Exhibit 99.40
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
January, 1999
Series 1998-12B, 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 % 7.440497
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Weighted average maturity 351.75
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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
----- ----------- ----------- ----------- -----------
PO2 $ 0.98426785 $ 0.07199607 $ 0.00000000 %0.00000000
2A1 $ 0.00000000 $ 0.00000000 $ 5.50000000 %6.60000000
2A2 $ 0.00000000 $ 0.00000000 $ 5.45833348 %6.55000017
2A3 $ 0.00000000 $ 0.00000000 $ 5.62499772 %6.74999755
2A4 $ 24.20098206 $ 22.65119610 $ 4.25138989 %6.18750006
2A5 $ 24.20098241 $ 22.65119633 $ 6.46626044 %9.41103683
2A6 $ 24.20098191 $ 22.65119509 $ 5.15319983 %7.50000002
2A7 $ 0.00000000 $ 0.00000000 $ 0.00000000 %0.00000000
2A8 $ 0.00000000 $ 0.00000000 $ 5.78498967 %6.74999617
2A9 $ 0.00000000 $ 0.00000000 $ 5.62500000 %6.75000000
2R $ 0.00000000 $ 0.00000000 $ 5.60000000 %6.72000000
2RL $ 0.00000000 $ 0.00000000 $ 5.60000000 %6.72000000
2M $ 0.78818526 $ 0.00000000 $ 5.60360248 %6.75000137
2B1 $ 0.78818242 $ 0.00000000 $ 5.60360186 %6.75000060
2B2 $ 0.78818976 $ 0.00000000 $ 5.60359551 %6.74999298
2B3 $ 0.78818976 $ 0.00000000 $ 5.60359551 %6.74999298
2B4 $ 0.78817955 $ 0.00000000 $ 5.60359102 %6.74998763
2B5 $ 0.78818521 $ 0.00000000 $ 5.60360488 %6.75000421
2. Unanticipated Recoveries: $ 0.00
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B. Accrual Amount
1.
Accrual Amount
Class
2A8 $ 5,599.87
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 41,171.42
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 177,340,286.51
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 560
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
PO2 $ 113,485.99 $ 113,373.75 $ 994.21
2A1 $ 42,800,000.00 $ 42,800,000.00 $ 1,000.00 36157RMH5
2A2 $ 23,450,000.00 $ 23,450,000.00 $ 1,000.00 36157RMJ1
2A3 $ 1,645,925.93 $ 1,645,925.93 $ 1,000.00 36157RMK8
2A4 $ 57,435,503.90 $ 55,749,663.48 $ 800.31 36157RML6
2A5 $ 11,061,652.60 $ 10,736,972.23 $ 800.31 36157RMM4
2A6 $ 3,829,033.59 $ 3,716,644.23 $ 800.31 36157RMN2
2A7 $ 0.00 $ 0.00 $ 0.00 36157RMP7
2A8 $ 995,533.01 $ 1,001,132.88 $ 1,034.23 36157RMQ5
2A9 $ 31,800,000.00 $ 31,800,000.00 $ 1,000.00 36157RMR3
SUP2 $ 174,148,621.59 $ 172,030,072.33 $ 882.74
2R $ 100.00 $ 100.00 $ 1,000.00 36157RMV4
2RL $ 100.00 $ 100.00 $ 1,000.00 36157RMW2
2M $ 3,688,913.03 $ 3,685,994.38 $ 995.41 36157RMS1
2B1 $ 1,496,286.09 $ 1,495,102.23 $ 995.41 36157RMT9
2B2 $ 797,952.83 $ 797,321.50 $ 995.41 36157RMU6
2B3 $ 797,952.83 $ 797,321.50 $ 995.41 36157RPB5
2B4 $ 399,474.51 $ 399,158.45 $ 995.41 36157RPC3
2B5 $ 798,033.28 $ 797,401.88 $ 995.41 36157RPD1
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 2 Principal Balance $ 653,033.37
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2. 60-89 days
Number 1 Principal Balance $ 182,989.89
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3. 90 days or more
Number 0 Principal Balance $ 0.00
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4. In Foreclosure
Number 0 Principal Balance $ 0.00
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5. Real Estate Owned
Number 0 Principal Balance $ 0.00
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6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
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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
2A4 % 6.18750006
2A5 % 9.41103683
2A6 % 7.50000002
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
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2. Bankruptcy Loss Amount: $ 0.00
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3. Fraud Loss Amount: $ 0.00
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4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
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