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) December 30, 1998
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of December 1, 1998,
providing for the issuance of REMIC Multi-Class
Pass-Through Certificates, Series 1998-26)
GE Capital Mortgage Services, Inc.
(Exact name of registrant as specified in its charter)
New Jersey 33-5042 21-0627285
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction Identification No.)
of incorporation)
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 December 30, 1998, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Multi-Class Pass-Through Certificates,
Series 1998-26 (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 1998-26") 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 December 22, 1998.
The original principal balance of each Class of the Certificates is as follows:
Class R $100.00
Class A $171,658,900.00
Class PO $173,016.56
Class M $1,578,000.00
Class B1 $614,000.00
Class B2 $438,000.00
Class B3 $351,000.00
Class B4 $263,000.00
Class B5 $263,305.62
Total : $175,339,322.18
The initial Junior Percentage and initial Senior Percentage for Pool 1998-26 are
approximately 2.00% and 98.00%, respectively. The "Bankruptcy Loss Amount," the
"Fraud Loss Amount" and the "Special Hazard Loss Amount" for Pool 1998-26 as of
the initial issuance of the Certificates are $100,000.00, $1,753,393.00 and
$2,200,000.00, respectively, representing approximately .060%, 1.00%, and 1.25%,
respectively, of the aggregate Scheduled Principal Balances of the Mortgage
Loans as of December 1, 1998 (the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
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Pool 1998-26
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Pool 1998-26 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 $175,339,322.18.
The interest rates (the "Mortgage Rates") borne by the 628 Mortgage Loans
conveyed by GECMSI to Pool 1998-26 range from 5.875% to 9.750% and the weighted
average Mortgage Rate as of the Cut-off Date is 7.1732% 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 1998-26 ranged from $20,000.00 to
$1,100,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1998-26 is $279,202.74, 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 1998-26 is October 15, 1986, and the latest
scheduled maturity date of any such Mortgage Loan is December 1, 2013. The
weighted average loan-to-value ratio of the Mortgage Loans as of the Cut-off
Date in Pool 1998-26 is 67.2767%.
The Mortgage Loans in Pool 1998-26 have the following characteristics as of the
Cut-off Date.
a) 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 1998-26:
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MORTGAGE # OF LOANS AGGREGATE BALANCES % OF POOL BY
RATES AS OF CUT-OFF DATE AGGREGATE BALANCE
------------------------------------------------------------------------------
5.8750% 1 $ 255,000.00 0.1454%
6.0000% 1 $ 418,555.80 0.2387%
6.2500% 5 $ 1,953,388.90 1.1141%
6.3750% 11 $ 3,551,225.34 2.0253%
6.5000% 22 $ 6,795,276.03 3.8755%
6.6250% 43 $ 13,252,618.56 7.5583%
6.7500% 69 $ 22,692,566.88 12.9421%
6.8750% 77 $ 25,807,118.63 14.7184%
7.0000% 91 $ 28,993,000.52 16.5354%
7.1250% 67 $ 21,753,435.98 12.4065%
7.2500% 36 $ 10,674,703.47 6.0880%
7.3750% 33 $ 7,925,627.94 4.5202%
7.5000% 14 $ 3,031,001.63 1.7286%
7.6250% 11 $ 1,560,264.85 0.8899%
7.7500% 9 $ 1,052,697.13 0.6004%
7.8750% 11 $ 1,917,629.34 1.0937%
8.0000% 8 $ 1,265,099.20 0.7215%
8.1250% 9 $ 1,747,262.91 0.9965%
8.2500% 7 $ 1,325,747.67 0.7561%
8.3750% 10 $ 1,485,022.08 0.8469%
8.5000% 24 $ 4,053,135.90 2.3116%
8.6250% 20 $ 4,082,680.77 2.3284%
8.7500% 14 $ 2,634,684.50 1.5026%
8.8750% 16 $ 3,195,078.06 1.8222%
9.0000% 9 $ 1,795,624.07 1.0241%
9.1250% 3 $ 687,685.20 0.3922%
9.2500% 2 $ 427,160.60 0.2436%
9.3750% 4 $ 828,043.82 0.4723%
9.7500% 1 $ 177,986.40 0.1015%
Total 628 $ 175,339,322.18 100.0000%
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 1998-26
:
ORIGINAL # OF LOANS AGGREGATE BALANCES % OF POOL BY
BALANCES AS OF CUT-OFF DATE AGGREGATE BAL.
-------- --------- ------------------ --------------
$ 0-227,150 133 $16,087,265.23 9.1749%
$227,151-250,000 55 $11,088,337.98 6.3239%
$250,001-300,000 179 $46,762,770.22 26.6699%
$300,001-350,000 104 $32,060,773.52 18.2850%
$350,001-400,000 55 $18,947,525.19 10.8062%
$400,001-450,000 38 $14,906,774.61 8.5017%
$450,001-600,000 48 $23,812,529.61 13.5808%
$600,001-650,000 11 $7,023,529.86 4.0057%
$650,001-1,000,000 + 5 $4,649,815.96 2.6519%
Total 628 $175,339,322.18 100.0000%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1998-26 is $1,100,000.00.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1998-26 is $2,460.63.
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 1998-26:
YEAR OF ORIGINATION # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
------------------- ---------- -------------------- -----------------
1986 1 $132,629.96 0.0756%
1988 1 $34,946.14 0.0199%
1991 18 $3,217,771.60 1.8352%
1992 98 $19,270,027.54 10.9901%
1994 1 $383,473.05 0.2187%
1996 1 $285,691.78 0.1629%
1997 2 $430,954.01 0.2458%
1998 506 $151,583,828.10 86.4518%
Total 628 $175,339,322.18 100.0000%
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 1998-26:
LOAN-TO-VALUE # OF LOANS AGGREGATE BALANCES % OF POOL BY
RATIO AT ORIGINATION AS OF CUT-OFF DATE AGGREGATE BALANCE
-------------------- ---------- ------------------ -----------------
00.00050.00 77 $22,071,021.72 12.5876%
50.00160.00 93 $27,948,065.73 15.9394%
60.00170.00 132 $34,798,940.23 19.8466%
70.00175.00 117 $35,136,408.75 20.0391%
75.00180.00 184 $49,585,350.47 28.2797%
80.00185.00 5 $841,490.74 0.4799%
85.00190.00 15 $3,894,978.61 2.2214%
90.00195.00 5 $1,063,065.93 0.6063%
Total 628 $175,339,322.18 100.0000%
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 1998-26:
TYPE OF DWELLING # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
---------------- ---------- ------------------ -----------------
Single-family detached 581 $164,956,347.92 94.0784%
Single-family attached 8 $1,896,653.88 1.0817%
Condominium 28 $6,364,482.90 3.6298%
24 Family Units 11 $2,121,837.48 1.2101%
Total 628 $175,339,322.18 100.0000%
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 1998-26:
# OF LOANS AGGREGATE BALANCES % OF POOL BY
OCCUPANCY AS OF CUT-OFF DATE AGGREGATE BALANCE
- --------- --------- ------------------ -----------------
Owner Occupied 585 $167,736,556.23 95.6640%
Vacation 20 $4,645,635.40 2.6495%
Investment 23 $2,957,130.55 1.6865%
Total 628 $175,339,322.18 100.0000%
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 1998-26:
STATE OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----- -------- ------------------ -----------------
Alabama 2 $662,337.43 0.3777%
Arizona 14 $4,514,734.09 2.5749%
Arkansas 1 $335,814.39 0.1915%
California 168 $50,146,311.89 28.5997%
Colorado 13 $4,006,736.50 2.2851%
Connecticut 15 $4,359,472.51 2.4863%
District Of
Columbia 1 $327,876.89 0.1870%
Florida 40 $9,846,849.80 5.6159%
Georgia 19 $5,447,889.89 3.1071%
Hawaii 1 $255,000.00 0.1454%
Idaho 1 $80,960.10 0.0462%
Illinois 18 $6,287,325.30 3.5858%
Indiana 4 $1,089,626.84 0.6214%
Kansas 3 $623,585.89 0.3556%
Kentucky 3 $714,229.46 0.4073%
Louisiana 3 $892,249.61 0.5089%
Maine 2 $392,035.84 0.2236%
Maryland 25 $5,212,997.33 2.9731%
Massachusetts 40 $11,504,940.42 6.5615%
Michigan 4 $1,204,216.37 0.6868%
Minnesota 7 $2,061,404.57 1.1757%
Missouri 10 $2,326,693.94 1.3270%
Montana 2 $593,346.69 0.3384%
Nebraska 1 $435,900.53 0.2486%
Nevada 7 $1,103,059.84 0.6291%
New Hampshire 3 $719,417.63 0.4103%
New Jersey 40 $9,849,515.65 5.6174%
New Mexico 3 $772,461.49 0.4406%
New York 35 $8,019,192.87 4.5735%
North Carolina 4 $800,908.78 0.4568%
North Dakota 1 $259,395.56 0.1479%
Ohio 13 $3,900,818.07 2.2247%
Oklahoma 2 $876,188.21 0.4997%
Oregon 6 $1,798,504.25 1.0257%
Pennsylvania 31 $9,495,203.24 5.4153%
Rhode Island 4 $775,431.25 0.4422%
South Carolina 2 $453,348.39 0.2586%
Tennessee 10 $2,847,211.25 1.6238%
Texas 23 $7,005,633.56 3.9955%
Utah 8 $2,317,405.77 1.3217%
Virginia 17 $4,283,757.01 2.4431%
Washington 14 $4,258,932.30 2.4290%
Wisconsin 8 $2,480,400.78 1.4146%
Total 628 $175,339,322.18 100.0000%
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 1998-26:
YEAR OF MATURITY # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
---------------- ---------- ------------------ -----------------
2003 1 $34,946.14 0.0199%
2006 6 $1,307,274.14 0.7456%
2007 110 $21,180,525.00 12.0797%
2008 7 $2,011,672.13 1.1473%
2009 1 $162,622.93 0.0927%
2010 1 $285,691.78 0.1629%
2011 2 $778,408.06 0.4439%
2012 2 $570,331.08 0.3253%
2013 498 $149,007,850.92 84.9827%
Total 628 $175,339,322.18 100.0000%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1998-26 calculated as of the Cut-off Date is 167 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 1998-26:
# OF LOANS AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN AS OF CUT-OFF DATE AGGREGATE BALANCE
--------------- ---------- ------------------ -----------------
Purchase 170 $44,875,661.87 25.5936%
Rate Term/Refinance 341 $102,184,416.93 58.2781%
Cash-out Refinance 117 $28,279,243.38 16.1283%
Total 628 $175,339,322.18 100.0000%
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
1.1 The Underwriting Agreement, dated as of June 22, 1995, and the related
Terms Agreement, dated as of December 22, 1998, for certain of the Series
1998-26 Certificates between GE Capital Mortgage Services, Inc. and Credit
Suisse First Boston Corporation.
4.1 The Pooling and Servicing Agreement for the Series 1998-26 Certificates,
dated as of December 1, 1998, between GE Capital Mortgage Services, Inc.,
as seller and servicer, and State Street Bank and Trust Company, as
trustee.
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 December 30, 1998
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 December 30, 1998
EXHIBIT INDEX
The exhibits are being filed herewith:
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EXHIBIT NO. DESCRIPTION PAGE
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1.1 The Underwriting Agreement, dated as of
June 22, 1995, and the related Terms
Agreement, dated as of December 22,
1998, for certain of the Series 1998-26
Certificates between GE Capital Mortgage
Services, Inc. and Credit Suisse First
Boston Corporation.
4.1 The Pooling and Servicing Agreement for
the Series 1998-26 Certificates, dated
as of December 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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