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Previous: CBC HOLDING CO, DEF 14A, 1998-03-06 |
Next: COMPASS PLASTICS & TECHNOLOGIES INC, 8-K, 1998-03-06 |
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
Feburary 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 of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
1100 Larkspur Landing Circle, Suite 101, 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 February 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: March 5, 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 February 25, 1998......................... 5
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE
BANK OF PAGE NUMBER: 1
NEW Payment Date: 2/25/98
YORK Accrual Period: 1/1/98 thru 1/31/98
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
----------------------------------------------------------------
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 9,944,132.13 6.500000% 3,043,441.81 53,864.05 3,097,305.86 6,900,690.32
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 53,949,882.13 6.206250% 3,043,441.81 279,022.05 3,322,463.86 50,906,440.32
2499 A-I-8 53,949,882.13 2.793750% 0.00 125,602.07 125,602.07 50,906,440.32
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 29,216,176.47 7.750000% 59,425.74 188,687.81 248,113.55 29,156,750.73
2507 P/O 269,660.04 N/A 992.13 0.00 992.13 268,667.91
2503 X 191,324,189.14 0.600297% 0.00 95,709.42 95,709.42 185,705,475.72
2504 B-1 6,331,344.55 7.750000% 5,118.05 40,889.93 46,007.98 6,326,226.50
2505 B-2 4,029,218.02 7.750000% 3,257.09 26,022.03 29,279.12 4,025,960.93
2506 B-3 2,878,154.75 7.750000% 2,326.61 18,588.08 20,914.69 2,875,828.14
2508 B-4 1,496,680.19 7.750000% 1,209.87 9,666.06 10,875.93 1,495,470.33
2509 B-5 576,028.21 7.750000% 465.64 3,720.18 4,185.82 575,562.57
2510 B-6 1,380,574.82 7.750000% 1,115.99 8,916.21 10,032.20 1,379,458.82
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 - 209,373,511.31 - 6,160,794.74 1,446,171.80 7,606,966.54 203,212,716.57
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
---------------------------------------------------------------------
PRINCIPAL INTEREST ENDING
- -----------------------------
CLASS CODE NAME DIST. DIST. CERT. BAL
- ----------------------------- ---------------------------------------------------------------------
2492 A-I-1 155.74328390 2.7564069105 353.13182885
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 47.89265621 4.3907877851 801.08140680
2499 A-I-8 0.00000000 1.9765177510 801.08140680
2500 A-I-9 0.00000000 6.0923150778 1000.00000000
2501 A-I-10 0.00000000 6.4583333959 1000.00000000
2502 A-II 1.83694220 5.8326341912 901.28059268
2507 P/O 3.61972345 0.000000000 980.21784815
2503 X 0.00000000 0.4503112516 873.74121796
2504 B-1 0.80283209 6.4141066667 992.34925479
2505 B-2 0.80283209 6.4141064826 992.34925479
2506 B-3 0.80283209 6.4141062802 992.34925479
2508 B-4 0.80283209 6.4141074983 992.34925479
2509 B-5 0.80283209 6.4141034483 992.34925479
2510 B-6 0.80281774 6.4141058087 992.34931221
2511 R-1 0.00000000 0.0000000000 0.00000000
2512 R-2 0.00000000 0.0000000000 0.00000000
- ----------------------------- --------------------------------------------------------------------
- ----------------------------- --------------------------------------------------------------------
Totals - 26.57554498 6.23828667 876.58961518
- ----------------------------- --------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE PAGE NUMBER: 2
BANK OF Payment Date: 2/25/98
NEW Accrual Period: 1/1/98 thru 1/31/98
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 - - -
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S><C>
THE
BANK OF
NEW PAGE NUMBER: 3
YORK Payment Date: 2/25/98
101 Barclay Street, 12E Accrual Period: 1/1/98 thru 1/31/98
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
--------------------------------------------------
Ending scheduled principal balance 203,212,715.52
Ending loan count (excluding REO) 1260
Aggregate scheduled principal amt 167,948.28
Aggregate prepayment amount 5,992,846.48
--------------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 1,025.47
Aggregate outstanding advances 47,968.68
--------------------------------------------------
P&S Ref. FEES
--------------------------------------------------
Sec. 5.04
Monthly servicer fees 43,881.20
Monthly trustee fee 1,483.06
--------------------------------------------------
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
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
1 month 1 210,543.73 210,285.48
2 months 0 - -
3 months or more 2 755,026.12 751,976.71
TOTALS 3 965,569.85 962,262.19
= =========== ==========
In foreclosure 1 400,267.30 398,999.26
In bankruptcy 1 354758.82 352977.45
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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