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Previous: DRESHER FAMILY OF FUNDS, NSAR-B/A, 1998-03-06 |
Next: NUVEEN TAX FREE UNIT TRUST SERIES 988, 487, 1998-03-06 |
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
February 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)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-16679-1 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
1100 Larkspur Landing Circle, Suite 101, 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 February 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: March 5, 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 February 25, 1998..........................5
THE PAGE NUMBER: 1
BANK OF Payment Date: 2/25/98
NEW Accrual Period: 1/1/98 thru 1/31/98
YORK
<TABLE>
<CAPTION>
<S> <C>
101 Barclay Street, 12E
New York, NY 10286
--------------------------------------------------------------------------
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
--------------------------------------------------------------------------
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.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
2347 A-I-1 9,604,804.42 6.600000% 4,143,816.52 52,826.42 4,196,642.94 5,460,987.90
2350 A-I-2 58,978,174.32 6.206250% 3,812,205.18 305,027.75 4,117,232.93 55,165,969.14
2351 A-I-3 58,978,174.32 2.793750% - 137,308.56 137,308.56 55,165,969.14
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 23,846,017.92 7.750000% 1,795,963.37 154,005.53 1,949,968.90 22,050,054.55
2363 P/O 497,963.24 N/A 20,003.33 - 20,003.33 477,959.91
2371 X-1 168,884,359.92 0.671726% - 94,536.69 94,536.69 163,501,462.72
2370 X-2 46,281,892.63 0.196581% - 7,581.77 7,581.77 43,933,369.71
2369 X-3 17,100,419.34 0.474717% - 6,764.88 6,764.88 16,448,294.33
2360 B-1 8,479,335.52 7.750000% 6,831.97 54,762.38 61,594.35 8,472,503.55
2361 B-2 5,396,391.52 7.750000% 4,347.98 34,851.70 39,199.68 5,392,043.54
2362 B-3 3,854,423.71 7.750000% 3,105.58 24,893.15 27,998.73 3,851,318.13
2364 B-4 2,004,062.34 7.750000% 1,614.71 12,942.90 14,557.61 2,002,447.63
2365 B-5 770,488.09 7.750000% 620.80 4,976.07 5,596.87 769,867.30
2366 B-6 1,852,400.14 7.750000% 1,492.51 11,963.42 13,455.93 1,850,907.62
2367 R-1 - 7.750000% - 4.67 4.67 -
2368 R-2 0.00 7.750000% 0.00 0.00 - -
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 270,048,564.22 - 9,790,001.95 1,849,730.97 11,639,732.92 260,258,562.27
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
-----------------------------------------------------
PRINCIPAL INTEREST ENDING
- --------------------------
CLASS CODE NAME DIST. DIST. CERT. BAL
- -------------------------- -----------------------------------------------------
- -------------------------- -----------------------------------------------------
2347 A-I-1 147.25192855 1.8772047902 194.05806102
2350 A-I-2 50.14014255 4.0118865989 725.572058000
2351 A-I-3 0.00000000 1.8059549394 725.57205800
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 61.97142036 5.3141069636 760.85805773
2363 P/O 38.70545985 0.000000000 924.82891686
2371 X-1 0.00000000 0.4771239405 825.18715406
2370 X-2 0.00000000 0.1472220006 853.09348383
2369 X-3 0.00000000 0.3106121359 755.22992773
2360 B-1 0.79896691 6.4042076950 990.82020281
2361 B-2 0.79896691 6.4042080118 990.82020281
2362 B-3 0.79896691 6.4042063288 990.82020281
2364 B-4 0.79896691 6.4042058387 990.82020281
2365 B-5 0.79896691 6.4042084942 990.82020281
2366 B-6 0.79896691 6.4042084391 990.82020281
2367 R-1 0.00000000 4.6699999993 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Totals - 31.48112256 5.94806903 836.89786159
- -------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE
BANK OF PAGE NUMBER: 2
NEW Payment Date: 2/25/98
YORK Accrual Period: 1/1/98 thru 1/31/98
101 Barclay Street, 12E
New York, NY 10286
----------------------------------------------------------------------
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 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 - -
- -----------------------------------------------------------------------------------------------------------------
<CAPTION>
UNPAID AMOUNTS
-------------------------------------------------------------------------
INTEREST CURRENT REAL AGGREGATE REAL
------------------------------
NAME SHORTFALLS LOSSES LOSSES
-----------------------------------------------------------------------------------------------------------
AI-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 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE
BANK OF PAGE NUMBER: 3
NEW Payment Date: 2/25/98
YORK Accrual Period: 1/1/98 thru 1/31/98
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 260,258,561.39
Ending loan count (excluding REO) 1675
Aggregate scheduled principal amt 219,596.89
Aggregate prepayment amount 9,570,405.06
--------------------------------------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 7,083.51
Aggregate outstanding advances 88,964.06
---------------------------------------------------------------------------------
P&S Ref. FEES
---------------------------------------------------------------------------------
Sec. 5.04
Monthly servicer fees 56,260.11
Monthly trustee fee 2,250.40
--------------------------------------------------------------------------------
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) -
<CAPTION>
P&S Ref.
----------------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
----------------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- -------------------------- ----------------------
1 month 3 416,319.25 415,837.79
2 months 1 290,173.57 289,600.03
3 months or more 4 1,534,451.73 1,529,320.13
TOTALS 8 2,240,944.55 2,234,757.95
= ============= ============
In foreclosure 2 696,241.27 694,772.90
In bankruptcy 1 560,561.22 559,112.56
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>
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