-----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, Nwbfb8UG6cAvPcjuyq4qti+069S6xSJKN8AtDTg8utX+pOrD2yDL1Wq4jutl5DG9 pfgqr7dKnsIJyh7Mty3q2w== 0000929624-99-001036.txt : 19990624 0000929624-99-001036.hdr.sgml : 19990624 ACCESSION NUMBER: 0000929624-99-001036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990525 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990526 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PNC MORTGAGE SECURITIES CORP MORT PASS THR CERT SER 1998-1 CENTRAL INDEX KEY: 0001072801 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: 333-46019-02 FILM NUMBER: 99635286 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 MORTGAGE PASS-THROUGH CERTS, SERIES 1998-1 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, 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, PNC Mortgage Securities Corp., as Seller and Master Servicer, and State Street Bank and Trust Company, as Trustee, providing for the issuance of the Mortgage Pass-Through Certificates, Series 1998-1) HEADLANDS MORTGAGE SECURITIES INC. ---------------------------------- (Exact Name of Registrant as Specified in Its Charter) Delaware 333-46019-1 68-0397342 -------- ----------- ---------- (State or Other (Commission File Number) (I.R.S. Employer Jurisdiction of Identification No.) Incorporation) 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 1998-1 (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, 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: May 25, 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 May 25, 1999................. 5 EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT EXHIBIT 10.1 PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/1999 DISTRIBUTION REPORT PROCESSING MONTH: 04/1999 SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.04370445 - -------------------------------------------------------------------------------- ISSUE DATE: 10/29/1998 CERTIFICATE BALANCE AT ISSUE: $ 293,485,009.43
CERTIFICATE TOTAL ACCOUNT CERTIFICATE NUMBER OF ACTIVITY BALANCE MORTGAGES (@ PC RATE) OUTSTANDING ------------ --------------- ---------------- BALANCES FROM LAST FISCAL MONTH-END: 777 $265,786,893.30 PRINCIPAL POOL COLLECTION(S): Scheduled Principal Collected Due Current Month $ 197,735.42 Unscheduled Principal Collection/Reversals ($12,165.03) Liquidations-in-full 13 $4,205,479.70 Principal Balance Sales Adjustments $ 0.00 Net Principal Distributed $4,391,050.09 ($4,391,050.09) CAPITAL LOSS (PRINCIPAL WRITTEN OFF) $ 0.00 BALANCE CURRENT FISCAL MONTH-END: 764 $261,395,843.21 SCHEDULED INTEREST AT MORTGAGE RATE: $1,729,740.45 UNSCHEDULED INTEREST AT MORTGAGE RATE: Unscheduled Interest Collections/Reversals $ 1,358.89 Interest Sales Adjustments $ 0.00 Interest Accrual Adjustment $ 0.00 Interest Uncollected on Liquidation $ 0.00 Interest Uncollected on Non-Earning Assets $ 0.00 Net Unscheduled Interest Distributed $ 1,358.89 OTHER: Loan Conversion Fees $ 0.00 Expense Reimbursements $ 0.00 Gain on Liquidations $ 0.00 Hazard Insurance Premium Refunds $ 0.00 Net Other Distributions $ 0.00 SCHEDULED SERVICING FEE EXPENSES: $ 169,774.83
CERTIFICATE TOTAL ACCOUNT CERTIFICATE NUMBER OF ACTIVITY BALANCE MORTGAGES (@ PC RATE) OUTSTANDING ------------ --------------- ---------------- UNSCHEDULED SERVICING FEES: Unscheduled Service Fee Collections/Reversals $ 52.39 Servicing Fees Sales Adjustments $ 0.00 Servicing Fees Accrual Adjustments $ 0.00 Servicing Fees Uncollected on Liquidation $ 0.00 Servicing Fees Uncollected/Non-Earning Assets $ 0.00 Net Unscheduled Service Fees Distributed $ 52.39 MISCELLANEOUS EXPENSES: $ 0.00 NET FUNDS DISTRIBUTED: $5,952,322.21
PNC MORTGAGE SECURITIES CORP. MASTER SERVICING MORTGAGE PASS-THROUGH CERTIFICATES 05/1999 DISTRIBUTION REPORT PROCESSING MONTH: 04/1999 SERIES: 98-1 HMSI (1477) WEIGHTED AVERAGE PC RATE: 7.04370445
- ----------------------------------------------------------------------------------------------------------------------------------- AGGREGATE LOSS AMOUNTS FROM SUMMARY OF DISTRIBUTIONS FOR CURRENT CYCLE INCEPTION OF POOL - ----------------------------------------------------------------------------------------------------------------------------------- LOAN COUNT AGGREGATE OF INCURRED LOSS PRINCIPAL SCHEDULED INTEREST NET INTEREST TOTAL LOSSES AMOUNT DISTRIBUTION INTEREST DUE ADJUSTMENT DISTRUBUTION OTHER DISTRIBUTION ----------- --------- --------------- ------------- --------------- ------------- ----- -------------- 0 $0.00 $4,391,050.09 $1,559,965.62 $1,306.50 $1,561,272.12 $0.00 $5,952,322.21 - -----------------------------------------------------------------------------------------------------------------------------------
* Aggregate Loss Amount and Count do not include this month's activity INSURANCE RESERVES
ORIGINAL CLAIMS IN CLAIMS COVERAGE INSURANCE TYPE BALANCE PROGRESS PAID ADJUSTMENTS REMAINING MPI $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 SPECIAL HAZARD $2,520,000.00 $ 0.00 $ 0.00 $ 0.00 $2,520,000.00 BANKRUPTCY BOND SINGLE-UNITS $ 100,000.00 $ 0.00 $ 0.00 $ 0.00 $ 100,000.00 MULTI-UNITS $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 MORTGAGE REPURCHASE $1,933,937.00 $ 0.00 $ 0.00 $ 0.00 $1,933,937.00
DELINQUENT INSTALLMENTS
ONE TWO THREE COUNT PRIN BALANCE COUNT PRIN BALANCE COUNT PRIN BALANCE 24 $8,653,777.76 3 $1,061,309.09 5 $1,674,860.71 IN FORECLOSURE ACQUIRED COUNT PRIN BALANCE COUNT PRIN BALANCE 2 $1,004,872.09 0 $0.00
PNC MORTGAGE SECURITIES CORP. MASTER SERVICING DIVISION WEIGHTED AVERAGE WORKSHEET SERIES: 98-1 HMSI (1477) - ------------------------------------------------------------------------------------------------------ Interest Rate Interest Rate Net Rate Pass Through Rate - ------------------------------------------------------------------------------------------------------ 0.0000 - 4.9999 5.0000 - 5.4999 5.5000 - 5.9999 6.0000 - 6.4999 6.5000 - 6.9999 6.7818 6.5068 6.4901 7.0000 - 7.4999 7.2567 6.9712 6.9541 7.5000 - 7.9999 7.6877 6.8872 6.8692 8.0000 - 8.4999 8.1791 7.2118 7.1935 8.5000 - 8.9999 8.6508 7.8033 7.7791 9.0000 - 9.4999 9.1755 8.6298 8.5927 9.5000 - 9.9999 9.5827 8.6077 8.5827 10.0000 - 10.4999 10.2500 9.2750 9.2500 10.5000 - 10.9999 11.0000 - 11.4999 11.5000 - 11.9999 12.0000 - 12.4999 12.5000 - 12.9999 13.0000 - 13.4999 13.5000 - 13.9999 14.0000 - 14.4999 14.5000 - 14.9999 15.0000 - 15.4999 15.5000 - 15.9999 16.0000 - 16.4999 16.5000 - 16.9999 17.0000 - 17.4999 17.5000 - 17.9999 18.0000 - 18.4999 18.5000 - 18.9999 19.0000 - 19.4999 19.5000 - 19.9999 20.0000 - 99.9999 Pool Totals 7.8075 7.0624 7.0437
- ------------------------------------------------------------------------------------------------------- Remaining Term Principal Balance Number Of Loans - ------------------------------------------------------------------------------------------------------- 0.0000 - 4.9999 5.0000 - 5.4999 5.5000 - 5.9999 6.0000 - 6.4999 6.5000 - 6.9999 352.379 $ 3,994,412.28 12 7.0000 - 7.4999 352.052 $ 41,342,947.27 118 7.5000 - 7.9999 351.655 $138,988,197.97 405 8.0000 - 8.4999 351.509 $ 55,016,126.40 157 8.5000 - 8.9999 351.447 $ 15,228,083.11 50 9.0000 - 9.4999 350.885 $ 5,033,472.83 17 9.5000 - 9.9999 351.344 $ 1,541,587.61 4 10.0000 - 10.4999 351.000 $ 251,015.74 1 10.5000 - 10.9999 11.0000 - 11.4999 11.5000 - 11.9999 12.0000 - 12.4999 12.5000 - 12.9999 13.0000 - 13.4999 13.5000 - 13.9999 14.0000 - 14.4999 14.5000 - 14.9999 15.0000 - 15.4999 15.5000 - 15.9999 16.0000 - 16.4999 16.5000 - 16.9999 17.0000 - 17.4999 17.5000 - 17.9999 18.0000 - 18.4999 18.5000 - 18.9999 19.0000 - 19.4999 19.5000 - 19.9999 20.0000 - 99.9999 Pool Totals 351.669 $261,395,843.21 764
PNC Mortgage Securities Corporation Consolidated Distribution Report to Certificate Holders Reporting Period: April 1999 Distribution Date: May 25, 1999 SERIES: 98-1 HMSI (1477) Certificate Trust Class Group I A-1 A-2 A-3 Weighted Average Pass Through Rate 7.0431% 6.500% 6.500% 6.500% Original Principal Balance $293,485,009.00 $245,840,000.00 $8,156,307.00 $20,379,800.00 Beginning Principal Balance $265,786,892.87 $217,955,915.39 $8,424,920.12 $20,379,800.00 Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00 Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00 Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00 Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00 Principal Distributed $ 4,391,050.09 $ 4,422,581.09 ($45,673.20) $ 0.00 Principal Allocation Factor 0.01496175 0.01798967 -0.00559974 0.00000000 Scheduled Interest $ 1,559,965.62 $ 1,180,594.54 $ 45,634.98 $ 110,390.58 Scheduled Interest Allocation Factor 0.00531532 0.00480229 0.00559505 0.00541667 Interest Adjustment $ 1,306.50 $ 988.77 $ 38.22 $ 92.45 Interest Adjustment Allocation Factor 0.00000445 0.00000402 0.00000469 0.00000454 Net Interest Distributed $ 1,561,272.12 $ 1,181,583.31 $ 45,673.20 $ 110,483.03 Distributed Allocation Factor 0.00531977 0.00480631 0.00559974 0.00542120 Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00 Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 Ending Total Distribution $ 5,952,322.21 $ 5,604,164.40 $ 0.00 $ 110,483.03 Ending Principal Balance $261,395,842.78 $213,533,334.30 $8,470,593.32 $20,379,800.00 Principal Balance Trading Factor 0.89066165 0.86858662 1.03853292 1.00000000
Class X-1 X-2 PO Weighted Average Pass Through Rate 6.500% 6.500% 0.000% Original Principal Balance $ 0.00 $ 0.00 $ 32,276.00 Beginning Principal Balance $ 0.00 $ 0.00 $ 32,059.47 Loans Transferred In $ 0.00 $ 0.00 $ 0.00 Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 Principal Losses $ 0.00 $ 0.00 $ 0.00 Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 Principal Distributed $ 0.00 $ 0.00 $ 11.68 Principal Allocation Factor 0.00000000 0.00000000 0.00036188 Scheduled Interest $ 61,838.35 $ 58,630.33 $ 0.00 Scheduled Interest Allocation Factor 0.00000000 0.00000000 0.00000000 Interest Adjustment $ 51.79 $ 49.10 $ 0.00 Interest Adjustment Allocation Factor 0.00000000 0.00000000 0.00000000 Net Interest Distributed $ 61,890.14 $ 58,679.43 $ 0.00 Distributed Allocation Factor 0.00000000 0.00000000 0.00000000 Other Distribution $ 0.00 $ 0.00 $ 0.00 Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 Ending Total Distribution $ 61,890.14 $ 58,679.43 $ 11.68 Ending Principal Balance $ 0.00 $ 0.00 $ 32,047.79 Principal Balance Trading Factor 0.00000000 0.00000000 0.99292942
PNC Mortgage Securities Corporation Consolidated Distribution Report to Certificate Holders Distribution Date: May 25, 1999 Reporting Period: April 1999 SERIES: 98-1 HMSI (1477) Certificate Trust Class I-B-1 I-B-2 I-B-3 I-B-4 Weighted Average Pass Through Rate 6.500% 6.500% 6.500% 6.500% Original Principal Balance $8,364,323.00 $4,549,017.00 $2,201,138.00 $1,614,168.00 Beginning Principal Balance $8,328,225.30 $4,529,384.92 $2,191,638.60 $1,607,201.78 Loans Transferred In $ 0.00 $ 0.00 $ 0.00 $ 0.00 Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 $ 0.00 Principal Losses $ 0.00 $ 0.00 $ 0.00 $ 0.00 Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 $ 0.00 Principal Distributed $ 6,195.69 $ 3,369.58 $ 1,630.44 $ 1,195.66 Principal Allocation Factor 0.00074073 0.00074073 0.00074073 0.00074073 Scheduled Interest $ 45,111.22 $ 24,534.17 $ 11,871.38 $ 8,705.68 Scheduled Interest Allocation Factor 0.00539329 0.00539329 0.00539329 0.00539329 Interest Adjustment $ 37.78 $ 20.55 $ 9.94 $ 7.29 Interest Adjustment Allocation Factor 0.00000452 0.00000452 0.00000452 0.00000452 Net Interest Distributed $ 45,149.00 $ 24,554.72 $ 11,881.32 $ 8,712.97 Distributed Allocation Factor 0.00539781 0.00539781 0.00539781 0.00539781 Other Distribution $ 0.00 $ 0.00 $ 0.00 $ 0.00 Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 0.00000000 Ending Total Distribution $ 51,344.69 $ 27,924.30 $ 13,511.76 $ 9,908.63 Ending Principal Balance $8,322,029.61 $4,526,015.34 $2,190,008.16 $1,606,006.12 Principal Balance Trading Factor 0.99494360 0.99494360 0.99494360 0.99494360
Class I-B-5 I-B-6 R-1 Weighted Average Pass Through Rate 6.500% 6.500% 6.500% Original Principal Balance $880,455.00 $1,467,425.00 $ 100.00 Beginning Principal Balance $876,655.24 $1,461,092.06 $ 0.00 Loans Transferred In $ 0.00 $ 0.00 $ 0.00 Loans Transferred Out $ 0.00 $ 0.00 $ 0.00 Principal Losses $ 0.00 $ 0.00 $ 0.00 Other Principal Adjustments $ 0.00 $ 0.00 $ 0.00 Principal Distributed $ 652.18 $ 1,086.96 $ 0.00 Principal Allocation Factor 0.00074073 0.00074073 0.00000000 Scheduled Interest $ 4,748.55 $ 7,914.25 ($8.41) Scheduled Interest Allocation Factor 0.00539329 0.00539329 0.00000000 Interest Adjustment $ 3.98 $ 6.63 ($0.01) Interest Adjustment Allocation Factor 0.00000452 0.00000452 0.00000000 Net Interest Distributed $ 4,752.53 $ 7,920.88 ($8.40) Distributed Allocation Factor 0.00539781 0.00539781 0.00000000 Other Distribution $ 0.00 $ 0.00 $ 0.00 Other Distribution Allocation Factor 0.00000000 0.00000000 0.00000000 Ending Total Distribution $ 5,404.71 $ 9,007.84 ($8.40) Ending Principal Balance $876,003.06 $1,460,005.10 $ 0.00 Principal Balance Trading Factor 0.99494359 0.99494359 0.00000000
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