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Previous: FALMOUTH BANCORP INC, 8-A12G/A, 1997-10-06 |
Next: GT GLOBAL FLOATING RATE FUND INC, N-2, 1997-10-06 |
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 15, 1997
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity Loan
Trust 1997-1 Revolving Home Equity Loan Asset-Backed Notes, Series 1997-1)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
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<S> <C> <C>
Delaware 333-28031-1 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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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)
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INFORMATION TO BE INCLUDED IN THE REPORT
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Item 5. OTHER EVENTS
Headlands Mortgage Securities Inc. (the "Company") has previously registered the offer and sale
of the Headlands Home Equity Loan Trust 1997-1 Revolving Home Equity Loan Asset-Backed Notes
Series, 1997-1 (the "Series 1997-1 Notes").
The following exhibit which relates specifically to the Series
1997-1 Notes is included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed
to holders of Series 1997-1 Notes dated
September 15, 1997.
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<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 3, 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 holders
of Series 1997-1 Notes dated September 15, 1997..........................5
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<S> <C> <C> <C>
===================================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
===================================================================================================================
REVOLVING HOME LIBOR: 5.65234% Current Collection 8-1-97 thru 8-31-97
EQUITY LOAN Period:
ASSET-BACKED NOTES Margin: 0.18000% P&S Agreement Date: 8/1/97
SERIES 1997-1 Class A Note Rate: 5.83234% Original Closing Date: 8/21/97
Class S Note Rate: 1.25000% Distribution Date: 9/15/97
Interest Period 8/21/97 thru 25 Record Date: 9/14/97
9/14/97:
Weighted Average Loan Rate: 9.74870% Pool Factor: 99.9883247%
Weighted Average Net Loan Rate: 7.79120% Investor Floating 97.99967%
Allocation %:IFAP
Investor Fixed 98.00000%
Allocation %:
Maximum Rate: 7.79120% Beginning Transferor 2.00000%
Interest
Servicing Fee Rate: 0.50000% Spread Account Maximum 7,716,964.41
4%:
Premium Fee Rate: 0.20000% Required 2,893,861.66
Overcollaterialization
Amt:
Trustee Fee 0.00750% Certificateholders 3,859,110.37
Subordinated Amt
===================================================================================================================
BALANCES
Beginning Pool Balance 192,924,110.37
Beginning Invested Amount 189,065,000.00
Beginning Certificateholders Subordinated Principal 3,859,110.37
Balance
Beginning Class A Note Balance -- CUSIP 189,065,000.00
Beginning Class S (Notional Amount) -- 189,065,000.00
CUSIP
Overcollateralization Amount 22,073.86
Overcollateralization Loan Amount 0.00
Ending Pool Balance 191,548,307.05
Ending Invested Amount 189,065,000.00
Ending Certificateholders Subordinated 3,881,184.23
Principal Balance
Certificateholders Subordinated Balance 3,859,110.37
(TSA)
Ending Class A Note Balance -- CUSIP 189,042,926.14
Ending Class S (Notional Amount) -- 189,042,926.14
Additional Balances 5,170,624.62
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous 0
Distributions)
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous 0.00
Distributions)
Number of all Subsequent Mortgage Loans 21
(Current Date)
Subsequent Mortgage Loan Asset Balance (Current Date) 1,375,415.00
Cumulative Number of all Subsequent 0
Mortgage Loans
Cumulative Subsequent Mortgage Loan Asset 0.00
Balance
Beginning Loan Count 5,152
Ending Loan Count 5,084
COLLECTION AMOUNTS
1 Aggregate of All Mortgage Collections 7,524,446.00
(Gross)
2 Total Mortgage Interest Collections 978,018.06
(Gross)
Servicing Fees (current collection period) 80,385.05
Deferred Interest Transfer (DI) 101,773.85
<PAGE>
3a Mortgage Principal Collections 6,546,427.94
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,546,427.94
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
INVESTOR AND CERTIFICATEHOLDERS COLLECTIONS FOR DISTRIBUTION
Investor Interest Collections (Gross+DI -Service 979,415.47
Fee)*IFAP
Investor Principal Collections (zero available until end of funding period) 0.00
Certificateholders Interest Collections 19,991.39
Certificateholders Principal Collections 0.00
DISTRIBUTION AMOUNTS
Class A Note Interest 5.01 (i) 765,757.89
Unpaid Class A Note Interest Shortfall (current cycle) 0.00
5.01(i)
Class S Note Interest 5.01 (ii) 164,118.92
Unpaid Class S Note Interest Shortfall (current cycle) 0.00
5.01 (ii)
Investor Loss Amount 5.01(iii) Distribution to Funding Account during Funding 0.00
Period
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Insurance Premium 5.01(v) 26,259.03
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 22,073.86
5.01(vii)
Spread Account Deposit 5.01(viii) 0.00
Trustee Fee 5.01 (ix) 1,205.78
Payment to Servicer per Section 7.03 5.01 0.00
(x)
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Noteholders Distribution Allocable 979,415.48
to Interest
Maximum Principal Payment 6,415,499.38
Alternative Principal Payment 0.00
Guaranteed Principal Distribution Amount (afterTSA= zero) 0.00
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 22,073.86
5.01(vii)
Total Noteholders Distribution Allocable 22,073.86
to Principal
Certificateholders Interest Collections 19,991.39
Certificateholders Interest Collections 0.00
5.01 (xii)
Certificateholders Principal Collections Distribution to Funding Account during 0.00
Funding Period
Certificateholders Distribution Amount 19,991.39
LOSSES/RETRANSFERS
Unpaid Class A Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class S Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable 0.00
Certificate Rate
Investor Loss Reduction Amount (From Previous 0.00
Distributions)
DISTRIBUTION TO NOTEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Total Class A Note Distribution Amount Allocable to 4.0502361
Interest
Total Class S Note Distribution Amount Allocable to 0.8680556
Interest
Unpaid Note Interest Shortfall Included in Current 0.0000000
Distribution
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
<PAGE>
Total Class A Noteholders Distribution Amount Allocable 0.1167528
to Principal
Scheduled Principal Collections Payment 0.0000000
Accelerated Principal Distribution Amount 0.1167528
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Amount Distributed to Class A 4.1669889
Noteholders
Total Amount Distributed to Class S 0.8680556
Noteholders
Total Amount Distributed to Noteholders 5.0350444
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days 35
Delinquent
Aggregate Principal Balances of Mortgages 31 to 60 Days 1,608,682.85
Delinquent
Number of Mortgages 61 to 90 Days 0
Delinquent
Aggregate Principal Balances of Mortgages 61 to 90 Days 0.00
Delinquent
Number of Mortgages 91 to 180 or more 0
Days Delinquent
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent
-
Number of Mortgages 181 or more Days 0
Delinquent
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent
-
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in 0.00
Foreclosure
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
===================================================================================================================
Prior Month Ending Balance after Purchase of Subsequent 0.00
Loans:
Current Funding Accout Deposits: 1,375,803.32
Withdrawal for Subsequent Loan Purchase: (1,375,415.00)
Funding Account Ending Balance: 388.32
Funding Account Earnings: 0.00
Funding Period: From Closing Date thru the earlier of (a) 1/15/98 or (b) commencement of Rapid
Amortization Period
Beginning Spread Account Principal Balance: (total cash available to CapMAC) 964,620.55
Spread Account Deposit (this 0.00
distribution):
Ending Spread Account Principal Balance: (total cash available to CapMAC) 964,620.55
Total Spread Account: 4,845,804.78
Net Excess Spead: N/A
Deferred Interest Deposits: 600,809.53
Deferred Interest Account Balance: 600,809.53
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OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made in
conformity with the Pooling and Servicing Agreement.
The Attached Servicing Certificate is true and correct in all
material respects.
-------------------------------------------
A Servicing Officer Debora M. Toso
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