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
January 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)
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<CAPTION>
<S> <C> <C>
Delaware 333-16679-1 68-0397342
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of Incorporation)
</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 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 January 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: February 2, 1998
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
----------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated January 25, 1998......................5
Page Number: 1
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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
------------------------------------------------------
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<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> <C> <C> <C> <C> <C> <C>
2347 A-I-1 12,405,999.64 6.600000% 2,801,195.23 68,233.00 2,869,428.23 9,604,804.42
2350 A-I-2 61,555,202.26 6.675000% 2,577,027.94 342,400.81 2,919,428.75 58,978,174.32
2351 A-I-3 61,555,202.26 2.325000% 0.00 119,263.20 119,263.20 58,978,174.32
2352 A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00
2372 A-II 23,904,423.43 7.750000% 58,405.51 154,382.73 212,788.24 23,846,017.92
2363 P/O 499,458.76 N/A 1,495.52 0.00 1,495.52 497,963.24
2371 X-1 172,431,100.61 0.672680% 0.00 96,659.17 96,659.17 168,884,359.92
2370 X-2 47,610,499.99 0.195820% 0.00 7,769.26 7,769.26 46,281,892.63
2369 X-3 17,142,387.58 0.474618% 0.00 6,780.06 6,780.06 17,100,419.34
2360 B-1 8,486,234.24 7.750000% 6,898.72 54,806.93 61,705.65 8,479,335.52
2361 B-2 5,400,781.98 7.750000% 4,390.46 34,880.05 39,270.51 5,396,391.52
2362 B-3 3,857,559.64 7.750000% 3,135.93 24,913.41 28,049.34 3,854,423.71
2364 B-4 2,005,692.83 7.750000% 1,630.49 12,953.43 14,583.92 2,004,062.34
2365 B-5 771,114.96 7.750000% 626.86 4,980.12 5,606.98 770,488.09
2366 B-6 1,853,907.24 7.750000% 1,507.10 11,973.15 13,480.25 1,852,400.14
2367 R-1 0.00 7.750000% 0.00 4.76 4.76 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Totals 0.00 275,504,877.97 0.00 5,456,313.75 1,887,285.16 7,343,598.91 270,048,564.22
- ---------------------------------------------------------------------------------------------------------------------------
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<TABLE>
<CAPTION>
Factors per $1,000 (Class R per $100)
Class Information --------------------------------------------
- -------------------------- Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ----------------------------------------------------------------------
<S> <C> <C> <C> <C>
2347 A-I-1 99.54142453 2.4246828471 341.30998958
2350 A-I-2 33.89443700 4.5034368876 775.712200552
2351 A-I-3 0.00000000 1.5686128027 775.71220055
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 2.01533766 5.3271226076 822.82947810
2363 P/O 2.89375766 0.000000000 963.53437671
2371 X-1 0.00000000 0.4878360357 852.35448056
2370 X-2 0.00000000 0.1508626614 898.69685122
2369 X-3 0.00000000 0.3113091316 785.17250501
2360 B-1 0.80677300 6.4094176120 991.61916972
2361 B-2 0.80677300 6.4094174936 991.61916972
2362 B-3 0.80677300 6.4094185747 991.61916972
2364 B-4 0.80677300 6.4094161306 991.61916972
2365 B-5 0.80677300 6.4094208494 991.61916972
2366 B-6 0.80677300 6.4094170624 991.61916972
2367 R-1 0.00000000 4.7600000008 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------------
Totals 0.00 17.54554113 6.06882979 868.37898415
- ---------------------------------------------------------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E Page Number: 2
New York, NY 10286 Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
----------------------------------------------------
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<CAPTION>
Class Information Original Certificate Information
- --------------------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
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-11 55,000,503.00 7.750000% 42209EAL4
Senior - Fixed Rate A-I-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 00.00 7.750000% N/A
- --------------------------------------------------------------------------------
Totals - 310,980,078.00 - -
- --------------------------------------------------------------------------------
</TABLE>
Unpaid Amounts
- ------------------------------------------------------
Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
- ------------------------------------------------------
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-II 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 - - -
- --------------------------------------------------
<PAGE>
Page Number: 3
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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 270,048,563.37
Ending loan count (excluding REO) 1719
Aggregate scheduled principal amt 221,846.98
Aggregate prepayment amount 5,234,466.77
-----------------------------------------------------
P&S Ref. ADVANCES
-----------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 4,667.99
Aggregate outstanding advances 81,880.55
-----------------------------------------------------
P&S Ref. FEES
-----------------------------------------------------
Sec. 5.04
Monthly servicer fees 57,396.85
Monthly trustee fee 2,295.87
-----------------------------------------------------
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) -
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<CAPTION>
P&S Ref.
-------------------------
Sec. 5.04 DELINQUENCY INFORMATION
-------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------- ----------------------
<S> <C> <C> <C> <C>
1 month 1 290,173.57 289,792.56
2 months 1 560,561.22 559,478.57
3 months or more 3 973,890.51 970,860.31
Totals 5 1,824,625.30 1,820,131.44
= ============= ============
In foreclosure 2 696,241.27 694,772.90
P&S Ref.
-----------------------------------
Sec. 5.04 REO INFORMATION
-----------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure 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
</TABLE>
