<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 April 1, 1997 providing for the issuance of the Mortgage
Pass-Through Certificates, Series 1997-2)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-2 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 1997-2 (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 Accural 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 1997-2
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
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>
2492 A-I-1 18,928,764.41 6.500000% 363,658.79 102,530.81 466,189.60 18,565,105.62
2493 A-I-2 14,405,500.00 6.500000% - 78,029.79 78,029.79 14,405,500.00
2494 A-I-3 10,543,500.00 6.500000% - 57,110.63 57,110.63 10,543,500.00
2495 A-I-4 12,540,000.00 7.000000% - 73,150.00 73,150.00 12,540,000.00
2496 A-I-5 11,060,000.00 7.000000% - 64,516.67 64,516.67 11,060,000.00
2497 A-I-6 4,474,659.00 7.000000% - 26,102.18 26,102.18 4,474,659.00
2498 A-I-7 62,934,514.41 5.987500% 363,658.79 328,767.28 692,426.07 62,570,855.62
2499 A-I-8 62,934,514.41 3.012500% - 143,241.58 143,241.58 62,570,855.62
2500 A-I-9 6,295,093.00 7.310778% - 38,351.69 38,351.69 6,295,093.00
2501 A-I-10 39,982,908.00 7.750000% - 258,222.95 258,222.95 39,982,908.00
2502 A-II 31,694,402.49 7.750000% 336,790.35 204,693.02 541,483.37 31,357,612.14
2507 P/O 273,369.49 N/A 412.36 - 412.36 272,957.13
2503 X 210,686,387.43 0.608986% - 106,920.82 106,920.82 209,639,463.05
2504 B-1 6,365,682.58 7.750000% 4,745.20 41,111.70 45,856.90 6,360,937.37
2505 B-2 4,051,070.47 7.750000% 3,019.81 26,163.16 29,182.97 4,048,050.66
2506 B-3 2,893,764.41 7.750000% 2,157.11 18,688.90 20,846.01 2,891,607.30
2508 B-4 1,504,797.43 7.750000% 1,121.73 9,718.48 10,840.21 1,503,675.71
2509 B-5 579,152.30 7.750000% 431.72 3,740.36 4,172.08 578,720.58
2510 B-6 1,388,062.30 7.750000% 1,034.71 8,964.57 9,999.28 1,387,027.59
2511 R-1 -7.750000% - 23.42 23.42 -
2512 R-2 0.00 7.750000% 0.00 0.00 - -
- ---------------------------------------------------------------------------------------------------------------------
Totals - 229,915,240.29 - 1,077,030.57 1,590,048.01 2,667,078.58 228,838,209.72
- ---------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
FACTORS PER $1,000 (CLASS R PER $100)
- ----------------------------------------------
PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- ----------------------------------------------
18.60965881 5.2468507886 950.03969137
0.00000000 5.4166665510 1000.000000000
0.00000000 5.4166671409 1000.00000000
0.00000000 5.8333333333 1000.00000000
0.00000000 5.8333336347 1000.00000000
0.00000000 5.8333338920 1000.00000000
5.72266084 5.1735959835 984.63669299
0.00000000 2.2540992004 984.63669299
0.00000000 6.0923150778 1000.00000000
0.00000000 6.4583333959 1000.00000000
10.41071451 6.3273801691 969.31264787
1.50446136 0.000000000 995.86679716
0.00000000 0.5030607048 986.35023586
0.74434562 6.4488941176 997.79409801
0.74434562 6.4488932709 997.79409801
0.74434562 6.4488957902 997.79409801
0.74434562 6.4488918381 997.79409801
0.74434562 6.4488965517 997.79409801
0.74434562 6.4488948229 997.79409801
0.00000000 23.4200000001 0.00000000
0.00000000 0.0000000000 0.00000000
- ---------------------------------------------
4.64593864 6.85891905 987.12915994
- ---------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 7/25/97
NEW Accural 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 1997-2
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 19,541,400.00 6.500000% 42209EBA7 A-I-1 0.00 0.00 0.00
Senior - Fixed Rate A-I-2 14,405,500.00 6.500000% 42209EBB5 A-I-2 0.00 0.00 0.00
Senior - Fixed Rate A-I-3 10,543,500.00 6.500000% 42209EBC3 A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 12,540,000.00 7.000000% 42209EBD1 A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 11,060,000.00 7.000000% 42209EBE9 A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 4,474,659.00 7.000000% 42209EBF6 A-I-6 0.00 0.00 0.00
Senior - Floating Rate A-I-7 63,547,150.00 5.987500% 42209EBG4 A-I-7 0.00 0.00 0.00
Senior - Inv. Floating Rate A-I-8 63,547,150.00 3.012500% 42209EBH2 A-I-8 0.00 0.00 0.00
Senior - Variable Rate A-I-9 6,295,093.00 7.310600% 42209EBJ8 A-I-9 0.00 0.00 0.00
Senior - Fixed Rate A-I-10 39,982,908.00 7.750000% 42209EBK5 A-I-10 0.00 0.00 0.00
Senior - Fixed Rate A-II 32,350,359.00 7.750000% 42209EBL3 A-II 0.00 0.00 0.00
Senior - Fixed Rate P/O 274,090.00 N/A 42209EBM1 P/O 0.00 0.00 0.00
Senior - Variable Rate X 212,540,592.00 0.609280% 42209EBN9 X 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 6,375,000.00 7.750000% 42209EBP4 B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 4,057,000.00 7.750000% 42209EBQ2 B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 2,898,000.00 7.750000% 42209EBR0 B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 1,507,000.00 7.750000% N/A B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 580,000.00 7.750000% N/A R-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 1,390,094.00 7.750000% N/A R-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 - 231,621,953.00 - - Totals - - -
</TABLE>
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 7/25/97
NEW Accural 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 1997-2
Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref. --------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
---------------------------------------------
Ending scheduled principal balance 228,836,208.76
Ending loan count (excluding REO) 1367
Aggregate scheduled principal amt 171,104.58
Aggregate prepayment amount 905,925.99
---------------------------------------------
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 47,899.01
Monthly trustee fee 1,628.57
---------------------------------------------
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 - -
2 months 0 - -
3 months or more 0 - -
In foreclosure 0 - -
TOTALS 0 - -
================================================================
P&S Ref. ------------------------------------------------------
Sec. 5.04 REO INFORMATION
------------------------------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
========================================================================================
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
