<PAGE> 1
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: July 31, 1997
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
- -------- ------- ----------
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification No.)
incorporation)
27555 Farmington Road 48334-3357
Farmington Hills, Michigan ----------
- -------------------------- (Zip Code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (810) 488-7000
Total Pages: 7
<PAGE> 2
Item 5. Other Events
None applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See attached Distribution Reports as of July 25, 1997 for Series
1987-2, Distribution Reports as of August 1, 1997 for Series 1988-1 and
1988-2 and Distribution Reports as of July 20, 1997 for Series 1990-1.
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: July 31, 1997 By: Larry N. Ciofu
-------------------------------
Larry N. Ciofu
Vice President
<PAGE> 3
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
Distribution Date Statement for July 25, 1997
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ----- -------- --------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $ 0.00 45,100 $ 0.00 $ 0.00
2-B 7.0000% $ 0.00 18,000 $ 0.00 $ 0.00
2-C 7.0000% $ 0.00 19,700 $ 0.00 $ 0.00
2-D 9.5500% $ 0.00 124 $ 0.00 $ 0.00
2-E 9.9500% $ 12,007,026.27 5,200 $ 99,558.26 $ 99,558.26
--------------- ------------ ------------ -------------
$ 12,007,026.27 88,124 $99,558.26 $ 99,558.26
Agency MBS Collections :
Interest $ 100,223.47
Principal $ 139,465.04
Investment Income $ 439.84
-------------
TOTAL AVAILABLE $ 240,128.35
Due to Certificateholders $ 239,023.30
-------------
Available for Expenses and Residual Payments $ 1,105.05 THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Expenses Payable ($326.43) Corporate Trust Division
Suite 0126
------------- One First National Plaza
Net Balance $ 778.62 Chicago, Illinois 60670
============= (312)407-4660
Due to Residual Holders $ 778.62 ** THIS IS A REDEMPTION PAYMENT TO SPECIFIC
HOLDERS ELECTING A PUT OPTION.
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 38.9310
</TABLE>
Distribution Date Statement for July 25, 1997
<TABLE>
<CAPTION>
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable $1,000 CTF July 25, 1997 July 25, 1997
----------- ------------- ------------ ---------------- --------------
<S> <C> <C> <C> <C>
$ 0.000000 $ 0.000000 $ 0.000000
$ 0.000000 $ 0.000000 $ 0.000000
$ 0.000000 $ 0.000000 $ 0.000000
$ 0.000000 $ 0.00 - $ 0.00 $ 0.000000
$ 19.145819 $ 139,465.04 $ 26.820200 $ 11,867,561.23 $ 2,282.223313
------------- ----------------
$ 139,465.04 $ 11,867,561.23
Ending Aggregate Agency MBS Balance: $ 11,887,352.35
Accrual Distribution Amount: $ 0.00
Aggregate Cash Flow Value Decline: $ 139,465.04
</TABLE>
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for August 1, 1997
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ----- -------- --------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
A 0.0000% $ 0.00 38,510 $ 0.00 $ 0.00
B 8.0000% $ 0.00 51,050 $ 0.00 $ 0.00
Z 9.9000% $ 12,370,345.21 10,440 $ 102,055.35 $ 102,055.35
--------------- ------------ ------------ --------------
$ 12,370,345.21 100,000 $ 102,055.35 $ 102,055.35
Agency MBS Collections :
Interest $ 103,088.41
Principal $ 495,748.47
Investment Income $ 773.96
--------------
TOTAL AVAILABLE $ 599,610.84
Due to Certificateholders ($597,803.82)
--------------
Available for Expenses and Residual Payments $ 1,807.02
Expenses Payable ($306.26)
THE FIRST NATIONAL BANK OF CHICAGO,
-------------- as Trustee
Net Balance $ 1,500.76 Corporate Trust Division
============== Suite 0126
One First National Plaza
Chicago, Illinois 60670
Due to Residual Holders $ 1,500.76 (312)407-4660
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 75.0380 *
</TABLE>
Distribution Date Statement for August 1, 1997
<TABLE>
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable* $1,000 CTF August 1, 1997 August 1, 1997
- ------------ ------------- ------------ --------------- -----------------
<S> <C> <C> <C> <C>
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 9.775417 $ 495,748.47 $ 47.485486 $ 11,874,596.74 $ 1,137.413481
------------- ---------------
$ 495,748.47 $ 11,874,596.74
Ending Aggregate Agency MBS Balance: $11,874,864.27
Accrual Distribution Amount: $ 0.00
Aggregate Cash Flow Value Decline: $ 495,748.47
----------------
*Aggregate Amount of Principal Distributable: $ 495,748.47
</TABLE>
<PAGE> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement for August 1, 1997
<TABLE>
<CAPTION>
COUPON Principal Number of Interest Interest
Class RATE Outstanding Certificates Accrued Payable
- ----- -------- --------------- ------------ ------------- --------------
<S> <C> <C> <C> <C> <C>
2-A 0.0000% $ 0.00 39,750 $ 0.00 $ 0.00
2-B 7.0000% $ 0.00 24,540 $ 0.00 $ 0.00
2-C 7.0000% $ 0.00 10,930 $ 0.00 $ 0.00
2-D 7.0000% $ 0.00 14,580 $ 0.00 $ 0.00
2-Z 9.4000% $ 15,185,257.64 10,200 $ 118,951.18 $ 118,951.18
--------------- ------------ ------------- --------------
$ 15,185,257.64 100,000 $ 118,951.18 $ 118,951.18
Agency MBS Collections :
Interest $ 120,216.73
Principal $ 259,449.56
Investment Income $ 704.15
--------------
TOTAL AVAILABLE $ 380,370.44
Due to Certificateholders ($378,400.74)
--------------
Available for Expenses and Residual Payments $ 1,969.70
Expenses Payable ($353.34) THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Net Balance $ 1,616.36 Corporate Trust Division
============== Suite 0126
One First National Plaza
Chicago, Illinois 60670
Due to Residual Holders $ 1,616.36 (312)407-4660
Amount Payable Per Individual
Residual Certificate (5% Denomination): $ 80.8180
</TABLE>
Distribution Date Statement for August 1, 1997
<TABLE>
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable* $1,000 CTF August 1, 1997 August 1, 1997
- ------------ ------------- ------------ --------------- ----------------
<S> <C> <C> <C> <C>
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.000000 $ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 11.661880 $ 259,449.56 $ 25.436231 $ 14,925,808.08 $ 1,463.314518
------------- ---------------
$ 259,449.56 $ 14,925,808.08
Ending Aggregate Agency MBS Balance: $ 14,925,822.83
Accrual Distribution Amount: $ 0.00
Aggregate Cash Flow Value Decline: $ 259,449.56
---------------
*Aggregate Amount of Principal Distributable: $ 259,449.56
Principal Allocation: Class 2-A: 0.0000%
Class 2-D: 0.0000%
</TABLE>
<PAGE> 6
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for July 20, 1997
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
Class RATE Outstanding Cert. Accrued Payable $1,000 CTF
- ----- -------- --------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
1-A 8.5000% $ 0.00 15,250 $ 0.00 $ 0.00 $ 0.000000
1-B 9.0000% $ 0.00 10,500 $ 0.00 $ 0.00 $ 0.000000
1-C 9.0000% $ 0.00 6,500 $ 0.00 $ 0.00 $ 0.000000
1-D 9.0000% $ 0.00 16,500 $ 0.00 $ 0.00 $ 0.000000
1-E 9.0000% $ 10,385,865.24 12,000 $ 77,893.99 $ 77,893.99 $ 6.491166
1-F 0.0000% $ 0.00 18,500 $ 0.00 $ 0.00 $ 0.000000
1-G 0.0000% $ 0.00 12,450 $ 0.00 $ 0.00 $ 0.000000
1-H 0.0000% $ 0.00 4,850 $ 0.00 $ 0.00 $ 0.000000
1-I 259.5000% $ 20,771.73 152 $ 4,491.89 $ 4,491.89 $ 29.551908
--------------- ------------ ------------ ------------
$ 10,406,636.97 96,702 $ 82,385.88 $ 82,385.88
</TABLE>
Distribution Date Statement for July 20, 1997
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF July 20, 1997 July 20, 1997
- ------------ ------------- --------------- -----------------
<S> <C> <C> <C>
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 76,713.72 $ 6.392810 $ 10,309,151.52 $ 859.095960
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 0.00 $ 0.000000 $ 0.00 $ 0.000000
$ 153.43 $ 1.009408 $ 20,618.30 $ 135.646711
- ------------ ---------------
$ 76,867.15 $ 10,329,769.82
</TABLE>
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per Principal
RATE Outstanding Cert. Accrued Payable $1,000 CTF Payable*
--------- ----------- ---------- -------- -------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $ 0.00 3,298 $ 7.96 $ 7.96 $ 0.002414 $ 0.00
Principal Balance
Principal Principal Per $1,000
Payable Per Balance After CTF After
$1,000 CTF July 20, 1997 July 20, 1997
- ------------ -------------- -----------------
$ 0.000000 $ 0.00 $ 0.000000
</TABLE>
LOWER TIER REMIC REGULAR INTERESTS
<TABLE>
<CAPTION>
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* July 20, 1997
- ----- --------- ---------------- ------------ -------------- -------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
1-AS 9.5000% $ 0.00 15,311 $ 0.00 $ 0.00 $ 0.00
1-BS 9.5000% $ 0.00 10,521 $ 0.00 $ 0.00 $ 0.00
1-CS 9.5000% $ 0.00 6,513 $ 0.00 $ 0.00 $ 0.00
1-DS 9.5000% $ 0.00 16,533 $ 0.00 $ 0.00 $ 0.00
1-ES 9.5000% $ 10,914,766.48 12,024 $ 82,385.88 $ 76,867.15 $ 10,837,899.33
1-FS 9.5000% $ 0.00 30,950 $ 0.00 $ 0.00 $ 0.00
1-HS 9.5000% $ 0.00 8,148 $ 0.00 $ 0.00 $ 0.00
----------------- ------------ -------------- -------------- -----------------
$ 10,914,766.48 100,000 $ 82,385.88 $ 76,867.15 $ 10,837,899.33
</TABLE>
<PAGE> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR July 20, 1997
<TABLE>
<CAPTION>
<S> <C>
Agency MBS Collections :
Interest $ 82,393.84
Principal $ 76,867.15
Investment Income $ 104.61
---------------
Lower Tier REMIC Collection Account $ 159,365.60
---------------
Upper Tier REMIC Collection Account $ 159,365.60
Aggregate Prin Payable to Holders of
Upper Tier REMIC Regular Certificate ($76,867.15)
Aggregate Interest Payable to Holders of
Upper Tier REMIC Regular Certificates ($82,385.88)
Expenses Payable $ 0.00
REMIC Taxes Payable $ 0.00
Interest Payable to Class 1-R Certificate ($7.96)
Principal Payable to Class 1-R Certificate $ 0.00
Due to Class 1-RS Certificate ($104.61)
---------------
Net Balance $ 0.00
===============
Beginning Aggregate Agency MBS Balance: $100,001,006.61
Ending Aggregate Agency MBS Balance: $ 10,330,776.25
Aggregate Cash Flow Value Decline: $ 76,867.15
---------------
*Aggregate Amount of Principal Distributable: $ 76,867.15
Principal Allocation:
Aggregate Amount of Principal
Distributable to Classes 1-D and 1-I:
Class 1-E: 0.63928100%
Class 1-I: 0.10094079%
Aggregate Amount of Principal
Distributable to Classes 1-G,1-H and 1-R :
Class 1-R: 0.00000000%
</TABLE>
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660