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Previous: HEADLANDS MORTGAGE SECURITIES INC, 8-K, 1999-05-19 |
Next: SPECIALTY CARE NETWORK INC, 10-Q, 1999-05-19 |
<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
May 15, 1999
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity Loan
Trust 1998-1 Revolving Home Equity Loan Asset-Backed Notes, Series 1998-1)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<CAPTION>
Delaware 333-28031-2 68-0397342
-------- ----------- ----------
<S> <C> <C>
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
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 the Headlands Home Equity Loan
Trust 1998-1 Revolving Home Equity Loan Asset-Backed Notes Series,
1998-1 (the "Series 1998-1 Notes").
The following exhibit which relates specifically to the Series 1998-
1 Notes is included with this Current Report:
Item 7(c). Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1998-1 Notes dated May 15, 1999.
<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 19, 1999
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 holders
of Series 1998-1 Notes dated May 15, 1999....................... 5
<PAGE>
Exhibit 10.1
<TABLE>
<CAPTION>
=========================================================================================================================
HEADLANDS MORTGAGE Statement to Noteholders
=========================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 4.92625% Current Collection Period: 4-1-99 thru 4-30-99
Asset-Backed Certificates Margin: 0.20000% P&S Agreement Date: 3/1/98
Series 1998-1 Class A Certificate Rate: 5.12625% Original Closing Date: 3/25/98
Class S Certificate Rate: 1.25000% Distribution Date: 5/17/99
Interest Period 4/15/99 thru
05/16/99: 32 Record Date: 5/16/99
Weighted Average Loan Rate: 10.71680% Investor Floating 97.88339%
Allocation %:
Weighted Average Net Loan 10.03930% Investor Fixed Allocation %: 98.00000%
Rate:
Maximum Rate: 8.78930% Pool Factor: 89.4102217%
=========================================================================================================================
<CAPTION>
BALANCES
<S> <C>
Beginning Pool 184,759,016.28
Balance
Beginning Invested Amount 180,848,396.24
Beginning Class A Note Balance -- CUSIP 422093AC8 179,382,186.59
Beginning Class S Note Balance (Notional Amount) -- CUSIP 422093AD6 179,382,186.59
Ending Pool Balance 176,672,508.79
Ending Invested Amount 172,761,888.75
Certificateholders Subordinated Balance (TSA) 3,910,620.04
Ending Class A Note Balance -- CUSIP 422093AC8 171,295,679.10
Ending Class S Note Balance (Notional Amount) -- CUSIP 171,295,679.10
422093AD6
Additional Balances 3,475,188.65
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent Mortgage Loans (Current Date) 0
Subsequent Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of all Subsequent Mortgage Loans 2515
Cumulative Subsequent Mortgage Loan Asset Balance 108,379,884.92
Beginning Loan Count 4,831
Ending Loan Count 4,607
DISTRIBUTION AMOUNTS
Total Investor Noteholders Distribution Amount
9,103,205.86
Class A Note 817,384.83
Interest
Unpaid Class A Note Interest Shortfall (current cycle) 0.00
Investor Loss 0.00
Amount
Previous Investor Loss Amount 0.00
Accelerated Principal Distribution Amount 5.01(vii) (if Invested Amount exceeds Class A) 0.00
Scheduled Principal Collection Payment 8,086,507.49
Total Class A Note Distribution--CUSIP 8,903,892.32
Class S Note 199,313.54
Interest
Unpaid Class S Note Interest Shortfall (current cycle) 0.00
Total Class S Note Distribution--CUSIP 199,313.54
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
LOSSES/RETRANSFERS
<S> <C>
Unpaid Class A Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class S Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions 0.00
DISTRIBUTION TO NOTEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Total Class A Note Distribution Amount Allocable to Interest 4.2664566
Total Class S Note Distribution Amount Allocable to Interest 1.0403454
Unpaid Noteholders Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Noteholders Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A Note Distribution Amount Allocable to Principal 42.2086786
Scheduled Principal Collections Payment 42.2086786
Accelerated Principal Distribution Amount 0.0000000
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
Total Amount Distributed to Class A Noteholder 46.4751353
Total Amount Distributed to Class S Noteholder 1.0403454
Total Amount Distributed to Noteholders 47.5154807
Credit Enhancement Draw Amount 0.00
Class A Service Fee 74,742.58
DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days Delinquent 67
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 2,272,154.45
Number of Mortgages 61 to 90 Days Delinquent 13
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 508,838.51
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 75,055.26
Number of Mortgages 181 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 64,146.43
Number of Mortgage Loans in Foreclosure 13
Aggregate Principal Balances of Mortgage Loans in Foreclosure 678,079.04
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A Rate for next Distribution LIBOR TBD TBD%
====================================================================================================================
Spread Account Balance: 1,044,678.01
Spread Account Transfer to Collection Account: 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
==============================================================================================================================
HEADLANDS MORTGAGE SERVICING CERTIFICATE
==============================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 4.92625% Current Collection Period: 4-1-99 thru 4-30-99
Asset-Backed Certificates Margin: 0.20000% S&S Agreement Date: 3/1/98
Series 1998-1 Class A Certificate Rate: 5.12625% Original Closing Date: 3/25/98
Class S Certificate Rate: 1.25000% Distribution Date: 5/17/99
Interest Period 4/15/99 thru 05/16/99: 32 Record Date: 5/16/99
Weighted Average Loan Rate: 10.71680% Pool Factor: 89.4102217%
Weighted Average Net Loan Rate: 10.03930% Investor Floating Allocation 97.88339%
%:IFAP
Investor Fixed Allocation %: 98.00000%
Maximum Rate: 8.78930% Beginning Transferor 2.00000%
Interest
Servicing Fee Rate: 0.50000% Spread Account Maximum 5,864,838.60
3%:
Premium Fee Rate: 0.17000% Required 1,466,209.65
Overcollaterialization
Amt:
Trustee Fee 0.00750% Certificateholders 3,910,620.04
Subordinated Amt
==============================================================================================================================
<CAPTION>
BALANCES
<S> <C>
Beginning Pool Balance 184,759,016.28
Beginning Invested Amount 180,848,396.24
Beginning Certificateholders Subordinated Principal
Balance 5,376,829.69
Beginning Class A Certificate Balance -- CUSIP 179,382,186.59
Beginning Class S Certificate Balance (Notional Amount) -- CUSIP 179,382,186.55
Overcollateralization Amount 1,466,209.65
Overcollateralization Loan Amount 0.00
Ending Pool Balance 176,672,508.79
Ending Invested Amount 172,761,888.75
Ending Certificateholders Subordinated Principal Balance 5,376,829.69
Certificateholders Subordinated Balance (TSA) 3,910,620.04
Ending Class A Certificate Balance -- CUSIP 171,295,679.10
Ending Class S Certificate Balance (Notional Amount) -- CUSIP 171,295,679.10
Additional Balances 3,475,188.65
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent Mortgage Loans (Current Date) 0
Subsequent Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of all Subsequent Mortgage Loans 2515
Cumulative Subsequent Mortgage Loan Asset Balance 108,379,884.92
Beginning Loan Count 4,831
Ending Loan Count 4,607
COLLECTION AMOUNTS
1 Aggregate of All Mortgage Collections (Gross) 13,183,557.16
2 Total Mortgage Interest Collections (Gross) 1,656,245.84
Servicing Fees (current collection period) 76,982.92
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 11,527,311.32
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
3 Total Mortgage Principal Collections 11,527,311.32
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 34,384.82
Aggregate Investor Loss Reduction Amount 201,390.37
INVESTOR AND TRANSFEROR COLLECTIONS FOR DISTRIBUTION
Investor Interest Collections (Gross+DI -Service Fee)*IFAP 1,545,836.15
Investor Principal Collections (zero available until end of
funding period) 0.00
Transferor Interest Collections 33,426.77
Transferor Principal Collections 0.00
DISTRIBUTION AMOUNTS
Class A Certificate Interest 5.01 (i) 817,384.83
Unpaid Class A Certificate Interest Shortfall (current cycle) 0.00
5.01(i)
Class S Certificate Interest 5.01 (ii) 199,313.54
Unpaid Class S Certificate Interest Shortfall (current cycle)
5.01 (ii) 0.00
Investor Loss Amount 5.01(iii) 34,384.82
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Insurance Premium 5.01(v) 27,106.64
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 0.00
Spread Account Deposit 5.01(viii) 256,486.96
Trustee Fee 5.01 (ix) 1,154.74
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 210,004.61
Total Certificate Distribution Allocable to Interest 1,545,836.15
Maximum Principal Payment 11,296,765.09
Alternative Principal Payment 8,052,122.67
Guaranteed Principal Distribution Amount (afterTSA= zero) 0.00
Scheduled Principal Collection Payment ( Lesser of Max Prin and Alter Prin) 8,052,122.67
Accelerated Principal Distribution Amount 5.01(vii) / Investor Loss Amount 34,384.82
Total Certificate Distribution Allocable to Principal 8,086,507.49
Transferor Interest Collections 33,426.77
Transferor Interest Collections 5.01 (xii) 210,004.61
Transferor Principal Collections 0.00
Transferor Distribution Amount 243,431.38
LOSSES/RETRANSFERS
Unpaid Class A Certificate Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class S Certificate Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO HOLDERS OF CERTIFICATES (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Total Class A Certificate Distribution Amount Allocable to Interest 4.2664566
Total Class S Certificate Distribution Amount Allocable to Interest 1.0403454
Unpaid Certificate Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Certificate Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A Certificate Distribution Amount Allocable to Principal 42.2086786
Scheduled Principal Collections Payment 42.2086786
Accelerated Principal Distribution Amount 0.0000000
Reimbursed Investor Loss Reduction Amounts Included in Current Distribution 0.0000000
Investor Loss Reduction Amounts after Current Distribution (carryover) 0.0000000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Total Amount Distributed to Class A Certificateholder 46.4751353
Total Amount Distributed to Class S Certificateholder 1.0403454
Total Amount Distributed to Certificateholders 47.5154807
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 67
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 2,272,154.45
Number of Mortgages 60 to 89 Days Delinquent 13
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 508,838.51
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 75,055.26
Number of Mortgages 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 64,146.43
Number of Mortgage Loans in Foreclosure 13
Aggregate Principal Balances of Mortgage Loans in Foreclosure 678,079.04
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 96,684.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
=============================================================================================================================
Prior Month Ending Balance after Purchase of Subsequent Loans: 0.00
Current Funding Accout Deposits: 0.00
Withdrawal for Subsequent Loan Purchase 0.00
Funding Account Ending Balance: 0.00
Funding Account Earnings: 336,503.42
Beginning Spread Account Principal Balance: (total cash available to Ambac) 788,191.05
Spread Account Deposit (this distribution): 256,486.96
Spread Account Withdrawl (this distribution): 0.00
Ending Spread Account Principal Balance: (total cash available to Ambac) 1,044,678.01
Total Spread Account: 6,421,507.70
Net Excess Spead: 3.475%
6,421,507.70
Capitalized Interest Account Activity: 0.00
Capitalized Interest Account Ending Balance: 0
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made
in conformity with the Sale and Servicing Agreement.
The Attached Servicing Certificate is true and correct in all
material respects.
</TABLE>
-------------------------------------------------------------------
A Servicing Officer Debora M. Toso
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