SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 25, 1997
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor under a Pooling and Servicing
Agreement dated as of August 1, 1997 providing for the issuance of the Mortgage
Pass-Through Certificates, Series 1997-4)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32485-1 68-0397342
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
(Address of Principal Executive Offices)
(415) 461-6790
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of its Mortgage Pass-Through
Certificates, Series 1997-4 (the "Certificates").
The following exhibit which relates specifically to the Certificates is
included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated October 25, 1997.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 5, 1997
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
_______________________________________
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated October 25, 1997................. 5
THE
BANK OF
NEW
YORK PAGE NUMBER: 1
Payment Date: 10/27/97
Accrual Period: 9/1/97 thru 9/30/97
101 Barclay Street, 12E
New York, NY 10286
-------------------------------------------------
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-4
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
CLASS INFORMATION
----------------------------------------------------------------------------------------------------------
BEGINNING PASS THRU PRINCIPAL INTEREST TOTAL ENDING
- --------------------------
CLASS CODE NAME CERT. BAL. RATE DIST. AMT. DIST. AMT. DIST. CERT. BAL.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-I-1 14,930,783.43 6.106250% 200,638.81 75,975.91 276,614.72 14,730,144.62
A-I-2 14,930,783.43 2.893750% 0.00 36,004.96 36,004.96 14,730,144.62
A-I-3 31,751,217.05 6.700000% 638,396.18 177,277.63 815,673.81 31,112,820.87
A-I-4 18,508,171.00 6.950000% 0.00 107,193.16 107,193.16 18,508,171.00
A-I-5 12,453,000.00 7.000000% 0.00 72,642.50 72,642.50 12,453,000.00
A-I-6 14,488,000.00 7.250000% 0.00 87,531.67 87,531.67 14,488,000.00
A-I-7 16,133,000.00 7.250000% 0.00 97,470.21 97,470.21 16,133,000.00
A-I-8 5,084,000.00 7.250000% 0.00 30,715.83 30,715.83 5,084,000.00
A-I-9 3,755,503.00 7.250000% 0.00 22,689.50 22,689.50 3,755,503.00
A-I-10 32,456,001.00 7.250000% 0.00 196,088.34 196,088.34 32,456,001.00
A-II 69,565,302.97 7.250000% 566,015.38 420,290.37 986,305.75 68,999,287.59
X 236,356,039.80 1.125722% 0.00 221,725.99 221,725.99 234,938,674.31
B-1 6,535,899.18 7.250000% 4,671.24 39,487.72 44,158.96 6,531,227.95
B-2 4,159,172.23 7.250000% 2,972.58 25,128.33 28,100.91 4,156,199.65
B-3 2,970,808.76 7.250000% 2,123.25 17,948.64 20,071.89 2,968,685.51
B-4 1,544,812.56 7.250000% 1,104.08 9,333.24 10,437.32 1,543,708.47
B-5 594,181.74 7.250000% 424.66 3,589.85 4,014.51 593,757.07
B-6 1,426,187.06 7.250000% 1,019.30 8,616.55 9,635.85 1,425,167.76
R-1 0.00 7.250000% 0.00 0.00 0.00 0.00
R-2 0.00 7.250000% 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Totals - 236,356,039.98 - 1,417,365.49 1,649,710.40 3,067,075.89 234,938,674.49
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS INFORMATION FACTORS PER $1,000 (CLASS R PER $100)
- -------------------------- -------------------------------------------------------
PRINCIPAL INTEREST ENDING
CLASS CODE NAME DIST. DIST. CERT. BAL
- -------------------------- -------------------------------------------------------
- -------------------------- -------------------------------------------------------
<S> <C> <C> <C> <C>
13.23552530 5.0118971349 971.70234126
A-I-1 0.00000000 2.3751364856 971.70234126
A-I-2 19.65643653 5.4584387813 957.97438180
A-I-3 0.00000000 5.7916668265 1000.00000000
A-I-4 0.00000000 5.8333333333 1000.00000000
A-I-5 0.00000000 6.0416668967 1000.00000000
A-I-6 0.00000000 6.0416667700 1000.00000000
A-I-7 0.00000000 6.0416660110 1000.00000000
A-I-8 0.00000000 6.0416673878 1000.00000000
A-I-9 0.00000000 6.0416666859 1000.00000000
A-I-10 8.07679305 5.9973605872 984.58979188
A-II 0.00000000 0.9322598250 987.81332487
X 0.71420163 6.0374160997 998.58236301
B-1 0.71420163 6.0374162082 998.58236301
B-2 0.71420163 6.0374180094 998.58236301
B-3 0.71420163 6.0374150980 998.58236301
B-4 0.71420163 6.0374201144 998.58236301
B-5 0.71420163 6.0374189579 998.58236301
B-6 0.00000000 0.0000000004 0.00000000
R-1 0.00000000 0.0000000000 0.00000000
R-2
- -------------------------- -------------------------------------------------------
- -------------------------- -------------------------------------------------------
Totals - 5.95939567 6.93630336 987.81332563
- -------------------------- -------------------------------------------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK PAGE NUMBER: 2
Payment Date: 10/27/97
Accrual Period: 9/1/97 thru 9/30/97
101 Barclay Street, 12E
New York, NY 10286
----------------------------------------------
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-4
Headlands Mortgage Company, Servicer
----------------------------------------------
<TABLE>
<CAPTION>
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- ----------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Senior - Floating Rate A-I-1 15,159,112.00 6.137500% 42209ECY4
Senior - Inv. Floating Rate A-I-2 15,159,112.00 2.862500% 42209ECZ1
Senior - Fixed Rate A-I-3 32,477,717.00 6.700000% 42209EDA5
Senior - Fixed Rate A-I-4 18,508,171.00 6.950000% 42209EDB3
Senior - Fixed Rate A-I-5 12,453,000.00 7.000000% 42209EDC1
Senior - Fixed Rate A-I-6 14,488,000.00 7.250000% 42209EDD9
Senior - Fixed Rate A-I-7 16,133,000.00 7.250000% 42209EDE7
Senior - Fixed Rate A-I-8 5,084,000.00 7.250000% 42209EDF4
Senior - Fixed Rate A-I-9 3,755,503.00 7.250000% 42209EDG2
Senior - Fixed Rate A-I-10 32,456,001.00 7.250000% 42209EDH0
Senior - Fixed Rate A-II 70,079,223.00 7.250000% 42209EDJ6
Senior - Variable Rate X 237,837,118.00 1.127700% 42209EDK3
Subordinate - Fixed Rate B-1 6,540,500.00 7.250000% 42209EDL1
Subordinate - Fixed Rate B-2 4,162,100.00 7.250000% 42209EDM9
Subordinate - Fixed Rate B-3 2,972,900.00 7.250000% 42209EDN7
Subordinate - Fixed Rate B-4 1,545,900.00 7.250000% 42209EDR8
Subordinate - Fixed Rate B-5 594,600.00 7.250000% 42209EDS6
Subordinate - Fixed Rate B-6 1,427,191.00 7.250000% 42209EDT4
Senior - Fixed Rate R-1 100.00 7.250000% 42209EDP2
Senior - Fixed Rate R-2 100.00 7.250000% 42209EDQ0
- ----------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------
Totals - 237,837,118.00 - -
- ----------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
UNPAID AMOUNTS
-------------------------------------------------------------
INTEREST CURRENT REAL AGGREGATE REAL
- ---------------------------
NAME SHORTFALLS LOSSES LOSSES
- ----------------------------------------------------------------------------------------
<S> <C> <S> <S>
A-I-1 - - -
A-I-2 - - -
A-I-3 - - -
A-I-4 - - -
A-I-5 - - -
A-I-6 - - -
A-I-7 - - -
A-I-8 - - -
A-I-9 - - -
A-I-10 - - -
A-II - - -
X - - -
B-1 - - -
B-2 - - -
B-3 - - -
B-4 - - -
B-5 - - -
B-6 - - -
R-1 - - -
R-2 - - -
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Totals - - -
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK PAGE NUMBER: 3
Payment Date: 10/27/97
Accrual Period: 9/1/97 thru 9/30/97
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit --------------------------------------------------
(212) 815-2297 HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-4
Headlands Mortgage Company, Servicer
--------------------------------------------------
<TABLE>
<CAPTION>
P&S Ref.
------------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
------------------------------------------------
<S> <C> <C>
Ending scheduled principal balance 234,938,674.31
Ending loan count (excluding REO) 1645
Aggregate scheduled principal amt 168,913.32
Aggregate prepayment amount 1,248,452.17
------------------------------------------------
P&S Ref. ADVANCES
------------------------------------------------
Sec. 5.04
Amount of advances (this period) 1,244.32
Aggregate outstanding advances 2,794.87
------------------------------------------------
P&S Ref. FEES
------------------------------------------------
Sec. 5.04
Monthly servicer fees 49,536.28
Monthly trustee fee 1,674.19
------------------------------------------------
P&S Ref. OTHER INFORMATION
------------------------------------------------
Sec. 5.04
Compensating interest amount 0.00
P&S Ref.
------------------------------------------------
Sec. 5.04 LIQUIDATED LOAN INFORMATION
------------------------------------------------
Net liquidation proceeds 0.00
Realized losses (this period) 0.00
Cumulative losses (since Cut-Off) 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
--------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------
<S> <C> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
TOTALS 0 0.00 0.00
= ==== ====
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
--------------------------------------
Sec. 5.04 REO INFORMATION
--------------------------------------
<S> <C> <C> <C> <C>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
==== ==== ==== ====
</TABLE>
