SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 25, 1998
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.)
1100 Larkspur Landing Circle, Suite 101, Larkspur, CA 94939
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(Address of Principal Executive Offices)
(415) 461-6790
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(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 March 25, 1998.
<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: April 1, 1998
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 March 25, 1998............................5
THE Page Number: 1
BANK OF Payment Date: 3/25/98
NEW YORK Accured Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, 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 Ending
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Balance
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2347 A-I-1 5,460,987.90 6.600000% 4,514,849.35 30,035.43 4,544,884.78 946,138.54
2350 A-I-2 55,165,969.14 6.206250% 4,153,545.89 285,311.50 4,438,857.39 51,012,423.25
2351 A-I-3 55,165,969.14 2.793750% -- 128,433.27 128,433.27 51,012,423.25
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 22,050,054.55 7.750000% 824,307.20 142,406.60 966,713.80 21,225,747.35
2363 P/O 477,959.91 N/A 7,179.33 -- 7,179.33 470,780.58
2371 X-1 163,501,462.72 0.675480% -- 92,034.97 92,034.97 156,847,471.63
2370 X-2 43,933,369.71 0.195760% -- 7,167.01 7,167.01 42,434,721.19
2369 X-3 16,448,294.33 0.484801% -- 6,645.12 6,645.12 15,778,404.01
2360 B-1 8,472,503.55 7.750000% 7,103.63 54,718.25 61,821.88 8,465,399.92
2361 B-2 5,392,043.54 7.750000% 4,520.87 34,823.61 39,344.48 5,387,522.67
2362 B-3 3,851,318.13 7.750000% 3,229.08 24,873.10 28,102.18 3,848,089.05
2364 B-4 2,002,447.63 7.750000% 1,678.92 12,932.47 14,611.39 2,000,768.71
2365 B-5 769,867.30 7.750000% 645.48 4,972.06 5,617.54 769,221.81
2360 B-6 1,850,907.62 7.750000% 1,551.86 11,953.78 13,505.64 1,849,355.76
2367 R-1 0.00 7.750000% 0.00 4.58 4.58 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals -- 260,258,562.27 -- 9,518,611.62 1,783,596.83 11,302,208.45 250,739,950.65
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Information Factors Per $1,000 (Class R per $100)
- ---------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
2347 A-I-1 160.43670634 1.0673192140 33.62135468
2350 A-I-2 54.62963647 3.7525680315 670.942421531
2351 A-I-3 0.00000000 1.6892224224 670.94242153
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 28.44350215 4.9138748766 732.41455559
2363 P/O 13.89165049 0.000000000 910.93726637
2371 X-1 0.00000000 0.4644978320 791.60465345
2370 X-2 0.00000000 0.1391682352 823.99288682
2369 X-3 0.00000000 0.3051133082 724.47164922
2360 B-1 0.83073723 6.3990468951 989.98946558
2361 B-2 0.83073723 6.3990463065 989.98946558
2362 B-3 0.83073723 6.3990481091 989.98946558
2364 B-4 0.83073723 6.3990450272 989.98946558
2365 B-5 0.83073723 6.3990476190 989.98946558
2360 B-6 0.83073723 6.3990479943 989.98946558
2367 R-1 0.00000000 4.5799999987 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Totals -- 30.60842894 5.73540544 806.28943264
- ---------------------------------------------------------------
</TABLE>
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
-------------------------------------------------
Class Information Original Certificate Information
- -------------------------------------------------------------------------
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 -- --
- -------------------------------------------------------------------------
Unpaid Amounts
- -----------------------------------------------------------------------------
Interest Current Real Aggregate Real
Type Name Shortfalls Losses Losses
- -----------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 0.00 0.00 0.00
Senior - Floating Rate A-I-2 0.00 0.00 0.00
Senior - Inv. Floating Rate A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-I-8 0.00 0.00 0.00
Senior - Fixed Rate A-I-9 0.00 0.00 0.00
Senior - Fixed Rate A-I-10 0.00 0.00 0.00
Senior - Fixed Rate A-I-11 0.00 0.00 0.00
Senior - Fixed Rate A-II 0.00 0.00 0.00
Senior - Fixed Rate P/O 0.00 0.00 0.00
Senior - Variable Rate X-1 0.00 0.00 0.00
Senior - Variable Rate X-2 0.00 0.00 0.00
Senior - Variable Rate X-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 0.00 0.00 0.00
- -----------------------------------------------------------------------------
Totals 0.00 0.00 0.00
- -----------------------------------------------------------------------------
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, 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 250,739,949.75
Ending loan count (excluding REO) 1630
Aggregate scheduled principal amt 213,760.59
Aggregate prepayment amount 9,304,851.03
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 6,456.43
Aggregate outstanding advances 95,420.49
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 54,220.53
Monthly trustee fee 2,168.82
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
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) 0.00
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 1 273,066.71 272,693.53
2 months 1 68,702.56 68,571.28
3 months or more 4 1,648,727.15 1,642,536.91
Totals 6 1,990,496.42 1,983,801.72
In foreclosure 5 1,921,793.86 1,915,230.44
In bankruptcy 0 0.00 0.00
Loans in foreclosure and
also in delinq. info above 5 1,921,793.86 1,915,230.44
</TABLE>
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- ------------------------ ---------- ------------------------- --------------------
<S> <C> <C> <C>
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
</TABLE>
