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 August 1, 1997 providing for the issuance of the Mortgage
Pass-Through Certificates, Series 1997-4)
HEADLANDS MORTGAGE SECURITIES INC.
(Exact Name of Registrant as Specified in Its Charter)
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<CAPTION>
<S> <C> <C>
Delaware 333-16679-4 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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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 1997-4 (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.
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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: 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)
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EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated September 25, 1997...............................5
PAGE NUMBER: 1
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
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 1997-4
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>
A-I-1 15,159,112.00 6.137500% 228,328.57 77,532.54 305,861.11 14,930,783.43
A-I-2 15,159,112.00 2.862500% 0.00 36,160.80 36,160.80 14,930,783.43
A-I-3 32,477,717.00 6.700000% 726,499.95 181,333.92 907,833.87 31,751,217.05
A-I-4 18,508,171.00 6.950000% 0.00 107,193.16 107,193.16 18,508,171.00
A-I-5 12,453,000.00 7.000000% 0.00 72,642.50 72,642.50 12,453,000.00
A-I-6 14,488,000.00 7.250000% 0.00 87,531.67 87,531.67 14,488,000.00
A-I-7 16,133,000.00 7.250000% 0.00 97,470.21 97,470.21 16,133,000.00
A-I-8 5,084,000.00 7.250000% 0.00 30,715.83 30,715.83 5,084,000.00
A-I-9 3,755,503.00 7.250000% 0.00 22,689.50 22,689.50 3,755,500.00
A-I-10 32,456,001.00 7.250000% 0.00 196,088.34 196,088.34 32,456,001.00
A-II 70,079,223.00 7.250000% 513,920.03 423,395.31 937,315.34 69,565,302.97
X 237,827,118.00 1.127748% 0.00 223,516.92 223,516.92 236,356,039.80
B-1 6,540,500.00 7.250000% 4,600.82 39,515.52 44,116.34 6,535,899.18
B-2 4,162,100.00 7.250000% 2,927.77 25,146.02 28,073.79 4,159,172.23
B-3 2,972,900.00 7.250000% 2,091.24 17,961.27 20,052.51 2,970,808.76
B-4 1,545,900.00 7.250000% 1,087.44 9,339.81 10,427.25 1,544,812.56
B-5 594,600.00 7.250000% 418.26 3,592.38 4,010.64 594,181.74
B-6 1,427,191.00 7.250000% 1,003.94 8,622.61 9,626.55 1,426,187.06
R-1 100.00 7.250000% 100.00 0.61 100.61 0.00
R-2 100.00 7.250000% 100.00 0.60 100.60 0.00
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Totals 0.00 237,837,118.00 0.00 1,481,078.02 1,660,449.52 3,141,527.54 236,356,039.98
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Factors per $1,000 (Class R per $100)
- --------------------------------------------------------------
PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- --------------------------------------------------------------
15.06213344 5.1145832289 984.93786656
0.00000000 2.3854167711 984.93786656
22.36918167 5.5833333359 977.63081833
0.00000000 5.7916668265 1000.00000000
0.00000000 5.8333333333 1000.00000000
0.00000000 6.0416668967 1000.00000000
0.00000000 6.0416667700 1000.00000000
0.00000000 6.0416660110 1000.00000000
0.00000000 6.0416673878 1000.00000000
0.00000000 6.0416666859 1000.00000000
7.33341507 6.0416667291 992.66658493
0.00000000 0.9397898944 993.77272054
0.70343536 6.0416665393 999.29656464
0.70343536 6.0416664664 999.29656464
0.70343536 6.0416663864 999.29656464
0.70343536 6.0416650495 999.29656464
0.70343536 6.0416750757 999.29656464
0.70343536 6.0416650609 999.29656464
100.00000000 0.6099999998 0.00000000
100.00000000 0.6000000000 0.00000000
- --------------------------------------------------------------
6.22727870 6.98145661 993.77272130
- --------------------------------------------------------------
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PAGE NUMBER: 2
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
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 1997-4
Headlands Mortgage Company, Servicer
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Class Information Original Certificate Information
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TYPE NAME CERT. BAL. PASS THRU CUSIPS
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<S> <C>
Senior - Floating Rate A-I-1 15,159,112.00 6.137500% 42209ECY4
Senior - Inv. Floating Rate A-I-2 15,159,112.00 2.862500% 42209ECZ1
Senior - Fixed Rate A-I-3 32,477,717.00 6.700000% 42209EDA5
Senior - Fixed Rate A-I-4 18,508,171.00 6.950000% 42209EDB3
Senior - Fixed Rate A-I-5 12,453,000.00 7.000000% 42209EDC1
Senior - Fixed Rate A-I-6 14,488,000.00 7.250000% 42209EDD9
Senior - Fixed Rate A-I-7 16,133,000.00 7.250000% 42209EDE7
Senior - Fixed Rate A-I-8 5,084,000.00 7.250000% 42209EDF4
Senior - Fixed Rate A-I-9 3,755,503.00 7.250000% 42209EDG2
Senior - Fixed Rate A-I-10 32,456,001.00 7.250000% 42209EDH0
Senior - Fixed Rate A-II 70,079,223.00 7.250000% 42209EDJ6
Senior - Variable Rate X 237,837,118.00 1.127700% 42209EDK3
Subordinate - Fixed Rate B-1 6,540,500.00 7.250000% 42209EDL1
Subordinate - Fixed Rate B-2 4,162,100.00 7.250000% 42209EDM9
Subordinate - Fixed Rate B-3 2,972,900.00 7.250000% 42209EDN7
Subordinate - Fixed Rate B-4 1,545,900.00 7.250000% 42209EDR8
Subordinate - Fixed Rate B-5 594,600.00 7.250000% 42209EDS6
Subordinate - Fixed Rate B-6 1,427,191.00 7.250000% 42209EDT4
Senior - Fixed Rate R-1 100.00 7.250000% 42209EDP2
Senior - Fixed Rate R-2 100.00 7.250000% 42209EDQ0
- ----------------------------------------------------------------------------------------------------------
Totals 0.00 237,837,118.00 0.00 0.00
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Unpaid Amounts
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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
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
- --------------------------------------------------------------------------------
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PAGE NUMBER: 3
Payment Date: 9/25/97
Accrual Period: 8/1/97 thru 8/31/97
THE
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 1997-4
Headlands Mortgage Company, Servicer
P&S Ref.
Sec. 5.04 COLLATERAL INFORMATION
Ending scheduled principal balance 236,356,039.80
Ending loan count (excluding REO) 1653
Aggregate scheduled principal amt 167,303.04
Aggregate prepayment amount 1,313,774.98
P&S Ref.
Sec. 5.04 ADVANCES
Amount of advances (this period) 1,550.55
Aggregate outstanding advances 1,550.55
P&S Ref.
Sec. 5.04 FEES
Monthly servicer fees 49,846.69
Monthly trustee fee 1,684.68
P&S Ref.
Sec. 5.04 OTHER INFORMATION
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
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Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S> <C>
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 0 0.00 0.00
_ __________ __________
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P&S Ref.
Sec. 5.04 REO INFORMATION
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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
____ ____ ____ ____
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