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<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: October 23, 1997
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
27555 Farmington Road
Farmington Hills, Michigan 48334-3357
(Address of principal (Zip Code)
executive offices)
Registrant's telephone number, including area code: (248) 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 October 25, 1997 for Series
1987-2,
Distribution Reports as of November 1, 1997 for Series 1988-1 and
1988-2 and
Distribution Reports as of October 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: October 23, 1997 By: /s/ 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
<TABLE>
<CAPTION>
Distribution Date Statement for October 25, 1997
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% $11,645,574.75 5,200 $96,561.22 $96,561.22
------------------- -------------- ------------------- ------------------
$11,645,574.75 88,124 $96,561.22 $96,561.22
Agency MBS Collections :
Interest $97,211.36
Principal $185,023.35
Investment Income $362.89
------------------
TOTAL AVAILABLE $282,597.60
Due to Certificateholders $281,584.57
------------------
Available for Expenses and Residual Payments $1,013.03
Expenses Payable ($303.57)
------------------
Net Balance $709.46
==================
Due to Residual Holders $709.46
Amount Payable Per Individual
Residual Certificate (5% Denomination): $35.4730
<CAPTION>
Distribution Date Statement for October 25, 1997
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable $1,000 CTF October 25, 1997 October 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
$18.569465 $185,023.35 $35.581413 $11,460,551.40 $2,203.952192
--------------- -------------------
$185,023.35 $11,460,551.40
Ending Aggregate Agency MBS Balance: $11,480,342.52
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $185,023.35
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
** THIS IS A REDEMPTION PAYMENT TO SPECIFIC HOLDERS ELECTING A PUT OPTION.
</TABLE>
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for Statement for November 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% $11,477,393.25 10,440 $94,688.49 $94,688.49
------------------ ------------ ------------- ---------------
$11,477,393.25 100,000 $94,688.49 $94,688.49
Agency MBS Collections :
Interest $95,647.20
Principal $154,127.99
Investment Income $558.30
-----------------
TOTAL AVAILABLE $250,333.49
Due to Certificateholders ($248,816.48)
------------------
Available for Expenses and Residual Payments $1,517.01
Expenses Payable ($288.90)
------------------
Net Balance $1,228.11
==================
Due to Residual Holders $1,228.11
Amount Payable Per Individual
Residual Certificate (5% Denomination): $61.4055
</TABLE>
<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 November 1, 1997 November 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
$9.069779 $154,127.99 $14.763217 $11,323,265.26 $1,084.603952
------------------- ---------------------
$154,127.99 $11,323,265.26
Ending Aggregate Agency MBS Balance: $11,323,532.79
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $154,127.99
---------------------
*Aggregate Amount of Principal Distributable: $154,127.99
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
<PAGE> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement for November 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% $14,405,825.68 10,200 $112,845.63 $112,845.63
-------------------- ------------- ----------------- ----------------
$14,405,825.68 100,000 $112,845.63 $112,845.63
Agency MBS Collections :
Interest $114,046.24
Principal $121,981.25
Investment Income $835.91
----------------
TOTAL AVAILABLE $236,863.40
Due to Certificateholders ($234,826.88)
----------------
Available for Expenses and Residual Payments $2,036.52
Expenses Payable ($340.82)
Net Balance $1,695.70
================
Due to Residual Holders $1,695.70
Amount Payable Per Individual
Residual Certificate (5% Denomination): $84.7850
<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 November 1, 1997 November 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
$11.063297 $121,981.25 $11.958946 $14,283,844.43 $1,400.376905
------------- ---------------
$121,981.25 $14,283,844.43
Ending Aggregate Agency MBS Balance: $14,283,859.18
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $121,981.25
-------------
*Aggregate Amount of Principal Distributable: $121,981.25
Principal Allocation: Class 2-A: 0.0000%
Class 2-D: 0.0000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
<PAGE> 6
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for October 20, 1997
<TABLE>
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
COUPON Principal Number of Interest Interest
Class RATE Outstanding Cert. Accrued Payable
- -------- ------------ ------------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
1-A 8.5000% $0.00 15,250 $0.00 $0.00
1-B 9.0000% $0.00 10,500 $0.00 $0.00
1-C 9.0000% $0.00 6,500 $0.00 $0.00
1-D 9.0000% $0.00 16,500 $0.00 $0.00
1-E 9.0000% $10,008,393.23 12,000 $75,062.95 $75,062.95
1-F 0.0000% $0.00 18,500 $0.00 $0.00
1-G 0.0000% $0.00 12,450 $0.00 $0.00
1-H 0.0000% $0.00 4,850 $0.00 $0.00
1-I 259.5000% $20,016.78 152 $4,328.63 $4,328.63
----------------- --------- ------------ ------------
$10,028,410.01 96,702 $79,391.58 $79,391.58
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable* $1,000 CTF October 20, 1997 October 20, 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
$6.255246 $194,681.13 $16.223428 $9,813,712.10 $817.809342
$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
$28.477829 $389.36 $2.561579 $19,627.42 $129.127763
----------- --------------
$195,070.49 $9,833,339.52
UPPER TIER REMIC REGULAR CERTIFICATES
<CAPTION>
COUPON Principal Number of Interest Interest
RATE Outstanding Cert. Accrued Payable
------------ ------------------- ---------------- --------------- -----------------
<S> <C> <C> <C> <C> <C>
1-R 0.0000% $0.00 3,298 $7.98 $7.98
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable* $1,000 CTF October 20, 1997 October 20, 1997
- -------------------- ------------------- ---------------- -------------------- ---------------------
<S> <C> <C> <C> <C>
$0.002420 $0.00 $0.000000 $0.00 $0.000000
LOWER TIER REMIC REGULAR INTERESTS
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* October 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% $10,669,021.67 12,024 $81,785.30 $195,070.49 $10,473,951.18
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
------------------- ---------------- --------------- ----------------- --------------------
$10,669,021.67 100,000 $81,785.30 $195,070.49 $10,473,951.18
</TABLE>
<PAGE> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for October 20, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Agency MBS Collections : Ending Aggregate Agency MBS Balance : $9,834,345.95
Interest $79,399.56
Principal $195,070.49
Investment Income $175.27 Aggregate Cash Flow Value Decline: $195,399.56
------------------- -----------------
Lower Tier REMIC Collection Account $274,645.32 *Aggregate Amount of Principal Distributable: $195,399.56
-------------------
Upper Tier REMIC Collection Account $274,645.32
Aggregate Prin Payable to Holders of Principal Allocation:
Upper Tier REMIC Regular Certificate ($195,070.49)
Aggregate Interest Payable to Holders of Aggregate Amount of Principal
Upper Tier REMIC Regular Certificates ($79,391.58) Distributable to Classes 1-D and 1-I:
Expenses Payable $0.00
Class 1-E: 1.62234275%
Class 1-I: 0.25615789%
REMIC Taxes Payable $0.00 Aggregate Amount of Principal
Distributable to Classes 1-G, 1-H and 1-R :
Interest Payable to Class 1-R Certificate ($7.98)
Class 1-R: 0.00000000%
Principal Payable to Class 1-R Certificate $0.00
Due to Class 1-RS Certificate ($175.27)
------------------- THE FIRST NATIONAL BANK OF CHICAGO,
Net Balance $0.00 as Trustee
================== Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
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