GE CAPITAL MORTGAGE SERVICES, INC. EXHIBIT 99.38
Home Equity Loan Pass-Through Certificates,
Series 1996-HE1
DISTRIBUTION DATE STATEMENT
SEPTEMBER, 1996
Pursuant to the Pooling and Servicing Agreement dated as of March 1, 1996
(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:
CUSIP#
Class A1 00000XXX0 32.03411373
------------- ---------------
Class A2 00000XXX0 0.00000000
------------- ---------------
Class A3 00000XXX0 0.00000000
------------- ---------------
Class A4 00000XXX0 0.00000000
------------- ---------------
Class A5 00000XXX0 0.00000000
------------- ---------------
Class AL 00000XXX0 0.00000000
------------- ---------------
Class R1 00000XXX0 0.00000000
------------- ---------------
Class R2 00000XXX0 0.00000000
------------- ---------------
(2) Amount of distribution
allocable to interest
Pay-out Rate:
CUSIP#
Class A1 00000XXX0 4.58769742 6.30%
------------- --------------- ---------------
Class A2 00000XXX0 5.54166667 6.65%
------------- --------------- ---------------
Class A3 00000XXX0 5.83333333 7.00%
------------- --------------- ---------------
Class A4 00000XXX0 6.08333333 7.30%
------------- --------------- ---------------
Class A5 00000XXX0 6.37500000 7.65%
------------- --------------- ---------------
Class AL 00000XXX0 6.16666667 7.40%
------------- --------------- ---------------
Class S 36196HE1S 0.00173951 2.09%
------------- --------------- ---------------
(3) Servicing Compensation: 56,161.61
---------------
The amounts below are for the aggregate
of all Certificates:
(4) Pool Principal Balance; 121,913,486.16
---------------
number of Mortgage
Loans: 1,561
---------------
(5) Principal Prepayments included
for Defaulted Mortgage Loans,
Defective Mortgage Loans, or
Liquidating Loans 0.00
---------------
(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 42,932,463.71 841.81301392
-------------------------------------------------
Class A2 00000XXX0 31,000,000.00 1000.00000000
-------------------------------------------------
Class A3 00000XXX0 16,000,000.00 1000.00000000
-------------------------------------------------
Class A4 00000XXX0 7,521,906.00 1000.00000000
-------------------------------------------------
Class A5 00000XXX0 10,025,376.00 1000.00000000
-------------------------------------------------
Class AL 00000XXX0 12,800,000.00 1000.00000000
-------------------------------------------------
Class R1 00000XXX0 0.00 0.00000000
-------------------------------------------------
Class R2 00000XXX0 0.00 0.00000000
-------------------------------------------------
(7) Book value of real estate
acquired on behalf of
Certificateholders; number
of related Mortgage Loans: 0.00
---------------
0.00
---------------
(8) Aggregate Scheduled Principal
Balance and number of
delinquent Mortgage Loans:
One Payment Delinquent 1,985,575.52
---------------
34
---------------
Two Payments Delinquent 450,325.36
---------------
10
---------------
Three or more Payments Delinquent 471,085.77
---------------
5
---------------
TOTAL 2,906,986.65
---------------
49
---------------
---------------
In foreclosure 398,958.68
---------------
2
---------------
(9) Aggregate Scheduled Principal
Balance and number of replaced
Mortgage Loans: 0.00
---------------
(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 AL 00000XXX0 0.00
------------- ---------------
Class S 36196HE1S 0.00
------------- ---------------
(11) Class Certificate Interest
Rate:
Class A4 00000XXX0 45,758.26 14.950%
------------- --------------- ---------------
Class A5 00000XXX0 63,911.77 15.050%
------------- --------------- ---------------
Class AL 00000XXX0 78,933.33 7.400%
------------- --------------- ---------------
Class S 36196HE1S 212,069.46 2.087%
------------- --------------- ---------------
(12) Maximum Amount: 10,909,689.02
---------------
(13) Amount Available: 10,252,340.53
---------------
Capitalized terms used in this Certificate shall have the same meanings as in
the Agreement.
GE CAPITAL MORTGAGE SERVICES, INC.
By:/S/Xxxxxx X. Xxxxxxx
-------------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Vice President Financial Information
