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 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)
Delaware 333-32485-1 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 1997-4 (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 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 Accured Period: 2/1/98 thru 2/28/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Attn: Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-4
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 12,665,177.21 6.106250% 1,497,553.50 64,447.28 1,562,000.78 11,167,623.71
A-I-2 12,665,177.21 2.893750% - 30,541.55 30,541.55 11,167,623.71
A-I-3 24,542,470.34 6.700000% 4,764,942.72 137,028.79 4,901,971.51 19,777,527.62
A-I-4 18,508,171.00 6.950000% - 107,193.16 107,193.16 18,508,171.00
A-I-5 12,453,000.00 7.000000% - 72,642.50 72,642.50 12,453,000.00
A-I-6 14,488,000.00 7.250000% - 87,531.67 87,531.67 14,488,000.00
A-I-7 16,133,000.00 7.250000% - 97,470.21 97,470.21 16,133,000.00
A-I-8 5,084,000.00 7.250000% - 30,715.83 30,715.83 5,084,000.00
A-I-9 3,755,503.00 7.250000% - 22,689.50 22,689.50 3,755,503.00
A-I-10 32,456,001.00 7.250000% - 196,088.34 196,088.34 32,456,001.00
A-II 63,938,156.86 7.250000% 2,918,763.82 386,293.03 3,305,056.85 61,019,393.04
X 221,191,487.56 1.122246% - 206,859.43 206,859.43 211,997,385.65
B-1 6,511,982.52 7.250000% 4,871.03 39,343.23 44,214.26 6,507,111.49
B-2 4,143,952.67 7.250000% 3,099.72 25,036.38 28,136.10 4,140,852.95
B-3 2,959,937.75 7.250000% 2,214.06 17,882.96 20,097.02 2,957,723.68
B-4 1,539,159.66 7.250000% 1,151.31 9,299.09 10,450.40 1,538,008.36
B-5 592,007.46 7.250000% 442.83 3,576.71 4,019.54 591,564.63
B-6 1,420,968.28 7.250000% 1,062.90 8,585.02 9,647.92 1,419,905.38
R-1 - 7.250000% - 0.00 0.00 -
R-2 0.00 7.250000% 0.00 0.00 - -
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals - 221,191,487.76 - 9,194,101.89 1,543,224.68 10,737,326.57 211,997,385.87
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Class Information Factors Per $1,000 (Class R per $100)
- ---------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
A-I-1 98.78899909 4.2513888676 736.69379232
A-I-2 0.00000000 2.0147321294 736.69379232
A-I-3 146.71421392 4.2191632497 608.95683087
A-I-4 0.00000000 5.7916668265 1000.00000000
A-I-5 0.00000000 5.8333333333 1000.00000000
A-I-6 0.00000000 6.0416668967 1000.00000000
A-I-7 0.00000000 6.0416667700 1000.00000000
A-I-8 0.00000000 6.0416660110 1000.00000000
A-I-9 0.00000000 6.0416673878 1000.00000000
A-I-10 0.00000000 6.0416666859 1000.00000000
A-II 41.64948889 5.5122333477 870.72017109
X 0.00000000 0.8697525085 891.35534198
B-1 0.74474900 6.0153245165 994.89511389
B-2 0.74474900 6.0153239951 994.89511389
B-3 0.74474900 6.0153251034 994.89511389
B-4 0.74474900 6.0153244065 994.89511389
B-5 0.74474900 6.0153212244 994.89511389
B-6 0.74474901 6.0153266101 994.89513487
R-1 0.00000000 0.0000000005 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Totals - 38.65713631 6.48857795 891.35534290
- ---------------------------------------------------------------
</TABLE>
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/28/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-4
Headlands Mortgage Company, Servicer
-------------------------------------------------
<TABLE>
<CAPTION>
Class Information Original Certificate Information
- --------------------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <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 - 237,837,118.00 - -
- --------------------------------------------------------------------------------
</TABLE>
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
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
- -------------------------------------------------------------
<PAGE>
THE Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/28/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, 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 211,997,385.65
Ending loan count (excluding REO) 1534
Aggregate scheduled principal amt 165,136.44
Aggregate prepayment amount 9,028,965.45
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 3,844.55
Aggregate outstanding advances 8,948.69
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 46,358.05
Monthly trustee fee 1,566.78
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
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
- ------ ---------- ------------------------ ----------------------
<S> <C> <C> <C>
1 month 0 - -
2 months 0 - -
3 months or more 1 87,950.66 87,698.45
Totals 1 87,950.66 87,698.45
= ========== =========
In foreclosure 1 87,950.66 87,698.45
Loans in foreclosure and
also in delinq. info above 1 87,950.66 87,698.45
</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>
