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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
December 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 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)
<TABLE>
<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>
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 1997-5 (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 December 25,
1997.
<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: January 13, 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 December 25, 1997..........................5
<TABLE>
<CAPTION>
<S> <C> <C>
THE PAGE NUMBER: 1
BANK OF Payment Date: 12/26/97
NEW Accrual Period: 11/1/97 thru 11/30/97
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 1997-5
Headlands Mortgage Company, Servicer
-----------------------------------------------------------------------------------
CURRENT PAYMENT INFORMATION
CLASS INFORMATION
---------------------------------------------------------------------------------------
BEGINNING PASS THRU PRINCIPAL INTEREST TOTAL
- --------------------------------------------
CLASS CODE NAME CERT. BAL. RATE DIST. AMT. DIST. AMT. DIST.
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2940 A-I-1 31,499,000.00 7.250000% 0.00 190,306.46 190,306.46
2941 A-I-2 8,924,000.00 7.250000% 0.00 53,915.83 53,915.83
2942 A-I-3 7,329,000.00 7.250000% 0.00 44,279.38 44,279.38
2943 A-I-4 2,260,000.00 7.250000% 0.00 13,654.17 13,654.17
2944 A-I-5 37,158,095.17 7.250000% 22,854.16 224,496.83 247,350.99
2945 A-I-6 83,563,796.30 7.250000% 2,614,229.79 504,864.60 3,119,094.39
2946 A-I-7 8,240,000.00 7.250000% 0.00 49,783.33 49,783.33
2947 A-II-1 64,388,003.29 6.750000% 278,387.42 362,182.52 640,569.94
2948 A-II-2 18,396,572.08 6.218750% 79,539.26 95,336.40 174,875.66
2949 A-II-3 18,396,572.08 2.781250% 0.00 42,637.89 42,637.89
2950 X 281,564,163.66 0.979056% 0.00 229,722.58 229,722.58
2951 B-1 7,073,462.62 7.250000% 5,112.33 42,735.50 47,847.83
2952 B-2 4,951,423.14 7.250000% 3,578.63 29,914.85 33,493.48
2953 B-3 3,536,730.81 7.250000% 2,556.16 21,367.75 23,923.91
2954 B-4 1,839,099.82 7.250000% 1,329.20 11,111.23 12,440.43
2955 B-5 707,346.16 7.250000% 511.23 4,273.55 4,784.78
2956 B-6 1,697,633.99 7.250000% 1,226.96 10,256.54 11,483.50
2957 R-1 0.00 7.250000% 0.00 0.00 0.00
2958 R-2 0.00 7.250000% 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Totals - 281,564,163.38 - 3,009,325.15 1,930,839.41 4,940,164.56
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
FACTORS PER $1,000 (CLASS R PER $100)
------------------------------------------------------------------------------------------
ENDING PRINCIPAL INTEREST ENDING
- -------------------
CLASS CODE CERT. BAL. DIST. DIST. CERT. BAL
- ------------------- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
2940 31,499,000.00 0.00000000 6.0416667196 1000.00000000
2941 8,924,000.00 0.00000000 6.0416662931 1000.00000000
2942 7,329,000.00 0.00000000 6.0416673489 1000.00000000
2943 2,260,000.00 0.00000000 6.0416681416 1000.00000000
2944 37,135,241.01 0.61467700 6.0379830808 998.77560380
2945 80,949,566.50 31.04159244 5.9948062743 961.20220982
2946 8,240,000.00 0.00000000 6.0416662621 1000.00000000
2947 64,109,615.87 4.27778553 5.5654064316 985.12779817
2948 18,317,032.82 4.27778553 5.1273881925 985.12779817
2949 18,317,032.82 0.00000000 2.2931536510 985.12779817
2950 278,554,838.80 0.00000000 0.8113367719 983.80308859
2951 7,068,350.29 0.72223089 6.0373487625 998.56315959
2952 4,947,844.51 0.72223089 6.0373496155 998.56315959
2953 3,534,174.65 0.72223089 6.0373496155 998.56315959
2954 1,837,770.62 0.72223089 6.0373502715 998.56315959
2955 706,834.93 0.72223089 6.0373496155 998.56315959
2956 1,696,407.03 0.72223089 6.0373500160 998.56315959
2957 0.00 0.00000000 0.0000000001 0.00000000
2958 0.00 0.00000000 0.0000000000 0.00000000
- ------------------- ----------------------------------------------------------------------------------------
- ------------------- ----------------------------------------------------------------------------------------
Totals 278,554,838.23 10.27738457 6.59416254 951.31468186
- ------------------- ----------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
THE PAGE NUMBER: 2
BANK OF Payment Date: 12/26/97
NEW Accrual Period: 11/1/97 thru 11/30/97
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 1997-5
Headlands Mortgage Company, Servicer
-----------------------------------------------------------------------------------
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- ----------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <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 - -
- -----------------------------------------------------------------------------------------------------------
<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-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
- -------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
THE PAGE NUMBER: 3
BANK OF Payment Date: 12/26/97
NEW Accrual Period: 11/1/97 thru 11/30/97
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 1997-5
Headlands Mortgage Company, Servicer
------------------------------------------------------------------------
P&S Ref.
----------------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
----------------------------------------------
Ending scheduled principal balance 278,554,838.80
Ending loan count (excluding REO) 1872
Aggregate scheduled principal amt 203,373.85
Aggregate prepayment amount 2,805,951.30
----------------------------------------------
P&S Ref. ADVANCES
----------------------------------------------
Sec. 5.04
Amount of advances (this period) 12,028.96
Aggregate outstanding advances 12,028.96
----------------------------------------------
P&S Ref. FEES
----------------------------------------------
Sec. 5.04
Monthly servicer fees 58,659.20
Monthly trustee fee 1,994.41
----------------------------------------------
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) -
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
--------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
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
= ==== ====
<CAPTION>
P&S Ref.
--------------------------------------------------------
Sec. 5.04 REO INFORMATION
--------------------------------------------------------
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>
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