MAY 1997
Exhibit 99.8
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
MAY 1997
Home Equity Loan Pass-Through Certificates
Series 1997-HE1
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1997
(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 00000X0X0 $14.46681229
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Class A2 00000X0X0 $0.00000000
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Class A3 00000X0X0 $0.00000000
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Class A4 00000X0X0 $0.00000000
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Class A5 00000X0X0 $0.00000000
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Class M 00000X0X0 $1.36940241
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Class B1 00000X0X0 $1.36940241
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Class B2 00000X0X0 $1.36940241
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Class B3 00000X0X0 $1.36940241
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Class B4 00000X0X0 $1.36940241
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Class B5 00000X0X0 $1.36940241
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Class R1 00000X0X0 $0.00000000
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Class R2 00000X0X0 $0.00000000
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(2) Aggregate Principal prepayments included in distribution:
Class A1 00000X0X0 $830,091.20
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Class A2 00000X0X0 $0.00000000
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Class A3 00000X0X0 $0.00000000
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Class A4 00000X0X0 $0.00000000
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Class A5 00000X0X0 $0.00000000
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Class M 00000X0X0 $0.00000000
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Class B1 00000X0X0 $0.00000000
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Class B2 00000X0X0 $0.00000000
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Class B3 00000X0X0 $0.00000000
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Class B4 00000X0X0 $0.00000000
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Class B5 00000X0X0 $0.00000000
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Class R1 00000X0X0 $0.00000000
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Class R2 00000X0X0 $0.00000000
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(3) Amount of distribution allocable to interest Pay-out Rate:
Class A1 00000X0X0 $5.47038853 6.670%
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Class A2 00000X0X0 $5.78333333 6.940%
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Class A3 00000X0X0 $6.12500000 7.350%
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Class A4 00000X0X0 $6.48333333 7.780%
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Class A5 00000X0X0 $6.07500000 7.290%
---------------------------------------------------------
Class S 36197HE1S $1.77469859 2.13%
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Class M 00000X0X0 $6.22283914 7.500%
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Class B1 00000X0X0 $6.22283914 7.500%
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Class B2 00000X0X0 $6.22283914 7.500%
---------------------------------------------------------
Class B3 00000X0X0 $7.62733643 9.193%
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Class B4 00000X0X0 $7.62733643 9.193%
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Class B5 00000X0X0 $7.62733643 9.193%
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(4) Servicing Compensation: $88,425.33
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The amounts below are for the aggregate of all Certificates:
(5) Pool Principal Balance $196,558,869.24
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number of Mortgage Loans: 3,154
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(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 00000X0X0 $72,354,988.86 $969.71103475
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Class A2 00000X0X0 $47,808,000.00 $1,000.00000000
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Class A3 00000X0X0 $14,187,000.00 $1,000.00000000
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Class A4 00000X0X0 $15,866,000.00 $1,000.00000000
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Class A5 00000X0X0 $30,000,000.00 $1,000.00000000
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Class M 00000X0X0 $5,407,915.36 $994.28486073
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Class B1 00000X0X0 $3,933,390.91 $994.28486073
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Class B2 00000X0X0 $2,458,866.46 $994.28486073
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Class B3 00000X0X0 $1,278,650.33 $994.28486073
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Class B4 00000X0X0 $392,742.52 $994.28486073
-----------------------------------------------------------
Class B5 00000X0X0 $1,770,880.99 $994.28486073
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Class R1 00000X0X0 $0.00 $0.00000000
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Class R2 00000X0X0 $0.00 $0.00000000
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(7) Book value of real estate acquired on behalf of Certificate-
holders: $0.00
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number of related Mortgage Loans: 0
-
(8) Aggregate Scheduled Principal Balance and number of delinquent
Mortgage Loans:
One Payment Delinquent $1,042,750.73
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23
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Two Payments Delinquent $335,664.66
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4
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Three or more Payments Delinquent $0.00
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0
---------------------
TOTAL $1,378,415.39
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27
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In foreclosure $18,033.00
---------------------
1
---------------------
(9) Aggregate Scheduled Principal Balance and number of replaced
Mortgage Loans: $0.00
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(10) Unpaid Net Simple Interest Shortfall:
Class A1 00000X0X0 $0.00
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Class A2 00000X0X0 $0.00
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Class A3 00000X0X0 $0.00
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Class A4 00000X0X0 $0.00
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Class A5 00000X0X0 $0.00
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Class S 36197HE1S $0.00
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Class M 00000X0X0 $0.00
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Class B1 00000X0X0 $0.00
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Class B2 00000X0X0 $0.00
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Class B3 00000X0X0 $0.00
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Class B4 00000X0X0 $0.00
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Class B5 00000X0X0 $0.00
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(11) Class Certificate Interest Rate of:
Class A4 00000X0X0 7.290%
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Class M 00000X0X0 7.500%
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Class B1 00000X0X0 7.500%
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Class B2 00000X0X0 7.500%
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Class B3 00000X0X0 9.193%
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Class B4 00000X0X0 9.193%
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Class B5 00000X0X0 9.193%
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Class S 36197HE1S 2.13%
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(12) Senior Percentage for such Distribution
Date 92.234673%
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(13) Senior Prepayment Percentage for such
Distribution Date 100.00%
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(14) Junior Percentage for such
Distribution Date 7.765327%
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(15) Junior Prepayment Percentage
for such Distribution Date 0.00%
---------------------
Capitalized terms used in this Certificate shall have the same meanings as
in the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By: /s/ Xxxxx Xxxxxxx
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Name: Xxxxx Xxxxxxx
Title: Vice President
Investor Operations
