Exhibit 99.38
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
February 1998
REMIC Multi-Class Pass-Through Certificates
Series 1998-2
Pursuant to the Pooling and Servicing Agreement dated as of January 1, 1998
(the "Agreement") between GE Capital Mortgage Services, Inc. (the "Company") and
State Street Bank and Trust Company (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) The amounts below are for a Single Certificate of $1,000:
1) The amount of such distribution allocable to principal:
Class 2-A1....$ 19.85168246 Class 2-A11....$ 0.71905282
Class 2-A2....$ 0.00000000 Class 2-A12....$ 16.57533856
Class 2-A3....$ 15.20929667 Class 2-PO.....$ 1.22930369
Class 2-A4....$ 0.00000000 Class 2-M......$ 0.71904551
Class 2-A5....$ 0.00000000 Class 2-B1.....$ 0.71904614
Class 2-A6....$ 20.37676037 Class 2-B2.....$ 0.71904614
Class 2-A7....$ 0.00000000 Class 2-B3.....$ 0.71904614
Class 2-A8....$ 16.37911638 Class 2-B4.....$ 0.71903846
Class 2-A9....$ 16.37911800 Class 2-B5.....$ 0.71904765
Class 2-A10...$ 0.00000000 Class 2-R......$ 1,000.00000000
2) Principal Prepayments included in the above principal distribution
(including the Scheduled Principal Balances of all Defaulted Mortgage
Loans and Defective Mortgage Loans purchased pursuant to Section 2.02,
2.03(b) or 3.16, respectively, and any amounts deposited pursuant to
Section 2.03(b) in connection with the substitution of any Mortgage
Loans pursuant to Section 2.02 or 2.03(a), the proceeds of which are
being distributed on such Distribution Date):
Class 2-A1....$ 18.79422649 Class 2-A8.....$ 15.50663646
Class 2-A2....$ 0.00000000 Class 2-A9.....$ 15.50663799
Class 2-A3....$ 14.39913050 Class 2-10.....$ 0.00000000
Class 2-A4....$ 0.00000000 Class 2-11.....$ 0.68075044
Class 2-A5....$ 0.00000000 Class 2-12.....$ 15.69240631
Class 2-A6....$ 19.29133464 Class 2-PO.....$ 1.16382135
Class 2-A7....$ 0.00000000 Class 2-M......$ 0.00000000
Class 2-B1....$ 0.00000000 Class 2-B4.....$ 0.00000000
Class 2-B2....$ 0.00000000 Class 2-B5.....$ 0.00000000
Class 2-B3....$ 0.00000000 Class 2-R......$ 946.73217400
3) The amount of such distribution to the Certificateholders of each
class, allocable to Interest; Pay-out Rate:
Class 2-A1....$ 5.83333329 Class 2-M......$ 5.83333122
Class 2-A2....$ 5.83333243 Class 2-B1.....$ 5.83332964
Class 2-A3....$ 5.83333317 Class 2-B2.....$ 5.83332298
Class 2-A4....$ 5.83333333 Class 2-B3.....$ 5.83332298
Class 2-A5....$ 5.83333321 Class 2-B4.....$ 5.83329882
Class 2-A6....$ 5.83333327 Class 2-B5.....$ 5.83331182
Class 2-A7....$ 5.83333367 Class 2-R......$ 5.80000000
Class 2-A8....$ 6.04166604
Class 2-A9....$ 5.79166600
Class 2-A10...$ 5.83333333
Class 2-A11...$ 5.83333356
Class 2-A12...$ 5.83333332
4) The amount of servicing compensation received by the Company during
the month preceding the month of distribution:....$ 32,632.83
(b) The amounts below are for the aggregate of all Certificates.
5) The Pool Scheduled Principal Balances of each Mortgage Pool on the
preceding Due Date after giving effect to all distributions allocable
to principal made on such Distribution Date:......$ 444,959,620.29
The aggregate number of Mortgage Loans included in the Scheduled
Principal Balance set forth above:............ 1,474
6) The Class Certificate Principal Balance of each Class and the
Certificate Principal Balance of a Single Certificate of each Class
after giving effect to (i) all distributions allocable to principal
made on such Distribution Date and (ii) the allocation of any Realized
Losses and any Subordinate Writedown Certificate Amount for such
Distribution Date:
Class Certificate Single
Principal Balance Certificate Balance
----------------- -------------------
Class 2-A1........ $ 20,380,642.49 $ 980.15
Class 2-A2........ $ 3,700,000.00 $ 1,000.00
Class 2-A3........ $ 24,958,865.49 $ 984.79
Class 2-A4........ $ 24,561,000.00 $ 1,000.00
Class 2-A5........ $ 34,060,499.00 $ 1,000.00
Class 2-A6........ $ 62,991,850.13 $ 979.62
Class 2-A7........ $ 9,800,000.00 $ 1,000.00
Class 2-A8........ $ 983,619.90 $ 983.62
Class 2-A9........ $ 4,918,104.41 $ 983.62
Class 2-A10....... $ 3,300,000.00 $ 1,000.00
Class 2-A11....... $ 22,023,298.69 $ 999.28
Class 2-A12....... $ 213,845,692.63 $ 983.42
Class 2-PO....... $ 290,805.93 $ 1,327.42
Class 2-M......... $ 7,883,327.45 $ 999.28
Class 2-B1........ $ 4,504,758.54 $ 999.28
Class 2-B2........ $ 2,252,379.27 $ 999.28
Class 2-B3........ $ 2,252,379.27 $ 999.28
Class 2-B4........ $ 675,513.93 $ 999.28
Class 2-B5........ $ 1,576,883.15 $ 999.28
Class 2-R......... $ 0.00 $ 0.00
7) The following pertains to any real estate acquired on behalf of
Certificateholders through foreclosure, or grant of a deed in lieu of
foreclosure or otherwise, of any REO Mortgage Loan:
book value...........................................$ 0.00
unpaid principal balance.............................$ 0.00
number of related mortgage loans..................... 0
8) 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:
(a) delinquent
(1) 30-59 days
Number 15 Principal Balance $ 4,142,861.65
(2) 60-89 days
Number 0 Principal Balance $ 0.00
(3) 90 days or more
Number 0 Principal Balance $ 0.00
(b) in foreclosure
Number 0 Principal Balance $ 0.00
9) Aggregate Scheduled Principal Balance and number of replaced loans:
$ 0.00
0
10) The Scheduled Principal Balance of any Mortgage Loan replaced pursuant
to Section 2.03(b), and of any Modified Mortgage Loan purchased
pursuant to Section 3.01(c): ...........................$ 0.00
11) The Senior Percentage for such Distribution Date: ......... 95.747300%
12) The Senior Prepayment Percentage for such Distribution
Date: .....................................................100.000000%
13) Class A5 Percentage for such Distribution Date:............ 10.450912%
14) Class A5 Principal Distribution Percentage for such
Distribution Date:......................................... 0.000000%
15) Class A11 Percentage for such Distribution Date:........... 20.901823%
16) Class A11 Prepayment Distribution Percentage
for such Distribution Date:................................ 0.000000%
17) The Junior Percentage for such Distribution Date; .......... 4.252700%
18) The Junior Prepayment Percentage for such Distribution Date: 0.000000%
Capitalized terms used in this Statement shall have the same meanings as in
the Agreement.