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EXHIBIT 20.3
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
OCTOBER 1996
REMIC Multi-Class Pass-Through Certificates
Series 1994-11
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1994 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank Trust Company (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 ........................................... $ 492,813.80
(b) Interest ............................................ $ 2,837,329.60
(c) Total ............................................... $ 3,330,143.40
2. Aggregate Monthly Payments Received and Monthly
Advances made this month:
(a) Principal ........................................... $ 492,813.80
(b) Interest ............................................ $ 2,754,960.75
(c) Total ............................................... $ 3,247,774.55
3. Aggregate Principal Prepayments in part received
and applied in prior month: ................................................... $ 350,748.03
4. Aggregate Principal Prepayments in full received
in prior month:
(a) Principal ........................................... $ 2,090,233.17
(b) Interest ............................................ $ 5,380.64
(c) Total ............................................... $ 2,095,613.81
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5. Aggregate Insurance Proceeds (including 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 and Modified
Mortgage Loans:
(a) Principal .................... $ 0.00
(b) Interest ..................... $ 0.00
(c) Total ........................ $ 0.00
8. Aggregate Purchase Prices ( and substitution adjustments)
for Defective Mortgage Loans:
(a) Principal .................... $ 0.00
(b) Interest ..................... $ 0.00
(c) Total ........................ $ 0.00
9. Pool Scheduled Principal Balance: ....................... $466,242,256.05
10. Available Funds: ........................................ $ 5,694,136.39
11. Realized Losses for prior month: ........................ $ 0.00
12. Aggregate Realized Losses and Debt Service
Reductions:
(a) Deficient Valuations: .................................... $ 0.00
(b) Bankruptcy Losses: ....................................... $ 0.00
(c) Special Hazard Losses: ................................... $ 0.00
(d) Fraud Losses: ............................................ $ 0.00
(e) Excess Bankruptcy Losses: ................................ $ 0.00
(f) Excess Special Hazard Losses: ............................ $ 0.00
(g) Excess Fraud Losses: ..................................... $ 0.00
(h) Debt Service Reductions: ................................ $ 0.00
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13. Accrued Certificate Interest, Unpaid Class Interest
Shortfalls and Pay-out Rate:
Class 11-A1 ........ $481,729.70 $ 0.00 6.47907613%
Class 11-A2 ........ $ 68,582.80 $ 0.00 9.96781087%
Class 11-A3 ........ $ 84,659.85 $ 0.00 6.47907600%
Class 11-A4 ........ $236,061.13 $ 0.00 5.88100758%
Class 11-A5 ........ $121,974.01 $ 0.00 6.47907627%
Class 11-A6 ........ $ 93,817.02 $ 0.00 6.47907597%
Class 11-A7 ........ $ 58,053.41 $ 0.00 5.80026819%
Class 11-A8 ........ $ 31,735.33 $ 0.00 8.24397523%
Class 11-A9 ........ $ 85,864.80 $ 0.00 6.47907595%
Class 11-A10 ....... $159,428.46 $ 0.00 6.47907586%
Class 11-A11 ....... $229,890.45 $ 0.00 6.47907605%
Class 11-A12 ....... $311,355.43 $ 0.00 6.47907612%
Class 11-A13 ....... $275,077.70 $ 0.00 6.47907619%
Class 11-A14 ....... $121,870.95 $ 0.00 6.47907612%
Class 11-A15 ....... $ 6,347.44 $ 0.00 6.47907080%
Class 11-M ......... $ 62,712.12 $ 0.00 6.47907569%
Class 11-B1 ........ $ 41,806.33 $ 0.00 6.47907587%
Class 11-B2 ........ $ 27,872.64 $ 0.00 6.47907637%
Class 11-B3 ........ $ 16,723.58 $ 0.00 6.47907484%
Class 11-B4 ........ $ 2,784.64 $ 0.00 6.47908298%
Class 11-B5 ........ $ 14,839.45 $ 0.00 6.47909180%
Class 11-S ......... $227,151.92 $ 0.00 0.58098086%
Class 11-R ......... $ 0.00 $ 0.00 0.00000000%
14. Principal distributable:
Class 11-A1 ... $2,119,849.17 Class 11-A12 . $ 0.00
Class 11-A2 ... $ 0.00 Class 11-A13 . $ 0.00
Class 11-A3 ... $ 739,648.49 Class 11-A14 . $ 0.00
Class 11-A4 ... $ 0.00 Class 11-A15 . $ 0.00
Class 11-A5 ... $ 0.00 Class 11-M ... $ 12,200.19
Class 11-A6 ... $ 0.00 Class 11-B1 .. $ 8,133.12
Class 11-A7 ... $ 0.00 Class 11-B2 .. $ 5,422.42
Class 11-A8 ... $ 0.00 Class 11-B3 .. $ 3,253.45
Class 11-A9 ... $ 0.00 Class 11-B4 .. $ 541.73
Class 11-A10 . $ 0.00 Class 11-B5 .. $ 2,886.91
Class 11-A11 . $ 170,077.91 Class 11-R ... $ 0.00
15. Additional distributions to the Class 11-R Certificate
pursuant to Section 4.01(b): ............... $2.23
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16. Certificate Interest Rates of:
Class 11-A7 Certificates....... 5.81900000%
Class 11-A8 Certificates....... 8.27060000%
Class 11-S Certificates........ 0.58299999%
B. Other Amounts:
1. Senior Percentage for such Distribution Date: .................. 93.417834%
2. Senior Prepayment Percentage for such Distribution Date ........ 100.000000%
3. Junior Percentage for such Distribution Date: .................. 6.582166%
4. Junior Prepayment Percentage for such Distribution Date: ....... 0.000000%
5. Subordinate Certificate Writedown Amount for such
Distribution Date: ............................................ $ 0.00
6. Prepayment Distribution Triggers satisfied:
YES NO
Class 11-B1....... X
Class 11-B2....... X
Class 11-B3....... X
Class 11-B4....... X
Class 11-B5....... X
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By:________________________________
Xxxxx Xxxxxxx
Vice-President,
Investor Operations
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GE CAPITAL MORTGAGE SERVICES, INC.
MONTHLY STATEMENT
OCTOBER 1996
REMIC Multi-Class Pass-Through Certificates
Series 1994-11
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1994 (the
"Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank and Trust Company (the "Trustee"), governing the Certificates
referred to above, the Company hereby certifies to the Trustee:
(a) The amounts below are for a Single Certificate of $1,000.
i) The amount of such distribution allocable to principal:
Class 11-A1 .. $16.07541704 Class 11-A12 . $0.00000000
Class 11-A2 .. $ 0.00000000 Class 11-A13 . $0.00000000
Class 11-A3 .. $24.18653707 Class 11-A14 . $0.00000000
Class 11-A4 .. $ 0.00000000 Class 11-A15 . $0.00000000
Class 11-A5 .. $ 0.00000000 Class 11-M ... $1.02213388
Class 11-A6 .. $ 0.00000000 Class 11-B1 .. $1.02213397
Class 11-A7 .. $ 0.00000000 Class 11-B2 .. $1.02213384
Class 11-A8 .. $ 0.00000000 Class 11-B3 .. $1.02213321
Class 11-A9 .. $ 0.00000000 Class 11-B4 .. $1.02213208
Class 11-A10 . $ 0.00000000 Class 11-B5 .. $0.98848442
Class 11-A11 . $ 3.69734587 Class 11-R ... $0.00000000
Principal Prepayments included in the above principal distribution
(including the Scheduled Principal Balances of all Defaulted
Mortgage Loans and Defective Mortgage Loans purchased pursuant to
Section 2.02, 2.03 (b) or 3.16, respectively, and any amounts
deposited pursuant to Section 2.03(b) in connection with the
substitution of any Mortgage Loans pursuant to Section 2.02 or
2.03(a), the proceeds of which are being distributed on such
Distribution Date);
Class 11-A1 ... 13.52463290 Class 11-A12 . 0.00000000
Class 11-A2 ... 0.00000000 Class 11-A13 . 0.00000000
Class 11-A3 ... 20.34871221 Class 11-A14 . 0.00000000
Class 11-A4 ... 0.00000000 Class 11-A15 . 0.00000000
Class 11-A5 ... 0.00000000 Class 11-M ... 0.00000000
Class 11-A6 ... 0.00000000 Class 11-B1 .. 0.00000000
Class 11-A7 ... 0.00000000 Class 11-B2 .. 0.00000000
Class 11-A8 ... 0.00000000 Class 11-B3 .. 0.00000000
Class 11-A9 ... 0.00000000 Class 11-B4 .. 0.00000000
Class 11-A10 . 0.00000000 Class 11-B5 .. 0.00000000
Class 11-A11 . 3.11066553 Class 11-R ... 0.00000000
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ii) The amount of such distribution to the Certificateholders
of each class, allocable to Interest:
Class 11-A1 ... 3.65309284 Class 11-A13 . 5.36402051
Class 11-A2 ... 8.30650906 Class 11-A14 . 6.34744531
Class 11-A3 ... 2.76838069 Class 11-A15 . 6.34744000
Class 11-A4 ... 4.90083965 Class 11-M ... 5.25403150
Class 11-A5 ... 5.39923022 Class 11-B1 .. 5.25403167
Class 11-A6 ... 5.39922997 Class 11-B2 .. 5.25403205
Class 11-A7 ... 4.64660651 Class 11-B3 .. 5.25403079
Class 11-A8 ... 6.60426514 Class 11-B4 .. 5.25403774
Class 11-A9 ... 5.19040077 Class 11-B5 .. 5.08106075
Class 11-A10 .. 5.39922988 Class 11-S ... 0.42816397
Class 11-A11 .. 4.99761848 Class 11-R ... 0.00000000
Class 11-A12 .. 5.27721068
iii) The amount of servicing compensation received by GECMSI
during the month preceding the month of distribution... 0.14968203
(b) The amounts below are for the aggregate of all Certificates.
iv) The Pool Scheduled Principal Balances of each Mortgage Pool on the
preceding Due Date after giving effect to all distributions
allocable to principal made on such Distribution Date .. $466,242,256.05
The aggregate number of loans included in the Pool Scheduled
Principal Balances ............................................. 1,672
v) The Class Certificate Principal Balance of each Class and the
Certificate Principal Balance of a Single Certificate of each Class
after giving effect to all distributions allocable to principal
made on such Distribution Date and the allocation of any Realized
Losses and any Subordinate Writedown Certificate Amount for such
Distribution Date:
Class Certificate Single
Principal Balance Certificate Balance
Class 11-A1... $87,102,075.12 660.52
Class 11-A2... $ 8,256,513.00 1,000.00
Class 11-A3... $14,940,337.37 488.55
Class 11-A4... $48,167,487.00 1,000.00
Class 11-A5... $22,591,000.00 1,000.00
Class 11-A6... $17,376,000.00 1,000.00
Class 11-A7... $12,010,494.99 961.32
Class 11-A8... $ 4,619,421.45 961.32
Class 11-A9... $15,903,156.68 961.32
Class 11-A10.. $29,528,000.00 1,000.00
Class 11-A11.. $42,408,298.65 921.92
Class 11-A12.. $57,666,634.75 977.40
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Class Certificate Single
Principal Balance Certificate Balance
Class 11-A13 .. $ 50,947,578.04 993.48
Class 11-A14 .. $ 22,693,783.56 1,181.97
Class 11-A15 .. $ 1,181,967.87 1,181.97
Class 11-M .... $ 11,602,812.13 972.09
Class 11-B1 ... $ 7,734,884.09 972.09
Class 11-B2 ... $ 5,156,913.40 972.09
Class 11-B3 ... $ 3,094,148.03 972.09
Class 11-B4 ... $ 515,205.33 972.09
Class 11-B5 ... $ 2,745,544.59 940.08
Class 11-S .... $466,242,256.05 878.83
Class 11-R .... $ 0.00 0.00
vi) The Pay-out Rate applicable to each class of Certificates:
Class 11-A1 ... 6.47907613% Class 11-A13 . . 6.47907619%
Class 11-A2 ... 9.96781087% Class 11-A14 . . 6.47907612%
Class 11-A3 ... 6.47907600% Class 11-A15 . . 6.47907080%
Class 11-A4 ... 5.88100758% Class 11-M ..... 6.47907569%
Class 11-A5 ... 6.47907627% Class 11-B1 .... 6.47907587%
Class 11-A6 ... 6.47907597% Class 11-B2 .... 6.47907637%
Class 11-A7 ... 5.80026819% Class 11-B3 .... 6.47907484%
Class 11-A8 ... 8.24397523% Class 11-B4 .... 6.47908298%
Class 11-A9 ... 6.47907595% Class 11-B5 .... 6.47909180%
Class 11-A10 . 6.47907586% Class 11-S ..... 0.58098086%
Class 11-A11 . 6.47907605% Class 11-R ..... 0.00000000%
Class 11-A12 . 6.47907612%
vii) The following pertains to any real estate acquired on behalf of
Certificateholders through foreclosure, or grant of a deed in lieu
of foreclosure or otherwise, of any REO Mortgage Loan:
book value.................................... $0.00
unpaid principal balance...................... $0.00
number of related mortgage loans.............. 0
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viii) 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;
(a) delinquent
(1) 30-59 days
Number 16 Principal Balance $3,892,232.78
(2) 60-89 days
Number 2 Principal Balance $ 665,193.79
(3) 90 days or more
Number 1 Principal Balance $ 213,451.63
(b) in foreclosure
Number 3 Principal Balance $ 711,531.95
ix) The Scheduled Principal Balance of any Mortgage Loan
replaced pursuant to Section 2.03(b), and of any Modified
Mortgage Loan purchased pursuant to Section 3.01(c); ...... $0.00
x) Certificate Interest Rates of the following classes applicable to
the Interest Accrual Period for such Distribution Date;
Class 11-A7 Certificates.............. 5.81900000%
Class 11-A8 Certificates.............. 8.27060000%
Class 11-S Certificates............... 0.58300%
Certificate Interest Rates of the following classes applicable to
the current Interest Accrual Period;
Class 11-A7 Certificates....... 5.83900000%
Class 11-A8 Certificates....... 8.21860000%
xi) The Senior Percentage for such Distribution Date; ............. 93.417834%
The Junior Percentage for such Distribution Date; ............. 6.582166%
xii) The Senior Prepayment Percentage for such Distribution Date; .. 100.000000%
The Junior Prepayment Percentage for such Distribution Date; .. 0.000000%
