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Previous: CAPITAL BANK CORP, S-8, 1999-04-23 |
Next: PNC MORTGAGE SECURITIES CORP MORT PASS THR CERT SER 1998-1, 8-K, 1999-04-23 |
<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, 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)
Delaware 333-46019-1 68-0397342
-------- ----------- ----------
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction 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 1998-1 (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 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 22, 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>
<TABLE>
<S> <C> <C> <C>
EXHIBIT 10.1
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 02/1999 MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.0425374
- ------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
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: 811 $278,789,516.33
PRINCIPAL POOL COLLECTION(S):
Scheduled Principal Collected Due Current Month $204,015.53
Unscheduled Principal Collection/Reversals $18,738.93
Liquidations-in-full 12 $5,097,411.67
Principal Balance Sales Adjustments $0.00
Net Principal Distributed $5,320,166.13 ($5,320,166.13)
CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $0.00
BALANCE CURRENT FISCAL MONTH-END: 799 $273,469,350.20
SCHEDULED INTEREST AT MORTGAGE RATE: $1,817,603.14
UNSCHEDULED INTEREST AT MORTGAGE RATE:
Unscheduled Interest Collections/Reversals $85.42
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 $85.42
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: $180,100.96
UNSCHEDULED SERVICING FEES:
Unscheduled Service Fee Collections/Reversals $7.77
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 $7.77
MISCELLANEOUS EXPENSES: $0.00
NET FUNDS DISTRIBUTED: $6,957,745.96
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
PNC MORTGAGE SECURITIES CORP.
MASTER SERVICING
PROCESSING MONTH: 02/1999 MORTGAGE PASS-THROUGH CERTIFICATES
03/1999 DISTRIBUTION REPORT
SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.0425
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
AGGREGATE LOSS AMOUNTS FROM INCEPTION OF SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE
POOL
- ---------------------------------------- -------------------------------------------------------------------------------------------
LOAN COUNT OF AGGREGATE LOSS PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL
INCURRED LOSSES AMOUNT DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRIBUTION OTHER DISTRIBUTION
- --------------- ------ ------------ ------------ ---------- ------------ ----- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
0 $0.00 $5,320,166.13 $1,637,502.18 $77.65 $1,637,579.83 $0.00 $6,957,745.96
- ---------------------------------------- -------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
* Aggregate Loss Amount and Count do not include this month's activity
<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
<CAPTION>
DELINQUENT INSTALLMENTS
ONE TWO THREE
<S> <C> <C> <C> <C> <C>
COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE
26 $9,175,780.53 1 $254,898.22 0 $0.00
<CAPTION>
IN FORECLOSURE ACQUIRED
COUNT PRIN BALANCE COUNT PRIN BALANCE
<S> <C> <C> <C>
0 $0.00 0 $0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate
Holders
Reporting Period: February 1999 Distribution Date: March 25, 1999
SERIES: 98-1 HMSI (1477)
Certificate Trust
Class Group I A-1 A-2 A-3
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 7.0409% 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 $278,789,515.90 $231,021,157.38 $8,334,379.29 $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 $5,320,166.13 $5,351,363.16 ($45,146.69) $0.00
Principal Allocation Factor 0.01812756 0.02176767 -0.00553519 0.00000000
Scheduled Interest $1,637,502.18 $1,251,364.60 $45,144.55 $110,390.58
Scheduled Interest Allocation Factor 0.00557951 0.00509016 0.00553493 0.00541667
Interest Adjustment $77.65 $59.34 $2.14 $5.23
Interest Adjustment Allocation Factor 0.00000026 0.00000024 0.00000026 0.00000026
Net Interest Distributed $1,637,579.83 $1,251,423.94 $45,146.69 $110,395.81
Distributed Allocation Factor 0.00557977 0.00509040 0.00553519 0.00541692
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 $6,957,745.96 $6,602,787.10 $0.00 $110,395.81
Ending Principal Balance $273,469,349.77 $225,669,794.22 $8,379,525.98 $20,379,800.00
Principal Balance Trading Factor 0.93180006 0.91795393 1.02736765 1.00000000
<CAPTION>
Class X-1 X-2 PO
<S> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 0.000%
Original Principal Balance $0.00 $0.00 $32,276.00
Beginning Principal Balance $0.00 $0.00 $32,117.54
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 $0.00 $0.00 $29.93
Principal Allocation Factor 0.00000000 0.00000000 0.00092731
Scheduled Interest $65,297.86 $60,610.90 $0.00
Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000
Interest Adjustment $3.10 $2.87 $0.00
Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000
Net Interest Distributed $65,300.96 $60,613.77 $0.00
Distributed Allocation Factor 0.00000000 0.00000000 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $65,300.96 $60,613.77 $29.93
Ending Principal Balance $0.00 $0.00 $32,087.61
Principal Balance Trading Factor 0.00000000 0.00000000 0.99416316
</TABLE>
<PAGE>
<TABLE>
<S> <C>
PNC Mortgage Securities Corporation
Consolidated Distribution Report to Certificate
Holders
Reporting Period: February 1999
SERIES: 98-1 HMSI (1477) Distribution Date: March 25, 1999
Certificate Trust
<CAPTION>
Class I-B-1 I-B-2 I-B-3 I-B-4
<S> <C> <C> <C> <C>
Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500%
Original Principal Balance $8,364,323.00 $4,549,017.00 $2,201,138.00 $1,614,168.00
Beginning Principal Balance $8,340,442.50 $4,536,029.36 $2,194,853.65 $1,609,559.48
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 $6,103.26 $3,319.32 $1,606.12 $1,177.82
Principal Allocation Factor 0.00072968 0.00072968 0.00072968 0.00072968
Scheduled Interest $45,177.40 $24,570.16 $11,888.79 $8,718.45
Scheduled Interest Allocation Factor 0.00540120 0.00540120 0.00540120 0.00540120
Interest Adjustment $2.14 $1.17 $0.56 $0.41
Interest Adjustment Allocation Factor 0.00000026 0.00000026 0.00000025 0.00000025
Net Interest Distributed $45,179.54 $24,571.33 $11,889.35 $8,718.86
Distributed Allocation Factor 0.00540146 0.00540146 0.00540146 0.00540146
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 $51,282.80 $27,890.65 $13,495.47 $9,896.68
Ending Principal Balance $8,334,339.24 $4,532,710.04 $2,193,247.53 $1,608,381.66
Principal Balance Trading Factor 0.99641528 0.99641528 0.99641528 0.99641528
<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 $877,941.26 $1,463,235.43 $0.00
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 $642.45 $1,070.75 $0.00
Principal Allocation Factor 0.00072968 0.00072968 0.00000000
Scheduled Interest $4,755.52 $7,925.86 $1,657.52
Scheduled Interest Allocation Factor 0.00540121 0.00540120 0.00000000
Interest Adjustment $0.23 $0.38 $0.08
Interest Adjustment Allocation Factor 0.00000026 0.00000026 0.00000000
Net Interest Distributed $4,755.75 $7,926.24 $1,657.44
Distributed Allocation Factor 0.00540147 0.00540146 0.00000000
Other Distribution $0.00 $0.00 $0.00
Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000
Ending Total Distribution $5,398.20 $8,996.99 $1,657.44
Ending Principal Balance $877,298.81 $1,462,164.68 $0.00
Principal Balance Trading Factor 0.99641528 0.99641527 0.00000000
</TABLE>
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