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) November 29, 1999
GE CAPITAL MORTGAGE SERVICES, INC.
(as Seller and Servicer under the Pooling and
Servicing Agreement, dated as of November 1, 1999,
providing for the issuance of REMIC Mortgage
Pass-Through Certificates, Series 1999-21)
GE Capital Mortgage Services, Inc.
(Exact name of registrant as specified in its charter)
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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 (856) 661-6100
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ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
General.
On November 29, 1999, GE Capital Mortgage Services, Inc. ("GECMSI") offered to
investors certain classes of its REMIC Mortgage Pass-Through Certificates,
Series 1999-21 (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 1999-21") 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
November 19,1999 as supplemented by the Prospectus Supplement dated November
19,1999.
The original principal balance of each Class of the Certificates is as follows:
Class A $168,260,000.00
Class M $1,302,000.00
Class B1 $868,000.00
Class B2 $434,000.00
Class B3 $695,000.00
Class B4 $260,000.00
Class B5 $348,125.37
Total : $172,167,125.37
The initial Junior Percentage and initial Senior Percentage for Pool 1999-21 are
approximately 2.27% and 97.73%, respectively. The "Bankruptcy Loss Amount," the
"Fraud Loss Amount" and the "Special Hazard Loss Amount" for Pool 1999-21 as of
the initial issuance of the Certificates are $100,000, $1,736,335 and
$2,736,101, respectively, representing approximately .0576%, 1.0000%, and
1.5758%, respectively, of the aggregate Scheduled Principal Balances of the
Mortgage Loans as of November 1, 1999 (the "Cut-off Date").
DESCRIPTION OF THE MORTGAGE POOL AND THE MORTGAGED PROPERTIES
POOL 1999-21
Pool 1999-21 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 $173,633,496.64.
The interest rates (the "Mortgage Rates") borne by the 538 Mortgage Loans
conveyed by GECMSI to Pool 1999-21 range from 6.1250% to 10.8750% and the
weighted average Mortgage Rate as of the Cut-off Date is 7.3263% 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 1999-21 ranged from $24,200.00 to
$1,390,000.00, and, as of the Cut-off Date, the average outstanding Scheduled
Principal Balance of the Mortgage Loans in Pool 1999-21 is $322,738.84, 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 1999-21 is March 7, 1986, and the latest
scheduled maturity date of any such Mortgage Loan is November 1, 2014. The
weighted average loan-to-value ratio of the Mortgage Loans as of the Cut-off
Date in Pool 1999-21 is 68.6160%.
The Mortgage Loans in Pool 1999-21 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 1999-21:
MORTGAGE AGGREGATE BALANCES % OF POOL BY
RATES # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
----- ---------- ------------------ -----------------
6.1250% 2 $672,604.82 0.39%
6.2500% 4 $1,411,915.53 0.81%
6.3750% 3 $912,418.26 0.53%
6.5000% 7 $2,444,721.00 1.41%
6.6250% 13 $4,169,563.33 2.40%
6.7500% 37 $11,363,107.50 6.54%
6.8750% 59 $19,405,469.50 11.18%
6.9500% 2 $720,844.29 0.42%
7.0000% 46 $13,733,404.48 7.91%
7.1250% 32 $12,148,249.72 7.00%
7.2500% 53 $17,880,058.88 10.30%
7.3750% 60 $20,227,913.78 11.65%
7.5000% 43 $14,046,662.75 8.09%
7.6250% 50 $16,878,156.59 9.72%
7.7500% 39 $12,607,204.61 7.26%
7.8750% 36 $11,370,522.99 6.55%
8.0000% 23 $5,987,753.39 3.45%
8.1250% 7 $2,329,253.11 1.34%
8.2500% 9 $2,805,575.18 1.62%
8.3750% 1 $141,051.02 0.08%
8.5000% 2 $408,987.13 0.24%
8.6250% 5 $1,139,776.09 0.66%
8.7500% 1 $14,429.44 0.01%
8.8750% 1 $648,262.80 0.37%
9.2500% 1 $133,304.92 0.08%
9.8750% 1 $23,148.21 0.01%
10.8750% 1 $9,137.32 0.01%
Total 538 $173,633,496.64 100.0300%
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
1999-21:
ORIGINAL AGGREGATE BALANCES % OF POOL BY
BALANCES # OF LOANS AS OF CUT-OFF DATE AGGREGATE BAL.
-------- ---------- ------------------ --------------
$ 0 - 240,000 84 $10,273,885.51 5.92%
$240,001 - 250,000 14 $3,389,880.69 1.95%
$250,001 - 300,000 148 $41,260,284.27 23.76%
$300,001 - 350,000 125 $40,474,094.39 23.31%
$350,001 - 400,000 73 $27,221,491.82 15.68%
$400,001 - 450,000 30 $12,792,404.91 7.37%
$450,001 - 600,000 43 $22,185,012.60 12.78%
$600,001 - 650,000 12 $7,631,758.37 4.40%
$650,001 - 1,000,000 + 9 $8,404,684.08 4.84%
Total 538 $173,633,496.64 100.0100%
The largest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-21 is $1,368,050.35.
The smallest outstanding Scheduled Principal Balance of any Mortgage Loan, as of
the Cut-off Date, in Pool 1999-21 is $9,137.32.
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 1999-21:
AGGREGATE BALANCES % OF POOL BY
YEAR OF ORIGINATION # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ------------------- ---------- ------------------ -----------------
1986 3 $46,714.97 0.03%
1987 1 $307,803.39 0.18%
1992 2 $417,830.96 0.24%
1993 1 $240,000.00 0.14%
1998 8 $2,022,348.16 1.16%
1999 523 $170,598,799.16 98.25%
Total 538 $173,633,496.64 100.0000%
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 1999-21:
LOAN-TO-VALUE AGGREGATE BALANCES % OF POOL BY
RATIO AT ORIGINATION # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- -------------------- ---------- ------------------ -----------------
00.000 - 50.00 62 $19,274,526.95 11.10%
50.001 - 60.00 69 $24,420,623.03 14.06%
60.001 - 70.00 115 $37,679,000.61 21.70%
70.001 - 75.00 70 $21,900,971.45 12.61%
75.001 - 80.00 190 $61,959,152.97 35.68%
80.001 - 85.00 9 $2,500,750.45 1.44%
85.001 - 90.00 17 $4,453,082.53 2.56%
90.001 - 95.00 6 $1,445,388.65 0.83%
Total 538 $173,633,496.64 99.9800%
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 1999-21:
AGGREGATE BALANCES % OF POOL BY
TYPE OF DWELLING # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
---------------- ---------- ------------------ -----------------
Single-family detached 492 $164,509,518.10 94.75%
Single-family attached 7 $1,351,837.46 0.78%
Condominium 24 $5,556,387.05 3.20%
2 - 4 Family Units 12 $1,723,092.21 0.99%
Co-op 3 $492,661.82 0.28%
Total 538 $173,633,496.64 100.0000%
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 1999-21:
AGGREGATE BALANCES % OF POOL BY
OCCUPANCY # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- --------- ---------- ------------------ -----------------
Owner Occupied 511 $166,831,080.19 96.08%
Vacation 19 $5,633,463.21 3.24%
Investment 8 $1,168,953.24 0.67%
Total 538 $173,633,496.64 99.9900%
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 1999-21:
AGGREGATE BALANCES % OF POOL BY
STATE # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- ----- ---------- ------------------ -----------------
Alabama 4 $764,781.92 0.44%
Arizona 13 $2,928,955.88 1.69%
Arkansas 1 $341,966.37 0.20%
California 135 $49,224,160.51 28.35%
Colorado 11 $3,136,452.13 1.81%
Connecticut 17 $6,204,399.92 3.57%
Delaware 3 $728,718.14 0.42%
District Of Columbia 2 $808,590.50 0.47%
Florida 15 $3,893,160.01 2.24%
Georgia 17 $6,011,669.31 3.46%
Illinois 22 $9,169,773.60 5.28%
Indiana 6 $2,078,884.70 1.20%
Iowa 2 $453,351.63 0.26%
Kansas 3 $996,115.24 0.57%
Kentucky 3 $1,115,861.74 0.64%
Louisiana 1 $141,051.02 0.08%
Maryland 12 $3,266,307.44 1.88%
Massachusetts 32 $9,902,759.87 5.70%
Michigan 13 $4,068,129.03 2.34%
Minnesota 7 $2,260,283.95 1.30%
Missouri 6 $1,989,849.63 1.15%
Montana 1 $274,188.68 0.16%
Nebraska 4 $1,544,919.09 0.89%
Nevada 3 $882,046.66 0.51%
New Hampshire 1 $323,102.81 0.19%
New Jersey 29 $9,476,356.97 5.46%
New York 43 $11,837,728.45 6.82%
North Carolina 7 $1,788,774.33 1.03%
Ohio 6 $1,981,970.35 1.14%
Oklahoma 3 $655,516.56 0.38%
Oregon 8 $1,852,960.44 1.07%
Pennsylvania 16 $5,734,240.40 3.30%
Rhode Island 2 $329,397.25 0.19%
South Carolina 7 $1,655,340.01 0.95%
Tennessee 3 $774,338.82 0.45%
Texas 48 $14,945,930.35 8.61%
Utah 2 $679,289.32 0.39%
Vermont 1 $297,323.80 0.17%
Virginia 13 $4,181,471.74 2.41%
Washington 6 $1,508,174.18 0.87%
Wisconsin 10 $3,425,203.89 1.97%
Total 538 $173,633,496.64 100.0100%
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 1999-21:
AGGREGATE BALANCES % OF POOL BY
YEAR OF MATURITY # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
---------------- ---------- ------------------ -----------------
2001 3 $46,714.97 0.03%
2009 7 $2,250,135.17 1.30%
2011 2 $608,405.94 0.35%
2012 1 $220,626.27 0.13%
2013 5 $1,446,374.98 0.83%
2014 520 $169,061,239.31 97.37%
Total 538 $173,633,496.64 100.0100%
The weighted average scheduled remaining term to maturity of the Mortgage Loans
in Pool 1999-21 calculated as of the Cut-off Date is 176.01 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 1999-21:
AGGREGATE BALANCES % OF POOL BY
PURPOSE OF LOAN # OF LOANS AS OF CUT-OFF DATE AGGREGATE BALANCE
- --------------- ---------- ------------------ -----------------
Purchase 270 $91,056,075.89 52.44%
Rate Term/Refinance 197 $62,123,969.01 35.78%
Cash-out Refinance 71 $20,453,451.74 11.78%
Total 538 $173,633,496.64 100.0000%
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS.
1.1 The Underwriting Agreement, dated as of October 23, 1995, and the
related Terms Agreement, dated as of November 19, 1999, for
certain of the Series 1999-21 Certificates between GE Capital Mortgage
Services, Inc. and Salomon Smith Barney Inc.
1.2 The Underwriting Agreement, dated as of April 24, 1995, and the
related Terms Agreement, dated as of November 19, 1999, for
certain of the Series 1999-21 Certificates between GE Capital
Mortgage Services, Inc. and PaineWebber Incorporated.
4.1 The Pooling and Servicing Agreement for the Series 1999-21
Certificates, dated as of November 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/ Al Gentile
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Name: Al Gentile
Title: Designated Officer
Dated as of November 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: Al Gentile
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Name: Al Gentile
Title: Designated Officer
Dated as of November 29, 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
October 23, 1995, and the related Terms
Agreement, dated as of November 19,
1999, for certain of the Series 1999-21
Certificates between GE Capital Mortgage
Services, Inc. and Smith Barney Inc.
1.2 The Underwriting Agreement, dated
as of April 24, 1995, and the
related Terms Agreement, dated as
of November 19, 1999, for certain
of the Series 1999-21 Certificates
between GE Capital Mortgage
Services, Inc. and PaineWebber
Incorporated.
4.1 The Pooling and Servicing Agreement
for the Series 1999-21
Certificates, dated as of November
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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