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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 25, 1998
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 (248) 488-7000
Total Pages: 7
<PAGE> 2
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 September 1998 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: September 25, 1998 By: /s/ John Cleary
-------------------------------
John Cleary
Senior Vice President
<PAGE> 3
SERVICER'S CERTIFICATE
September 1998
(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:
(a) As the close of business on the Business Day next preceding the
Determination Date for this month:
(1) The Maximum Payment Amount is: $ 1,371,440.19
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(2) Aggregate Payments to date are: $ -0-
--------------
(3) Net recoveries to date are: $ -0-
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(4) The Amount Available for this month is: $ 1,371,440.19
--------------
(5) The Delinquency Amount for this month is: $ -0-
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(6) The Repurchase Amount for this month is: $ -0-
--------------
(7) The amount to be distributed to Certificate
holders in this month from funds available
in the Certificate Account pending distribution
or withdrawal in future months is: $ 27,641.76
--------------
(8) The Amount of Payment for this month is: $ -0-
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(9) Estimated Net Recoveries for month are: $ -0-
--------------
(10) The Amount of Additional Payments for this
month is: $ -0-
--------------
(11) The amount of (8) above allocable to (5)
above is: $ -0-
--------------
(12) The amount of (8) above allocable to (6)
above is: $ -0-
--------------
<PAGE> 4
(13) The amount to be distributed on the
Distribution Date for this month per Single
Certificate is:
Principal: $ 4,3086
--------------
Interest: $ 4.0474
--------------
Total: $ 8.3560
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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-.
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Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
Source One Mortgage Services Corporation,
as Servicing Agent
By: /s/ John Cleary
-------------------------------------
John Cleary
Senior Vice President
<PAGE> 5
Report to Certificate Holders
September 1998
(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
1/3308th 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 for this 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: $ 4,0598
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<PAGE> 6
<TABLE>
<S> <C>
(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: $ .2488
-----------
(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: $ 4.0474
-----------
(4) The amount of servicing compensation received by the Company during
the current month is: $ 1,910.14
-----------
(5) The aggregate outstanding principal amount of the Loans in the Pool
net on the current distribution is: $1,382,852.34
-------------
(6) The number and aggregate principal balances of the Loans in the Pool
delinquent one month are: 6 loans with a
principal balance
of 190,180.14
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(7) The number and aggregate principal balances of the Loans 0 loan with a
in the Pool delinquent two or more months are: principal balance
of -0-
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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: 99 to 1
-------------
(10) The Company should give any other customary information as the Company
deems necessary of desirable to enable Certificate Holders to prepare
their tax returns.
</TABLE>
SOURCE ONE MORTGAGE SERVICES CORPORATION
as Servicing Agent
By: /s/ John Cleary
--------------------------
John Cleary
Senior Vice President
<PAGE> 7
CMBS TRUSTEE REPORT
SEPTEMBER 25, 1998
<TABLE>
<S> <C>
Certificate Account Balance - Prior 21,681.39
Deposits
Principal 37,692.10
Interest 15,621.64
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 9-25-98 27,641.76
Servicing Compensation 1,910.14
Excess of Liquidation Proceeds Passed Thru .00
Certificate Account Balance - Current 35,319.25
Loans Two of More Months Delinquent =6 190,180.14
</TABLE>
Source One Mortgage Services Corporation
By: /s/ John Cleary
---------------------------------
John Cleary
Senior Vice President
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