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 November 1, 1997 providing for the issuance of the
Mortgage Pass-Through Certificates, Series 1997-6)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-32485-3 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 1997-6 (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 2/28/98
101 Barclay Street, 12E
New York, NY 10286
Frank Austin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-6
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 22,782,808.24 0.000000% 206,798.85 - 206,798.85 22,576,009.39
A-I-2 38,837,264.03 7.000000% - 226,550.71 226,550.71 38,252,227.23
A-I-3 22,287,306.00 7.000000% - 130,009.29 130,009.29 22,287,306.00
A-I-4 80,476,586.25 7.000000% 1,630,187.81 469,446.75 2,099,634.56 78,846,398.43
A-I-5 3,806,000.00 7.000000% - 22,201.67 22,201.67 3,806,000.00
A-I-6 12,341,289.49 0.000000% 93,047.63 - 93,047.63 12,248,241.86
A-I-7 3,713,166.30 0.000000% 285,190.32 - 285,190.32 3,427,975.98
A-I-8 1,649,000.00 7.000000% - 9,619.17 9,619.17 1,649,000.00
A-II-1 24,102,840.25 6.750000% 649,441.62 135,578.48 785,020.10 23,453,398.63
A-II-2 38,837,111.86 7.155000% 1,046,450.82 231,566.28 1,278,017.10 37,790,661.03
X 37,672,666.72 7.000000% - 219,757.22 219,757.22 36,992,721.28
B-1 7,323,750.44 7.000000% 5,605.82 42,721.88 48,327.70 7,318,144.62
B-2 3,371,250.01 7.000000% 2,580.46 19,665.63 22,246.09 3,368,669.56
B-3 2,208,750.18 7.000000% 1,690.65 12,884.38 14,575.03 2,207,059.54
B-4 1,511,249.28 7.000000% 1,156.76 8,815.62 9,972.38 1,510,092.53
B-5 697,499.90 7.000000% 533.89 4,068.75 4,602.64 696,966.01
B-6 1,162,501.83 7.000000% 889.81 6,781.26 7,671.07 1,161,612.01
R-1 - 7.000000% - - - -
R-2 0.00 7.000000% 0.00 4.94 4.94 -
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals - 226,271,110.04 - 3,923,574.45 1,539,672.03 5,463,246.48 222,347,535.59
- ---------------------------------------------------------------------------------------------------------
</TABLE>
Class Information Factors Per $1,000 (Class R per $100)
- -----------------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- -----------------------------------------------------------------------
A-I-1 8.89036800 0.0000000000 970.55197068
A-I-2 0.00000000 5.6649007301 956.49698024
A-I-3 0.00000000 5.8333335577 1000.00000000
A-I-4 19.47790104 5.6090698684 942.07693990
A-I-5 0.00000000 5.8333342091 1000.00000000
A-I-6 7.41518778 0.0000000000 976.09163509
A-I-7 68.18249258 0.0000000000 819.55077012
A-I-8 0.00000000 5.8333353548 1000.00000000
A-II-1 25.97766499 5.4231392000 938.13594515
A-II-2 25.97766499 5.7485274142 938.13594515
X 0.00000000 5.6428805390 949.89146191
B-1 0.76371281 5.8202404122 996.99172999
B-2 0.76371281 5.8202415389 996.99172999
B-3 0.76371281 5.8202418645 996.99172999
B-4 0.76371281 5.8202395406 996.99172999
B-5 0.76371281 5.8202409204 996.99172999
B-6 0.76371281 5.8202395124 996.99172999
R-1 0.00000000 0.0000000000 0.00000000
R-2 0.00000000 4.9400000000 0.00000000
- -----------------------------------------------------------------------
- -----------------------------------------------------------------------
Totals - 16.83770911 6.60738062 954.18684508
- -----------------------------------------------------------------------
<PAGE>
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Accured Period: 2/1/98 thru 2/28/98
101 Barclay Street, 12E
New York, NY 10286
Frank Austin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-6
Headlands Mortgage Company, Servicer
-------------------------------------------------
Class Information Original Certificate Information
- -------------------------------------------------------------------------
Type Name Cert. Bal. Pass Thru Cusips
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 23,261,000.00 0.000000% 42209EEP1
Senior - Fixed Rate A-I-2 39,992,000.00 7.000000% 42209EEQ9
Senior - Fixed Rate A-I-3 22,287,306.00 7.000000% 42209EER7
Senior - Fixed Rate A-I-4 83,694,224.00 7.000000% 42209EES5
Senior - Fixed Rate A-I-5 3,806,000.00 7.000000% 42209EET3
Senior - Fixed Rate A-I-6 12,548,250.00 0.000000% 42209EEU0
Senior - Fixed Rate A-I-7 4,182,750.00 0.000000% 42209EEV8
Senior - Fixed Rate A-I-8 1,649,000.00 7.000000% 42209EEW6
Senior - Fixed Rate A-II-1 25,000,000.00 6.750000% 42209EEX4
Senior - Fixed Rate A-II-2 40,282,713.00 7.155000% 42209EEY2
Senior - Fixed Rate X 38,944,156.00 7.000000% 42209EEZ9
Subordinate - Fixed Rate B-1 7,340,226.00 7.000000% 42209EFA3
Subordinate - Fixed Rate B-2 3,378,834.00 7.000000% 42209EFB1
Subordinate - Fixed Rate B-3 2,213,719.00 7.000000% 42209EFC9
Subordinate - Fixed Rate B-4 1,514,649.00 7.000000% 42209EFD7
Subordinate - Fixed Rate B-5 699,069.00 7.000000% 42209EFE5
Subordinate - Fixed Rate B-6 1,165,117.00 7.000000% 42209EFF2
Senior - Fixed Rate R-1 100.00 7.000000% 42209EFG0
Senior - Fixed Rate R-2 100.00 7.000000% 42209EFH8
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------
Totals - 233,023,057.00 - -
- -------------------------------------------------------------------------
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-II-1 0.00 0.00 0.00
A-II-2 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 Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Accured Period: 2/1/98 thru 2/28/98
101 Barclay Street, 12E
New York, NY 10286
Frank Austin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-6
Headlands Mortgage Company, Servicer
-------------------------------------------------
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------
Ending scheduled principal balance 222,347,536.05
Ending loan count (excluding REO) 1484
Aggregate scheduled principal amt 173,077.24
Aggregate prepayment amount 3,750,497.21
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 2,947.65
Aggregate outstanding advances 11,197.84
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 47,139.82
Monthly trustee fee 1,602.75
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 1 147,667.16 147,414.95
3 months or more 0 - -
Totals 1 147,667.16 147,414.95
= =========== ==========
In foreclosure 1 147,667.16 147,414.95
Loans in foreclosure and 1 147,667.16 147,414.95
also in delinq. info above
</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>
