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
March 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)
Delaware 333-16679-3 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction (Commission File I.R.S. Employer
of Incorporation) Number) (Identification No.)
1100 Larkspur Landing Circle, Suite 101, Larkspur, CA 94939
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(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 March 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: April 1, 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 March 25, 1998............................5
THE Page Number: 1
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/28/98
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
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Current Payment Information
- ------------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Balance
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-I-1 15,004,482.82 7.000000% 3,471,135.62 87,526.15 3,558,661.77 11,533,347.20
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 6,411,388.06 6.950000% 939,845.34 37,132.62 976,977.96 5,471,542.73
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 22,421,797.02 5.906250% 1,491,212.45 110,357.28 1,601,569.73 20,930,584.56
C-2 22,421,797.02 4.093750% 0.00 76,491.03 76,491.03 20,930,584.56
C-3 38,288,659.00 7.300000% 0.00 232,922.68 232,922.68 38,288,659.00
P/O 32,057.56 N/A 42.88 0.00 42.88 32,014.68
X 19,645,412.57 7.750000% 0.00 126,876.62 126,876.62 19,084,357.65
B-1 6,366,755.27 7.750000% 4,802.70 41,118.63 45,921.33 6,361,952.57
B-2 4,051,572.08 7.750000% 3,056.26 26,166.40 29,222.66 4,048,515.82
B-3 2,893,978.49 7.750000% 2,183.04 18,690.28 20,873.32 2,891,795.45
B-4 1,504,869.97 7.750000% 1,135.18 9,718.95 10,854.13 1,503,734.79
B-5 578,796.30 7.750000% 436.61 3,738.06 4,174.67 578,359.69
B-6 1,389,110.51 7.750000% 1,047.86 8,971.34 10,019.20 1,388,062.65
R-1 0.00 7.750000% 0.00 7.55 7.55 0.00
R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Totals 201,536,842.09 - 5,914,897.95 1,428,261.70 7,343,159.65 195,621,944.14
- -----------------------------------------------------------------------------------------------------------
</TABLE>
Class Information Factors Per $1,000 (Class R per $100)
- ----------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ----------------------------------------------------------------
A-I-1 105.45888429 2.6591902855 350.402306520
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 79.49503676 3.1407923001 462.800073711
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 49.18919979 3.6402501121 690.417186862
C-2 0.00000000 2.5231364938 690.417186862
C-3 0.00000000 6.0833334487 1000.000000000
P/O 1.31926284 0.0000000000 984.976237061
X 0.00000000 5.4802231799 824.316876911
B-1 0.75002795 6.4214146948 993.533484381
B-2 0.75002795 6.4214136121 993.533484381
B-3 0.75002795 6.4214151158 993.533484381
B-4 0.75002795 6.4214131014 993.533484381
B-5 0.75002795 6.4214153685 993.533484381
B-6 0.75002795 6.4214152632 993.533484381
R-1 0.00000000 7.5499999987 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- ----------------------------------------------------------------
Totals 25.40224112 6.13384177 840.12198276
- ----------------------------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/28/98
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
-------------------------------------------------
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 - -
- ---------------------------------------------------------------------------
Unpaid Amounts
- -----------------------------------------------------------------------------
Interest Current Real Aggregate Real
Type Name Shortfalls Losses Losses
- -----------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 0.00 0.00 0.00
Senior - Fixed Rate A-I-2 0.00 0.00 0.00
Senior - Fixed Rate A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-II-1 0.00 0.00 0.00
Senior - Fixed Rate A-II-2 0.00 0.00 0.00
Senior - Fixed Rate A-II-3 0.00 0.00 0.00
Senior - Fixed Rate A-II-4 0.00 0.00 0.00
Senior - Fixed Rate A-II-5 0.00 0.00 0.00
Senior - Floating Rate C-1 0.00 0.00 0.00
Senior - Inv. Floating Rate C-2 0.00 0.00 0.00
Senior - Fixed Rate C-3 0.00 0.00 0.00
Senior - Fixed Rate P/O 0.00 0.00 0.00
Senior - Fixed Rate X 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 0.00 0.00 0.00
- -----------------------------------------------------------------------------
- -----------------------------------------------------------------------------
Totals - - - -
- -----------------------------------------------------------------------------
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/28/98
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 195,621,944.63
Ending loan count (excluding REO) 1284
Aggregate scheduled principal amt 152,116.69
Aggregate prepayment amount 5,762,719.27
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 9,977.61
Aggregate outstanding advances 31,013.42
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 42,238.77
Monthly trustee fee 1,427.54
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
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
- ------ ---------- ------------------------ ----------------------
<S> <C> <C> <C>
1 month 3 275,288.62 274,938.10
2 months 0 0.00 0.00
3 months or more 2 337,371.15 336,099.50
Totals 6 612,658.97 611,037.60
---------- ----------
In foreclosure 2 212,304.35 211,877.48
In bankruptcy 1 239,593.35 238,608.82
Loans in foreclosure and
also in delinq. info above 2 212,304.35 211,877.48
Loans in bankruptcy and
also in delinq. info above 1 239,593.35 238,608.82
</TABLE>
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
REO INFORMATION
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
- ------------------------ ---------- ------------------------- --------------------
<S> <C> <C> <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>
