GE CAPITAL MORTGAGE SERVICES, INC. SERVICER'S CERTIFICATE May, 1998 Series 1998-04, REMIC Multi-Class Pass-Through Certificates
Exhibit 99.7
GE CAPITAL MORTGAGE SERVICES, INC.
SERVICER'S CERTIFICATE
May, 1998
Series 1998-04, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of February 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 $ 445,938.66
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(b) Interest $ 3,646,341.37
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(c) Total $ 4,092,280.03
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2. Aggregate scheduled Monthly Payments received this month:
(a) Principal $ 368,804.68
-----------------
(b) Interest $ 3,034,285.92
-----------------
(c) Total $ 3,403,090.60
-----------------
3. Aggregate Monthly Advances this month:
(a) Principal $ 77,133.98
-----------------
(b) Interest $ 612,055.45
-----------------
(c) Total $ 689,189.43
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4. Aggregate Principal Prepayments in part received in the applicable
Prepayment Period:
(a) Principal $ 161,112.85
-----------------
5. Aggregate Principal Prepayments in full received in the applicable
Prepayment Period:
(a) Principal $ 5,487,277.88
-----------------
(b) Interest $ 42,484.95
-----------------
(c) Total $ 5,529,762.83
-----------------
6. Aggregate Insurance Proceeds received:
(a) Principal $ 0.00
-----------------
(b) Interest $ 0.00
-----------------
(c) Total $ 0.00
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7. Aggregate Liquidation Proceeds received:
(a) Principal $ 0.00
-----------------
(b) Interest $ 0.00
-----------------
(c) Total $ 0.00
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8. Aggregate Deficient Valuations with respect to the Mortgage
Loans during the prior month: $ 0.00
-----------------
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 $ 1,314,940.70
---------------
(b) Interest $ 7,096.61
---------------
(c) Total $ 1,322,037.31
---------------
12. Pool Scheduled Principal Balance: $ 579,220,356.58
---------------
13. Available Funds: $ 10,707,855.38
---------------
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
------------------------
(d) Bankruptcy Losses: $ 0.00
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(e) Special Hazard Losses: $ 0.00
------------------------
(f) Fraud Losses: $ 0.00
------------------------
(g) Excess Bankruptcy Losses: $ 0.00
------------------------
(h) Excess Special Hazard Losses: $ 0.00
------------------------
(i) Excess Fraud Losses: $ 0.00
------------------------
16. Non-Credit Losses: $ 0.00
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17. Compensating Interest Payment: $ 3,450.10
------------------------
18. Total interest payments: $ 3,298,585.30
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19. Interest
Accrued Unpaid Class
Certificate Interest Interest
Class Interest Shortfalls Payable Pay-out Rate
----- -------- ---------- ------- ------------
R $ 0.00 $ 0.00 $ 0.00 % 0.000000000
PO $ 0.00 $ 0.00 $ 0.00 % 0.000000000
A1 $ 562,680.54 $ 0.00 $ 562,680.54 % 6.499999979
A2 $ 474,075.78 $ 0.00 $ 474,075.78 % 7.000000049
A3 $ 95,230.81 $ 0.00 $ 95,230.81 % 6.137499989
A4 $ 36,657.02 $ 0.00 $ 36,657.02 % 11.024983885
A5 $ 911,754.74 $ 0.00 $ 911,754.74 % 6.749999999
A6 $ 534,424.03 $ 0.00 $ 534,424.03 % 6.487499985
A7 $ 206,973.47 $ 0.00 $ 206,973.47 % 7.537500046
A8 $ 338,295.12 $ 0.00 $ 338,295.12 % 6.749999963
M $ 62,495.79 $ 0.00 $ 62,495.79 % 6.750000527
B1 $ 30,402.60 $ 0.00 $ 30,402.60 % 6.750000908
B2 $ 15,198.49 $ 0.00 $ 15,198.49 % 6.750000144
B3 $ 13,513.51 $ 0.00 $ 13,513.51 % 6.749998505
B4 $ 6,755.63 $ 0.00 $ 6,755.63 % 6.749996846
B5 $ 10,127.72 $ 0.00 $ 10,127.72 % 6.750000058
20. Principal Distribution Amount: $ 7,409,270.08
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21. Principal Distribution Amount per Certificate:
Principal Distribution Accrual Amount
Class R $ 0.00 $ 0.00
Class PO $ 221.50 $ 0.00
Class A1 $ 2,075,724.54 $ 0.00
Class A2 $ 235,215.64 $ 0.00
Class A3 $ 1,515,713.21 $ 0.00
Class A4 $ 324,795.69 $ 0.00
Class A5 $ 3,238,884.31 $ 0.00
Class A6 $ 0.00 $ 0.00
Class A7 $ 0.00 $ 0.00
Class A8 $ 0.00 $ 0.00
Class SUP $ 0.00 $ 0.00
Class M $ 8,445.30 $ 0.00
Class B1 $ 4,108.42 $ 0.00
Class B2 $ 2,053.83 $ 0.00
Class B3 $ 1,826.13 $ 0.00
Class B4 $ 912.91 $ 0.00
Class B5 $ 1,368.60 $ 0.00
22. Additional distributions to the Class R Certificate pursuant to the
Agreement:
$ 0.05
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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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26. The Certificate Interest Rate applicable to the Interest Accrual Period
relating to such Distribution Date applicable to any floating index
certificate.
Class Certificate Interest
Rates
Class A3 % 6.13749999
Class A4 % 11.02498388
Class A6 % 6.48749998
Class A7 % 7.53750005
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: $ 125,725.33
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3. Supplemental Servicing Fee amount: $ 265,348.11
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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: % 95.801420 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: % 4.198580
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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/ Xxxx Xxxxxxx
-------------------------------
Name: Xxxx Xxxxxxx
Title: Vice President,
Escrow Operations
