Exhibit 99.51 GE CAPITAL MORTGAGE SERVICES, INC. SERVICER'S CERTIFICATE October, 1998 Series 1998-16, REMIC Multi-Class Pass-Through Certificates Pursuant to the Pooling and Servicing Agreement dated as of August 1, 1998 (the "Agreement") between GE...
Exhibit 99.51
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
October, 1998
Series 1998-16, 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:
With respect to the Agreement and as of the Determination Date for this month:
A. Mortgage Loan Information:
1. Aggregate scheduled Monthly Payments:
(a) Principal $ 808,365.65
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(b) Interest $ 1,467,814.68
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(c) Total $ 2,276,180.33
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2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 405,943.46
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(b) Interest $ 734,724.27
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(c) Total $ 1,140,667.73
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3. Aggregate Monthly Advances this month:
(a) Principal $ 402,422.19
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(b) Interest $ 733,090.41
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(c) Total $ 1,135,512.60
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4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 118,984.74
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5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 828,412.60
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(b) Interest $ 3,727.96
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(c) Total $ 832,140.56
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6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
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(b) Interest $ 0.00
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(c) Total $ 0.00
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7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
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(b) Interest $ 0.00
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(c) Total $ 0.00
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8. Aggregate Deficient Valuations with respect to the Mortgage
Loans during the prior month: $ 0.00
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9. Aggregate Debt Service Reductions with respect to the Mortgage Loans
during the prior month: $ 0.00
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10. Aggregate Purchase Prices for Defaulted Mortgage Loans:
(a) Principal $ 0.00
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(b) Interest $ 0.00
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(c) Total $ 0.00
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11. Aggregate Purchase Prices for Defective Mortgage Loans:
(a) Principal $ 0.00
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(b) Interest $ 0.00
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(c) Total $ 0.00
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12. Pool Scheduled Principal Balance: $ 247,648,529.57
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13. Available Funds: $ 3,104,304.52
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14. Realized Losses for prior month: $ 0.00
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15. Aggregate Realized Losses
(a) Aggregate Realized Losses: $ 0.00
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(b) Deficient Valuations: $ 0.00
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(c) Debt Service Reductions: $ 0.00
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(d) Bankruptcy Losses: $ 0.00
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(e) Special Hazard Losses: $ 0.00
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(f) Fraud Losses: $ 0.00
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(g) Excess Bankruptcy Losses: $ 0.00
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(h) Excess Special Hazard Losses: $ 0.00
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(i) Excess Fraud Losses: $ 0.00
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16. Non-Credit Losses: $ 0.00
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17. Compensating Interest Payment: $ 1,346.61
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18. Total interest payments: $ 1,348,537.48
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19. Interest
Unpaid Class
Accrued Certificate Interest Shortfalls Interest
Class Interest Payable Pay-out Rate
----- -------- ------- ------------
R $ 0.54 $ 0.00 $ 0.54 % 161619.000000000
PO $ 0.00 $ 0.00 $ 0.00 % 0.000000000
A1 $ 288,288.43 $ 0.00 $ 288,288.43 % 6.500000047
A2 $ 36,562.50 $ 0.00 $ 36,562.50 % 6.500000000
A3 $ 146,250.00 $ 0.00 $ 146,250.00 % 6.500000000
A5 $ 263,020.83 $ 0.00 $ 263,020.83 % 6.249999921
A4 $ 10,520.83 $ 0.00 $ 10,520.83 % 0.249999921
A6 $ 576,875.00 $ 0.00 $ 576,875.00 % 6.500000000
RL $ 0.54 $ 0.00 $ 0.54 % 6.480000000
M $ 10,132.05 $ 0.00 $ 10,132.05 % 6.500001069
B1 $ 3,377.35 $ 0.00 $ 3,377.35 % 6.500008019
B2 $ 3,377.35 $ 0.00 $ 3,377.35 % 6.500008019
B3 $ 6,079.23 $ 0.00 $ 6,079.23 % 6.500002228
B4 $ 2,026.41 $ 0.00 $ 2,026.41 % 6.500008019
B5 $ 2,026.42 $ 0.00 $ 2,026.42 % 6.499984670
20. Principal Distribution Amount: $ 1,755,763.07
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21. Principal Distribution Amount per Certificate:
Principal Distribution Accrual Amount
---------------------- --------------
Class R $ 100.00 $ 0.00
Class PO $ 1,613.63 $ 0.00
Class A1 $ 457,504.89 $ 0.00
Class A2 $ 0.00 $ 0.00
Class A3 $ 87,504.39 $ 0.00
Class A5 $ 434,102.23 $ 0.00
Class A4 $ 0.00 $ 0.00
Class A6 $ 758,672.02 $ 0.00
Class SUP $ 0.00 $ 0.00
Class RL $ 100.00 $ 0.00
Class M $ 6,062.21 $ 0.00
Class B1 $ 2,020.74 $ 0.00
Class B2 $ 2,020.74 $ 0.00
Class B3 $ 3,637.33 $ 0.00
Class B4 $ 1,212.44 $ 0.00
Class B5 $ 1,212.45 $ 0.00
22. Additional distributions to the Class R Certificate pursuant to the
Agreement:
$ 0.00
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23. Additional distributions to the Class RL Certificate pursuant to the
Agreement:
$ 0.00
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24. Subordinate Certificate Writedown Amount: $ 0.00
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Accumulative
Class Supported Shortfall Supported Shortfall
----- ------------------- -------------------
B1 $ 0.00 $ 0.00
B2 $ 0.00 $ 0.00
B3 $ 0.00 $ 0.00
B4 $ 0.00 $ 0.00
B5 $ 0.00 $ 0.00
25. Unanticipated Recoveries: $ 0.00
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B. Other Amounts for such Distribution Date:
1. Prepayment Distribution Triggers satisfied:
Yes No
--- --
Class-B1 X
Class-B2 X
Class-B3 X
Class-B4 X
Class-B5 X
2. Base Servicing Fee amount: $ 18,374.68
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3. Supplemental Servicing Fee amount: $ 70,126.62
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4. Credit Losses for prior month: $ 0.00
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Category Category Category
A B C
5. Senior Percentage: % 97.996437 N/A N/A N/A
----------- ---- ------ ------
6. Group I Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
7. Group II Senior Percentage:
% N/A N/A N/A N/A
----------- ---- ------ ------
8. Senior Prepayment Percentage:
%100.000000 N/A N/A N/A
----------- ---- ------ ------
9. Group I Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
10. Group II Senior Prepayment
Percentage: % N/A N/A N/A N/A
----------- ---- ------ ------
11. Junior Percentage: % 2.003563
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12. Junior Prepayment Percentage:
% 0.000000
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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
