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Previous: ACORN PRODUCTS INC, S-1/A, 1997-06-03 |
Next: PROFUNDS, N-8A, 1997-06-03 |
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
May 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 (Commission File Number) (I.R.S. Employer Identification No.)
Jurisdiction of
Incorporation)
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 May 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: May 29, 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 May 25, 1997.........................................5
Page Number:
THE BANK OF Payment Date: 5/27/97
NEW YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-2
Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Current Payment Information
Class Information
Beginning Pass Thru Principal Interest Total
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist.
<S> <C>
A-I-1 19,541,400.00 6.500000% 389,655.30 105,849.25 495,504.55
A-I-2 14,405,500.00 6.500000% 0.00 78,029.79 78,029.79
A-I-3 10,543,500.00 6.500000% 0.00 57,110.63 57,110.63
A-I-4 12,540,000.00 7.000000% 0.00 73,150.00 73,150.00
A-I-5 11,060,000.00 7.000000% 0.00 64,516.67 64,516.67
A-I-6 4,474,659.00 7.000000% 0.00 26,102.18 26,102.18
A-I-7 63,547,150.00 5.987500% 389,655.30 317,073.80 706,729.10
A-I-8 63,547,150.00 3.012500% 0.00 159,529.82 159,529.82
A-I-9 6,295,093.00 7.310778% 0.00 38,351.69 38,351.69
A-I-10 39,982,908.00 7.750000% 0.00 258,222.95 258,222.95
A-II 32,350,359.00 7.750000% 459,086.34 208,929.40 668,015.74
P/O 274,090.00 N/A 334.37 0.00 334.37
X 212,540,591.00 0.609283% 0.00 107,914.44 107,914.44
B-1 6,375,000.00 7.750000% 4,630.84 41,171.88 45,802.72
B-2 4,057,000.00 7.750000% 2,947.03 26,201.46 29,148.49
B-3 2,898,000.00 7.750000% 2,105.13 18,716.25 20,821.38
B-4 1,507,000.00 7.750000% 1,094.69 9,732.71 10,827.40
B-5 580,000.00 7.750000% 421.32 3,745.83 4,167.15
B-6 1,390,094.00 7.750000% 1,009.77 8,977.69 9,987.46
R-1 100.00 7.750000% 100.00 24.76 124.76
R-2 100.00 7.750000% 100.00 0.65 100.65
Totals 231,821,953.00 1,251,140.10 1,603,351.85 2,854,491.95
</TABLE>
<TABLE>
<CAPTION>
Factors per $1,000 (Class R per $100)
Class Information
Ending Principal Interest Ending
Class Code Name Cert. Bal. Dist. Dist. Cert. Bal
<S> <C>
A-I-1 19,151,744.70 19.93998918 5.4166666667 980.06001082
A-I-2 14,405,500.00 0.00000000 5.4166665510 1000.000000000
A-I-3 10,543,500.00 0.00000000 5.4166671409 1000.00000000
A-I-4 12,540,000.00 0.00000000 5.8333333333 1000.00000000
A-I-5 11,060,000.00 0.00000000 5.8333336347 1000.00000000
A-I-6 4,474,659.00 0.00000000 5.8333338920 1000.00000000
A-I-7 63,157,494.70 6.13175106 4.9895833251 993.86824894
A-I-8 63,157,494.70 0.00000000 2.5104165962 993.86824894
A-I-9 6,295,093.00 0.00000000 6.0923150778 1000.00000000
A-I-10 39,982,908.00 0.00000000 6.4583333959 1000.00000000
A-II 31,891,272.66 14.19107417 6.4583332754 985.80892583
P/O 273,755.63 1.21992621 0.000000000 998.78007379
X 211,313,676.33 0.00000000 0.5077356706 994.22738189
B-1 6,370,369.16 0.72640621 6.4583341176 999.27359379
B-2 4,054,052.97 0.72640621 6.4583337441 999.27359379
B-3 2,895,894.87 0.72640621 6.4583333333 999.27359379
B-4 1,505,905.31 0.72640621 6.4583344393 999.27359379
B-5 579,578.68 0.72640621 6.4583275862 999.27359379
B-6 1,389,084.23 0.72640621 6.4583330336 999.27359379
R-1 0.00 100.00000000 24.7600000001 0.00000000
R-2 0.00 100.00000000 0.6500000000 0.00000000
Totals 230,570,812.90 5.39698714 6.91630723 994.60301286
</TABLE>
<PAGE>
THE Page Number:
BANK OF
NEW Payment Date: 5/27/97
YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-2
Headlands Mortgage Company, Servicer
<TABLE>
<CAPTION>
Class Information Original Certificate Information
Type Name Cert. Bal. Pass Thru Cusips
<S> <C>
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 Rate A-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 - -
</TABLE>
<TABLE>
<CAPTION>
Unpaid Amounts
Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
<S> <C>
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-II 0.00 0.00 0.00
P/O 0.00 0.00 0.00
X 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 - - -
</TABLE>
Page Number:
THE BANK OF Payment Date: 5/27/97
NEW YORK Accrual Period: 4/1/97 thru 4/30/97
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 1997-2
Headlands Mortgage Company, Servicer
<TABLE>
<S> <C>
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 230,570,811.95
Ending loan count (excluding REO) 1378
Aggregate scheduled principal amt 168,403.91
Aggregate prepayment amount 1,082,643.32
P&S Ref. ADVANCES
Sec. 5.04
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
P&S Ref. FEES
Sec. 5.04
Monthly servicer fees 48,192.18
Monthly trustee fee 1,642.08
P&S Ref. OTHER INFORMATION
Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 92.87
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
</TABLE>
<TABLE>
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
<S> <C>
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 0 0.00 0.00
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
P&S Ref. 0.00 0.00 0.00 0.00
Sec. 5.04 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
INFO NOT AVAILABLE INFO NOT AVAILABLE
</TABLE>
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