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
February 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)
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<CAPTION>
<S> <C> <C>
Delaware 333-32485-2 68-0397342
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
1100 Larkspur Landing Circle, Suite 101, 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 1997-5 (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 February 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: March 5, 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 February 25, 1998..........................5
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
PAGE NUMBER: 1
Attn: Frank Austin, MBS Unit Payment Date: 2/25/98
(212) 815-2297 Accrual Period: 1/1/98 thru 1/31/98
--------------------------------------------------
HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-5
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>
2940 A-I-1 31,499,000.00 7.250000% - 190,306.46 190,306.46 31,499,000.00
2941 A-I-2 8,924,000.00 7.250000% - 53,915.83 53,915.83 8,924,000.00
2942 A-I-3 7,329,000.00 7.250000% - 44,279.38 44,279.38 7,329,000.00
2943 A-I-4 2,260,000.00 7.250000% - 13,654.17 13,654.17 2,260,000.00
2944 A-I-5 37,112,137.93 7.250000% 23,500.43 224,219.17 247,719.60 37,088,637.51
2945 A-I-6 79,548,763.44 7.250000% 3,864,121.66 480,607.11 4,344,728.77 75,684,641.78
2946 A-I-7 8,240,000.00 7.250000% - 49,783.33 49,783.33 8,240,000.00
2947 A-II-1 63,138,497.13 6.750000% 1,234,462.47 355,154.05 1,589,616.52 61,904,034.66
2948 A-II-2 18,039,570.33 6.156250% 352,703.56 92,546.75 445,250.31 17,686,866.77
2949 A-II-3 18,039,570.33 2.843750% - 42,750.02 42,750.02 17,686,866.77
2950 X 275,867,947.82 0.978617% - 224,974.30 224,974.30 270,378,594.77
2951 B-1 7,063,206.15 7.250000% 5,201.76 42,673.54 47,875.30 7,058,004.39
2952 B-2 4,944,243.61 7.250000% 3,641.23 29,871.47 33,512.70 4,940,602.37
2953 B-3 3,531,602.58 7.250000% 2,600.88 21,336.77 23,937.65 3,529,001.69
2954 B-4 1,836,433.14 7.250000% 1,352.46 11,095.12 12,447.58 1,835,080.68
2955 B-5 706,320.52 7.250000% 520.18 4,267.35 4,787.53 705,800.34
2956 B-6 1,695,172.43 7.250000% 1,248.43 10,241.67 11,490.10 1,693,924.00
2957 R-1 - 7.250000% - 0.00 0.00 -
2958 R-2 0.00 7.250000% 0.00 0.00 - -
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 275,867,947.25 - 5,489,353.05 1,891,676.49 7,381,029.54 270,378,594.20
- -----------------------------------------------------------------------------------------------------------------------------------
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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>
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 0.63205874 6.0305152409 997.52217324
2945 A-I-6 45.88291743 5.7067707233 898.68603468
2946 A-I-7 0.00000000 6.0416662621 1000.00000000
2947 A-II-1 18.96912469 5.4574048302 951.23616853
2948 A-II-2 18.96912469 4.9773550627 951.23616853
2949 A-II-3 0.00000000 2.2991842337 951.23616853
2950 X 0.00000000 0.7945667436 954.92613867
2951 B-1 0.73486567 6.0285955216 997.10156778
2952 B-2 0.73486567 6.0285947587 997.10156778
2953 B-3 0.73486567 6.0285963733 997.10156778
2954 B-4 0.73486567 6.0285968110 997.10156778
2955 B-5 0.73486567 6.0285907224 997.10156778
2956 B-6 0.73486567 6.0285970257 997.10156778
2957 R-1 0.00000000 0.0000000009 0.00000000
2958 R-2 0.00000000 0.0000000000 0.00000000
- ------------------------------------------------------------------------------
Totals - 18.74712421 6.46041415 923.39134354
- ------------------------------------------------------------------------------
</TABLE>
<PAGE>
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
PAGE NUMBER: 2
Attn: Frank Austin, MBS Unit Payment Date: 2/25/98
(212) 815-2297 Accrual Period: 1/1/98 thru 1/31/98
--------------------------------------------------
HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-5
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 - 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 - -
- ------------------------------------------------------------------------------------------
</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-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 - - -
- ------------------------------------------------------------------------
<PAGE>
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
PAGE NUMBER: 3
Attn: Frank Austin, MBS Unit Payment Date: 2/25/98
(212) 815-2297 Accrual Period: 1/1/98 thru 1/31/98
--------------------------------------------------
HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-5
Headlands Mortgage Company, Servicer
--------------------------------------------------
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<CAPTION>
P&S Ref.
----------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
----------------------------------------------
<S> <C> <C>
Ending scheduled principal balance 270,378,594.77
Ending loan count (excluding REO) 1836
Aggregate scheduled principal amt 203,119.88
Aggregate prepayment amount 5,286,233.17
----------------------------------------------
P&S Ref. ADVANCES
----------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 5,298.10
Aggregate outstanding advances 6,697.98
----------------------------------------------
P&S Ref. FEES
----------------------------------------------
Sec. 5.04
Monthly servicer fees 57,472.49
Monthly trustee fee 1,954.06
----------------------------------------------
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) -
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<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
<S> <C> <C> <C> <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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<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 REO INFORMATION
--------------------------------------------------------
Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
<S> <C> <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
==== ==== ==== ====
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