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 April 1, 1997 providing for the issuance of the
Mortgage Pass-Through Certificates, Series 1997-2)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-2 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 1997-2 (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
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-2
Headlands Mortgage Company, Servicer
-----------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
--------------------------------------------------------------------------------------------------
- --------------------------------- Beginning Pass Thru Principal Interest
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
2492 A-I-1 14,636,791.34 6.500000% 1,577,152.65 79,282.62
2493 A-I-2 14,405,500.00 6.500000% - 78,029.79
2494 A-I-3 10,543,500.00 6.500000% - 57,110.63
2495 A-I-4 12,540,000.00 7.000000% - 73,150.00
2496 A-I-5 11,060,000.00 7.000000% - 64,516.67
2497 A-I-6 4,474,659.00 7.000000% - 26,102.18
2498 A-I-7 58,642,541.34 6.206250% 1,577,152.65 303,291.89
2499 A-I-8 58,642,541.34 2.793750% - 136,527.17
2500 A-I-9 6,295,093.00 7.310778% - 38,351.69
2501 A-I-10 39,982,908.00 7.750000% - 258,222.95
2502 A-II 30,325,173.11 7.750000% 413,552.47 195,850.08
2507 P/O 272,089.22 N/A 704.14 -
2503 X 200,795,624.19 0.603001% - 100,899.91
2504 B-1 6,346,418.34 7.750000% 4,942.88 40,987.29
2505 B-2 4,038,810.85 7.750000% 3,145.61 26,083.99
2506 B-3 2,885,007.11 7.750000% 2,246.98 18,632.34
2508 B-4 1,500,243.52 7.750000% 1,168.46 9,689.07
2509 B-5 577,399.63 7.750000% 449.71 3,729.04
2510 B-6 1,383,861.70 7.750000% 1,077.81 8,937.44
2511 R-1 - 7.750000% - -
2512 R-2 0.00 7.750000% 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 219,909,996.16 - 3,581,593.36 1,519,394.75
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Information Factors per $1,000 (Class R per $100)
-----------------------------------------------------------------------------------------------
- --------------------------------- Total Ending Principal Interest Ending
Class Code Name Dist. Cert. Bal. Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
2492 A-I-1 1,656,435.27 13,059,638.68 80.70827343 4.0571617182 668.30619528
2493 A-I-2 78,029.79 14,405,500.00 0.00000000 5.4166665510 1000.00000000
2494 A-I-3 57,110.63 10,543,500.00 0.00000000 5.4166671409 1000.00000000
2495 A-I-4 73,150.00 12,540,000.00 0.00000000 5.8333333333 1000.00000000
2496 A-I-5 64,516.67 11,060,000.00 0.00000000 5.8333336347 1000.00000000
2497 A-I-6 26,102.18 4,474,659.00 0.00000000 5.8333338920 1000.00000000
2498 A-I-7 1,880,444.54 57,065,388.68 24.81862136 4.7727064078 898.00075510
2499 A-I-8 136,527.17 57,065,388.68 0.00000000 2.1484389150 898.00075510
2500 A-I-9 38,351.69 6,295,093.00 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 258,222.95 39,982,908.00 0.00000000 6.4583333959 1000.00000000
2502 A-II 609,402.55 29,911,620.65 12.78355109 6.0540311160 924.61479780
2507 P/O 704.14 271,385.08 2.56901018 0.000000000 990.13127075
2503 X 100,899.91 197,483,511.91 0.00000000 0.4747324219 929.15668509
2504 B-1 45,930.17 6,341,475.46 0.77535379 6.4293788235 994.74124826
2505 B-2 29,229.60 4,035,665.24 0.77535379 6.4293788514 994.74124826
2506 B-3 20,879.32 2,882,760.14 0.77535379 6.4293788820 994.74124826
2508 B-4 10,857.53 1,499,075.06 0.77535379 6.4293762442 994.74124826
2509 B-5 4,178.75 576,949.92 0.77535379 6.4293793103 994.74124826
2510 B-6 10,015.25 1,382,783.88 0.77535381 6.4293781572 994.74127699
2511 R-1 - - 0.00000000 0.0000000000 0.00000000
2512 R-2 - - 0.00000000 0.0000000000 0.00000000
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Totals - 5,100,988.11 216,328,402.80 15.44975924 6.55414524 933.16616481
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-2
Headlands Mortgage Company, Servicer
-----------------------------------------------------
Class Information Original Certificate Information
- -----------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- -----------------------------------------------------------------------
Senior - Fixed Rate A-I-1 19,541,400.00 6.500000% 42209EBA7
Senior - Fixed Rate A-I-2 14,405,500.00 6.500000% 42209EBB5
Senior - Fixed Rate A-I-3 10,543,500.00 6.500000% 42209EBC3
Senior - Fixed Rate A-I-4 12,540,000.00 7.000000% 42209EBD1
Senior - Fixed Rate A-I-5 11,060,000.00 7.000000% 42209EBE9
Senior - Fixed Rate A-I-6 4,474,659.00 7.000000% 42209EBF6
Senior - Floating Rate A-I-7 63,547,150.00 5.987500% 42209EBG4
Senior - Inv. Floating RA-I-8 63,547,150.00 3.012500% 42209EBH2
Senior - Variable Rate A-I-9 6,295,093.00 7.310800% 42209EBJ8
Senior - Fixed Rate A-I-10 39,982,908.00 7.750000% 42209EBK5
Senior - Fixed Rate A-II 32,350,359.00 7.750000% 42209EBL3
Senior - Fixed Rate P/O 274,090.00 N/A 42209EBM1
Senior - Variable Rate X 212,540,592.00 0.609280% 42209EBN9
Subordinate - Fixed Rate B-1 6,375,000.00 7.750000% 42209EBP4
Subordinate - Fixed Rate B-2 4,057,000.00 7.750000% 42209EBQ2
Subordinate - Fixed Rate B-3 2,898,000.00 7.750000% 42209EBR0
Subordinate - Fixed Rate B-4 1,507,000.00 7.750000% N/A
Subordinate - Fixed Rate B-5 580,000.00 7.750000% N/A
Subordinate - Fixed Rate B-6 1,390,094.00 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 - 231,821,953.00 - -
- -----------------------------------------------------------------------
Unpaid Amounts
----------------------------------------
Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
- ------------------------------------------------
A-I-1 - - -
A-I-2 - - -
A-I-3 - - -
A-I-4 - - -
A-I-5 - - -
A-I-6 - - -
A-I-7 - - -
A-I-8 - - -
A-I-9 - - -
A-I-10 - - -
A-II - - -
P/O - - -
X - - -
B-1 - - -
B-2 - - -
B-3 - - -
B-4 - - -
B-5 - - -
B-6 - - -
R-1 - - -
R-2 - - -
- ------------------------------------------------
Totals - - -
- ------------------------------------------------
<PAGE>
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-2
Headlands Mortgage Company, Servicer
-----------------------------------------------------
P&S Ref.
Sec. 5.04 --------------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------------
Ending scheduled principal balance 216,328,401.84
Ending loan count (excluding REO) 1313
Aggregate scheduled principal amt 169,643.35
Aggregate prepayment amount 3,411,950.01
--------------------------------------------------
P&S Ref. ADVANCES
Sec. 5.04 --------------------------------------------------
Amount of advances (this period) 10,147.26
Aggregate outstanding advances 31,428.23
--------------------------------------------------
P&S Ref. FEES
Sec. 5.04 --------------------------------------------------
Monthly servicer fees 46,089.46
Monthly trustee fee 1,557.70
--------------------------------------------------
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 1 400,769.15 400,267.30
2 months 0 - -
3 months or more 1 355,766.75 354,758.82
Totals 2 756,535.90 755,026.12
In foreclosure 2 455,534.55 454,466.96
P&S Ref.
Sec. 5.04 ---------------------------------------------------
REO INFORMATION
---------------------------------------------------
Outstanding Interest Thru Foreclosure
Prin Balance Book Value Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
