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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report: February 25, 1997
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
- - --------------- ----------- -------------------
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation) Formerly 96868
27555 Farmington Road
Farmington Hills, Michigan 48334-3357
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(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code (810) 488-7000
Total pages: 6
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Item 5. Other Events
Not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See the Report to the Trustee and the Report to the Certificate holders
for the month of February 1997 attached hereto as Exhibit A and Exhibit B,
respectively.
SIGNATURE
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.
SOURCE ONE MORTGAGE SERVICES
CORPORATION (Registrant)
Date: February 25, 1997 By: Evelyn C. Tate
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Evelyn C. Tate
Vice President
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SERVICER'S CERTIFICATE
February 1997
(month) (year)
Mortgage Pass-Through Certificates, Series A,
11 1/2% Pass-Through Rate
Pursuant to the Pooling and Servicing Agreement dated as of May 1, 1985 (the
"Agreement") between Source One Mortgage Services Corporation (the "Company")
and National Bank of Detroit, as trustee (the "Trustee"), governing the
Certificates referred to above, the company hereby certifies to the Trustee:
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(a) As of the close of business on the Business Day next preceding the Determination Date for this month:
(1) The Maximum Payment Amount is:
$ 1,912,876.30
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(2) Aggregate Payments to date are: $ -0-
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(3) Net recoveries to date are: $ -0-
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(4) The Amount Available for this month is:
$ 1,912,876.30
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(5) The Delinquency Amount for this month is: $ -0-
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(6) The Repurchase Amount for this month is: $ -0-
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(7) The amount to be distributed to Certificate
holders in this month from funds available
in the Certificate Account pending distribu-
tion or withdrawal in future months is:
$ 50,296.53
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(8) The Amount of Payment for this month is: $ -0-
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(9) Estimated Net Recoveries for month are: $ -0-
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(10) The Amount of Additional Payments for this
month is: $ -0-
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(11) The amount of (8) above allocable to (5)
above is: $ -0-
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(12) The amount of (8) above allocable to (6)
above is: $ -0-
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(13) The amount to be distributed on
the Distribution Date for this month per Single
Certificate is:
Principal: $ 9.6340
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Interest: $ 5.5705
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Total: $ 15.2045
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(b) The Loans to be repurchased by and transferred to the Company during
this month in accordance with the Agreement, the repurchase
prices for which Loans constitute the amount specified in Paragraph (a) (11)
above, are identified in Exhibit B to the Agreement as Loan numbers -0-
-------.
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
SOURCE ONE MORTGAGE SERVICES CORPORATION,
as Servicing Agent
By: Evelyn C. Tate
------------------------------
Evelyn C. Tate
Vice President
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EXHIBIT B
Report to Certificate Holders
February 1997
(month) (year)
Source One Mortgage Services Corporation
Mortgage Pass-Through Certificates,
Series A, 11 1/2% Pass-Through Rate
The Certificates referred to above (the "Certificates") evidence fractional
undivided interests in a trust (the "Trust") whose property consists of a pool
(the "Pool") of conventional one-family mortgage loans and cooperative
apartment loans (collectively, the "Loans"). The Pooling and Servicing
Agreement, dated as of ____May_1____, 1985 (the "Agreement"), between Source
One Mortgage Services Corporation (the "Company") and National Bank of Detroit,
as trustee (the "Trustee"), requires that the Company forward to each
Certificate holder a monthly report setting forth certain information with
respect to the Pool and the Certificates. For the purpose of this report, the
following terms shall have the following definitions:
"Single Certificate" means a Certificate representing an undivided 1/3308_th
interest in the Pool.
"Business Day" means any day other than a Saturday, a Sunday or a day on which
banking institutions in the city and state where the office of the Trustee is
located and authorized or obligated by law or executive order to be closed.
"Distribution Date" means the 25th day of any month beginning May 1985; if such
25th day is not a Business Day, the Business Day immediately following.
"Determination Date" means the third Business Day next preceding the
Distribution Date of each month. As of the close of business on the Business
Day next preceding the Determination Date for this month:
(1) The amount of this month's distribution on a per-
Single Certificate basis allocable to
scheduled repayments (not including
prepayments) of principal of the Loans
in the Pool is: $ 4.2401
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(2) The amount of this month's distribution on a per-
Single Certificate basis allocable to
prepayments (not including scheduled
repayments) of principal of the Loans in
the Pools is: $ 5.3939
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(3) The amount of this month's distribution on a per-
Single Certificate basis allocable to
payments of interest on the Loans in the
Pool is: $ 5.5705
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(4) The amount of servicing compensation received by the
Company during the current month is: $ 2,484.59
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(5) The aggregate outstanding principal amount of the
Loans in the Pool net of the current
distribution is: $ 1,896,820.59
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Certif. Bal.
(6) The number and aggregate principal balances of the 6 loans with a
Loans in the Pool delinquent one month are: principal balance
of $100,140.49
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(7) The number and aggregate principal balances of the 1 loan with a
Loans in the Pool delinquent two or more months are: principal balance
of $ 3,361.13
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(8) The book value of any collateral acquired by the
Pool through foreclosure or otherwise is: $ 0
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(9) The current ratio of the amount available in
the Trust for payments to Certificate
holders (after adjustment to reflect
amounts to be distributed this month) to
the aggregate principal balance of the
Loans in the Pool net of this
distribution is: 100% to 1
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(10) The Company should give any other customary
information as the Company deems
necessary or desirable to enable
Certificate holders to prepare their tax
returns.
SOURCE ONE MORTGAGE SERVICES CORPORATION,
as Servicing Agent
By: Evelyn C. Tate
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Evelyn C. Tate
Vice President
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CMBS TRUSTEE REPORT
February 1997
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Certificate Account Balance - Prior 28,943.55
Deposits
Principal 14,425.54
Interest 20,999.65
Advances .00
Liquidation Proceeds .00
Insurance Proceeds .00
PMI Proceeds .00
Repurchase Proceeds .00
Withdrawals .00
Reimbursements
Restoration of Uninsured Property .00
Liquidation Expenses .00
Expenses for Welfare of Certificate Holders .00
Advances .00
Payment to Certificate Holders 2-25-97 50,296.53
Servicing Compensation 2,484.59
Excess of Liquidation Proceeds Passed Thru .00
Certificate Account Balance - Current 27,967.93
Loans Two or More Months Delinquent = 1 3,361.13
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SOURCE ONE MORTGAGE SERVICES CORPORATION
By: Evelyn C. Tate
------------------------------------
Evelyn C. Tate
Vice President
