SOURCE ONE MORTGAGE SERVICES CORP
8-K, 1999-03-01
ASSET-BACKED SECURITIES
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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: February 25, 1999

                    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
   --------------------------                              ----------
   (Address of principal                                   (zip code)
     executive offices)


Registrant's telephone number, including area code (248) 488-7000


Total Pages:  6 
              -

<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 February 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 Services Corporation
(Registrant)


Date: February 25, 1999                  By: /S/ John Cleary
                                            -------------------------------
                                              John Cleary
                                              Senior Vice President

<PAGE>   3
                             SERVICER'S CERTIFICATE
                               February    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 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:

<TABLE>
<S>      <C>                                                          <C>           
(a)      As the close of business on the Business Day next 
         preceding the Determination Date for this month:

         (1)  The Maximum Payment Amount is:                          $ 1,064,292.63
                                                                      --------------

         (2)  Aggregate Payments to date are:                         $     -0-
                                                                      --------------

         (3)  Net recoveries to date are:                             $     -0-
                                                                      --------------

         (4)  The Amount Available for this month is:                 $ 1,064,292.63
                                                                      --------------

         (5)  The Delinquency Amount for this month is:               $     -0-
                                                                      --------------

         (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:                      $    41,444.02
                                                                      --------------

         (8)  The Amount of Payment for this month is:                $     -0-
                                                                      --------------
         (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-
                                                                      --------------
</TABLE>



<PAGE>   4

<TABLE>
<S>                                                                  <C>           
         (13) The amount to be distributed on the 
              Distribution Date for this month per Single
              Certificate is:
                                   Principal:                         $      9.3753
                                                                      -------------

                                   Interest:                          $      3.1531
                                                                      -------------
                                   Total:                             $     12,5284
                                                                      -------------
</TABLE>

  
(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:  /S/ John Cleary
                                          -------------------------------   
                                                John Cleary
                                                Senior Vice President

<PAGE>   5
                          Report to Certificate Holders

                                  February 1999
                              -----------------------
                                 (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:


<TABLE>
<S>                                                                                     <C>  
(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:                                                         $       3.5610
                                                                                          --------------
</TABLE>
<PAGE>   6

<TABLE>
<S>  <C>                                                                                 <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:                                                           $     5.8143  
                                                                                          ------------

(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:                                                $     3.1531
                                                                                          ------------

(4)  The amount of servicing compensation received by the
     Company during the current month is:                                                 $    1,465.03
                                                                                          -------------

(5)  The aggregate outstanding principal amount of the Loans
     in the Pool net on the current distribution is:                                      $1,057,379.59
                                                                                          -------------

(6)  The number and aggregate principal balances of the
     Loans in the Pool delinquent one month are:                                          2 loans with a
                                                                                          principal balance
                                                                                          of 42,371.31
                                                                                             ---------

(7)  The number and aggregate principal balances of the                                   -0- loan with a 
     Loans in the Pool delinquent two or more months are:                                 principal balance
                                                                                          of  -0-
(8)  The book value of any collateral acquired by the                                     -------------
     Pool through foreclosure or otherwise is:                                                  
                                                                                              -0-
                                                                                          -------------
(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
                                                                                          -------------
(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


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