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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: September 24, 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 48334-3357
Farmington Hills, Michigan -------------------
- ---------------------------- (Zip Code)
(Address of principal
executive offices)
Registrant's telephone number, including area code: (248) 488-7000
Total Pages: 8
<PAGE> 2
Item 5. Other Events
None applicable.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
See attached Distribution Reports as of September 25, 1997 for
Series 1987-1 and 1988-2, Distribution Reports as of October 1, 1997
for Series 1988-1 and 1988-2 and Distribution Reports as of September
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: September 24, 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 1987-1
Distribution Date Statement for September 25, 1997
<TABLE>
<CAPTION>
COUPON Principal Number of Interest
Class RATE Outstanding Certificates Payable
- ------ ---------- --------------- ------------ -----------------
<S> <C> <C> <C> <C>
A 6.6125% $9,048,827.87 62,500 $149,588.44
B 6.0000% $0.00 13,700 $0.00
C 6.0000% $0.00 26,900 $0.00
D 6.0000% $9,048,827.88 21,900 $135,732.42
--------------- ---------- --------------
$18,097,655.75 125,000 $285,320.86
*Aggregate Cash Flow Value Decline: $970,362.59
Ending Aggregate Agency MBS Balance: $17,130,150.42
Agency MBS Collections:
Interest $421,389.27
Principal $970,362.59
Investment Income $7,482.59
---------------
TOTAL AVAILABLE $1,399,234.45
Due to Certificateholders ($1,255,683.46)
Expenses Payable ($5,648.86)
---------------
Due to Residual Holders $137,902.13
===============
Amount Payable Per Individual
Residual Certificate (5% Denomination): $6,895.1065
</TABLE>
Distribution Date Statement for September 25, 1997
<TABLE>
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable* $1,000 CTF September 25, 1997 September 25, 1997
- -------------------------- ---------------- --------------- -------------------- -------------------
<S> <C> <C> <C> <C> <C>
A $2.393415 $485,181.30 $7.762901 $8,563,646.57 $137.018345
B $0.000000 $0.00 $0.000000 $0.00 $0.000000
C $0.000000 $0.00 $0.000000 $0.00 $0.000000
D $6.197827 $485,181.30 $22.154397 $8,563,646.58 $391.034090
--------------- ---------------
$970,362.60 $17,127,293.15
Principal Allocation: Class A: 50.00000%
Class D 50.00000%
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> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
Distribution Date Statement for September 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% $11,839,818.17 5,200 $98,171.83 $98,171.83
--------------- ---------- ------------- ---------------
$11,839,818.17 88,124 $98,171.83 $98,171.83
Agency MBS Collections:
Interest $98,830.10
Principal $194,243.42
Investment Income $122.89
---------------
TOTAL AVAILABLE $293,196.41
Due to Certificateholders $292,415.25
---------------
Available for Expenses and Residual Payments $781.16
Expenses Payable ($315.23)
---------------
Net Balance $465.93
===============
Due to Residual Holders $465.93
Amount Payable Per Individual
Residual Certificate (5% Denomination): $23.2965
</TABLE>
Distribution Date Statement for September 25, 1997
<TABLE>
<CAPTION>
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
Class $1,000 CTF Payable $1,000 CTF September 25, 1997 September 25, 1997
- ----- --------------- -------------- ---------------- ----------------- --------------------
<S> <C> <C> <C> <C> <C>
2-A $0.000000 $0.000000 $0.000000
2-B $0.000000 $0.000000 $0.000000
2-C $0.000000 $0.000000 $0.000000
2-D $0.000000 $0.00 - $0.00 $0.000000
2-E $18.879198 $194,243.42 $37.354504 $11,645,574.75 $2,239.533606
------------ --------------
$194,243.42 $11,645,574.75
Ending Aggregate Agency MBS Balance: $11,665,365.87
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $194,243.42
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> 5
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
Distribution Date Statement for October 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% $11,667,257.67 10,440 $96,254.88 $96,254.88
---------------- ----------- -------------- ---------------
$11,667,257.67 100,000 $96,254.88 $96,254.88
Agency MBS Collections :
Interest $97,229.41
Principal $189,864.42
Investment Income $566.27
---------------
TOTAL AVAILABLE $287,660.10
Due to Certificateholders ($286,119.30)
---------------
Available for Expenses and Residual Payments $1,540.80
Expenses Payable ($292.49)
---------------
Net Balance $1,248.31
===============
Due to Residual Holders $1,248.31
Amount Payable Per Individual
Residual Certificate (5% Denomination): $62.4155
</TABLE>
Distribution Date Statement for October 1, 1997
<TABLE>
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
COUPON Payable Per Principal Payable Per Balance After CTF After
Class RATE $1,000 CTF Payable* $1,000 CTF October 1, 1997 October 1, 1997
- ----- -------- ------------ -------------- ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A 0.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
B 8.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
Z 9.9000% $9.219816 $189,864.42 $18.186247 $11,477,393.25 $1,099.367170
------------- ---------------
$189,864.42 $11,477,393.25
Ending Aggregate Agency MBS Balance: $11,477,660.78
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $189,864.42
---------------
*Aggregate Amount of Principal Distributable: $189,864.42
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 1988-2
Distribution Date Statement for October 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% $14,662,805.97 10,200 $114,858.65 $114,858.65
--------------- ---------- ------------- ---------------
$14,662,805.97 100,000 $114,858.65 $114,858.65
Agency MBS Collections :
Interest $116,080.67
Principal $256,980.29
Investment Income $746.49
---------------
TOTAL AVAILABLE $373,807.45
Due to Certificateholders ($371,838.94)
---------------
Available for Expenses and Residual Payments $1,968.51
Expenses Payable ($345.38)
Net Balance $1,623.13
===============
Due to Residual Holders $1,623.13
Amount Payable Per Individual
Residual Certificate (5% Denomination): $81.1565
</TABLE>
Distribution Date Statement for October 1, 1997
<TABLE>
<CAPTION>
Principal Balance
Interest Principal Principal Per $1,000
COUPON Payable Per Principal Payable Per Balance After CTF After
Class RATE $1,000 CTF Payable* $1,000 CTF October 1, 1997 October 1, 1997
- ----- -------- ------------ --------------- ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
2-A 0.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-B 7.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-C 7.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-D 7.0000% $0.000000 $0.00 $0.000000 $0.00 $0.000000
2-Z 9.4000% $11.260652 $256,980.29 $25.194146 $14,405,825.68 $1,412.335851
-------------- ---------------
$256,980.29 $14,405,825.68
Ending Aggregate Agency MBS Balance: $14,405,840.43
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $256,980.29
---------------
*Aggregate Amount of Principal Distributable: $256,980.29
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> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
Distribution Date Statement for September 20, 1997
<TABLE>
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Interest Principal
COUPON Principal Number of Interest Interest Payable Per Principal Payable Per
Class RATE Outstanding Cert. Accrued Payable $1,000 CTF Payable* $1,000 CTF
- ----- --------- ---------------- ----------- ------------ -------------- ----------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-A 8.5000% $0.00 15,250 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-B 9.0000% $0.00 10,500 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-C 9.0000% $0.00 6,500 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-D 9.0000% $0.00 16,500 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-E 9.0000% $10,140,610.94 12,000 $76,054.58 $76,054.58 $6.337882 $132,217.71 $11.018143
1-F 0.0000% $0.00 18,500 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-G 0.0000% $0.00 12,450 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-H 0.0000% $0.00 4,850 $0.00 $0.00 $0.000000 $0.00 $0.000000
1-I 259.5000% $20,281.22 152 $4,385.81 $4,385.81 $28.854013 $264.44 $1.739737
--------------- ---------- ------------ -------------- --------------
$10,160,892.16 96,702 $80,440.39 $80,440.39 $132,482.15
</TABLE>
<TABLE>
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balance
Principal Per $1,000
COUPON Balance After CTF After
Class RATE September 20, 1997 September 20, 1997
- ----- --------- ----------------- --------------------
<S> <C> <C> <C>
1-A 8.5000% $0.00 $0.000000
1-B 9.0000% $0.00 $0.000000
1-C 9.0000% $0.00 $0.000000
1-D 9.0000% $0.00 $0.000000
1-E 9.0000% $10,008,393.23 $834.032769
1-F 0.0000% $0.00 $0.000000
1-G 0.0000% $0.00 $0.000000
1-H 0.0000% $0.00 $0.000000
1-I 259.5000% $20,016.78 $131.689342
----------------
$10,028,410.01
</TABLE>
<TABLE>
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Interest Principal
COUPON Principal Number of Interest Interest Payable Per Principal Payable Per
RATE Outstanding Cert. Accrued Payable $1,000 CTF Payable* $1,000 CTF
--------- ---------------- ----------- ------------ -------------- ----------------- -------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $0.00 3,298 $7.97 $7.97 $0.002417 $0.00 $0.000000
</TABLE>
<TABLE>
<CAPTION>
UPPER TIER REMIC REGULAR CERTIFICATES
Principal Balanc
Principal Per $1,000
COUPON Balance After CTF After
RATE September 20, 1997 September 20, 1997
--------- ------------------- -------------------
<S> <C> <C> <C>
1-R 0.0000% $0.00 $0.000000
</TABLE>
<TABLE>
<CAPTION>
LOWER TIER REMIC REGULAR INTERESTS
Principal
COUPON Principal Number of Interest Principal Balance After
Class RATE Outstanding Certificates Accrued Payable* September 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 $132,482.15 $10,536,539.52
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 $132,482.15 $10,536,539.52
</TABLE>
<PAGE> 8
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR September 20, 1997
<TABLE>
<S> <C> <C> <C>
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Agency MBS Collections : Ending Aggregate Agency MBS Balance : $10,029,416.44
Interest $80,448.36
Principal $132,482.15
Investment Income $69.64 Aggregate Cash Flow Value Decline: $132,482.15
------------- --------------
Lower Tier REMIC Collection Account $213,000.15 *Aggregate Amount of Principal Distributable: $132,482.15
-------------
Upper Tier REMIC Collection Account $213,000.15
Aggregate Prin Payable to Holders of Principal Allocation:
Upper Tier REMIC Regular Certificate ($132,482.15)
Aggregate Interest Payable to Holders of Aggregate Amount of Principal
Upper Tier REMIC Regular Certificates ($80,440.39) Distributable to Classes 1-D and 1-I:
Expenses Payable $0.00
Class 1-E: 1.10181425%
Class 1-I: 0.17397368%
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 ($7.97)
Class 1-R: 0.00000000%
Principal Payable to Class 1-R Certificate $0.00
Due to Class 1-RS Certificate ($69.64)
------------- 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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