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
November 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 (I.R.S. Employer
of Incorporation) Number) 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)
<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 1997-3 (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 November 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: December 4, 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)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- ------------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated November 25, 1997...........................5
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-3
Headlands Mortgage Company, Servicer
-----------------------------------------------------
<TABLE>
<CAPTION>
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>
A-I-1 24,750,099.61 7.000000% 1,216,604.69 144,375.58 1,360,980.27 23,533,494.93
A-I-2 7,042,375.00 7.150000% - 41,960.82 41,960.82 7,042,375.00
A-I-3 22,070,000.00 7.400000% - 136,098.33 136,098.33 22,070,000.00
A-I-4 7,457,000.00 7.250000% - 45,052.71 45,052.71 7,457,000.00
A-I-5 20,964,307.00 7.750000% - 135,394.48 135,394.48 20,964,307.00
A-I-6 21,035,693.00 7.000000% - 122,708.21 122,708.21 21,035,693.00
A-I-7 2,035,712.15 7.750000% - 13,147.31 13,147.31 2,035,712.15
A-II-1 9,854,510.51 6.950000% 1,017,937.48 57,074.04 1,075,011.52 8,836,573.04
A-II-2 7,782,000.00 7.600000% - 49,286.00 49,286.00 7,782,000.00
A-II-3 2,242,000.00 7.750000% - 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 26,894,557.31 5.906250% 767,468.24 132,371.65 899,839.89 26,127,089.08
C-2 26,894,557.31 4.093750% 0.00 91,749.66 91,749.66 26,127,089.08
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,350.03 N/A 48.37 - 48.37 32,301.66
X 21,495,195.24 7.750000% - 138,823.14 138,823.14 21,135,624.72
B-1 6,385,532.41 7.750000% 4,596.38 41,239.90 45,836.28 6,380,936.03
B-2 4,063,521.17 7.750000% 2,924.97 26,243.57 29,168.54 4,060,596.20
B-3 2,902,513.55 7.750000% 2,089.26 18,745.40 20,834.66 2,900,424.29
B-4 1,509,308.21 7.750000% 1,086.42 9,747.62 10,834.04 1,508,221.79
B-5 580,503.31 7.750000% 417.85 3,749.08 4,166.93 580,085.46
B-6 1,393,207.34 7.750000% 1,002.85 8,997.80 10,000.65 1,392,204.50
R-1 - 7.750000% - 7.59 7.59 -
R-2 0.00 7.750000% 0.00 0.00 - -
- ----------------------------------------------------------------------------------------------------------
Totals - 219,248,137.47 - 3,014,176.50 1,554,591.82 4,568,768.32 216,233,960.97
- ----------------------------------------------------------------------------------------------------------
</TABLE>
Factors per $1,000 (Class R per $100)
Class Information -----------------------------------------
- --------------------- Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- --------------------- -----------------------------------------
A-I-1 36.96247764 4.3863706994 714.98679071
A-I-2 0.00000000 5.9583336587 1000.000000000
A-I-3 0.00000000 6.1666665156 1000.000000000
A-I-4 0.00000000 6.0416668902 1000.000000000
A-I-5 0.00000000 6.4583332041 1000.000000000
A-I-6 0.00000000 5.8333333729 1000.000000000
A-I-7 0.00000000 6.4583344912 1000.000000000
A-II-1 86.10031279 4.8274995238 747.424785781
A-II-2 0.00000000 6.3333333333 1000.000000000
A-II-3 0.00000000 6.4583318466 1000.000000000
A-II-4 0.00000000 5.8333335714 1000.000000000
A-II-5 0.00000000 6.4583335701 1000.000000000
C-1 25.31574115 4.3664170932 861.829314195
C-2 0.00000000 3.0264583369 861.829314195
C-3 0.00000000 6.0833334487 1000.000000000
P/O 1.48817032 0.0000000000 993.805575892
X 0.00000000 5.9962331101 912.917924032
B-1 0.71780746 6.4403531896 996.498093763
B-2 0.71780746 6.4403516582 996.498093763
B-3 0.71780746 6.4403526812 996.498093763
B-4 0.71780746 6.4403556737 996.498093763
B-5 0.71780746 6.4403460431 996.498093763
B-6 0.71780746 6.4403545352 996.498093763
R-1 0.00000000 7.5899999999 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- --------------------- --------------------------------------------
Totals - 12.94474374 6.67638167 928.64276976
- --------------------- --------------------------------------------
<PAGE>
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-3
Headlands Mortgage Company, Servicer
-----------------------------------------------------
<TABLE>
<CAPTION>
Unpaid Amounts
Class Information Original Certificate Information ---------------------------------------
- -------------------------------------------------------------------------- Interest Current Real Aggregate Real
Type Name Cert. Bal. Pass Thru Cusips Name Shortfalls Losses Losses
- -------------------------------------------------------------------------- ----------------------------------------------
<S> <C>
Senior - Fixed Rate A-I-1 32,914,587.00 7.000000% 42209ECA6 A-I-1 - - -
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4 A-I-2 - - -
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2 A-I-3 - - -
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0 A-I-4 - - -
Senior - Fixed Rate A-I-5 20,964,307.00 7.750000% 42209ECE8 A-I-5 - - -
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5 A-I-6 - - -
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3 A-I-7 - - -
Senior - Fixed Rate A-II-1 11,822,692.00 6.950000% 42209ECH1 A-II-1 - - -
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7 A-II-2 - - -
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4 A-II-3 - - -
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2 A-II-4 - - -
Senior - Fixed Rate A-II-5 1,354,838.66 7.750000% 42209ECM0 A-II-5 - - -
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8 C-1 - - -
Senior - Inv. Floating Rate C-2 30,315,851.00 4.062500% 42209ECP3 C-2 - - -
Senior - Fixed Rate C-3 38,288,659.00 7.300000% 42209ECQ1 C-3 - - -
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9 P/O - - -
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7 X - - -
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5 B-1 - - -
Subordinate - Fixed Rate B-2 4,074,866.00 7.750000% 42209ECU2 B-2 - - -
Subordinate - Fixed Rate B-3 2,910,617.00 7.750000% 42209ECV0 B-3 - - -
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7 B-4 - - -
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5 B-5 - - -
Subordinate - Fixed Rate B-6 1,397,097.00 7.750000% 42209EBZ2 B-6 - - -
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8 R-1 - - -
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6 R-2 - - -
- -------------------------------------------------------------------------- ----------------------------------------------
Totals - 232,849,453.00 - - Totals - - -
- -------------------------------------------------------------------------- ----------------------------------------------
</TABLE>
<PAGE>
THE BANK OF NEW YORK Page Number: 1
101 Barclay Street, 12E Payment Date: 11/25/97
New York, NY 10286 Accrual Period: 10/1/97 thru 10/31/97
Attn: Frank Austin, MBS Unit
(212) 815-2297
-----------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-3
Headlands Mortgage Company, Servicer
-----------------------------------------------------
P&S Ref.
Sec. 5.04 --------------------------------------------
COLLATERAL INFORMATION
--------------------------------------------
Ending scheduled principal balance 216,233,961.55
Ending loan count (excluding REO) 1386
Aggregate scheduled principal amt 158,111.49
Aggregate prepayment amount 2,856,065.01
--------------------------------------------
P&S Ref. ADVANCES
Sec. 5.04 --------------------------------------------
Amount of adv/rec (this period) (7,340.75)
Aggregate outstanding advances 14,801.78
--------------------------------------------
P&S Ref. FEES
Sec. 5.04 --------------------------------------------
Monthly servicer fees 45,950.76
Monthly trustee fee 1,553.00
--------------------------------------------
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) -
P&S Ref.
Sec. 5.04 -----------------------------------------------
DELINQUENCY INFORMATION
-----------------------------------------------
Outstanding Scheduled
Period Loan Count Prin Balance Prin Balance
1 month 0 - -
2 months 1 240,009.08 239,593.35
3 months or more 0 - -
Totals 1 240,009.08 239,593.35
In foreclosure 1 240,009.08 239,593.35
P&S Ref.
Sec. 5.04 -----------------------------------------------
REO INFORMATION
-----------------------------------------------
Outstanding Interest Foreclosure
Prin Balance Book Value Thru Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
