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Previous: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1997-11-05 |
Next: EQCC HOME EQUITY LOAN TRUST 1996-A, 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 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 (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 1997-2 (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 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 1997-2
Headlands Mortgage Company, Servicer
------------------------------------------------------
<S> <C> <C>
</TABLE>
<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>
2492 A-I-1 15,756,427.09 6.500000% 1,119,635.76 85,347.31 1,204,983.07 14,636,791.34
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 59,762,177.09 6.206250% 1,119,635.76 309,082.51 1,428,718.27 58,642,541.34
2499 A-I-8 59,762,177.09 2.793750% - 139,133.82 139,133.82 58,642,541.34
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 30,925,113.74 7.750000% 599,940.63 199,724.69 799,665.32 30,325,173.11
2507 P/O 272,468.80 N/A 379.58 - 379.58 272,089.22
2503 X 203,619,235.19 0.603198% - 102,352.22 102,352.22 200,795,624.19
2504 B-1 6,351,274.20 7.750000% 4,855.87 41,018.65 45,874.52 6,346,418.34
2505 B-2 4,041,901.09 7.750000% 3,090.24 26,103.94 29,194.18 4,038,810.85
2506 B-3 2,887,214.53 7.750000% 2,207.42 18,646.59 20,854.01 2,885,007.11
2508 B-4 1,501,391.41 7.750000% 1,147.89 9,696.49 10,844.38 1,500,243.52
2509 B-5 577,841.42 7.750000% 441.79 3,731.89 4,173.68 577,399.63
2510 B-6 1,384,920.54 7.750000% 1,058.84 8,944.28 10,003.12 1,383,861.70
2511 R-1 - 7.750000% - 0.00 0.00 -
2512 R-2 0.00 7.750000% 0.00 0.00 - -
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 222,762,389.92 - 2,852,393.76 1,539,266.30 4,391,660.06 219,909,996.16
- -----------------------------------------------------------------------------------------------------------------------------------
Factors per $1,000 (Class R per $100)
- --------------------------------------------------------------------------------
Principal Interest Ending
Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------
57.29557532 4.3675125631 749.01446871
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
17.61897670 4.8638296131 922.81937646
0.00000000 2.1894580638 922.81937646
0.00000000 6.0923150778 1000.00000000
0.00000000 6.4583333959 1000.00000000
18.54509960 6.1738013479 937.39834889
1.38487358 0.000000000 992.70028093
0.00000000 0.4815655167 944.74011905
0.76170450 6.4342980392 995.51660204
0.76170450 6.4342962780 995.51660204
0.76170450 6.4342960663 995.51660204
0.76170450 6.4342999336 995.51660204
0.76170450 6.4342931034 995.51660204
0.76170452 6.4342986877 995.51663080
0.00000000 0.0000000005 0.00000000
0.00000000 0.0000000000 0.00000000
- ----------------------------------------------------------------------
- ----------------------------------------------------------------------
12.30424351 6.63986426 948.61592405
- ----------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF
NEW Page Number: 2
YORK Payment 10/27/97
101 Barclay Street, 12E Accrual Period: 9/1/97 thru 9/30/97
New York, NY 10286
------------------------------------------------------
Attn: Frank Austin, MBS Unit Headlands Mortgage Securities Inc.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-2
Headlands Mortgage Company, Servicer
------------------------------------------------------
<S> <C> <C>
</TABLE>
<TABLE>
<CAPTION>
Class Information Original Certificate Information
- -----------------------------------------------------------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- -----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Senior - Fixed Rate A-I-1 19,541,400.00 6.500000% 42209EBA7
Senior - Fixed Rate A-I-2 14,405,500.00 6.500000% 42209EBB5
Senior - Fixed Rate A-I-3 10,543,500.00 6.500000% 42209EBC3
Senior - Fixed Rate A-I-4 12,540,000.00 7.000000% 42209EBD1
Senior - Fixed Rate A-I-5 11,060,000.00 7.000000% 42209EBE9
Senior - Fixed Rate A-I-6 4,474,659.00 7.000000% 42209EBF6
Senior - Floating Rate A-I-7 63,547,150.00 5.987500% 42209EBG4
Senior - Inv. Floating Rate A-I-8 63,547,150.00 3.012500% 42209EBH2
Senior - Variable Rate A-I-9 6,295,093.00 7.310800% 42209EBJ8
Senior - Fixed Rate A-I-10 39,982,908.00 7.750000% 42209EBK5
Senior - Fixed Rate A-II 32,350,359.00 7.750000% 42209EBL3
Senior - Fixed Rate P/O 274,090.00 N/A 42209EBM1
Senior - Variable Rate X 212,540,592.00 0.609280% 42209EBN9
Subordinate - Fixed Rate B-1 6,375,000.00 7.750000% 42209EBP4
Subordinate - Fixed Rate B-2 4,057,000.00 7.750000% 42209EBQ2
Subordinate - Fixed Rate B-3 2,898,000.00 7.750000% 42209EBR0
Subordinate - Fixed Rate B-4 1,507,000.00 7.750000% N/A
Subordinate - Fixed Rate B-5 580,000.00 7.750000% N/A
Subordinate - Fixed Rate B-6 1,390,094.00 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 - 231,821,953.00 - -
- ----------------------------------------------------------------------------------------------------
Unpaid Amounts
------------------------------------------------------------
Interest Current Real Aggregate Real
----------------
Name Shortfalls Losses Losses
-------------------------------------------------------------------------------
<C>
A-I-1 - - -
A-I-2 - - -
A-I-3 - - -
A-I-4 - - -
A-I-5 - - -
A-I-6 - - -
A-I-7 - - -
A-I-8 - - -
A-I-9 - - -
A-I-10 - - -
A-II - - -
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 1997-2
Headlands Mortgage Company, Servicer
----------------------------------------------------
<S> <C> <C>
</TABLE>
P&S Ref.
--------------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
--------------------------------------------------
Ending scheduled principal balance 219,909,995.20
Ending loan count (excluding REO) 1329
Aggregate scheduled principal amt 170,231.76
Aggregate prepayment amount 2,682,162.00
--------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------
Sec. 5.04
Amount of advances (this period) 10,129.80
Aggregate outstanding advances 21,280.97
--------------------------------------------------
P&S Ref. FEES
--------------------------------------------------
Sec. 5.04
Monthly servicer fees 46,687.27
Monthly trustee fee 1,577.91
--------------------------------------------------
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) -
<TABLE>
<CAPTION>
P&S Ref.
-------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
-------------------------------------------------------
<S> <C> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
1 month 0 - -
2 months 1 355,512.29 354,758.82
3 months or more 0 - -
Totals 1 355,512.29 354,758.82
In foreclosure 1 355,512.29 354758.82
P&S Ref.
------------------------------------------------
Sec. 5.04 REO INFORMATION
------------------------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
</TABLE>
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