Exhibit 99.48
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
October, 1998
Series 1998-14, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1998 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank (the "Trustee"), governing the Certificates referred to above,
the Company hereby certifies to the Trustee:
Weighted average coupon % 7.340778
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Weighted average maturity 355.59
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X. Xxxxxx of distribution allocable to principal and interest:
The amounts below are for a Single Certificate of $1,000:
1.
Principal
Principal Per Prepayments Per Interest Per
Class Certificate Certificate Certificate Payout Rate
----- ----------- ----------- ----------- -----------
R $ 1000.00000000 $ 930.50000000 $ 34.66666667 % 41.60000000
PO $ 1.06372631 $ 0.18917467 $ 0.00000000 % 0.00000000
A1 $ 5.13040309 $ 4.77413010 $ 5.20833331 % 6.24999997
A2 $ 0.00000000 $ 0.00000000 $ 5.29166662 % 6.34999995
A3 $ 0.00000000 $ 0.00000000 $ 5.29166796 % 6.35000156
A4 $ 3.44213564 $ 3.20310188 $ 5.41666658 % 6.49999989
A5 $ 103.93179737 $ 96.71441268 $ 5.53999994 % 6.64799992
A6 $ 103.93179702 $ 96.71441309 $ 6.08400035 % 7.30080042
A9 $ 14.68880155 $ 18.90314027 $ 5.62500065 % 6.75000078
A10 $ 11.33080696 $ 10.54395642 $ 5.62500007 % 6.75000008
A11 $ 5.13040317 $ 4.77413005 $ 5.16666653 % 6.19999984
A12 $ 3.52521520 $ 3.28041210 $ 5.41666670 % 6.50000004
A7 $ 0.00000000 $ 0.00000000 $ 6.88000000 % 8.25600000
A8 $ 0.78685282 $ 0.73221059 $ 5.62500291 % 6.75000349
RL $ 1000.00000000 $ 930.50000000 $ 5.66666667 % 6.80000000
M $ 0.78685094 $ 0.00000000 $ 5.62500019 % 6.75000023
B1 $ 0.78685036 $ 0.00000000 $ 5.62499926 % 6.74999911
B2 $ 0.78685099 $ 0.00000000 $ 5.62500079 % 6.75000095
B3 $ 0.78685292 $ 0.00000000 $ 5.62500059 % 6.75000071
B4 $ 0.78685292 $ 0.00000000 $ 5.62499584 % 6.74999501
B5 $ 0.78684759 $ 0.00000000 $ 5.62499972 % 6.74999966
2. Unanticipated Recoveries: $ 0.00
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B. Accrual Amount
1.
Accrual Amount
Class
A9 $ 43,509.38
A7 $ 343,750.00
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 42,733.11
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 520,183,329.59
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 1,619
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
----- ------- ----------------- ------- -----
R $ 60.00 $ 0.00 $ 0.00 00000XXX0
PO $ 865,655.00 $ 864,734.18 $ 998.94 GEC9814PO
A1 $ 65,519,000.00 $ 65,182,861.12 $ 994.87 00000XXX0
A2 $ 78,008,000.00 $ 78,008,000.00 $ 1,000.00 00000XXX0
A3 $ 2,572,000.00 $ 2,572,000.00 $ 1,000.00 00000XXX0
A4 $ 37,703,000.00 $ 37,573,221.16 $ 996.56 00000XXX0
A5 $ 34,035,930.00 $ 30,498,514.62 $ 896.07 00000XXX0
A6 $ 6,302,950.00 $ 5,647,873.08 $ 896.07 00000XXX0
A9 $ 7,735,000.00 $ 7,621,382.12 $ 985.31 00000XXX0
A10 $ 70,809,000.00 $ 70,006,676.89 $ 988.67 00000XXX0
A11 $ 24,605,000.00 $ 24,478,766.43 $ 994.87 00000XXX0
A12 $ 100,000,000.00 $ 99,647,478.48 $ 996.47 00000XXX0
A7 $ 75,000,000.00 $ 75,343,750.00 $ 1,004.58 00000XXX0
A8 $ 1,719,000.00 $ 1,717,647.40 $ 999.21 00000XXX0
SUP $ 485,001,988.00 $ 479,313,648.50 $ 988.27 GE9814SUP
RL $ 60.00 $ 0.00 $ 0.00 00000XXX0
M $ 9,729,365.00 $ 9,721,709.44 $ 999.21 00000XXX0
B1 $ 4,207,293.00 $ 4,203,982.49 $ 999.21 00000XXX0
B2 $ 2,366,293.00 $ 2,364,431.08 $ 999.21 00000XXX0
B3 $ 2,103,646.00 $ 2,101,990.74 $ 999.21 00000XXX0
B4 $ 1,051,823.00 $ 1,050,995.37 $ 999.21 00000XXX0
B5 $ 1,578,247.19 $ 1,577,005.35 $ 999.21 00000XXX0
D. The aggregate number and aggregate Principal Balances of Mortgage
Loans which, as of the close of business on the last day of the
month preceding the related Determination Date, were delinquent:
1. 30-59 days
Number 21 Principal Balance $ 7,861,112.94
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2. 60-89 days
Number 0 Principal Balance $ 0.00
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3. 90 days or more
Number 0 Principal Balance $ 0.00
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4. In Foreclosure
Number 0 Principal Balance $ 0.00
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5. Real Estate Owned
Number 0 Principal Balance $ 0.00
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6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
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7. The Certificate Interest Rate applicable to the Interest Accrual
Period relating to such Distribution Date applicable to any floating
index certificate:
Certificate Interest
Class Rates
A5 % 6.64799992
A6 % 7.30080042
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
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2. Bankruptcy Loss Amount: $ 0.00
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3. Fraud Loss Amount: $ 0.00
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4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
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*It has been the Company's experience that, with respect to the first
Distribution Date after the closing of a securitization containing a large
number of recently originated or acquired Mortgage Loans, the number of Mortgage
Loans 30-59 days delinquent may be inflated due to the borrowers sending monthly
payments to the wrong location or delays by the Company in inputting the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date. However, the Company makes no assurances as to the level of delinquent
Mortgage Loans for future Distribution Dates.
