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
June 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 Certificate-
holders, dated June 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 1, 1997
HEADLANDS MORTGAGE SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
--------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer
and Secretary (Principal
Financial Officer and
Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated June 25, 1997......................5
Exhibit 10.1
THE Page Number: 1
BANK OF Payment Date: 6/25/97
NEW Accrual Period: 5/1/97 thru 5/31/97
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>
Class Information Current Payment Information
Beginning Pass Thru Principal Interest Total
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist.
<S> <C> <C> <C> <C> <C> <C>
A-I-1 25,219,646.16 6.600000% 859,453.30 138,708.05 998,161.35
A-I-2 73,343,429.21 6.268750% 790,675.05 383,143.02 1,173,818.07
A-I-3 73,343,429.21 2.731250% - 166,932.70 166,932.70
A-I-4 22,732,000.00 6.800000% - 128,814.67 128,814.67
A-I-5 17,570,000.00 6.900000% - 101,027.50 101,027.50
A-I-6 18,096,000.00 7.100000% - 107,068.00 107,068.00
A-I-7 19,218,000.00 7.250000% - 116,108.75 116,108.75
A-I-8 14,006,000.00 7.500000% - 87,537.50 87,537.50
A-I-9 5,120,000.00 7.500000% - 32,000.00 32,000.00
A-I-10 3,022,000.00 7.750000% - 19,517.08 19,517.08
A-I-11 55,000,503.00 7.750000% - 355,211.58 355,211.58
A-II 27,149,301.08 7.750000% 65,953.78 175,339.24 241,293.02
P/O 514,800.51 N/A 714.90 - 714.90
X-1 193,010,212.03 0.673250% - 108,286.77 108,286.77
X-2 51,055,038.22 0.196840% - 8,374.73 8,374.73
X-3 19,997,969.06 0.494420% - 8,239.50 8,239.50
B-1 8,532,148.60 7.750000% 6,445.05 55,103.46 61,548.51
B-2 5,430,002.65 7.750000% 4,101.74 35,068.77 39,170.51
B-3 3,878,430.78 7.750000% 2,929.71 25,048.20 27,977.91
B-4 2,016,544.54 7.750000% 1,523.27 13,023.52 14,546.79
B-5 775,287.04 7.750000% 585.64 5,007.06 5,592.70
B-6 1,863,937.71 7.750000% 1,407.99 12,037.93 13,445.92
R-1 - 7.750000% - 38.83 38.83
R-2 0.00 7.750000% 0.00 0.00 -
Totals - 303,488,031.27 - 1,733,790.42 2,081,636.86 3,815,427.28
</TABLE>
<TABLE>
<CAPTION>
Factors per $1,000 (Class R per $100)
Ending Principal Interest Ending
Cert. Bal. Dist. Dist. Cert. Bal
<C> <C> <C> <C>
24,360,192.85 30.54096531 4.9290377030 865.64773295
72,552,754.16 10.39937724 5.0393000224 954.252267606
72,552,754.16 0.00000000 2.1955873262 954.25226761
22,732,000.00 0.00000000 5.6666668133 1000.00000000
17,570,000.00 0.00000000 5.7500000000 1000.00000000
18,096,000.00 0.00000000 5.9166666667 1000.00000000
19,218,000.00 0.00000000 6.0416666667 1000.00000000
14,006,000.00 0.00000000 6.2500000000 1000.00000000
5,120,000.00 0.00000000 6.2500000000 1000.00000000
3,022,000.00 0.00000000 6.4583322303 1000.00000000
55,000,503.00 0.00000000 6.4583332992 1000.00000000
27,083,347.30 2.27579776 6.0502468728 934.53660074
514,085.61 1.38329102 0.000000000 994.73037276
191,414,686.47 0.00000000 0.5465201967 966.06438710
51,014,072.30 0.00000000 0.1626196133 990.58581097
19,949,994.04 0.00000000 0.3783198953 916.01185234
8,525,703.55 0.75371885 6.4440954274 997.04169680
5,425,900.91 0.75371885 6.4440959206 997.04169680
3,875,501.08 0.75371885 6.4440957036 997.04169680
2,015,021.27 0.75371885 6.4440969817 997.04169680
774,701.40 0.75371885 6.4440926641 997.04169680
1,862,529.72 0.75371885 6.4440948237 997.04169680
- 0.00000000 38.8300000004 0.00000000
- 0.00000000 0.0000000000 0.00000000
301,754,240.85 5.57524595 6.69379490 970.33302839
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 6/25/97
Accrual Period: 5/1/97 thru 5/31/97
THE
BANK OF
NEW
YORK
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 1997-1
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 - - -
Senior - Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6 A-I-2 - - -
Senior - Inv. Floating Rate A-I-3 76,031,000.00 3.012500% 42209EAC4 A-I-3 - - -
Senior - Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2 A-I-4 - - -
Senior - Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0 A-I-5 - - -
Senior - Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7 A-I-6 - - -
Senior - Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5 A-I-7 - - -
Senior - Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3 A-I-8 - - -
Senior - Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ9 A-I-9 - - -
Senior - Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6 A-I-10 - - -
Senior - Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4 A-I-11 - - -
Senior - Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2 A-II - - -
Senior - Fixed Rate P/O 516,809.00 N/A 42209EAN0 P/O - - -
Senior - Variable Rate X-1 198,138,642.75 0.000000% 42209EAP5 X-1 - - -
Senior - Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2 X-2 - - -
Senior - Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0 X-3 - - -
Subordinate - Fixed Rate B-1 8,551,000.00 7.750000% 42209EAQ3 B-1 - - -
Subordinate - Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1 B-2 - - -
Subordinate - Fixed Rate B-3 3,887,000.00 7.750000% 42209EAS9 B-3 - - -
Subordinate - Fixed Rate B-4 2,021,000.00 7.750000% N/A B-4 - - -
Subordinate - Fixed Rate B-5 777,000.00 7.750000% N/A B-5 - - -
Subordinate - Fixed Rate B-6 1,868,056.00 7.750000% N/A B-6 - - -
Senior - Fixed Rate R-1 100.00 7.750000% N/A R-1 - - -
Senior - Fixed Rate R-2 100.00 7.750000% N/A R-2 - - -
- ---------------------------------------------------------------------------------- ------------------------------------------------
- ---------------------------------------------------------------------------------- ------------------------------------------------
Totals - 310,980,078.00 - - Totals - - -
- ---------------------------------------------------------------------------------- ------------------------------------------------
</TABLE>
<PAGE>
THE PAGE NUMBER: 3
BANK OF Payment Date: 6/25/97
NEW Accrual Period:
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 301,754,242.17
Ending loan count (excluding REO) 1867
Aggregate scheduled principal amt 228,121.94
Aggregate prepayment amount 1,505,382.58
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
<S> <C> <C> <C>
1 month 0 - -
2 months 0 - -
3 months or more 0 - -
In foreclosure 0 - -
TOTALS 0 - -
</TABLE>
P&S Ref. ADVANCES
Sec. 5.04
Amount of advances (this period) -
Aggregate outstanding advances 0.00
<TABLE>
<CAPTION>
P&S Ref.
Sec. 5.04 REO INFORMATION
<S> <C> <C> <C> <C>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
P&S Ref. FEES
Sec. 5.04 Monthly servicer fees 63,005.22
Monthly trustee fee 2,529.07
P&S Ref. OTHER INFORMATION
Sec. 5.04 Class P/O deferred amount 0.00
Compensating interest amount 285.90
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) -
<PAGE>
