Exhibit 99.56
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
February, 1999
Series 1998-18, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of October 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 % 7.03357
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Weighted average maturity 172.46
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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
----- ----------- ----------- ----------- -----------
R $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
PO $ 3.84512428 $ 2.29296792 $ 0.00000000 % 0.00000000
A $ 27.17440132 $ 24.11650017 $ 4.83110351 % 6.25000001
M $ 3.26476615 $ 0.00000000 $ 5.15792131 % 6.25000234
B1 $ 3.26476615 $ 0.00000000 $ 5.15792873 % 6.25001139
B2 $ 3.26476615 $ 0.00000000 $ 5.15792873 % 6.25001139
B3 $ 3.26476323 $ 0.00000000 $ 5.15792479 % 6.25000659
B4 $ 3.26476323 $ 0.00000000 $ 5.15791086 % 6.24998963
B5 $ 3.26475435 $ 0.00000000 $ 5.15792421 % 6.25000584
2. Unanticipated Recoveries: $ 0.00
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B. Accrual Amount
1.
Accrual Amount
Class
N/A $ N/A
2. The amount of servicing compensation received by the Company
during the month preceding the month of distribution:
$ 35,494.75
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $162,015,299.29
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 483
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
R $ 0.00 $ 0.00 $ 0.00 36157RTT2
PO $ 20,419.46 $ 20,238.47 $ 429.97 GEC9818PO
A $ 163,231,299.70 $ 158,449,230.55 $ 900.40 36157RTS4
SUP $ 165,517,288.22 $ 160,731,847.82 $ 904.38 GE9818SUP
M $ 1,333,961.74 $ 1,329,564.11 $ 987.06 36157RTU9
B1 $ 444,653.91 $ 443,188.04 $ 987.06 36157RTV7
B2 $ 444,653.91 $ 443,188.04 $ 987.06 36157RTW5
B3 $ 711,050.13 $ 708,706.03 $ 987.06 GEC9818B3
B4 $ 355,525.07 $ 354,353.02 $ 987.06 GEC9818B4
B5 $ 267,713.03 $ 266,830.47 $ 987.06 GEC9818B5
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 3 Principal Balance $ 1,053,443.57
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2. 60-89 days
Number 0 Principal Balance $ 0.00
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3. 90 days or more
Number 0 Principal Balance $ 0.00
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4. In Foreclosure
Number 1 Principal Balance $ 286,177.44
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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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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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