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: April 17, 2000
(Date of earliest event reported)
Commission File Nos.: 333-68951
GE Capital Mortgage Services, Inc.
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New Jersey 21-0627285
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(States of Incorporation) (I.R.S. Employer Identification Nos.)
Three Executive Campus
Cherry Hill, New Jersey 08002
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Addresses of principal executive offices (Zip Codes)
(856) 661-6100
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Registrants' Telephone Numbers, including area code
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(Former names, former addresses and former fiscal years,
if changed since last report)
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ITEM 5. Other Events
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Attached as an exhibit are the Collateral Term Sheets (as defined in
the no-action letter dated February 17, 1995 issued by the Securities and
Exchange Commission to the Public Securities Association) prepared by Goldman,
Sachs & Co. which are hereby filed pursuant to such letter.
<PAGE>
ITEM 7. Financial Statements and Exhibits
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(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(99) Collateral Terms Sheets
prepared by Goldman, Sachs
& Co. in connection
with GE Capital Mortgage
Services, Inc., REMIC
Mortgage Pass-Through
Certificates, Series 2000-5.
<PAGE>
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 hereunto duly authorized.
GE CAPITAL MORTGAGE SERVICES, INC.
April 17, 2000
By: /s/ Al Gentile
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Name: Al Gentile
Title: Designated Officer
<PAGE>
INDEX TO EXHIBITS
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Paper (P) or
Exhibit No. Description Electronic (E)
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(99) Collateral Terms Sheets E
prepared by Goldman, Sachs
& Co. in connection
with GE Capital Mortgage
Services, Inc., REMIC
Mortgage Pass-Through
Certificates, Series 2000-5.
All information in this Term Sheet, whether regarding assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in the final prospectus.
April 11, 2000
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PRELIMINARY STRUCTURAL AND COLLATERAL TERM SHEET
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$2,250,000 (APPROXIMATE) OF JUNIOR CERTIFICATES
GE CAPITAL MORTGAGE SERVICES, INC., DEPOSITOR
GE CAPITAL MORTGAGE SERVICES, INC., SERIES 2000-5
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OVERVIEW OF THE SECURITIES
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APPROX. EXPECTED ANTICIPATED INITIAL APPROX. APPROX.
PRINCIPAL CREDIT RATING: PASS-THROUGH AVG. LIFE EXPECTED
CLASS BALANCE SUPPORT FITCH RATE (%) (YRS) (1) MATURITY
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M $1,437,500 1.35% AA 7.25 7.8 11/2014
B-1 $ 437,500 1.00% A 7.25 7.8 11/2014
B-2 $ 375,000 0.70% BBB 7.25 7.8 11/2014
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Total $2,250,000
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(1) Assuming prepayments based on 12% CPR.
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FEATURES OF THE TRANSACTION
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o Offering consists of $2,250,000 of junior securities with a Certificate
Interest Rate of 7.25% expected to be rated by Fitch
o The expected amount of credit support for the offered junior certificates
is 0.70%. The offered certificates are subordinate to approximately
$122,000,000 of senior certificates. Credit Support for this transaction is
in the form of subordination with a shifting interest structure and a five
year prepayment lockout.
o Collateral consists of single family, 15-year, fixed-rate residential,
first mortgages originated by GECMSI
o All mortgage loans with original loan-to-value ratios greater than 80% have
private mortgage insurance
o The amount of senior certificates is approximate and may vary by up to 5%
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PRELIMINARY MORTGAGE POOL DATA (approximate)
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TOTAL OUTSTANDING PRINCIPAL BALANCE: $125,000,000
NUMBER OF MORTGAGE LOANS: 433
AVERAGE PRINCIPAL BALANCE OF THE MORTGAGE LOANS: $289,000
WEIGHTED AVERAGE ANNUAL MORTGAGE INTEREST RATE: 7.69%
EXPECTED SERVICING FEES FOR THE MORTGAGE LOANS: 0.20% TO 0.28%
WEIGHTED AVERAGE MATURITY: 175 mos
WEIGHTED AVERAGE SEASONING: 4 mos
WEIGHTED AVERAGE ORIGINAL LOAN-TO-VALUE RATIO: 70%
WEIGHTED AVERAGE FICO SCORE: 726
OWNER OCCUPIED: 88%
ORIGINATED UNDER THE FULL OR ALTERNATIVE DOCUMENTATION PROGRAM:
85%
GEOGRAPHIC DISTRIBUTION*: TYPE OF DWELLING*:
California 20% Single-Family 65%
Florida 7 PUD 27
Texas 6 Condominium 5
Arizona 5 Two-Family 4
New Jersey 4 TOTAL 100%
Colorado 4
New York 4
Other States 49
TOTAL 100%
*Column totals may not add due to rounding.
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KEY TERMS
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ISSUER: GE Capital Mortgage Services, Inc.
UNDERWRITER: Goldman, Sachs & Co.
DEPOSITOR/SERVICER: GE Capital Mortgage Services, Inc.
("GECMSI")
TRUSTEE: State Street Bank and Trust Company
TYPE OF ISSUANCE: Public
SERVICER ADVANCING: Yes, subject to recoverability
COMPENSATING INTEREST: Yes, to the extent of the lesser of
(i) 1/12th of 0.125% of the Pool
Scheduled Principal Balance for
such Distribution Date and (ii)
aggregate monthly servicing fee for
such Distribution Date
LEGAL INVESTMENT: The class M certificates is SMMEA
eligible at settlement
INTEREST ACCRUAL: Prior calendar month
CLEAN UP CALL: 10% of the Cut-off Date principal
balance of the Mortgage Loans
ERISA ELIGIBLE: None of the offered certificates
are ERISA eligible
TAX TREATMENT: Single REMIC; senior certificates
are regular interests
STRUCTURE: Senior/Subordinate; shifting
interest with a five year
prepayment lockout to junior
certificates
EXPECTED SUBORDINATION TO
OFFERED CERTIFICATES: 0.70%
EXPECTED RATING AGENCY: Fitch IBCA, Inc. ("Fitch")
MINIMUM DENOMINATION: Offered certificates -- $100,000
DELIVERY: Offered certificates -- DTC
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TIME TABLE
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EXPECTED SETTLEMENT: April 27, 2000
CUT-OFF DATE: April 1, 2000
FIRST DISTRIBUTION DATE: May 25, 2000
DISTRIBUTION DATE: 25th or next business day
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PRELIMINARY COLLATERAL TERM SHEET
(All Amounts Are Approximate)
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MORTGAGE PARTICIPATION SECURITIES, SERIES 2000-1
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This material is for your private information and we are not soliciting any
action based upon it. This material is not to be construed as an offer to sell
or the solicitation of any offer to buy any security in any jurisdiction where
such an offer or solicitation would be illegal. This material is based on
information that we consider reliable, but we do no represent that it is
accurate or complete and it should not be relied upon as such. By accepting this
material the recipient agrees that it will not distribute or provide the
material to any other person. The information contained in this material may not
pertain to any securities that will actually be sold. The information contained
in this material may be based on assumptions regarding market conditions and
other matters as reflected therein. We make no representations regarding the
reasonableness of such assumptions or the likelihood that any of such
assumptions will coincide with actual market conditions or events, and this
material should not be relied upon for such purposes. We and our affiliates,
officers, directors, partners and employees, including persons involved in the
preparation or issuance of this material may, from time to time, have long or
short positions in, and buy or sell, the securities mentioned herein or
derivatives thereof (including options). This material may be filed with the
Securities and Exchange Commission (the SEC) and incorporated by reference
into an effective registration statement previously filed with the SEC under
Rule 415 of the Securities Act of 1933, including in cases where the material
does not pertain to securities that are ultimately offered for sale pursuant to
such registration statement. Information contained in this material is current
as of the date appearing on this material only. Information in this material
regarding the securities and the assets backing any securities discussed herein
supersedes all prior information regarding such securities and assets. Any
information in the material, whether regarding the assets backing any securities
discussed herein or otherwise, will be superseded by the information included in
the final prospectus for any securities actually sold to you.
This material is furnished to you solely by Goldman, Sachs & Co., acting as
underwriter and not as agent of the issuer.
