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
September 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 June 1, 1997 providing for the issuance of the
Mortgage Pass-Through Certificates, Series 1997-3)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-3 68-0397342
(State or Other (Commission File Number) (I.R.S. Employer )
Jurisdiction 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 1997-3 (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 September 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: October 7, 1997
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
Gilbert J. MacQuarrie
Vice President, Treasurer
and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated September 25, 1997..............................5
PAGE NUMBER: 1
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
BANK OF
NEW
YORK
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 1997-3
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>
A-I-1 29,989,934.63 7.000000% 2,170,358.63 174,941.29 2,345,299.92 27,819,576.01
A-I-2 7,042,375.00 7.150000% - 41,960.82 41,960.82 7,042,375.00
A-I-3 22,070,000.00 7.400000% - 136,098.33 136,098.33 22,070,000.00
A-I-4 7,457,000.00 7.250000% - 45,052.71 45,052.71 7,457,000.00
A-I-5 20,964,307.00 7.750000% - 135,394.48 135,394.48 20,964,307.00
A-I-6 21,035,693.00 7.000000% - 122,708.21 122,708.21 21,035,693.00
A-I-7 2,035,712.15 7.750000% - 13,147.31 13,147.31 2,035,712.15
A-II-1 10,975,874.15 6.950000% 626,884.65 63,568.60 690,453.25 10,348,989.51
A-II-2 7,782,000.00 7.600000% - 49,286.00 49,286.00 7,782,000.00
A-II-3 2,242,000.00 7.750000% - 14,479.58 14,479.58 2,242,000.00
A-II-4 14,000,000.00 7.000000% 0.00 81,666.67 81,666.67 14,000,000.00
A-II-5 1,354,838.66 7.750000% 0.00 8,750.00 8,750.00 1,354,838.66
C-1 29,039,876.08 5.875000% 946,345.20 142,174.40 1,088,519.60 28,093,530.87
C-2 29,039,876.08 4.125000% 0.00 99,824.58 99,824.58 28,093,530.87
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,428.04 N/A 42.61 0.00 42.61 32,385.43
X 22,477,594.04 7.750000% 0.00 145,167.79 145,167.79 22,039,414.51
B-1 6,394,513.15 7.750000% 4,444.99 41,297.90 45,742.89 6,390,068.16
B-2 4,069,236.19 7.750000% 2,828.63 26,280.48 29,109.11 4,066,407.55
B-3 2,906,595.71 7.750000% 2,020.45 18,771.76 20,792.21 2,904,575.26
B-4 1,511,430.93 7.750000% 1,050.64 9,761.32 10,811.96 1,510,380.29
B-5 581,319.74 7.750000% 404.09 3,754.36 4,158.45 580,915.65
B-6 1,395,166.78 7.750000% 969.82 9,010.45 9,980.27 1,394,196.96
R-1 0.00 7.750000% 0.00 7.55 7.55 0.00
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 227,778,409.40 3,755,349.71 1,616,027.27 5,371,376.98 224,023,059.69
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Factors per $1,000 (Class R per $100)
- -------------------------------------------------------------------
PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- -------------------------------------------------------------------
65.93911165 5.3150079021 845.20507602
0.00000000 5.9583336587 1000.000000000
0.00000000 6.1666665156 1000.000000000
0.00000000 6.0416668902 1000.000000000
0.00000000 6.4583332041 1000.000000000
0.00000000 5.8333333729 1000.000000000
0.00000000 6.4583344912 1000.000000000
53.02385009 5.3768295749 875.349667056
0.00000000 6.3333333333 1000.000000000
0.00000000 6.4583318466 1000.000000000
0.00000000 5.8333335714 1000.000000000
0.00000000 6.4583335701 1000.000000000
31.21618471 4.6897710376 926.694450084
0.00000000 3.2928180047 926.694450084
0.00000000 6.0833334487 1000.000000000
1.31095591 0.0000000000 996.382871327
0.00000000 6.2702796444 951.955610790
0.69416583 6.4494109343 997.924239642
0.69416583 6.4494096248 997.924239642
0.69416583 6.4494091803 997.924239642
0.69416583 6.4494074087 997.924239642
0.69416583 6.4494162756 997.924239642
0.69416583 6.4494090246 997.924239642
0.00000000 7.5500000000 0.00000000
0.00000000 0.0000000000 0.00000000
____________________________________________________________________
16.12780130 6.94022360 962.09399165
____________________________________________________________________
</TABLE>
<PAGE>
PAGE NUMBER: 2
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
BANK OF
NEW
YORK
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 1997-3
Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Class Information Original Certificate Information
- ----------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ----------------------------------------------------------------------------------------------------------
<S> <C>
Senior - Fixed Rate A-I-1 32,914,587.00 7.000000% 42209ECA6
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0
Senior - Fixed Rate A-I-5 20,964,307.00 7.750000% 42209ECE8
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3
Senior - Fixed Rate A-II-1 11,822,692.00 6.950000% 42209ECH1
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2
Senior - Fixed Rate A-II-5 1,354,838.66 7.750000% 42209ECM0
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8
Senior - Inv. Floating Rate C-2 30,315,851.00 4.062500% 42209ECP3
Senior - Fixed Rate C-3 38,288,659.00 7.300000% 42209ECQ1
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5
Subordinate - Fixed Rate B-2 4,074,866.00 7.750000% 42209ECU2
Subordinate - Fixed Rate B-3 2,910,617.00 7.750000% 42209ECV0
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5
Subordinate - Fixed Rate B-6 1,397,097.00 7.750000% 42209EBZ2
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6
________________________________________________________________________________________________________
Totals 232,849,453.00 - -
________________________________________________________________________________________________________
<CAPTION>
INTEREST CURRENT REAL AGGREGATE REAL
NAME SHORTFALLS LOSSES LOSSES
- ----------------------------------------------------------------------------------------
A-I-1 0.00 0.00 0.00
A-I-2 0.00 0.00 0.00
A-I-3 0.00 0.00 0.00
A-I-4 0.00 0.00 0.00
A-I-5 0.00 0.00 0.00
A-I-6 0.00 0.00 0.00
A-I-7 0.00 0.00 0.00
A-II-1 0.00 0.00 0.00
A-II-2 0.00 0.00 0.00
A-II-3 0.00 0.00 0.00
A-II-4 0.00 0.00 0.00
A-II-5 0.00 0.00 0.00
C-1 0.00 0.00 0.00
C-2 0.00 0.00 0.00
C-3 0.00 0.00 0.00
P/O 0.00 0.00 0.00
X 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
B-3 0.00 0.00 0.00
B-4 0.00 0.00 0.00
B-5 0.00 0.00 0.00
B-6 0.00 0.00 0.00
R-1 0.00 0.00 0.00
R-2 0.00 0.00 0.00
- -----------------------------------------------------------------------------------
Totals 0.00 0.00 0.00
- -----------------------------------------------------------------------------------
</TABLE>
<PAGE>
PAGE NUMBER: 3
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
BANK OF
NEW
YORK
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 1997-3
Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 224,023,060.27
Ending loan count (excluding REO) 1418
Aggregate scheduled principal amt 158,292.86
Aggregate prepayment amount 3,597,056.85
P&S Ref.
Sec. 5.04 ADVANCES
Amount of advances (this period) 7,865.73
Aggregate outstanding advances 11,195.86
P&S Ref.
Sec. 5.04 FEES
Monthly servicer fees 47,738.55
Monthly trustee fee 1,613.43
P&S Ref.
Sec. 5.04 OTHER INFORMATION
Class P/O deferred amount 0.00
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
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S> <C>
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>
P&S Ref.
Sec. 5.04 REO INFORMATION
<TABLE>
<CAPTION>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
------------------------ ---------- ------------------------- --------------------
<S> <C>
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
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
____ ____ ____ ____
</TABLE>
