Exhibit 99.38
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
November, 1998
Series 1998-12A, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of July 1, 1998 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 7.37053
----------------------
Weighted average maturity 353.21
----------------------
A. Amount of distribution allocable to principal and interest:
The amounts below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
PO1 $ 14.50356554 $ 13.62581540 $ 0.00000000 % 0.00000000
1A1 $ 0.00000000 $ 0.00000000 $ 5.41666673 % 6.50000008
1A2 $ 0.00000000 $ 0.00000000 $ 5.50000000 % 6.60000000
1A3 $ 0.00000000 $ 0.00000000 $ 5.58333341 % 6.70000009
1A4 $ 0.00000000 $ 0.00000000 $ 5.62500000 % 6.75000000
1A5 $ 0.00000000 $ 0.00000000 $ 5.62500000 % 6.75000000
1A6 $ 0.00000000 $ 0.00000000 $ 5.62500059 % 6.74999937
1A7 $ 6.53395300 $ 6.34042307 $ 5.54507971 % 6.75000003
1A8 $ 49.44191148 $ 47.97748607 $ 4.60305486 % 5.81249997
1A9 $ 49.44191193 $ 47.97748630 $ 8.20913466 % 10.36607130
1A10 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1A11 $ 178.51238262 $ 173.22500445 $ 4.20004622 % 6.04374989
1A12 $ 178.51238297 $ 173.22500410 $ 6.16325280 % 8.86874963
1A13 $ 6.53395317 $ 6.34042329 $ 5.54507946 % 6.74999972
1A14 $ 6.53393992 $ 11.72126105 $ 5.54507292 % 6.74999178
1R $ 0.00000000 $ 0.00000000 $ 4.20000000 % 0.00000000
1RL $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
1M $ 0.78112385 $ 0.00000000 $ 5.61181462 % 6.74999963
1B1 $ 0.78112307 $ 0.00000000 $ 5.61181407 % 6.74999896
1B2 $ 0.78112590 $ 0.00000000 $ 5.61181364 % 6.74999844
1B3 $ 0.78112289 $ 0.00000000 $ 5.61181535 % 6.75000049
1B4 $ 0.78112360 $ 0.00000000 $ 5.61181024 % 6.74999432
1B5 $ 0.78112277 $ 0.00000000 $ 5.61181493 % 6.74999998
2. Unanticipated Recoveries: $ 0.00
---------------
B. Accrual Amount
1.
Accrual Amount
Class
1A14 $ 3,470.09
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 83,675.94
----------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 380,321,526.04
-----------------
2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 1,203
--------------
3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
PO1 $ 855,447.67 $ 842,982.95 $ 980.87
1A1 $ 53,290,000.00 $ 53,290,000.00 $ 1,000.00 36157RLN3
1A2 $ 39,687,000.00 $ 39,687,000.00 $ 1,000.00 36157RLP8
1A3 $ 43,496,000.00 $ 43,496,000.00 $ 1,000.00 36157RLQ6
1A4 $ 33,220,000.00 $ 33,220,000.00 $ 1,000.00 36157RLR4
1A5 $ 13,974,000.00 $ 13,974,000.00 $ 1,000.00 36157RLS2
1A6 $ 3,177,829.63 $ 3,177,829.63 $ 1,000.00 36157RLT0
1A7 $ 91,945,800.50 $ 91,336,372.18 $ 979.26 36157RLU7
1A8 $ 36,303,878.39 $ 34,415,087.66 $ 900.87 36157RLV5
1A9 $ 9,412,116.62 $ 8,922,430.14 $ 900.87 36157RLW3
1A10 $ 0.00 $ 0.00 $ 0.00 36157RLX1
1A11 $ 23,634,993.95 $ 18,575,640.62 $ 655.42 36157RLY9
1A12 $ 7,878,331.32 $ 6,191,880.21 $ 655.42 36157RLZ6
1A13 $ 19,912,011.50 $ 19,780,032.18 $ 979.26 36157RMA0
1A14 $ 616,905.64 $ 612,816.71 $ 979.26 36157RMB8
SUP1 $ 350,809,148.38 $ 341,339,449.76 $ 945.82
1R $ 0.00 $ 0.00 $ 0.00 36157RMF9
1RL $ 0.00 $ 0.00 $ 0.00 36157RMG7
1M $ 7,394,626.18 $ 7,388,836.49 $ 996.87 36157RMC6
1B1 $ 3,197,986.27 $ 3,195,482.38 $ 996.87 36157RMD4
1B2 $ 1,798,773.75 $ 1,797,365.38 $ 996.87 36157RME2
1B3 $ 1,599,242.55 $ 1,597,990.41 $ 996.87 36157RNY7
1B4 $ 799,122.45 $ 798,496.77 $ 996.87 36157RNZ4
1B5 $ 1,200,051.56 $ 1,199,111.96 $ 996.87 36157RPA7
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 6 Principal Balance $ 1,934,541.98
-------- ----------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
-------- ----------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
-------- ----------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
-------- ----------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
-------- ----------------
6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
----------------
7. The Certificate Interest Rate applicable to the Interest Accrual
Period relating to such Distribution Date applicable to any floating
index certificate:
Certificate Interest
Class Rates
1A8 % 5.81249997
1A9 % 10.36607130
1A11 % 6.04374989
1A12 % 8.86874963
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
----------------
2. Bankruptcy Loss Amount: $ 0.00
----------------
3. Fraud Loss Amount: $ 0.00
----------------
4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
-----------