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 June 1, 1997 providing for the issuance of the
Mortgage Pass-Through Certificates, Series 1997-3)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-16679-3 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 1997-3 (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
The Bank of New 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 1997-3
Headlands Mortgage Company, Servicer
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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>
A-I-1 32,398,423.98 7.000000% 2,408,351.33 188,990.81 2,597,342.14 29,990,072.65
A-I-2 7,042,375.00 7.150000% 0.00 41,960.82 41,960.82 7,042,375.00
A-I-3 22,070,000.00 7.400000% 0.00 136,098.33 136,098.33 22,070,000.00
A-I-4 7,457,000.00 7.250000% 0.00 45,052.71 45,052.71 7,457,000.00
A-I-5 20,964,307.00 7.750000% 0.00 135,394.48 135,394.48 20,964,307.00
A-I-6 21,035,693.00 7.000000% 0.00 122,708.21 122,708.21 21,035,693.00
A-I-7 2,035,712.15 7.750000% 0.00 13,147.31 13,147.31 2,035,712.15
A-II-1 11,593,652.92 6.950000% 617,724.60 67,146.57 684,871.17 10,975,928.31
A-II-2 7,782,000.00 7.600000% 0.00 49,286.00 49,286.00 7,782,000.00
A-II-3 2,242,000.00 7.750000% 0.00 14,479.58 14,479.58 2,242,000.00
A-II-4 14,000,000.00 7.000000% 0.00 81,666.67 81,666.67 14,000,000.00
A-II-5 1,354,838.66 7.750000% 0.00 8,750.00 8,750.00 1,354,838.66
C-1 30,062,360.54 5.906250% 1,022,419.20 147,963.18 1,170,382.38 29,039,941.34
C-2 30,062,360.54 4.093750% 0.00 102,556.49 102,556.49 29,039,941.34
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,472.8 N/A 491.37 0.00 491.37 31,981.50
X 23,018,527.93 7.750000% 0.00 148,661.33 148,661.33 22,521,233.64
B-1 6,398,945.48 7.750000% 4,360.60 41,326.52 45,687.12 6,394,584.88
B-2 4,072,056.76 7.750000% 2,774.93 26,298.70 29,073.63 4,069,281.83
B-3 2,908,610.40 7.750000% 1,982.09 18,784.78 20,766.87 2,906,628.31
B-4 1,512,478.57 7.750000% 1,030.69 9,768.09 10,798.78 1,511,447.88
B-5 581,722.68 7.750000% 396.42 3,756.96 4,153.38 581,326.26
B-6 1,396,133.83 7.750000% 951.40 9,016.70 9,968.10 1,395,182.43
R-1 0.00 7.750000% 0.00 10.29 10.29 0.00
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
Totals 231,838,892.04 -- 4,060,482.64 1,645,747.21 5,706,229.85 227,778,409.40
Factors per $1,000 (Class R per $100)
Principal Interest Ending
Dist. Dist. Cert. Bal
<C> <C> <C>
73.16972868 5.7410557310 911.148
0.00000000 5.9583336687 1,000.00000000
0.00000000 6.1666665156 1,000.00000000
0.00000000 6.0416668902 1,000.00000000
0.00000000 6.4583332841 1,000.00000000
0.00000000 5.8333333729 1,000.00000000
0.00000000 5.4583344912 1,000.00000000
52.24908504 5.6794653874 928.378098220
0.00000000 6.3333333333 1,000.00000000
0.00000000 6.4593316405 1,000.00000000
0.00000000 5.8339335714 1,000.00000000
0.00000000 5.4593336701 1,000.00000000
33.72556495 4.8807180903 957.91278748
0.00000000 3.3829329085 957.91278748
0.00000000 6.0833433487 1,000.00000000
15.11768144 0.0000000000 983.95540309
0.00000000 6.4211772557 972.76698135
0.68093639 6.4530904628 998.62960748
0.68093639 6.4638809574 998.62980749
0.68093639 6.4638824506 998.62950749
0.68093639 6.4538804193 998.62950749
0.68093639 6.4538828779 998.62907493
0.68093639 6.4538825885 998.62957493
0.68093639 10.2800000004 0.00000000
0.68093639 0.0000000000 0.00000000
17.43823139 7.06785946 978.22179295
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The Bank of New 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 1997-3
Headlands Mortgage Company, Servicer
Unpaid Amounts
Class Information Original Certificate Information
Interest Current Aggregate
Type Name Cert. Bal. Pass Thru Cusips Name Shortfalls Real Losses Real Losses
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Senior - Fixed Rate A-I-1 32,914,587.00 7.000000% 42209ECA6 A-I-1 0.00 0.00 0.00
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4 A-I-2 0.00 0.00 0.00
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2 A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0 A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 20,964,307.00 7.750000% 42209ECE8 A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5 A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3 A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-II-1 11,622,692.00 6.950000% 42209ECH1 A-II-1 0.00 0.00 0.00
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7 A-II-2 0.00 0.00 0.00
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4 A-II-3 0.00 0.00 0.00
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2 A-II-4 0.00 0.00 0.00
Senior - Fixed Rate A-II-5 1,354,836.66 7.750000% 42209ECM0 A-II-5 0.00 0.00 0.00
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8 C-1 0.00 0.00 0.00
Senior - Inv. Floating Rate C-2 38,288,659.00 4.062500% 42209ECP3 C-2 0.00 0.00 0.00
Senior - Fixed Rate C-3 38,266,659.00 7.300000% 42209ECQ1 C-3 0.00 0.00 0.00
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9 P/O 0.00 0.00 0.00
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7 X 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5 B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 4,074,996.00 7.7500000% 42209ECU2 B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 2,910,617.00 7.7500000% 42209ECV0 B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7 B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5 B-5 0.00 0.00 0.00
Senior - Fixed Rate B-6 1,397,097.00 7.750000% 42209E8Z2 B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8 R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6 R-2 0.00 0.00 0.00
Totals 232,849,453.00 0.000000% Totals
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Page Number: 3
Payment Date: 8/25/97
Accrual Period: 7/1/97 thru 7/31/97
Headlands Mortgage Securities, Inc.
Mortgage Pass-Through Certificates, Series 1997-3
Headlands Mortgage Company, Servicer
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
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<S> <C> <C> <C> <C> <C> <C> <C>
P&S Ref. P&S Ref. Outstanding Scheduled
Sec. 5.04 COLLATERAL INFORMATION Sec. 5.04 DELINQUENCY INFORMATION Prin Prin
Ending scheduled principal balance 227,778,409.96 Period Loan Count Balance Balance
Ending loans count (excluding REO) 1435 1 month 0 0.00 0.00
Aggregate scheduled principal amt. 160,536.40 2 months 0 0.00 0.00
Aggregate prepayment amount 3,699,946.24 3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 0 0.00 0.00
P&S Ref.
Sec. 5.04 ADVANCES
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
P&S Ref.
Sec. 5.04 REO INFORMATION Interest
FEES Thru Foreclosure
Monthly services fees 48,299.77 Outstanding Prin Balance Book Value Foreclosure Expenses
Monthly trustee fee 1,642.19 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
OTHER INFORMATION 0.00 0.00 0.00 0.00
Class PIO deferred amount 0.00 0.00 0.00 0.00 0.00
Compensating interest amount 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
LIQUIDATED LOAN INFORMATION 0.00 0.00 0.00 0.00
Net liquidation proceeds 0.00 0.00 0.00 0.00 0.00
Realized losses (this period) 0.00 INFO NOT AVAILABLE INFO NOT
Cumulative losses (since Cut-Off) 0.00 AVAILABLE
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