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) March 25, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of March 1, 1999,
providing for the issuance of REMIC Mortgage
Pass-Through Certificates, Series 1999-5)
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
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
General.
On March 25, 1999, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Mortgage Pass-Through Certificates,
Series 1999-5 (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 1999-5") 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 March 12, 1999
as supplemented by the Prospectus Supplement dated March 23, 1999.
The original principal balance of each class of the Certificates is as follows:
Class A1 $409,937,000.00
Class A2 $64,805,000.00
Class A3 $2,510,000.00
Class A4 $3,321,000.00
Class A5 $3,322,000.00
Class A6 $2,316,000.00
Class A7 $3,506,600.00
Class A8 $18,766,000.00
Class A9 $3,334,000.00
Class A10 $5,000,000.00
Class A11 $1,667,000.00
Class A12 $3,947,000.00
Class A13 $4,500,000.00
Class A14 $1,400,000.00
Class A15 $1,030,000.00
Class A16 $4,694,481.00
Class A17 $426,519.00
Class A18 $4,395,000.00
Class A19 $1,000,000.00
Class A20 $2,948,000.00
Class A21 $1,000,000.00
Class A22 $1,000,000.00
Class A23 $4,814,814.00
Class A24 $185,186.00
Class A25 $701,215.00
Class A26 $9,115,785.00
Class A27 $99,609,000.00
Class A28 $16,281,000.00
Class A29 $78,866,000.00
Class R $100.00
Class M $15,773,000.00
Class B1 $5,915,000.00
Class B2 $3,549,000.00
Class B3 $4,337,600.00
Class B4 $1,577,400.00
Class B5 $2,365,973.59
Total : $787,916,673.59
The initial Junior Percentage and initial Senior Percentage for Pool 1999-5 are
approximately 4.25% and 95.75%, respectively. The "Bankruptcy Loss Amount," the
"Fraud Loss Amount" and the "Special Hazard Loss Amount" for Pool 1999-5 as of
the initial issuance of the Certificates are $240,301.00, $7,886,560.00 and
$7,886,560.00, respectively, representing approximately .0300%, 1.0000%, and
1.0000%, respectively, of the aggregate Scheduled Principal Balances of the
mortgage loans as of March 1, 1999 (the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1999-5
Pool 1999-5 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 $788,655,977.91.
The interest rates (the "Mortgage Rates") borne by the 2534 Mortgage Loans
conveyed by GECMSI to Pool 1999-5 range from 6.1250% to 11.2500% and the
weighted average Mortgage Rate as of the Cut-off Date is 7.2118% 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 1999-5 ranged from $20,000.00 to
$1,295,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-5 is $311,229.67, 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 1999-5 is December 31, 1985, and the latest
scheduled maturity date of any such Mortgage Loan is March 2029. The weighted
average loan-to-value ratio of the Mortgage Loans as of the Cut-off Date in Pool
1999-5 is 73.1058%.
The mortgage loans in Pool 1999-5 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 1999-5:
MORTGAGE # OF AGGREGATE BALANCES % OF POOL BY
RATES LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
6.1250% 1 $143,487.92 0.0182%
6.2500% 3 $858,596.63 0.1089%
6.3750% 6 $1,944,896.13 0.2466%
6.4500% 1 $363,656.47 0.0461%
6.5000% 32 $9,549,699.23 1.2109%
6.5500% 1 $307,884.33 0.0390%
6.6250% 40 $12,434,514.04 1.5767%
6.6500% 2 $587,401.30 0.0745%
6.7000% 3 $1,254,079.22 0.1590%
6.7500% 115 $35,639,015.35 4.5190%
6.8000% 10 $3,856,141.78 0.4890%
6.8500% 12 $4,578,135.82 0.5805%
6.8750% 232 $75,719,210.26 9.6010%
6.9000% 12 $4,077,132.15 0.5170%
6.9500% 24 $8,080,425.79 1.0246%
7.0000% 340 $106,968,865.17 13.5634%
7.0500% 14 $5,743,574.08 0.7283%
7.1000% 21 $7,626,621.27 0.9670%
7.1250% 275 $89,695,629.42 11.3732%
7.1500% 29 $9,398,140.55 1.1917%
7.2000% 7 $2,280,091.17 0.2891%
7.2500% 455 $148,949,483.97 18.8864%
7.3000% 14 $4,521,199.27 0.5733%
7.3500% 21 $6,877,301.26 0.8720%
7.3750% 298 $87,734,800.78 11.1246%
7.4000% 7 $1,962,170.11 0.2488%
7.4500% 1 $181,309.32 0.0230%
7.5000% 229 $66,761,859.95 8.4653%
7.5500% 7 $1,350,964.31 0.1713%
7.6000% 5 $535,634.27 0.0679%
7.6250% 114 $33,448,068.82 4.2411%
7.6500% 3 $245,754.91 0.0312%
7.7000% 1 $146,032.13 0.0185%
7.7500% 90 $24,675,182.47 3.1288%
7.8000% 2 $437,833.69 0.0555%
7.8500% 1 $24,542.09 0.0031%
7.8750% 40 $11,292,123.25 1.4318%
8.0000% 18 $5,248,764.51 0.6655%
8.0500% 1 $62,613.13 0.0079%
8.1250% 10 $2,344,814.09 0.2973%
8.2500% 6 $2,197,282.33 0.2786%
8.3750% 7 $1,853,727.06 0.2350%
8.5000% 5 $1,754,956.41 0.2225%
8.6250% 2 $703,597.82 0.0892%
8.7500% 7 $2,338,767.28 0.2966%
8.8750% 1 $151,252.72 0.0192%
9.0000% 1 $258,339.62 0.0328%
9.1250% 1 $126,869.65 0.0161%
9.2500% 1 $202,641.36 0.0257%
9.5000% 1 $153,048.07 0.0194%
9.6250% 1 $182,596.64 0.0232%
10.7500% 1 $367,159.75 0.0466%
10.8750% 1 $257,241.07 0.0326%
11.1250% 1 $87,346.89 0.0111%
11.2500% 1 $113,500.83 0.0144%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
ORIGINAL # OF LOANS AGGREGATE BALANCES % OF POOL BY
BALANCES AS OF CUT-OFF DATE AGGREGATE BAL.
$ 0 - 227,150 500 $69,117,152.70 8.7639%
$227,151 - 250,000 114 $27,677,960.12 3.5095%
$250,001 - 300,000 682 $187,763,586.27 23.8081%
$300,001 - 350,000 463 $150,221,414.22 19.0478%
$350,001 - 400,000 298 $111,954,118.40 14.1956%
$400,001 - 450,000 177 $74,933,169.64 9.5014%
$450,001 - 600,000 237 $119,947,705.70 15.2091%
$600,001 - 650,000 35 $22,298,039.08 2.8273%
$650,001 - 1,000,000 + 28 $24,742,831.78 3.1373%
Total 2,534 $788,655,977.91 100.0000%
The largest outstanding Scheduled Principal Balance of any mortgage loan, as of
the Cut-off Date, in Pool 1999-5 is $1,293,989.78.
The smallest outstanding Scheduled Principal Balance of any mortgage loan, as of
the Cut-off Date, in Pool 1999-5 is $19,907.24.
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 1999-5:
YEAR OF ORIGINATION # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
1985 1 $87,346.89 0.0111%
1986 3 $737,901.65 0.0936%
1987 3 $538,286.07 0.0683%
1988 2 $371,767.79 0.0471%
1989 2 $669,128.62 0.0848%
1990 1 $234,300.27 0.0297%
1992 8 $2,089,594.09 0.2650%
1995 1 $338,735.55 0.0430%
1997 11 $1,841,582.34 0.2335%
1998 1,672 $493,978,809.09 62.6354%
1999 830 $287,768,525.55 36.4885%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
LOAN-TO-VALUE
RATIO AT # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
00.000 - 50.00 128 $38,265,444.92 4.8520%
50.001 - 60.00 183 $60,557,892.76 7.6786%
60.001 - 70.00 464 $154,319,451.32 19.5674%
70.001 - 75.00 416 $135,011,049.02 17.1191%
75.001 - 80.00 1,103 $334,645,395.17 42.4324%
80.001 - 85.00 25 $7,100,270.34 0.9003%
85.001 - 90.00 131 $39,075,257.44 4.9547%
90.001 - 95.00 84 $19,681,216.94 2.4955%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
TYPE OF DWELLING # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
Single-family detached 2,306 $726,092,763.24 92.0671%
Single-family attached 50 $12,247,632.08 1.5530%
Condominium 110 $28,581,777.79 3.6241%
2 - 4 Family Units 54 $19,248,327.14 2.4406%
Co-op 14 $2,485,477.66 0.3152%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
# OF LOANS AGGREGATE BALANCES % OF POOL BY
OCCUPANCY AS OF CUT-OFF DATE AGGREGATE BALANCE
Owner Occupied 2,462 $768,300,030.56 97.4189%
Vacation 43 $12,009,651.40 1.5228%
Investment 29 $8,346,295.95 1.0583%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
STATE # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
Alabama 10 $3,044,025.99 0.3860%
Arizona 67 $20,752,428.62 2.6314%
Arkansas 2 $313,078.11 0.0397%
California 1,105 $393,785,073.57 49.9311%
Colorado 55 $17,120,588.71 2.1709%
Connecticut 31 $10,481,056.88 1.3290%
Delaware 4 $1,283,894.17 0.1628%
District Of Columbia 14 $3,596,894.34 0.4561%
Florida 80 $17,463,730.36 2.2144%
Georgia 58 $16,580,154.15 2.1023%
Hawaii 9 $4,189,631.13 0.5312%
Idaho 4 $1,258,336.90 0.1596%
Illinois 63 $18,622,401.90 2.3613%
Indiana 7 $1,987,132.22 0.2520%
Iowa 3 $650,632.21 0.0825%
Kansas 1 $215,019.34 0.0273%
Kentucky 1 $95,976.43 0.0122%
Louisiana 4 $341,051.27 0.0432%
Maine 1 $167,623.62 0.0213%
Maryland 102 $28,050,153.11 3.5567%
Massachusetts 109 $34,274,272.27 4.3458%
Michigan 18 $5,873,827.94 0.7448%
Minnesota 4 $694,243.34 0.0880%
Mississippi 2 $420,658.13 0.0533%
Missouri 15 $4,436,875.81 0.5626%
Montana 2 $367,635.90 0.0466%
Nevada 15 $3,447,624.69 0.4372%
New Hampshire 5 $1,205,545.34 0.1529%
New Jersey 124 $36,445,864.72 4.6212%
New Mexico 12 $2,741,774.75 0.3477%
New York 94 $25,830,471.26 3.2752%
North Carolina 30 $9,055,665.42 1.1482%
Ohio 15 $3,627,001.03 0.4599%
Oklahoma 3 $513,301.37 0.0651%
Oregon 24 $6,770,382.98 0.8585%
Pennsylvania 53 $15,417,086.90 1.9549%
Rhode Island 4 $2,009,989.52 0.2549%
South Carolina 17 $4,233,582.48 0.5368%
South Dakota 1 $299,530.53 0.0380%
Tennessee 6 $2,075,189.59 0.2631%
Texas 133 $28,725,101.98 3.6422%
Utah 10 $3,198,281.33 0.4055%
Vermont 6 $1,263,399.54 0.1602%
Virginia 140 $35,875,985.69 4.5489%
Washington 69 $19,526,003.52 2.4759%
West Virginia 1 $68,680.14 0.0087%
Wisconsin 1 $259,118.71 0.0329%
Total 2,534 $788,655,977.91 100.0000%
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 1999-5:
YEAR OF MATURITY # OF LOANS AGGREGATE BALANCES % OF POOL BY
AS OF CUT-OFF DATE AGGREGATE BALANCE
2016 4 $825,248.54 0.1046%
2017 4 $696,805.34 0.0884%
2018 4 $691,955.98 0.0877%
2019 6 $1,792,706.49 0.2273%
2020 3 $353,440.19 0.0448%
2021 1 $198,676.42 0.0252%
2022 8 $2,089,594.09 0.2650%
2023 6 $1,169,143.52 0.1482%
2024 18 $5,132,862.43 0.6508%
2025 1 $256,503.59 0.0325%
2026 5 $1,294,894.42 0.1642%
2027 13 $4,285,324.67 0.5434%
2028 1,241 $348,953,753.15 44.2466%
2029 1,220 $420,915,069.08 53.3713%
Total 2,534 $788,655,977.91 100.0000%
The weighted average scheduled remaining term to maturity of the mortgage loans
in Pool 1999-5 calculated as of the Cut-off Date is 355.84 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 1999-5:
# OF LOANS AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN AS OF CUT-OFF DATE AGGREGATE BALANCE
Purchase 1,022 $289,685,630.69 36.7316%
Rate Term/Refinance 1,164 $385,960,901.31 48.9390%
Cash-out Refinance 348 $113,009,445.91 14.3294%
Total 2,534 $788,655,977.91 100.0000%
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 March 23, 1999, for certain
of the Series 1999-5 Certificates between GE Capital Mortgage Services,
Inc. and PaineWebber Incorporated.
4.1 The Pooling and Servicing Agreement for the Series 1999-5 Certificates,
dated as of March 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
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Name: Syed W. Ali
Title: Vice President
Dated as of March 25, 1999
EXHIBIT INDEX
The exhibits are being filed herewith:
EXHIBIT NO. DESCRIPTION PAGE
1.1 The Underwriting Agreement, dated
as of April 24, 1995, and the
related Terms Agreement, dated as
of March 23, 1999, for certain of
the Series 1999-5 Certificates
between GE Capital Mortgage
Services, Inc. and PaineWebber
Incorporated.
4.1 The Pooling and Servicing Agreement
for the Series 1999-5 Certificates,
dated as of March 1, 1999, between
GE Capital Mortgage Services, Inc.,
as seller and servicer, and State
Street Bank and Trust Company, as
trustee.