Exhibit 99.12
GE CAPITAL MORTGAGE SERVICES, INC.
DISTRIBUTION DATE STATEMENT
January 1998
REMIC Multi-Class Pass-Through Certificates
Series 1997-5
Pursuant to the Pooling and Servicing Agreement dated as of May 1, 1997
(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:
(a) The amounts below (other than for Class R) are for a Single Certificate of
$1,000:
i) The amount of such distribution allocable to principal:
Class 5-A1.....$ 30.09754551 Class 5-M......$ 1.11218965
Class 5-A2.....$ 0.00000000 Class 5-B1.....$ 1.11218896
Class 5-A3.....$ 0.00000000 Class 5-B2.....$ 1.11218949
Class 5-A4.....$ 0.00000000 Class 5-B3.....$ 1.11219101
Class 5-A5.....$ 1.11218935 Class 5-B4.....$ 1.11219252
Class 5-A6.....$ 39.02464541 Class 5-B5.....$ 1.11218937
Class 5-A7.....$ 0.00000000 Class 5-R......$ 0.00000000
Class 5-PO1....$ 0.71353872
Class 5-PO2....$ 1.03897226
ii) 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 5-A1.....$ 29.11218964 Class 5-M......$ 0.00000000
Class 5-A2.....$ 0.00000000 Class 5-B1.....$ 0.00000000
Class 5-A3.....$ 0.00000000 Class 5-B2.....$ 0.00000000
Class 5-A4.....$ 0.00000000 Class 5-B3.....$ 0.00000000
Class 5-A5.....$ 1.07577767 Class 5-B4.....$ 0.00000000
Class 5-A6.....$ 37.74702749 Class 5-B5.....$ 0.00000000
Class 5-A7.....$ 0.00000000 Class 5-R......$ 0.00000000
Class 5-PO1....$ 0.69017836
Class 5-PO2....$ 1.00495761
iii) The amount of such distribution to the Certificateholders of each
class, allocable to Interest:
Class 5-A1.....$ 5.41897727 Class 5-B1.....$ 6.22020935
Class 5-A2.....$ 6.25000000 Class 5-B2.....$ 6.22020987
Class 5-A3.....$ 6.25000000 Class 5-B3.....$ 6.22020935
Class 5-A4.....$ 6.25000000 Class 5-B4.....$ 6.22021156
Class 5-A5.....$ 6.22020930 Class 5-B5.....$ 6.22024952
Class 5-A6.....$ 5.48917948 Class 5-R......$ 0.00000000
Class 5-A7.....$ 0.00000000 Class 5-S1.....$ 0.45959875
Class 5-M......$ 6.22020935 Class 5-S2.....$ 0.80376508
iv) The amount of servicing compensation received by the Company during
the month preceding the month of distribution:......$ 101,512.45
(b) The amounts below are for the aggregate of all Certificates.
v) 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:........$ 440,626,380.65
The aggregate number of Mortgage Loans included in the Scheduled
Principal Balance set forth above:.................. 1,659
vi) 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 5-A1...................$ 26,103,739.53 $ 836.94
Class 5-A2...................$ 201,185,712.00 $ 1,000.00
Class 5-A3...................$ 6,100,000.00 $ 1,000.00
Class 5-A4...................$ 1,950,000.00 $ 1,000.00
Class 5-A5...................$ 9,874,448.33 $ 994.12
Class 5-A6...................$ 174,102,180.05 $ 839.24
Class 5-A7...................$ 0.00 $ 0.00
Class 5-PO1..................$ 122,301.61 $ 901.80
Class 5-PO2..................$ 495,587.49 $ 991.89
Class 5-M....................$ 7,303,203.41 $ 994.12
Class 5-B1...................$ 4,868,802.29 $ 994.12
Class 5-B2...................$ 3,651,602.20 $ 994.12
Class 5-B3...................$ 2,434,401.12 $ 994.12
Class 5-B4...................$ 730,320.24 $ 994.12
Class 5-B5...................$ 1,704,082.39 $ 994.12
Class 5-R....................$ 0.00 $ 0.00
Class 5-S1...................$ 119,724,585.96 $ 897.80
Class 5-S2...................$ 291,358,137.62 $ 893.31
vii) 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
viii)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 * 18 Principal Balance $* 4,683,467.06
(2) 60-89 days
Number 3 Principal Balance $ 563,861.32
(3) 90 days or more
Number 0 Principal Balance $ 0.00
(b) in foreclosure
Number 4 Principal Balance $ 989,835.05
ix) 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
x) The Certificate Interest Rates, applicable to the Interest Accrual
Period relating to such Distribution Date:
Class 5-S1: ........................ 0.450277%
Class 5-S2: ........................ 0.322180%
1. Senior Percentage for such Distribution Date: ...... 95.38708200%
2. Category A-Senior Percentage for such Distribution
Date:............................................... 10.01564300%
3. Category B-Senior Percentage for such Distribution
Date:............................................... 85.37143800%
4. Category A-Percentage for such Distribution Date: .. 10.50000000%
5. Category B-Percentage for such Distribution Date: .. 89.50000000%
6. Group I Senior Percentage for such Distribution Date:48.38597700%
7. Category A-Group I Senior Percentage for such
Distribution Date: ................................. 7.81435200%
8. Category B-Group I Senior Percentage for such
Distribution Date: ................................. 40.57162500%
9. Group II Senior Percentage for such Distribution
Date: .............................................. 47.00110500%
10. Category A-Group II Senior Percentage for such
Distribution Date: ................................. 2.20129100%
11. Category B-Group II Senior Percentage for such
Distribution Date: ................................. 44.79981300%
12. Category B-Group I Scheduled Distribution Percentage:85.37143800%
13. Category B-Group II Scheduled Distribution Percentage:0.00000000%
14. Senior Prepayment Percentage for such Distribution
Date:...............................................100.00000000%
15. Category A-Senior Prepayment Percentage
for such Distribution Date: ........................ 10.50000000%
16. Category B-Senior Prepayment Percentage
for such Distribution Date: ........................ 89.50000000%
17. Group I Senior Prepayment Percentage for such
Distribution Date: .................................100.00000000%
18. Category A-Group I Senior Prepayment Percentage for such
Distribution Date: ................................. 10.50000000%
19. Category B-Group I Senior Prepayment Percentage for such
Distribution Date: ................................. 89.50000000%
20. Group II Senior Prepayment Percentage for such
Distribution Date: ................................. 0.00000000%
21. Category A-Group II Senior Prepayment Percentage for such
Distribution Date: ................................. 0.00000000%
22. Category B-Group II Senior Prepayment Percentage for such
Distribution Date: .................................. 0.00000000%
23. Junior Percentage for such Distribution Date: ....... 4.61291800%
24. Junior Prepayment Percentage for such Distribution
Date: ............................................... 0.00000000%
25. Subordinate Certificate Writedown Amount for such
Distribution Date: ..................................$ 0.00
* Due to a large servicing transfer in September 1997, the number of
Mortgage Loans 30-59 days delinquent may be inflated due to borrowers sending
monthly paymnets to the wrong location or delays by the Company loading the
Mortgage Loans on its servicing system. It has also been the Company's
experience that for the majority of such Mortgage Loans the routing of
borrowers' monthly payments has corrected itself by the second Distribution
Date after transfer. However, the Company makes no assurances as to the level
of delinquent Mortgage Loans for future Distribution Dates.