HEADLANDS MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-3
8-K, 2000-06-09
ASSET-BACKED SECURITIES
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<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


                                 May 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>                           <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 May 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:  June 2, 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
      May 25, 2000..........................................     5


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