Exhibit 99.16
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
FEBRUARY 1998
Home Equity Loan Pass-Through Certificates
Series 1997-HE2
Pursuant to the Pooling and Servicing Agreement dated as of June 1, 1997
(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:
The amounts below are for a Single Certificate of $1,000:
(1) Amount of distribution allocable to principal:
Class A1 00000XXX0 $ 43.72620436
Class A2 00000XXX0 $ 0.00000000
Class A3 00000XXX0 $ 0.00000000
Class A4 00000XXX0 $ 0.00000000
Class A5 00000XXX0 $ 0.00000000
Class A6 00000XXX0 $ 0.00000000
Class A7 00000XXX0 $ 0.00000000
Class M 00000XXX0 $ 1.44341181
Class B1 00000XXX0 $ 1.44341181
Class B2 00000XXX0 $ 1.44341181
Class B3 00000XXX0 $ 1.44341181
Class B4 00000XXX0 $ 1.44341181
Class B5 00000XXX0 $ 1.44341181
Class R1 00000XXX0 $ 0.00000000
Class R2 00000XXX0 $ 0.00000000
(2) Aggregate Principal prepayments included in distribution:
Class A1 00000XXX0 $ 2,616,678.57
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 $ 0.00
Class B1 00000XXX0 $ 0.00
Class B2 00000XXX0 $ 0.00
Class B3 00000XXX0 $ 0.00
Class B4 00000XXX0 $ 0.00
Class B5 00000XXX0 $ 0.00
Class R1 00000XXX0 $ 0.00
Class R2 00000XXX0 $ 0.00
(3) Amount of distribution allocable to interest Pay-out Rate:
Class A1 00000XXX0 $ 4.31080810 6.740%
Class A2 00000XXX0 $ 5.62083333 6.745%
Class A3 00000XXX0 $ 5.74583333 6.895%
Class A4 00000XXX0 $ 5.90000000 7.080%
Class A5 00000XXX0 $ 5.98750000 7.185%
Class A6 00000XXX0 $ 6.23750000 7.485%
Class A7 00000XXX0 $ 5.93333333 7.120%
Class S 36197HE2S $ 1.81246348 2.17%
Class M 00000XXX0 $ 6.11551084 7.410%
Class B1 00000XXX0 $ 6.25993924 7.585%
Class B2 00000XXX0 $ 6.54054297 7.925%
Class B3 00000XXX0 $ 7.62897021 9.244%
Class B4 00000XXX0 $ 7.62897021 9.244%
Class B5 00000XXX0 $ 7.62897021 9.244%
(4) Servicing Compensation: $ 107,738.23
The amounts below are for the aggregate of all Certificates:
(5) Pool Principal Balance; $ 228,719,803.01
number of Mortgage Loans: 3,237
(6) Class Certificate Principal Balance of each Class; Certificate
Principal Balance of Single Certificate of each class:
Single
Certificate
Class Cusip# Class Balance Balance
----- ------ ------------- -------
Class A1 00000XXX0 $ 48,348,285.01 $ 723.77672168
Class A2 00000XXX0 $ 42,100,000.00 $ 1,000.00000000
Class A3 00000XXX0 $ 21,800,000.00 $ 1,000.00000000
Class A4 00000XXX0 $ 30,300,000.00 $ 1,000.00000000
Class A5 00000XXX0 $ 13,700,000.00 $ 1,000.00000000
Class A6 00000XXX0 $ 27,145,000.00 $ 1,000.00000000
Class A7 00000XXX0 $ 22,428,000.00 $ 1,000.00000000
Class M 00000XXX0 $ 6,044,295.64 $ 988.92271677
Class B1 00000XXX0 $ 6,044,295.64 $ 988.92271677
Class B2 00000XXX0 $ 1,813,684.26 $ 988.92271677
Class B3 00000XXX0 $ 2,417,916.04 $ 988.92271677
Class B4 00000XXX0 $ 1,813,684.26 $ 988.92271677
Class B5 00000XXX0 $ 1,814,615.27 $ 988.92271677
Class R1 00000XXX0 $ 0.00 $ 0.00000000
Class R2 00000XXX0 $ 0.00 $ 0.00000000
(7) Book value of real estate acquired on behalf of Certificate-
holders; $ 68,956.65
number of related Mortgage Loans: 1
(8) Aggregate Scheduled Principal Balance and number of delinquent
Mortgage Loans:
One Payment Delinquent $ 2,585,937.84
34
Two Payments Delinquent $ 659,712.10
11
Three or more Payments Delinquent $ 812,771.89
10
TOTAL $ 4,058,421.83
55
In foreclosure $ 1,346,320.04
23
(9) Aggregate Scheduled Principal Balance and number of replaced Mortgage
Loans: $ 0.00
0
(10) 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 36197HE2S $ 0.00
Class M 00000XXX0 $ 0.00
Class B1 00000XXX0 $ 0.00
Class B2 00000XXX0 $ 0.00
Class B3 00000XXX0 $ 0.00
Class B4 00000XXX0 $ 0.00
Class B5 00000XXX0 $ 0.00
(11) Class Certificate Interest Rate of:
Class M 00000XXX0 7.410%
Class B1 00000XXX0 7.585%
Class B2 00000XXX0 7.925%
Class B3 00000XXX0 9.244%
Class B4 00000XXX0 9.244%
Class B5 00000XXX0 9.244%
Class S 36197HE2S 2.17%
(12) Senior Percentage for such Distribution Date: 91.265467%
(13) Senior Prepayment Percentage for such Distribution
Date: 100.000000%
(14) Junior Percentage for such Distribution Date: 8.734533%
(15) Junior Prepayment Percentage for such Distribution
Date: 0.000000%
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Xxxxx Xxxxxxx
----------------------------------------
Name: Xxxxx Xxxxxxx
Title: Vice President,
Investor Operations
