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) July 29, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of July 1, 1999,
providing for the issuance of REMIC Multi-Class
Pass-Through Certificates, Series 1999-15)
GE Capital Mortgage Services, Inc.
----------------------------------
(Exact Name of Registrant as Specified in Charter)
New Jersey 33-5042 21-0627285
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
Three Executive Campus
Cherry Hill, New Jersey 08002
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (609) 661-6100
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
General.
On July 29, 1999, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Multi-Class Pass-Through Certificates,
Series 1999-15 (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 1999-15") 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 July
22, 1999 as supplemented by the Prospectus Supplement dated July 28, 1999.
The original principal balance of each Class of the Certificates is as follows:
A1 $81,010,950.00
A2 $43,000,000.00
A3 $50,000,000.00
A4 $25,578,787.00
A5 $5,000,000.00
A6 $1,200,000.00
A7 $300,000.00
A8 $300,000.00
A9 $300,000.00
A10 $900,000.00
A11 $3,750,000.00
A12 $37,265,800.00
A13 $100,000,000.00
A14 $8,297,969.00
A15 $1,461,646.00
A16 $127,348,000.00
A17 $64,991,384.00
A18 $5,000,000.00
A19 $10,000,000.00
A20 $5,000,000.00
A21 $23,267,941.00
A22 $22,081,150.00
A23 $30,725,150.00
A24 $40,414,700.00
A25 $92,616,155.00
A26 $605,000.00
A27 $55,411,500.00
A28 $52,390,300.00
2-A1 $42,000,000.00
2-A2 $9,018,000.00
2-A3 $2,003,967.00
2-A4 $9,017,699.00
2-A5 $7,234,946.00
M $21,095,000.00
B1 $7,534,000.00
B2 $4,520,000.00
B3 $5,022,000.00
B4 $2,009,000.00
B5 $2,513,843.16
R $100.00
Total : $1,000,184,987.16
The Pool 1 Apportioned Junior Percentage and Pool 2 Apportioned Junior
Percentage are approximately 4.27% and 4.25%, respectively. The initial Pool 1
Senior Percentage and the initial Pool 2 Senior Percentage are 95.73% and
95.75%, respectively. The "Bankruptcy Loss Amount," the "Fraud Loss Amount" and
the "Special Hazard Loss Amount" for Pool 1999-15 as of the initial issuance of
the Certificates are $358,194.00, $10,045,610.00 and $10,045,610.00,
respectively, representing approximately .04%, 1.00%, and 1.00%, respectively,
of the aggregate Scheduled Principal Balances of the Pool 1 and Pool 2 mortgage
loans as of July 1, 1999 (the "Cut-off Date").
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1999-15 Pool 1
Pool 1999-15 Pool 1 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
$932,211,550.79.
The interest rates (the "Mortgage Rates") borne by the 2853 Mortgage Loans
conveyed by GECMSI to Pool 1999-15 Pool 1 range from 6.2500% to 9.000% and the
weighted average Mortgage Rate as of the Cut-off Date is 7.2522% 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 1999-15 Pool 1 ranged from $26,500.00 to
$1,476,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-15 Pool 1 is $326,747.83,
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 1999-15 Pool 1 is August 26, 1987, and the
latest scheduled maturity date of any such Mortgage Loan is July 1, 2029. The
weighted average loan-to-value ratio of the Mortgage Loans as of the Cut-off
Date in Pool 1999-15 Pool 1 is 74.7553%.
The Mortgage Loans in Pool 1999-15 Pool 1 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 1999-15
Pool 1:
MORTGAGE # OF AGGREGATE BALANCES % OF POOL BY
RATES LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
6.2500% 1 $374,286.51 0.0402%
6.3750% 9 $2,659,174.49 0.2853%
6.5000% 36 $11,658,481.81 1.2506%
6.6250% 49 $17,238,655.68 1.8492%
6.7500% 127 $44,569,226.56 4.7810%
6.8750% 288 $98,248,177.59 10.5393%
6.9500% 4 $1,200,552.35 0.1288%
7.0000% 330 $113,365,975.64 12.1610%
7.1250% 367 $127,428,249.55 13.6695%
7.2500% 486 $161,639,172.38 17.3392%
7.3000% 1 $200,390.69 0.0215%
7.3750% 364 $119,014,716.17 12.7669%
7.5000% 309 $92,421,785.50 9.9143%
7.6250% 151 $46,568,969.10 4.9955%
7.6500% 1 $79,221.60 0.0085%
7.7500% 114 $31,898,456.56 3.4218%
7.8750% 90 $27,066,112.70 2.9034%
8.0000% 29 $8,044,321.95 0.8629%
8.1250% 16 $4,647,180.49 0.4985%
8.2500% 28 $8,041,816.73 0.8627%
8.3750% 21 $5,214,959.84 0.5594%
8.5000% 5 $1,764,042.08 0.1892%
8.6250% 7 $2,564,570.70 0.2751%
8.7500% 11 $3,627,053.18 0.3891%
8.8750% 6 $1,732,076.19 0.1858%
9.0000% 3 $943,924.75 0.1013%
Total 2,853 $932,211,550.79 100.0000%
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 1999-15
Pool 1:
ORIGINAL # OF AGGREGATE BALANCES % OF POOL BY
BALANCES LOANS AS OF CUT-OFF DATE AGGREGATE BAL.
-------- ----- ------------------ --------------
$ 0 - 227,150 329 $44,024,469.83 4.7226%
$227,151 - 250,000 111 $27,051,044.60 2.9018%
$250,001 - 300,000 941 $260,373,211.67 27.9307%
$300,001 - 350,000 569 $184,322,479.62 19.7726%
$350,001 - 400,000 347 $130,735,592.53 14.0242%
$400,001 - 450,000 202 $86,238,587.86 9.2510%
$450,001 - 600,000 262 $134,472,345.08 14.4251%
$600,001 - 650,000 67 $42,874,064.90 4.5992%
$650,001 - 1,500,000 + 25 $22,119,754.70 2.3728%
Total 2,853 $932,211,550.79 100.0000%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-15 Pool 1 is $1,472,948.63.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-15 Pool 1 is $26,462.48.
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 1999-15
Pool 1:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----------- ----- ------------------ -----------------
1987 1 $262,649.14 0.0282%
1988 1 $387,669.97 0.0416%
1992 1 $374,721.69 0.0402%
1993 1 $375,000.00 0.0402%
1994 1 $464,297.77 0.0498%
1997 5 $1,573,257.88 0.1688%
1998 167 $35,320,975.09 3.7889%
1999 2,676 $893,452,979.25 95.8423%
Total 2,853 $932,211,550.79 100.0000%
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 1999-15 Pool 1:
LOAN-TO-VALUE
RATIO AT # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----------- ----- ------------------ -----------------
00.000 - 50.00 107 $32,158,099.75 3.4497%
50.001 - 60.00 193 $65,894,261.88 7.0686%
60.001 - 70.00 416 $146,387,552.47 15.7033%
70.001 - 75.00 391 $136,251,170.31 14.6159%
75.001 - 80.00 1,328 $435,562,199.38 46.7235%
80.001 - 85.00 51 $14,876,386.04 1.5958%
85.001 - 90.00 219 $65,523,742.66 7.0288%
90.001 - 95.00 147 $35,295,140.39 3.7862%
95.001 - 100.00 1 $262,997.91 0.0282%
Total 2,853 $932,211,550.79 100.0000%
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 1999-15 Pool 1:
TYPE OF # OF AGGREGATE BALANCES % OF POOL BY
DWELLING LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
-------- ----- ------------------ -----------------
Single-family detached 2,582 $854,159,788.30 91.6272%
Single-family attached 66 $16,889,085.78 1.8117%
Condominium 133 $39,782,132.17 4.2675%
2 - 4 Family Units 70 $20,178,904.28 2.1646%
Co-op 2 $1,201,640.26 0.1289%
Total 2,853 $932,211,550.79 99.9999%
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
1999-15 Pool 1:
# OF AGGREGATE BALANCES % OF POOL BY
OCCUPANCY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------- ----- ------------------ -----------------
Owner Occupied 2,747 $902,005,475.47 96.7597%
Vacation 60 $20,311,991.22 2.1789%
Investment 46 $9,894,084.10 1.0614%
Total 2,853 $932,211,550.79 100.0000%
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 1999-15 Pool 1:
# OF AGGREGATE BALANCES % OF POOL BY
STATE LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
Alabama 4 $1,401,615.30 0.1504%
Arizona 61 $18,518,879.13 1.9866%
Arkansas 2 $755,783.54 0.0811%
California 1,290 $440,524,237.38 47.2558%
Colorado 82 $22,858,720.34 2.4521%
Connecticut 42 $15,501,043.96 1.6628%
Delaware 6 $1,503,702.64 0.1613%
District Of Columbia 13 $4,380,148.10 0.4699%
Florida 45 $12,120,493.65 1.3002%
Georgia 32 $9,503,142.62 1.0194%
Hawaii 3 $1,319,814.46 0.1416%
Idaho 4 $763,210.73 0.0819%
Illinois 87 $29,320,208.12 3.1452%
Indiana 4 $1,218,863.75 0.1307%
Iowa 3 $988,849.11 0.1061%
Kansas 3 $641,023.34 0.0688%
Kentucky 6 $1,963,617.22 0.2106%
Louisiana 2 $409,192.04 0.0439%
Maine 5 $1,331,209.44 0.1428%
Maryland 81 $26,354,128.29 2.8271%
Massachusetts 189 $63,781,571.79 6.8420%
Michigan 53 $18,485,083.74 1.9829%
Minnesota 40 $13,062,894.92 1.4013%
Mississippi 1 $341,409.75 0.0366%
Missouri 11 $3,362,050.53 0.3607%
Montana 6 $1,350,812.87 0.1449%
Nebraska 3 $960,968.94 0.1031%
Nevada 21 $5,931,992.25 0.6363%
New Hampshire 3 $793,356.59 0.0851%
New Jersey 122 $39,155,958.10 4.2003%
New Mexico 7 $1,718,219.59 0.1843%
New York 90 $28,373,994.51 3.0437%
North Carolina 42 $13,704,949.97 1.4702%
Ohio 43 $14,301,704.29 1.5342%
Oklahoma 2 $393,670.12 0.0422%
Oregon 34 $7,637,682.27 0.8193%
Pennsylvania 64 $21,980,247.00 2.3579%
Rhode Island 3 $705,281.47 0.0757%
South Carolina 16 $4,311,905.33 0.4625%
South Dakota 2 $97,419.42 0.0105%
Tennessee 6 $1,673,617.91 0.1795%
Texas 57 $18,180,451.52 1.9502%
Utah 24 $5,168,954.79 0.5545%
Vermont 3 $728,357.58 0.0781%
Virginia 120 $37,934,020.42 4.0693%
Washington 84 $25,762,917.41 2.7636%
West Virginia 1 $116,309.20 0.0125%
Wisconsin 30 $10,493,399.70 1.1256%
Wyoming 1 $324,465.65 0.0348%
Total 2,853 $932,211,550.79 100.0001%
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 1999-15 Pool 1:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
MATURITY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- -------- ----- ------------------ -----------------
2018 2 $256,595.30 0.0275%
2019 23 $6,224,597.55 0.6677%
2023 1 $195,828.48 0.0210%
2024 12 $3,700,179.15 0.3969%
2026 2 $494,429.18 0.0530%
2027 6 $1,810,925.90 0.1943%
2028 130 $24,697,208.22 2.6493%
2029 2,677 $894,831,787.01 95.9903%
Total 2,853 $932,211,550.79 100.0000%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1999-15 Pool 1 calculated as of the Cut-off Date is 357.21 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 1999-15 Pool 1:
# OF AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------------- ----- ------------------ -----------------
Purchase 1,791 $588,264,238.61 63.1042%
Rate Term/Refinance 941 $304,979,752.75 32.7157%
Cash-out Refinance 121 $38,967,559.43 4.1801%
Total 2,853 $932,211,550.79 100.0000%
Description of the Mortgage Pool and the Mortgaged Properties
Pool 1999-15 Pool 2
Pool 1999-15 Pool 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
$72,349,463.68.
The interest rates (the "Mortgage Rates") borne by the 233 Mortgage Loans
conveyed by GECMSI to Pool 1999-15 Pool 2 range from 7.0000% to 8.2500% and the
weighted average Mortgage Rate as of the Cut-off Date is 7.3693% 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 1999-15 Pool 2 ranged from $43,500.00 to
$1,200,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-15 Pool 2 is $310,512.72,
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 1999-15 Pool 2 is April 15, 1998, and the
latest scheduled maturity date of any such Mortgage Loan is July 1, 2029. The
weighted average loan-to-value ratio of the Mortgage Loans as of the Cut-off
Date in Pool 1999-15 Pool 2 is 75.6041%.
The Mortgage Loans in Pool 1999-15 Pool 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 1999-15
Pool 2:
MORTGAGE # OF AGGREGATE BALANCES % OF POOL BY
RATES LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
7.0000% 19 $6,352,344.66 8.7801%
7.1250% 48 $16,275,637.77 22.4959%
7.2500% 48 $16,396,436.14 22.6628%
7.3750% 32 $9,357,394.68 12.9336%
7.3780% 1 $286,811.08 0.3964%
7.5000% 33 $9,231,847.10 12.7601%
7.6250% 7 $2,048,192.51 2.8310%
7.7500% 12 $3,683,387.70 5.0911%
7.8750% 13 $3,800,055.31 5.2524%
8.0000% 19 $4,657,522.53 6.4375%
8.2500% 1 $259,834.20 0.3591%
Total 233 $72,349,463.68 100.0000%
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
1999-15 Pool 2:
ORIGINAL # OF AGGREGATE BALANCES % OF POOL BY
BALANCES LOANS AS OF CUT-OFF DATE AGGREGATE BAL.
-------- ----- ------------------ --------------
$ 0 - 227,150 48 $6,742,128.32 9.3188%
$227,151 - 250,000 9 $2,178,570.26 3.0112%
$250,001 - 300,000 61 $16,876,308.50 23.3260%
$300,001 - 350,000 51 $16,476,146.55 22.7730%
$350,001 - 400,000 28 $10,536,758.21 14.5637%
$400,001 - 450,000 13 $5,556,090.87 7.6795%
$450,001 - 600,000 18 $9,435,568.79 13.0417%
$600,001 - 650,000 1 $649,517.61 0.8978%
$650,001 - 1,500,000 + 4 $3,898,374.57 5.3883%
Total 233 $72,349,463.68 100.0000%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-15 Pool 2 is $1,199,040.38.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-15 Pool 2 is $43,402.54.
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 1999-15
Pool 2:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----------- ----- ------------------ -----------------
1998 27 $5,755,744.99 7.9555%
1999 206 $66,593,718.69 92.0445%
Total 233 $72,349,463.68 100.0000%
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 1999-15 Pool 2:
LOAN-TO-VALUE # OF AGGREGATE BALANCES % OF POOL BY
RATIO AT ORIGINATION LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- -------------------- ----- ------------------ -----------------
00.000 - 50.00 16 $4,064,252.64 5.6175%
50.001 - 60.00 11 $2,488,206.69 3.4392%
60.001 - 70.00 35 $11,665,671.82 16.1241%
70.001 - 75.00 26 $8,662,303.71 11.9729%
75.001 - 80.00 101 $32,542,180.23 44.9791%
80.001 - 85.00 4 $1,008,555.96 1.3940%
85.001 - 90.00 27 $8,906,227.63 12.3100%
90.001 - 95.00 13 $3,012,065.00 4.1632%
Total 233 $72,349,463.68 100.0000%
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 1999-15 Pool 2:
TYPE OF # OF AGGREGATE BALANCES % OF POOL BY
DWELLING LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
-------- ----- ------------------ -----------------
Single-family detached 205 $63,831,853.78 88.2271%
Single-family attached 7 $2,000,964.68 2.7657%
Condominium 13 $3,646,874.66 5.0406%
2 - 4 Family Units 3 $891,270.56 1.2319%
Co-op 5 $1,978,500.00 2.7346%
Total 233 $72,349,463.68 99.9999%
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
1999-15 Pool 2:
# OF AGGREGATE BALANCES % OF POOL BY
OCCUPANCY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------- ----- ------------------ -----------------
Owner Occupied 214 $67,157,850.72 92.8243%
Vacation 14 $4,005,716.59 5.5366%
Investment 5 $1,185,896.37 1.6391%
Total 233 $72,349,463.68 100.0000%
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 1999-15 Pool 2:
# OF AGGREGATE BALANCES % OF POOL BY
STATE LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ----- ------------------ -----------------
Arizona 5 $1,245,271.87 1.7212%
California 102 $28,706,363.08 39.6771%
Colorado 9 $2,328,562.93 3.2185%
Connecticut 4 $1,342,239.82 1.8552%
Florida 5 $2,285,084.94 3.1584%
Georgia 1 $499,217.53 0.6900%
Hawaii 1 $425,000.00 0.5874%
Idaho 1 $108,415.36 0.1498%
Illinois 11 $4,675,866.07 6.4629%
Indiana 2 $797,479.90 1.1023%
Kentucky 1 $286,307.35 0.3957%
Maine 1 $282,778.43 0.3909%
Maryland 8 $2,406,296.50 3.3259%
Michigan 3 $992,649.29 1.3720%
Minnesota 4 $1,258,065.94 1.7389%
Missouri 1 $309,115.50 0.4273%
New Hampshire 2 $558,431.79 0.7719%
New Jersey 17 $5,508,742.62 7.6141%
New Mexico 2 $150,890.64 0.2086%
New York 11 $3,916,547.52 5.4134%
North Carolina 5 $1,272,888.19 1.7594%
Ohio 3 $953,698.35 1.3182%
Oregon 1 $319,637.78 0.4418%
Pennsylvania 13 $4,266,425.28 5.8970%
Rhode Island 2 $647,363.70 0.8948%
Texas 4 $1,151,799.79 1.5920%
Utah 1 $155,099.87 0.2144%
Virginia 4 $921,350.60 1.2735%
Washington 5 $3,277,361.28 4.5299%
Wisconsin 4 $1,300,511.76 1.7975%
Total 233 $72,349,463.68 100.0000%
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 1999-15 Pool 2:
YEAR OF # OF AGGREGATE BALANCES % OF POOL BY
MATURITY LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- -------- ----- ------------------ -----------------
2019 2 $702,822.58 0.9714%
2024 1 $309,624.83 0.4280%
2027 1 $286,811.08 0.3964%
2028 23 $4,218,449.11 5.8307%
2029 206 $66,831,756.08 92.3735%
Total 233 $72,349,463.68 100.0000%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1999-15 Pool 2 calculated as of the Cut-off Date is 356.64 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 1999-15 Pool 2:
# OF AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
--------------- ----- ------------------ -----------------
Purchase 139 $46,296,112.35 63.9896%
Rate Term/Refinance 76 $20,713,714.89 28.6301%
Cash-out Refinance 18 $5,339,636.44 7.3803%
Total 233 $72,349,463.68 100.0000%
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
1.1 The Underwriting Agreement, dated as of September 21, 1995, and the related
Terms Agreement, dated as of July 28, 1999, for certain of the Series
1999-15 Certificates between GE Capital Mortgage Services, Inc. and Bear,
Stearns & Co. Inc.
1.2 The Underwriting Agreement, dated as of January 22, 1998, and the related
Terms Agreement, dated as of July 28, 1999, for certain of the Series
1999-15 Certificates between GE Capital Mortgage Services, Inc. and Merrill
Lynch & Co..
4.1 The Pooling and Servicing Agreement for the Series 1999-15 Certificates,
dated as of July 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: Syed W. Ali
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Name: Syed W. Ali
Title: Vice President
Dated as of July 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: Syed W. Ali
-----------
Name: Syed W. Ali
Title: Vice President
Dated as of July 29, 1999
EXHIBIT INDEX
The exhibits are being filed herewith:
EXHIBIT NO. DESCRIPTION PAGE
1.1 The Underwriting Agreement, dated as of
September 21, 1995, and the related
Terms Agreement, dated as of July 28,
1999, for certain of the Series 1999-15
Certificates between GE Capital Mortgage
Services, Inc. and Bear, Stearns & Co.
Inc.
1.2 The Underwriting Agreement, dated as of
January 22, 1998, and the related Terms
Agreement, dated as of July 28, 1999,
for certain of the Series 1999-15
Certificates between GE Capital Mortgage
Services, Inc. and Merrill Lynch & Co.
4.1 The Pooling and Servicing Agreement for
the Series 1999-15 Certificates, dated
as of July 1, 1999, between GE Capital
Mortgage Services, Inc., as seller and
servicer, and State Street Bank and
Trust Company, as trustee.