<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, 2000
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor under a Pooling and Servicing
Agreement dated as of December 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 1998-3)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C>
Delaware 333-46019-3 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
------------
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 1998-3 (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, 2000.
<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 4, 2000
GREENPOINT MORTGAGE SECURITIES
INC. (SUCCESSOR TO HEADLANDS
MORTGAGE SECURITIES INC.)
By: /s/ Gilbert J. MacQuarrie
-------------------------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
Principal Accounting Officer)
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EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated March 25, 2000...................... 5
<PAGE>
EXHIBIT 10.1
<PAGE>
EXHIBIT 10.1
<TABLE>
<CAPTION>
THE Distribution Date: 3/25/00
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Attn: Anna Felt Headlands Mortgage Securities Inc.
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-3
Headlands Mortgage Company, Seller and Master Servicer
Certificateholder Monthly Distribution Summary
- ----------------------------------------------------------------------------------------------------------------------------------
Certificate Pass Current
Class Rate Beginning Through Principal Interest Total Realized
Class Cusip Description Type Balance Rate (%) Distribution Distribution Distribution Losses
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 42209EGD6 Senior Fix-30/360 204,032,629.92 6.650000 1,844,214.14 1,130,680.82 2,974,894.96 0.00
PO 42209EGE4 Strip PO Fix-30/360 964,602.68 0.000000 1,108.90 0.00 1,108.90 0.00
R 42209EGF1 Senior Fix-30/360 0.00 6.650000 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 Junior Fix-30/360 4,498,939.04 6.650000 4,361.96 24,931.62 29,293.58 0.00
B-2 42209EGH7 Junior Fix-30/360 2,024,488.01 6.650000 1,962.85 11,219.04 13,181.89 0.00
B-3 42209EGJ3 Junior Fix-30/360 1,349,691.58 6.650000 1,308.60 7,479.54 8,788.14 0.00
B-4 42209EGK0 Junior Fix-30/360 787,361.23 6.650000 763.39 4,363.29 5,126.68 0.00
B-5 42209EGL8 Junior Fix-30/360 674,796.42 6.650000 654.25 3,739.50 4,393.75 0.00
B-6 42209EGM6 Junior Fix-30/360 787,412.17 6.650000 763.44 4,363.58 5,127.01 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
Totals 215,119,921.05 1,855,137.53 1,186,777.39 3,041,914.91 0.00
- ----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------
Cumulative
Ending Realized
Class Balance Losses
- --------------------------------------
<S> <C> <C>
A-1 202,188,415.78 0.00
PO 963,493.78 0.00
R 0.00 0.00
- --------------------------------------
B-1 4,494,577.07 0.00
B-2 2,022,525.16 0.00
B-3 1,348,382.99 0.00
B-4 786,597.84 0.00
B-5 674,142.17 0.00
B-6 786,648.74 0.00
- --------------------------------------
Totals 213,264,783.53 0.00
- --------------------------------------
</TABLE>
Page 1
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 3/25/00
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 1998-3
Headlands Mortgage Company, Seller and Master Servicer
Principal Distribution Detail
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Net Current Ending
Certificate Certificate Principal Accretion Principal Principal Realized Certificate
Class Cusip Balance Balance Distribution Principal Adjustments Distribution Losses Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 42209EGD6 216,562,200.00 204,032,629.92 1,844,214.14 0.00 0.00 1,844,214.14 0.00 202,188,415.78
PO 42209EGE4 1,002,393.00 964,602.68 1,108.90 0.00 0.00 1,108.90 0.00 963,493.78
R 42209EGF1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 4,556,300.00 4,498,939.04 4,361.96 0.00 0.00 4,361.96 0.00 4,494,577.07
B-2 42209EGH7 2,050,300.00 2,024,488.01 1,962.85 0.00 0.00 1,962.85 0.00 2,022,525.16
B-3 42209EGJ3 1,366,900.00 1,349,691.58 1,308.60 0.00 0.00 1,308.60 0.00 1,348,382.99
B-4 42209EGK0 797,400.00 787,361.23 763.39 0.00 0.00 763.39 0.00 786,597.84
B-5 42209EGL8 683,400.00 674,796.42 654.25 0.00 0.00 654.25 0.00 674,142.17
B-6 42209EGM6 797,452.00 787,412.17 763.44 0.00 0.00 763.44 0.00 786,648.74
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 227,816,445.00 215,119,921.05 1,855,137.53 0.00 0.00 1,855,137.53 0.00 213,264,783.53
- ---------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------
Ending
Certificate
Class Factor
- -----------------------
<S> <C>
A-1 0.93362745567
PO 0.96119364506
R 0.00000000000
- -----------------------
B-1 0.98645327868
B-2 0.98645327868
B-3 0.98645327868
B-4 0.98645327868
B-5 0.98645327868
B-6 0.98645277151
- -----------------------
Totals
- -----------------------
</TABLE>
Page 2
<PAGE>
<TABLE>
<CAPTION>
THE Distribution Date: 3/25/00
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 1998-3
Headlands Mortgage Company, Seller and Master Servicer
Interest Distribution Detail
- ------------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Accrued Cumulative Total Net Unscheduled
Certificate Through Optimal Unpaid Deferred Interest Prepayment Interest Interest
Class Balance Rate (%) Interest Interest Interest Due Int Shortfall Adjustment Paid
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 204,032,629.92 6.650000 1,130,680.82 0.00 0.00 1,130,680.82 0.00 0.00 1,130,680.82
PO 964,602.68 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R 0.00 6.650000 0.00 0.00 0.00 0.00 0.00 0.00 0.00
- ------------------------------------------------------------------------------------------------------------------------------------
B-1 4,498,939.04 6.650000 24,931.62 0.00 0.00 24,931.62 0.00 0.00 24,931.62
B-2 2,024,488.01 6.650000 11,219.04 0.00 0.00 11,219.04 0.00 0.00 11,219.04
B-3 1,349,691.58 6.650000 7,479.54 0.00 0.00 7,479.54 0.00 0.00 7,479.54
B-4 787,361.23 6.650000 4,363.29 0.00 0.00 4,363.29 0.00 0.00 4,363.29
B-5 674,796.42 6.650000 3,739.50 0.00 0.00 3,739.50 0.00 0.00 3,739.50
B-6 787,412.17 6.650000 4,363.58 0.00 0.00 4,363.58 0.00 0.00 4,363.58
- ------------------------------------------------------------------------------------------------------------------------------------
Totals 215,119,921.05 1,186,777.39 0.00 0.00 1,186,777.39 0.00 0.00 1,186,777.39
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
THE Distribution Date: 3/25/00
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 1998-3
Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Current Payment Information
Factors per $1,000
- -----------------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert.
Certificate Notional Principal Interest
Class Cusip Balance Balance Distribution Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 42209EGD6 216,562,200.00 942.143319191 8.515863521 5.221044227
PO 42209EGE4 1,002,393.00 962.299900340 1.106255283 0.000000000
R 42209EGF1 100.00 0.000000000 0.000000000 0.000000000
- -----------------------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 4,556,300.00 987.410626156 0.957347472 5.471900553
B-2 42209EGH7 2,050,300.00 987.410626156 0.957347472 5.471900553
B-3 42209EGJ3 1,366,900.00 987.410626156 0.957347472 5.471900553
B-4 42209EGK0 797,400.00 987.410626156 0.957347472 5.471900553
B-5 42209EGL8 683,400.00 987.410626156 0.957347472 5.471900553
B-6 42209EGM6 797,452.00 987.410118491 0.957346980 5.471897740
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 227,816,445.00 944.268624023 8.143123864 5.209357867
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ------------------------------------------------------------------
Ending Cert. Pass
Notional Through
Class Balance Rate (%)
- ------------------------------------------------------------------
<S> <C> <C>
A-1 933.627455670 6.650000
PO 961.193645058 0.000000
R 0.000000000 6.650000
- ------------------------------------------------------------------
B-1 986.453278684 6.650000
B-2 986.453278684 6.650000
B-3 986.453278684 6.650000
B-4 986.453278684 6.650000
B-5 986.453278684 6.650000
B-6 986.452771511 6.650000
- ------------------------------------------------------------------
936.125500203
- ------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
<TABLE>
<CAPTION>
THE
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Attn: Anna Felt Headlands Mortgage Securities Inc.
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-3
Headlands Mortgage Company, Seller and Master Servicer
<S> <C>
Pool Level Data
Distribution Date 3/25/00
Cut-off Date 12/1/98
Determination Date 3/1/00
Accrual Period Begin 2/1/00
End 3/1/00
Number of Days in Accrual Period 29
- ------------------------------------------------------------------------
Collateral Information
- ------------------------------------------------------------------------
Group 1
- -------
Cut-Off Date Balance 227,816,444.00
Beginning Aggregate Pool Stated Principal Balance 215,119,921.48
Ending Aggregate Pool Stated Principal Balance 213,264,783.95
Beginning Aggregate Certificate Stated Principal Balance 215,119,921.06
Ending Aggregate Certificate Stated Principal Balance 213,264,783.53
Beginning Aggregate Loan Count 819
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Agreement 2
Ending Aggregate Loan Count 817
Beginning Weighted Average Loan Rate (WAC) 7.152252%
Ending Weighted Average Loan Rate (WAC) 7.150677%
Beginning Net Weighted Average Loan Rate 6.893750%
Ending Net Weighted Average Loan Rate 6.892175%
Aggregate Pool Prepayment 1,646,531.16
Pool Prepayment Rate 8.8079 CPR
- ------------------------------------------------------------------------
Certificate Information
- ------------------------------------------------------------------------
Group 1
- -------
Senior Percentage 95.2732023965%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 4.7267976035%
Subordinate Prepayment Percentage 0.0000000000%
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 0.00
Compensation for Gross PPIS from Servicing Fees 0.00
Other Gross PPIS Compensation 0.00
----
</TABLE>
Page 1
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Headlands Mortgage Securities Inc.
Attn: Anna Felt Mortgage Pass-Through Certificates, Series 1998-3
212-815-7166 Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<S> <C>
----
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 93,858.46
Sub Servicing Fees Paid 0.38
Trustee Fees Paid 1,523.77
---------
Total Fees 95,382.61
</TABLE>
- ------------------------------------------------------------
Delinquency Information
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Group 1
- -------
Delinquency 30 - 59 Days 60 - 89 Days 90+ Days Totals
- ----------- ------------ ------------ -------- ------
<S> <C> <C> <C> <C>
Scheduled Principal Balance 0.00 0.00 58,772.74 58,772.74
Percentage of Total Pool Balance 0.000000% 0.000000% 0.027559% 0.027559%
Number of Loans 0 0 1 1
Percentage of Total Loans 0.000000% 0.000000% 0.122399% 0.122399%
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
</TABLE>
Page 2
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Headlands Mortgage Securities Inc.
Attn: Anna Felt Mortgage Pass-Through Certificates, Series 1998-3
212-815-7166 Headlands Mortgage Company, Seller and Master Servicer
<TABLE>
<S> <C>
Additional Gains (Recoveries)/Losses 0.00
Total Realized Losses 0.00
</TABLE>
- -----------------------------------------------------------------
Subordination/Credit Enhancement Information
- -----------------------------------------------------------------
<TABLE>
<CAPTION>
Protection Original Current
- ---------- -------- -------
<S> <C> <C>
Bankruptcy Loss 100,000.00 0.00
Bankruptcy Percentage 0.043895% 0.000000%
Credit/Fraud Loss 2,278,164.00 2,278,164.00
Credit/Fraud Loss Percentage 1.000000% 1.068233%
Special Hazard Loss 3,919,310.00 3,869,239.43
Special Hazard Loss Percentage 1.720381% 1.814289%
Credit Support Original Current
- -------------- -------- -------
Class A 217,564,693.00 203,151,909.56
Class A Percentage 95.499995% 95.258067%
Class B-1 4,556,300.00 4,494,577.07
Class B-1 Percentage 1.999987% 2.107510%
Class B-2 2,050,300.00 2,022,525.16
Class B-2 Percentage 0.899979% 0.948363%
Class B-3 1,366,900.00 1,348,382.99
Class B-3 Percentage 0.600001% 0.632258%
Class B-4 797,400.00 786,597.84
Class B-4 Percentage 0.350019% 0.368836%
Class B-5 683,400.00 674,142.17
Class B-5 Percentage 0.299978% 0.316106%
Class B-6 797,452.00 786,648.74
Class B-6 Percentage 0.350041% 0.368860%
</TABLE>
Page 3
