<PAGE>
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
July 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 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 1997-3 (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 July 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 31, 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 July 25, 1997..................................5
THE Page Number: 1
BANK OF Payment Date: 7/25/97
NEW Accrual Period: 6/1/97 thru 6/30/97
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 1997-3
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
----------------------------------------------------------------------------------------
CLASS INFORMATION BEGINNING PASS THRU PRINCIPAL INTEREST TOTAL
CLASS CODE NAME CERT. BAL. RATE DIST. AMT. DIST. AMT. DIST.
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-I-1 32,914,587.00 7.000000% 516,163.02 192,001.76 708,164.78
A-I-2 7,042,375.00 7.150000% 0.00 41,960.82 41,960.82
A-I-3 22,070,000.00 7.400000% 0.00 136,098.33 136,098.33
A-I-4 7,457,000.00 7.250000% 0.00 45,052.71 45,052.71
A-I-5 20,964,307.00 7.750000% 0.00 135,394.48 135,394.48
A-I-6 21,035,693.00 7.000000% 0.00 122,708.21 122,708.21
A-I-7 2,035,712.15 7.750000% 0.00 13,147.31 13,147.31
A-II-1 11,822,692.00 6.950000% 229,039.08 68,473.09 297,512.17
A-II-2 7,782,000.00 7.600000% 0.00 49,286.00 49,286.00
A-II-3 2,242,000.00 7.750000% 0.00 14,479.58 14,479.58
A-II-4 14,000,000.00 7.000000% 0.00 81,666.67 81,666.67
A-II-5 1,354,838.66 7.750000% 0.00 8,750.00 8,750.00
C-1 30,315,851.00 5.937500% 253,490.46 150,000.31 403,490.77
C-2 30,315,851.00 4.062500% 0.00 102,631.79 102,631.79
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68
P/O 32,503.00 N/A 30.13 0.00 30.13
X 23,151,725.00 7.750000% 0.00 149,521.56 149,521.56
B-1 6,403,360.00 7.750000% 4,414.52 41,355.03 45,769.55
B-2 4,074,866.00 7.750000% 2,809.24 26,316.84 29,126.08
B-3 2,910,617.00 7.750000% 2,006.60 18,797.73 20,804.33
B-4 1,513,522.00 7.750000% 1,043.43 9,774.83 10,818.26
B-5 582,124.00 7.750000% 401.32 3,759.55 4,160.87
B-6 1,397,097.00 7.750000% 963.17 9,022.92 9,986.09
R-1 100.00 7.750000% 100.00 6.92 106.92
R-2 100.00 7.750000% 100.00 0.65 100.65
- -----------------------------------------------------------------------------------------------------------------------
Totals - 232,849,453.00 - 1,010,560.96 1,653,129.77 2,663,690.73
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
FACTORS PER $1,000 (CLASS R PER $100)
- ---------------------------------------------------------------------------
ENDING PRINCIPAL INTEREST ENDING
CERT. BAL. DIST. DIST. CERT. BAL
- ---------------------------------------------------------------------------
32,398,423.98 15.68189266 5.8333334093 984.31810734
7,042,375.00 0.00000000 5.9583336587 1000.000000000
22,070,000.00 0.00000000 6.1666665156 1000.000000000
7,457,000.00 0.00000000 6.0416668902 1000.000000000
20,964,307.00 0.00000000 6.4583332041 1000.000000000
21,035,693.00 0.00000000 5.8333333729 1000.000000000
2,035,712.15 0.00000000 6.4583344912 1000.000000000
11,593,652.92 19.37283673 5.7916665680 980.627163269
7,782,000.00 0.00000000 6.3333333333 1000.000000000
2,242,000.00 0.00000000 6.4583318466 1000.000000000
14,000,000.00 0.00000000 5.8333335714 1000.000000000
1,354,838.66 0.00000000 6.4583335701 1000.000000000
30,062,360.54 8.36164756 4.9479168505 991.638352439
30,062,360.54 0.00000000 3.3854167577 991.638352439
38,288,659.00 0.00000000 6.0833334487 1000.000000000
32,472.87 0.92691546 0.0000000000 999.073084539
23,018,527.93 0.00000000 6.4583334503 994.246775714
6,398,945.48 0.68940612 6.4583328128 999.310593883
4,072,056.76 0.68940612 6.4583326176 999.310593883
2,908,610.40 0.68940612 6.4583316871 999.310593883
1,512,478.57 0.68940612 6.4583336086 999.310593883
581,722.68 0.68940612 6.4583319018 999.310593883
1,396,133.83 0.68940612 6.4583346754 999.310593883
0.00 100.00000000 6.9199999999 0.00000000
0.00 100.00000000 0.6500000000 0.00000000
- ---------------------------------------------------------------------------
231,838,892.04 4.33997567 7.09956476 995.66002433
- ---------------------------------------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 7/25/97
NEW Accrual Period: 6/1/97 thru 6/30/97
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 1997-3
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 32,914,587.00 7.000000% 42209ECA6 A-I-1 0.00 0.00 0.00
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4 A-I-2 0.00 0.00 0.00
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2 A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0 A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 20,984,307.00 7.750000% 42209ECE8 A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5 A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3 A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-II-1 11,822,692.00 6.950000% 42209ECH1 A-II-1 0.00 0.00 0.00
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7 A-II-2 0.00 0.00 0.00
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4 A-II-3 0.00 0.00 0.00
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2 A-II-4 0.00 0.00 0.00
Senior - Fixed Rate A-II-5 1,354,838.68 7.750000% 42209ECM0 A-II-5 0.00 0.00 0.00
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8 C-1 0.00 0.00 0.00
Senior - Inv. Floating Rate C-2 30,315,851.00 4.052500% 42209ECP3 C-2 0.00 0.00 0.00
Senior - Fixed Rate C-3 38,288,659.00 7.300000% 42209ECQ1 C-3 0.00 0.00 0.00
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9 P/O 0.00 0.00 0.00
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7 X 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5 B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 4,074,856.00 7.750000% 42209ECU2 B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 2,910,617.00 7.750000% 42209ECV0 B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7 B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5 B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 1,397,097.00 7.750000% 42209EBZ2 B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8 R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6 R-2 0.00 0.00 0.00
- ------------------------------------------------------------------------------- ----------------------------------------------------
Totals - 232,849,453.00 - - Totals - - -
</TABLE>
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 7/25/97
NEW Accrual Period: 6/1/97 thru 6/30/97
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 1997-3
Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref. --------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
---------------------------------------------
Ending scheduled principal balance 231,838,892.62
Ending loan count (excluding REO) 1449
Aggregate scheduled principal amt 160,532.55
Aggregate prepayment amount 650,028.41
---------------------------------------------
ADVANCES
P&S Ref. ---------------------------------------------
Sec. 5.04
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
---------------------------------------------
FEES
P&S Ref. ---------------------------------------------
Sec. 5.04
Monthly servicer fees 48,458.53
Monthly trustee fee 1,649.35
---------------------------------------------
OTHER INFORMATION
P&S Ref. ---------------------------------------------
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) 0.00
P&S Ref. ------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
------------------------------------------------------
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S> <C> <C> <C> <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>
<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
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
========================================================================================
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
