Exhibit 99.18
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
May, 1999
GEM Trust 99-01, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of April 1, 1999 (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 % 7.651786
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Weighted average maturity 352.28
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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
----- ----------- ----------- ----------- -----------
P $ 1.16417611 $ 0.20335012 $ 0.00000000 % 0.00000000
IA1 $ 30.66275764 $ 29.79451956 $ 5.52083337 % 6.62500004
IA2 $ 0.00000000 $ 0.00000000 $ 5.83333684 % 7.00000421
IA3 $ 0.00000000 $ 0.00000000 $ 5.52083333 % 6.62500000
IA4 $ 0.00000000 $ 0.00000000 $ 5.52083206 % 6.62499847
IA5 $ 41.29464423 $ 40.12535647 $ 5.52083319 % 6.62499983
IA6 $ 0.00000000 $ 0.00000000 $ 5.52083322 % 6.62499986
IA7 $ 0.00000000 $ 0.00000000 $ 5.62500306 % 6.75000367
IA8 $ 0.00000000 $ 0.00000000 $ 4.77500091 % 5.73000109
IA9 $ 0.00000000 $ 0.00000000 $ 7.69296185 % 9.23155422
IA10 $ 0.00000000 $ 0.00000000 $ 8.33337179 %10.00004614
IIA1 $ 13.72862635 $ 12.96354646 $ 5.83333333 % 7.00000000
IIA2 $ 13.72862600 $ 12.96354689 $ 0.00000000 % 0.00000000
AR $ 1000.00000000 $ 971.70000000 $ 5.50000000 % 6.60000000
X $ 0.00000000 $ 0.00000000 $ 5.52083335 % 6.62500002
M $ 0.75692181 $ 0.75692181 $ 5.52083325 % 6.62499990
B1 $ 0.75692189 $ 0.75692189 $ 5.52083266 % 6.62499920
B2 $ 0.75692023 $ 0.75692023 $ 5.52083324 % 6.62499988
B3 $ 0.75692023 $ 0.75692023 $ 5.52083324 % 6.62499988
B4 $ 0.75691804 $ 0.75691804 $ 5.52083562 % 6.62500274
B5 $ 0.75692209 $ 0.75692209 $ 5.52083492 % 6.62500190
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:
$ 28,942.54
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 387,111,893.87
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 1,929
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
- ----- ------- ----------------- ------- -----
P $ 226,555.07 $ 226,291.32 $ 998.84 23321P3M8
IA1 $ 124,733,138.00 $ 120,908,476.02 $ 969.34 23321P2Z0
IA2 $ 950,000.00 $ 950,000.00 $ 1,000.00 23321P3A4
IA3 $ 19,800,000.00 $ 19,800,000.00 $ 1,000.00 23321P3B2
IA4 $ 1,310,000.00 $ 1,310,000.00 $ 1,000.00 23321P3C0
IA5 $ 31,762,780.00 $ 30,451,147.30 $ 958.71 23321P3D8
IA6 $ 11,012,220.00 $ 11,012,220.00 $ 1,000.00 23321P3E6
IA7 $ 817,500.00 $ 817,500.00 $ 1,000.00 23321P3F3
IA8 $ 2,889,545.00 $ 2,889,545.00 $ 1,000.00 23321P3G1
IA9 $ 647,926.00 $ 647,926.00 $ 1,000.00 23321P3H9
IA10 $ 130,029.00 $ 130,029.00 $ 1,000.00 23321P3J5
IIA1 $ 167,263,644.00 $ 164,967,343.93 $ 986.27 23321P3K2
IIA2 $ 9,467,753.00 $ 9,337,773.76 $ 986.27 23321P3L0
AR $ 100.00 $ 0.00 $ 0.00 23321P3P1
X $ 46,292,848.19 $ 44,938,760.59 $ 970.75 23321P3N6
M $ 8,880,587.00 $ 8,873,865.09 $ 999.24 23321P3Q9
B1 $ 5,131,005.00 $ 5,127,121.23 $ 999.24 23321P3R7
B2 $ 4,341,620.00 $ 4,338,333.74 $ 999.24 23321P3S5
B3 $ 2,170,810.00 $ 2,169,166.87 $ 999.24 23321P3T3
B4 $ 1,184,078.00 $ 1,183,181.75 $ 999.24 23321P3U0
B5 $ 1,973,466.00 $ 1,971,972.24 $ 999.24 23321P3V8
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 17 Principal Balance $ 3,245,896.79
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2. 60-89 days
Number 1 Principal Balance $ 311,335.10
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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
IA8 % 5.73000109
IA9 % 9.23155422
IA10 % 10.00004614
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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G.
Rounding Amount
Opening Reimbursement (Withdrawl) Closing
Class Balance Amount Balance
- ----- ------- ------ --------------- -------
IA2 $ 999.99 $ 0.00 $ 0.00 $ 999.99
*It has been the Company's experience that, with respect to the first
Distribution Date after the closing of a securitization containing a large
number of recently originated or acquired Mortgage Loans, the number of Mortgage
Loans 30-59 days delinquent may be inflated due to the borrowers sending monthly
payments to the wrong location or delays by the Company in inputting the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date. However, the Company makes no assurances as to the level of delinquent
Mortgage Loans for future Distribution Dates.