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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 25, 1999
Source One Mortgage Corporation
(Exact name of registrant as specified in its charter)
Delaware 1-12898 38-3423621
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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
See the Report to the Trustee and the Report to the Certificate
holders for the month of May 1999 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 Corporation
(Registrant)
Date: May 25, 1999 By: /s/ John Cleary
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John Cleary
Senior Vice President
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SERVICER'S CERTIFICATE
May 1999
(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 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:
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<S> <C>
(1) The Maximum Payment Amount is: $ 970,596.03
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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: $ 970,596.03
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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: $ 60,420.64
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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-
(12) The amount of (8) above allocable to (6) -------------
above is: $ -0-
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</TABLE>
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(13) The amount to be distributed on the
Distribution Date for this month per
Single Certificate is:
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<S> <C>
Principal: $ 15,2931
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Interest: $ 2,9719
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Total: $ 18,2650
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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 Corporation,
as Servicing Agent
By: /s/ John Cleary
---------------------------------
John Cleary
Senior Vice President
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Report to Certificate Holders
May 1999
(month) (year)
Source One Mortgage 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 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:
$ 3.6340
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<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: $ 11.6591
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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:
$ 2.9719
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(4) The amount of servicing compensation received by the
Company during the current month is: $ 1,389,22
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(5) The aggregate outstanding principal amount of the Loans
in the Pool net on the current distribution is: $ 975,246.84
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(6) The number and aggregate principal balances of the
Loans in the Pool delinquent one month are: 4 loan with a
principal balance
of 82,536.92
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(7) The number and aggregate principal balances of the -1- loan with a
Loans in the Pool delinquent two or more months are: principal balance
of 13,509.76
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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: 100% 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.
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SOURCE ONE MORTGAGE CORPORATION
as Servicing Agent
By: /s/ John Cleary
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John Cleary
Senior Vice President
