-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WwgZsK4v48jH1s3SgMBa/qj2Gxq7vfObQlsmTSK2UxBSp4lDm5kjKMvGNmIib5yn xP0lCUcn7BFRh4hhErH5RQ== 0000929624-99-000693.txt : 19990421 0000929624-99-000693.hdr.sgml : 19990421 ACCESSION NUMBER: 0000929624-99-000693 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990325 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990420 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEADLANDS MORTGAGE PASS THROUGH CERTIFICATES SERIES 1998-2 CENTRAL INDEX KEY: 0001072764 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 680397342 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-46019-01 FILM NUMBER: 99597705 BUSINESS ADDRESS: STREET 1: 700 LARKSPUR LANDING CIRCLE SUITE 240 CITY: LARKSPUR STATE: CA ZIP: 94939 BUSINESS PHONE: 4154616790 MAIL ADDRESS: STREET 1: 700 LARKSPUR LANDING CIRCLE STREET 2: STE 250 CITY: LARKSPUR STATE: CA ZIP: 94939 8-K 1 FORM 8-K 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, as Seller and Master Servicer, and the Bank of New York, as Trustee, providing for the issuance of the Mortgage Pass-Through Certificates, Series 1998-2) HEADLANDS MORTGAGE SECURITIES INC. ---------------------------------- (Exact Name of Registrant as Specified in Its Charter) DELAWARE 333-46019-2 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) 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 1998-2 (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. 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 16, 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) EXHIBIT INDEX Exhibit Number Page Number - -------------- ----------- 10.1 Monthly Payment Date Statement distributed to Certificateholders, dated March 25, 1999.............................5 EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT EXHIBIT 10.1 THE Distribution Date: 3/25/99 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 1998-2 Headlands Mortgage Company, Seller and Master Servicer
Certificateholder Monthly Distribution Summary - ----------------------------------------------------------------------------------------------------------------------------------- CERTIFICATE PASS CLASS RATE BEGINNING THROUGH PRINCIPAL INTEREST TOTAL CLASS CUSIP DESCRIPTION TYPE BALANCE RATE (%) DISTRIBUTION DISTRIBUTION DISTRIBUTION - ----------------------------------------------------------------------------------------------------------------------------------- A1 42209EFJ4 Senior Fix-30/360 378,999,079.92 6.750000 1,023,648.96 2,131,869.82 3,155,518.79 PO 42209EFK1 Strip PO Fix-30/360 928,089.47 0.000000 1,299.57 0.00 1,299.57 R 42209EFL9 Senior Fix-30/360 0.00 6.750000 0.00 0.00 0.00 - ----------------------------------------------------------------------------------------------------------------------------------- B1 42209EFM7 Junior Fix-30/360 7,976,061.86 6.750000 6,827.91 44,865.35 51,693.260 B2 42209EFN5 Junior Fix-30/360 3,589,267.70 6.750000 3,072.59 20,189.63 23,262.230 B3 42209EFP0 Junior Fix-30/360 2,392,878.36 6.750000 2,048.43 13,459.94 15,508.370 B4 Junior Fix-30/360 1,395,820.79 6.750000 1,194.89 7,851.49 9,046.390 B5 Junior Fix-30/360 1,196,389.35 6.750000 1,024.17 6,729.69 7,753.860 B6 Junior Fix-30/360 1,395,897.53 6.750000 1,194.96 7,851.92 9,046.880 - ----------------------------------------------------------------------------------------------------------------------------------- Totals 397,873,484.98 1,040,311.48 2,232,817.84 3,273,129.35 - ------------------------------------------------------------------------------------------------------------------------------------ CURRENT CUMULATIVE REALIZED ENDING REAL CLASS LOSSES BALANCE LOSSES - ---------------------------------------------------------------------- A1 0.00 377,975,430.96 0.00 PO 0.00 926,789.89 0.00 R 0.00 0.00 0.00 - ---------------------------------------------------------------------- B1 0.00 7,969,233.95 0.00 B2 0.00 3,586,195.11 0.00 B3 0.00 2,390,829.93 0.00 B4 0.00 1,394,625.90 0.00 B5 0.00 1,195,365.18 0.00 B6 0.00 1,394,702.58 0.00 - ---------------------------------------------------------------------- Totals 0.00 396,833,173.50 0.00 - ----------------------------------------------------------------------
Page 1 THE Distribution Date: 3/25/99 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 1998-2 Headlands Mortgage Company, Seller and Master Servicer
Principal Distribution Detail - --------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING SCHEDULED UNSCHEDULED NET CERTIFICATE CERTIFICATE PRINCIPAL ACCRETION PRINCIPAL PRINCIPAL CLASS CUSIP BALANCE BALANCE DISTRIBUTION PRINCIPAL ADJUSTMENTS DISTRIBUTION - --------------------------------------------------------------------------------------------------------------------------------- A1 42209EFJ4 381,205,100.00 378,999,079.92 1,023,648.96 0.00 0.00 1,023,648.96 PO 42209EFK1 931,678.00 928,089.47 1,299.57 0.00 0.00 1,299.57 R 42209EFL9 100.00 0.00 0.00 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------------------------- B1 42209EFM7 8,002,800.00 7,976,061.86 6,827.91 0.00 0.00 6,827.91 B2 42209EFN5 3,601,300.00 3,589,267.70 3,072.59 0.00 0.00 3,072.59 B3 42209EFP0 2,400,900.00 2,392,878.36 2,048.43 0.00 0.00 2,048.43 B4 1,400,500.00 1,395,820.79 1,194.89 0.00 0.00 1,194.89 B5 1,200,400.00 1,196,389.35 1,024.17 0.00 0.00 1,024.17 B6 1,400,577.00 1,395,897.53 1,194.96 0.00 0.00 1,194.96 - --------------------------------------------------------------------------------------------------------------------------------- Totals 400,143,355.00 397,873,484.98 1,040,311.48 0.00 0.00 1,040,311.48 - --------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------------------------------- CURRENT ENDING ENDING REALIZED CERTIFICATE CERTIFICATE CLASS LOSSES BALANCE FACTOR - -------------------------------------------------------------------- A1 0.00 377,975,430.96 99152773917 PO 0.00 926,789.89 0.99475343699 R 0.00 0.00 0.00000000000 - -------------------------------------------------------------------- B1 0.00 7,969,233.95 0.99580571113 B2 0.00 3,586,195.11 0.99580571113 B3 0.00 2,390,829.93 0.99580571113 B4 0.00 1,394,625.90 0.99580571113 B5 0.00 1,195,365.18 0.99580571113 B6 0.00 1,394,702.58 0.99580571113 - -------------------------------------------------------------------- Totals 0.00 396,833,173.50 - --------------------------------------------------------------------
Page 2 THE Distribution Date: 3/25/99 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 1998-2 Headlands Mortgage Company, Seller and Master Servicer
Interest Distribution Detail - -------------------------------------------------------------------------------------------------------------------------------- BEGINNING PASS ACCRUED CUMULATIVE TOTAL NET CERTIFICATE THROUGH OPTIMAL UNPAID DEFERRED INTEREST PREPAYMENT CLASS BALANCE RATE (%) INTEREST INTEREST INTEREST DUE INT SHORTFALL - -------------------------------------------------------------------------------------------------------------------------------- A1 378,999,079.92 6.750000 2,131,869.82 0.00 0.00 2,131,869.82 0.00 PO 928,089.47 0.000000 0.00 0.00 0.00 0.00 0.00 R 0.00 6.750000 0.00 0.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------------------- B1 7,976,061.86 6.750000 44,865.35 0.00 0.00 44,865.35 0.00 B2 3,589,267.70 6.750000 20,189.63 0.00 0.00 20,189.63 0.00 B3 2,392,878.36 6.750000 13,459.94 0.00 0.00 13,459.94 0.00 B4 1,395,820.79 6.750000 7,851.49 0.00 0.00 7,851.49 0.00 B5 1,196,389.35 6.750000 6,729.69 0.00 0.00 6,729.69 0.00 B6 1,395,897.53 6.750000 7,851.92 0.00 0.00 7,851.92 0.00 - -------------------------------------------------------------------------------------------------------------------------------- Totals 397,873,484.98 2,232,817.84 0.00 0.00 2,232,817.84 0.00 - -------------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------- UNSCHEDULED INTEREST INTEREST CLASS ADJUSTMENT PAID - ---------------------------------------------------- A1 0.00 2,131,869.82 PO 0.00 0.00 R 0.00 0.00 - ---------------------------------------------------- B1 0.00 44,865.35 B2 0.00 20,189.63 B3 0.00 13,459.94 B4 0.00 7,851.49 B5 0.00 6,729.69 B6 0.00 7,851.92 - ---------------------------------------------------- Totals 0.00 2,232,817.84 - ----------------------------------------------------
Page 3 THE Distribution Date: 3/25/99 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 1998-2 Headlands Mortgage Company, Seller and Master Servicer
Current Payment Information Factors per $1,000 - ------------------------------------------------------------------------------------------------------------------------------- ORIGINAL BEGINNING CERT. ENDING CERT. CERTIFICATE NOTIONAL PRINCIPAL INTEREST NOTIONAL CLASS CUSIP BALANCE BALANCE DISTRIBUTION DISTRIBUTION BALANCE - ------------------------------------------------------------------------------------------------------------------------------- A1 42209EFJ4 381,205,100.00 994.213036299 2.685297129 5.592448329 991.527739171 PO 42209EFK1 931,678.00 996.148312375 1.394875383 0.000000000 994.753436992 R 42209EFL9 100.00 0.000000000 0.000000000 0.000000000 0.000000000 - ------------------------------------------------------------------------------------------------------------------------------- B1 42209EFM7 8,002,800.00 996.658901615 0.853190484 5.606206322 995.805711131 B2 42209EFN5 3,601,300.00 996.658901615 0.853190484 5.606206322 995.805711131 B3 42209EFP0 2,400,900.00 996.658901615 0.853190484 5.606206322 995.805711131 B4 1,400,500.00 996.658901615 0.853190484 5.606206322 995.805711131 B5 1,200,400.00 996.658901615 0.853190484 5.606206322 995.805711131 B6 1,400,577.00 996.658901615 0.853190484 5.606203729 995.805711131 - ------------------------------------------------------------------------------------------------------------------------------- Totals 400,143,355.00 994.327357954 2.599846947 5.580044782 991.727511007 - ------------------------------------------------------------------------------------------------------------------------------- - -------------------------------------------- PASS THROUGH CLASS RATE (%) - -------------------------------------------- A1 6.750000 PO 0.000000 R 6.750000 - -------------------------------------------- B1 6.750000 B2 6.750000 B3 6.750000 B4 6.750000 B5 6.750000 B6 6.750000 - -------------------------------------------- Totals - --------------------------------------------
Page 4 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 1998-2 Headlands Mortgage Company, Seller and Master Servicer
POOL LEVEL DATA Distrbution Date 3/25/99 Cut-off Date 10/ 1/98 Determination Date 3/ 1/99 Accrual Period Begin 2/ 1/99 End 3/ 1/99 Number of Days in Accrual Period 28 - -------------------------------------------------------------------------------------- COLLATERAL INFORMATION - -------------------------------------------------------------------------------------- GROUP 1 - ------- Cut-Off Date Balance 0.00 Beginning Aggregate Pool Stated Principal Balance 397,873,485.34 Ending Aggregate Pool Stated Principal Balance 396,833,173.85 Beginning Aggregate Certificate Stated Principal Balance 397,873,484.98 Ending Aggregate Certificate Stated Principal Balance 396,833,173.49 Beginning Aggregate Loan Count 1347 Loans Paid Off or Otherwise Removed Pursuant to Pooling and Servicing Aggrement 1 Ending Aggregate Loan Count 1346 Beginning Weighted Average Loan Rate (WAC) 7.262223% Ending Weighted Average Loan Rate (WAC) 7.262475% Beginning Net Weighted Average Loan Rate 7.003723% Ending Net Weighted Average Loan Rate 7.003975% Aggregate Pool Prepayment 699,662.57 - -------------------------------------------------------------------------------------- Certificate Information - -------------------------------------------------------------------------------------- GROUP 1 - ------- Senior Percentage 95.4788956386% Senior Prepayment Percentage 100.0000000000% Subordinate Percentage 4.5211043614% Subordinate Prepayment Percentage 0.0000000000%
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Prepayment Compensation Total Gross Prepayment Interest Shortfall 0.00 Compensation for Gross PPIS from Servicing Fees 0.00 Other Gross PPIS Compensation 0.00 Excess Servicing Fee 0.00 ---- Total Net PPIS (Non-Supported PPIS) 0.00 Master Servicing Fees Paid 172,235.65 Sub Servicing Fees Paid 0.00 Trustee Fees Paid 2,818.27 ---------- Total Fees 175,053.92
- -------------------------------------------------------------------------------------- DELINQUENCY INFORMATION - -------------------------------------------------------------------------------------- GROUP 1 - ------- DELINQUENCY 30 - 59 DAYS 60 - 89 DAYS 90+ DAYS 270+ DAYS TOTALS - ----------- ------------ ------------ -------- --------- ------ Scheduled Principal Balance 954,619.25 141,847.59 0.00 0.00 1,096,466.84 Percentage of Total Pool Balance 0.240559% 0.035745% 0.000000% 0.000000% 0.276304% Number of Loans 2 1 0 3 Percentage of Total Loans 0.148588% 0.074294% 0.000000% 0.222883% 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 Additional Gains (Recoveries)/Losses 0.00 Total Realized Losses 0.00
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- -------------------------------------------------------------------------------------- Subordination/Credit Enhancement Information - -------------------------------------------------------------------------------------- PROTECTION ORIGINAL CURRENT - ---------- -------- ------- Bankruptcy Loss 140,000.00 0.00 Bankruptcy Percentage 0.034987% 0.000000% Credit/Fraud Loss 4,001,434.00 4,001,434.00 Credit/Fraud Loss Percentage 1.000000% 1.008342% Special Hazard Loss 4,734,475.00 4,716,547.74 Special Hazard Loss Percentage 1.183195% 1.188547% CREDIT SUPPORT ORIGINAL CURRENT - -------------- -------- ------- Class A 382,136,878.00 378,902,220.86 Class A Percentage 95.499993% 95.481488% Class B1 8,002,800.00 7,969,233.95 Class B1 Percentage 1.999983% 2.008208% Class B2 3,601,300.00 3,586,195.11 Class B2 Percentage 0.900002% 0.903703% Class B3 2,400,900.00 2,390,829.93 Class B3 Percentage 0.600010% 0.602477% Class B4 1,400,500.00 1,394,625.90 Class B4 Percentage 0.350000% 0.351439% Class B5 1,200,400.00 1,195,365.18 Class B5 Percentage 0.299992% 0.301226% Class B6 1,400,577.00 1,394,702.58 Class B6 Percentage 0.350019% 0.351458%
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