family                        615                    $     197,903,505
2-family                         11                            3,807,978
3-family                          4                            1,483,334
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================

                             SIZES OF MORTGAGE LOANS
                             -----------------------

Outstanding Principal         Number of           Aggregate Principal
Balance by Loan Size          Loans               Balances Outstanding
---------------------         ---------           ----------------------
$149,999 and under                8                    $         671,906
$150,000 through $199,999         3                              551,241
$200,000 through $249,999       162                           38,122,772
$250,000 through $299,999       189                           51,831,397
$300,000 through $349,999        97                           31,439,580
$350,000 through $399,999        58                           22,054,177
$400,000 through $449,999        33                           14,174,089
$450,000 through $499,999        28                           13,421,553
$500,000 through $549,999        23                           12,116,025
$550,000 through $599,999        15                            8,715,926
$600,000 through $649,999         5                            3,167,551
$650,000 through $699,999         4                            2,705,671
$700,000 through $749,999         1                              707,525
$750,000 through $799,999         1                              775,541
$800,000 through $849,999         1                              838,780
$850,000 through $899,999         0                                    0
$900,000 through $949,999         1                              908,671
$950,000 through $999,999         1                              992,412
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================
DISTRIBUTION OF MORTGAGE LOANS BY
                                   NOTE RATES
                        ---------------------------------

Mortgage Loan                 Number of             Aggregate Principal
Note Rate                     Loans                 Balances Outstanding
--------------                ---------             --------------------

7.00%                             6                    $       1,750,779
7.01%  - 7.50%                  139                           44,224,246
7.51%  - 8.00%                  327                          106,210,968
8.01%  - 8.50%                  144                           47,798,258
8.51%  - 9.00%                   13                            3,156,619
9.01%  - 9.50%                    1                               53,947
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================

                        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                 97                    $      32,226,111
65.01% - 75.00%                 151                           51,150,760
75.01% - 80.00%                 300                           98,668,712
80.01% - 85.00%                  12                            2,629,662
85.01% - 90.00%                  68                           18,036,427
90.01% - 95.00%                   2                              483,145
                                ---                    -----------------
Total                           630                    $     203,194,817
                                ===                    =================
GEOGRAPHIC DISTRIBUTION OF MORTGAGED PROPERTIES BY STATE
            --------------------------------------------------------

                              Number of             Aggregate Principal
State                         Loans                 Balances Outstanding
-----                         ---------             --------------------

Alabama                           5                    $       1,403,112
Alaska                            1                              396,695
Arizona                          14                            3,951,504
Arkansas                          4                            1,244,935
California                      180                           62,895,452
Colorado                         10                            2,778,788
Connecticut                      19                            6,083,104
Delaware                          2                              826,136
District of Columbia              5                            1,724,594
Florida                          22                            6,537,090
Georgia                          23                            7,179,595
Illinois                         16                            5,033,644
Iowa                              1                              319,384
Kansas                            3                              783,598
Kentucky                          2                              562,798
Louisiana                         2                              515,586
Maryland                         35                           10,824,058
Massachusetts                    33                           10,487,295
Michigan                         10                            2,848,165
Minnesota                         3                              971,190
Missouri                          5                            1,512,609
Nevada                            2                              809,900
New Hampshire                     1                              269,742
New Jersey                       29                            8,771,779
New Mexico                        1                              299,586
New York                         76                           24,410,252
North Carolina                   16                            5,263,690
Ohio                              4                            1,271,414
Oregon                            2                              516,899
Pennsylvania                     14                            4,686,658
South Carolina                    7                            2,254,837
Tennessee                         6                            1,775,297
Texas                             8                            2,584,981
Utah                              2                              853,423
Virginia                         59                           18,000,787
Washington                        8                            2,546,240
                                ---                    -----------------
    Total                       630                    $     203,194,817
                                ===                    =================
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/ John H. Outland
        ---------------
        John H. Outland
        Senior Vice President

Dated: May 28, 1997