Page Number: 1
Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
THE BANK OF NEW YORK
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES, INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
CURRENT PAYMENT INFORMATION
CLASS INFORMATION
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BEGINNING PASS THRU PRINCIPAL INTEREST TOTAL ENDING
- --------------------------
CLASS CODE NAME CERT. BAL RATE DIST. AMT. DIST. AMT. DIST. CERT. BAL.
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
2347 A-I-1 14,696,305.35 6.600000% 2,290,305.71 80,829.68 2,371,135.39 12,405,999.64
2350 A-I-2 63,662,224.91 6.268750% 2,107,022.65 332,568.81 2,439,591.46 61,555,202.26
2351 A-I-3 63,662,224.91 2.731250% 0.00 144,897.88 144,897.88 61,555,202.26
2352 A-I-4 22,732,000.00 6.800000% 0.00 128,814.67 128,814.67 22,732,000.00
2353 A-I-5 17,570,000.00 6.900000% 0.00 101,027.50 101,027.50 17,570,000.00
2354 A-I-6 18,096,000.00 7.100000% 0.00 107,068.00 107,068.00 18,096,000.00
2355 A-I-7 19,218,000.00 7.250000% 0.00 116,108.75 116,108.75 19,218,000.00
2356 A-I-8 14,006,000.00 7.500000% 0.00 87,537.50 87,537.50 14,006,000.00
2359 A-I-9 5,120,000.00 7.500000% 0.00 32,000.00 32,000.00 5,120,000.00
2357 A-I-10 3,022,000.00 7.750000% 0.00 19,517.08 19,517.08 3,022,000.00
2358 A-I-11 55,000,503.00 7.750000% 0.00 355,211.58 355,211.58 55,000,503.00
2372 A-II 24,324,193.98 7.750000% 419,770.55 157,093.75 576,864.30 23,904,423.43
2363 P/O 504,237.48 N/A 4,778.72 0.00 4,778.72 499,458.76
2371 X-1 175,808,241.87 0.673159% 0.00 98,622.38 98,622.38 172,610,499.99
2370 X-2 48,397,435.09 0.196496% 0.00 7,924.91 7,924.91 47,610,499.99
2369 X-3 17,545,793.40 0.475779% 0.00 6,956.60 6,956.60 17,142,387.58
2360 B-1 8,492,947.59 7.750000% 6,713.35 54,850.29 61,563.64 8,486,234.24
2361 B-2 5,405,054.47 7.750000% 4,272.49 34,907.64 39,180.13 5,400,781.98
2362 B-3 3,860,611.31 7.750000% 3,051.67 24,933.11 27,984.78 3,857,559.64
2364 B-4 2,007,279.51 7.750000% 1,586.68 12,963.68 14,550.36 2,005,692.83
2365 B-5 771,724.98 7.750000% 610.02 4,984.06 5,594.08 771,114.96
2366 B-6 1,855,373.84 7.750000% 1,466.60 11,982.62 13,449.22 1,853,907.24
2367 R-1 0.00 7.750000% 0.00 4.78 4.78 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
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Totals - 280,344,456.41 - 4,839,578.44 1,920,805.27 6,760,383.71 275,504,877.97
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FACTORS PER $1,000 (CLASS R PER $100)
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PRINCIPAL INTEREST ENDING
DIST. DIST. CERT. BAL
- -------------------------------------------------------------------------------
81.38679174 2.8723101524 440.85141411
27.71267840 4.3741212137 809.606637554
0.00000000 1.9057736976 809.60663755
0.00000000 5.6666668133 1000.00000000
0.00000000 5.7500000000 1000.00000000
0.00000000 5.9166666667 1000.00000000
0.00000000 6.0416666667 1000.00000000
0.00000000 6.2500000000 1000.00000000
0.00000000 6.2500000000 1000.00000000
0.00000000 6.4583322303 1000.00000000
0.00000000 6.4583332992 1000.00000000
14.48458107 5.4206689254 824.84481576
9.24658820 0.000000000 966.42813437
0.00000000 0.4977442998 871.16020174
0.00000000 0.1538850565 924.49560713
0.00000000 0.3194150354 787.09949332
0.78509589 6.4144883639 992.42594272
0.78509589 6.4144873208 992.42594272
0.78509589 6.4144867507 992.42594272
0.78509589 6.4144878773 992.42594272
0.78509589 6.4144916345 992.42594272
0.78509589 6.4144865036 992.42594272
0.00000000 4.7800000005 0.00000000
0.00000000 0.0000000000 0.00000000
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15.56234236 6.17661839 885.92452528
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PAGE NUMBER: 2
Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
THE BANK OF NEW YORK
101 Barclay Street, 12E
New York, NY 10286 HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-1
Attn: Frank Austin, MBS Unit Headlands Mortgage Company, Servicer
(212) 815-2297
CLASS INFORMATION ORIGINAL CERTIFICATE INFORMATION
- ---------------------------------------------------------------------------------------------------------------
TYPE NAME CERT. BAL. PASS THRU CUSIPS
- ---------------------------------------------------------------------------------------------------------------
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
- -------------------------------------------------------------------------------------------------------
Totals - 310,980,078.00 - -
- --------------------------------------------------------------------------------------------------------
UNPAID AMOUNTS
INTEREST CURRENT REAL AGGREGATE REAL
NAME SHORTFALLS LOSSES LOSSES
- -------------------------------------------------------------------
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 - - -
- ----------------------------------------------------------
PAGE NUMBER: 3
THE BANK OF NEW YORK Payment Date: 12/26/97
Accrual Period: 11/1/97 thru 11/30/97
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 275,504,877.13
Ending loan count (excluding REO) 1746
Aggregate scheduled principal amt 223,112.98
Aggregate prepayment amount 4,616,465.46
-----------------------------------------------------
P&S Ref. ADVANCES
-----------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 33,401.12
Aggregate outstanding advances 77,212.56
-----------------------------------------------------
P&S Ref. FEES
-----------------------------------------------------
Sec. 5.04
Monthly servicer fees 58,405.10
Monthly trustee fee 2,336.20
-----------------------------------------------------
P&S Ref. OTHER INFORMATION
-----------------------------------------------------
Sec. 5.04
Class P/O deferred amount 0.00
Compensating interest amount 0.00
P&S Ref.
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Sec. 5.04 LIQUIDATED LOAN INFORMATION
------------------------------------------------------------------------------
Net liquidation proceeds 0.00
Realized losses (this period) 0.00
Cumulative losses (since Cut-Off) 0.00
P&S Ref. ------------------------------------------------
DELINQUENCY INFORMATION
Sec. 5.04
----------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled 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 2 696,241.27 694,772.90
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P&S Ref. REO INFORMATION
----------------------------------------------------------------
Sec. 5.04
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
---- ---- ---- ------