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 October 1, 1997 providing for the issuance of the Mortgage
Pass-Through Certificates, Series 1997-5)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32485-2 68-0397342
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(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
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(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 1997-5 (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 Accrual Period: 2/1/98 thru 2/26/98
101 Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-5
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>
2940 A-I-1 31,499,000.00 7.250000% 0.00 190,306.46 190,306.46 31,499,000.00
2941 A-I-2 8,924,000.00 7.250000% 0.00 53,915.83 53,915.83 8,924,000.00
2942 A-I-3 7,329,000.00 7.250000% 0.00 44,279.38 44,279.38 7,329,000.00
2943 A-I-4 2,260,000.00 7.250000% 0.00 13,654.17 13,654.17 2,260,000.00
2944 A-I-5 37,088,637.51 7.250000% 23,764.16 224,077.18 247,841.34 37,064,873.35
2945 A-I-6 75,684,641.78 7.250000% 5,997,889.24 457,261.38 6,455,150.62 69,686,752.54
2946 A-I-7 8,240,000.00 7.250000% 0.00 49,783.33 49,783.33 8,240,000.00
2947 A-II-1 61,904,034.66 6.750000% 1,975,989.62 348,210.19 2,324,199.81 59,928,045.04
2948 A-II-2 17,686,866.77 6.156250% 564,568.46 90,737.31 655,305.77 17,122,298.32
2949 A-II-3 17,686,866.77 2.843750% 0.00 41,914.19 41,914.19 17,122,298.32
2950 X 270,378,594.77 0.977393% 0.00 220,221.68 220,221.68 261,801,740.40
2951 B-1 7,058,004.39 7.250000% 5,229.59 42,642.11 47,871.70 7,052,774.80
2952 B-2 4,940,602.37 7.250000% 3,660.71 29,849.47 33,510.18 4,936,941.66
2953 B-3 3,529,001.69 7.250000% 2,614.79 21,321.05 23,935.84 3,526,386.90
2954 B-4 1,835,080.68 7.250000% 1,359.69 11,086.95 12,446.64 1,833,720.99
2955 B-5 705,800.34 7.250000% 522.96 4,264.21 4,787.17 705,277.38
2956 B-6 1,693,924.00 7.250000% 1,255.10 10,234.12 11,489.22 1,692,668.90
2957 R-1 0.00 7.250000% 0.00 0.00 0.00 0.00
2958 R-2 0.00 7.250000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------
Totals -- 270,378,594.20 -- 8,576,854.33 1,853,759.01 10,430,613.34 261,801,739.87
- ---------------------------------------------------------------------------------------------------------
</TABLE>
Class Information Factors Per $1,000 (Class R per $100)
- ---------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ---------------------------------------------------------------
2940 A-I-1 0.00000000 6.0416667196 1000.00000000
2941 A-I-2 0.00000000 6.0416662931 1000.00000000
2942 A-I-3 0.00000000 6.0416673489 1000.00000000
2943 A-I-4 0.00000000 6.0416681416 1000.00000000
2944 A-I-5 0.63915191 6.0266963308 996.88302133
2945 A-I-6 71.21945978 5.4295614900 827.46657490
2946 A-I-7 0.00000000 6.0416662621 1000.00000000
2947 A-II-1 30.36365576 5.3507033718 920.87251277
2948 A-II-2 30.36365576 4.8800396481 920.87251277
2949 A-II-3 0.00000000 2.2542315727 920.87251277
2950 X 0.00000000 0.7777813873 924.63430868
2951 B-1 0.73879685 6.0241553285 996.36277092
2952 B-2 0.73879685 6.0241547668 996.36277092
2953 B-3 0.73879685 6.0241547668 996.36277092
2954 B-4 0.73879685 6.0241575949 996.36277092
2955 B-5 0.73879685 6.0241547668 996.36277092
2956 B-6 0.73879685 6.0241528377 996.36277092
2957 R-1 0.00000000 0.0000000015 0.00000000
2958 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------
Totals -- 29.29149427 6.33091916 894.09984927
- ---------------------------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Accrual Period: 2/1/98 thru 2/26/98
101 Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-5
Headlands Mortgage Company, Servicer
-------------------------------------------------
Class Information Original Certificate Information
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Type Name Cert. Bal. Pass Thru Cusips
- -------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 31,499,000.00 7.250000% 42209EDX5
Senior - Fixed Rate A-I-2 8,924,000.00 7.250000% 42209EDY3
Senior - Fixed Rate A-I-3 7,329,000.00 7.250000% 42209EDZ0
Senior - Fixed Rate A-I-4 2,260,000.00 7.250000% 42209EEA4
Senior - Fixed Rate A-I-5 37,180,765.00 7.250000% 42209EEB2
Senior - Fixed Rate A-I-6 84,217,000.00 7.250000% 42209EEC0
Senior - Fixed Rate A-I-7 8,240,000.00 7.250000% 42209EED8
Senior - Fixed Rate A-II-1 65,077,461.00 6.750000% 42209EEE6
Senior - Floating Rate A-II-2 18,593,560.00 6.125000% 42209EEF3
Senior - Inv. Floating Rate A-II-3 18,593,560.00 2.875000% 42209EEG1
Senior - Variable Rate X 283,140,846.00 0.000000% 42209EEH9
Subordinate - Fixed Rate B-1 7,078,521.00 7.250000% 42209EEJ5
Subordinate - Fixed Rate B-2 4,954,964.00 7.250000% 42209EEK2
Subordinate - Fixed Rate B-3 3,539,260.00 7.250000% 42209EEL0
Subordinate - Fixed Rate B-4 1,840,415.00 7.250000% 42209EDU1
Subordinate - Fixed Rate B-5 707,852.00 7.250000% 42209EDV9
Subordinate - Fixed Rate B-6 1,698,848.00 7.250000% 42209EDW7
Senior - Fixed Rate R-1 100.00 7.250000% 42209EEM8
Senior - Fixed Rate R-2 100.00 7.250000% 42209EEN6
- -------------------------------------------------------------------------
Totals -- 292,810,406.00 -- --
- -------------------------------------------------------------------------
Unpaid Amounts
- --------------------------------------------------------
Interest Current Real Aggregate Real
Type 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
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 Accrual Period: 2/1/98 thru 2/26/98
101 Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-5
Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Ending scheduled principal balance 261,801,740.40
Ending loan count (excluding REO) 1796
Aggregate scheduled principal amt 200,344.60
Aggregate prepayment amount 8,376,509.73
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 458.12
Aggregate outstanding advances 7,156.10
P&S Ref.
Sec. 5.04
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FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 56,328.88
Monthly trustee fee 1,915.18
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 0.00 0.00 0.00
2 months 0.00 0.00 0.00
3 months or more 0.00 0.00 0.00
In foreclosure 0.00 0.00 0.00
Totals 0.00 0.00 0.00
==== ==== ====
</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>
