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Previous: JNL VARIABLE FUND LLC, N-1A/A, 1999-04-20 |
Next: CORNERSTONE INDUSTRIAL PROPERTIES INCOME & GROWTH FUND LLC, S-11, 1999-04-20 |
<PAGE>
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, 1999
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, 1998 among the Sponsor, as Seller and Master
Servicer, and the Bank of New York, as Trustee, providing for the issuance of
the Mortgage Pass-Through Certificates, Series 1998-2)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
DELAWARE 333-46019-2 68-0397342
-------- ----------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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
------------
Filing of Certain Materials
---------------------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of its Mortgage Loan Pass-Through
Certificates, Series 1998-2 (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, 1999.
<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 16, 1999
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, 1999.............................5
<PAGE>
EXHIBIT 10.1
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
HEADLANDS MORTGAGE SECURITIES INC.
Attn: Anna Felt
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-2
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Certificateholder Monthly Distribution Summary
- -----------------------------------------------------------------------------------------------------------------------------------
CERTIFICATE PASS
CLASS RATE BEGINNING THROUGH PRINCIPAL INTEREST TOTAL
CLASS CUSIP DESCRIPTION TYPE BALANCE RATE (%) DISTRIBUTION DISTRIBUTION DISTRIBUTION
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A1 42209EFJ4 Senior Fix-30/360 378,999,079.92 6.750000 1,023,648.96 2,131,869.82 3,155,518.79
PO 42209EFK1 Strip PO Fix-30/360 928,089.47 0.000000 1,299.57 0.00 1,299.57
R 42209EFL9 Senior Fix-30/360 0.00 6.750000 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
B1 42209EFM7 Junior Fix-30/360 7,976,061.86 6.750000 6,827.91 44,865.35 51,693.260
B2 42209EFN5 Junior Fix-30/360 3,589,267.70 6.750000 3,072.59 20,189.63 23,262.230
B3 42209EFP0 Junior Fix-30/360 2,392,878.36 6.750000 2,048.43 13,459.94 15,508.370
B4 Junior Fix-30/360 1,395,820.79 6.750000 1,194.89 7,851.49 9,046.390
B5 Junior Fix-30/360 1,196,389.35 6.750000 1,024.17 6,729.69 7,753.860
B6 Junior Fix-30/360 1,395,897.53 6.750000 1,194.96 7,851.92 9,046.880
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 397,873,484.98 1,040,311.48 2,232,817.84 3,273,129.35
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
CURRENT CUMULATIVE
REALIZED ENDING REAL
CLASS LOSSES BALANCE LOSSES
- ----------------------------------------------------------------------
<S> <C> <C> <C>
A1 0.00 377,975,430.96 0.00
PO 0.00 926,789.89 0.00
R 0.00 0.00 0.00
- ----------------------------------------------------------------------
B1 0.00 7,969,233.95 0.00
B2 0.00 3,586,195.11 0.00
B3 0.00 2,390,829.93 0.00
B4 0.00 1,394,625.90 0.00
B5 0.00 1,195,365.18 0.00
B6 0.00 1,394,702.58 0.00
- ----------------------------------------------------------------------
Totals 0.00 396,833,173.50 0.00
- ----------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
HEADLANDS MORTGAGE SECURITIES INC.
Attn: Anna Felt
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-2
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Principal Distribution Detail
- ---------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING SCHEDULED UNSCHEDULED NET
CERTIFICATE CERTIFICATE PRINCIPAL ACCRETION PRINCIPAL PRINCIPAL
CLASS CUSIP BALANCE BALANCE DISTRIBUTION PRINCIPAL ADJUSTMENTS DISTRIBUTION
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 42209EFJ4 381,205,100.00 378,999,079.92 1,023,648.96 0.00 0.00 1,023,648.96
PO 42209EFK1 931,678.00 928,089.47 1,299.57 0.00 0.00 1,299.57
R 42209EFL9 100.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
B1 42209EFM7 8,002,800.00 7,976,061.86 6,827.91 0.00 0.00 6,827.91
B2 42209EFN5 3,601,300.00 3,589,267.70 3,072.59 0.00 0.00 3,072.59
B3 42209EFP0 2,400,900.00 2,392,878.36 2,048.43 0.00 0.00 2,048.43
B4 1,400,500.00 1,395,820.79 1,194.89 0.00 0.00 1,194.89
B5 1,200,400.00 1,196,389.35 1,024.17 0.00 0.00 1,024.17
B6 1,400,577.00 1,395,897.53 1,194.96 0.00 0.00 1,194.96
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 400,143,355.00 397,873,484.98 1,040,311.48 0.00 0.00 1,040,311.48
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------
CURRENT ENDING ENDING
REALIZED CERTIFICATE CERTIFICATE
CLASS LOSSES BALANCE FACTOR
- --------------------------------------------------------------------
<S> <C> <C> <C>
A1 0.00 377,975,430.96 99152773917
PO 0.00 926,789.89 0.99475343699
R 0.00 0.00 0.00000000000
- --------------------------------------------------------------------
B1 0.00 7,969,233.95 0.99580571113
B2 0.00 3,586,195.11 0.99580571113
B3 0.00 2,390,829.93 0.99580571113
B4 0.00 1,394,625.90 0.99580571113
B5 0.00 1,195,365.18 0.99580571113
B6 0.00 1,394,702.58 0.99580571113
- --------------------------------------------------------------------
Totals 0.00 396,833,173.50
- --------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Attn: Anna Felt
212-815-7166
HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1998-2
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Interest Distribution Detail
- --------------------------------------------------------------------------------------------------------------------------------
BEGINNING PASS ACCRUED CUMULATIVE TOTAL NET
CERTIFICATE THROUGH OPTIMAL UNPAID DEFERRED INTEREST PREPAYMENT
CLASS BALANCE RATE (%) INTEREST INTEREST INTEREST DUE INT SHORTFALL
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A1 378,999,079.92 6.750000 2,131,869.82 0.00 0.00 2,131,869.82 0.00
PO 928,089.47 0.000000 0.00 0.00 0.00 0.00 0.00
R 0.00 6.750000 0.00 0.00 0.00 0.00 0.00
- --------------------------------------------------------------------------------------------------------------------------------
B1 7,976,061.86 6.750000 44,865.35 0.00 0.00 44,865.35 0.00
B2 3,589,267.70 6.750000 20,189.63 0.00 0.00 20,189.63 0.00
B3 2,392,878.36 6.750000 13,459.94 0.00 0.00 13,459.94 0.00
B4 1,395,820.79 6.750000 7,851.49 0.00 0.00 7,851.49 0.00
B5 1,196,389.35 6.750000 6,729.69 0.00 0.00 6,729.69 0.00
B6 1,395,897.53 6.750000 7,851.92 0.00 0.00 7,851.92 0.00
- --------------------------------------------------------------------------------------------------------------------------------
Totals 397,873,484.98 2,232,817.84 0.00 0.00 2,232,817.84 0.00
- --------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------
UNSCHEDULED
INTEREST INTEREST
CLASS ADJUSTMENT PAID
- ----------------------------------------------------
<S> <C> <C>
A1 0.00 2,131,869.82
PO 0.00 0.00
R 0.00 0.00
- ----------------------------------------------------
B1 0.00 44,865.35
B2 0.00 20,189.63
B3 0.00 13,459.94
B4 0.00 7,851.49
B5 0.00 6,729.69
B6 0.00 7,851.92
- ----------------------------------------------------
Totals 0.00 2,232,817.84
- ----------------------------------------------------
</TABLE>
Page 3
<PAGE>
THE Distribution Date: 3/25/99
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Attn: Anna Felt
212-815-7166
HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1998-2
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Current Payment Information
Factors per $1,000
- -------------------------------------------------------------------------------------------------------------------------------
ORIGINAL BEGINNING CERT. ENDING CERT.
CERTIFICATE NOTIONAL PRINCIPAL INTEREST NOTIONAL
CLASS CUSIP BALANCE BALANCE DISTRIBUTION DISTRIBUTION BALANCE
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A1 42209EFJ4 381,205,100.00 994.213036299 2.685297129 5.592448329 991.527739171
PO 42209EFK1 931,678.00 996.148312375 1.394875383 0.000000000 994.753436992
R 42209EFL9 100.00 0.000000000 0.000000000 0.000000000 0.000000000
- -------------------------------------------------------------------------------------------------------------------------------
B1 42209EFM7 8,002,800.00 996.658901615 0.853190484 5.606206322 995.805711131
B2 42209EFN5 3,601,300.00 996.658901615 0.853190484 5.606206322 995.805711131
B3 42209EFP0 2,400,900.00 996.658901615 0.853190484 5.606206322 995.805711131
B4 1,400,500.00 996.658901615 0.853190484 5.606206322 995.805711131
B5 1,200,400.00 996.658901615 0.853190484 5.606206322 995.805711131
B6 1,400,577.00 996.658901615 0.853190484 5.606203729 995.805711131
- -------------------------------------------------------------------------------------------------------------------------------
Totals 400,143,355.00 994.327357954 2.599846947 5.580044782 991.727511007
- -------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------
PASS
THROUGH
CLASS RATE (%)
- --------------------------------------------
<S> <C>
A1 6.750000
PO 0.000000
R 6.750000
- --------------------------------------------
B1 6.750000
B2 6.750000
B3 6.750000
B4 6.750000
B5 6.750000
B6 6.750000
- --------------------------------------------
Totals
- --------------------------------------------
</TABLE>
Page 4
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
HEADLANDS MORTGAGE SECURITIES INC.
Attn: Anna Felt
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-2
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
<S> <C>
POOL LEVEL DATA
Distrbution Date 3/25/99
Cut-off Date 10/ 1/98
Determination Date 3/ 1/99
Accrual Period Begin 2/ 1/99
End 3/ 1/99
Number of Days in Accrual Period 28
- --------------------------------------------------------------------------------------
COLLATERAL INFORMATION
- --------------------------------------------------------------------------------------
GROUP 1
- -------
Cut-Off Date Balance 0.00
Beginning Aggregate Pool Stated Principal Balance 397,873,485.34
Ending Aggregate Pool Stated Principal Balance 396,833,173.85
Beginning Aggregate Certificate Stated Principal Balance 397,873,484.98
Ending Aggregate Certificate Stated Principal Balance 396,833,173.49
Beginning Aggregate Loan Count 1347
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Aggrement 1
Ending Aggregate Loan Count 1346
Beginning Weighted Average Loan Rate (WAC) 7.262223%
Ending Weighted Average Loan Rate (WAC) 7.262475%
Beginning Net Weighted Average Loan Rate 7.003723%
Ending Net Weighted Average Loan Rate 7.003975%
Aggregate Pool Prepayment 699,662.57
- --------------------------------------------------------------------------------------
Certificate Information
- --------------------------------------------------------------------------------------
GROUP 1
- -------
Senior Percentage 95.4788956386%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 4.5211043614%
Subordinate Prepayment Percentage 0.0000000000%
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 0.00
Compensation for Gross PPIS from Servicing Fees 0.00
Other Gross PPIS Compensation 0.00
Excess Servicing Fee 0.00
----
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 172,235.65
Sub Servicing Fees Paid 0.00
Trustee Fees Paid 2,818.27
----------
Total Fees 175,053.92
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------------
GROUP 1
- -------
DELINQUENCY 30 - 59 DAYS 60 - 89 DAYS 90+ DAYS 270+ DAYS TOTALS
- ----------- ------------ ------------ -------- --------- ------
<S> <C> <C> <C> <C> <C>
Scheduled Principal Balance 954,619.25 141,847.59 0.00 0.00 1,096,466.84
Percentage of Total Pool Balance 0.240559% 0.035745% 0.000000% 0.000000% 0.276304%
Number of Loans 2 1 0 3
Percentage of Total Loans 0.148588% 0.074294% 0.000000% 0.222883%
FORECLOSURE
- -----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
BANKRUPTCY
- ----------
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
REO
- ---
Scheduled Principal Balance 0.00 0.00 0.00 0.00
Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000%
Number of Loans 0 0 0 0
Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000%
Book Value of all REO Loans 0.00
Percentage of Total Pool Balance 0.000000%
Current Realized Losses 0.00
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 0.00
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Subordination/Credit Enhancement Information
- --------------------------------------------------------------------------------------
PROTECTION ORIGINAL CURRENT
- ---------- -------- -------
<S> <C> <C>
Bankruptcy Loss 140,000.00 0.00
Bankruptcy Percentage 0.034987% 0.000000%
Credit/Fraud Loss 4,001,434.00 4,001,434.00
Credit/Fraud Loss Percentage 1.000000% 1.008342%
Special Hazard Loss 4,734,475.00 4,716,547.74
Special Hazard Loss Percentage 1.183195% 1.188547%
CREDIT SUPPORT ORIGINAL CURRENT
- -------------- -------- -------
Class A 382,136,878.00 378,902,220.86
Class A Percentage 95.499993% 95.481488%
Class B1 8,002,800.00 7,969,233.95
Class B1 Percentage 1.999983% 2.008208%
Class B2 3,601,300.00 3,586,195.11
Class B2 Percentage 0.900002% 0.903703%
Class B3 2,400,900.00 2,390,829.93
Class B3 Percentage 0.600010% 0.602477%
Class B4 1,400,500.00 1,394,625.90
Class B4 Percentage 0.350000% 0.351439%
Class B5 1,200,400.00 1,195,365.18
Class B5 Percentage 0.299992% 0.301226%
Class B6 1,400,577.00 1,394,702.58
Class B6 Percentage 0.350019% 0.351458%
</TABLE>
Page 3
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