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
January 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 April 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 333-32485-1 68-0397342
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer Identification No.)
of Incorporation)
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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)
<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 January 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: February 2, 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 January 25, 1998......................5
Exhibit 10.1
Page Number: 1
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
THE
BANK OF
NEW
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 1997-4
Headlands Mortgage Company, Servicer
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<CAPTION>
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> <C> <C> <C> <C> <C> <C>
A-I-1 13,576,002.20 6.575000% 431,129.33 74,385.18 505,514.51 13,144,872.87
A-I-2 13,576,002.20 2.425000% - 27,434.84 27,434.84 13,144,872.87
A-I-3 27,440,549.71 6.700000% 1,371,775.06 153,209.74 1,524,984.80 26,068,774.64
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% - 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 67,108,355.35 7.250000% 1,708,194.02 405,446.31 2,113,640.33 65,400,161.33
X 228,196,237.16 1.123878% - 213,720.69 213,720.69 224,672,370.80
B-1 6,521,710.58 7.250000% 4,843.01 39,402.00 44,245.01 6,516,867.57
B-2 4,150,143.20 7.250000% 3,081.89 25,073.78 28,155.67 4,147,061.31
B-3 2,964,359.51 7.250000% 2,201.33 17,909.67 20,111.00 2,962,158.18
B-4 1,541,458.97 7.250000% 1,144.68 9,312.98 10,457.66 1,540,314.28
B-5 592,891.84 7.250000% 440.28 3,582.05 4,022.33 592,451.56
B-6 1,423,091.02 7.250000% 1,056.78 8,597.84 9,654.62 1,422,034.24
R-1 0.00 7.250000% 0.00 0.00 0.00 0.00
R-2 0.00 7.250000% 0.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 228,196,237.37 - 3,523,866.38 1,592,406.29 5,116,272.67 224,672,370.99
- -----------------------------------------------------------------------------------------------------------------------------------
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<CAPTION>
Factors per $1,000 (Class R per $100)
Class Information
------------------------------------------------------
- -------------------------- Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-I-1 28.44027585 4.9069615687 867.12683910
A-I-2 0.00000000 1.8097920248 867.12683910
A-I-3 42.23742272 4.7173802272 802.66647570
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 24.37518491 5.7855423140 933.23182716
X 0.00000000 0.8986010754 944.64805447
B-1 0.74046459 6.0243100680 996.38675453
B-2 0.74046459 6.0243098436 996.38675453
B-3 0.74046459 6.0243095967 996.38675453
B-4 0.74046459 6.0243094637 996.38675453
B-5 0.74046459 6.0243020518 996.38675453
B-6 0.74046460 6.0243092901 996.38677554
R-1 0.00000000 0.0000000000 0.00000000
R-2 0.00000000 0.0000000000 0.00000000
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Totals - 14.81630121 6.69536489 944.64805527
- -------------------------------------------------------------------------------
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<PAGE>
Page Number: 2
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
THE
BANK OF
NEW
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 1997-4
Headlands Mortgage Company, Servicer
--------------------------------------------------
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<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 - -
- -----------------------------------------------------------------------------------
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<CAPTION>
Unpaid Amounts
----------------------------------------------------------------
-------------------- Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
-----------------------------------------------------------------------------------
<S> <C> <C> <C>
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 - - -
-----------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page Number: 3
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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 224,672,370.80
Ending loan count (excluding REO) 1596
Aggregate scheduled principal amt 169,516.43
Aggregate prepayment amount 3,354,349.95
-----------------------------------------
P&S Ref. ADVANCES
Sec. 5.04 -----------------------------------------
Amount of advances (this period) 3,966.31
Aggregate outstanding advances 15,091.82
-----------------------------------------
P&S Ref. FEES
Sec. 5.04 -----------------------------------------
Monthly servicer fees 47,826.13
Monthly trustee fee 1,616.39
-----------------------------------------
P&S Ref. OTHER INFORMATION
Sec. 5.04 -----------------------------------------
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) -
--------------------------------------------------------
DELINQUENCY INFORMATION
P&S Ref. --------------------------------------------------------
Sec. 5.04
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<CAPTION>
<S> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
1 month 0 0.00 0.00
2 months 1 87,950.66 87,800.45
3 months or more 0 0.00 0.00
Totals 1 87,950.66 87,800.45
In foreclosure 1 87,950.66 87800.45
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<CAPTION>
P&S Ref. -------------------------------------
Sec. 5.04 REO INFORMATION
-------------------------------------
<S> <C> <C> <C>
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
</TABLE>
