10-D 1 final_2007-03.txt 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-D ASSET-BACKED ISSUER DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the monthly distribution period from May 1, 2007 to May 31, 2007 Commission File Number of issuing entity: 333-130333-21 ----------------- CITICORP MORTGAGE SECURITIES TRUST, SERIES 2007-03 ------------------------------------------------------------------------ (Exact name of issuing entity as specified in its charter) Commission File Number of depositor: 333-130333 ---------------------- CITICORP MORTGAGE SECURITIES, INC. ------------------------------------------------------------------------ (Exact name of depositor as specified in its charter) CITIMORTGAGE, INC. ------------------------------------------------------------------------- (Exact name of sponsor as specified in its charter) New York ----------------------------------------------------------------------------- (State or other jurisdiction of incorporation or organization of the issuing entity) 77-0684124 and 77-0684129 and 77-0684134 ---------------------------------------------------------------------------- (I.R.S. Employer Identification No.) 1000 Technology Drive, O'Fallon, Missouri 63368-2240 ---------------------------------------- ---------- (Address of principal executive offices of the issuing entity) (Zip Code) (636) 261-1300 ------------------------------------------------------------------------- (Telephone number, including area code) -------------------------------------------------------------------------- (Former name, former address. if changed since last report.) Registered/reporting pursuant to (check one) Title Name of exchange of Class Section 12(b) Section 12(g) Section 15(d) (if Section 12(b)) Class IIA-1 { } { } {X} _____________ Class IIA-IO { } { } {X} _____________ Class IA-1 { } { } {X} _____________ Class IA-2 { } { } {X} _____________ Class IA-3 { } { } {X} _____________ Class IA-4 { } { } {X} _____________ Class IA-5 { } { } {X} _____________ Class IA-6 { } { } {X} _____________ Class IA-7 { } { } {X} _____________ Class IA-8 { } { } {X} _____________ Class IA-9 { } { } {X} _____________ Class IA-10 { } { } {X} _____________ Class IA-11 { } { } {X} _____________ Class IA-12 { } { } {X} _____________ Class IA-IO { } { } {X} _____________ Class IIIA-1 { } { } {X} _____________ Class IIIA-IO { } { } {X} _____________ Class A-PO { } { } {X} _____________ Class B-1 { } { } {X} _____________ Class B-2 { } { } {X} _____________ Class B-3 { } { } {X} _____________ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes{X} No{ } 1 2 Part I - DISTRIBUTION INFORMATION Item 1. Distribution and Pool Performance Information On June 25, 2007 a distribution was made to holders of Citicorp Mortgage Securities, Inc. REMIC Pass-Through Certificates, Series 2007-03 issued by Citicorp Mortgage Securities Trust, Series 2007-03. The monthly distribution report is attached as an Exhibit to this Form 10-D. Please see Item 9(b), Exhibit 99.1. Part II - OTHER INFORMATION Item 9. Exhibits (a) The following are documents filed as part of this Form 10-D: (99.1) Monthly distribution report for the month of May 2007. (b) Exhibits required to be filed by Form 10-D and Item 601 of Regulation S-K: (4.1) Pooling and Servicing Agreement, dated as of April 01, 2007, among Citicorp Mortgage Securities, Inc., CitiMortgage, Inc., U.S. Bank National Association, and Citibank, N.A. (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed by the issuing entity with the Securities and Exchange Commission on May 11, 2007.) (10.1) Form of Mortgage Loan Purchase Agreement, dated April 01, 2007, between Citicorp Mortgage Securities, Inc. and CitiMortgage, Inc. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the issuing entity with the Securities and Exchange Commission on May 11, 2007.) (99.1) Monthly distribution report for the month of May 2007. 2 3 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. Depositor By: /s/ Cathy Johnson ------------------------- Cathy Johnson Assistant Vice President Dated: June 22, 2007 3 Exhibit No. Description ----------- ------------- (99.1) Monthly distribution report for the month of May 2007. 4 EXHIBIT 99.1 ------------- Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007 Issuer: Citicorp Mortgage Securities, Inc. Record Date: See footnote Determination Date: 06/18/2007 Distribution Date: 25-Jun-07 Distribution #: 2 W.A.C. 6.28% Trustee U.S. Bank National Association Maryellen Hunter (617) 603-6401 Bond Administrator CitiMortgage, Inc. Valentina Polonskaya (636) 261-1342 Paying Agent: Citibank N.A. Nancy Forte (212) 816-5685

6 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificate Holders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007

7 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007

8 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007

9 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007 Delinquency Status - Determined by the MBA Method -------------------------------------------------- 30 - 59 days Delq 60+ days Book Value REO ----------------------------------------------------- Number 5 1 0 Amount $2,826,956.69 $443,000.00 $0.00 Stated Collateral Information ------------------------------- Service Fees Begin Balance Aggregate Adj Balance -------------------------------------------------------------------- $46,303.71 $516,979,917.16 $513,526,450.72 Advances ------------ Voluntary Advances $0.00 Trustee Advances $0.00 Advance Account Advances $0.00 Certificate Account Advances $92,196.62 Summary of Disbursements ------------------------- Withdrawals Remittances Residual and (Deposits) P&I Distributed ----------------------------------------------------------------- $6,051,696.95 $0.00 $0.00 $6,051,696.95 10 Citicorp Mortgage Securities, Inc. Distribution Date Statement to Certificateholders Remic Pass-Through Certificate Series Name: CMSI 2007-03 Payment Date: 06/25/2007 COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.28% 6.28% WAM 343 342 341 AVG LTV 68 68 68 AVG LOAN SIZE $587,446 $585,481 $584,217 # OF LOANS 883 883 879 ACTUAL BALANCE $518,714,942.01 $517,312,754.90 $513,875,785.03 SCHEDULED BALANCE $518,714,942.01 $516,979,917.16 $513,526,450.72 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 80% 80% 2-4 FAMILY 1% 1% TOWNHOUSE 2% 2% CONDOMINIUM 9% 9% COOPERATIVE 8% 8% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 35% 35% CA 31% CA 31% 65.01-75% 20% 20% NY 21% NY 21% 75.01-80% 44% 44% MA 5% MA 4% OVER 80% 1% 1% NJ 4% NJ 4% FL 4% FL 4% OTHER 35% OTHER 36% CREDIT ENHANCEMENT: AT ISSUE CURRENT SUBORDINATION 2.90% $15,044,449.00 2.92% $15,015,611.58 CUMULATIVE LOSS REDUCTION $0.00 PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $500,762.86 PRINCIPAL PREPAYMENTS: $2,952,703.58 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):350%/300%/350%/350%/350% PREPAYMENT HISTORY(PSA): 1,066% 0% 0% 909% PREPAYMENT HISTORY(CPR): 6.68% 0.00% 0.00% 4.79% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. ------------------------------------------------------------------------------- 30 Yr REG COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.30% 6.30% WAM 357 356 355 AVG LTV 68 68 68 AVG LOAN SIZE $567,593 $565,360 $563,847 # OF LOANS 562 562 559 ACTUAL BALANCE $318,987,252.89 $317,938,986.64 $315,405,840.24 SCHEDULED BALANCE $318,987,252.89 $317,732,238.72 $315,190,315.35 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 80% 80% 2-4 FAMILY 0% 0% TOWNHOUSE 2% 2% CONDOMINIUM 9% 9% COOPERATIVE 9% 9% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 36% 35% CA 28% CA 29% 65.01-75% 20% 20% NY 22% NY 23% 75.01-80% 43% 44% MA 6% MA 6% OVER 80% 1% 1% NJ 4% NJ 4% IL 4% IL 4% OTHER 36% OTHER 34% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $317,806.88 PRINCIPAL PREPAYMENTS: $2,224,116.49 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):350% PREPAYMENT HISTORY(PSA): 1,355% 0% 0% 1,169% PREPAYMENT HISTORY(CPR): 8.13% 0.00% 0.00% 5.85% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. ------------------------------------------------------------------------------- 15 yr REG COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 5.95% 5.95% WAM 174 173 172 AVG LTV 56 56 56 AVG LOAN SIZE $555,872 $553,592 $551,161 # OF LOANS 75 75 75 ACTUAL BALANCE $41,690,380.80 $41,630,485.92 $41,453,414.90 SCHEDULED BALANCE $41,690,380.80 $41,519,403.64 $41,337,069.01 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 84% 84% 2-4 FAMILY 1% 1% TOWNHOUSE 1% 1% CONDOMINIUM 10% 10% COOPERATIVE 4% 4% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 61% 61% CA 37% CA 37% 65.01-75% 15% 15% NY 24% NY 24% 75.01-80% 24% 24% TX 7% TX 7% OVER 80% 0% 0% CT 6% CT 6% IL 3% IL 3% OTHER 23% OTHER 23% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $155,701.00 PRINCIPAL PREPAYMENTS: $26,633.63 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):300% PREPAYMENT HISTORY(PSA): 108% 0% 0% 102% PREPAYMENT HISTORY(CPR): 0.88% 0.00% 0.00% 0.73% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. ------------------------------------------------------------------------------- 30 yr RELO COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.02% 6.02% WAM 358 357 356 AVG LTV 74 74 74 AVG LOAN SIZE $589,715 $586,786 $586,161 # OF LOANS 44 44 44 ACTUAL BALANCE $25,947,469.98 $25,833,577.53 $25,808,562.61 SCHEDULED BALANCE $25,947,469.98 $25,818,570.52 $25,791,099.61 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 89% 89% 2-4 FAMILY 0% 0% TOWNHOUSE 0% 0% CONDOMINIUM 11% 11% COOPERATIVE 0% 0% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 16% 16% CA 24% CA 24% 65.01-75% 27% 27% NJ 14% NJ 14% 75.01-80% 57% 57% NY 10% NY 10% OVER 80% 0% 0% PA 8% PA 8% AZ 7% AZ 7% OTHER 37% OTHER 37% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $27,254.98 PRINCIPAL PREPAYMENTS: $215.93 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):350% PREPAYMENT HISTORY(PSA): 8% 0% 0% 344% PREPAYMENT HISTORY(CPR): 0.07% 0.00% 0.00% 2.39% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. ------------------------------------------------------------------------------- 30 yr IO COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.39% 6.39% WAM 359 358 357 AVG LTV 70 70 70 AVG LOAN SIZE $653,910 $653,018 $652,776 # OF LOANS 202 202 201 ACTUAL BALANCE $132,089,838.34 $131,909,704.81 $131,207,967.28 SCHEDULED BALANCE $132,089,838.34 $131,909,704.28 $131,207,966.75 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 80% 80% 2-4 FAMILY 1% 1% TOWNHOUSE 2% 2% CONDOMINIUM 9% 9% COOPERATIVE 8% 8% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 31% 31% CA 35% CA 34% 65.01-75% 21% 21% NY 19% NY 19% 75.01-80% 48% 48% FL 6% FL 6% OVER 80% 0% 0% MD 5% MD 5% AZ 4% AZ 4% OTHER 31% OTHER 32% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $0.00 PRINCIPAL PREPAYMENTS: $701,737.53 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):350% PREPAYMENT HISTORY(PSA): 1,033% 0% 0% 787% PREPAYMENT HISTORY(CPR): 6.20% 0.00% 0.00% 3.94% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. ------------------------------------------------------------------------------- 30 Yr REG and 30 yr IO COLLATERAL INFORMATION: GENERAL INFORMATION: AT ISSUE BEGINNING ENDING WAC-SCHED BAL 6.33% 6.33% WAM 357 356 355 AVG LTV 69 69 69 AVG LOAN SIZE $590,415 $588,537 $587,366 # OF LOANS 764 764 760 ACTUAL BALANCE $451,077,091.23 $449,848,691.45 $446,613,807.52 SCHEDULED BALANCE $451,077,091.23 $449,641,943.00 $446,398,282.10 TYPE OF DWELLING UNIT: AT ISSUE CURRENT SNGL FAM DET 79% 79% 2-4 FAMILY 1% 1% TOWNHOUSE 2% 2% CONDOMINIUM 9% 9% COOPERATIVE 9% 9% GEOGRAPHIC DISTRIBUTION: LTV DISTRIBUTION: AT ISSUE CURRENT AT ISSUE CURRENT 65% AND BELOW 34% 34% CA 30% CA 30% 65.01-75% 20% 21% NY 21% NY 22% 75.01-80% 45% 44% MA 5% MA 5% OVER 80% 1% 1% FL 4% FL 4% NJ 4% NJ 4% OTHER 36% OTHER 35% PREPAYMENT INFORMATION: SCHEDULED PRINCIPAL: $317,806.88 PRINCIPAL PREPAYMENTS: $2,925,854.02 1 MONTH 3 MONTH 12 MONTH CUMULATIVE PRICING SPEED(PSA):350% PREPAYMENT HISTORY(PSA): 1,261% 0% 0% 1,058% PREPAYMENT HISTORY(CPR): 7.57% 0.00% 0.00% 5.30% DELINQUENCY (1)

(1) DETERMINED BY THE MBA METHOD. (2) DOES NOT INCLUDE REAL ESTATE OWNED BY THE TRUST. -------------------------------------------------------------------------------

Citicorp Mortgage Securities Trust, Series 2007-3 10-D