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Previous: METRO INFORMATION SERVICES INC, 10-Q, 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 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 (Commission File Number) (I.R.S. Employer
Jurisdiction 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 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
BANK OF PAGE NUMBER: 1
NEW Payment Date: 10/27/97
YORK Accrual Period: 9/1/97 thru 9/30/97
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 1997-3
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>
A-I-1 27,819,576.01 7.000000% 3,069,476.39 162,280.86 3,231,757.25 24,750,099.61
A-I-2 7,042,375.00 7.150000% - 41,960.82 41,960.82 7,042,375.00
A-I-3 22,070,000.00 7.400000% - 136,098.33 136,098.33 22,070,000.00
A-I-4 7,457,000.00 7.250000% - 45,052.71 45,052.71 7,457,000.00
A-I-5 20,964,307.00 7.750000% - 135,394.48 135,394.48 20,964,307.00
A-I-6 21,035,693.00 7.000000% - 122,708.21 122,708.21 21,035,693.00
A-I-7 2,035,712.15 7.750000% - 13,147.31 13,147.31 2,035,712.15
A-II-1 10,348,989.51 6.950000% 494,478.99 59,937.90 554,416.89 9,854,510.51
A-II-2 7,782,000.00 7.600000% - 49,286.00 49,286.00 7,782,000.00
A-II-3 2,242,000.00 7.750000% - 14,479.58 14,479.58 2,242,000.00
A-II-4 14,000,000.00 7.000000% 0.00 81,666.67 81,666.67 14,000,000.00
A-II-5 1,354,838.66 7.750000% 0.00 8,750.00 8,750.00 1,354,838.66
C-1 28,093,530.87 5.906250% 1,198,973.56 138,272.84 1,337,246.40 26,894,557.31
C-2 28,093,530.87 4.093750% 0.00 95,839.91 95,839.91 26,894,557.31
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,385.43 N/A 35.40 - 35.40 32,350.03
X 22,039,414.51 7.750000% - 142,337.89 142,337.89 21,495,195.24
B-1 6,390,068.16 7.750000% 4,535.75 41,269.19 45,804.94 6,385,532.41
B-2 4,066,407.55 7.750000% 2,886.38 26,262.22 29,148.60 4,063,521.17
B-3 2,904,575.26 7.750000% 2,061.70 18,758.72 20,820.42 2,902,513.55
B-4 1,510,380.29 7.750000% 1,072.09 9,754.54 10,826.63 1,509,308.21
B-5 580,915.65 7.750000% 412.34 3,751.75 4,164.09 580,503.31
B-6 1,394,196.96 7.750000% 989.62 9,004.19 9,993.81 1,393,207.34
R-1 - 7.750000% - 7.52 7.52 -
R-2 0.00 7.750000% 0.00 0.00 - -
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 224,023,059.69 - 4,774,922.22 1,588,944.32 6,363,866.54 219,248,137.47
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
----------------------------------------------------------
PRINCIPAL INTEREST ENDING
- --------------------------
CLASS CODE NAME DIST. DIST. CERT. BAL
- -------------------------- -----------------------------------------------------------
<S> <C> <C> <C> <C>
A-I-1 93.25580767 4.9303629421 751.94926834
A-I-2 0.00000000 5.9583336587 1000.000000000
A-I-3 0.00000000 6.1666665156 1000.000000000
A-I-4 0.00000000 6.0416668902 1000.000000000
A-I-5 0.00000000 6.4583332041 1000.000000000
A-I-6 0.00000000 5.8333333729 1000.000000000
A-I-7 0.00000000 6.4583344912 1000.000000000
A-II-1 41.82456848 5.0697336952 833.525098573
A-II-2 0.00000000 6.3333333333 1000.000000000
A-II-3 0.00000000 6.4583318466 1000.000000000
A-II-4 0.00000000 5.8333335714 1000.000000000
A-II-5 0.00000000 6.4583335701 1000.000000000
C-1 39.54939474 4.5610740071 887.145055342
C-2 0.00000000 3.1613795041 887.145055342
C-3 0.00000000 6.0833334487 1000.000000000
P/O 1.08912511 0.0000000000 995.293746214
X 0.00000000 6.1480468518 928.448970366
B-1 0.70833842 6.4449273506 997.215901220
B-2 0.70833842 6.4449284958 997.215901220
B-3 0.70833842 6.4449290305 997.215901220
B-4 0.70833842 6.4449277909 997.215901220
B-5 0.70833842 6.4449326948 997.215901220
B-6 0.70833842 6.4449283049 997.215901220
R-1 0.00000000 7.5199999990 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- -------------------------- -----------------------------------------------------------
- -------------------------- -----------------------------------------------------------
Totals - 20.50647815 6.82391262 941.58751350
- -------------------------- -----------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF PAGE NUMBER: 3
NEW Payment Date: 10/27/97
YORK Accrual Period: 9/1/97 thru 9/30/97
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
-------------------------------------------------------------
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- -----------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Senior - Fixed Rate A-I-1 32,914,587.00 7.000000% 42209ECA6
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0
Senior - Fixed Rate A-I-5 20,964,307.00 7.750000% 42209ECE8
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3
Senior - Fixed Rate A-II-1 11,822,692.00 6.950000% 42209ECH1
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2
Senior - Fixed Rate A-II-5 1,354,838.66 7.750000% 42209ECM0
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8
Senior - Inv. Floating Rate C-2 30,315,851.00 4.062500% 42209ECP3
Senior - Fixed Rate C-3 38,288,659.00 7.300000% 42209ECQ1
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5
Subordinate - Fixed Rate B-2 4,074,866.00 7.750000% 42209ECU2
Subordinate - Fixed Rate B-3 2,910,617.00 7.750000% 42209ECV0
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5
Subordinate - Fixed Rate B-6 1,397,097.00 7.750000% 42209EBZ2
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals - 232,849,453.00 - -
- ---------------------------------------------------------------------------------------------------------
<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-II-1 - - -
A-II-2 - - -
A-II-3 - - -
A-II-4 - - -
A-II-5 - - -
C-1 - - -
C-2 - - -
C-3 - - -
P/O - - -
X - - -
B-1 - - -
B-2 - - -
B-3 - - -
B-4 - - -
B-5 - - -
B-6 - - -
R-1 - - -
R-2 - - -
- -------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------
Totals - - -
- -------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF PAGE NUMBER: 3
NEW Payment Date: 10/27/97
YORK Accrual Period: 9/1/97 thru 9/30/97
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
------------------------------------------------------------
<S> <C> <C>
Ending scheduled principal balance 219,248,138.06
Ending loan count (excluding REO) 1416
Aggregate scheduled principal amt 159,003.19
Aggregate prepayment amount 4,615,919.03
------------------------------------------------------------
P&S Ref. ADVANCES
------------------------------------------------------------
Sec. 5.04
Amount of advances (this period) 10,946.67
Aggregate outstanding advances 22,142.53
------------------------------------------------------------
P&S Ref. FEES
------------------------------------------------------------
Sec. 5.04
Monthly servicer fees 46,951.50
Monthly trustee fee 1,586.84
------------------------------------------------------------
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 2 507,810.25 507,257.11
2 months 0 - -
3 months or more 0 - -
In foreclosure 0 - -
TOTALS 2 507,810.25 507,257.11
= =========== ==========
P&S Ref.
---------------------------------------------------------------
Sec. 5.04 REO INFORMATION
---------------------------------------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
------------------------ ---------- ------------------------- --------------------
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
== == == =
</TABLE>
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