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) April 29, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of April 1, 1999,
providing for the issuance of REMIC Mortgage
Pass-Through Certificates, Series 1999-10)
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 April 29, 1999, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Mortgage Pass-Through Certificates,
Series 1999-10 (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 1999-10") 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 April
22, 1999 as supplemented by the prospectus supplement dated April 22, 1999.
The original principal balance of each class of the Certificates is as follows:
Class A1 $95,000,000.00
Class A2 $73,415,920.00
Class A3 $18,353,980.00
Class PO $421,561.01
Class R $100.00
Class M $1,724,000.00
Class B1 $670,000.00
Class B2 $574,000.00
Class B3 $671,000.00
Class B4 $383,000.00
Class B5 $287,405.96
Total : $191,500,966.97
The initial Junior Percentage and initial Senior Percentage for Pool 1999-10 are
approximately 2.25% and 97.75%, respectively. The "Bankruptcy Loss Amount," the
"Fraud Loss Amount" and the "Special Hazard Loss Amount" for Pool 1999-10 as of
the initial issuance of the Certificates are $100,000.00, $1,915,010.00 and
$3,304,536.00, respectively, representing approximately .05%, 1.00%, and 1.73%,
respectively, of the aggregate Scheduled Principal Balances of the Mortgage
Loans as of April 1, 1999 (the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1999-10
Pool 1999-10 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 $191,500,966.97.
The interest rates (the "Mortgage Rates") borne by the 660 Mortgage Loans
conveyed by GECMSI to Pool 1999-10 range from 5.8750% to 11.7500% and the
weighted average Mortgage Rate as of the Cut-off Date is 6.8723% 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 1999-10 ranged from $12,000.00 to
$1,500,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-10 is $290,152.98, 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 1999-10 is November 1985, and the latest
scheduled maturity date of any such Mortgage Loan is April 2014. The weighted
average loan-to-value ratio of the Mortgage Loans as of the Cut-off Date in Pool
1999-10 is 66.5425%.
The Mortgage Loans in Pool 1999-10 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 1999-10:
MORTGAGE # OF AGGREGATE BALANCES % OF POOL BY
RATES LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
5.8750% 1 $442,955.21 0.2313%
6.0000% 1 $241,711.97 0.1262%
6.1250% 5 $1,494,004.62 0.7802%
6.2500% 9 $3,215,751.69 1.6792%
6.3750% 31 $10,445,310.38 5.4544%
6.5000% 36 $12,520,538.27 6.5381%
6.6250% 66 $22,917,759.63 11.9674%
6.7500% 114 $39,861,258.52 20.8152%
6.8750% 98 $32,689,363.31 17.0701%
7.0000% 85 $29,678,146.77 15.4976%
7.1250% 42 $12,827,982.40 6.6987%
7.2500% 42 $12,547,356.44 6.5521%
7.3750% 21 $4,821,627.37 2.5178%
7.5000% 11 $1,581,963.40 0.8261%
7.6250% 8 $928,889.28 0.4851%
7.7500% 13 $1,600,772.16 0.8359%
7.8750% 9 $915,247.54 0.4779%
8.0000% 9 $529,963.29 0.2767%
8.1250% 6 $548,371.28 0.2864%
8.2500% 5 $250,648.37 0.1309%
8.3750% 3 $221,022.86 0.1154%
8.6250% 1 $216,421.81 0.1130%
8.7500% 1 $36,151.33 0.0189%
9.6250% 1 $19,049.54 0.0099%
9.7500% 2 $71,663.93 0.0374%
9.8750% 3 $66,770.99 0.0349%
10.0000% 2 $45,841.90 0.0239%
10.1250% 4 $83,098.61 0.0434%
10.2500% 3 $83,575.95 0.0436%
10.3750% 3 $90,189.50 0.0471%
10.5000% 4 $91,651.63 0.0479%
10.6250% 3 $96,689.33 0.0505%
10.7500% 8 $183,230.13 0.0957%
10.8750% 2 $34,019.35 0.0178%
11.0000% 1 $14,664.96 0.0077%
11.1250% 1 $16,984.42 0.0089%
11.2500% 2 $21,820.25 0.0114%
11.5000% 1 $19,526.99 0.0102%
11.6250% 2 $17,431.39 0.0091%
11.7500% 1 $11,540.20 0.0060%
Total 660 $191,500,966.97 100.0000%
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
1999-10:
ORIGINAL # OF AGGREGATE BALANCES % OF POOL BY
BALANCES LOANS AS OF CUT-OFF DATE AGGREGATE BAL.
-------- ----- ------------------ --------------
$ 0 - 227,150 157 $11,961,664.51 6.2463%
$227,151 - 250,000 25 $5,840,500.91 3.0499%
$250,001 - 300,000 173 $47,701,415.55 24.9092%
$300,001 - 350,000 123 $39,678,564.90 20.7198%
$350,001 - 400,000 68 $25,376,347.31 13.2513%
$400,001 - 450,000 35 $14,887,132.89 7.7739%
$450,001 - 600,000 54 $27,608,350.15 14.4168%
$600,001 - 650,000 15 $9,569,767.32 4.9972%
$650,001 - 1,500,000 10 $8,877,223.43 4.6356%
Total 660 $191,500,966.97 100.0000%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-10 is $1,471,763.95.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-10 is $3,297.19.
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 1999-10:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----------- ----- ------------------ -----------------
1985 7 $91,638.19 0.0479%
1986 36 $876,110.88 0.4575%
1989 1 $305,550.00 0.1596%
1991 1 $166,257.50 0.0868%
1993 1 $316,953.55 0.1655%
1994 1 $216,421.81 0.1130%
1996 3 $839,677.42 0.4385%
1997 20 $1,543,887.20 0.8062%
1998 149 $47,208,950.93 24.6521%
1999 441 $139,935,519.49 73.0730%
Total 660 $191,500,966.97 100.0000%
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 1999-10:
LOAN-TO-VALUE
RATIO AT # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----------- ----- ------------------ -----------------
00.000 - 50.00 84 $23,681,895.89 12.3665%
50.001 - 60.00 112 $33,820,378.41 17.6607%
60.001 - 70.00 140 $40,559,412.55 21.1797%
70.001 - 75.00 113 $35,314,576.35 18.4409%
75.001 - 80.00 175 $51,464,088.74 26.8741%
80.001 - 85.00 5 $1,214,748.70 0.6343%
85.001 - 90.00 29 $4,937,107.29 2.5781%
90.001 - 95.00 2 $508,759.04 0.2657%
Total 660 $191,500,966.97 100.0000%
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 1999-10:
TYPE OF # OF AGGREGATE BALANCES % OF POOL BY
DWELLING LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
-------- ----- ------------------ -----------------
Single-family detached 587 $178,706,205.95 93.3187%
Single-family attached 13 $3,036,192.64 1.5855%
Condominium 44 $8,002,488.79 4.1788%
2 - 4 Family Units 15 $1,539,657.78 0.8040%
Co-op 1 $216,421.81 0.1130%
Total 660 $191,500,977.97 100.0000%
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
1999-10:
# OF AGGREGATE BALANCES % OF POOL BY
OCCUPANCY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------- ----- ------------------ -----------------
Owner Occupied 582 $181,002,242.28 94.5177%
Vacation 21 $5,534,227.06 2.8899%
Investment 57 $4,964,497.63 2.5924%
Total 660 $191,500,966.97 100.0000%
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 1999-10:
# OF AGGREGATE BALANCES % OF POOL BY
STATE LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
Alabama 3 $920,171.49 0.4805%
Arizona 9 $2,054,980.38 1.0731%
Arkansas 1 $469,013.04 0.2449%
California 264 $89,310,454.28 46.6371%
Colorado 16 $2,758,251.30 1.4403%
Connecticut 8 $2,387,399.08 1.2467%
Delaware 2 $694,774.94 0.3628%
District Of Columbia 3 $711,391.04 0.3715%
Florida 35 $8,306,958.32 4.3378%
Georgia 16 $4,949,643.15 2.5847%
Idaho 1 $48,737.54 0.0255%
Illinois 21 $7,208,447.79 3.7642%
Indiana 6 $1,850,980.98 0.9666%
Kansas 1 $264,397.74 0.1381%
Kentucky 2 $874,282.04 0.4565%
Louisiana 2 $386,784.24 0.2020%
Maryland 9 $3,328,630.30 1.7382%
Massachusetts 27 $6,755,469.31 3.5276%
Michigan 21 $6,569,772.63 3.4307%
Minnesota 2 $1,527,322.88 0.7976%
Missouri 6 $2,510,954.63 1.3112%
Nevada 4 $1,137,638.26 0.5941%
New Jersey 37 $4,444,791.11 2.3210%
New Mexico 5 $899,630.02 0.4698%
New York 31 $4,393,626.77 2.2943%
North Carolina 12 $3,421,194.10 1.7865%
Ohio 16 $5,602,657.98 2.9257%
Oklahoma 1 $273,435.68 0.1428%
Oregon 11 $2,213,477.07 1.1559%
Pennsylvania 19 $5,141,115.16 2.6846%
Rhode Island 1 $336,732.06 0.1758%
South Carolina 3 $561,747.15 0.2933%
Texas 29 $7,287,999.91 3.8057%
Utah 3 $486,549.32 0.2541%
Vermont 4 $996,927.27 0.5206%
Virginia 10 $3,635,523.12 1.8984%
Washington 12 $4,360,862.74 2.2772%
Wisconsin 7 $2,418,242.15 1.2628%
Total 660 $191,500,966.97 100.0000%
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 1999-10:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
MATURITY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
-------- ----- ------------------ -----------------
2000 4 $57,051.34 0.0298%
2001 39 $910,697.73 0.4756%
2007 1 $166,257.50 0.0868%
2009 7 $2,052,162.73 1.0716%
2011 1 $217,46.87 0.1136%
2012 20 $1,543,887.20 0.8062%
2013 92 $29,154,153.63 15.2240%
2014 496 $157,399,299.97 82.1924%
Total 660 $191,500,966.97 100.0000%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1999-10 calculated as of the Cut-off Date is 176 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 1999-10:
# OF AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------------- ----- ------------------ -----------------
Purchase 143 $25,570,633.08 13.3527%
Rate Term/Refinance 382 $127,080,923.84 66.3605%
Cash-out Refinance 135 $38,849,410.05 20.2868%
Total 660 $191,500,977.97 100.0000%
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 April 22, 1999, for certain of the Series 1999-10
Certificates between GE Capital Mortgage Services, Inc. and Credit Suisse
First Boston Corporation.
1.2 The Underwriting Agreement, dated as of September 21, 1995, and the related
Terms Agreement, dated as of April 22, 1999, for certain of the Series
1999-10 Certificates between GE Capital Mortgage Services, Inc. and Bear,
Stearns & Co. Inc.
4.1 The Pooling and Servicing Agreement for the Series 1999-10 Certificates,
dated as of April 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 April 29, 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: ___________________
Name: Syed W. Ali
Title: Vice President
Dated as of April 29, 1999
EXHIBIT INDEX
The exhibits are being filed herewith:
EXHIBIT NO. DESCRIPTION PAGE
1.1 The Underwriting Agreement, dated
as of June 22, 1995 and the related
Terms Agreement, dated as of April
22, 1999 for certain of the Series
1999-10 Certificates between GE
Capital Mortgage Services, Inc. and
Credit Suisse First Boston
Corporation.
1.2 The Underwriting Agreement, dated
as of September 21, 1995, and the
related Terms Agreement, dated as
of April 22, 1999, for certain of
the Series 1999-10 Certificates
between GE Capital Mortgage
Services, Inc. and Bear, Stearns &
Co. Inc.
4.1 The Pooling and Servicing Agreement
for the Series 1999-10
Certificates, dated as of April 1,
1999, between GE Capital Mortgage
Services, Inc., as seller and
servicer, and State Street Bank and
Trust Company, as trustee.