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: February 27, 2003
                       ----------------------------------
                        (Date of earliest event reported)

                     CITIFINANCIAL MORTGAGE SECURITIES INC.
                             (Packager and Servicer)
    (Issuer in Respect of the REMIC Pass-Through Certificates Series 2003-1)
    ------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

    Delaware                          333-31964                 52-2207681
--------------------------------------------------------------------------------
(State or other jurisdiction   (Commission File No.)        (I.R.S. Employer
     of organization)                                       Identification No.)

300 St. Paul Place, Baltimore, Maryland               21202
----------------------------------------            ----------
(Address of principal executive offices)            (Zip Code)

Registrant's Telephone Number, including area code: (410) 332-3607


--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)


                                       -1-


<PAGE>

Item 5.       Other Events.
              -------------


                     CITIFINANCIAL MORTGAGE SECURITIES INC.
                 REMIC Pass-Through Certificates, Series 2003-1
                 ----------------------------------------------

         Attached as Exhibit 8 is the opinion of Cadwalader, Wickersham & Taft
with respect to certain tax matters relating to the Issuer's Registration
Statement on Form S-3 Registration No. 333-31964, including their consent.


                                       -2-


<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.


                                    CITIFINANCIAL MORTGAGE SECURITIES INC.
                                    (Registrant)


                                    By:  /s/ Michael J. Tarpley
                                       -------------------------
                                             Michael J. Tarpley
                                             Assistant Secretary


Dated: February 27, 2003




                                       -3-


<PAGE>

EXHIBIT INDEX



Exhibit No.                                                     Page No.
-----------                                                     --------


    8           Opinion of Cadwalader, Wickersham & Tuft            5






                                      -4-


<PAGE>


                                February 26, 2003




CitiFinancial Mortgage Securities Inc.
300 St. Paul Place
Baltimore, Maryland 21202

Ladies and Gentlemen:

                  We have acted as your special tax counsel in connection with
the registration statement (the "Registration Statement") filed with the
Securities and Exchange Commission (the "Commission") on March 8, 2000, pursuant
to the Securities Act of 1933, as amended (the "Act"). The Registration
Statement covers REMIC Pass-Through Certificates ("Certificates") to be sold by
CitiFinancial Mortgage Securities Inc. (the "Company") in one or more series
(each, a "Series") of Certificates. Each Series of Certificates will be issued
under a separate pooling and servicing agreement (each, a "Pooling and Servicing
Agreement") between the Company and a trustee to be identified in the Prospectus
Supplement for such Series of Certificates. A form of Pooling and Servicing
Agreement has been filed as an exhibit to the Registration Statement.
Capitalized terms used and not otherwise defined herein have the respective
meanings ascribed to such terms in the Registration Statement.

                  In rendering the opinion set forth below, we have examined and
relied upon the following: (i) the Registration Statement and the Prospectus
(consisting of a core prospectus (the "Core Prospectus"), as supplemented by a
form of prospectus supplement (the "Prospectus Supplement" and, together with
the Core Prospectus, the "Prospectus"), each substantially in the form filed
with the Commission, (ii) the form of the Pooling and Servicing Agreement
substantially in the form filed with the Commission and (iii) such other
documents, records and instruments as we have deemed necessary for the purposes
of this opinion.

                  As counsel to the Company, we have advised the Company with
respect to certain federal income tax aspects of the proposed issuance of the
Certificates. Such advice has formed the basis for the description of material
federal income tax consequences for holders of the Certificates that appears
under the heading "Taxation of certificate holders" and "Taxation of the Trust"
in the Core Prospectus and "Federal income tax consequences" in the Prospectus
Supplement. Such descriptions do not purport to discuss all possible federal
income tax ramifications of the proposed issuance of the Certificates, but, with
respect to those federal income tax consequences that are discussed, in our
opinion, the descriptions are accurate in all material respects.

                  This opinion is based on the facts and circumstances set forth
in the Prospectus and in the other documents reviewed by us. Our opinion as to
the matters set forth herein could


                                       -5-


<PAGE>

 change with respect to a particular Series of
Certificates as a result of changes in facts or circumstances, changes in the
terms of the documents reviewed by us, or changes in the law subsequent to the
date hereof. Because the Registration Statement contemplates Series of
Certificates with numerous different characteristics, the particular
characteristics of each Series of Certificates must be considered in determining
the applicability of this opinion to a particular Series of Certificates. The
opinion contained in each Prospectus prepared pursuant to the Registration
Statement is, accordingly, deemed to be incorporated herein.

                  We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. We also consent to the references to this firm
under the caption "Legal Opinions" in the Prospectus forming a part of the
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required to be filed with the
Registration Statement under the provisions of the Act.

                  No opinion has been sought and none has been given concerning
the tax treatment of the issuance and sale of the Certificates under the laws of
any state.

                                        Very truly yours,

                                        Cadwalader, Wickersham & Taft




                                       -6-
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{"company-data": {"conformed-name": "CITIFINANCIAL MORTGAGE SECURITIES INC", "cik": "0001102620", "assigned-sic": "6199", "irs-number": "522207681", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-31964", "film-number": "03583547"}, "business-address": {"street1": "300 ST PAUL PLACE", "city": "BALTIMORE", "state": "MD", "zip": "21202", "phone": "4103323607"}, "mail-address": {"street1": "300 ST PAUL PLACE", "city": "BALTIMORE", "state": "MD", "zip": "21202"}}
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: February 27, 2003
                       ----------------------------------
                        (Date of earliest event reported)

                     CITIFINANCIAL MORTGAGE SECURITIES INC.
                             (Packager and Servicer)
    (Issuer in Respect of the REMIC Pass-Through Certificates Series 2003-1)
    ------------------------------------------------------------------------
               (Exact name of registrant as specified in charter)

    Delaware                          333-31964                 52-2207681
--------------------------------------------------------------------------------
(State or other jurisdiction   (Commission File No.)        (I.R.S. Employer
     of organization)                                       Identification No.)

300 St. Paul Place, Baltimore, Maryland               21202
----------------------------------------            ----------
(Address of principal executive offices)            (Zip Code)

Registrant's Telephone Number, including area code: (410) 332-3607

--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report.)

                                       -1-
Item 5.       Other Events.
              -------------

                     CITIFINANCIAL MORTGAGE SECURITIES INC.
                 REMIC Pass-Through Certificates, Series 2003-1
                 ----------------------------------------------

         Attached as Exhibit 8 is the opinion of Cadwalader, Wickersham & Taft
with respect to certain tax matters relating to the Issuer's Registration
Statement on Form S-3 Registration No. 333-31964, including their consent.

                                       -2-
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.

                                    CITIFINANCIAL MORTGAGE SECURITIES INC.
                                    (Registrant)

                                    By:  /s/ Michael J. Tarpley
                                       -------------------------
                                             Michael J. Tarpley
                                             Assistant Secretary

Dated: February 27, 2003

                                       -3-
EXHIBIT INDEX

Exhibit No.                                                     Page No.
-----------                                                     --------

    8           Opinion of Cadwalader, Wickersham & Tuft            5

                                      -4-
February 26, 2003

CitiFinancial Mortgage Securities Inc.
300 St. Paul Place
Baltimore, Maryland 21202

Ladies and Gentlemen:

                  We have acted as your special tax counsel in connection with
the registration statement (the "Registration Statement") filed with the
Securities and Exchange Commission (the "Commission") on March 8, 2000, pursuant
to the Securities Act of 1933, as amended (the "Act"). The Registration
Statement covers REMIC Pass-Through Certificates ("Certificates") to be sold by
CitiFinancial Mortgage Securities Inc. (the "Company") in one or more series
(each, a "Series") of Certificates. Each Series of Certificates will be issued
under a separate pooling and servicing agreement (each, a "Pooling and Servicing
Agreement") between the Company and a trustee to be identified in the Prospectus
Supplement for such Series of Certificates. A form of Pooling and Servicing
Agreement has been filed as an exhibit to the Registration Statement.
Capitalized terms used and not otherwise defined herein have the respective
meanings ascribed to such terms in the Registration Statement.

                  In rendering the opinion set forth below, we have examined and
relied upon the following: (i) the Registration Statement and the Prospectus
(consisting of a core prospectus (the "Core Prospectus"), as supplemented by a
form of prospectus supplement (the "Prospectus Supplement" and, together with
the Core Prospectus, the "Prospectus"), each substantially in the form filed
with the Commission, (ii) the form of the Pooling and Servicing Agreement
substantially in the form filed with the Commission and (iii) such other
documents, records and instruments as we have deemed necessary for the purposes
of this opinion.

                  As counsel to the Company, we have advised the Company with
respect to certain federal income tax aspects of the proposed issuance of the
Certificates. Such advice has formed the basis for the description of material
federal income tax consequences for holders of the Certificates that appears
under the heading "Taxation of certificate holders" and "Taxation of the Trust"
in the Core Prospectus and "Federal income tax consequences" in the Prospectus
Supplement. Such descriptions do not purport to discuss all possible federal
income tax ramifications of the proposed issuance of the Certificates, but, with
respect to those federal income tax consequences that are discussed, in our
opinion, the descriptions are accurate in all material respects.

                  This opinion is based on the facts and circumstances set forth
in the Prospectus and in the other documents reviewed by us. Our opinion as to
the matters set forth herein could

                                       -5-
change with respect to a particular Series of
Certificates as a result of changes in facts or circumstances, changes in the
terms of the documents reviewed by us, or changes in the law subsequent to the
date hereof. Because the Registration Statement contemplates Series of
Certificates with numerous different characteristics, the particular
characteristics of each Series of Certificates must be considered in determining
the applicability of this opinion to a particular Series of Certificates. The
opinion contained in each Prospectus prepared pursuant to the Registration
Statement is, accordingly, deemed to be incorporated herein.

                  We hereby consent to the filing of this opinion as an exhibit
to the Registration Statement. We also consent to the references to this firm
under the caption "Legal Opinions" in the Prospectus forming a part of the
Registration Statement. In giving this consent, we do not admit that we are in
the category of persons whose consent is required to be filed with the
Registration Statement under the provisions of the Act.

                  No opinion has been sought and none has been given concerning
the tax treatment of the issuance and sale of the Certificates under the laws of
any state.

                                        Very truly yours,

                                        Cadwalader, Wickersham & Taft

                                       -6-