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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report: May 26, 1998
Source One Mortgage Services Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-2011419
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(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: 6
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Item 5. Other Events
Not applicable.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits
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See the Report to the Trustee and the Report to the Certificate
holders for the month of May 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: May 26, 1998 By: John Cleary
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John Cleary
Senior Vice President
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SERVICER'S CERTIFICATE
May 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: $ 1,488,176.31
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(2) Aggregate Payments to date are: $ -0-
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(3) Net recoveries to date are: $ -0-
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(4) The Amount Available for this month is: $ 1,488,176.31
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(5) The Delinquency Amount for this month is: $ -0-
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(6) The Repurchase Amount for this month is: $ -0-
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(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: $ 30,718.32
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(8) The Amount of Payment for this month is: $ -0-
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(9) Estimated Net Recoveries for month are: $ -0-
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(10) The Amount of Additional Payments for this
month is: $ -0-
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(11) The amount of (8) above allocable to (5)
above is: $ -0-
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(12) The amount of (8) above allocable to (6)
above is: $ -0-
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(13) The amount to be distributed on the
Distribution Date for this month per Single
Certificate is:
Principal: $ 4,8465
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Interest: $ 4.4396
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Total: $ 9,2861
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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-.
Capitalized terms used in this Certificate shall have the same meanings
as in the Agreement.
Source One Mortgage Services Corporation,
as Servicing Agent
By: John Cleary
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John Cleary
Senior Vice President
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Report to Certificate Holders
May 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 1/3308
th 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: $ 4.0110
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(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: $ .8355
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(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: $ 4.4396
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(4) The amount of servicing compensation received by the
Company during the current month is: $ 2499.55
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(5) The aggregate outstanding principal amount of the Loans
in the Pool net on the current distribution is: $1,516,434.63
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(6) The number and aggregate principal balances of the
Loans in the Pool delinquent one month are: 2 loans with a
principal balance
of $ 60.168.54
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(7) The number and aggregate principal balances of the Loans
in the Pool delinquent two or more months are: 0 loan with a
principal
balance of $ .00
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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: 98% to 1
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(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.
SOURCE ONE MORTGAGE SERVICES CORPORATION
as Servicing Agent
By: /s/ John Cleary
-----------------------
John Cleary
Senior Vice President
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CMBS TRUSTEE REPORT
MAY 26, 1998
<TABLE>
<CAPTION>
<S> <C>
Certificate Account Balance - Prior 32,753.47
Deposits
Principal 57,399.39
Interest 21,368.47
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 5-26-98 30,718.32
Servicing Compensation 2,499.55
Excess of Liquidation Proceeds Passed Thru .00
Certificate Account Balance - Current 57,704.55
Loans Two of More Months Delinquent =2 60,168.54
</TABLE>
Source One Mortgage Services Corporation
By: John Cleary
-------------------------------------
John Cleary
Senior Vice President
