Page Number: 1
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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 12,405,999.64 6.600000% 2,801,195.23 68,233.00 2,869,428.23 9,604,804.42
2350 A-I-2 61,555,202.26 6.675000% 2,577,027.94 342,400.81 2,919,428.75 58,978,174.32
2351 A-I-3 61,555,202.26 2.325000% 0.00 119,263.20 119,263.20 58,978,174.32
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 23,904,423.43 7.750000% 58,405.51 154,382.73 212,788.24 23,846,017.92
2363 P/O 499,458.76 N/A 1,495.52 0.00 1,495.52 497,963.24
2371 X-1 172,431,100.61 0.672680% 0.00 96,659.17 96,659.17 168,884,359.92
2370 X-2 47,610,499.99 0.195820% 0.00 7,769.26 7,769.26 46,281,892.63
2369 X-3 17,142,387.58 0.474618% 0.00 6,780.06 6,780.06 17,100,419.34
2360 B-1 8,486,234.24 7.750000% 6,898.72 54,806.93 61,705.65 8,479,335.52
2361 B-2 5,400,781.98 7.750000% 4,390.46 34,880.05 39,270.51 5,396,391.52
2362 B-3 3,857,559.64 7.750000% 3,135.93 24,913.41 28,049.34 3,854,423.71
2364 B-4 2,005,692.83 7.750000% 1,630.49 12,953.43 14,583.92 2,004,062.34
2365 B-5 771,114.96 7.750000% 626.86 4,980.12 5,606.98 770,488.09
2366 B-6 1,853,907.24 7.750000% 1,507.10 11,973.15 13,480.25 1,852,400.14
2367 R-1 0.00 7.750000% 0.00 4.76 4.76 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------------------------
Totals 0.00 275,504,877.97 0.00 5,456,313.75 1,887,285.16 7,343,598.91 270,048,564.22
- ---------------------------------------------------------------------------------------------------------------------------
Factors per $1,000 (Class R per $100)
Class Information --------------------------------------------
- -------------------------- Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ----------------------------------------------------------------------
2347 A-I-1 99.54142453 2.4246828471 341.30998958
2350 A-I-2 33.89443700 4.5034368876 775.712200552
2351 A-I-3 0.00000000 1.5686128027 775.71220055
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 2.01533766 5.3271226076 822.82947810
2363 P/O 2.89375766 0.000000000 963.53437671
2371 X-1 0.00000000 0.4878360357 852.35448056
2370 X-2 0.00000000 0.1508626614 898.69685122
2369 X-3 0.00000000 0.3113091316 785.17250501
2360 B-1 0.80677300 6.4094176120 991.61916972
2361 B-2 0.80677300 6.4094174936 991.61916972
2362 B-3 0.80677300 6.4094185747 991.61916972
2364 B-4 0.80677300 6.4094161306 991.61916972
2365 B-5 0.80677300 6.4094208494 991.61916972
2366 B-6 0.80677300 6.4094170624 991.61916972
2367 R-1 0.00000000 4.7600000008 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------------
Totals 0.00 17.54554113 6.06882979 868.37898415
- ---------------------------------------------------------------------
THE
BANK OF
NEW
YORK
101 Barclay Street, 12E Page Number: 2
New York, NY 10286 Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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
- --------------------------------------------------------------------------------
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-11 55,000,503.00 7.750000% 42209EAL4
Senior - Fixed Rate A-I-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 00.00 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
- --------------------------------------------------
Totals - - -
- --------------------------------------------------
Page Number: 3
Payment Date: 1/26/98
Accrual Period: 12/1/97 thru 12/31/97
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 270,048,563.37
Ending loan count (excluding REO) 1719
Aggregate scheduled principal amt 221,846.98
Aggregate prepayment amount 5,234,466.77
-----------------------------------------------------
P&S Ref. ADVANCES
-----------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 4,667.99
Aggregate outstanding advances 81,880.55
-----------------------------------------------------
P&S Ref. FEES
-----------------------------------------------------
Sec. 5.04
Monthly servicer fees 57,396.85
Monthly trustee fee 2,295.87
-----------------------------------------------------
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
-------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
------ ---------- ------------------------- ----------------------
1 month 1 290,173.57 289,792.56
2 months 1 560,561.22 559,478.57
3 months or more 3 973,890.51 970,860.31
Totals 5 1,824,625.30 1,820,131.44
= ============= ============
In foreclosure 2 696,241.27 694,772.90
P&S Ref.
-----------------------------------
Sec. 5.04 REO INFORMATION
-----------------------------------
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