<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
January 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 (I.R.S. Employer
of Incorporation) Number) 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 January 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: January 27, 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 January 25, 2000........................5
<PAGE>
EXHIBIT 10.1
<PAGE>
THE Distribution Date: 1/25/00
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286 HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1998-3
Attn: Anna Felt Headlands Mortgage Company, Seller and Master Servicer
212-815-7166
<TABLE>
<CAPTION>
Certificateholder Monthly Distribution Summary
- ----------------------------------------------------------------------------------------------------------------------
Certificate Pass
Class Rate Beginning Through
Class Cusip Description Type Balance Rate (%)
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 42209EGD6 Senior Fix-30/360 206,939,444.48 6.650000
PO 42209EGE4 Strip PO Fix-30/360 970,371.40 0.000000
R 42209EGF1 Senior Fix-30/360 0.00 6.650000
- ----------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 Junior Fix-30/360 4,507,520.12 6.650000
B-2 42209EGH7 Junior Fix-30/360 2,028,349.43 6.650000
B-3 42209EGJ3 Junior Fix-30/360 1,352,265.93 6.650000
B-4 42209EGK0 Junior Fix-30/360 788,863.01 6.650000
B-5 42209EGL8 Junior Fix-30/360 676,083.50 6.650000
B-6 42209EGM6 Junior Fix-30/360 788,914.05 6.650000
- ----------------------------------------------------------------------------------------------------------------------
Totals 218,051,811.92
- ----------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Current Cumulative
Principal Interest Total Realized Ending Realized
Class Distribution Distribution Distribution Losses Balance Losses
- ----------------------------------------------------------------------------------------------------------------------------
A-1 1,878,649.87 1,146,789.42 3,025,439.29 0.00 205,060,794.62 0.00
PO 4,521.82 0.00 4,521.82 0.00 965,849.57 0.00
R 0.00 0.00 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------------------------------
B-1 4,263.67 24,979.17 29,242.85 0.00 4,503,256.45 0.00
B-2 1,918.62 11,240.44 13,159.06 0.00 2,026,430.81 0.00
B-3 1,279.11 7,493.81 8,772.92 0.00 1,350,986.82 0.00
B-4 746.19 4,371.62 5,117.80 0.00 788,116.83 0.00
B-5 639.51 3,746.63 4,386.14 0.00 675,443.99 0.00
B-6 746.24 4,371.90 5,118.13 0.00 788,167.82 0.00
- ----------------------------------------------------------------------------------------------------------------------------
Totals 1,892,765.03 1,202,992.99 3,095,758.01 0.00 216,159,046.91 0.00
- ----------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 1
<PAGE>
THE Distribution Date: 1/25/00
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>
<CAPTION>
Principal Distribution Detail
- -----------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled
Certificate Certificate Principal Accretion
Class Cusip Balance Balance Distribution Principal
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 42209EGD6 216,562,200.00 206,939,444.48 1,878,649.87 0.00
PO 42209EGE4 1,002,393.00 970,371.40 4,521.82 0.00
R 42209EGF1 100.00 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 4,556,300.00 4,507,520.12 4,263.67 0.00
B-2 42209EGH7 2,050,300.00 2,028,349.43 1,918.62 0.00
B-3 42209EGJ3 1,366,900.00 1,352,265.93 1,279.11 0.00
B-4 42209EGK0 797,400.00 788,863.01 746.19 0.00
B-5 42209EGL8 683,400.00 676,083.50 639.51 0.00
B-6 42209EGM6 797,452.00 788,914.05 746.24 0.00
- -----------------------------------------------------------------------------------------------------------------------------
Totals 227,816,445.00 218,051,811.92 1,892,765.03 0.00
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Unscheduled Net Current Ending Ending
Principal Principal Realized Certificate Certificate
Class Adjustments Distribution Losses Balance Factor
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 1,878,649.87 0.00 205,060,794.62 0.94689098382
PO 0.00 4,521.82 0.00 965,849.57 0.96354381415
R 0.00 0.00 0.00 0.00 0.00000000000
- --------------------------------------------------------------------------------------------------------------------------------
B-1 0.00 4,263.67 0.00 4,503,256.45 0.98835819626
B-2 0.00 1,918.62 0.00 2,026,430.81 0.98835819626
B-3 0.00 1,279.11 0.00 1,350,986.82 0.98835819626
B-4 0.00 746.19 0.00 788,116.83 0.98835819626
B-5 0.00 639.51 0.00 675,443.99 0.98835819626
B-6 0.00 746.24 0.00 788,167.82 0.98835768811
- --------------------------------------------------------------------------------------------------------------------------------
Totals 0.00 1,892,765.03 0.00 216,159,046.91
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2
<PAGE>
THE Distribution Date: 1/25/00
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>
<CAPTION>
Interest Distribution Detail
- -----------------------------------------------------------------------------------------------------------------------------------
Beginning Pass Accrued Cumulative
Certificate Through Optimal Unpaid Deferred
Class Balance Rate (%) Interest Interest Interest
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 206,939,444.48 6.650000 1,146,789.42 0.00 0.00
PO 970,371.40 0.000000 0.00 0.00 0.00
R 0.00 6.650000 0.00 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
B-1 4,507,520.12 6.650000 24,979.17 0.00 0.00
B-2 2,028,349.43 6.650000 11,240.44 0.00 0.00
B-3 1,352,265.93 6.650000 7,493.81 0.00 0.00
B-4 788,863.01 6.650000 4,371.62 0.00 0.00
B-5 676,083.50 6.650000 3,746.63 0.00 0.00
B-6 788,914.05 6.650000 4,371.90 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
Totals 218,051,811.92 1,202,992.99 0.00 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
---------------------------------------------------------------------------------------------------
Total Net Unscheduled
Interest Prepayment Interest Interest
Class Due Int Shortfall Adjustment Paid
- ----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 1,146,789.42 0.00 0.00 1,146,789.42
PO 0.00 0.00 0.00 0.00
R 0.00 0.00 0.00 0.00
- ----------------------------------------------------------------------------------------------------
B-1 24,979.17 0.00 0.00 24,979.17
B-2 11,240.44 0.00 0.00 11,240.44
B-3 7,493.81 0.00 0.00 7,493.81
B-4 4,371.62 0.00 0.00 4,371.62
B-5 3,746.63 0.00 0.00 3,746.63
B-6 4,371.90 0.00 0.00 4,371.90
- ----------------------------------------------------------------------------------------------------
Totals 1,202,992.99 0.00 0.00 1,202,992.99
---------------------------------------------------------------------------------------------------
</TABLE>
Page 3
<PAGE>
THE Distribution Date: 1/25/00
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>
Current Payment Information
Factors per $1,000
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Cert. Ending Cert. Pass
Certificate Notional Principal Interest Notional Through
Class Cusip Balance Balance Distribution Distribution Balance Rate (%)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 42209EGD6 216,562,200.00 955.565858143 8.674874326 5.295427464 946.890983817 6.650000
PO 42209EGE4 1,002,393.00 968.054841582 4.511027428 0.000000000 963.543814155 0.000000
R 42209EGF1 100.00 0.000000000 0.000000000 0.000000000 0.000000000 6.650000
- ---------------------------------------------------------------------------------------------------------------------------------
B-1 42209EGG9 4,556,300.00 989.293971842 0.935775583 5.482337427 988.358196259 6.650000
B-2 42209EGH7 2,050,300.00 989.293971842 0.935775583 5.482337427 988.358196259 6.650000
B-3 42209EGJ3 1,366,900.00 989.293971842 0.935775583 5.482337427 988.358196259 6.650000
B-4 42209EGK0 797,400.00 989.293971842 0.935775583 5.482337427 988.358196259 6.650000
B-5 42209EGL8 683,400.00 989.293971842 0.935775583 5.482337427 988.358196259 6.650000
B-6 42209EGM6 797,452.00 989.293463209 0.935775102 5.482334609 988.357688107 6.650000
- ---------------------------------------------------------------------------------------------------------------------------------
Totals 227,816,445.00 957.138155325 8.308289729 5.280536223 948.829865684
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4
<PAGE>
THE
BANK OF
NEW
YORK
101 Barclay Street - 12E
New York, NY 10286
Headlands Mortgage Securities Inc.
Attn: Anna Felt Mortage Pass-Through Certificates, Series 1998-3
212-815-7166 Headlands Mortage Company, Seller and Master Servicer
<TABLE>
<CAPTION>
Pool Level Data
<S> <C> <C>
Distribution Date 1/25/00
Cut-off Date 12/ 1/98
Determination Date 1/ 1/00
Accrual Period Begin 12/ 1/99
End 1/ 1/00
Number of Days in Accrual Period 31
- ---------------------------------------------------------------------------
COLLATERAL INFORMATION
- ---------------------------------------------------------------------------
<CAPTION>
Group 1
- -------
<S> <C>
Cut-Off Date Balance 227,816,444.00
Beginning Aggregate Pool Stated Principal Balance 218,051,812.35
Ending Aggregate Pool Stated Principal Balance 216,159,047.32
Beginning Aggregate Certificate Stated Principal Balance 218,051,811.93
Ending Aggregate Certificate Stated Principal Balance 216,159,046.90
Beginning Aggregate Loan Count 826
Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Aggrement 3
Ending Aggregate Loan Count 823
Beginning Weighted Average Loan Rate (WAC) 7.153951%
Ending Weighted Average Loan Rate (WAC) 7.153807%
Beginning Net Weighted Average Loan Rate 6.895449%
Ending Net Weighted Average Loan Rate 6.895305%
Aggregate Pool Prepayment 1,686,469.19
Pool Prepayment Rate 8.8963 CPR
- ---------------------------------------------------------------------------
CERTIFICATE INFORMATION
- ---------------------------------------------------------------------------
<CAPTION>
Group 1
- -------
Senior Percentage 95.3280225044%
Senior Prepayment Percentage 100.0000000000%
Subordinate Percentage 4.6719774956%
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
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>
<S> <C>
---------
Total Net PPIS (Non-Supported PPIS) 0.00
Master Servicing Fees Paid 95,405.52
Sub Servicing Fees Paid 0.39
Trustee Fees Paid 1,544.53
---------
Total Fees 96,950.45
</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% 0.027190% 0.027190%
Number of Loans 0 0 1 1
Percentage of Total Loans 0.000000% 0.000000% 0.121507% 0.121507%
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
212-815-7166 Mortgage Pass-Through Certificates, Series 1998-3
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% 1.053930%
Special Hazard Loss 3,919,310.00 3,876,540.85
Special Hazard Loss Percentage 1.720381% 1.793374%
Credit Support Original Current
- -------------- -------- -------
Class A 217,564,693.00 206,026,644.19
Class A Percentage 95.499995% 95.312524%
Class B-1 4,556,300.00 4,503,256.45
Class B-1 Percentage 1.999987% 2.083307%
Class B-2 2,050,300.00 2,026,430.81
Class B-2 Percentage 0.899979% 0.937472%
Class B-3 1,366,900.00 1,350,986.82
Class B-3 Percentage 0.600001% 0.624997%
Class B-4 797,400.00 788,116.83
Class B-4 Percentage 0.350019% 0.364600%
Class B-5 683,400.00 675,443.99
Class B-5 Percentage 0.299978% 0.312475%
Class B-6 797,452.00 788,167.82
Class B-6 Percentage 0.350041% 0.364624%
</TABLE>
Page 3
