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 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)
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<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>
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 1997-6 (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 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
<PAGE>
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 1997-6
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>
A-I-1 22,965,998.22 0.000000% 183,189.98 0.00 183,189.98 22,782,808.24
A-I-2 39,146,622.83 7.000000% 0.00 228,355.30 228,355.30 38,837,264.03
A-I-3 22,287,306.00 7.000000% 0.00 130,009.29 130,009.29 22,287,306.00
A-I-4 81,338,605.42 7.000000% 862,019.17 474,475.20 1,336,494.37 80,476,586.25
A-I-5 3,806,000.00 7.000000% 0.00 22,201.67 22,201.67 3,806,000.00
A-I-6 12,422,404.70 0.000000% 81,115.21 0.00 81,115.21 12,341,289.49
A-I-7 3,758,219.91 0.000000% 45,053.61 0.00 45,053.61 3,713,166.30
A-I-8 1,649,000.00 7.000000% 0.00 9,619.17 9,619.17 1,649,000.00
A-II-1 24,379,212.79 6.750000% 276,372.54 137,133.07 413,505.61 24,102,840.25
A-II-2 39,282,433.28 7.155000% 445,321.43 234,221.51 679,542.94 38,837,111.86
X 37,967,296.76 7.000000% 0.00 221,475.90 221,475.90 37,672,666.72
B-1 7,329,297.85 7.000000% 5,547.40 42,754.24 48,301.64 7,323,750.44
B-2 3,373,803.58 7.000000% 2,553.57 19,680.52 22,234.09 3,371,250.01
B-3 2,210,423.21 7.000000% 1,673.03 12,894.14 14,567.17 2,208,750.18
B-4 1,512,393.99 7.000000% 1,144.70 8,822.30 9,967.00 1,511,249.28
B-5 698,028.22 7.000000% 528.32 4,071.83 4,600.15 697,499.90
B-6 1,163,382.37 7.000000% 880.54 6,786.40 7,666.94 1,162,501.83
R-1 0.00 7.000000% 0.00 0.00 0.00 0.00
R-2 0.00 7.000000% 0.00 5.01 5.01 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
Totals - 228,176,509.54 - 1,905,399.50 1,552,505.55 3,457,905.05 226,271,110.04
- ------------------------------------------------------------------------------------------------------------------------------------
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FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
-----------------------------------------------------
- ------------------------- PRINCIPAL INTEREST ENDING
CLASS CODE NAME DIST. DIST. CERT. BAL
- --------------------------------------------------------------------------------
A-I-1 7.87541292 0.0000000000 979.44233868
A-I-2 0.00000000 5.7100245049 971.12582603
A-I-3 0.00000000 5.8333335577 1000.00000000
A-I-4 10.29962563 5.6691510755 961.55484094
A-I-5 0.00000000 5.8333342091 1000.00000000
A-I-6 6.46426474 0.0000000000 983.50682286
A-I-7 10.77128840 0.0000000000 887.73326270
A-I-8 0.00000000 5.8333353548 1000.00000000
A-II-1 11.05490157 5.4853228000 964.11361013
A-II-2 11.05490157 5.8144422894 964.11361013
X 0.00000000 5.6870124493 967.35096081
B-1 0.75575371 5.8246489958 997.75544281
B-2 0.75575371 5.8246483846 997.75544281
B-3 0.75575371 5.8246507348 997.75544281
B-4 0.75575371 5.8246498034 997.75544281
B-5 0.75575371 5.8246467802 997.75544281
B-6 0.75575371 5.8246510865 997.75544281
R-1 0.00000000 0.0000000000 0.00000000
R-2 0.00000000 5.0099999999 0.00000000
- --------------------------------------------------------------------------------
Totals - 8.17687110 6.66245465 971.02455419
- --------------------------------------------------------------------------------
<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 1997-6
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 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 - -
- ------------------------------------------------------------------------------------------------------
</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-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
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 1997-6
Headlands Mortgage Company, Servicer
---------------------------------------------------
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<CAPTION>
P&S Ref.
---------------------------------------
Sec. 5.04 COLLATERAL INFORMATION
---------------------------------------
<S> <C> <C>
Ending scheduled principal balance 226,271,110.50
Ending loan count (excluding REO) 1503
Aggregate scheduled principal amt 172,646.06
Aggregate prepayment amount 1,732,753.44
---------------------------------------
P&S Ref. ADVANCES
---------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 14,846.29
Aggregate outstanding advances 8,250.19
---------------------------------------
P&S Ref. FEES
---------------------------------------
Sec. 5.04
Monthly servicer fees 47,536.77
Monthly trustee fee 1,616.25
---------------------------------------
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
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<CAPTION>
P&S Ref.
------------------------------------------------------
Sec. 5.04 DELINQUENCY INFORMATION
------------------------------------------------------
<S> <C> <C> <C> <C>
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------ ----------------------
1 month 2 196,417.16 196,194.77
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
Totals 2 196,417.16 196,194.77
In foreclosure 1 147,667.16 147,499.64
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<CAPTION>
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
==== ==== ==== ====
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