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Previous: MORTGAGE PASS THROUGH CERTIFICATES SERIES 1997 3, 8-K, 1998-02-03 |
Next: NUVEEN UNIT TRUSTS SERIES 10, S-6, 1998-02-03 |
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
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 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)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-16679-2 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 1997-2 (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 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
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
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<S><C>
THE
BANK OF Page Number: 1
NEW Payment Date: 1/26/98
YORK
101 Barclay Street, 12E
New York, NY 10288 Accrual Period: 12/1/97 thru 12/31/97
------------------------------------------------------------------------
Attn: Frank Austin, MBS Unit Headlands Mortgage Securities Inc.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-2
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.
- ------------------------------------------------------------------------------------------------------------------------------------
2492 A-I-1 11,073,565.73 6.500000% 1,129,433.60 59,981.81 1,189,415.41 9,944,132.13
2493 A-I-2 14,405,500.00 6.500000% 0.00 78,029.79 78,029.79 14,405,500.00
2494 A-I-3 10,543,500.00 6.500000% 0.00 57,110.63 57,110.63 10,543,500.00
2495 A-I-4 12,540,000.00 7.000000% 0.00 73,150.00 73,150.00 12,540,000.00
2496 A-I-5 11,060,000.00 7.000000% 0.00 64,516.67 64,516.67 11,060,000.00
2497 A-I-6 4,474,659.00 7.000000% 0.00 26,102.18 26,102.18 4,474,659.00
2498 A-I-7 55,079,315.73 6.675000% 1,129,433.60 306,378.69 1,435,812.29 53,949,882.13
2499 A-I-8 55,079,315.73 2.325000% 0.00 106,716.17 106,716.17 53,949,882.13
2500 A-I-9 6,295,093.00 7.310778% 0.00 38,351.69 38,351.69 6,295,093.00
2501 A-I-10 39,982,908.00 7.750000% 0.00 258,222.95 258,222.95 39,982,908.00
2502 A-II 29,778,078.37 7.750000% 561,901.90 192,316.76 754,218.66 29,216,176.47
2507 P/O 270,347.95 N/A 687.91 0.00 687.91 269,660.04
2503 X 193,914,306.38 0.601403% 0.00 97,183.89 97,183.89 191,324,189.14
2504 B-1 6,336,435.32 7.750000% 5,090.77 40,922.81 46,013.58 6,331,344.55
2505 B-2 4,032,457.74 7.750000% 3,239.73 26,042.96 29,282.69 4,029,218.02
2506 B-3 2,880,468.95 7.750000% 2,314.20 18,603.03 20,917.23 2,878,154.75
2508 B-4 1,497,883.61 7.750000% 1,203.42 9,673.83 10,877.25 1,496,680.19
2509 B-5 576,491.37 7.750000% 463.16 3,723.17 4,186.33 576,028.21
2510 B-6 1,381,684.88 7.750000% 1,110.06 8,923.38 10,033.44 1,380,574.82
2511 R-1 0.00 7.750000% 0.00 0.00 0.00 0.00
2512 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 212,208,389.66 - 2,834,878.35 1,465,950.41 4,300,828.76 209,373,511.31
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Factors per $1,000 (Class R per $100)
------------------------------------------------------------------------------------
- ------------------------- Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ------------------------- ------------------------------------------------------------------------------------
2492 A-I-1 57.79696431 3.0694735280 508.87511275
2493 A-I-2 0.00000000 5.4166665510 1000.000000000
2494 A-I-3 0.00000000 5.4166671409 1000.00000000
2495 A-I-4 0.00000000 5.8333333333 1000.00000000
2496 A-I-5 0.00000000 5.8333336347 1000.00000000
2497 A-I-6 0.00000000 5.8333338920 1000.00000000
2498 A-I-7 17.77315896 4.8212813635 848.97406301
2499 A-I-8 0.00000000 1.6793226762 848.97406301
2500 A-I-9 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 0.00000000 6.4583333959 1000.00000000
2502 A-II 17.36926318 5.9448106897 903.11753489
2507 P/O 2.50979605 0.000000000 983.83757160
2503 X 0.00000000 0.4572486088 900.17717246
2504 B-1 0.79855231 6.4192643137 993.15208688
2505 B-2 0.79855231 6.4192654671 993.15208688
2506 B-3 0.79855231 6.4192650104 993.15208688
2508 B-4 0.79855231 6.4192634373 993.15208688
2509 B-5 0.79855231 6.4192586207 993.15208688
2510 B-6 0.79855234 6.4192637332 993.15212994
2511 R-1 0.00000000 0.0000000004 0.00000000
2512 R-2 0.00000000 0.0000000000 0.00000000
- ------------------------- ---------------------------------------------------------------------------------
- ------------------------- ---------------------------------------------------------------------------------
Totals - 12.22868807 6.32360478 903.16516016
- ------------------------- ---------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE Page Number: 2
BANK OF Payment Date: 1/26/98
NEW Accrual Period: 12/1/97 thru 12/31/97
YORK
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 - 231,821,953.00 - -
- -------------------------------------------------------------------------------------
<CAPTION>
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-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 - - -
-----------------------------------------------------------------------------
<PAGE>
</TABLE>
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<CAPTION>
<S><C>
THE
BANK OF
NEW Page Number: 3
YORK Payment Date: 1/26/98
101 Barclay Street, 12E Accrual Period: 12/1/97 thru 12/31/97
New York, NY 10288
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 209,373,510.27
Ending loan count (excluding REO) 1283
Aggregate scheduled principal amt 169,206.12
Aggregate prepayment amount 2,665,672.23
--------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------
Sec. 5.04
Amount of advances (this period) 17,565.92
Aggregate outstanding advances 48,994.15
--------------------------------------------------
P&S Ref. FEES
--------------------------------------------------
Sec. 5.04
Monthly servicer fees 44,475.35
Monthly trustee fee 1,503.15
--------------------------------------------------
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) 0.00
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 2 755,026.12 752,493.41
Totals 2 755,026.12 752,493.41
--- ----------- ----------
In foreclosure 2 755,026.12 752,493.41
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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