|
|
|
|
|
|
|
|
|
|
Previous: HEADLANDS MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-2, 8-K, 1998-12-03 |
Next: ROBINSON HUMPHREY ANNUAL THEMES SERIES 1999, 497, 1998-12-03 |
<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
November 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 October 1, 1998 among the Sponsor, PNC Mortgage
Securities Corp., as Seller and Master Servicer, and State Street Bank and Trust
Company, as Trustee, providing for the issuance of the Mortgage Pass-Through
Certificates, Series 1998-1)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-46019-1 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
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 1998-1 (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 November 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: December 4, 1998
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
---------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated November 25, 1998 ................ 5
<PAGE>
EXHIBIT 10.1
PNC Mortgage Securities Corporation 0
Consolidated Distribution Report to Certificate Holders
Reporting Period: October 1998 Distribution Date: November 25, 1998
SERIES: 98-1 HMSI (1477)
Certificate Trust
<TABLE>
<CAPTION>
Class Group I A-1 A-2 A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.0467% 6.500% 6.500% 6.500%
Original Principal Balance $293,485,009.00 $245,840,000.00 $8,156,307.00 $20,379,800.00
Beginning Principal Balance $293,485,009.00 $245,840,000.00 $8,156,307.00 $20,379,800.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $1,001,817.17 $1,032,323.43 ($44,090.96) $0.00
Principal Allocation Factor 0.00341352 0.00419917 -0.00540575 0.00000000
Scheduled Interest $1,723,406.23 $1,331,633.33 $44,180.00 $110,390.58
Scheduled Interest Allocation Factor 0.00587221 0.00541667 0.00541667 0.00541667
Interest Adjustment ($3,473.22) ($2,683.67) ($89.04) ($222.47)
Interest Adjustment Allocation Factor -0.00001183 -0.00001092 -0.00001092 -0.00001092
Net Interest Distributed $1,719,933.01 $1,328,949.66 $44,090.96 $110,168.11
Distributed Allocation Factor 0.00586038 0.00540575 0.00540575 0.00540575
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $2,721,750.18 $2,361,273.09 $0.00 $110,168.11
Ending Principal Balance $292,483,191.83 $244,807,676.57 $8,200,397.96 $20,379,800.00
Principal Balance Trading Factor 0.99658648 0.99580083 1.00540575 1.00000000
$1,723,403.89
<CAPTION>
Class X-1 X-2 PO I-B-1
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 0.000% 6.500%
Original Principal Balance $0.00 $0.00 $32,276.00 $8,364,323.00
Beginning Principal Balance $0.00 $0.00 $32,276.00 $8,364,323.00
Loans Transferred In $0.00 $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00 $0.00
Principal Distributed $0.00 $0.00 $29.06 $5,899.78
Principal Allocation Factor 0.00000000 0.00000000 0.00090033 0.00070535
Scheduled Interest $69,285.23 $64,583.57 $0.00 $45,306.75
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 0.00541667
Interest Adjustment ($139.63) ($130.16) $0.00 ($91.31)
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 -0.00001092
Net Interest Distributed $69,145.60 $64,453.41 $0.00 $45,215.44
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 0.00540575
Other Distribution $0.00 $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000
Ending Total Distribution $69,145.60 $64,453.41 $29.06 $51,115.22
Ending Principal Balance $0.00 $0.00 $32,246.94 $8,358,423.22
Principal Balance Trading Factor 0.00000000 0.00000000 0.99909967 0.99929465
</TABLE>
<PAGE>
PNC Mortgage Securities Corporation 0
Consolidated Distribution Report to Certificate Holders (Continued)
Reporting Period: October 1998 Distribution Date: November 25, 1998
SERIES: 98-1 HMSI (1477)
Certificate Trust
<TABLE>
<CAPTION>
Class I-B-2 I-B-3 I-B-4
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500%
Original Principal Balance $4,549,017.00 $2,201,138.00 $1,614,168.00
Beginning Principal Balance $4,549,017.00 $2,201,138.00 $1,614,168.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $3,208.65 $1,552.57 $1,138.55
Principal Allocation Factor 0.00070535 0.00070535 0.00070535
Scheduled Interest $24,640.51 $11,922.83 $8,743.41
Scheduled Interest Allocation Factor 0.00541667 0.00541667 0.00541667
Interest Adjustment ($49.66) ($24.03) ($17.62)
Interest Adjustment Allocation Factor -0.00001092 -0.00001092 -0.00001092
Net Interest Distributed $24,590.85 $11,898.80 $8,725.79
Distributed Allocation Factor 0.00540575 0.00540575 0.00540575
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $27,799.50 $13,451.37 $9,864.34
Ending Principal Balance $4,545,808.35 $2,199,585.43 $1,613,029.45
Principal Balance Trading Factor 0.99929465 0.99929465 0.99929465
<CAPTION>
Class I-B-5 I-B-6 R-1
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500%
Original Principal Balance $880,455.00 $1,467,425.00 $100.00
Beginning Principal Balance $880,455.00 $1,467,425.00 $100.00
Loans Transferred In $0.00 $0.00 $0.00
Loans Transferred Out $0.00 $0.00 $0.00
Principal Losses $0.00 $0.00 $0.00
Other Principal Adjustments $0.00 $0.00 $0.00
Principal Distributed $621.03 $1,035.05 $100.00
Principal Allocation Factor 0.00070535 0.00070535 0.00000000
Scheduled Interest $4,769.13 $7,948.55 $2.34
Scheduled Interest Allocation Factor 0.00541667 0.00541667 0.00000000
Interest Adjustment ($9.61) ($16.02) $0.00
Interest Adjustment Allocation Factor -0.00001091 -0.00001092 0.00000000
Net Interest Distributed $4,759.52 $7,932.53 $2.34
Distributed Allocation Factor 0.00540575 0.00540575 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $5,380.55 $8,967.58 $102.34
Ending Principal Balance $879,833.97 $1,466,389.95 $0.00
Principal Balance Trading Factor 0.99929465 0.99929465 0.00000000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 10/1998 MORTGAGE PASS-THROUGH CERTIFICATES
11/1998 DISTRIBUTION REPORT
SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.04579099TE
- ------------------------------------------------------------------------------------------------------------------------------------
ISSUE DATE: 10/29/1998
CERTIFICATE BALANCE AT ISSUE: $293,485,009.43
CERTIFICATE
TOTAL ACCOUNT CERTIFICATE
NUMBER OF ACTIVITY BALANCE
MORTGAGES (@ PC RATE) OUTSTANDING
------------------ --------------------- ------------------------
<S> <C> <C> <C>
BALANCES FROM LAST FISCAL MONTH-END: 846 $293,485,009.43
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $207,016.08
Unscheduled Principal Collection/Reversals $8,350.72
Liquidations-in-full 2 $786,450.37
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $1,001,817.17 ($1,001,817.17)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 844 $292,483,192.26
SCHEDULED INTEREST AT MORTGAGE RATE: $1,914,681.31
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals ($3,879.15)
Interest Sales Adjustments $0.00
Interest Accrual Adjustment $0.00
Interest Uncollected on Liquidation $0.00
Interest Uncollected on Non-Earning Assets $0.00
Net Unscheduled Interest Distributed ($3,879.15)
OTHER:
Loan Conversion Fees $0.00
Expense Reimbursements $0.00
Gain on Liquidations $0.00
Hazard Insurance Premium Refunds $0.00
Net Other Distributions $0.00
SCHEDULED SERVICING FEE EXPENSES: $191,275.08
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals ($405.93)
Servicing Fees Sales Adjustments $0.00
Servicing Fees Accrual Adjustments $0.00
Servicing Fees Uncollected on Liquidation $0.00
Servicing Fees Uncollected/Non-Earning Assets $0.00
Net Unscheduled Service Fees Distributed ($405.93)
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $2,721,750.18
</TABLE>
<PAGE>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
MORTGAGE PASS-THROUGH CERTIFICATES
11/1998 DISTRIBUTION REPORT
PROCESSING MONTH: 10/1998
SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.04%
<TABLE>
<CAPTION>
- ------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF POOL
- ------------------------------------------------------
<S> <C>
LOAN COUNT OF AGGREGATE LOSS
INCURRED LOSSES AMOUNT
0 $0.00
- ------------------------------------------------------
- ----------------------------------------------------------------------
* Aggregate Loss Amount and Count do not include this month's activity
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
- ------------------------------------------------------------------------------------------------------------------------------------
PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION
<S> <C> <C> <C> <C> <C>
$1,001,817.17 $1,723,406.23 ($3,473.22) $1,719,933.01 $0.00 $2,721,750.18
- -----------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE
INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING
<S> <C> <C> <C> <C> <C>
MPI $0.00 $0.00 $0.00 $0.00 $0.00
SPECIAL HAZARD $2,520,000.00 $0.00 $0.00 $0.00 $2,520,000.00
BANKRUPTCY BOND
SINGLE-UNITS $100,000.00 $0.00 $0.00 $0.00 $100,000.00
MULTI-UNITS $0.00 $0.00 $0.00 $0.00 $0.00
MORTGAGE REPURCHASE $1,933,937.00 $0.00 $0.00 $0.00 $1,933,937.00
DELINQUENT INSTALLMENTS
ONE TWO THREE
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
1 $396,811.69 0 $0.00 0 $0.00
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
0 $0.00 0 $0.00
</TABLE>
|
|