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
March 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)
Delaware 333-16679-2 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
1100 Larkspur Landing Circle, Suite 101, Larkspur, CA 94939
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(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 March 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: April 1, 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 March 25, 1998............................5
THE Page Number: 1
BANK OF Payment Date: 3/25/98
NEW YORK Accrual Period: 2/1/98 thru 2/26/98
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 Current Payment Information
- ---------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Balance
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
2492 A-I-1 6,900,690.32 6.500000% 2,534,898.64 37,378.74 2,572,277.38 4,365,791.68
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 50,906,440.32 6.206250% 2,534,898.64 263,281.75 2,798,180.39 48,371,541.68
2499 A-I-8 50,906,440.32 2.793750% 0.00 118,516.56 118,516.56 48,371,541.68
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 29,156,750.73 7.750000% 470,964.70 188,304.02 659,268.72 28,685,786.03
2507 P/O 268,667.91 N/A 340.66 0.00 340.66 268,327.25
2503 X 185,705,475.72 0.599607% 0.00 92,791.97 92,791.97 180,176,867.10
2504 B-1 6,326,226.50 7.750000% 5,129.52 40,856.88 45,986.40 6,321,096.98
2505 B-2 4,025,960.93 7.750000% 3,264.39 26,001.00 29,265.39 4,022,696.54
2506 B-3 2,875,828.14 7.750000% 2,331.82 18,573.06 20,904.88 2,873,496.32
2508 B-4 1,495,470.33 7.750000% 1,212.58 9,658.25 10,870.83 1,494,257.75
2509 B-5 575,562.57 7.750000% 466.69 3,717.17 4,183.86 575,095.88
2510 B-6 1,379,458.82 7.750000% 1,118.51 8,909.00 10,027.51 1,378,340.31
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 -- 203,212,716.57 -- 5,554,626.16 1,403,472.31 6,958,098.47 197,658,090.41
- ---------------------------------------------------------------------------------------------------------
</TABLE>
Class Information Factors Per $1,000 (Class R per $100)
- ----------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ----------------------------------------------------------------
2492 A-I-1 129.71939793 1.9127974454 223.41243092
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 39.89004452 4.1430929633 761.19136228
2499 A-I-8 0.00000000 1.8650177073 761.19136228
2500 A-I-9 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 0.00000000 6.4583333959 1000.00000000
2502 A-II 14.55825277 5.8207706443 886.72233992
2507 P/O 1.24287643 0.000000000 978.97497172
2503 X 0.00000000 0.4365846972 847.72920506
2504 B-1 0.80463113 6.4089223529 991.54462367
2505 B-2 0.80463113 6.4089228494 991.54462367
2506 B-3 0.80463113 6.4089233954 991.54462367
2508 B-4 0.80463113 6.4089250166 991.54462367
2509 B-5 0.80463113 6.4089137931 991.54462367
2510 B-6 0.80463117 6.4089191091 991.54468103
2511 R-1 0.00000000 0.0000000008 0.00000000
2512 R-2 0.00000000 0.0000000000 0.00000000
- ----------------------------------------------------------------
Totals 23.96074267 6.05409579 852.62887251
- ----------------------------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Accrual Period: 2/1/98 thru 2/26/98
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
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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 -- --
- -------------------------------------------------------------------------
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>
THE Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Accrual Period: 2/1/98 thru 2/26/98
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Auslin, 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 197,658,089.39
Ending loan count (excluding REO) 1241
Aggregate scheduled principal amt 165,704.13
Aggregate prepayment amount 5,388,922.03
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 1,071.49
Aggregate outstanding advances 46,897.19
P&S Ref.
Sec. 5.04
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FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 42,589.99
Monthly trustee fee 1,439.43
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
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
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
- ------ ---------- ------------------------ ----------------------
<S> <C> <C> <C>
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 2 755,026.12 751,456.47
Totals 2 755,026.12 751,456.47
========== ==========
In foreclosure 1 400,267.30 398,740.23
In bankruptcy 1 354,758.82 352,716.24
Loans in foreclosure and
also in delinq. Info above 1 400,267.30 398,740.23
Loans in bankruptcy and
also in delinq. Info above 1 354,758.82 352,716.24
</TABLE>
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- ------------------------ ---------- ------------------------- --------------------
<S> <C> <C> <C>
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>
