Exhibit 99.10
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
MAY 1998
Home Equity Loan Pass-Through Certificates,
Series 1998-HE1
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1998
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company"),
and The First National Bank of Chicago (the "Trustee"), governing the
Certificates referred to above, the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this
month:
The amounts below are for a Single Certificate of $1,000:
(1) Amount of distribution allocable to principal:
Class A1 36158GAV0 $41.53227877
Class A2 36158GAW8 $ 0.00000000
Class A3 36158GAX6 $ 0.00000000
Class A4 36158GAY4 $ 0.00000000
Class A5 36158GAZ1 $ 0.00000000
Class A6 36158GBA5 $ 0.00000000
Class A7 36158GBB3 $ 0.00000000
Class M 36158GBE7 $ 1.38173417
Class B1 36158GBF4 $ 1.38173417
Class B2 36158GBC2 $ 1.38173417
Class B3 36157REZ4 $ 1.38173417
Class B4 36157RFA8 $ 1.38173417
Class B5 36157RFB6 $ 1.38173417
Class R1 36158GBC1 $ 0.00000000
Class R2 36158GBD9 $ 0.00000000
(2) Aggregate Principal prepayments included in distribution:
Class A1 36158GAV0 $1,657,382.25
Class A2 36158GAW8 $ 0.00000000
Class A3 36158GAX6 $ 0.00000000
Class A4 36158GAY4 $ 0.00000000
Class A5 36158GAZ1 $ 0.00000000
Class A6 36158GBA5 $ 0.00000000
Class A7 36158GBB3 $ 0.00000000
Class M 36158GBE7 $ 0.00000000
Class B1 36158GBF4 $ 0.00000000
Class B2 36158GBC2 $ 0.00000000
Class B3 36157REZ4 $ 0.00000000
Class B4 36157RFA8 $ 0.00000000
Class B5 36157RFB6 $ 0.00000000
Class R1 36158GBC1 $ 0.00000000
Class R2 36158GBD9 $ 0.00000000
(3) Amount of distribution allocable to interest Pay-out Rate:
Class A1 36158GAV0 $5.29082526 6.525%
Class A2 36158GAW8 $5.21666667 6.260%
Class A3 36158GAX6 $5.27500000 6.330%
Class A4 36158GAY4 $5.36666667 6.440%
Class A5 36158GAZ1 $5.44166667 6.530%
Class A6 36158GBA5 $5.78333333 6.940%
Class A7 36158GBB3 $5.38750000 6.465%
Class S 36198HE1 $1.95710450 2.35%
Class M 36158GBE7 $5.78254470 6.950%
Class B1 36158GBF4 $6.02383074 7.240%
Class B2 36158GBC2 $6.31503803 7.590%
Class B3 36157REZ4 $7.44428581 8.947%
Class B4 36157RFA8 $7.44428581 8.947%
Class B5 36157RFB6 $7.44428581 8.947%
(4) Servicing Compensation: $64,728.43
The amounts below are for the aggregate of all Certificates:
(5) Pool Principal Balance; $153,633,695.85
number of Mortgage Loans: 2,228
(6) Class Certificate Principal Balance of each Class; Certificate
Principal Balance of Single Certificate of each class:
Single
Certificate
Class Cusip# Class Balance Balance
Class A1 36158GAV0 $41,544,590.28 $ 931.49305566
Class A2 36158GAW8 $19,700,000.00 $1,000.00000000
Class A3 36158GAX6 $22,200,000.00 $1,000.00000000
Class A4 36158GAY4 $10,600,000.00 $1,000.00000000
Class A5 36158GAZ1 $12,900,000.00 $1,000.00000000
Class A6 36158GBA5 $17,870,000.00 $1,000.00000000
Class A7 36158GBB3 $14,207,000.00 $1,000.00000000
Class M 36158GBE7 $ 3,860,551.47 $ 997.04325081
Class B1 36158GBF4 $ 3,474,695.73 $ 997.04325081
Class B2 36158GBC2 $ 1,544,420.00 $ 997.04325081
Class B3 36157REZ4 $ 1,544,420.00 $ 997.04325081
Class B4 36157RFA8 $ 1,158,564.26 $ 997.04325081
Class B5 36157RFB6 $ 1,159,456.07 $ 997.04325081
Class R1 36158GBC1 $ 0.00 $ 0.00000000
Class R2 36158GBD9 $ 0.00 $ 0.00000000
(7) Book value of real estate acquired on behalf of Certificate-
holders; $0.00
number of related Mortgage Loans: 0
(8) Aggregate Scheduled Principal Balance and number of delinquent
Mortgage Loans:
One Payment Delinquent $105,790.83
2
Two Payments Delinquent $ 0.00
0
Three or more Payments Delinquent $318,750.00
1
TOTAL $424,540.83
3
In foreclosure $ 0.00
0
(9) Aggregate Scheduled Principal Balance and number of replaced
Mortgage Loans: $ 0.00
0
(10) Unpaid Net Simple Interest Shortfall:
Class A1 36157NFF6 $0.00
Class A2 36157NFG4 $0.00
Class A3 36157NFH2 $0.00
Class A4 36157NFJ8 $0.00
Class A5 36157NFK5 $0.00
Class A6 36157NFL3 $0.00
Class A7 36157NFM1 $0.00
Class S 36197HE4 $0.00
Class M 36157NFQ2 $0.00
Class B1 36157NFR0 $0.00
Class B2 36157NFS8 $0.00
Class B3 36157NFT6 $0.00
Class B4 36157NFU3 $0.00
Class B5 36157NFV1 $0.00
(11) Class Certificate Interest Rate of:
Class M 36157NFQ2 6.950%
Class B1 36157NFR0 7.240%
Class B2 36157NFS8 7.590%
Class B3 36157NFT6 8.947%
Class B4 36157NFU3 8.947%
Class B5 36157NFV1 8.947%
Class S 36197HE4 2.35%
(12) Senior Percentage for such Distribution Date 91.694683%
(13) Senior Prepayment Percentage for such Distribution
Date 100.000000%
(14) Junior Percentage for such Distribution Date 8.305317%
(15) Junior Prepayment Percentage for such Distribution Date 0.000000%
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Tim Neer
-----------------------------------
Name: Tim Neer
Title: Vice President,
Investor Operations