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) February 25, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of February 1, 1999,
providing for the issuance of REMIC Multi-Class
Pass-Through Certificates, Series 1999-2)
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 February 25, 1999, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Multi-Class Pass-Through Certificates,
Series 1999-2 (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 1999-2") 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 February 17, 1999.
The original principal balance of each Class of the Certificates is as follows:
Class A1 $234,353,900.00
Class A2 $16,324,000.00
Class A3 $27,325,000.00
Class A4 $2,000,000.00
Class R $100.00
Class PO $661,098.55
Class M $6,155,000.00
Class B1 $2,199,000.00
Class B2 $1,319,000.00
Class B3 $1,465,000.00
Class B4 $587,000.00
Class B5 $732,772.81
Total : $293,121,871.36
The initial Junior Percentage and initial Senior Percentage for Pool 1999-2 are
approximately 4.26% and 95.74%, respectively. The "Bankruptcy Loss Amount," the
"Fraud Loss Amount" and the "Special Hazard Loss Amount" for Pool 1999-2 as of
the initial issuance of the Certificates are $100,000.00, $2,931,219.00 and
$4,830,806.00, respectively, representing approximately .0300%, 1.0000%, and
1.6500%, respectively, of the aggregate Scheduled Principal Balances of the
Mortgage Loans as of February 1, 1999 (the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1999-2
Pool 1999-2 consists primarily of fixed-rate, fully-amortizing conventional
Mortgage Loans evidenced by Mortgage Notes which have original maturities of 20
to 30 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 $293,121,871.36.
The interest rates (the "Mortgage Rates") borne by the 853 Mortgage Loans
conveyed by GECMSI to Pool 1999-2 range from 6.2500% to 9.1250% and the weighted
average Mortgage Rate as of the Cut-off Date is 7.1792% 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 1999-2 ranged from $240,000.00 to
$1,225,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-2 is $343,636.43, 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 1999-2 is July 1997, and the latest scheduled
maturity date of any such Mortgage Loan is February 2029. The weighted average
loan-to-value ratio of the Mortgage Loans as of the Cut-off Date in Pool 1999-2
is 74.2672%.
The Mortgage Loans in Pool 1999-2 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 1999-2:
MORTGAGE # OF AGGREGATE BALANCES % OF POOL BY
RATES LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
6.2500% 8 $2,965,435.36 1.0117%
6.3750% 4 $1,365,692.36 0.4659%
6.5000% 22 $7,796,562.12 2.6598%
6.6250% 26 $9,990,387.32 3.4083%
6.7500% 36 $11,477,074.92 3.9155%
6.8750% 91 $31,121,911.92 10.6174%
7.0000% 124 $42,035,194.76 14.3405%
7.1250% 126 $42,744,612.78 14.5825%
7.2500% 145 $49,555,252.97 16.9060%
7.3750% 99 $35,605,802.12 12.1471%
7.5000% 88 $28,977,125.78 9.8857%
7.6250% 32 $10,529,340.93 3.5921%
7.7500% 22 $7,790,269.17 2.6577%
7.8750% 14 $4,951,025.99 1.6891%
8.0000% 7 $3,123,075.01 1.0655%
8.1250% 2 $937,802.86 0.3199%
8.3750% 1 $239,549.36 0.0817%
8.5000% 3 $1,068,744.54 0.3646%
8.6250% 1 $257,694.26 0.0879%
8.7500% 1 $257,850.90 0.0880%
9.1250% 1 $331,465.93 0.1131%
Total 853 $293,121,871.36 100.0000%
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 1999-2:
ORIGINAL AGGREGATE BALANCES % OF POOL BY
BALANCES # OF LOANS AS OF CUT-OFF DATE AGGREGATE BAL.
-------- ---------- ------------------ --------------
$227,151 - 250,000 46 $11,312,220.83 3.8592%
$250,001 - 300,000 347 $95,804,893.39 32.6844%
$300,001 - 350,000 193 $62,484,177.36 21.3168%
$350,001 - 400,000 102 $38,249,961.05 13.0492%
$400,001 - 450,000 67 $28,214,519.76 9.6255%
$450,001 - 600,000 66 $34,421,073.90 11.7429%
$600,001 - 650,000 19 $11,879,948.83 4.0529%
$650,001 - 1,000,000 + 13 $10,755,076.24 3.6691%
Total 853 $293,121,871.36 100.0000%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-2 is $1,222,832.45.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-2 is $239,549.36.
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 1999-2:
AGGREGATE BALANCES % OF POOL BY
YEAR OF ORIGINATION # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ------------------- ---------- ------------------ -----------------
1997 2 $972,142.94 0.3317%
1998 623 $214,025,598.18 73.0159%
1999 228 $78,124,130.24 26.6524%
Total 853 $293,121,871.36 100.0000%
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
1999-2:
LOAN-TO-VALUE
RATIO AT # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----------- ----- ------------------ -----------------
00.000 - 50.00 41 $15,097,704.91 5.1507%
50.001 - 60.00 42 $17,043,338.94 5.8144%
60.001 - 70.00 $48,404,573.77 16.5135%
125
70.001 - 75.00 $46,476,809.69 15.8558%
134
75.001 - 80.00 $129,106,411.56 44.0453%
384
80.001 - 85.00 11 $3,368,239.08 1.1491%
85.001 - 90.00 62 $18,701,811.96 6.3802%
90.001 - 95.00 54 $14,922,981.45 5.0910%
Total 853 $293,121,871.36 100.0000%
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
1999-2:
AGGREGATE BALANCES % OF POOL BY
TYPE OF DWELLING # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
---------------- ---------- ------------------ -----------------
Single-family detached 782 $269,788,819.25 92.0398%
Single-family attached 11 $3,432,829.94 1.1711%
Condominium 45 $13,719,795.89 4.6806%
2 - 4 Family Units 8 $3,302,310.61 1.1266%
Co-op 7 $2,878,115.67 0.9819%
Total 853 $293,121,871.36 100.0000%
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 1999-2:
AGGREGATE BALANCES % OF POOL BY
OCCUPANCY # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------- ---------- ------------------ -----------------
Owner Occupied 830 $286,294,893.96 97.6709%
Vacation 15 $4,597,500.12 1.5685%
Investment 8 $2,229,477.28 0.7606%
Total 853 $293,121,871.36 100.0000%
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 1999-2:
AGGREGATE BALANCES % OF POOL BY
STATE # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----- ---------- ------------------ -----------------
Alabama 2 $564,693.84 0.1926%
Arizona 15 $4,784,587.60 1.6323%
Arkansas 3 $806,436.72 0.2751%
California 422 $146,361,386.38 49.9320%
Colorado 15 $5,438,956.65 1.8555%
Connecticut 11 $3,909,447.26 1.3337%
District Of Columbia 1 $292,800.00 0.0999%
Florida 20 $6,849,841.12 2.3369%
Georgia 17 $6,339,080.41 2.1626%
Hawaii 3 $1,017,246.99 0.3470%
Idaho 1 $601,933.03 0.2054%
Illinois 18 $5,947,209.76 2.0289%
Iowa 1 $306,681.67 0.1046%
Louisiana 2 $745,169.20 0.2542%
Maryland 23 $7,295,155.14 2.4888%
Massachusetts 64 $21,685,427.14 7.3981%
Michigan 11 $3,725,125.28 1.2708%
Minnesota 3 $809,300.00 0.2761%
Missouri 1 $379,688.52 0.1295%
Nevada 7 $1,871,385.49 0.6384%
New Hampshire 3 $846,315.28 0.2887%
New Jersey 59 $19,848,472.41 6.7714%
New Mexico 1 $600,770.35 0.2050%
New York 37 $14,259,360.22 4.8647%
North Carolina 4 $1,198,371.81 0.4088%
Ohio 2 $744,091.20 0.2539%
Oregon 8 $2,670,672.30 0.9111%
Pennsylvania 23 $8,959,799.66 3.0567%
South Carolina 1 $293,193.98 0.1000%
Texas 13 $4,279,812.50 1.4601%
Utah 4 $1,166,785.13 0.3981%
Virginia 23 $7,896,425.00 2.6939%
Washington 34 $10,230,573.92 3.4902%
Wyoming 1 $395,675.40 0.1350%
Total 853 $293,121,871.36 100.0000%
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 1999-2:
AGGREGATE BALANCES % OF POOL BY
YEAR OF MATURITY # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ---------------- ---------- ------------------ -----------------
2018 1 $295,253.49 0.1007%
2019 6 $1,979,629.56 0.6754%
2024 7 $2,051,850.00 0.7000%
2026 1 $278,967.52 0.0952%
2027 2 $972,142.94 0.3317%
2028 181 $60,798,667.55 20.7418%
2029 655 $226,745,360.30 77.3552%
Total 853 $293,121,871.36 100.0000%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1999-2 calculated as of the Cut-off Date is 357 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 1999-2:
AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- --------------- ---------- ------------------ -----------------
Purchase 341 $111,902,073.55 38.1760%
Rate Term/Refinance 370 $131,082,444.32 44.7194%
Cash-out Refinance 142 $50,137,353.49 17.1046%
Total 853 $293,121,871.36 100.0000%
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
1.1 The Underwriting Agreement, dated as of April 24, 1995, and the related
Terms Agreement, dated as of February 17, 1999, for certain of the
Series 1999-2 Certificates between GE Capital Mortgage Services, Inc.
and PaineWebber Incorporated
1.2 The Underwriting Agreement, dated as of June 22, 1995, and the related
Terms Agreement, dated as of February 17, 1999, for certain of the
Series 1999-2 Certificates between GE Capital Mortgage Services, Inc.
and Credit Suisse First Boston Corporation.
4.1 The Pooling and Servicing Agreement for the Series 1999-2 Certificates,
dated as of February 1, 1999, 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 February 25, 1999
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 February 25, 1999
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 April 24, 1995, and the related
Terms Agreement, dated as of February
17, 1999, for certain of the Series
1999-2 Certificates between GE Capital
Mortgage Services, Inc. and
PaineWebber Incorporated.
1.2 The Underwriting Agreement, dated as
of June 22, 1995, and the related
Terms Agreement, dated as of February
17, 1999, for certain of the Series
1999-2 Certificates between GE Capital
Mortgage Services, Inc. and Credit
Suisse First Boston Corporation.
4.1 The Pooling and Servicing Agreement
for the Series 1999-2 Certificates,
dated as of February 1, 1999, between
GE Capital Mortgage Services, Inc., as
seller and servicer, and State Street
Bank and Trust Company, as trustee.
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