Page Number: 1
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
- -------------------------------------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
- -------------------------------------------------------------------------------
Current Payment Information
Class Information --------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Bal.
- ---------------------------------------------------------------------------------------------------------------------------
2347 A-I-1 17,081,002.01 6.600000% 2,384,696.66 93,945.51 2,478,642.17 14,696,305.35
2350 A-I-2 65,856,084.83 6.206250% 2,193,859.92 340,599.44 2,534,459.36 63,662,224.91
2351 A-I-3 65,856,084.83 2.793750% - 153,321.20 153,321.20 63,662,224.91
2352 A-I-4 22,732,000.00 6.800000% - 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% - 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% - 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% - 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% - 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% - 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% - 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% - 355,211.58 355,211.58 55,000,503.00
2372 A-II 25,024,470.11 7.750000% 700,276.13 161,616.37 861,892.50 24,324,193.98
2363 P/O 505,098.68 N/A 861.20 - 861.20 504,237.48
2371 X-1 179,416,635.62 0.673348% - 100,674.83 100,674.83 175,808,241.87
2370 X-2 49,353,881.03 0.196564% - 8,084.33 8,084.33 48,397,435.09
2369 X-3 18,228,927.05 0.481427% - 7,313.25 7,313.25 17,545,793.40
2360 B-1 8,499,609.69 7.750000% 6,662.09 54,893.31 61,555.40 8,492,947.59
2361 B-2 5,409,294.34 7.750000% 4,239.87 34,935.03 39,174.90 5,405,054.47
2362 B-3 3,863,639.67 7.750000% 3,028.37 24,952.67 27,981.04 3,860,611.31
2364 B-4 2,008,854.07 7.750000% 1,574.56 12,973.85 14,548.41 2,007,279.51
2365 B-5 772,330.34 7.750000% 605.36 4,987.97 5,593.33 771,724.98
2366 B-6 1,856,829.24 7.750000% 1,455.40 11,992.02 13,447.42 1,855,373.84
2367 R-1 - 7.750000% - 4.87 4.87 -
2368 R-2 0.00 7.750000% 0.00 0.00 - -
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
Totals - 285,641,715.98 - 5,297,259.57 1,957,579.73 7,254,839.30 280,344,456.41
- ---------------------------------------------------------------------------------------------------------------------------
Factors per $1,000 (Class R per $100)
Class Information -------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- --------------------------------------------------------------------
- --------------------------------------------------------------------
2347 A-I-1 84.74100651 3.3383856295 522.23820584
2350 A-I-2 28.85480814 4.4797443148 837.319315951
2351 A-I-3 0.00000000 2.0165616656 837.31931595
2352 A-I-4 0.00000000 5.6666668133 1000.00000000
2353 A-I-5 0.00000000 5.7500000000 1000.00000000
2354 A-I-6 0.00000000 5.9166666667 1000.00000000
2355 A-I-7 0.00000000 6.0416666667 1000.00000000
2356 A-I-8 0.00000000 6.2500000000 1000.00000000
2359 A-I-9 0.00000000 6.2500000000 1000.00000000
2357 A-I-10 0.00000000 6.4583322303 1000.00000000
2358 A-I-11 0.00000000 6.4583332992 1000.00000000
2372 A-II 24.16369239 5.5767262205 839.32939683
2363 P/O 1.66637965 0.000000000 975.67472257
2371 X-1 0.00000000 0.5081029556 887.29911253
2370 X-2 0.00000000 0.1569806571 939.77622891
2369 X-3 0.00000000 0.3357907609 805.62203081
2360 B-1 0.77910121 6.4195193545 993.21103861
2361 B-2 0.77910121 6.4195203969 993.21103861
2362 B-3 0.77910121 6.4195189092 993.21103861
2364 B-4 0.77910121 6.4195200396 993.21103861
2365 B-5 0.77910121 6.4195238095 993.21103861
2366 B-6 0.77910121 6.4195184727 993.21103861
2367 R-1 0.00000000 4.8700000001 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
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Totals - 17.03408014 6.29487182 901.48686764
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Page Number: 2
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
- --------------------------------------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
- --------------------------------------------------------------------------------
Class Information Original Certificate Information Unpaid Amounts
- ---------------------------------------------------------------------------------- ------------------------------------------------
Interest Current Real Aggregate Real
Type Name Cert. Bal. Pass Thru Cusips Name Shortfalls Losses Losses
- ---------------------------------------------------------------------------------- ------------------------------------------------
Senior - Fixed Rate A-I-1 28,141,000.00 6.600000% 42209EAA8 A-I-1 - - -
Senior - Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6 A-I-2 - - -
Senior - Inv. Floating Rate A-I-3 76,031,000.00 3.012500% 42209EAC4 A-I-3 - - -
Senior - Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2 A-I-4 - - -
Senior - Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0 A-I-5 - - -
Senior - Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7 A-I-6 - - -
Senior - Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5 A-I-7 - - -
Senior - Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3 A-I-8 - - -
Senior - Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ9 A-I-9 - - -
Senior - Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6 A-I-10 - - -
Senior - Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4 A-I-11 - - -
Senior - Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2 A-II - - -
Senior - Fixed Rate P/O 516,809.00 N/A 42209EAN0 P/O - - -
Senior - Variable Rate X-1 198,138,642.75 0.000000% 42209EAP5 X-1 - - -
Senior - Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2 X-2 - - -
Senior - Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0 X-3 - - -
Subordinate - Fixed Rate B-1 8,551,000.00 7.750000% 42209EAQ3 B-1 - - -
Subordinate - Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1 B-2 - - -
Subordinate - Fixed Rate B-3 3,887,000.00 7.750000% 42209EAS9 B-3 - - -
Subordinate - Fixed Rate B-4 2,021,000.00 7.750000% N/A B-4 - - -
Subordinate - Fixed Rate B-5 777,000.00 7.750000% N/A B-5 - - -
Subordinate - Fixed Rate B-6 1,868,056.00 7.750000% N/A B-6 - - -
Senior - Fixed Rate R-1 100.00 7.750000% N/A R-1 - - -
Senior - Fixed Rate R-2 100.00 7.750000% N/A R-2 - - -
- ----------------------------------------------------------------------------- -------------------------------------------
- ----------------------------------------------------------------------------- -------------------------------------------
Totals 310,980,078.00 - - Totals - - -
- ----------------------------------------------------------------------------- -------------------------------------------
Page Number: 3
Payment Date: 11/25/97
Accrual Period: 10/1/97 thru 10/31/97
The Bank of New York
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
(212) 815-2297
- -------------------------------------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
- -------------------------------------------------------------------------------
P&S Ref.
Sec. 5.04 ----------------------------------
COLLATERAL INFORMATION
----------------------------------
Ending scheduled principal balance 280,344,455.58
Ending loan count (excluding REO) 1770
Aggregate scheduled principal amt 223,985.15
Aggregate prepayment amount 5,073,274.42
----------------------------------------------------
P&S Ref. ADVANCES
Sec. 5.04 ----------------------------------------------------
Amount of adv/rec (this period) (1,732.77)
Aggregate outstanding advances 43,811.44
----------------------------------------------------
P&S Ref. FEES
Sec. 5.04 ----------------------------------------------------
Monthly servicer fees 59,508.68
Monthly trustee fee 2,380.35
----------------------------------------------------
P&S Ref. OTHER INFORMATION
Sec. 5.04 ----------------------------------------------------
Class P/O deferred amount 0.00
Compensating interest amount 0.00
P&S Ref.
Sec. 5.04 --------------------------------------------------------
LIQUIDATED LOAN INFORMATION
--------------------------------------------------------
Net liquidation proceeds 0.00
Realized losses (this period) 0.00
Cumulative losses (since Cut-Off) -
P&S Ref.
Sec. 5.04 ----------------------------------------------------
DELINQUENCY INFORMATION
----------------------------------------------------
Outstanding Scheduled
Period Loan Count Prin Balance Prin Balance
1 month 1 519,574.58 518,874.75
2 months 1 176,208.26 175,898.15
3 months or more 1 279,845.96 279,117.61
Totals 3 975,628.80 973,890.51
In foreclosure 1 176,208.26 175,898.15
P&S Ref.
Sec. 5.04 -----------------------------------------------------
REO INFORMATION
-----------------------------------------------------
Outstanding Interest Thru Foreclosure
Prin Balance Book Value Foreclosure Expenses
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -
- - - -