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
August 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
Certificateholders, dated August 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: August 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 August 25, 1997.........................5
THE
BANK OF
NEW
YORK PAGE NUMBER: 1
Payment Date: 8/25/97
Accrual Period: 7/1/97 thru 7/31/97
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 FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
----------------------------------------------------------------------------------------------------------------
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> <C> <C> <C> <C> <C> <C> <C> <C>
2347 A-I-1 22,944,107.50 6.600000% 1,574,355.61 126,192.59 1,700,548.20 21,369,751.89 55.94526169 4.4842965779
2350 A-I-2 71,249,991.87 6.206250% 1,448,366.88 368,496.05 1,816,862.93 69,801,624.99 19.04968868 4.8466553116
2351 A-I-3 71,249,991.87 2.793750% - 165,878.89 165,878.89 69,801,624.99 0.00000000 2.1817270587
2352 A-I-4 22,732,000.00 6.800000% - 128,814.67 128,814.67 22,732,000.00 0.00000000 5.6666668133
2353 A-I-5 17,570,000.00 6.900000% - 101,027.50 101,027.50 17,570,000.00 0.00000000 5.7500000000
2354 A-I-6 18,096,000.00 7.100000% - 107,068.00 107,068.00 18,096,000.00 0.00000000 5.9166666667
2355 A-I-7 19,218,000.00 7.250000% - 116,108.75 116,108.75 19,218,000.00 0.00000000 6.0416666667
2356 A-I-8 14,006,000.00 7.500000% - 87,537.50 87,537.50 14,006,000.00 0.00000000 6.2500000000
2359 A-I-9 5,120,000.00 7.500000% - 32,000.00 32,000.00 5,120,000.00 0.00000000 6.2500000000
2357 A-I-10 3,022,000.00 7.750000% - 19,517.08 19,517.08 3,022,000.00 0.00000000 6.4583322303
2358 A-I-11 55,000,503.00 7.750000% - 355,211.58 355,211.58 55,000,503.00 0.00000000 6.4583332992
2372 A-II 26,858,058.19 7.750000% 731,044.76 173,458.29 904,503.05 26,127,013.44 25.22539304 5.9853429080
2363 P/O 513,414.21 N/A 1,687.36 - 1,687.36 511,726.85 3.26495862 0.000000000
2371 X-1 189,020,302.47 0.672713% - 105,963.68 105,963.68 186,378,300.91 0.00000000 0.5347956286
2370 X-2 50,701,659.71 0.196625% - 8,307.67 8,307.67 50,340,337.85 0.00000000 0.1613174493
2369 X-3 19,741,250.97 0.482312% - 7,934.54 7,934.54 19,027,335.21 0.00000000 0.3643175366
2360 B-1 8,519,210.47 7.750000% 6,278.88 55,019.90 61,298.78 8,512,931.59 0.73428568 6.4343234709
2361 B-2 5,421,768.61 7.750000% 3,995.98 35,015.59 39,011.57 5,417,772.62 0.73428568 6.4343237780
2362 B-3 3,872,549.54 7.750000% 2,854.17 25,010.22 27,864.39 3,869,695.37 0.73428568 6.4343246720
2364 B-4 2,013,486.65 7.750000% 1,483.99 13,003.77 14,487.76 2,012,002.66 0.73428568 6.4343245918
2365 B-5 774,111.39 7.750000% 570.54 4,999.47 5,570.01 773,540.85 0.73428568 6.4343243243
2366 B-6 1,861,111.24 7.750000% 1,371.69 12,019.68 13,391.37 1,859,739.55 0.73428568 6.4343253093
2367 R-1 - 7.750000% - 41.49 41.49 - 0.00000000 41.4900000008
2368 R-2 0.00 7.750000% 0.00 0.00 - - 0.00000000 0.0000000000
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 298,792,312.66 - 3,772,009.85 2,048,626.91 5,820,636.76 295,020,302.81 12.12942602 6.58764678
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CLASS INFORMATION
ENDING
- ------------------
CLASS CODE NAME CERT. BAL
- ---------------------------------
<S> <C> <C>
2347 A-I-1 759.38139700
2350 A-I-2 918.067958949
2351 A-I-3 918.06795895
2352 A-I-4 1000.00000000
2353 A-I-5 1000.00000000
2354 A-I-6 1000.00000000
2355 A-I-7 1000.00000000
2356 A-I-8 1000.00000000
2359 A-I-9 1000.00000000
2357 A-I-10 1000.00000000
2358 A-I-11 1000.00000000
2372 A-II 901.53739314
2363 P/O 990.16628521
2371 X-1 940.64589483
2370 X-2 977.50330733
2369 X-3 873.64760790
2360 B-1 995.54807498
2361 B-2 995.54807498
2362 B-3 995.54807498
2364 B-4 995.54807498
2365 B-5 995.54807498
2366 B-6 995.54807498
2367 R-1 0.00000000
2368 R-2 0.00000000
- ---------------------------------
- ---------------------------------
Totals 948.67910739
- ---------------------------------
</TABLE>
Page Number: 2
Payment Date: 6/25/97
Accrual Period: 7/1/97 thru 7/31/97
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E Headlands Mortgage Securities Inc.
New York, NY 10286 Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
Attn: Frank Austin, MBS Unit
(212) 815-2297
<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 6.500000% 42209EAA8 A-I-1 0.00 0.00 0.00
Senior-Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6 A-I-2 0.00 0.00 0.00
Senior-Inv. Floating
Rate A-I-3 76,031,000.00 3.012500% 42209EAC4 A-I-3 0.00 0.00 0.00
Senior-Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2 A-I-4 0.00 0.00 0.00
Senior-Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0 A-I-5 0.00 0.00 0.00
Senior-Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7 A-I-6 0.00 0.00 0.00
Senior-Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5 A-I-7 0.00 0.00 0.00
Senior-Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3 A-I-8 0.00 0.00 0.00
Senior-Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ9 A-I-9 0.00 0.00 0.00
Senior-Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6 A-I-10 0.00 0.00 0.00
Senior-Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4 A-I-11 0.00 0.00 0.00
Senior-Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2 A-II 0.00 0.00 0.00
Senior-Fixed Rate P/O 516,809.00 N/A 42209EAN0 P/O 0.00 0.00 0.00
Senior-Variable Rate X-1 198,138,642.75 0.000000% 42209EAP5 X-1 0.00 0.00 0.00
Senior-Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2 X-2 0.00 0.00 0.00
Senior-Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0 X-3 0.00 0.00 0.00
Subordinate-Fixed Rate B-1 8,551,000.00 7.750000% 42209EAQ3 B-1 0.00 0.00 0.00
Subordinate-Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1 B-2 0.00 0.00 0.00
Subordinate-Fixed Rate B-3 3,887,000.00 7.750000% 42209EAS9 B-3 0.00 0.00 0.00
Subordinate-Fixed Rate B-4 2,021,000.00 7.750000% N/A B-4 0.00 0.00 0.00
Subordinate-Fixed Rate B-5 777,000.00 7.750000% N/A B-5 0.00 0.00 0.00
Subordinate-Fixed Rate B-6 1,868,056.00 7.750000% N/A B-6 0.00 0.00 0.00
Senior-Fixed Rate R-1 100.00 7.750000% N/A R-1 0.00 0.00 0.00
Senior-Fixed Rate R-2 100.00 7.750000% N/A R-2 0.00 0.00 0.00
Totals - 310,980,078.00 - - Totals - - -
</TABLE>
<PAGE>
Page Number: 3
Payment Date: 8/25/97
Accrual Period: 7/1/97 thru 7/31/97
Headlands Mortgage Securities, Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
P&S Ref. P&S Ref. Outstanding Scheduled
Sec. 5.04 COLLATERAL INFORMATION Sec. 5.04 DELINQUENCY INFORMATION Prin Prin
Ending scheduled principal balance 285,028,304.12 Period Loan Count Balance Balance
Ending loans count (excluding REO) 1840 1 month 0 0.00 0.00
Aggregate scheduled principal amt. 229,191.63 2 months 0 0.00 0.00
Aggregate prepayment amount 3,542,816.22 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 ADVANCES
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
P&S Ref.
Sec. 5.04 REO INFORMATION Interest
FEES Thru Foreclosure
Monthly services fees 82,717.22 Outstanding Prin Balance Book Value Foreclosure Expenses
Monthly trustee fee 2,489.93 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
OTHER INFORMATION 0.00 0.00 0.00 0.00
Class PIO deferred amount 0.00 0.00 0.00 0.00 0.00
Compensating interest amount 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
LIQUIDATED LOAN INFORMATION 0.00 0.00 0.00 0.00
Net liquidation proceeds 0.00 0.00 0.00 0.00 0.00
Realized losses (this period) 0.00 INFO NOT AVAILABLE INFO NOT
Cumulative losses (since Cut-Off) 0.00 AVAILABLE
</TABLE>
