Exhibit 99.40
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
October, 1999
Series 1999-18, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of September 1, 1999
(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 % 7.428988
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Weighted average maturity 355.39
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A. Amount 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 $ 948.80000000 $ 5.90000000 %7.08000000
PO $ 8.51534207 $ 7.65350966 $ 0.00000000 %0.00000000
A1 $ 32.43668880 $ 30.77731230 $ 5.83333330 %6.99999996
A2 $ 26.29641029 $ 24.95115432 $ 5.83333333 %7.00000000
A3 $ 8.80751155 $ 8.35694254 $ 5.83333352 %7.00000023
A4 $ 0.00000000 $ 0.00000000 $ 5.83333307 %6.99999969
A5 $ 0.00000000 $ 0.00000000 $ 5.83333326 %6.99999991
A6 $ 0.00000000 $ 0.00000000 $ 5.83333321 %6.99999985
A7 $ 26.44832600 $ 25.09529848 $ 5.83333336 %7.00000003
A8 $ 0.00000000 $ 0.00000000 $ 5.83333316 %6.99999979
A9 $ 0.00000000 $ 0.00000000 $ 6.25000000 %7.50000000
A10 $ 0.00000000 $ 0.00000000 $ 0.02500000 %0.03000000
A11 $ 0.00000000 $ 0.00000000 $ 0.00000000 %0.00000000
A12 $ 0.00000000 $ 0.00000000 $ 5.83333338 %7.00000005
A13 $ 0.00000000 $ 0.00000000 $ 5.83333310 %6.99999972
S $ 0.00000000 $ 0.00000000 $ 0.35269948 %0.42323938
RL $ 1000.00000000 $ 948.80000000 $ 5.80000000 %6.96000000
M $ 0.77165742 $ 0.00000000 $ 5.83333368 %7.00000042
B1 $ 0.77165651 $ 0.00000000 $ 5.83333422 %7.00000106
B2 $ 0.77166004 $ 0.00000000 $ 5.83333499 %7.00000199
B3 $ 0.77165805 $ 0.00000000 $ 5.83333201 %6.99999841
B4 $ 0.77166004 $ 0.00000000 $ 5.83333002 %6.99999602
B5 $ 0.77165879 $ 0.00000000 $ 5.83333016 %6.99999619
2. Unanticipated Recoveries: $ 0.00
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B. Accrual Amount
1.
Accrual Amount
Class
A6 $ 156,333.33
2. The amount of servicing compensation received by the Company during
the month preceding the month of distribution:
$ 53,829.13
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C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 495,779,696.67
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2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 1,497
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3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
----- ------- ----------------- ------- -----
R $ 100.00 $ 0.00 $ 0.00 00000X0X0
PO $ 6,324,211.00 $ 6,270,358.18 $ 991.48 GEC9918PO
A1 $ 100,000,000.00 $ 96,756,331.12 $ 967.56 00000X0X0
A2 $ 24,300,000.00 $ 23,660,997.23 $ 973.70 00000X0X0
A3 $ 17,750,000.00 $ 17,593,666.67 $ 991.19 00000X0X0
A4 $ 12,772,000.00 $ 12,772,000.00 $ 1,000.00 00000X0X0
A5 $ 45,520,000.00 $ 45,520,000.00 $ 1,000.00 00000X0X0
A6 $ 26,800,000.00 $ 26,956,333.33 $ 1,005.83 00000X0X0
A7 $ 125,000,000.00 $ 121,693,959.25 $ 973.55 00000X0X0
A8 $ 9,485,714.00 $ 9,485,714.00 $ 1,000.00 00000X0X0
A9 $ 20,000,000.00 $ 20,000,000.00 $ 1,000.00 00000X0X0
A10 $ 20,000,000.00 $ 20,000,000.00 $ 1,000.00 00000X0X0
A11 $ 1,514,286.00 $ 1,514,286.00 $ 1,000.00 00000X0X0
A12 $ 78,950,000.00 $ 78,950,000.00 $ 1,000.00 00000X0X0
A13 $ 14,500,000.00 $ 14,500,000.00 $ 1,000.00 00000X0X0
S $ 312,651,066.21 $ 308,088,151.41 $ 985.41 GEC99018S
RL $ 100.00 $ 0.00 $ 0.00 00000X0X0
M $ 9,557,000.00 $ 9,549,625.27 $ 999.23 00000X0X0
B1 $ 3,773,000.00 $ 3,770,088.54 $ 999.23 00000X0X0
B2 $ 2,012,000.00 $ 2,010,447.42 $ 999.23 00000X0X0
B3 $ 2,515,000.00 $ 2,513,059.28 $ 999.23 00000XXX0
B4 $ 1,006,000.00 $ 1,005,223.71 $ 999.23 00000XXX0
B5 $ 1,258,574.40 $ 1,257,603.21 $ 999.23 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 7 Principal Balance $ 2,737,358.30
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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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E. Other Information:
1. Special Hazard Loss Amount: $ 5,030,380.00
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2. Bankruptcy Loss Amount: $ 192,469.00
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3. Fraud Loss Amount: $ 5,030,380.00
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4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
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G.
Rounding Amount
Opening Reimbursement (Withdrawl) Closing
Class Balance Amount Balance
----- ------- ------ --------------- -------
A9 $ 999.99 $ 0.00 $ 0.00 $ 999.99
*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.
