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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
December 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)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-16679-2 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</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 December 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: January 13, 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 December 25, 1997..........................5
<TABLE>
<CAPTION>
THE PAGE NUMBER: 1
BANK OF Payment Date: 12/26/97
NEW YORK Accrual Period: 11/1/97 thru 11/30/97
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
-----------------------------------------------------------------------------
CURRENT PAYMENT INFORMATION
CLASS INFORMATION
----------------------------------------------------------------------------------------------------------
BEGINNING PASS THRU PRINCIPAL INTEREST
- --------------------------
CLASS CODE NAME CERT. BAL. RATE DIST. AMT. DIST. AMT.
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2492 A-I-1 13,059,638.68 6.500000% 1,986,072.96 70,739.71
2493 A-I-2 14,405,500.00 6.500000% 0.00 78,029.79
2494 A-I-3 10,543,500.00 6.500000% 0.00 57,110.63
2495 A-I-4 12,540,000.00 7.000000% 0.00 73,150.00
2496 A-I-5 11,060,000.00 7.000000% 0.00 64,516.67
2497 A-I-6 4,474,659.00 7.000000% 0.00 26,102.18
2498 A-I-7 57,065,388.68 6.268750% 1,986,072.96 298,107.21
2499 A-I-8 57,065,388.68 2.731250% 0.00 129,883.20
2500 A-I-9 6,295,093.00 7.310778% 0.00 38,351.69
2501 A-I-10 39,982,908.00 7.750000% 0.00 258,222.95
2502 A-II 29,911,620.65 7.750000% 133,542.27 193,179.22
2507 P/O 271,385.08 N/A 1,037.13 0.00
2503 X 197,483,511.91 0.602749% 0.00 99,194.22
2504 B-1 6,341,475.46 7.750000% 5,040.13 40,955.36
2505 B-2 4,035,665.24 7.750000% 3,207.50 26,063.67
2506 B-3 2,882,760.14 7.750000% 2,291.19 18,617.83
2508 B-4 1,499,075.06 7.750000% 1,191.45 9,681.53
2509 B-5 576,949.92 7.750000% 458.55 3,726.13
2510 B-6 1,382,783.88 7.750000% 1,099.00 8,930.48
2511 R-1 0.00 7.750000% 0.00 0.00
2512 R-2 0.00 7.750000% 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 216,328,402.80 - 4,120,013.14 1,494,562.47
- ------------------------------------------------------------ ---------------------------------------------------------------------
<CAPTION>
-------------------------------------------------------------------
TOTAL ENDING
- --------------------------
CLASS CODE NAME DIST. CERT. BAL.
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
2492 A-I-1 2,056,812.67 11,073,565.73
2493 A-I-2 78,029.79 14,405,500.00
2494 A-I-3 57,110.63 10,543,500.00
2495 A-I-4 73,150.00 12,540,000.00
2496 A-I-5 64,516.67 11,060,000.00
2497 A-I-6 26,102.18 4,474,659.00
2498 A-I-7 2,284,180.17 55,079,315.73
2499 A-I-8 129,883.20 55,079,315.73
2500 A-I-9 38,351.69 6,295,093.00
2501 A-I-10 258,222.95 39,982,908.00
2502 A-II 326,721.49 29,778,078.37
2507 P/O 1,037.13 270,347.95
2503 X 99,194.22 193,914,306.38
2504 B-1 45,995.49 6,336,435.32
2505 B-2 29,271.17 4,032,457.74
2506 B-3 20,909.02 2,880,468.95
2508 B-4 10,872.98 1,497,883.61
2509 B-5 4,184.68 576,491.37
2510 B-6 10,029.48 1,381,684.88
2511 R-1 0.00 0.00
2512 R-2 0.00 0.00
- ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------
Totals - 5,614,575.61 212,208,389.66
- ----------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
--------------------------------------------------------------------------
PRINCIPAL INTEREST ENDING
- -------------------------
CLASS CODE NAME DIST. DIST. CERT. BAL
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2492 A-I-1 101.63411823 3.6199919146 566.67207705
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 31.25353313 4.6911184845 866.74722197
2499 A-I-8 0.00000000 2.0438870980 866.74722197
2500 A-I-9 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 0.00000000 6.4583333959 1000.00000000
2502 A-II 4.12799973 5.9714706721 920.48679807
2507 P/O 3.78390310 0.000000000 986.34736765
2503 X 0.00000000 0.4667071785 912.36363160
2504 B-1 0.79060906 6.4243701961 993.95063919
2505 B-2 0.79060906 6.4243702243 993.95063919
2506 B-3 0.79060906 6.4243719807 993.95063919
2508 B-4 0.79060906 6.4243729263 993.95063919
2509 B-5 0.79060906 6.4243620690 993.95063919
2510 B-6 0.79059470 6.4243713015 993.95068229
2511 R-1 0.00000000 0.0000000000 0.00000000
2512 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals - 17.77231658 6.44702734 915.39384822
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF PAGE NUMBER: 2
NEW Payment Date: 12/26/97
YORK Accrual Period: 11/1/97 thru 11/30/97
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
-----------------------------------------------------------------------------------------------------
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- ---------------------------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <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 - -
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
UNPAID AMOUNTS
----------------------------------------------------------------------------
INTEREST CURRENT REAL AGGREGATE REAL
-------------------------------------
NAME SHORTFALLS LOSSES LOSSES
-----------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <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>
<TABLE>
<CAPTION>
THE
BANK OF PAGE NUMBER: 3
NEW Payment Date: 12/26/97
YORK Accrual Period: 11/1/97 thru 11/30/97
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
------------------------------------------------------------------
P&S Ref.
--------------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
--------------------------------------------------
<S> <C>
Ending scheduled principal balance 212,208,388.59
Ending loan count (excluding REO) 1298
Aggregate scheduled principal amt 170,407.88
Aggregate prepayment amount 3,949,605.28
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------
Sec. 5.04 <S> <C>
Amount of advances (this period) 0.00
Aggregate outstanding advances 31,428.23
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------
P&S Ref. FEES
--------------------------------------------------
Sec. 5.04
<S> <C>
Monthly servicer fees 45,338.83
Monthly trustee fee 1,532.32
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------
P&S Ref. OTHER INFORMATION
--------------------------------------------------
Sec. 5.04 <S> <C>
Class P/O deferred amount 0.00
Compensating interest amount 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
----------------------------------------------------------------------------
Sec. 5.04 LIQUIDATED LOAN INFORMATION
----------------------------------------------------------------------------
<S> <C>
Net liquidation proceeds 0.00
Realized losses (this period) 0.00
Cumulative losses (since Cut-Off) 0.00
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ---------------------
<S> <C> <C>
1 month 0 0.00 0.00
2 months 1 400,267.30 399,256.46
3 months or more 1 354,758.82 353,236.95
TOTALS 2 755,026.12 752,493.41
= =========== ==========
In foreclosure 2 755,026.12 752,493.41
</TABLE>
<TABLE>
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 REO INFORMATION
--------------------------------------------------------
<S> <C> <C>
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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