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
June 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 April 1, 1997 providing for the issuance of the Mortgage
Pass-Through Certificates, Series 1997-2)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-2 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 1997-2 (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 Certificate-
holders, dated June 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: July 1, 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 June 25, 1997......................5
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
PAGE NUMBER: 1
Payment Date: 6/25/97
Accrual Period: 5/1/97 thru 5/31/97
-------------------------------------------------
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-2
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
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.
- ---------------------------------------------------------------------------------------------------
2492 A-I-1 19,151,744.70 6.500000% 222,980.28 103,738.62 326,718.90 18,928,764.41
2493 A-I-2 14,405,500.00 6.500000% - 78,029.79 78,029.79 14,405,500.00
2494 A-I-3 10,543,500.00 6.500000% - 57,110.63 57,110.63 10,543,500.00
2495 A-I-4 12,540,000.00 7.000000% - 73,150.00 73,150.00 12,540,000.00
2496 A-I-5 11,060,000.00 7.000000% - 64,516.67 64,516.67 11,060,000.00
2497 A-I-6 4,474,659.00 7.000000% - 26,102.18 26,102.18 4,474,659.00
2498 A-I-7 63,157,494.70 5.987500% 222,980.28 329,932.12 552,912.40 62,934,514.41
2499 A-I-8 63,157,494.70 3.012500% - 143,749.09 143,749.09 62,934,514.41
2500 A-I-9 6,295,093.00 7.310778% - 38,351.69 38,351.69 6,295,093.00
2501 A-I-10 39,982,908.00 7.750000% - 258,222.95 258,222.95 39,982,908.00
2502 A-II 31,891,272.66 7.750000% 196,870.16 205,964.47 402,834.63 31,694,402.49
2507 P/O 273,755.63 N/A 386.14 - 386.14 273,369.49
2503 X 211,313,676.33 0.609261% - 107,287.64 107,287.64 210,686,387.43
2504 B-1 6,370,369.16 7.750000% 4,686.58 41,141.97 45,828.55 6,365,682.58
2505 B-2 4,054,052.97 7.750000% 2,982.50 26,182.43 29,164.93 4,051,070.47
2506 B-3 2,895,894.87 7.750000% 2,130.47 18,702.65 20,833.12 2,893,764.41
2508 B-4 1,505,905.31 7.750000% 1,107.87 9,725.64 10,833.51 1,504,797.43
2509 B-5 579,578.68 7.750000% 426.39 3,743.11 4,169.50 579,152.30
2510 B-6 1,389,084.23 7.750000% 1,021.93 8,971.17 9,993.10 1,388,062.30
2511 R-1 - 7.750000% - 23.73 23.73 -
2512 R-2 0.00 7.750000% 0.00 0.00 - -
- ---------------------------------------------------------------------------------------------------
Totals - 230,570,812.90 - 655,572.61 1,594,646.55 2,250,219.16 229,915,240.29
- ---------------------------------------------------------------------------------------------------
CLASS INFORMATION FACTORS PER $1,000 (CLASS R PER $100)
-----------------------------------------
- ------------------ PRINCIPAL INTEREST ENDING
CLASS CODE NAME DIST. DIST. CERT. BAL
- ------------------------------------------------------------
2492 A-I-1 11.41066064 5.3086585403 968.64935018
2493 A-I-2 0.00000000 5.4166665510 1000.000000000
2494 A-I-3 0.00000000 5.4166671409 1000.00000000
2495 A-I-4 0.00000000 5.8333333333 1000.00000000
2496 A-I-5 0.00000000 5.8333336347 1000.00000000
2497 A-I-6 0.00000000 5.8333338920 1000.00000000
2498 A-I-7 3.50889511 5.1919263098 990.35935383
2499 A-I-8 0.00000000 2.2620855538 990.35935383
2500 A-I-9 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 0.00000000 6.4583333959 1000.00000000
2502 A-II 6.08556345 6.3666826696 979.72336238
2507 P/O 1.40881528 0.000000000 997.37125852
2503 X 0.00000000 0.5047865868 991.27599790
2504 B-1 0.73515017 6.4536423529 998.53844362
2505 B-2 0.73515017 6.4536430860 998.53844362
2506 B-3 0.73515017 6.4536404417 998.53844362
2509 B-5 0.73515017 6.4536429993 998.53844362
2510 B-6 0.73515017 6.4536379310 998.53844362
2511 R-1 0.73515017 6.4536427033 998.53844362
2512 R-2 0.00000000 23.7300000004 0.00000000
0.00000000 0.0000000000 0.00000000
- -----------------------------------------------------------
Totals - 2.82791427 6.87875557 991.77509858
- -----------------------------------------------------------
</TABLE>
PAGE NUMBER: 2
Payment Date: 6/25/97
Accrual Period: 5/1/97 thru 5/31/97
THE
BANK OF
NEW YORK
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 1997-2
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
UNPAID AMOUNTS
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
--------------------------------------------------
- ---------------------------------------------------------------------------------- INTEREST CURRENT REAL AGGREGATE REAL
TYPE NAME CERT. BAL. PASS THRU CUSIPS NAME SHORTFALLS LOSSES LOSSES
- --------------------------------------------------------------------------------- --------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Senior - Fixed Rate A-I-1 19,541,400.00 6.500000% 42209EBA7 A-I-1 - - -
Senior - Fixed Rate A-I-2 14,405,500.00 6.500000% 42209EBB5 A-I-2 - - -
Senior - Fixed Rate A-I-3 10,543,500.00 6.500000% 42209EBC3 A-I-3 - - -
Senior - Fixed Rate A-I-4 12,540,000.00 7.000000% 42209EBD1 A-I-4 - - -
Senior - Fixed Rate A-I-5 11,060,000.00 7.000000% 42209EBE9 A-I-5 - - -
Senior - Fixed Rate A-I-6 4,474,659.00 7.000000% 42209EBF6 A-I-6 - - -
Senior - Floating Rate A-I-7 63,547,150.00 5.987500% 42209EBG4 A-I-7 - - -
Senior - Inv. Floating Rate A-I-8 63,547,150.00 3.012500% 42209EBH2 A-I-8 - - -
Senior - Variable Rate A-I-9 6,295,093.00 7.310800% 42209EBJ8 A-I-9 - - -
Senior - Fixed Rate A-I-10 39,982,908.00 7.750000% 42209EBK5 A-I-10 - - -
Senior - Fixed Rate A-II 32,350,359.00 7.750000% 42209EBL3 A-II - - -
Senior - Fixed Rate P/O 274,090.00 N/A 42209EBM1 P/O - - -
Senior - Variable Rate X 212,540,592.00 0.609280% 42209EBN9 X - - -
Subordinate - Fixed Rate B-1 6,375,000.00 7.750000% 42209EBP4 B-1 - - -
Subordinate - Fixed Rate B-2 4,057,000.00 7.750000% 42209EBQ2 B-2 - - -
Subordinate - Fixed Rate B-3 2,898,000.00 7.750000% 42209EBR0 B-3 - - -
Subordinate - Fixed Rate B-4 1,507,000.00 7.750000% N/A B-4 - - -
Subordinate - Fixed Rate B-5 580,000.00 7.750000% N/A B-5 - - -
Subordinate - Fixed Rate B-6 1,390,094.00 7.750000% N/A B-6 - - -
Senior - Fixed Rate R-1 100.00 7.750000% N/A R-1 - - -
Senior - Fixed Rate R-2 100.00 7.750000% N/A R-2 - - -
- ------------------------------------------------------------------------------ --------------------------------------------------
Totals - 231,821,953.00 - Totals - - -
- ------------------------------------------------------------------------------ --------------------------------------------------
</TABLE>
PAGE NUMBER: 3
Payment Date: 6/25/97
Accrual Period: 5/1/97 thru 5/31/97
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286 -------------------------------------------------
HEADLANDS MORTGAGE SECURITIES INC.
Attn: Frank Austin, MBS Unit Mortgage Pass-Through Certificates, Series 1997-2
(212) 815-2297 Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref.
--------------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
--------------------------------------------------
Ending scheduled principal balance 229,915,239.35
Ending loan count (excluding REO) 1374
Aggregate scheduled principal amt 169,417.70
Aggregate prepayment amount 485,346.99
--------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------
Sec. 5.04
Amount of advances (this period) -
Aggregate outstanding advances 0.00
--------------------------------------------------
P&S Ref. FEES
--------------------------------------------------
Sec. 5.04
Monthly servicer fees 47,992.14
Monthly trustee fee 1,633.21
--------------------------------------------------
P&S Ref. OTHER INFORMATION
--------------------------------------------------
Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 807.92
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) -
<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 - -
2 months 0 - -
3 months or more 0 - -
In foreclosure 0 - -
TOTALS 0 - -
========== ======================== ======================
</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
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
=========================================================================================
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
