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
November 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 (I.R.S. Employer
of Incorporation) Number) 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 November 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: December 4, 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 November 25, 1997......................5
Page Number: 1
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New 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>
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>
2347 A-I-1 17,081,002.01 6.600000% 2,384,696.66 93,945.51 2,478,642.17 14,696,305.35
2350 A-I-2 65,856,084.83 6.206250% 2,193,859.92 340,599.44 2,534,459.36 63,662,224.91
2351 A-I-3 65,856,084.83 2.793750% - 153,321.20 153,321.20 63,662,224.91
2352 A-I-4 22,732,000.00 6.800000% - 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% - 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% - 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% - 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% - 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% - 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% - 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% - 355,211.58 355,211.58 55,000,503.00
2372 A-II 25,024,470.11 7.750000% 700,276.13 161,616.37 861,892.50 24,324,193.98
2363 P/O 505,098.68 N/A 861.20 - 861.20 504,237.48
2371 X-1 179,416,635.62 0.673348% - 100,674.83 100,674.83 175,808,241.87
2370 X-2 49,353,881.03 0.196564% - 8,084.33 8,084.33 48,397,435.09
2369 X-3 18,228,927.05 0.481427% - 7,313.25 7,313.25 17,545,793.40
2360 B-1 8,499,609.69 7.750000% 6,662.09 54,893.31 61,555.40 8,492,947.59
2361 B-2 5,409,294.34 7.750000% 4,239.87 34,935.03 39,174.90 5,405,054.47
2362 B-3 3,863,639.67 7.750000% 3,028.37 24,952.67 27,981.04 3,860,611.31
2364 B-4 2,008,854.07 7.750000% 1,574.56 12,973.85 14,548.41 2,007,279.51
2365 B-5 772,330.34 7.750000% 605.36 4,987.97 5,593.33 771,724.98
2366 B-6 1,856,829.24 7.750000% 1,455.40 11,992.02 13,447.42 1,855,373.84
2367 R-1 - 7.750000% - 4.87 4.87 -
2368 R-2 0.00 7.750000% 0.00 0.00 - -
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Totals - 285,641,715.98 - 5,297,259.57 1,957,579.73 7,254,839.30 280,344,456.41
- ---------------------------------------------------------------------------------------------------------------------------
</TABLE>
Factors per $1,000 (Class R per $100)
Class Information -------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- --------------------------------------------------------------------
- --------------------------------------------------------------------
2347 A-I-1 84.74100651 3.3383856295 522.23820584
2350 A-I-2 28.85480814 4.4797443148 837.319315951
2351 A-I-3 0.00000000 2.0165616656 837.31931595
2352 A-I-4 0.00000000 5.6666668133 1000.00000000
2353 A-I-5 0.00000000 5.7500000000 1000.00000000
2354 A-I-6 0.00000000 5.9166666667 1000.00000000
2355 A-I-7 0.00000000 6.0416666667 1000.00000000
2356 A-I-8 0.00000000 6.2500000000 1000.00000000
2359 A-I-9 0.00000000 6.2500000000 1000.00000000
2357 A-I-10 0.00000000 6.4583322303 1000.00000000
2358 A-I-11 0.00000000 6.4583332992 1000.00000000
2372 A-II 24.16369239 5.5767262205 839.32939683
2363 P/O 1.66637965 0.000000000 975.67472257
2371 X-1 0.00000000 0.5081029556 887.29911253
2370 X-2 0.00000000 0.1569806571 939.77622891
2369 X-3 0.00000000 0.3357907609 805.62203081
2360 B-1 0.77910121 6.4195193545 993.21103861
2361 B-2 0.77910121 6.4195203969 993.21103861
2362 B-3 0.77910121 6.4195189092 993.21103861
2364 B-4 0.77910121 6.4195200396 993.21103861
2365 B-5 0.77910121 6.4195238095 993.21103861
2366 B-6 0.77910121 6.4195184727 993.21103861
2367 R-1 0.00000000 4.8700000001 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- -------------------------------------------------------------------
Totals - 17.03408014 6.29487182 901.48686764
- -------------------------------------------------------------------
<PAGE>
Page Number: 2
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New 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 Original Certificate Information Unpaid Amounts
- ---------------------------------------------------------------------------------- ------------------------------------------------
Interest Current Real Aggregate Real
Type Name Cert. Bal. Pass Thru Cusips Name Shortfalls Losses Losses
- ---------------------------------------------------------------------------------- ------------------------------------------------
<S> <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>
Page Number: 3
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New 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 280,344,455.58
Ending loan count (excluding REO) 1770
Aggregate scheduled principal amt 223,985.15
Aggregate prepayment amount 5,073,274.42
----------------------------------------------------
P&S Ref. ADVANCES
Sec. 5.04 ----------------------------------------------------
Amount of adv/rec (this period) (1,732.77)
Aggregate outstanding advances 43,811.44
----------------------------------------------------
P&S Ref. FEES
Sec. 5.04 ----------------------------------------------------
Monthly servicer fees 59,508.68
Monthly trustee fee 2,380.35
----------------------------------------------------
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) -
P&S Ref.
Sec. 5.04 ----------------------------------------------------
DELINQUENCY INFORMATION
----------------------------------------------------
Outstanding Scheduled
Period Loan Count Prin Balance Prin Balance
1 month 1 519,574.58 518,874.75
2 months 1 176,208.26 175,898.15
3 months or more 1 279,845.96 279,117.61
Totals 3 975,628.80 973,890.51
In foreclosure 1 176,208.26 175,898.15
P&S Ref.
Sec. 5.04 -----------------------------------------------------
REO INFORMATION
-----------------------------------------------------
Outstanding Interest Thru Foreclosure
Prin Balance Book Value Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
