<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
April 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)
Delaware 333-46019-3 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 1998-3 (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 April 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: May 12, 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
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
-------------
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement
distributed to Certificateholders, dated
April 25, 2000...............................................5
<PAGE>
Headlands Mortgage Securities Inc. The Bank of New York
Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E
New York, NY 10286
Distribution Date: 25-Apr-2000 Attn: Anna Felt
212-815-7166
Sequoia Mortgage Trust Contact: Customer Service - Norwest
Bank Minnesota, N.A. CTS Link Mortgage Pass-Through Certificates
Securities Administration Services
Record Date: 31-Mar-2000 7485 New Horizon Way
Distribution Date: 24-Apr-2000
Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
========== =============== ============= ============== ================ ============= =============== ============== =============
Certificate Pass
Class Rate Beginning Through Principal Interest Total
Class CUSIP Description Type Balance Rate (%) Distribution Distribution Distribution
========== =============== ============= ============== ================ ============= =============== ============== =============
========== =============== ============= ============== ================ ============= =============== ============== =============
A-1 42209EGD6 Senior Fix-30/360 202,188,415.78 6.650000 1,452,983.04 1,120,460.80 2,573,443.84
PO 42209EGE4 Strip PO Fix-30/360 963,493.78 0.000000 21,763.91 0.00 21,763.91
R 42209EGF1 Senior Fix-30/360 0.00 6.650000 0.00 0.00 0.00
B-1 42209EGG9 Junior Fix-30/360 4,494,577.07 6.650000 4,400.76 24,907.45 29,308.20
B-2 42209EGH7 Junior Fix-30/360 2,022,525.16 6.650000 1,980.31 11,208.16 13,188.47
B-3 42209EGJ3 Junior Fix-30/360 1,348,382.99 6.650000 1,320.24 7,472.29 8,792.53
B-4 42209EGK0 Junior Fix-30/360 786,597.84 6.650000 770.18 4,359.06 5,129.24
B-5 42209EGL8 Junior Fix-30/360 674,142.17 6.650000 660.07 3,735.87 4,395.94
B-6 42209EGM6 Junior Fix-30/360 786,648.74 6.650000 770.23 4,359.35 5,129.57
========== =============== ============= ============== ================ ============= =============== ============== =============
======================================================= ================ ============= =============== ============== =============
Totals 213,264,783.53 1,484,648.74 1,176,502.98 2,661,151.70
======================================================= ================ ============= =============== ============== =============
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
========== =============== ============= ============== ========== ================= ============
Certificate Current Cumulative
Class Rate Realized Ending Realized
Class CUSIP Description Type Losses Balance Losses
========== =============== ============= ============== ========== ================= ============
========== =============== ============= ============== ========== ================= ============
A-1 42209EGD6 Senior Fix-30/360 0.00 200,735,432.74 0.00
PO 42209EGE4 Strip PO Fix-30/360 0.00 941,729.87 0.00
R 42209EGF1 Senior Fix-30/360 0.00 0.00 0.00
B-1 42209EGG9 Junior Fix-30/360 0.00 4,490,176.32 0.00
B-2 42209EGH7 Junior Fix-30/360 0.00 2,020,544.85 0.00
B-3 42209EGJ3 Junior Fix-30/360 0.00 1,347,062.75 0.00
B-4 42209EGK0 Junior Fix-30/360 0.00 785,827.67 0.00
B-5 42209EGL8 Junior Fix-30/360 0.00 673,482.10 0.00
B-6 42209EGM6 Junior Fix-30/360 0.00 785,878.51 0.00
========== =============== ============= ============== ========== ================= ============
======================================================= ========== ================= ============
Totals 0.00 211,780,134.81 0.00
======================================================= ========== ================= ============
</TABLE>
<PAGE>
Principal Distribution Detail
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
========== ============ ================ ================ ============== ========== ============
Original Beginning Scheduled Unscheduled
Certificate Certificate Principal Accretion Principal
Class Cusip Balance Balance Distribution Principal Adjustments
========== ============ ================ ================ ============== ========== ============
========== ============ ================
A-1 42209EGD6 216,562,200.00 202,188,415.78 1,452,983.04 0.00 0.00
PO 42209EGE4 1,002,393.00 963,493.78 21,763.91 0.00 0.00
R 42209EGF1 100.00 0.00 0.00 0.00 0.00
B-1 42209EGG9 4,556,300.00 4,494,577.07 4,400.76 0.00 0.00
B-2 42209EGH7 2,050,300.00 2,022,525.16 1,980.31 0.00 0.00
B-3 42209EGJ3 1,366,900.00 1,348,382.99 1,320.24 0.00 0.00
B-4 42209EGK0 797,400.00 786,597.84 770.18 0.00 0.00
B-5 42209EGL8 683,400.00 674,142.17 660.07 0.00 0.00
B-6 42209EGM6 797,452.00 786,648.74 770.23 0.00 0.00
========== ============ ================ ============
========== ============ ================ ================ ============== ========== ============
Totals 227,816,445.00 213,264,783.53 1,484,648.74 0.00 0.00
========== ============ ================ ================ ============== ========== ============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
========== ============ ============= ========= =============== ===============
Net Current Ending Ending
Principal Realized Certificate Certificate
Class Cusip Distribution Losses Balance Factor
========== ============ ============= ========= =============== ===============
========== ============ ============= ========= =============== ===============
A-1 42209EGD6 1,452,983.04 0.00 200,735,432.74 0.92691814520
PO 42209EGE4 21,763.91 0.00 941,729.87 0.93948169312
R 42209EGF1 0.00 0.00 0.00 0.00000000000
B-1 42209EGG9 4,400.76 0.00 4,490,176.32 0.98548741687
B-2 42209EGH7 1,980.31 0.00 2,020,544.85 0.98548741687
B-3 42209EGJ3 1,320.24 0.00 1,347,062.75 0.98548741687
B-4 42209EGK0 770.18 0.00 785,827.67 0.98548741687
B-5 42209EGL8 660.07 0.00 673,482.10 0.98548741687
B-6 42209EGM6 770.23 0.00 785,878.51 0.98548691020
========== ============ ============= ========= =============== ===============
========== ============ ============= ========= =============== ===============
Totals 1,484,648.74 0.00 211,780,134.81
========== ============ ============= ========= =============== ===============
</TABLE>
<PAGE>
Interest Distribution Detail
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
============== =============== ============== =============== ============ ============ ===============
Beginning Pass Accrued Cumulative Total
Class Certificate Through Optimal Unpaid Deferred Interest
Balance Rate(%) Interest Interest Interest Due
============== =============== ============== =============== ============ ============ ===============
A-1 202,188,415.78 6.650000 1,120,460.80 0.00 0.00 1,120,460.80
PO 963,493.78 0.000000 0.00 0.00 0.00 0.00
R 0.00 6.650000 0.00 0.00 0.00 0.00
B-1 4,494,577.07 6.650000 24,907.45 0.00 0.00 24,907.45
B-2 2,022,525.16 6.650000 11,208.16 0.00 0.00 11,208.16
B-3 1,348,382.99 6.650000 7,472.29 0.00 0.00 7,472.29
B-4 786,597.84 6.650000 4,359.06 0.00 0.00 4,359.06
B-5 674,142.17 6.650000 3,735.87 0.00 0.00 3,735.87
B-6 786,648.74 6.650000 4,359.35 0.00 0.00 4,359.35
============== =============== ============== =============== ============ ============ ===============
Totals 213,264,783.53 1,176,502.98 0.00 0.00 1,176,502.98
============== =============== ============== =============== ============ ============ ===============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
============== ============ ============== ================
Net Unscheduled
Class Prepayment Interest Interest
Shortfall Adjustment Paid
============== ============ ============== ================
A-1 0.00 0.00 1,120,460.80
PO 0.00 0.00 0.00
R 0.00 0.00 0.00
B-1 0.00 0.00 24,907.45
B-2 0.00 0.00 11,208.16
B-3 0.00 0.00 7,472.29
B-4 0.00 0.00 4,359.06
B-5 0.00 0.00 3,735.87
B-6 0.00 0.00 4,359.35
============== ============ ============== ================
Totals 0.00 0.00 1,176,502.98
============== ============ ============== ================
</TABLE>
<PAGE>
Current Payment Information
Factors per $1,000
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
============ =================== ================== ================== =================== ==================
Beginning
Original Certificate/ Principal Interest
Class Cusip Certificate Notional Balance Distribution Distribution
Balance
============ =================== ================== ================== =================== ==================
A-1 42209EGD6 216,562,200.00 933.627455670 6.709310471 5.173852150
PO 42209EGE4 1,002,393.00 961.193645058 21.711951941 0.000000000
R 42209EGF1 100.00 0.000000000 0.000000000 0.000000000
B-1 42209EGG9 4,556,300.00 986.453278684 0.965861811 5.466595253
B-2 42209EGH7 2,050,300.00 986.453278684 0.965861811 5.466595253
B-3 42209EGJ3 1,366,900.00 986.453278684 0.965861811 5.466595253
B-4 42209EGK0 797,400.00 986.453278684 0.965861811 5.466595253
B-5 42209EGL8 683,400.00 986.453278684 0.965861811 5.466595253
B-6 42209EGM6 797,452.00 986.452771511 0.965861314 5.466592442
============ =================== ================== ================== =================== ==================
Total 227,816,445.00 936.125500203 6.516863785 5.164258357
============ =================== ================== ================== =================== ==================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
============ =================== ================== ===================
Ending
Certificate Pass
Class Cusip Notional Through
Balance Rate(%)
============ =================== ================== ===================
A-1 42209EGD6 926.918145200 6.650000
PO 42209EGE4 939.481693117 0.000000
R 42209EGF1 0.000000000 6.650000
B-1 42209EGG9 985.487416873 6.650000
B-2 42209EGH7 985.487416873 6.650000
B-3 42209EGJ3 985.487416873 6.650000
B-4 42209EGK0 985.487416873 6.650000
B-5 42209EGL8 985.487416873 6.650000
B-6 42209EGM6 985.486910197 6.650000
============ =================== ================== ===================
Total 929.608636506
============ =================== ================== ===================
</TABLE>
<PAGE>
Pool Level Data
Distribution Date 4/25/00
Cut-Off Date 12/1/98
Determination Date 4/1/00
Accrual Period 3/1/00 (Beg)
4/1/00 (End)
Number of Days
in Accrual Period 31
<TABLE>
<CAPTION>
===================================================================================================================
COLLATERAL INFORMATION
===================================================================================================================
<S> <C>
Group 1
Cut-Off Date Balance 227,816,444.00
Beginning Aggregate Pool Stated Principal Balance 213,264,783.95
Ending Aggregate Pool Stated Principal Balance 211,780,135.23
Beginning Aggregate Certificate Stated Principal Balance 213,264,783.53
Ending Aggregate Certificate Stated Principal Balance 211,780,134.81
Beginning Aggregate Loan Count 817
Loans Paid Off or otherwise Removed Pursuant to Pooling and Servicing Agreement 7
Ending Aggregate Loan Count 810
Beginning Weighted Average Loan Rate (WAC) 7.150377%
Ending Weighted Average Loan Rate (WAC) 7.151872%
Beginning Net Weighted Average Loan Rate 6.892176%
Ending Net Weighted Average Loan Rate 6.893371%
Aggregate Pool Prepayment 1,275,801.58
Pool Prepayment Rate 6.9471 CPR
=========================================================================================== =======================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
==============================================================================================
CERTIFICATE INFORMATION
==============================================================================================
<S> <C>
Group 1
Senior Percentage 95.2365461462%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 4.7634538538%
Subordinate Prepayment Percentage 0.0000000000%
Prepayment Compensation
Total Gross Prepayment Interest Shortfall 3,816.87
Compensation for Gross PPIS from Servicing Fees 3,816.87
Other Gross PPIS Compensation 0.00
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 88,992.28
Sub Servicing Fees Paid 0.22
Trustee Fees Paid 1,510.63
Total Fees 90,503.12
==================================================================== =========================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
===================================================================================================================
DELINQUENCY INFORMATION
===================================================================================================================
<S> <C> <C> <C> <C>
Group 1
Delinquency 30-59 Days 60-89 Days 90+ Days Totals
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%
Foreclosure 0.00 0.00 0.00 0.00
Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Pool Balance 0 0 0 0
Number of Loans 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Loans
Bankruptcy 0.00 0.00 0.00 0.00
Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Pool Balance 0 0 0 0
Number of Loans 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Loans
REO 0.00 0.00 0.00 0.00
Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Pool Balance 0 0 0 0
Number of Loans 0.000000% 0.000000% 0.000000% 0.000000%
Percentage of Total Loans
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>
<TABLE>
<CAPTION>
===================================================================================================================
SUBORDINATION/CREDIT ENHANCEMENT INFORMATION
===================================================================================================================
<S> <C> <C>
Protection Original Current
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% 1.075721%
Special Hazard Loss 3,919,310.00 3,865,657.18
Special Hazard Loss Percentage 1.720381% 1.825316%
Credit Support Original Current
Class A 217,564,693.00 201,677,162.62
Class A Percentage 95.499995% 95.229500%
Class B-1 4,556,300.00 4,490,176.32
Class B-1 Percentage 1.999987% 2.120207%
Class B-2 2,050,300.00 2,020,544.85
Class B-2 Percentage 0.899979% 0.954077%
Class B-3 1,366,900.00 1,347,062.75
Class B-3 Percentage 0.600001% 0.636067%
Class B-4 797,400.00 785,827.67
Class B-4 Percentage 0.350019% 0.371058%
Class B-5 683,400.00 673,482.10
Class B-5 Percentage 0.299978% 0.318010%
Class B-6 797,452.00 785,878.51
Class B-6 Percentage 0.350041% 0.371082%
====================================================== ============================= ==============================
</TABLE>
