EXHIBIT 10.1
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.
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A-I-1 28,141,000.00 6.600000% 1,047,424.65 154,775.50 1,202,200.15 27,093,575.35
A-I-2 76,031,000.00 5.987500% 963,603.88 379,363.01 1,342,966.89 75,067,396.12
A-I-3 76,031,000.00 3.012500% 0.00 190,869.49 190,869.49 75,067,396.12
A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00
A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00
A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00
A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00
A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00
A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00
A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00
A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00
A-II 28,980,510.00 7.750000% 407,284.93 187,165.79 594,450.72 28,573,225.07
P/O 516,809.00 N/A 634.41 0.00 634.41 516,174.59
X-1 198,138,642.75 0.677810% 0.00 111,916.96 111,916.96 196,172,521.84
X-2 51,498,892.61 0.196320% 0.00 8,425.22 8,425.22 51,463,432.24
X-3 21,779,187.67 0.487570% 0.00 8,849.07 8,849.07 21,388,401.27
B-1 8,551,000.00 7.750000% 6,226.21 55,225.21 61,451.42 8,544,773.79
B-2 5,442,000.00 7.750000% 3,962.47 35,146.25 39,108.72 5,438,037.53
B-3 3,887,000.00 7.750000% 2,830.23 25,103.54 27,933.77 3,884,169.77
B-4 2,021,000.00 7.750000% 1,471.54 13,052.29 14,523.83 2,019,528.46
B-5 777,000.00 7.750000% 565.75 5,018.13 5,583.88 776,434.25
B-6 1,868,056.00 7.750000% 1,360.18 12,064.53 13,424.71 1,866,695.82
R-1 100.00 7.750000% 100.00 13.52 113.52 0.00
R-2 100.00 7.750000% 100.00 0.65 100.65 0.00
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Totals 310,980,078.00 2,435,564.27 2,134,274.24 4,569,838.51 308,544,513.73
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Factors per $1,000 (Class R per $100)
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
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A-I-1 37.22059106 5.5000000000 962.77940894
A-I-2 12.67382886 4.9895833279 987.326171142
A-I-3 0.00000000 2.5104166721 987.32617114
A-I-4 0.00000000 5.6666668133 1000.00000000
A-I-5 0.00000000 5.7500000000 1000.00000000
A-I-6 0.00000000 5.9166666667 1000.00000000
A-I-7 0.00000000 6.0416666667 1000.00000000
A-I-8 0.00000000 6.2500000000 1000.00000000
A-I-9 0.00000000 6.2500000000 1000.00000000
A-I-10 0.00000000 6.4583322303 1000.00000000
A-I-11 0.00000000 6.4583332992 1000.00000000
A-II 14.05375292 6.4583332039 985.94624708
P/O 1.22755834 0.000000000 998.77244166
X-1 0.00000000 0.5648416606 990.07704463
X-2 0.00000000 0.1636000227 999.31143432
X-3 0.00000000 0.4063085425 982.05688817
B-1 0.72812695 6.4583335282 999.27187305
B-2 0.72812695 6.4583333333 999.27187305
B-3 0.72812695 6.4583329046 999.27187305
B-4 0.72812695 6.4583325087 999.27187305
B-5 0.72812695 6.4583397683 999.27187305
B-6 0.72812695 6.4583342255 999.27187305
R-1 100.00000000 13.5239895476 0.00000000
R-2 100.00000000 0.6500000000 0.00000000
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Totals 7.83189805 6.86305778 992.16810195
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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
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Type Name Cert. Bal. Pass Thru Cusips
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Senior - Fixed Rate A-I-1 28,141,000.00 6.600000% 42209EAA8
Senior - Floating Rate A-I-2 76,031,000.00 5.987500% 42209EAB6
Senior - Inv. Floating Rate A-I-3 76,031,000.00 3.012500% 42209EAC4
Senior - Fixed Rate A-I-4 22,732,000.00 6.800000% 42209EAD2
Senior - Fixed Rate A-I-5 17,570,000.00 6.900000% 42209EAE0
Senior - Fixed Rate A-I-6 18,096,000.00 7.100000% 42209EAF7
Senior - Fixed Rate A-I-7 19,218,000.00 7.250000% 42209EAG5
Senior - Fixed Rate A-I-8 14,006,000.00 7.500000% 42209EAH3
Senior - Fixed Rate A-I-9 5,120,000.00 7.500000% 42209EAJ9
Senior - Fixed Rate A-I-10 3,022,000.00 7.750000% 42209EAK6
Senior - Fixed Rate A-I-11 55,000,503.00 7.750000% 42209EAL4
Senior - Fixed Rate A-II 28,980,510.00 7.750000% 42209EAM2
Senior - Fixed Rate P/O 516,809.00 N/A 42209EAN0
Senior - Variable Rate X-1 198,138,642.75 0.000000% 42209EAP5
Senior - Variable Rate X-2 51,498,892.61 0.000000% 42209EAV2
Senior - Variable Rate X-3 21,779,187.67 0.000000% 42209EAW0
Subordinate - Fixed Rate B-1 8,551,000.00 7.750000% 42209EAQ3
Subordinate - Fixed Rate B-2 5,442,000.00 7.750000% 42209EAR1
Subordinate - Fixed Rate B-3 3,887,000.00 7.750000% 42209EAS9
Subordinate - Fixed Rate B-4 2,021,000.00 7.750000% N/A
Subordinate - Fixed Rate B-5 777,000.00 7.750000% N/A
Subordinate - Fixed Rate B-6 1,868,056.00 7.750000% N/A
Senior - Fixed Rate R-1 100.00 7.750000% N/A
Senior - Fixed Rate R-2 100.00 7.750000% N/A
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Totals 310,980,078.00 - -
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Unpaid Amounts
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Interest Current Real Aggregate Real
Name Shortfalls Losses Losses
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A-I-1 0.00 0.00 0.00
A-I-2 0.00 0.00 0.00
A-I-3 0.00 0.00 0.00
A-I-4 0.00 0.00 0.00
A-I-5 0.00 0.00 0.00
A-I-6 0.00 0.00 0.00
A-I-7 0.00 0.00 0.00
A-I-8 0.00 0.00 0.00
A-I-9 0.00 0.00 0.00
A-I-10 0.00 0.00 0.00
A-I-11 0.00 0.00 0.00
A-II 0.00 0.00 0.00
P/O 0.00 0.00 0.00
X-1 0.00 0.00 0.00
X-2 0.00 0.00 0.00
X-3 0.00 0.00 0.00
B-1 0.00 0.00 0.00
B-2 0.00 0.00 0.00
B-3 0.00 0.00 0.00
B-4 0.00 0.00 0.00
B-5 0.00 0.00 0.00
B-6 0.00 0.00 0.00
R-1 0.00 0.00 0.00
R-2 0.00 0.00 0.00
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Totals - - -
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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.
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Sec. 5.04 COLLATERAL INFORMATION
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Ending scheduled principal balance 08,544,515.04
Ending loan count (excluding REO) 1898
Aggregate scheduled principal amt 226,511.10
Aggregate prepayment amount 2,209,041.71
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P&S Ref. ADVANCES
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Sec. 5.04
Amount of advances (this period) 0.00
Aggregate outstanding advances 0.00
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P&S Ref. FEES
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Sec. 5.04
Monthly servicer fees 64,694.25
Monthly trustee fee 2,591.50
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P&S Ref. OTHER INFORMATION
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Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 11.46
P&S Ref.
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Sec. 5.04 LIQUIDATED LOAN INFORMATION
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Net liquidation proceeds 0.00
Realized losses (this period) 0.00
Cumulative losses (since Cut-Off) 0.00
P&S Ref.
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Sec. 5.04 DELINQUENCY INFORMATION
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Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
1 month 0 0.00 0.00
2 months 0 0.00 0.00
3 months or more 0 0.00 0.00
In foreclosure 0 0.00 0.00
Totals 0 0.00 0.00
P&S Ref.
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Sec. 5.04 REO INFORMATION
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Outstanding Prin Balance Book Value Interest Thru Foreclosure Foreclosure Expenses
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
INFO NOT AVAILABLE INFO NOT AVAILABLE