Exhibit 99.40
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
December, 1998
Series 1998-12B, REMIC Multi-Class Pass-Through Certificates
Pursuant to the Pooling and Servicing Agreement dated as of July 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:
Weighted average coupon % 7.444418
---------------------
Weighted average maturity 352.82
---------------------
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
----- ----------- ----------- ----------- -----------
PO2 $ 0.96392304 $ 0.05708824 $ 0.00000000 % 0.00000000
2A1 $ 0.00000000 $ 0.00000000 $ 5.50000000 % 6.60000000
2A2 $ 0.00000000 $ 0.00000000 $ 5.45833348 % 6.55000017
2A3 $ 0.00000000 $ 0.00000000 $ 5.62499772 % 6.74999755
2A4 $ 46.70996196 $ 45.15710953 $ 4.03847660 % 5.56249991
2A5 $ 46.70996199 $ 45.15710942 $ 9.18865459 %12.65623040
2A6 $ 46.70996124 $ 45.15711025 $ 5.44513781 % 7.50000100
2A7 $ 0.00000000 $ 0.00000000 $ 0.00000000 % 0.00000000
2A8 $ 0.00000000 $ 0.00000000 $ 5.75263430 % 6.74999989
2A9 $ 0.00000000 $ 0.00000000 $ 5.62500000 % 6.75000000
2R $ 0.00000000 $ 0.00000000 $ 5.60000000 % 6.72000000
2RL $ 0.00000000 $ 0.00000000 $ 5.60000000 % 6.72000000
2M $ 0.77291655 $ 0.00000000 $ 5.60795031 % 6.75000157
2B1 $ 0.77291611 $ 0.00000000 $ 5.60794940 % 6.75000046
2B2 $ 0.77292135 $ 0.00000000 $ 5.60795256 % 6.75000426
2B3 $ 0.77292135 $ 0.00000000 $ 5.60795256 % 6.75000426
2B4 $ 0.77291771 $ 0.00000000 $ 5.60795511 % 6.75000741
2B5 $ 0.77291834 $ 0.00000000 $ 5.60794901 % 6.75000004
2. Unanticipated Recoveries: $ 0.00
---------------
B. Accrual Amount
1.
Accrual Amount
Class
2A8 $ 5,568.55
2. The amount of servicing compensation received by the Company
during the month preceding the month of distribution:
$ 36,713.91
-----------------
C. The amounts below are for the aggregate of all Certificates:
1. The Pool Scheduled Principal Balance: $ 179,464,021.67
-----------------
2. The aggregate number of Mortgage Loans included in the Pool
Scheduled Principal Balance set forth above: 567
----------------
3.
Beginning Aggregate Class Ending Aggregate Ending
Certificate Principal Class Certificate Single Certificate
Class Balance Principal Balance Balance Cusip
----- ------- ----------------- ------- -----
PO2 $ 113,595.92 $ 113,485.99 $ 995.19
2A1 $ 42,800,000.00 $ 42,800,000.00 $ 1,000.00 00000XXX0
2A2 $ 23,450,000.00 $ 23,450,000.00 $ 1,000.00 00000XXX0
2A3 $ 1,645,925.93 $ 1,645,925.93 $ 1,000.00 00000XXX0
2A4 $ 60,689,319.84 $ 57,435,503.90 $ 824.51 00000XXX0
2A5 $ 11,688,313.45 $ 11,061,652.60 $ 824.51 00000XXX0
2A6 $ 4,045,954.66 $ 3,829,033.59 $ 824.51 00000XXX0
2A7 $ 0.00 $ 0.00 $ 0.00 00000XXX0
2A8 $ 989,964.46 $ 995,533.01 $ 1,028.44 00000XXX0
2A9 $ 31,800,000.00 $ 31,800,000.00 $ 1,000.00 00000XXX0
SUP2 $ 178,241,740.96 $ 174,148,621.59 $ 893.62
2R $ 100.00 $ 100.00 $ 1,000.00 00000XXX0
2RL $ 100.00 $ 100.00 $ 1,000.00 00000XXX0
2M $ 3,691,775.14 $ 3,688,913.03 $ 996.20 00000XXX0
2B1 $ 1,497,447.01 $ 1,496,286.09 $ 996.20 00000XXX0
2B2 $ 798,571.94 $ 797,952.83 $ 996.20 00000XXX0
2B3 $ 798,571.94 $ 797,952.83 $ 996.20 00000XXX0
2B4 $ 399,784.45 $ 399,474.51 $ 996.20 00000XXX0
2B5 $ 798,652.44 $ 798,033.28 $ 996.20 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 2 Principal Balance $ 517,788.73
-------- ------------
2. 60-89 days
Number 0 Principal Balance $ 0.00
-------- ------------
3. 90 days or more
Number 0 Principal Balance $ 0.00
-------- ------------
4. In Foreclosure
Number 0 Principal Balance $ 0.00
-------- ------------
5. Real Estate Owned
Number 0 Principal Balance $ 0.00
-------- ------------
6. The Scheduled Principal Balance of any Mortgage Loan replaced
pursuant to the Pooling And Servicing Agreement:
$ 0.00
------------
7. The Certificate Interest Rate applicable to the Interest Accrual
Period relating to such Distribution Date applicable to any floating
index certificate:
Certificate Interest
Class Rates
2A4 % 5.56249991
2A5 % 12.65623040
2A6 % 7.50000100
E. Other Information:
1. Special Hazard Loss Amount: $ 0.00
--------------
2. Bankruptcy Loss Amount: $ 0.00
--------------
3. Fraud Loss Amount: $ 0.00
--------------
4. Certificate Interest Rate of the Class S Certificate: % 0.00000000
-----------
