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 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)
<TABLE>
<CAPTION>
<S> <C> <C>
Delaware 333-32485-3 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 1997-6 (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 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
THE
BANK OF
NEW
YORK
Page Number: 1
Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
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 1997-6
Headlands Mortgage Company, Servicer
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
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.
- ---------------------------------------------------------------------------------------------------------------------------------
A-I-1 23,261,000.00 0.000000% 135,568.60 0.00 135,568.60 23,125,431.40
A-I-2 39,992,000.00 7.000000% 0.00 233,286.67 233,286.67 39,737,421.98
A-I-3 22,287,306.00 7.000000% 0.00 130,009.29 130,009.29 22,287,306.00
A-I-4 83,694,224.00 7.000000% 709,374.14 488,216.31 1,197,590.45 82,984,849.86
A-I-5 3,806,000.00 7.000000% 0.00 22,201.67 22,201.67 3,806,000.00
A-I-6 12,548,250.00 0.000000% 56,823.18 0.00 56,823.18 12,491,426.82
A-I-7 4,182,750.00 0.000000% 62,186.24 0.00 62,186.24 4,120,563.76
A-I-8 1,649,000.00 7.000000% 0.00 9,619.17 9,619.17 1,649,000.00
A-II-1 25,000,000.00 6.750000% 506,754.14 140,625.00 647,379.14 24,493,245.86
A-II-2 40,282,713.00 7.155000% 816,537.27 240,185.68 1,056,722.95 39,466,175.73
X 38,944,156.00 7.000000% 0.00 227,174.24 227,174.24 38,501,962.73
B-1 7,340,226.00 7.000000% 5,442.21 42,817.99 48,260.20 7,334,783.79
B-2 3,378,834.00 7.000000% 2,505.14 19,709.87 22,215.01 3,376,328.86
B-3 2,213,719.00 7.000000% 1,641.30 12,913.36 14,554.66 2,212,077.70
B-4 1,514,649.00 7.000000% 1,123.00 8,835.45 9,958.45 1,513,526.00
B-5 699,069.00 7.000000% 518.31 4,077.90 4,596.21 698,550.69
B-6 1,165,117.00 7.000000% 863.84 6,796.52 7,660.36 1,164,253.16
R-1 100.00 7.000000% 100.00 0.58 100.58 0.00
R-2 100.00 7.000000% 100.00 3.93 103.93 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------
Totals - 233,023,057.00 - 2,299,537.38 1,586,473.63 3,886,011.01 230,723,519.62
- ---------------------------------------------------------------------------------------------------------------------------------
Factors per $1,000 (Class R per $100)
Class Information
-------------------------------------------------------
Principal Interest Ending
- -------------------------------------------
Class Code Name Dist. Dist. Cert. Bal
- --------------------------------------------------------------------------------------------------
A-I-1 5.82815012 0.0000000000 994.17184988
A-I-2 0.00000000 5.8333334167 993.63427644
A-I-3 0.00000000 5.8333335577 1000.00000000
A-I-4 8.47578376 5.8333333732 991.52421624
A-I-5 0.00000000 5.8333342091 1000.00000000
A-I-6 4.52837487 0.0000000000 995.47162513
A-I-7 14.86730895 0.0000000000 985.13269105
A-I-8 0.00000000 5.8333353548 1000.00000000
A-II-1 20.27016580 5.6250000000 979.72983420
A-II-2 20.27016580 5.9625000928 979.72983420
X 0.00000000 5.8333332477 988.64545238
B-1 0.74142282 5.8333340145 999.25857718
B-2 0.74142282 5.8333348131 999.25857718
B-3 0.74142282 5.8333329569 999.25857718
B-4 0.74142282 5.8333316828 999.25857718
B-5 0.74142282 5.8333297571 999.25857718
B-6 0.74142282 5.8333369095 999.25857718
R-1 100.00000000 0.5800000000 0.00000000
R-2 100.00000000 3.9300000005 0.00000000
- -------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------
Totals 9.86828261 6.80822598 990.13171739
- --------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK
Page Number: 2
Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
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 1997-6
Headlands Mortgage Company, Servicer
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Unpaid Amounts
Class Information Original Certificate Information
--------------------------------------
Interest Current Real Aggregate Real
- ------------------------------------------------------------------------------- ---------
Type Name Cert. Bal. Pass Thru Cusips Name Shortfalls Losses Losses
- ------------------------------------------------------------------------------- -------------------------------------------------
Senior - Fixed Rate A-I-1 23,261,000.00 0.000000% 42209EEP1 A-I-1 0.00 0.00 0.00
Senior - Fixed Rate A-I-2 39,992,000.00 7.000000% 42209EEQ9 A-I-2 0.00 0.00 0.00
Senior - Fixed Rate A-I-3 22,287,306.00 7.000000% 42209EER7 A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 83,694,224.00 7.000000% 42209EES5 A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 3,806,000.00 7.000000% 42209EET3 A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 12,548,250.00 0.000000% 42209EEU0 A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 4,182,750.00 0.000000% 42209EEV8 A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-I-8 1,649,000.00 7.000000% 42209EEW6 A-I-8 0.00 0.00 0.00
Senior - Fixed Rate A-II-1 25,000,000.00 6.750000% 42209EEX4 A-II-1 0.00 0.00 0.00
Senior - Fixed Rate A-II-2 40,282,713.00 7.155000% 42209EEY2 A-II-2 0.00 0.00 0.00
Senior - Fixed Rate X 38,944,156.00 7.000000% 42209EEZ9 X 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 7,340,226.00 7.000000% 42209EFA3 B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 3,378,834.00 7.000000% 42209EFB1 B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 2,213,719.00 7.000000% 42209EFC9 B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 1,514,649.00 7.000000% 42209EFD7 B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 699,069.00 7.000000% 42209EFE5 B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 1,165,117.00 7.000000% 42209EFF2 B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 100.00 7.000000% 42209EFG0 R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 100.00 7.000000% 42209EFH8 R-2 0.00 0.00 0.00
- ------------------------------------------------------------------------------- -------------------------------------------
- -------------------------------------------------------------------------------- -------------------------------------------
Totals 0.00 233,023,057.00 0.00 0.00 Totals 0.00 0.00 0.00
- -------------------------------------------------------------------------------- -------------------------------------------
</TABLE>
<PAGE>
THE
BANK OF
NEW
YORK
Page Number: 3
Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
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 1997-6
Headlands Mortgage Company, Servicer
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
P&S Ref.
------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
------------------------------------
Ending scheduled principal balance 230,723,520.09
Ending loan count (excluding REO) 1525
Aggregate scheduled principal amt 172,768.61
Aggregate prepayment amount 2,126,768.77
------------------------------------
P&S Ref. ADVANCES
------------------------------------
Sec. 5.04
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
------------------------------------
P&S Ref. FEES
------------------------------------
Sec. 5.04
Monthly servicer fees 48,546.47
Monthly trustee fee 1,650.58
------------------------------------
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) 0.00
<S> <C> <C> <C> <C>
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
---- ----
P&S Ref.
-------------------------------------------------------
Sec. 5.04 REO INFORMATION
-------------------------------------------------------
<S> <C> <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>
