Exhibit 99.10
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
MAY 1998
Home Equity Loan Pass-Through Certificates,
Series 1998-HE1
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1998
(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 $41.53227877
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 $ 1.38173417
Class B1 00000XXX0 $ 1.38173417
Class B2 36158GBC2 $ 1.38173417
Class B3 00000XXX0 $ 1.38173417
Class B4 00000XXX0 $ 1.38173417
Class B5 00000XXX0 $ 1.38173417
Class R1 00000XXX0 $ 0.00000000
Class R2 00000XXX0 $ 0.00000000
(2) Aggregate Principal prepayments included in distribution:
Class A1 00000XXX0 $1,657,382.25
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 $ 0.00000000
Class B1 00000XXX0 $ 0.00000000
Class B2 36158GBC2 $ 0.00000000
Class B3 00000XXX0 $ 0.00000000
Class B4 00000XXX0 $ 0.00000000
Class B5 00000XXX0 $ 0.00000000
Class R1 00000XXX0 $ 0.00000000
Class R2 00000XXX0 $ 0.00000000
(3) Amount of distribution allocable to interest Pay-out Rate:
Class A1 00000XXX0 $5.29082526 6.525%
Class A2 00000XXX0 $5.21666667 6.260%
Class A3 00000XXX0 $5.27500000 6.330%
Class A4 00000XXX0 $5.36666667 6.440%
Class A5 00000XXX0 $5.44166667 6.530%
Class A6 00000XXX0 $5.78333333 6.940%
Class A7 00000XXX0 $5.38750000 6.465%
Class S 36198HE1 $1.95710450 2.35%
Class M 00000XXX0 $5.78254470 6.950%
Class B1 00000XXX0 $6.02383074 7.240%
Class B2 36158GBC2 $6.31503803 7.590%
Class B3 00000XXX0 $7.44428581 8.947%
Class B4 00000XXX0 $7.44428581 8.947%
Class B5 00000XXX0 $7.44428581 8.947%
(4) Servicing Compensation: $64,728.43
The amounts below are for the aggregate of all Certificates:
(5) Pool Principal Balance; $153,633,695.85
number of Mortgage Loans: 2,228
(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 $41,544,590.28 $ 931.49305566
Class A2 00000XXX0 $19,700,000.00 $1,000.00000000
Class A3 00000XXX0 $22,200,000.00 $1,000.00000000
Class A4 00000XXX0 $10,600,000.00 $1,000.00000000
Class A5 00000XXX0 $12,900,000.00 $1,000.00000000
Class A6 00000XXX0 $17,870,000.00 $1,000.00000000
Class A7 00000XXX0 $14,207,000.00 $1,000.00000000
Class M 00000XXX0 $ 3,860,551.47 $ 997.04325081
Class B1 00000XXX0 $ 3,474,695.73 $ 997.04325081
Class B2 36158GBC2 $ 1,544,420.00 $ 997.04325081
Class B3 00000XXX0 $ 1,544,420.00 $ 997.04325081
Class B4 00000XXX0 $ 1,158,564.26 $ 997.04325081
Class B5 00000XXX0 $ 1,159,456.07 $ 997.04325081
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; $0.00
number of related Mortgage Loans: 0
(8) Aggregate Scheduled Principal Balance and number of delinquent
Mortgage Loans:
One Payment Delinquent $105,790.83
2
Two Payments Delinquent $ 0.00
0
Three or more Payments Delinquent $318,750.00
1
TOTAL $424,540.83
3
In foreclosure $ 0.00
0
(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 36197HE4 $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 6.950%
Class B1 00000XXX0 7.240%
Class B2 00000XXX0 7.590%
Class B3 00000XXX0 8.947%
Class B4 00000XXX0 8.947%
Class B5 00000XXX0 8.947%
Class S 36197HE4 2.35%
(12) Senior Percentage for such Distribution Date 91.694683%
(13) Senior Prepayment Percentage for such Distribution
Date 100.000000%
(14) Junior Percentage for such Distribution Date 8.305317%
(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/ Xxx Xxxx
-----------------------------------
Name: Xxx Xxxx
Title: Vice President,
Investor Operations
