Exhibit 99.35
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
DECEMBER 1998
Home Equity Loan Pass-Through Certificates,
Series 1998-HE2
Pursuant to the Pooling and Servicing Agreement dated as of June 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:
A. Mortgage Loan Information:
(1) Aggregate Monthly Payments Due: $1,662,302.89
--------------
(2) Aggregate Monthly Payments received and Monthly Advances made this
Month:
(a) Principal $313,603.11
-----------
(b) Interest $1,431,631.81
-----------
(c) Total $1,745,234.92
-----------
(3) Aggregate Principal Prepayments in part received on Self- Amortizing
Mortgage Loans and applied in the applicable Prepayment Period:
(a) Principal $38,566.62
--------
(c) Total $38,566.62
--------
(4) Aggregate Principal Prepayments in full received in the applicable
Prepayment period:
(a) Principal $3,055,898.83
-----------
(b) Interest $28,952.81
-----------
(c) Total $3,084,851.64
-----------
(5) Aggregate Insurance Proceeds (inculding purchases of Mortgage Loans by
primary mortgage insurers) for prior month:
(a) Principal $0.00
---
(b) Interest $0.00
---
(c) Total $0.00
---
(6) Aggregate Liquidation Proceeds for prior month:
(a) Principal $0.00
---
(b) Interest $0.00
---
(c) Total $0.00
---
(7) Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $0.00
---
(b) Interest $0.00
---
(c) Total $0.00
---
(8) Aggregate Purchase Prices for (and substitution adjustments) for
Defective Mortgage Loans:
(a) Principal $0.00
---
(b) Interest $0.00
---
(c) Total $0.00
---
(9) Aggregate Purchase Prices for for Document Deficiencies per Sec. 2.02
(a) Principal $0.00
---
(b) Interest $0.00
---
(c) Total $0.00
---
(10) Pool Principal Balance $183,768,863.83
------------------
(11) Available Funds: $4,781,579.87
-----------
(12) Realized Losses for
prior month: $0.00
-----------
(13) Aggregate Realized Losses: $0.00
-----------
(a) Deficient Valuations $0.00
-----------
(b) Special Hazard Losses $0.00
-----------
(c) Fraud Losses $0.00
-----------
(d) Excess Bankruptcy Losses $0.00
-----------
(e) Excess Special Hazard Losses $0.00
-----------
(f ) Excess Fraud Losses $0.00
-----------
(14) Compensating Interest
Payment: $2,941.17
-----------
(15) Net Simple Interest
Shortfall: $0.00
-----------
(16) Net Simple Interest
Excess: $0.00
-----------
(17) Simple Interest Shortfall
Payment: $0.00
-----------
(18) Unpaid Net Simple Interest Shortfall:
Class A1 $0.00
---------
Class A2 $0.00
---------
Class A3 $0.00
---------
Class A4 $0.00
---------
Class A5 $0.00
---------
Class A6 $0.00
---------
Class A7 $0.00
---------
Class S $0.00
---------
Class M $0.00
---------
Class B1 $0.00
---------
Class B2 $0.00
---------
Class B3 $0.00
---------
Class B4 $0.00
---------
Class B5 $0.00
---------
(19) Class Certificate Interest Rate:
Class M 6.660%
--------
Class B1 6.905%
--------
Class B2 7.495%
--------
Class B3 8.969%
--------
Class B4 8.969%
--------
Class B5 8.969%
--------
Class S 2.55%
--------
(20) Accrued Certificate Interest and Pay-out Rate:
Class A1 $259,703.73 6.365%
-------------------------
Class A2 $109,381.25 6.105%
-------------------------
Class A3 $142,140.00 6.180%
-------------------------
Class A4 $70,070.83 6.275%
-------------------------
Class A5 $79,463.75 6.315%
-------------------------
Class A6 $130,009.43 6.645%
-------------------------
Class A7 $92,189.17 6.215%
-------------------------
Class S $390,628.06 2.55%
-------------------------
Class M $26,783.39 6.660%
-------------------------
Class B1 $24,992.37 6.905%
-------------------------
Class B2 $12,060.27 7.495%
-------------------------
Class B3 $14,432.01 8.969%
-------------------------
Class B4 $10,825.86 8.969%
-------------------------
Class B5 $10,831.20 8.969%
-------------------------
Total $1,373,511.31
(21) Principal distributable:
Class A1 $3,380,886.18
-----------
Class A2 $0.00
-----------
Class A3 $0.00
-----------
Class A4 $0.00
-----------
Class A5 $0.00
-----------
Class A6 $0.00
-----------
Class A7 $0.00
-----------
Class M $8,235.33
-----------
Class B1 $7,411.97
-----------
Class B2 $3,295.15
-----------
Class B3 $3,295.15
-----------
Class B4 $2,471.78
-----------
Class B5 $2,473.00
-----------
Class R1 $0.00
-----------
Class R2 $0.00
-----------
Total $3,408,068.56
(22) Additional distributions to the Class R1 Certificate pursuant to
Section 2.05 (d) : $0.00
-------
(23) Additional distributions to the Class R2 Certificate pursuant to
Section 4.01 (b) : $0.00
-------
B. Other Amounts:
1) Senior Percentage for such
Distribution Date 91.332236%
-------
2) Senior Prepayment Percentage
for such Distribution Date 100.00%
-------
3) Junior Percentage for such
Distribution Date 8.667764%
-------
4) Junior Prepayment Percentage
-------
for such Distribution Date 0.00%
-------
5) Subordinate Certfificate Writedown Amount
for such Distribution Date $0.00
-----
6) Prepayment Distribution Triggers satisfied:
Yes No
Class B1 X
-----------------------------------
Class B2 X
-----------------------------------
Class B3 X
-----------------------------------
Class B4 X
-----------------------------------
Class B5 X
-----------------------------------
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 of Investor Operations