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
September 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)
Delaware 333-16679-2 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)
<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 September 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: October 7, 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 September 25, 1997...........................5
<PAGE>
THE Page Number: 1
BANK OF Payment Date: 9/25/97
NEW YORK Accrual Period: 8/1/97 thru 8/31/97
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
<TABLE>
<CAPTION>
CURRENT PAYMENT INFORMATION
Class Information ----------------------------------------------------------------------------------------
- ------------------------------------------ BEGINNING PASS THRU PRINCIPAL
CLASS CODE NAME CERT. BAL. RATE DIST. AMT.
- -----------------------------------------------------------------------------------------------------------------------------------
<S><C>
2492 A-I-1 17,294,718.67 6.500000% 1,538,291.57
2493 A-I-2 14,405,500.00 6.500000% 0.00
2494 A-I-3 10,543,500.00 6.500000% 0.00
2495 A-I-4 12,540,000.00 7.000000% 0.00
2496 A-I-5 11,060,000.00 7.000000% 0.00
2497 A-I-6 4,474,659.00 7.000000% 0.00
2498 A-I-7 61,300,468.67 6.175000% 1,538,291.57
2499 A-I-8 61,300,468.67 2.825000% 0.00
2500 A-I-9 6,295,093.00 7.310778% 0.00
2501 A-I-10 39,982,908.00 7.750000% 0.00
2502 A-II 31,189,106.49 7.750000% 263,992.75
2507 P/O 272,782.61 N/A 313.81
2503 X 206,947,908.24 0.603671% 0.00
2504 B-1 6,356,098.29 7.750000% 4,824.09
2505 B-2 4,044,971.10 7.750000% 3,070.01
2506 B-3 2,889,407.51 7.750000% 2,192.97
2508 B-4 1,502,531.79 7.750000% 1,140.38
2509 B-5 578,280.32 7.750000% 438.90
2510 B-6 1,385,972.41 7.750000% 1,051.87
2511 R-1 0.00 7.750000% 0.00
2512 R-2 0.00 7.750000% 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 226,115,997.85 - 3,353,607.93
- -----------------------------------------------------------------------------------------------------------------------------------
CURRENT PAYMENT INFORMATION FACTORS PER $1,000 (CLASS R PER $100)
- -----------------------------------------------------------------------------------------------------------------------------------
INTEREST TOTAL ENDING PRINCIPAL INTEREST ENDING
DIST. AMT. DIST. CERT. BAL. DIST. DIST. CERT. BAL
- -----------------------------------------------------------------------------------------------------------------------------------
93,679.73 1,631,971.30 15,756,427.09 78.71961957 4.7939108764 806.31004403
78,029.79 78,029.79 14,405,500.00 0.00000000 5.4166665510 1000.000000000
57,110.63 57,110.63 10,543,500.00 0.00000000 5.4166671409 1000.00000000
73,150.00 73,150.00 12,540,000.00 0.00000000 5.8333333333 1000.00000000
64,516.67 64,516.67 11,060,000.00 0.00000000 5.8333336347 1000.00000000
26,102.18 26,102.18 4,474,659.00 0.00000000 5.8333338920 1000.00000000
315,442.00 1,853,733.57 59,762,177.09 24.20708991 4.9639047542 940.43835317
144,311.52 144,311.52 59,762,177.09 0.00000000 2.2709361474 940.43835317
38,351.69 38,351.69 6,295,093.00 0.00000000 6.0923150778 1000.00000000
258,222.95 258,222.95 39,982,908.00 0.00000000 6.4583333959 1000.00000000
201,429.65 465,422.40 30,925,113.74 8.16042714 6.2265043179 955.94344850
0.00 313.81 272,468.80 1.14491590 0.000000000 994.08515451
104,107.00 104,107.00 203,619,235.19 0.00000000 0.4898217278 958.02516251
41,049.80 45,873.89 6,351,274.20 0.75672002 6.4391843137 996.27830654
26,123.77 29,193.78 4,041,901.09 0.75672002 6.4391841262 996.27830654
18,660.76 20,853.73 2,887,214.53 0.75672002 6.4391856453 996.27830654
9,703.85 10,844.23 1,501,391.41 0.75672002 6.4391838089 996.27830654
3,734.73 4,173.63 577,841.42 0.75672002 6.4391896552 996.27830654
8,951.07 10,002.94 1,384,920.54 0.75669125 6.4391832495 996.27833531
0.00 0.00 0.00 0.00000000 0.0000000000 0.00000000
0.00 0.00 0.00 0.00000000 0.0000000000 0.00000000
- -----------------------------------------------------------------------------------------------------------------------------------
1,562,677.79 4,916,285.72 222,762,389.92 14.46630868 6.74085336 960.92016755
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 9/25/97
NEW YORK Accrual Period: 8/1/97 thru 8/31/97
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
<TABLE>
<CAPTION>
Class Information Original Certificate Information
- ------------------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ------------------------------------------------------------------------------------------------------------------------
<S><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 - -
- ------------------------------------------------------------------------------------------------------------------------
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 0.00 0.00 0.00 -
- ------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 9/25/97
NEW YORK Accrual Period: 8/1/97 thru 8/31/97
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
Ending scheduled principal balance 222,762,388.93
Ending loan count (excluding REO) 1343
Aggregate scheduled principal amt 171,146.57
Aggregate prepayment amount 3,182,461.40
P&S Ref.
Sec. 5.04 DELINQUENCY INFORMATION
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S><C>
1 month 1 355,259.49 354,758.82
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 1 355,259.49 354,758.82
--- ---------- ----------
</TABLE>
P&S Ref.
Sec. 5.04 ADVANCES
Amount of advances (this period) 6,437.64
Aggregate outstanding advances 11,151.17
P&S Ref.
Sec. 5.04 FEES
Monthly servicer fees 47,390.15
Monthly trustee fee 1,601.67
P&S Ref.
Sec. 5.04 REO INFORMATION
<TABLE>
<CAPTION>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
------------------------ ---------- ------------------------- --------------------
<S><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>
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
