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
April 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 68-0397342
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) 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 April 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: May 6, 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 April 25, 1997..............................5
Exhibit 10.1
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit Headlands Mortgage Securities, Inc.
Mortgage Pass-Through Certificates, Series 1997-1
(212) 815-2297 Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Factors per $1,000
Class Information Current Payment Information (Class R per $100)
------------------------------------------------------------------------------------------------------------
- ------------------ Beginning Pass Thru Principal Interest Total Ending Principal Interest
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Bal. Dist. Dist.
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
A-I-1 27,093,575.35 6.600000% 786,718.17 149,014.66 935,732.83 26,306,857.18 27.95629743 5.2952865925
A-I-2 75,067,396.12 6.206250% 723,760.58 388,239.19 1,111,999.77 74,343,635.53 9.51928271 5.1063275506
A-I-3 75,067,396.12 2.793750% 0.00 174,766.28 174,766.28 74,343,635.53 0.00000000 2.2986187213
A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00 0.00000000 5.6666668133
A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00 0.00000000 5.7500000000
A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00 0.00000000 5.9166666667
A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00 0.00000000 6.0416666667
A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00 0.00000000 6.2500000000
A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00 0.00000000 6.2500000000
A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00 0.00000000 6.4583322303
A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00 0.00000000 6.4583332992
A-II 28,573,225.07 7.750000% 647,783.53 184,535.41 832,318.94 27,925,441.54 22.35238540 6.3675694458
P/O 516,174.59 N/A 674.60 0.00 674.60 515,499.99 1.30532069 0.000000000
X-1 196,172,521.84 0.675490% 0.00 110,427.15 110,427.15 196,656,361.70 0.00000000 0.5573226326
X-2 51,463,432.24 0.196320% 0.00 8,419.42 8,419.42 51,326,914.32 0.00000000 0.1634873989
X-3 21,388,401.27 0.489620% 0.00 8,726.82 8,726.82 20,757,469.73 0.00000000 0.4006953855
B-1 8,544,773.79 7.750000% 6,282.14 55,185.00 61,467.14 8,538,491.65 0.73466730 6.4536311543
B-2 5,438,037.53 7.750000% 3,998.06 35,120.66 39,118.72 5,434,039.47 0.73466730 6.4536310180
B-3 3,884,169.77 7.750000% 2,855.65 25,085.26 27,940.91 3,881,314.12 0.73466730 6.4536300489
B-4 2,019,528.46 7.750000% 1,484.76 13,042.79 14,527.55 2,018,043.69 0.73466730 6.4536318654
B-5 776,434.25 7.750000% 570.84 5,014.47 5,585.31 775,863.41 0.73466730 6.4536293436
B-6 1,866,695.82 7.750000% 1,372.40 12,055.74 13,428.14 1,865,323.42 0.73466730 6.4536287991
R-1 0.00 7.750000% 0.00 299.50 299.50 0.00 0.00000000 299.5000000000
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00 0.00000000 0.0000000000
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Totals - 308,544,513.73 - 2,175,500.73 2,117,217.43 4,292,718.16 306,359,013.00 6.99562732 6.80820921
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Factors per $1,000
(Class R per $100)
--------------
Ending
Cert. Bal.
--------------
934.82311152
977.806888428
977.80688843
1000.00000000
1000.00000000
1000.00000000
1000.00000000
1000.00000000
1000.00000000
1000.00000000
1000.00000000
963.59386168
997.46712097
992.51897041
996.66054392
953.08741742
998.53720575
998.53720575
998.53720575
998.53720575
998.53720575
998.53720575
0.00000000
0.00000000
--------------
--------------
985.17247463
--------------
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit Headlands Mortgage Securities, Inc.
Mortgage Pass-Through Certificates, Series 1997-1
(212) 815-2297 Headlands Mortgage Company, Servicer
Class Information Original Certificate Information
- ----------------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- ----------------------------------------------------------------------------
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 - 310,980,078.00 - -
- ----------------------------------------------------------------------------
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 - - -
- -----------------------------------------------------------
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit Headlands Mortgage Securities, Inc.
Mortgage Pass-Through Certificates, Series 1997-1
(212) 815-2297 Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 306,369,014.31
Ending loan count (excluding REO) 1889
Aggregate scheduled principal amt 226,763.28
Aggregate prepayment amount 1,948,264.05
P&S Ref. ADVANCES
Sec. 5.04
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
P&S Ref. FEES
Sec. 5.04
Monthly servicer fees 63,984.32
Monthly trustee fee 2,571.21
P&S Ref. OTHER INFORMATION
Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 473.40
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
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------- ----------------------
<S> <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
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
==== ==== ==== ====
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
