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Previous: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1997-11-05 |
Next: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1997-11-05 |
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 February 1, 1997 providing for the issuance of the
Mortgage Pass-Through Certificates, Series 1997-1)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-1 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 1997-1 (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
<PAGE>
<TABLE>
<CAPTION>
THE PAGE NUMBER: 1
BANK OF Payment Date: 10/27/97
NEW Accrual Period: 9/1/97 thru 9/30/97
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 1997-1
Headlands Mortgage Company, Servicer
--------------------------------------------------------
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>
2347 A-I-1 19,036,880.34 6.600000% 1,955,878.32 104,702.84 2,060,581.16 17,081,002.01
2350 A-I-2 67,655,442.84 6.206250% 1,799,358.01 349,905.49 2,149,263.50 65,856,084.83
2351 A-I-3 67,655,442.84 2.793750% - 157,510.33 157,510.33 65,856,084.83
2352 A-I-4 22,732,000.00 6.800000% - 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% - 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% - 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% - 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% - 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% - 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% - 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% - 355,211.58 355,211.58 55,000,503.00
2372 A-II 25,505,186.35 7.750000% 480,716.24 164,721.00 645,437.24 25,024,470.11
2363 P/O 510,543.34 N/A 5,444.66 - 5,444.66 505,098.68
2371 X-1 182,603,901.23 0.672301% - 102,303.99 102,303.99 179,416,635.62
2370 X-2 49,649,467.71 0.196144% - 8,115.35 8,115.35 49,353,881.03
2369 X-3 18,687,919.51 0.485888% - 7,566.86 7,566.86 18,228,927.05
2360 B-1 8,506,209.29 7.750000% 6,599.60 54,935.93 61,535.53 8,499,609.69
2361 B-2 5,413,494.44 7.750000% 4,200.10 34,962.15 39,162.25 5,409,294.34
2362 B-3 3,866,639.63 7.750000% 2,999.96 24,972.05 27,972.01 3,863,639.67
2364 B-4 2,010,413.87 7.750000% 1,559.79 12,983.92 14,543.71 2,008,854.07
2365 B-5 772,930.02 7.750000% 599.68 4,991.84 5,591.52 772,330.34
2366 B-6 1,858,271.00 7.750000% 1,441.75 12,001.33 13,443.08 1,856,829.24
2367 R-1 - 7.750000% - 4.87 4.87 -
2368 R-2 0.00 7.750000% 0.00 0.00 - -
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Totals - 289,900,514.11 - 4,258,798.13 1,986,963.03 6,245,761.16 285,641,715.98
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
------------------------------------------------------------------------
PRINCIPAL INTEREST ENDING
- --------------------
CLASS CODE DIST. DIST. CERT. BAL
- -------------------- ------------------------------------------------------------------------
<S> <C> <C> <C>
2347 69.50280098 3.7206510074 606.97921235
2350 23.66611007 4.6021424156 866.174124089
2351 0.00000000 2.0716593232 866.17412409
2352 0.00000000 5.6666668133 1000.00000000
2353 0.00000000 5.7500000000 1000.00000000
2354 0.00000000 5.9166666667 1000.00000000
2355 0.00000000 6.0416666667 1000.00000000
2356 0.00000000 6.2500000000 1000.00000000
2359 0.00000000 6.2500000000 1000.00000000
2357 0.00000000 6.4583322303 1000.00000000
2358 0.00000000 6.4583332992 1000.00000000
2372 16.58757009 5.6838544249 863.49308922
2363 10.53514935 0.000000000 977.34110222
2371 0.00000000 0.5163252790 905.51057144
2370 0.00000000 0.1575830001 958.34839409
2369 0.00000000 0.3474353642 836.98838204
2360 0.77179318 6.4245035668 993.99013982
2361 0.77179318 6.4245038589 993.99013982
2362 0.77179318 6.4245047595 993.99013982
2364 0.77179318 6.4245027214 993.99013982
2365 0.77179318 6.4245045045 993.99013982
2366 0.77179318 6.4245022633 993.99013982
2367 0.00000000 4.8699999987 0.00000000
2368 0.00000000 0.0000000000 0.00000000
- -------------------- ------------------------------------------------------------------------
- -------------------- ------------------------------------------------------------------------
Totals 13.69476192 6.38935794 918.52094778
- -------------------- ------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE PAGE NUMBER: 2
BANK OF Payment Date: 10/27/97
NEW Accrual Period: 9/1/97 thru 9/30/97
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 1997-1
Headlands Mortgage Company, Servicer
----------------------------------------------------
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- ------------------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Senior - Fixed Rate A-I-1 28,141,000.00 6.600000% 42209EAA8
Senior - Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6
Senior - Inv. Floating Rate A-I-3 76,031,000.00 3.012500% 42209EAC4
Senior - Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2
Senior - Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0
Senior - Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7
Senior - Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5
Senior - Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3
Senior - Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ9
Senior - Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6
Senior - Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4
Senior - Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2
Senior - Fixed Rate P/O 516,809.00 N/A 42209EAN0
Senior - Variable Rate X-1 198,138,642.75 0.000000% 42209EAP5
Senior - Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2
Senior - Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0
Subordinate - Fixed Rate B-1 8,551,000.00 7.750000% 42209EAQ3
Subordinate - Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1
Subordinate - Fixed Rate B-3 3,887,000.00 7.750000% 42209EAS9
Subordinate - Fixed Rate B-4 2,021,000.00 7.750000% N/A
Subordinate - Fixed Rate B-5 777,000.00 7.750000% N/A
Subordinate - Fixed Rate B-6 1,868,056.00 7.750000% N/A
Senior - Fixed Rate R-1 100.00 7.750000% N/A
Senior - Fixed Rate R-2 100.00 7.750000% N/A
- --------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------
Totals - 310,980,078.00 - -
- --------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNPAID AMOUNTS
-------------------------------------------------------------------------
INTEREST CURRENT REAL AGGREGATE REAL
------------------------------
NAME SHORTFALLS LOSSES LOSSES
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
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-I-11 - - -
A-II - - -
P/O - - -
X-1 - - -
X-2 - - -
X-3 - - -
B-1 - - -
B-2 - - -
B-3 - - -
B-4 - - -
B-5 - - -
B-6 - - -
R-1 - - -
R-2 - - -
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Totals - - -
---------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE PAGE NUMBER: 3
BANK OF Payment Date: 10/27/97
NEW Accrual Period: 9/1/97 thru 9/30/97
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 1997-1
Headlands Mortgage Company, Servicer
-------------------------------------------------------
<S> <C> <C>
P&S Ref.
-----------------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
-----------------------------------------------------
Ending scheduled principal balance 285,641,717.27
Ending loan count (excluding REO) 1795
Aggregate scheduled principal amt 226,179.90
Aggregate prepayment amount 4,032,618.23
-----------------------------------------------------
P&S Ref. ADVANCES
-----------------------------------------------------
Sec. 5.04
Amount of advances (this period) 10,252.24
Aggregate outstanding advances 45,544.21
-----------------------------------------------------
P&S Ref. FEES
-----------------------------------------------------
Sec. 5.04
Monthly servicer fees 60,395.94
Monthly trustee fee 2,415.83
-----------------------------------------------------
P&S Ref. OTHER INFORMATION
-----------------------------------------------------
Sec. 5.04
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) -
P&S Ref.
-----------------------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
-----------------------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
1 month 2 269,692.28 269,374.02
2 months 2 389,483.57 388,808.73
3 months or more 0 - -
In foreclosure 0 - -
TOTALS 4 659,175.85 658,182.75
= =========== ==========
P&S Ref.
-----------------------------------------------------------------------
Sec. 5.04 REO INFORMATION
-----------------------------------------------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
------------------------ ---------- ------------------------- --------------------
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
== == == ==
</TABLE>
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