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
May 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 (Commission File Number) (I.R.S. Employer Identification No.)
Jurisdiction of
Incorporation)
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 May 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 29, 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 May 25, 1997.........................................5
THE Page Number: 1
BANK OF Payment Date: 5/27/97
NEW YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-1
Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total Ending
Class Co Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Bal.
<S> <C>
A-I-1 26,306,857.18 6.600000% 1,087,211.02 144,687.71 1,231,898.73 25,219,646.16
A-I-2 74,343,635.53 6.268750% 1,000,206.32 388,368.05 1,388,574.37 73,343,429.21
A-I-3 74,343,635.53 2.731250% 0.00 169,209.21 169,209.21 73,343,429.21
A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00
A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00
A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00
A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00
A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00
A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00
A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00
A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00
A-II 27,925,441.54 7.750000% 776,140.46 180,351.81 956,492.27 27,149,301.08
P/O 515,499.99 N/A 699.48 0.00 699.48 514,800.51
X-1 195,043,126.43 0.674400% 0.00 109,614.24 109,614.24 193,010,212.03
X-2 51,094,766.85 0.196840% 0.00 8,371.24 8,371.24 51,055,038.22
X-3 20,757,469.73 0.489700% 0.00 8,470.78 8,470.78 19,997,969.06
B-1 8,538,491.65 7.750000% 6,343.05 55,144.43 61,487.48 8,532,148.60
B-2 5,434,039.47 7.750000% 4,036.82 35,094.84 39,131.66 5,430,002.65
B-3 3,881,314.12 7.750000% 2,883.34 25,066.82 27,950.16 3,878,430.78
B-4 2,018,043.69 7.750000% 1,499.16 13,033.20 14,532.36 2,016,544.54
B-5 775,863.41 7.750000% 576.37 5,010.78 5,587.15 775,287.04
B-6 1,865,323.42 7.750000% 1,385.71 12,046.88 13,432.59 1,863,937.71
R-1 0.00 7.750000% 0.00 39.43 39.43 0.00
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
Totals 306,369,013.00 2,880,981.73 2,101,804.50 4,982,786.23 303,488,031.27
</TABLE>
Factors per $1,000 (Class R per $100)
Class Information
Principal Interest Ending
Class Co Name Dist. Dist. Cert. Bal
A-I-1 38.63441326 5.1415269536 896.18869826
A-I-2 13.15524358 5.1080223856 964.651644844
A-I-3 0.00000000 2.2255291920 964.65164484
A-I-4 0.00000000 5.6666668133 1000.00000000
A-I-5 0.00000000 5.7500000000 1000.00000000
A-I-6 0.00000000 5.9166666667 1000.00000000
A-I-7 0.00000000 6.0416666667 1000.00000000
A-I-8 0.00000000 6.2500000000 1000.00000000
A-I-9 0.00000000 6.2500000000 1000.00000000
A-I-10 0.00000000 6.4583322303 1000.00000000
A-I-11 0.00000000 6.4583332992 1000.00000000
A-II 26.78146319 6.2232103576 936.81239850
P/O 1.35345719 0.000000000 996.11366378
X-1 0.00000000 0.5532198994 974.11695846
X-2 0.00000000 0.1627460238 991.38128283
X-3 0.00000000 0.3889392079 918.21464432
B-1 0.74179009 6.4488866799 997.79541566
B-2 0.74179009 6.4488864388 997.79541566
B-3 0.74179009 6.4488860304 997.79541566
B-4 0.74179009 6.4488866898 997.79541566
B-5 0.74179009 6.4488803089 997.79541566
B-6 0.74179009 6.4488859006 997.79541566
R-1 0.00000000 39.4300000000 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
Totals 9.26420029 6.75864677 975.90827434
<PAGE>
THE Page Number: 1
BANK OF Payment Date: 5/27/97
NEW YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-1
Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Class Information Original Certificate Information
<S> <C>
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 - -
</TABLE>
<TABLE>
<CAPTION>
Unpaid Amounts
Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
<S> <C>
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-11 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 - - -
</TABLE>
<PAGE>
THE Page Number: 1
BANK OF Payment Date: 5/27/97
NEW YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-1
Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 303,488,032.58
Ending loan count (excluding REO) 1876
Aggregate scheduled principal amt 227,054.51
Aggregate prepayment amount 2,653,403.08
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 63,483.97
Monthly trustee fee 2,553.08
P&S Ref. OTHER INFORMATION
Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 524.14
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
Period Loan Count Outstanding Scheduled
Prin Balance Prin Balance
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
P&S Ref.
Sec. 5.04 REO INFORMATION
Outstanding Interest Thru Foreclosure
Prin Balance Book Value Foreclosure Expenses
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 INFO NOT
AVAILABLE AVAILABLE
