9
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 30, 1998
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of November 1, 1998,
providing for the issuance of REMIC Multi-Class
Pass-Through Certificates, Series 1998-22)
GE Capital Mortgage Services, Inc.
(Exact name of registrant as specified in its charter)
New Jersey 33-5042 21-0627285
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
Three Executive Campus
Cherry Hill, New Jersey 08002
(Address of Principal Executive Office) (Zip Code)
Registrant's telephone number, including area code (609) 661-6100
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
General.
On November 30, 1998, GE Capital Mortgage Services, Inc.
("GECMSI") offered to investors certain classes of its REMIC
Multi-Class Pass-Through Certificates, Series 1998-22 (the
"Certificates") evidencing beneficial ownership interests in a
trust fund (the "Trust Fund"). The assets of the Trust Fund
consist primarily of a pool ("Pool 1998-22") of conventional,
one- to four-family residential loans (the "Mortgage Loans").
Capitalized terms used herein and not otherwise defined shall
have the meanings assigned to them in the Prospectus dated
October 22, 1998 as supplemented by the Prospectus Supplement
dated November 23, 1998.
The original principal balance of each Class of the Certificates
is as follows:
Class A1 $196,733,112.00
Class A2 $1,008,959.00
Class B1 $504,000.00
Class B2 $505,000.00
Class B3 $807,000.00
Class B4 $404,000.00
Class B5 $302,837.25
Class M $1,513,000.00
Class PO $13,827.97
Class R $100.00
---------------
Total: $201,791,836.22
The initial Junior Percentage and initial Senior Percentage for
Pool 1998-22 are approximately 2.00% and 98.00%, respectively.
The "Bankruptcy Loss Amount," the "Fraud Loss Amount" and the
"Special Hazard Loss Amount" for Pool 1998-22 as of the initial
issuance of the Certificates are $100,000.00, $2,017,918.00 and
$2,250,981.00, respectively, representing approximately .05%,
1.00%, and 1.12%, respectively, of the aggregate Scheduled
Principal Balances of the Mortgage Loans as of November 1, 1998
(the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1998-22
Pool 1998-22 consists primarily of fixed-rate, fully-amortizing
conventional Mortgage Loans evidenced by Mortgage Notes which
have original maturities of 10 to 15 years and an aggregate
outstanding Scheduled Principal Balance as of the Cut-off Date,
after deducting payments of principal due on or before such date
and prepayments of principal received before such date, of
$201,791,836.22.
The interest rates (the "Mortgage Rates") borne by the 644
Mortgage Loans conveyed by GECMSI to Pool 1998-22 range from
6.0000% to 8.6250% and the weighted average Mortgage Rate as of
the Cut-off Date is 7.0055% per annum (all weighted averages in
this filing are weighted by aggregate outstanding Scheduled
Principal Balance as of the Cut-off Date). At origination, the
principal balances of the Mortgage Loans in Pool 1998-22 ranged
from $27,450.00 to $1,150,000.00, and, as of the Cut-off Date,
the average outstanding Scheduled Principal Balance of the
Mortgage Loans in Pool 1998-22 is $313,341.36, after application
of principal payments due on or before the Cut-off Date and
prepayments of principal received before such date. The earliest
origination date of any Mortgage Loan in Pool 1998-22 is October
1992, and the latest scheduled maturity date of any such Mortgage
Loan is November 2013. The weighted average loan-to-value ratio
of the Mortgage Loans as of the Cut-off Date in Pool 1998-22 is
66.2189%.
2
The Mortgage Loans in Pool 1998-22 have the following
characteristics as of the Cut-off Date.
The following table sets forth information, as of the Cut-off
Date, with respect to the Mortgage Rates borne by the Mortgage
Loans in Pool 1998-22:
AGGREGATE % OF
BALANCES POOL BY
MORTGAGE # OF AS OF AGGREGATE
RATES LOANS CUT-OFF DATE BALANCE
-------- ----- ------------ ---------
6.0000% 1 $254,000.00 0.1259%
6.1250% 1 $271,074.63 0.1343%
6.2500% 4 $957,927.20 0.4747%
6.3750% 7 $2,260,405.40 1.1202%
6.5000% 24 $7,074,781.25 3.5060%
6.6250% 30 $10,429,766.01 5.1686%
6.7500% 69 $22,396,592.33 11.0989%
6.8750% 128 $43,980,295.91 21.7948%
7.0000% 111 $38,968,280.47 19.3111%
7.1250% 85 $28,423,607.85 14.0856%
7.2500% 68 $20,628,101.72 10.2225%
7.3750% 43 $11,324,205.66 5.6118%
7.5000% 24 $5,805,671.89 2.8771%
7.6250% 23 $5,949,487.20 2.9483%
7.7500% 9 $1,316,395.02 0.6524%
7.8750% 8 $941,780.02 0.4667%
8.0000% 6 $619,576.27 0.3070%
8.2500% 2 $86,746.33 0.0430%
8.6250% 1 $103,141.06 0.0511%
----- --------------- ---------
Total 644 $201,791,836.22 100.0000%
3
b) The following table sets forth information, as of the Cut-off
Date, with respect to the original principal balances of the
Mortgage Loans in Pool 1998-22 :
AGGREGATE % OF
BALANCES POOL BY
ORIGINAL # OF AS OF AGGREGATE
BALANCES LOANS CUT-OFF DATE BALANCE
-------- ----- ------------ ---------
$ 0 - 227,150 112 $13,210,808.60 6.5468%
$227,151 - 250,000 45 $10,934,153.21 5.4185%
$250,001 - 300,000 181 $49,616,312.56 24.5878%
$300,001 - 350,000 110 $35,544,164.39 17.6143%
$350,001 - 400,000 75 $28,076,437.18 13.9136%
$400,001 - 450,000 30 $12,658,863.41 6.2732%
$450,001 - 600,000 64 $32,360,215.86 16.0364%
$600,001 - 650,000 20 $12,651,327.52 6.2695%
$650,001 - 1,000,000 + 7 $6,739,553.49 3.3399%
---- --------------- ---------
Total 644 $201,791,836.22 100.0000%
The largest outstanding Scheduled Principal Balance of any
Mortgage Loan, as of the Cut-off Date, in Pool 1998-22 is
$1,125,490.28.
The smallest outstanding Scheduled Principal Balance of any
Mortgage Loan, as of the Cut-off Date, in Pool 1998-22 is
$27,450.00.
c) The following table sets forth information, as of the Cut-off
Date, with respect to the years of origination of the
Mortgage Loans in Pool 1998-22:
AGGREGATE % OF
BALANCES POOL BY
YEAR OF # OF AS OF AGGREGATE
ORIGINATION LOANS CUT-OFF DATE BALANCE
- ----------- ----- ------------ ---------
1992 1 $254,198.64 0.1260%
1993 1 $222,730.05 0.1104%
1998 642 $201,314,907.53 99.7636%
--- --------------- -------
Total 644 $201,791,836.22 100.0000%
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d) The following table sets forth information, as of the
Cut-off Date, with respect to the loan-to-value ratios of
the Mortgage Loans at origination in Pool 1998-22:
LOAN- AGGREGATE % OF
TO-VALUE BALANCES POOL BY
RATIO AT # OF AS OF AGGREGATE
ORIGINATION LOANS CUT-OFF DATE BALANCE
----------- ----- ------------ ---------
00.000 - 50.00 93 $30,969,849.40 15.3474%
50.001 - 60.00 87 $26,124,516.80 12.9463%
60.001 - 70.00 150 $51,275,101.95 25.4099%
70.001 - 75.00 103 $32,169,832.75 15.9421%
75.001 - 80.00 184 $55,323,919.87 27.4164%
80.001 - 85.00 6 $1,225,167.13 0.6071%
85.001 - 90.00 14 $3,246,111.85 1.6086%
90.001 - 95.00 7 $1,457,336.47 0.7222%
--- --------------- ---------
Total 644 $201,791,836.22 100.0000%
e) The following table sets forth information, as of the Cut-off
Date, with respect to the type of Mortgaged Properties
securing the Mortgage Loans in Pool 1998-22:
AGGREGATE % OF
BALANCES POOL BY
TYPE OF # OF AS OF AGGREGATE
DWELLING LOANS CUT-OFF DATE BALANCE
- -------- ----- ------------ ---------
Single-family 591 $188,154,633.93 93.2420%
detached
Single-family 12 $2,936,933.93 1.4554%
attached
Condominium 29 $8,555,180.58 4.2396%
2 - 4 Family Units 12 $2,145,087.78 1.0630%
--- --------------- ---------
Total 644 $201,791,836.22 100.0000%
f) The following table sets forth information, as of the Cut-off
Date, with respect to the occupancy status of the Mortgaged
Properties securing the Mortgage Loans as represented by the
mortgagors at origination in Pool 1998-22:
AGGREGATE % OF
BALANCES POOL BY
# OF AS OF AGGREGATE
OCCUPANCY LOANS CUT-OFF DATE BALANCE
- --------- ----- ------------ ---------
Owner Occupied 602 $193,711,896.17 95.9959%
Vacation 19 $4,933,827.89 2.4450%
Investment 23 $3,146,112.16 1.5591%
--- --------------- ---------
Total 644 $201,791,836.22 100.0000%
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g) The following table sets forth information, as of the Cut-off
Date, with respect to the geographic distribution of the
Mortgaged Properties securing the Mortgage Loans in Pool
1998-22:
AGGREGATE % OF
BALANCES POOL BY
# OF AS OF AGGREGATE
STATE LOANS CUT-OFF DATE BALANCE
- ----- ----- ------------ ---------
Alabama 3 $525,966.94 0.2606%
Alaska 1 $519,725.21 0.2576%
Arizona 17 $5,925,382.51 2.9364%
California 234 $77,508,924.91 38.4104%
Colorado 26 $8,160,604.81 4.0441%
Connecticut 9 $2,763,540.09 1.3695%
Delaware 1 $342,793.02 0.1699%
Florida 24 $8,551,449.82 4.2378%
Georgia 24 $7,425,335.40 3.6797%
Hawaii 2 $421,920.41 0.2091%
Illinois 20 $6,004,090.43 2.9754%
Indiana 7 $1,720,900.64 0.8528%
Iowa 3 $906,625.74 0.4493%
Kansas 1 $147,083.50 0.0729%
Maine 1 $137,484.11 0.0681%
Maryland 15 $4,402,665.95 2.1818%
Massachusetts 27 $8,175,204.54 4.0513%
Michigan 11 $4,352,580.65 2.1570%
Minnesota 16 $4,035,988.20 2.0001%
Missouri 12 $3,532,363.73 1.7505%
Montana 1 $259,161.73 0.1284%
Nevada 3 $855,224.69 0.4238%
New Hampshire 4 $1,076,226.90 0.5333%
New Jersey 18 $4,842,779.74 2.3999%
New Mexico 3 $703,327.31 0.3485%
New York 12 $3,862,381.75 1.9140%
North Carolina 9 $1,448,890.12 0.7180%
Ohio 14 $4,633,825.79 2.2963%
Oklahoma 4 $951,136.50 0.4713%
Oregon 2 $675,059.30 0.3345%
Pennsylvania 9 $2,778,062.88 1.3767%
Rhode Island 4 $1,582,103.92 0.7840%
South Carolina 2 $556,553.83 0.2758%
South Dakota 1 $249,193.98 0.1235%
Tennessee 9 $2,775,953.48 1.3757%
Texas 37 $10,052,190.28 4.9815%
Utah 4 $1,673,085.44 0.8291%
Vermont 4 $664,722.04 0.3294%
Virginia 22 $6,657,296.13 3.2991%
Washington 14 $4,926,365.89 2.4413%
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Wisconsin 12 $4,405,582.55 2.1832%
Wyoming 2 $602,081.36 0.2984%
--- -------------- ---------
Total 644 $201,791,836.22 100.0000%
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h) The following table sets forth information, as of the Cut-off
Date, with respect to the maturity dates of the Mortgage
Loans in Pool 1998-22:
AGGREGATE % OF
BALANCES POOL BY
YEAR OF # OF AS OF AGGREGATE
MATURITY LOANS CUT-OFF DATE BALANCE
- -------- ----- ------------ ---------
2008 8 $1,546,703.63 0.7665%
2013 636 $200,245,132.59 99.2335%
--- --------------- ---------
Total 644 $201,791,836.22 100.0000%
The weighted average scheduled remaining term to maturity of the
Mortgage Loans in Pool 1998-22 calculated as of the Cut-off Date
is 177 months.
i) The following table sets forth information, as of the Cut-off
Date, with respect to the purpose of the Mortgage Loans in Pool
1998-22:
AGGREGATE % OF
BALANCES POOL BY
PURPOSE # OF AS OF AGGREGATE
OF LOAN LOANS CUT-OFF DATE BALANCE
- ------- ----- ------------ ---------
Purchase 168 $51,498,537.25 25.5206%
Rate Term/Refinance 360 $116,440,841.79 57.7035%
Cash-out Refinance 116 $33,852,457.18 16.7759%
--- --------------- ---------
Total 644 $201,791,836.22 100.0000%
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
1.1 The Underwriting Agreement, dated as of January 22, 1998,
and the related Terms Agreement, dated as of November 23,
1998, for certain of the Series 1998-22 Certificates between
GE Capital Mortgage Services, Inc. and Merrill Lynch ,
Pierce, Fenner & Smith Incorporated.
1.2 The Underwriting Agreement, dated as of May 22, 1996, and
the related Terms Agreement, dated as of November 23, 1998,
for certain of the Series 1998-22 Certificates between GE
Capital Mortgage Services, Inc. and Lehman Brothers Inc..
4.1 The Pooling and Servicing Agreement for the Series 1998-22
Certificates, dated as of November 1, 1998, between GE
Capital Mortgage Services, Inc., as seller and servicer, and
State Street Bank and Trust Company, as trustee.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
GE Capital Mortgage Services, Inc.
By: /s/ Syed W. Ali
--------------------------
Name: Syed W. Ali
Title: Vice President
Dated as of November 30, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
GE Capital Mortgage Services, Inc.
By:
--------------------------
Name: Syed W. Ali
Title: Vice President
Dated as of November 30, 1998
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EXHIBIT INDEX
The exhibits are being filed herewith:
EXHIBIT NO. DESCRIPTION PAGE
- ----------- ----------- ----
1.1 The Underwriting Agreement, dated as of January
22, 1998, and the related Terms Agreement, dated
as of November 23, 1998, for certain of the Series
1998-22 Certificates between GE Capital Mortgage
Services, Inc. and Merrill Lynch, Pierce, Fenner &
Smith Incorporated.
1.2 The Underwriting Agreement, dated as of May 22,
1996, and the related Terms Agreement, dated as of
November 23, 1998, for certain of the Series
1998-22 Certificates between GE Capital Mortgage
Services, Inc. and Lehman Brothers Inc..
4.1 The Pooling and Servicing Agreement for the Series
1998-22 Certificates, dated as of November 1,
1998, between GE Capital Mortgage Services, Inc.,
as seller and servicer, and State Street Bank and
Trust Company, as trustee.
12