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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
February 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 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)
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<S> <C> <C>
Delaware 333-16679-3 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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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 1997-3 (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 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
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THE PAGE NUMBER: 1
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 1997-3
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.
- ------------------------------------------------------------------------------------------------------------------------------------
A-I-1 17,965,749.28 7.000000% 2,961,266.45 104,800.20 3,066,066.65 15,004,482.82
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 7,020,024.86 6.950000% 608,636.79 40,657.64 649,294.43 6,411,388.06
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 23,625,290.04 5.906250% 1,203,493.02 116,280.72 1,319,773.74 22,421,797.02
C-2 23,625,290.04 4.093750% 0.00 80,596.69 80,596.69 22,421,797.02
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,217.01 N/A 159.45 0.00 159.45 32,057.56
X 20,135,592.43 7.750000% 0.00 130,042.37 130,042.37 19,645,412.57
B-1 6,371,539.51 7.750000% 4,784.24 41,149.53 45,933.77 6,366,755.27
B-2 4,054,616.59 7.750000% 3,044.51 26,186.07 29,230.58 4,051,572.08
B-3 2,896,153.15 7.750000% 2,174.65 18,704.32 20,878.97 2,893,978.49
B-4 1,506,000.79 7.750000% 1,130.82 9,726.26 10,857.08 1,504,869.97
B-5 579,231.23 7.750000% 434.93 3,740.87 4,175.80 578,796.30
B-6 1,390,154.35 7.750000% 1,043.83 8,978.08 10,021.91 1,389,110.51
R-1 0.00 7.750000% 0.00 7.54 7.54 0.00
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 206,323,010.79 - 4,786,168.70 1,462,337.08 6,248,505.78 201,536,842.09
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
-------------------------------------------------------------------
PRINCIPAL INTEREST ENDING
- ---------------------------------------------------------
CLASS CODE NAME DIST. DIST. CERT. BAL
- --------------------------------------------------------- -------------------------------------------------------------------
A-I-1 89.96820926 3.1840047089 455.86119081
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 51.48038993 3.4389494372 542.295110473
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 39.69847390 3.8356409655 739.606386653
C-2 0.00000000 2.6585659759 739.606386653
C-3 0.00000000 6.0833334487 1000.000000000
P/O 4.90570101 0.0000000000 986.295499899
X 0.00000000 5.6169624510 848.550705134
B-1 0.74714457 6.4262402863 994.283512335
B-2 0.74714457 6.4262407647 994.283512335
B-3 0.74714457 6.4262388353 994.283512335
B-4 0.74714457 6.4262428957 994.283512335
B-5 0.74714457 6.4262425188 994.283512335
B-6 0.74714457 6.4262395524 994.283512335
R-1 0.00000000 7.5399999991 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------
Totals - 20.55477751 6.28018259 865.52422389
- ------------------------------------------------------------------------------------------------------------------------------
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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 1997-3
Headlands Mortgage Company, Servicer
------------------------------------------------------------------
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- -----------------------------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- -----------------------------------------------------------------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 32,914,587.00 7.000000% 42209ECA6
Senior - Fixed Rate A-I-2 7,042,375.00 7.150000% 42209ECB4
Senior - Fixed Rate A-I-3 22,070,000.00 7.400000% 42209ECC2
Senior - Fixed Rate A-I-4 7,457,000.00 7.250000% 42209ECD0
Senior - Fixed Rate A-I-5 20,964,307.00 7.750000% 42209ECE8
Senior - Fixed Rate A-I-6 21,035,693.00 7.000000% 42209ECF5
Senior - Fixed Rate A-I-7 2,035,712.15 7.750000% 42209ECG3
Senior - Fixed Rate A-II-1 11,822,692.00 6.950000% 42209ECH1
Senior - Fixed Rate A-II-2 7,782,000.00 7.600000% 42209ECJ7
Senior - Fixed Rate A-II-3 2,242,000.00 7.750000% 42209ECK4
Senior - Fixed Rate A-II-4 14,000,000.00 7.000000% 42209ECL2
Senior - Fixed Rate A-II-5 1,354,838.66 7.750000% 42209ECM0
Senior - Floating Rate C-1 30,315,851.00 5.937500% 42209ECN8
Senior - Inv. Floating Rate C-2 30,315,851.00 4.062500% 42209ECP3
Senior - Fixed Rate C-3 38,288,659.00 7.300000% 42209ECQ1
Senior - Fixed Rate P/O 32,503.00 N/A 42209ECR9
Senior - Fixed Rate X 23,151,725.00 7.750000% 42209ECS7
Subordinate - Fixed Rate B-1 6,403,360.00 7.750000% 42209ECT5
Subordinate - Fixed Rate B-2 4,074,866.00 7.750000% 42209ECU2
Subordinate - Fixed Rate B-3 2,910,617.00 7.750000% 42209ECV0
Subordinate - Fixed Rate B-4 1,513,522.00 7.750000% 42209EBX7
Subordinate - Fixed Rate B-5 582,124.00 7.750000% 42209EBY5
Subordinate - Fixed Rate B-6 1,397,097.00 7.750000% 42209EBZ2
Senior - Fixed Rate R-1 100.00 7.750000% 42209ECW8
Senior - Fixed Rate R-2 100.00 7.750000% 42209ECX6
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Totals - 232,849,453.00 - -
- ---------------------------------------------------------------------------------------------------------------------------------
<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-II-1 0.00 0.00 0.00
A-II-2 0.00 0.00 0.00
A-II-3 0.00 0.00 0.00
A-II-4 0.00 0.00 0.00
A-II-5 0.00 0.00 0.00
C-1 0.00 0.00 0.00
C-2 0.00 0.00 0.00
C-3 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 - - -
----------------------------------------------------------------------------
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PAGE NUMBER: 3
Payment Date: 2/25/98
THE Accrual Period: 1/1/98 thru 1/31/98
BANK OF
NEW
YORK
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 1997-3
Headlands Mortgage Company, Servicer
----------------------------------------------------------------
P&S Ref.
--------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
--------------------------------------------
Ending scheduled principal balance 201,536,842.58
Ending loan count (excluding REO) 1314
Aggregate scheduled principal amt 154,720.86
Aggregate prepayment amount 4,631,447.84
--------------------------------------------
P&S Ref. ADVANCES
--------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 11,371.97
Aggregate outstanding advances 21,035.81
--------------------------------------------
P&S Ref. FEES
--------------------------------------------
Sec. 5.04
Monthly servicer fees 43,241.86
Monthly trustee fee 1,461.46
--------------------------------------------
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) 0.00
<CAPTION>
P&S Ref. -----------------------------------------------
DELINQUENCY INFORMATION
Sec. 5.04 -----------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------- ---------------------
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 2 337,371.15 336,301.55
TOTALS 2 337,371.15 336,301.55
= =========== ==========
In foreclosure 1 97,777.80 97,548.95
In bankruptcy 1 239593.35 238752.60
P&S Ref. -----------------------------------------------
REO INFORMATION
Sec. 5.04 -----------------------------------------------
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
==== ==== ==== ====
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