EXHIBIT 23



The Board of Directors 
Headlands Mortgage Company:


We consent to incorporation by reference in the registration statements (No.
333-46517 and No. 333-48253) on Form S-8 of Headlands Mortgage Company of our
report dated February 13, 1998, relating to the consolidated balance sheets of
Headlands Mortgage Company as of December 31, 1997 and 1996, and the related
consolidated statements of operations, stockholders' equity and cash flows for
each of the years in the three-year period ended December 31, 1997, which report
appears in the December 31, 1997 annual report on Form 10-K of Headlands
Mortgage Company. Our report refers to a change in the Company's method of 
accounting for transfers and servicing of financial assets in 1997.


                                                       /s/ KPMG Peat Marwick LLP


San Francisco, California
March 26, 1998