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
August 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 Number) (I.R.S. Employer
of Incorporation) 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)
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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 August 25, 1997.
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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: August 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)
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EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated August 25, 1997................................5
Page Number: 1
Payment Date: 35667
Accrual Period: 7/1/97 thru 7/31/97
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 1997-2
Headlands Mortgage Company, Servicer
<TABLE>
<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>
2492 A-I-1 18,585,105.62 6.500000% 1,270,048.48 100,560.99 1,370,609.47 17,296,057.15
2493 A-I-2 14,405,500.00 6.500000% 0 78,029.79 78,029.79 14,405,500.00
2494 A-I-3 10,543,500.00 6.500000% 0 57,110.63 57,110.63 10,543,500.00
2495 A-I-4 12,540,000.00 7.000000% 0 73,150.00 73,150.00 12,540,000.00
2496 A-I-5 11,060,000.00 7.000000% 0 64,516.67 64,516.67 11,060,000.00
2497 A-I-6 4,474,659.00 7.000000% 0 26,102.18 26,102.18 4,474,659.00
2498 A-I-7 62,570,855.62 6.206250% 1,270,048.48 323,608.64 1,593,657.12 61,300,807.15
2499 A-I-8 62,570,855.62 2.793750% 0 145,672.77 145,672.77 61,300,807.15
2500 A-I-9 6,295,093.00 7.310778% 0 38,351.69 38,351.69 6,295,093.00
2501 A-I-10 39,982,908.00 7.750000% 0 258,222.95 258,222.95 39,962,908.00
2502 A-II 31,357,612.14 7.750000% 167,895.41 202,517.91 370,403.32 31,189,726.73
2507 P/O 272,957.13 N/A 3,884.48 0 3,884.48 269,072.65
2503 X 209,639,463.05 0.607348% 0 106,103.38 106,103.38 206,947,908.24
2504 B-1 6,360,937.37 7.750000% 3,923.91 41,081.05 45,004.95 6,357,013.46
2505 B-2 4,048,050.66 7.750000% 2,497.15 26,143.66 28,640.81 4,045,553.51
2506 B-3 2,891,607.30 7.750000% 1,783.76 18,674.96 20,458.72 2,889,823.53
2508 B-4 1,503,675.70 7.750000% 927.58 9,711.24 10,638.82 1,502,748.12
2509 B-5 578,720.576 7.750000% 357.00 3,737.57 4,084.57 578,363.58
2510 B-6 1,387,027.58 7.750000% 855.62 8,957.89 9,813.51 1,386,171.96
2511 R-1 0 7.750000% 0 22.64 22.64 0
2512 R-2 0 7.750000% 0 0 0 0
Totals 0 228,838,209.72 0 2,722,211.87 1,582,276.61 4,304,488.48 226,115,997.85
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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>
2492 A-I-1 64.99270659 5.1460483896 885.0469848
2493 A-I-2 0 5.4166665510 1000.0000000
2494 A-I-3 0 5.4166671409 1000.0000000
2495 A-I-4 0 5.8333333333 1000.0000000
2496 A-I-5 0 5.8333336347 1000.0000000
2497 A-I-6 0 5.8333338920 1000.0000000
2498 A-I-7 19.93592347 5.0924178346 964.6507695
2499 A-I-8 0 2.2923572497 964.6507695
2500 A-I-9 0 6.0923150778 1000.0000000
2501 A-I-10 0 6.4583333959 1000.0000000
2502 A-II 5.18959954 6.2601441301 964.1230483
2507 P/O 14.17227918 0 981.5945164
2503 X 0 0.4992146630 973.6865146
2504 B-1 0.615515622 6.4440862745 997.1785823
2505 B-2 0.615515622 6.4440867636 997.1785823
2506 B-3 0.615515622 6.4440855763 997.1785823
2508 B-4 0.615515622 6.4440875912 997.1785823
2509 B-5 0.615515622 6.4440862069 997.1785823
2510 B-6 0.615515622 6.4440893925 997.1785823
2511 R-1 0 22.6399999998 0
2512 R-2 0 0 0
Totals 0 11.74288371 6.82539591 975.3864762
</TABLE>
<PAGE>
Page Number: 2
Payment Date: 8/25/97
Accrual Period: 7/1/97 thru 7/31/97
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 1997-2
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 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 0 231,821,953.00 0 0
Unpaid Amounts
Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
A-I-1 0 0 0
A-I-2 0 0 0
A-I-3 0 0 0
A-I-4 0 0 0
A-I-5 0 0 0
A-I-6 0 0 0
A-I-7 0 0 0
A-I-8 0 0 0
A-I-9 0 0 0
A-I-10 0 0 0
A-II 0 0 0
P/O 0 0 0
X 0 0 0
B-1 0 0 0
B-2 0 0 0
B-3 0 0 0
B-4 0 0 0
B-5 0 0 0
B-6 0 0 0
R-1 0 0 0
R-2 0 0 0
Totals 0 0 0
<PAGE>
Page Number: 3
Payment Date: 8/25/97
Accrual Period: 7/1/97 thru 7/31/97
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 1997-2
Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 226,115,996.91
Ending loan count (excluding REO) 1357
Aggregate scheduled principal amt 171,951.33
Aggregate prepayment amount 2,550,260.54
P&S Ref. ADVANCES
Sec. 5.04
Amount of advances (this period) 0
Aggregate outstanding advances 0
P&S Ref. FEES
Sec. 5.04
Monthly servicer fees 47,674.63
Monthly trustee fee 1,620.94
P&S Ref. OTHER INFORMATION
Sec. 5.04
Class P/O deferred amount 0
Compensating interest amount 0
P&S Ref.
Sec. 5.04 LIQUIDATED LOAN INFORMATION
Net liquidation proceeds 0
Realized losses (this period) 0
Cumulative losses (since Cut-Off) 0
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<CAPTION>
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
<S> <C> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
1 month 0 0 0
2 months 0 0 0
3 months or more 0 0 0
In foreclosure 0 0 0
Totals 0 0 0
P&S Ref.
Sec. 5.04 REO INFORMATION
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0 0
INFO NOT AVAILABLE INFO NOT AVAILABLE
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