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 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)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-16679-1 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
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
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 September 25, 1997.
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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
and Principal Accounting Officer)
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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 1997-1
Headlands Mortgage Company, Servicer
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<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>
2347 A-I-1 21,369,751.89 6.600000% 2,332,871.56 117,533.64 2,450,405.20 19,036,880.34
2350 A-I-2 69,801,624.99 6.175000% 2,146,182.14 359,187.53 2,505,369.67 67,655,442.84
2351 A-I-3 69,801,624.99 2.825000% 0.00 164,324.66 164,324.66 67,655,442.84
2352 A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00
2372 A-II 26,127,013.44 7.750000% 621,827.09 168,736.96 790,564.05 25,505,186.35
2363 P/O 511,726.85 N/A 1,183.51 0.00 1,183.51 510,543.34
2371 X-1 186,378,300.91 0.672680% 0.00 104,477.51 104,477.51 182,603,901.23
2370 X-2 50,340,337.85 0.196355% 0.00 8,237.16 8,237.16 49,649,467.71
2369 X-3 19,027,335.21 0.487822% 0.00 7,734.97 7,734.97 18,687,919.51
2360 B-1 8,512,931.59 7.750000% 6,722.30 54,979.35 61,701.65 8,506,209.29
2361 B-2 5,417,772.62 7.750000% 4,278.18 34,989.78 39,267.96 5,413,494.44
2362 B-3 3,869,695.37 7.750000% 3,055.73 24,991.78 28,047.51 3,866,639.63
2364 B-4 2,012,002.66 7.750000% 1,588.79 12,994.18 14,582.97 2,010,413.87
2365 B-5 773,540.85 7.750000% 610.83 4,995.78 5,606.61 772,930.02
2366 B-6 1,859,739.55 7.750000% 1,468.56 12,010.82 13,479.38 1,858,271.00
2367 R-1 0.00 7.750000% 0.00 36.13 36.13 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 295,020,302.81 0.00 5,119,788.70 2,022,515.33 7,142,304.03 289,900,514.11
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Factors per $1,000 (Class R per $100)
- --------------------------------------------------------------
PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- --------------------------------------------------------------
82.89938367 4.1765978466 676.48201333
28.22772479 4.7242247241 889.840234157
0.00000000 2.1612850022 889.84023416
0.00000000 5.6666668133 1000.00000000
0.00000000 5.7500000000 1000.00000000
0.00000000 5.9166666667 1000.00000000
0.00000000 6.0416666667 1000.00000000
0.00000000 6.2500000000 1000.00000000
0.00000000 6.2500000000 1000.00000000
0.00000000 6.4583322303 1000.00000000
0.00000000 6.4583332992 1000.00000000
21.45673384 5.8224289359 880.08065931
2.29003365 0.000000000 987.87625157
0.00000000 0.5272949716 921.59660880
0.00000000 0.1599482937 964.08806469
0.00000000 0.3551542012 858.06320204
0.78614198 6.4295813355 994.76193300
0.78614198 6.4295810364 994.76193300
0.78614198 6.4295806535 994.76193300
0.78614198 6.4295794161 994.76193300
0.78614198 6.4295752896 994.76193300
0.78614198 6.4295824108 994.76193300
0.00000000 36.1299999992 0.00000000
0.00000000 0.0000000000 0.00000000
- --------------------------------------------------------------
16.46339770 6.50368134 932.21570970
- --------------------------------------------------------------
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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 1997-1
Headlands Mortgage Company, Servicer
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<CAPTION>
Class Information Original Certificate Information
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TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ----------------------------------------------------------------------------------------------------------
<S> <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 0.00 310,980,078.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------
<CAPTION>
Unpaid Amounts
----------------------------------------------------------------------------
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-I-8 0.00 0.00 0.00
A-I-9 0.00 0.00 0.00
A-I-10 0.00 0.00 0.00
A-I-11 0.00 0.00 0.00
A-II 0.00 0.00 0.00
P/O 0.00 0.00 0.00
X-1 0.00 0.00 0.00
X-2 0.00 0.00 0.00
X-3 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 1997-1
Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 289,900,515.41
Ending loan count (excluding REO) 1816
Aggregate scheduled principal amt 228,000.96
Aggregate prepayment amount 4,891,787.74
P&S Ref.
Sec. 5.04 ADVANCES
Amount of advances (this period) 22,969.10
Aggregate outstanding advances 35,291.97
P&S Ref.
Sec. 5.04 FEES
Monthly servicer fees 61,431.42
Monthly trustee fee 2,458.51
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
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<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S> <C>
1 month 3 909,512.33 908,373.79
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 3 909,512.33 908,373.79
_ __________ __________
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P&S Ref.
Sec. 5.04 REO INFORMATION
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<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
____ ____ ____ ____
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