SERVICER'S CERTIFICATE MAY 1998 Home Equity Loan Pass-Through Certificates, Series 1998-HE1 Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1998 (the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company"), and The...
Exhibit 99.9
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
MAY 1998
Home Equity Loan Pass-Through Certificates,
Series 1998-HE1
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1998
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company"),
and The First National Bank of Chicago (the "Trustee"), governing the
Certificates referred to above, the Company hereby certifies to the Trustee:
With respect to the Agreement and as of the Determination Date for this
month:
A. Mortgage Loan Information:
(1) Aggregate Monthly Payments Due: $1,432,402.81
(2) Aggregate Monthly Payments received and Monthly Advances made
this Month:
(a) Principal $ 212,615.80
(b) Interest $1,195,441.45
(c) Total $1,408,057.25
(3) Aggregate Principal Prepayments in part received on Self-
Amortizing Mortgage Loans and applied in the applicable
Prepayment Period:
(a) Principal $ 29,205.18
(c) Total $ 29,205.18
(4) Aggregate Principal Prepayments in full received in the
applicable Prepayment period:
(a) Principal $ 525,442.76
(b) Interest $ 4,295.94
(c) Total $ 529,738.70
(5) Aggregate Insurance Proceeds (inculding purchases of Mortgage
Loans by primary mortgage insurers) for prior month:
(a) Principal $ 0.00
(b) Interest $ 0.00
(c) Total $ 0.00
(6) Aggregate Liquidation Proceeds for prior month:
(a) Principal $ 0.00
(b) Interest $ 0.00
(c) Total $ 0.00
(7) Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 143,118.10
(b) Interest $ 0.00
(c) Total $ 143,118.10
** (8) Aggregate Purchase Prices for (and substitution adjustments) for
Defective Mortgage Loans:
(a) Principal $ 959,616.21
(b) Interest $ 15,548.61
(c) Total $ 975,164.82
** The Company has repurchased the Mortgage Loans due to defective appraisals.
All of such Mortgage Loans were originated by one specific lender and had
appraisals prepared by one specific appraiser.
(9) Aggregate Purchase Prices for for Document Deficiencies per Sec.
2.02:
(a) Principal $ 0.00
(b) Interest $ 0.00
(c) Total $ 0.00
(10) Pool Principal Balance $153,633,695.85
(11) Available Funds: $ 3,015,495.37
(12) Realized Losses for prior month: $ 0.00
(13) Aggregate Realized Losses: $ 0.00
(a) Deficient Valuations $ 0.00
(b) Special Hazard Losses $ 0.00
(c) Fraud Losses $ 0.00
(d) Excess Bankruptcy Losses $ 0.00
(e) Excess Special Hazard Losses $ 0.00
(f) Excess Fraud Losses $ 0.00
(14) Compensating Interest Payment: $ 863.24
(15) Net Simple Interest Shortfall: $ (0.00)
(16) Net Simple Interest Excess: $ 0.00
(17) Simple Interest Shortfall Payment: $ (0.00)
(18) Unpaid Net Simple Interest Shortfall:
Class A1 00000XXX0 $0.00
Class A2 00000XXX0 $0.00
Class A3 00000XXX0 $0.00
Class A4 00000XXX0 $0.00
Class A5 00000XXX0 $0.00
Class A6 00000XXX0 $0.00
Class A7 00000XXX0 $0.00
Class S 36198HE1 $0.00
Class M 00000XXX0 $0.00
Class B1 00000XXX0 $0.00
Class B2 36158GBC2 $0.00
Class B3 00000XXX0 $0.00
Class B4 00000XXX0 $0.00
Class B5 00000XXX0 $0.00
(19) Class Certificate Interest Rate:
Class M 00000XXX0 6.950%
Class B1 00000XXX0 7.240%
Class B2 36158GBC2 7.590%
Class B3 00000XXX0 8.947%
Class B4 00000XXX0 8.947%
Class B5 00000XXX0 8.947%
Class S 36198HE1 2.35%
(20) Accrued Certificate Interest and Pay-out Rate:
Class A1 00000XXX0 $ 235,970.81 6.525%
Class A2 00000XXX0 $ 102,768.33 6.260%
Class A3 00000XXX0 $ 117,105.00 6.330%
Class A4 00000XXX0 $ 56,886.67 6.440%
Class A5 00000XXX0 $ 70,197.50 6.530%
Class A6 00000XXX0 $ 103,348.17 6.940%
Class A7 00000XXX0 $ 76,540.21 6.465%
Class S 36198HE1 $ 300,677.20 2.35%
Class M 00000XXX0 $ 22,390.01 6.950%
Class B1 00000XXX0 $ 20,993.05 7.240%
Class B2 36158GBC2 $ 9,781.99 7.590%
Class B3 00000XXX0 $ 11,531.20 8.947%
Class B4 00000XXX0 $ 8,650.26 8.947%
Class B5 00000XXX0 $ 8,656.92 8.947%
Total $1,145,497.32
(21) Principal distributable:
Class A1 00000XXX0 $1,852,339.63
Class A2 00000XXX0 $ 0.00
Class A3 00000XXX0 $ 0.00
Class A4 00000XXX0 $ 0.00
Class A5 00000XXX0 $ 0.00
Class A6 00000XXX0 $ 0.00
Class A7 00000XXX0 $ 0.00
Class M 00000XXX0 $ 5,350.07
Class B1 00000XXX0 $ 4,815.34
Class B2 36158GBC2 $ 2,140.31
Class B3 00000XXX0 $ 2,140.31
Class B4 00000XXX0 $ 1,605.58
Class B5 00000XXX0 $ 1,606.81
Class R1 00000XXX0 $ 0.00
Class R2 00000XXX0 $ 0.00
Total $1,869,998.05
(22) Additional distributions to the Class R1 Certificate pursuant to
Section 2.05 (d) : $ 0.00
(23) Additional distributions to the Class R2 Certificate pursuant to
Section 4.01 (b) : $ 0.00
B. Other Amounts:
1) Senior Percentage for such Distribution Date 91.694683%
2) Senior Prepayment Percentage for such Distribution
Date 100.000000%
3) Junior Percentage for such Distribution Date 8.305317%
4) Junior Prepayment Percentage for such Distribution Date 0.000000%
5) Subordinate Certfificate Writedown Amount or such
Distribution Date $ 0.00
6) Prepayment Distribution Triggers satisfied:
Yes No
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Class B1 X
Class B2 X
Class B3 X
Class B4 X
Class B5 X
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Xxx Xxxx
-----------------------------------
Name: Xxx Xxxx
Title: Vice President,
Investor Operations
