<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 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 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
<PAGE>
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 1997-1
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<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> <C> <C> <C> <C> <C> <C>
2347 A-I-1 24,360,192.85 6.600000% 1,416,085.35 133,981.06 1,550,066.41 22,944,107.50
2350 A-I-2 72,552,754.16 6.268750% 1,302,762.29 379,012.56 1,681,774.85 71,249,991.87
2351 A-I-3 72,552,754.16 2.731250% 0.00 165,133.09 165,133.09 71,249,991.87
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 27,083,347.30 7.750000% 225,289.11 174,913.28 400,202.39 26,858,058.19
2363 P/O 514,085.61 N/A 671.40 - 671.40 513,414.21
2371 X-1 191,414,686.47 0.672642% 0.00 107,294.69 107,294.69 189,020,302.47
2370 X-2 51,014,072.30 0.196846% 0.00 8,368.25 8,368.25 50,701,659.71
2369 X-3 19,949,994.04 0.494625% 0.00 8,223.13 8,223.13 19,741,250.97
2360 B-1 8,525,703.55 7.750000% 6,493.08 55,061.84 61,554.92 8,519,210.47
2361 B-2 5,425,900.91 7.750000% 4,132.31 35,042.28 39,174.59 5,421,768.61
2362 B-3 3,875,501.08 7.750000% 2,951.54 25,029.28 27,980.82 3,872,549.54
2364 B-4 2,015,021.27 7.750000% 1,534.62 13,013.68 14,548.30 2,013,486.65
2365 B-5 774,701.40 7.750000% 590.00 5,003.28 5,593.28 774,111.39
2366 B-6 1,862,529.72 7.750000% 1,418.48 12,028.84 13,447.32 1,861,111.24
2367 R-1 0.00 7.750000% 0.00 40.77 40.77 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- -------------------------------------------------------------------------------------------------------------------
Totals - 301,754,240.85 - 2,961,928.19 2,069,431.11 5,031,359.30 298,792,312.66
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
FACTORS PER $1,000 (CLASS R PER $100)
- ------------------------------------------------------
PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- ------------------------------------------------------
50.32107427 4.7610625067 815.32665868
17.13461998 4.9849740238 937.117647626
0.00000000 2.1719179019 937.11764763
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
7.77381456 6.0355487188 926.76278618
1.29912892 0.000000000 993.43124384
0.00000000 0.5415131976 953.98000030
0.00000000 0.1624937853 984.51941664
0.00000000 0.3775682603 906.42733187
0.75933615 6.4392281604 996.28236065
0.75933615 6.4392282249 996.28236065
0.75933615 6.4392281966 996.28236065
0.75933615 6.4392281049 996.28236065
0.75933615 6.4392277992 996.28236065
0.75933615 6.4392288026 996.28236065
0.00000000 40.7700000011 0.00000000
0.00000000 0.0000000000 0.00000000
- ------------------------------------------------------
9.52449497 6.65454560 960.80853341
- ------------------------------------------------------
<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 1997-1
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 28,141,000.00 6.600000% 42209EAA8 A-I-1 0.00 0.00 0.00
Senior - Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6 A-I-2 0.00 0.00 0.00
Senior - Inv. Floating Rate A-I-3 76,031,000.00 3.012500% 42209EAC4 A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2 A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0 A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7 A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5 A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3 A-I-8 0.00 0.00 0.00
Senior - Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ8 A-I-9 0.00 0.00 0.00
Senior - Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6 A-I-10 0.00 0.00 0.00
Senior - Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4 A-I-11 0.00 0.00 0.00
Senior - Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2 A-II 0.00 0.00 0.00
Senior - Fixed Rate P/O 516,809.00 N/A 42209EAN0 P/O 0.00 0.00 0.00
Senior - Variable Rate X-1 198,136,642.75 0.000000% 42209EAP5 X-1 0.00 0.00 0.00
Senior - Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2 X-2 0.00 0.00 0.00
Senior - Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0 X-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 8,561,000.00 7.750000% 42209EAQ3 B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1 B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 3,687,000.00 7.750000% 42209EAS9 B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 2,021,000.00 7.750000% N/A B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 777,000.00 7.750000% N/A B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 1,869,056.00 7.750000% N/A B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 100.00 7.750000% N/A R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 100.00 7.750000% N/A R-2 0.00 0.00 0.00
- ------------------------------------------------------------------------------- ----------------------------------------------------
Totals - 310,980,078.00 - - 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 1997-1
Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref. --------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
---------------------------------------------
Ending scheduled principal balance 298,792,314.00
Ending loan count (excluding REO) 1853
Aggregate scheduled principal amt 228,628.95
Aggregate prepayment amount 2,733,099.24
---------------------------------------------
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 62,934.28
Monthly trustee fee 2,514.62
---------------------------------------------
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>
<S> <C> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
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
================================================================
P&S Ref. ------------------------------------------------------
Sec. 5.04 REO INFORMATION
------------------------------------------------------
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>
