<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: January 26, 1998
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 January 25, 1998 for
Series 1987-2
Distribution Reports as of February 1, 1998 for Series 1988-1 and
1988-2 and Distribution Reports as of January 20, 1998 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: January 26, 1998 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 January 25, 1998
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% $11,029,655.80 5,200 $91,454.23 $91,454.23
---------------- ----------- -------------- ----------------
$11,029,655.80 88,124 $91,454.23 $91,454.23
Agency MBS Collections :
Interest $92,078.75
Principal $342,575.70
Investment Income $350.02
----------------
TOTAL AVAILABLE $435,004.47
Due to Certificateholders $434,029.93
----------------
Available for Expenses and Residual Payments $974.54
Expenses Payable ($278.49)
----------------
Net Balance $696.05
================
Due to Residual Holders $696.05
Amount Payable Per Individual
Residual Certificate (5% Denomination): $34.8025
</TABLE>
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1987-2
<TABLE>
<CAPTION>
Distribution Date Statement for January 25, 1998
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable $1,000 CTF January 25, 1998 January 25, 1998
- ------------ -------------- ---------------- ----------------- ----------------
<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
$17.587352 $342,575.70 $65.879942 $10,687,080.10 $2,055.207712
----------- --------------
$342,575.70 $10,687,080.10
Ending Aggregate Agency MBS Balance: $10,706,871.22
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $342,575.70
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
** THIS IS A REDEMPTION PAYMENT TO SPECIFIC HOLDERS ELECTING A PUT OPTION.
<PAGE> 4
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
<TABLE>
<CAPTION>
Distribution Date Statement for February 1, 1998
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% $10,932,919.84 10,440 $90,196.59 $90,196.59
---------------- ----------- -------------- ----------------
$10,932,919.84 100,000 $90,196.59 $90,196.59
Agency MBS Collections :
Interest $91,109.92
Principal $75,896.13
Investment Income $323.50
----------------
TOTAL AVAILABLE $167,329.55
Due to Certificateholders ($166,092.72)
----------------
Available for Expenses and Residual Payments $1,236.83
Expenses Payable ($277.80)
----------------
Net Balance $959.03
================
Due to Residual Holders $959.03
Amount Payable Per Individual
Residual Certificate (5% Denomination): $47.9515
</TABLE>
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-1
<TABLE>
<CAPTION>
Distribution Statement for February 1, 1998
Principal Balance
Interest Principal Principal Per $1,000
Payable Per Principal Payable Per Balance After CTF After
$1,000 CTF Payable* $1,000 CTF February 1, 1998 February 1, 1998
- ------------ -------------- ------------ ---------------- ----------------
<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
$8.639520 $75,896.13 $7.269744 $10,857,023.71 $1,039.944800
-------------- ----------------
$75,896.13 $10,857,023.71
Ending Aggregate Agency MBS Balance: $10,857,291.24
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $75,896.13
----------------
*Aggregate Amount of Principal Distributable: $75,896.13
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 February 1, 1998
<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% $13,724,301.59 10,200 $107,507.03 $107,507.03
---------------- ----------- -------------- ------------
$13,724,301.59 100,000 $107,507.03 $107,507.03
Agency MBS Collections :
Interest $108,650.83
Principal $314,390.20
Investment Income $851.10
TOTAL AVAILABLE $423,892.13
Due to Certificateholders (421,897.23)
Available for Expenses and Residual Payments (1,994.90)
Expenses Payable ($329.09)
Net Balance $1,665.81
Due to Residual Holders $1,665.81
Amount Payable Per Individual
Residual Certificate (5% Denomination): $83.2905
</TABLE>
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1988-2
Distribution Date Statement forFebruary 1, 1998
<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 February 1, 1998 February 1, 1998
------------ --------------- ------------ ---------------- ----------------
<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
$10.539905 $314,390.20 $30.822569 $13,409,911.39 $1,314.697195
--------------- ----------------
$314,390.20 $13,409,911.39
Ending Aggregate Agency MBS Balance: $13,409,926.14
Accrual Distribution Amount: $0.00
Aggregate Cash Flow Value Decline: $314,390.20
----------------
*Aggregate Amount of Principal Distributable: $314,390.20
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 January 20, 1998
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
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% $9,413,755.05 12,000 $70,603.16 $70,603.16
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% $18,827.51 152 $4,071.45 $4,071.45
---------------- ----------- ------------ --------------
$9,432,582.56 96,702 $74,674.61 $74,674.61
</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 January 20, 1998 January 20, 1998
- ----------------- -------------- --------------- ------------------ --------------------
<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
$5.883597 $255,951.49 $21.329291 $9,157,803.56 $763.150297
$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
$26.785855 $511.90 $3.367763 $18,315.61 $120.497434
-------------- ------------------
$256,463.39 $9,176,119.17
</TABLE>
UPPER TIER REMIC REGULAR CERTIFICATES
<TABLE>
<CAPTION>
Interest
COUPON Principal Number of Interest Interest Payable Per
RATE Outstanding Cert. Accrued Payable $1,000 CTF
--------- ---------------- ----------- ------------ -------------- -----------------
<S> <C> <C> <C> <C> <C> <C>
1-R 0.0000% $0.00 3,298 $7.97 $7.97 $0.002417
<CAPTION>
Principal Balance
Principal Principal Per $1,000
Principal Payable Per Balance After CTF After
Payable* $1,000 CTF January 20, 1998 January 20, 1998
- -------------- --------------- ------------------ --------------------
<S> <C> <C> <C>
$0.00 $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* January 20, 1998
- ----- --------- ---------------- ----------- ------------ -------------- -----------------
<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% $10,387,698.16 12,024 $74,674.61 $256,463.39 $10,131,234.77
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
---------------- ----------- ------------ -------------- -----------------
$10,387,698.16 100,000 $74,674.61 $256,463.39 $10,131,234.77
</TABLE>
<PAGE> 7
FIREMAN'S FUND MORTGAGE CORPORATION
AGENCY MBS MULTI-CLASS PASS-THROUGH CERTIFICATES
SERIES 1990-1
DISTRIBUTION DATE STATEMENT FOR January 20, 1998
<TABLE>
<S> <C>
Agency MBS Collections :
Interest $74,682.58
Principal $256,463.39
Investment Income $138.07
----------------
Lower Tier REMIC Collection Account $331,284.04
----------------
Upper Tier REMIC Collection Account $331,284.04
Aggregate Prin Payable to Holders of
Upper Tier REMIC Regular Certificates ($256,463.39)
Aggregate Interest Payable to Holders of
Upper Tier REMIC Regular Certificates ($74,674.61)
Expenses Payable $0.00
REMIC Taxes Payable $0.00
Interest Payable to Class 1-R Certificate ($7.97)
Principal Payable to Class 1-R Certificate $0.00
Due to Class 1-RS Certificate ($138.07)
----------------
Net Balance ($0.00)
================
Beginning Aggregate Agency MBS Balance : $100,001,006.61
Ending Aggregate Agency MBS Balance : $9,177,125.60
Aggregate Cash Flow Value Decline: $256,463.39
---------------
*Aggregate Amount of Principal Distributable: $256,463.39
Principal Allocation:
Aggregate Amount of Principal
Distributable to Classes 1-D and 1-I:
Class 1-E: 2.13292908%
Class 1-I: 0.33677632%
Aggregate Amount of Principal
Distributable to Classes 1-G,1-H and 1-R :
Class 1-R: 0.00000000%
THE FIRST NATIONAL BANK OF CHICAGO,
as Trustee
Corporate Trust Division
Suite 0126
One First National Plaza
Chicago, Illinois 60670
(312)407-4660
</TABLE>
