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Previous: SAMUELS JEWELERS INC, SC 13D, 1999-04-08 |
Next: GE CAPITAL MORTGAGE SERVICES INC, 8-K, 1999-04-08 |
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 (Date of earliest event reported) March 25, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
----------------------------------
(as Seller and Servicer under Pooling and
Servicing Agreements each providing for the
issuance of a Series of Mortgage Pass-Through Certificates)
GE Capital Mortgage Services, Inc.
----------------------------------
(formerly known as Travelers Mortgage Services, Inc.)
(Exact name of registrant as specified in its charter)
New Jersey 33-5042 21-0627285
---------- ------- ----------
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
Three Executive Campus
Cherry Hill, New Jersey 08002
----------------------- -----
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including
area code (609) 661-6100
<PAGE>
Item 5. Other Events
- ------- ------------
On March 25, 1999 GE Capital Mortgage Services, Inc. ("GECMSI") passed
through to Certificateholders of Mortgage Pass-Through Certificates principal
and interest payments as required for the various Series of Mortgage
Pass-Through Certificates listed below and as detailed in Item 7, Financial
Statements, Pro Forma Financial Information and Exhibits, of this Report.
Series Distribution on Series
- ------ ----------------------
Series 1999-01 $10,266,549.15
Series 1999-02 $3,428,244.34
Series 1999-04 $7,272,713.41
Item 7. Financial Statements and Exhibits
- ------- ---------------------------------
Attached as Exhibits to Item 7 are the "Servicer's Certificate" and the
"Distribution Date Statement" filed as part of this Report.
Series Exhibit No. Description
------ ----------- -----------
Series 1999-01 99.1 Servicer's Certificate
99.2 Distribution Date Statment
Series 1999-02 99.3 Servicer's Certificate
99.4 Distribution Date Statment
Series 1999-04 99.5 Servicer's Certificate
99.6 Distribution Date Statment
<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.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Tim Neer
---------------------------------
Name: Tim Neer
Title: Vice President, Investor Relations
Dated as of : March 25, 1999
<PAGE>
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Series 1999-01 Servicer's Certificate
99.2 Series 1999-01 Distribution Date Statement
99.3 Series 1999-02 Servicer's Certificate
99.4 Series 1999-02 Distribution Date Statement
99.5 Series 1999-04 Servicer's Certificate
99.6 Series 1999-04 Distribution Date Statement
Exhibit 99.01
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
March, 1999
Series 1999-01, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of January 1, 1999 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 575,394.33
---------------
(b) Interest $ 4,127,906.71
---------------
(c) Total $ 4,703,301.04
---------------
2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 407,026.70
---------------
(b) Interest $ 2,905,505.93
---------------
(c) Total $ 3,312,532.63
---------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 168,367.63
---------------
(b) Interest $ 1,222,400.78
---------------
(c) Total $ 1,390,768.41
---------------
4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 283,174.00
---------------
5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 5,214,349.99
---------------
(b) Interest $ 33,326.53
---------------
(c) Total $ 5,247,676.52
---------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
8. Aggregate Deficient Valuations with respect to the Mortgage
Loans during the prior month: $ 0.00
---------------
9. Aggregate Debt Service Reductions with respect to the Mortgage Loans
during the prior month: $ 0.00
---------------
10. Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
11. Aggregate Purchase Prices for Defective Mortgage Loans:
(a) Principal $ 435,727.77
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 435,727.77
---------------
12. Pool Scheduled Principal Balance: $ 688,242,055.15
---------------
13. Available Funds: $ 10,273,299.05
---------------
14. Realized Losses for prior month: $ 0.00
---------------
15. Aggregate Realized Losses
(a) Aggregate Realized Losses: $ 0.00
------------------------
(b) Deficient Valuations: $ 0.00
------------------------
(c) Debt Service Reductions: $ 0.00
------------------------
(d) Bankruptcy Losses: $ 0.00
------------------------
(e) Special Hazard Losses: $ 0.00
------------------------
(f) Fraud Losses: $ 0.00
------------------------
(g) Excess Bankruptcy Losses: $ 0.00
------------------------
(h) Excess Special Hazard Losses: $ 0.00
------------------------
(i) Excess Fraud Losses: $ 0.00
------------------------
16. Non-Credit Losses: $ 0.00
---------------
17. Compensating Interest Payment: $ 5,817.46
---------------
18. Total interest payments: $ 3,764,652.95
---------------
19. Interest
Unpaid Class
Accrued Certificate Interest Shortfalls Interest
Class Interest Payable Pay-out Rate
- ----- -------- ------------------- ------- ------------
R $ 0.00 $ 0.00 $ 0.00 %0.000000000
PO $ 0.00 $ 0.00 $ 0.00 %0.000000000
A1 $ 365,683.09 $ 0.00 $ 365,683.09 %6.500000036
A2 $ 3,040,241.62 $ 0.00 $ 3,040,241.62 %6.499999995
A3 $ 7,583.33 $ 0.00 $ 7,583.33 %6.499997143
A4 $ 45,181.21 $ 0.00 $ 45,181.21 %6.500000360
A5 $ 40,997.96 $ 0.00 $ 40,997.96 %6.500000132
A6 $ 18,958.33 $ 0.00 $ 18,958.33 %6.499998857
A7 $ 14,000.00 $ 0.00 $ 14,000.00 %8.000000000
A8 $ 7,583.33 $ 0.00 $ 7,583.33 %6.499997143
A9 $ 7,583.33 $ 0.00 $ 7,583.33 %6.499997143
A10 $ 7,583.33 $ 0.00 $ 7,583.33 %6.499997143
A11 $ 7,583.33 $ 0.00 $ 7,583.33 %6.499997143
A12 $ 16,250.00 $ 0.00 $ 16,250.00 %6.500000000
A13 $ 22,000.00 $ 0.00 $ 22,000.00 %8.000000000
A14 $ 5,416.67 $ 0.00 $ 5,416.67 %6.500004000
A15 $ 5,416.67 $ 0.00 $ 5,416.67 %6.500004000
M $ 70,573.21 $ 0.00 $ 70,573.21 %6.499999660
B1 $ 30,518.15 $ 0.00 $ 30,518.15 %6.500000531
B2 $ 17,166.46 $ 0.00 $ 17,166.46 %6.500001160
B3 $ 17,166.46 $ 0.00 $ 17,166.46 %6.500001160
B4 $ 7,629.53 $ 0.00 $ 7,629.53 %6.499997625
B5 $ 9,536.94 $ 0.00 $ 9,536.94 %6.500002976
20. Principal Distribution Amount: $ 6,508,646.10
---------------
21. Principal Distribution Amount per Certificate:
Principal Distribution Accrual Amount
---------------------- --------------
Class R $ 0.00 $ 0.00
Class PO $ 1,103.64 $ 0.00
Class A1 $ 55,899.51 $ 0.00
Class A2 $ 6,428,317.43 $ 0.00
Class A3 $ 0.00 $ 0.00
Class A4 $ 0.00 $ 0.00
Class A5 $ 0.00 $ 0.00
Class A6 $ 0.00 $ 0.00
Class A7 $ 0.00 $ 0.00
Class A8 $ 0.00 $ 0.00
Class A9 $ 0.00 $ 0.00
Class A10 $ 0.00 $ 0.00
Class A11 $ 0.00 $ 0.00
Class A12 $ 0.00 $ 0.00
Class A13 $ 0.00 $ 0.00
Class A14 $ 0.00 $ 0.00
Class A15 $ 0.00 $ 0.00
Class SUP $ 0.00 $ 0.00
Class M $ 10,788.05 $ 0.00
Class B1 $ 4,665.10 $ 0.00
Class B2 $ 2,624.12 $ 0.00
Class B3 $ 2,624.12 $ 0.00
Class B4 $ 1,166.28 $ 0.00
Class B5 $ 1,457.85 $ 0.00
22. Additional distributions to the Class R Certificate pursuant to the
Agreement:
$ 0.00
---------------
23. Additional distributions to the Class RL Certificate pursuant to the
Agreement:
$ 0.00
---------------
24. Subordinate Certificate Writedown Amount: $ 0.00
---------------
Accumulative
Class Supported Shortfall Supported Shortfall
----- ------------------- -------------------
B1 $ 0.00 $ 0.00
B2 $ 0.00 $ 0.00
B3 $ 0.00 $ 0.00
B4 $ 0.00 $ 0.00
B5 $ 0.00 $ 0.00
25. Unanticipated Recoveries: $ 0.00
---------------
B. Other Amounts for such Distribution Date:
1. Prepayment Distribution Triggers satisfied:
Yes No
--- --
Class-B1 X
Class-B2 X
Class-B3 X
Class-B4 X
Class-B5 X
2. Base Servicing Fee amount: $ 142,461.10
-----------
3. Supplemental Servicing Fee amount: $ 258,361.21
-----------
4. Credit Losses for prior month: $ 0.00
-----------
Category Category Category
A B C
5. Senior Percentage: % 95.939471 N/A N/A N/A
----------- ---- ------ ------
6. Group I Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
7. Group II Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
8. Senior Prepayment Percentage:
%100.000000 N/A N/A N/A
----------- ---- ------ ------
9. Group I Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
10. Group II Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
11. Junior Percentage: % 4.060529
-----------
12. Junior Prepayment Percentage:
% 0.000000
-----------
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Tim Neer
------------------------------
Tim Neer
Vice President
Investor Operations
Exhibit 99.02
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
March, 1999
Series 1999-01, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of January 1, 1999 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 7.194466
-----------------------
Weighted average maturity 353.55
-----------------------
A. Amount of distribution allocable to principal and interest: The amounts
below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
R $ 0.00000000 $ 0.00000000 $ 0.00000000 %0.00000000
PO $ 1.11713628 $ 0.15646022 $ 0.00000000 %0.00000000
A1 $ 0.82733453 $ 0.75701595 $ 5.41225220 %6.50000004
A2 $ 11.25244171 $ 10.29605132 $ 5.32178785 %6.50000000
A3 $ 0.00000000 $ 0.00000000 $ 5.41666429 %6.49999714
A4 $ 0.00000000 $ 0.00000000 $ 5.41666697 %6.50000036
A5 $ 0.00000000 $ 0.00000000 $ 5.41666678 %6.50000013
A6 $ 0.00000000 $ 0.00000000 $ 5.41666571 %6.49999886
A7 $ 0.00000000 $ 0.00000000 $ 6.66666667 %8.00000000
A8 $ 0.00000000 $ 0.00000000 $ 5.41666429 %6.49999714
A9 $ 0.00000000 $ 0.00000000 $ 5.41666429 %6.49999714
A10 $ 0.00000000 $ 0.00000000 $ 5.41666429 %6.49999714
A11 $ 0.00000000 $ 0.00000000 $ 5.41666429 %6.49999714
A12 $ 0.00000000 $ 0.00000000 $ 5.41666667 %6.50000000
A13 $ 0.00000000 $ 0.00000000 $ 6.66666667 %8.00000000
A14 $ 0.00000000 $ 0.00000000 $ 5.41667000 %6.50000400
A15 $ 0.00000000 $ 0.00000000 $ 5.41667000 %6.50000400
M $ 0.82733439 $ 0.00000000 $ 5.41225189 %6.49999966
B1 $ 0.82733389 $ 0.00000000 $ 5.41225261 %6.50000053
B2 $ 0.82733433 $ 0.00000000 $ 5.41225313 %6.50000116
B3 $ 0.82733433 $ 0.00000000 $ 5.41225313 %6.50000116
B4 $ 0.82733787 $ 0.00000000 $ 5.41225017 %6.49999763
B5 $ 0.82733617 $ 0.00000000 $ 5.41225466 %6.50000298
2. Unanticipated Recoveries: $ 0.00
---------------
B. Accrual Amount
1.
Accrual Amount
Class
N/A $ N/A
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 142,461.10
---------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 688,242,055.15
---------------
2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 2,091
-------------
3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
R $ 0.00 $ 0.00 $ 0.00 36157RZY4
PO $ 984,002.11 $ 982,898.47 $ 994.92 GEC9901PO
A1 $ 67,510,723.93 $ 67,454,824.42 $ 998.36 36157RZH1
A2 $ 561,275,376.41 $ 554,847,058.98 $ 971.23 36157RZJ7
A3 $ 1,400,000.00 $ 1,400,000.00 $ 1,000.00 36157RZK4
A4 $ 8,341,146.00 $ 8,341,146.00 $ 1,000.00 36157RZL2
A5 $ 7,568,854.00 $ 7,568,854.00 $ 1,000.00 36157RZM0
A6 $ 3,500,000.00 $ 3,500,000.00 $ 1,000.00 36157RZN8
A7 $ 2,100,000.00 $ 2,100,000.00 $ 1,000.00 36157RZP3
A8 $ 1,400,000.00 $ 1,400,000.00 $ 1,000.00 36157RZQ1
A9 $ 1,400,000.00 $ 1,400,000.00 $ 1,000.00 36157RZR9
A10 $ 1,400,000.00 $ 1,400,000.00 $ 1,000.00 36157RZS7
A11 $ 1,400,000.00 $ 1,400,000.00 $ 1,000.00 36157RZT5
A12 $ 3,000,000.00 $ 3,000,000.00 $ 1,000.00 36157RZU2
A13 $ 3,300,000.00 $ 3,300,000.00 $ 1,000.00 36157RZV0
A14 $ 1,000,000.00 $ 1,000,000.00 $ 1,000.00 36157RZW8
A15 $ 1,000,000.00 $ 1,000,000.00 $ 1,000.00 36157RZX6
SUP $ 654,014,896.36 $ 647,549,072.30 $ 975.12 GEC991SUP
M $ 13,028,900.99 $ 13,018,112.94 $ 998.36 36157RZZ1
B1 $ 5,634,119.54 $ 5,629,454.43 $ 998.36 36157RA21
B2 $ 3,169,192.05 $ 3,166,567.93 $ 998.36 36157RA39
B3 $ 3,169,192.05 $ 3,166,567.93 $ 998.36 36157RA47
B4 $ 1,408,529.13 $ 1,407,362.86 $ 998.36 36157RA54
B5 $ 1,760,665.04 $ 1,759,207.19 $ 998.36 36157RA62
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 31 Principal Balance $ 9,827,439.66
-------- -------------
2. 60-89 days
Number 4 Principal Balance $ 1,231,570.90
-------- -------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
-------- -------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
-------- -------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
-------- -------------
6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
------------
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
---------------
2. Bankruptcy Loss Amount: $ 0.00
---------------
3. Fraud Loss Amount: $ 0.00
---------------
4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
------------
G.
Rounding Amount
Opening Reimbursement (Withdrawl) Closing
Class Balance Amount Balance
- ----- ------- ------ --------------- -------
A7_INT $ 39,375.00 $ 0.00 $ 2,625.00 $ 36,750.00
A13_INT $ 45,375.00 $ 0.00 $ 4,125.00 $ 41,250.00
A6 $ 999.99 $ 0.00 $ 0.00 $ 999.99
A12 $ 999.99 $ 0.00 $ 0.00 $ 999.99
A14 $ 999.99 $ 0.00 $ 0.00 $ 999.99
A15 $ 999.99 $ 0.00 $ 0.00 $ 999.99
Exhibit 99.03
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
March, 1999
Series 1999-02, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of February 1, 1999
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 237,956.14
---------------
(b) Interest $ 1,742,964.76
---------------
(c) Total $ 1,980,920.90
---------------
2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 216,393.42
---------------
(b) Interest $ 1,593,853.84
---------------
(c) Total $ 1,810,247.26
---------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 21,562.72
---------------
(b) Interest $ 149,110.92
---------------
(c) Total $ 170,673.64
---------------
4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 177,929.96
---------------
5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 1,428,195.74
---------------
(b) Interest $ 9,339.88
---------------
(c) Total $ 1,437,535.62
---------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
8. Aggregate Deficient Valuations with respect to the Mortgage
Loans during the prior month: $ 0.00
---------------
9. Aggregate Debt Service Reductions with respect to the Mortgage Loans
during the prior month: $ 0.00
---------------
10. Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
11. Aggregate Purchase Prices for Defective Mortgage Loans:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
12. Pool Scheduled Principal Balance: $ 291,277,789.52
---------------
13. Available Funds: $ 3,428,244.41
---------------
14. Realized Losses for prior month: $ 0.00
---------------
15. Aggregate Realized Losses
(a) Aggregate Realized Losses: $ 0.00
------------------------
(b) Deficient Valuations: $ 0.00
------------------------
(c) Debt Service Reductions: $ 0.00
------------------------
(d) Bankruptcy Losses: $ 0.00
------------------------
(e) Special Hazard Losses: $ 0.00
------------------------
(f) Fraud Losses: $ 0.00
------------------------
(g) Excess Bankruptcy Losses: $ 0.00
------------------------
(h) Excess Special Hazard Losses: $ 0.00
------------------------
(i) Excess Fraud Losses: $ 0.00
------------------------
16. Non-Credit Losses: $ 0.00
---------------
17. Compensating Interest Payment: $ 999.49
---------------
18. Total interest payments: $ 1,584,162.52
---------------
19. Interest
Unpaid Class
Accrued Certificate Interest Shortfalls Interest
Class Interest Payable Pay-out Rate
- ----- -------- ------------------- ------- ------------
R $ 0.54 $ 0.00 $ 0.54 %6.480000000
PO $ 0.00 $ 0.00 $ 0.00 %0.000000000
A1 $ 1,269,416.96 $ 0.00 $ 1,269,416.96 %6.500000009
A2 $ 88,421.67 $ 0.00 $ 88,421.67 %6.500000245
A3 $ 148,010.42 $ 0.00 $ 148,010.42 %6.500000146
A4 $ 10,833.33 $ 0.00 $ 10,833.33 %6.499998000
M $ 33,339.58 $ 0.00 $ 33,339.58 %6.499999350
B1 $ 11,911.25 $ 0.00 $ 11,911.25 %6.500000000
B2 $ 7,144.58 $ 0.00 $ 7,144.58 %6.499996967
B3 $ 7,935.42 $ 0.00 $ 7,935.42 %6.500002730
B4 $ 3,179.58 $ 0.00 $ 3,179.58 %6.499993186
B5 $ 3,969.19 $ 0.00 $ 3,969.19 %6.500006462
20. Principal Distribution Amount: $ 1,844,081.89
---------------
21. Principal Distribution Amount per Certificate:
Principal Distribution Accrual Amount
---------------------- --------------
Class R $ 100.00 $ 0.00
Class PO $ 647.63 $ 0.00
Class A1 $ 1,833,224.21 $ 0.00
Class A2 $ 0.00 $ 0.00
Class A3 $ 0.00 $ 0.00
Class A4 $ 0.00 $ 0.00
Class SUP $ 0.00 $ 0.00
Class M $ 4,995.06 $ 0.00
Class B1 $ 1,784.59 $ 0.00
Class B2 $ 1,070.43 $ 0.00
Class B3 $ 1,188.91 $ 0.00
Class B4 $ 476.38 $ 0.00
Class B5 $ 594.68 $ 0.00
22. Additional distributions to the Class R Certificate pursuant to the
Agreement:
$ 0.00
---------------
23. Additional distributions to the Class RL Certificate pursuant to the
Agreement:
$ 0.00
---------------
24. Subordinate Certificate Writedown Amount: $ 0.45
---------------
Accumulative
Class Supported Shortfall Supported Shortfall
----- ------------------- -------------------
B1 $ 0.00 $ 0.00
B2 $ 0.00 $ 0.00
B3 $ 0.00 $ 0.00
B4 $ 0.00 $ 0.00
B5 $ 0.00 $ 0.00
25. Unanticipated Recoveries: $ 0.00
---------------
B. Other Amounts for such Distribution Date:
1. Prepayment Distribution Triggers satisfied:
Yes No
--- --
Class-B1 X
Class-B2 X
Class-B3 X
Class-B4 X
Class-B5 X
2. Base Servicing Fee amount: $ 14,059.58
-----------
3. Supplemental Servicing Fee amount: $ 108,623.52
-----------
4. Credit Losses for prior month: $ 0.00
-----------
Category Category Category
A B C
5. Senior Percentage: % 95.740361 N/A N/A N/A
----------- ---- ------ ------
6. Group I Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
7. Group II Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
8. Senior Prepayment Percentage:
%100.000000 N/A N/A N/A
----------- ---- ------ ------
9. Group I Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
10. Group II Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
11. Junior Percentage: % 4.259639
-----------
12. Junior Prepayment Percentage:
% 0.000000
-----------
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Tim Neer
-------------------------------
Tim Neer
Vice President
Investor Operations
Exhibit 99.04
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
March, 1999
Series 1999-02, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of February 1, 1999
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 7.178478
------------------------
Weighted average maturity 356.28
------------------------
A. Amount of distribution allocable to principal and interest: The amounts
below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
R $ 1000.00000000 $ 876.10000000 $ 5.40000000 %6.48000000
PO $ 0.97962635 $ 0.05543799 $ 0.00000000 %0.00000000
A1 $ 7.82246086 $ 6.85288980 $ 5.41666667 %6.50000001
A2 $ 0.00000000 $ 0.00000000 $ 5.41666687 %6.50000025
A3 $ 0.00000000 $ 0.00000000 $ 5.41666679 %6.50000015
A4 $ 0.00000000 $ 0.00000000 $ 5.41666500 %6.49999800
M $ 0.81154509 $ 0.00000000 $ 5.41666613 %6.49999935
B1 $ 0.81154616 $ 0.00000000 $ 5.41666667 %6.50000000
B2 $ 0.81154663 $ 0.00000000 $ 5.41666414 %6.49999697
B3 $ 0.81154266 $ 0.00000000 $ 5.41666894 %6.50000273
B4 $ 0.81155026 $ 0.00000000 $ 5.41666099 %6.49999319
B5 $ 0.81154758 $ 0.00000000 $ 5.41667205 %6.50000646
2. Unanticipated Recoveries: $ 0.00
---------------
B. Accrual Amount
1.
Accrual Amount
Class
N/A $ N/A
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 14,059.58
------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 291,277,789.52
---------------
2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 849
---------------
3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
R $ 100.00 $ 0.00 $ 0.00 36157RB38
PO $ 661,099.00 $ 660,450.92 $ 999.02
A1 $ 234,353,900.00 $ 232,520,675.79 $ 992.18 36157RA70
A2 $ 16,324,000.00 $ 16,324,000.00 $ 1,000.00 36157RA88
A3 $ 27,325,000.00 $ 27,325,000.00 $ 1,000.00 36157RA96
A4 $ 2,000,000.00 $ 2,000,000.00 $ 1,000.00 36157RB20
SUP $ 271,003,794.20 $ 269,180,851.54 $ 993.27
M $ 6,155,000.00 $ 6,150,004.94 $ 999.19 36157RB46
B1 $ 2,199,000.00 $ 2,197,215.41 $ 999.19 36157RB53
B2 $ 1,319,000.00 $ 1,317,929.57 $ 999.19 36157RB61
B3 $ 1,465,000.00 $ 1,463,811.09 $ 999.19 36157RC78
B4 $ 587,000.00 $ 586,523.62 $ 999.19 36157RC86
B5 $ 732,772.81 $ 732,178.13 $ 999.19 36157RC94
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 13 Principal Balance $ 5,039,172.76
-------- -------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
-------- -------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
-------- -------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
-------- -------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
-------- -------------
6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
-----------
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
--------------
2. Bankruptcy Loss Amount: $ 0.00
--------------
3. Fraud Loss Amount: $ 0.00
--------------
4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
-----------
*It has been the Company's experience that, with respect to the first
Distribution Date after the closing of a securitization containing a large
number of recently originated or acquired Mortgage Loans, the number of Mortgage
Loans 30-59 days delinquent may be inflated due to the borrowers sending monthly
payments to the wrong location or delays by the Company in inputting the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date. However, the Company makes no assurances as to the level of delinquent
Mortgage Loans for future Distribution Dates.
Exhibit 99.05
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
March, 1999
Series 1999-04, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of February 1, 1999
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 743,263.45
---------------
(b) Interest $ 1,260,583.35
---------------
(c) Total $ 2,003,846.80
---------------
2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 552,393.67
---------------
(b) Interest $ 942,379.67
---------------
(c) Total $ 1,494,773.34
---------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 190,869.78
---------------
(b) Interest $ 318,203.68
---------------
(c) Total $ 509,073.46
---------------
4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 936,446.41
---------------
5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 3,305,345.32
---------------
(b) Interest $ 14,045.22
---------------
(c) Total $ 3,319,390.54
---------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
8. Aggregate Deficient Valuations with respect to the Mortgage
Loans during the prior month: $ 0.00
---------------
9. Aggregate Debt Service Reductions with respect to the Mortgage Loans
during the prior month: $ 0.00
---------------
10. Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 0.00
---------------
(b) Interest $ 0.00
---------------
(c) Total $ 0.00
---------------
11. Aggregate Purchase Prices for Defective Mortgage Loans:
(a) Principal $ 1,114,687.52
---------------
(b) Interest $ 1,683.18
---------------
(c) Total $ 1,116,370.70
---------------
12. Pool Scheduled Principal Balance: $ 219,504,158.72
---------------
13. Available Funds: $ 7,272,713.20
---------------
14. Realized Losses for prior month: $ 0.00
---------------
15. Aggregate Realized Losses
(a) Aggregate Realized Losses: $ 0.00
------------------------
(b) Deficient Valuations: $ 0.00
------------------------
(c) Debt Service Reductions: $ 0.00
------------------------
(d) Bankruptcy Losses: $ 0.00
------------------------
(e) Special Hazard Losses: $ 0.00
------------------------
(f) Fraud Losses: $ 0.00
------------------------
(g) Excess Bankruptcy Losses: $ 0.00
------------------------
(h) Excess Special Hazard Losses: $ 0.00
------------------------
(i) Excess Fraud Losses: $ 0.00
------------------------
16. Non-Credit Losses: $ 0.00
---------------
17. Compensating Interest Payment: $ 5,173.26
---------------
18. Total interest payments: $ 1,172,970.65
---------------
19. Interest
Unpaid Class
Accrued Certificate Interest Shortfalls Interest
Class Interest Payable Pay-out Rate
- ----- -------- ------------------- ------- ------------
R $ 0.52 $ 0.00 $ 0.52 %6.240000000
PO $ 0.00 $ 0.00 $ 0.00 %0.000000000
A1 $ 574,734.38 $ 0.00 $574,734.38 %6.250000054
A2 $ 165,359.38 $ 0.00 $165,359.38 %6.250000189
A3 $ 294,791.67 $ 0.00 $294,791.67 %6.250000071
A4 $ 114,583.33 $ 0.00 $114,583.33 %6.249999818
M $ 8,812.50 $ 0.00 $ 8,812.50 %6.250000000
B1 $ 2,937.50 $ 0.00 $ 2,937.50 %6.250000000
B2 $ 2,937.50 $ 0.00 $ 2,937.50 %6.250000000
B3 $ 5,287.50 $ 0.00 $ 5,287.50 %6.250000000
B4 $ 1,762.50 $ 0.00 $ 1,762.50 %6.250000000
B5 $ 1,763.87 $ 0.00 $ 1,763.87 %6.250002215
20. Principal Distribution Amount: $ 6,099,742.55
---------------
21. Principal Distribution Amount per Certificate:
Principal Distribution Accrual Amount
---------------------- --------------
Class R $ 100.00 $ 0.00
Class PO $ 1,491.80 $ 0.00
Class A1 $ 3,041,643.11 $ 0.00
Class A2 $ 344,520.00 $ 0.00
Class A3 $ 2,624,649.62 $ 0.00
Class A4 $ 72,473.50 $ 0.00
Class SUP $ 0.00 $ 0.00
Class M $ 5,573.87 $ 0.00
Class B1 $ 1,857.96 $ 0.00
Class B2 $ 1,857.96 $ 0.00
Class B3 $ 3,344.32 $ 0.00
Class B4 $ 1,114.77 $ 0.00
Class B5 $ 1,115.64 $ 0.00
22. Additional distributions to the Class R Certificate pursuant to the
Agreement:
$ 0.00
---------------
23. Additional distributions to the Class RL Certificate pursuant to the
Agreement:
$ 0.00
---------------
24. Subordinate Certificate Writedown Amount: $ 0.00
---------------
Accumulative
Class Supported Shortfall Supported Shortfall
----- ------------------- -------------------
B1 $ 0.00 $ 0.00
B2 $ 0.00 $ 0.00
B3 $ 0.00 $ 0.00
B4 $ 0.00 $ 0.00
B5 $ 0.00 $ 0.00
25. Unanticipated Recoveries: $ 0.00
---------------
B. Other Amounts for such Distribution Date:
1. Prepayment Distribution Triggers satisfied:
Yes No
--- --
Class-B1 X
Class-B2 X
Class-B3 X
Class-B4 X
Class-B5 X
2. Base Servicing Fee amount: $ 18,593.12
----------
3. Supplemental Servicing Fee amount: $ 72,658.86
----------
4. Credit Losses for prior month: $ 0.00
----------
Category Category Category
A B C
5. Senior Percentage: % 97.996423 N/A N/A N/A
----------- ---- ------ ------
6. Group I Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
7. Group II Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
8. Senior Prepayment Percentage:
%100.000000 N/A N/A N/A
----------- ---- ------ ------
9. Group I Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
10. Group II Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
11. Junior Percentage: % 2.003577
-----------
12. Junior Prepayment Percentage:
% 0.000000
-----------
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Tim Neer
-------------------------------
Tim Neer
Vice President
Investor Operations
Exhibit 99.06
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
March, 1999
Series 1999-04, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of February 1, 1999
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 6.871766
-------------------------
Weighted average maturity 175.09
-------------------------
A. Amount of distribution allocable to principal and interest: The amounts
below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
R $ 1000.00000000 $ 880.50000000 $ 5.20000000 % 6.24000000
PO $ 3.79073458 $ 0.32449176 $ 0.00000000 % 0.00000000
A1 $ 27.56384843 $ 24.26965129 $ 5.20833338 % 6.25000005
A2 $ 10.85136540 $ 9.55450219 $ 5.20833349 % 6.25000019
A3 $ 46.37190141 $ 40.82992544 $ 5.20833339 % 6.25000007
A4 $ 3.29425000 $ 2.90054909 $ 5.20833318 % 6.24999982
M $ 3.29424941 $ 0.00000000 $ 5.20833333 % 6.25000000
B1 $ 3.29425532 $ 0.00000000 $ 5.20833333 % 6.25000000
B2 $ 3.29425532 $ 0.00000000 $ 5.20833333 % 6.25000000
B3 $ 3.29424744 $ 0.00000000 $ 5.20833333 % 6.25000000
B4 $ 3.29423759 $ 0.00000000 $ 5.20833333 % 6.25000000
B5 $ 3.29424904 $ 0.00000000 $ 5.20833518 % 6.25000221
2. Unanticipated Recoveries: $ 0.00
---------------
B. Accrual Amount
1.
Accrual Amount
Class
N/A $ N/A
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 18,593.12
-------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 219,504,158.72
---------------
2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 683
------------
3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
R $ 100.00 $ 0.00 $ 0.00 36157RC37
PO $ 393,538.50 $ 392,046.70 $ 996.21 GEC9904PO
A1 $ 110,349,000.00 $ 107,307,356.89 $ 972.44 36157RB79
A2 $ 31,749,000.00 $ 31,404,480.00 $ 989.15 36157RB87
A3 $ 56,600,000.00 $ 53,975,350.38 $ 953.63 36157RB95
A4 $ 22,000,000.00 $ 21,927,526.50 $ 996.71 36157RC29
SUP $ 210,049,818.64 $ 204,007,857.88 $ 971.24
M $ 1,692,000.00 $ 1,686,426.13 $ 996.71 36157RC45
B1 $ 564,000.00 $ 562,142.04 $ 996.71 36157RC52
B2 $ 564,000.00 $ 562,142.04 $ 996.71 36157RC60
B3 $ 1,015,200.00 $ 1,011,855.68 $ 996.71 36158GEX2
B4 $ 338,400.00 $ 337,285.23 $ 996.71 36158GEY0
B5 $ 338,662.92 $ 337,547.28 $ 996.71 36158GEZ7
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 7 Principal Balance $ 1,814,189.29
-------- -------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
-------- -------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
-------- -------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
-------- -------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
-------- -------------
6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
------------
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
---------------
2. Bankruptcy Loss Amount: $ 0.00
---------------
3. Fraud Loss Amount: $ 0.00
---------------
4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
-----------
*It has been the Company's experience that, with respect to the first
Distribution Date after the closing of a securitization containing a large
number of recently originated or acquired Mortgage Loans, the number of Mortgage
Loans 30-59 days delinquent may be inflated due to the borrowers sending monthly
payments to the wrong location or delays by the Company in inputting the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date. However, the Company makes no assurances as to the level of delinquent
Mortgage Loans for future Distribution Dates.
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