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: June 29, 2000
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(Date of earliest event reported)
Commission File No.: 333-68951
GE Capital Mortgage Services, Inc.
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New Jersey 21-0627285
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(States of Incorporation) (I.R.S. Employer
Identification Nos.)
Three Executive Campus
Cherry Hill, New Jersey 08002
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Addresses of principal executive offices (Zip Codes)
(856) 661-6100
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Registrants' Telephone Numbers, including area code
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(Former names, former addresses and former fiscal years, if changed since
last report)
ITEM 5. Other Events
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On June 29, 2000, GE Capital Mortgage Services, Inc., a New Jersey
corporation (the "Registrant"), sold REMIC Mortgage Pass-Through Certificates,
Series 2000-7, Class A1, Class A2, Class A3, Class A4, Class A5, Class A6, Class
A7, Class A8, Class A9, Class R, Class RL, Class M, Class B1 and Class B2 (the
"Offered Certificates"), having an aggregate original principal balance of
$146,432,322.00. The Offered Certificates were issued pursuant to a Pooling and
Servicing Agreement, dated as of June 1, 2000, between the Registrant and State
Street Bank and Trust Company, as trustee (the "Agreement"), a copy of which is
filed as an exhibit hereto. REMIC Mortgage-Pass Through Certificates, Class PO
and Class S, having an aggregate original principal balance of $754,728.67 and
Class B3, Class B4 and Class B5, having an aggregate original principal balance
of $1,261,961.48 (the "Private Class B Certificates" and, together with the
Class PO and Class S Certificates and the Offered Certificates, the
"Certificates"), were also issued pursuant to the Agreement.
As of the date of initial issuance, the Offered Certificates
evidenced an approximate 98.64% undivided interest in a trust (the "Trust"),
consisting principally of a pool of fixed interest rate, conventional, monthly
pay, fully-amortizing, one- to four-family residential first mortgage loans. The
remaining undivided interests in the Trust are evidenced by the Class PO, Class
S and Private Class B Certificates. Distributions on the Private Class B
Certificates are subordinated to distributions on the Offered Certificates, the
Class PO and Class S Certificates.
Interest on the Offered Certificates will be distributed on each
Distribution Date (as defined in the Agreement). Monthly distributions in
reduction of the principal balance of the Offered Certificates will be allocated
to the Offered Certificates in accordance with the priorities set forth in the
Agreement. Distributions of interest and in reduction of principal balance on
any Distribution Date will be made to the extent that Available Funds are
sufficient therefor.
An election will be made to treat the Trust as two REMICs for
federal income tax purposes (the "Upper-Tier REMIC" and "Lower-Tier REMIC,"
respectively). The Class A1, Class A2, Class A3, Class A4, Class A5, Class A6,
Class A7, Class A8, Class A9, Class PO, Class S, Class M, Class B1, Class B2,
Class B3, Class B4 and Class B5 Certificates will be treated as "regular
interests" in the Upper-Tier REMIC and the Class R and Class RL Certificates
will be treated as the "residual interests" in the Upper-Tier REMIC and
Lower-Tier REMIC, respectively.
ITEM 7. Financial Statements and Exhibits
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(c) Exhibits
Item 601(a)
of Regulation S-K
Exhibit No. Description
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(EX-4) Pooling and Servicing Agreement, dated
as of June 1, 2000, between GE Capital
Mortgage Services, Inc. and State Street
Bank and Trust Company, as trustee.
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 hereunto duly authorized.
GE CAPITAL MORTGAGE SERVICES, INC.
June 29, 2000
By: /s/ Al Gentile
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Name: Al Gentile
Title: Designated Officer
INDEX TO EXHIBITS
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Paper (P) or
Exhibit No. Description Electronic (E)
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(EX-4) Pooling and Servicing Agreement, E
dated as of June 1, 2000,
between GE Capital Mortgage
Services, Inc. and State Street
Bank and Trust Company, as
trustee.