THE PAGE NUMBER: 1
BANK OF Payment Date: 2/25/98
NEW Accrual Period: 1/1/98 thru 1/31/98
YORK
101 Barclay Street, 12E
New York, NY 10286
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Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
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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.
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- ------------------------------------------------------------------------------------------------------------------------------------
2347 A-I-1 9,604,804.42 6.600000% 4,143,816.52 52,826.42 4,196,642.94 5,460,987.90
2350 A-I-2 58,978,174.32 6.206250% 3,812,205.18 305,027.75 4,117,232.93 55,165,969.14
2351 A-I-3 58,978,174.32 2.793750% - 137,308.56 137,308.56 55,165,969.14
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 23,846,017.92 7.750000% 1,795,963.37 154,005.53 1,949,968.90 22,050,054.55
2363 P/O 497,963.24 N/A 20,003.33 - 20,003.33 477,959.91
2371 X-1 168,884,359.92 0.671726% - 94,536.69 94,536.69 163,501,462.72
2370 X-2 46,281,892.63 0.196581% - 7,581.77 7,581.77 43,933,369.71
2369 X-3 17,100,419.34 0.474717% - 6,764.88 6,764.88 16,448,294.33
2360 B-1 8,479,335.52 7.750000% 6,831.97 54,762.38 61,594.35 8,472,503.55
2361 B-2 5,396,391.52 7.750000% 4,347.98 34,851.70 39,199.68 5,392,043.54
2362 B-3 3,854,423.71 7.750000% 3,105.58 24,893.15 27,998.73 3,851,318.13
2364 B-4 2,004,062.34 7.750000% 1,614.71 12,942.90 14,557.61 2,002,447.63
2365 B-5 770,488.09 7.750000% 620.80 4,976.07 5,596.87 769,867.30
2366 B-6 1,852,400.14 7.750000% 1,492.51 11,963.42 13,455.93 1,850,907.62
2367 R-1 - 7.750000% - 4.67 4.67 -
2368 R-2 0.00 7.750000% 0.00 0.00 - -
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Totals - 270,048,564.22 - 9,790,001.95 1,849,730.97 11,639,732.92 260,258,562.27
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FACTORS PER $1,000 (CLASS R PER $100)
CLASS INFORMATION
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PRINCIPAL INTEREST ENDING
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CLASS CODE NAME DIST. DIST. CERT. BAL
- -------------------------- -----------------------------------------------------
- -------------------------- -----------------------------------------------------
2347 A-I-1 147.25192855 1.8772047902 194.05806102
2350 A-I-2 50.14014255 4.0118865989 725.572058000
2351 A-I-3 0.00000000 1.8059549394 725.57205800
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 61.97142036 5.3141069636 760.85805773
2363 P/O 38.70545985 0.000000000 924.82891686
2371 X-1 0.00000000 0.4771239405 825.18715406
2370 X-2 0.00000000 0.1472220006 853.09348383
2369 X-3 0.00000000 0.3106121359 755.22992773
2360 B-1 0.79896691 6.4042076950 990.82020281
2361 B-2 0.79896691 6.4042080118 990.82020281
2362 B-3 0.79896691 6.4042063288 990.82020281
2364 B-4 0.79896691 6.4042058387 990.82020281
2365 B-5 0.79896691 6.4042084942 990.82020281
2366 B-6 0.79896691 6.4042084391 990.82020281
2367 R-1 0.00000000 4.6699999993 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
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Totals - 31.48112256 5.94806903 836.89786159
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THE
BANK OF PAGE NUMBER: 2
NEW Payment Date: 2/25/98
YORK Accrual Period: 1/1/98 thru 1/31/98
101 Barclay Street, 12E
New York, NY 10286
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Attn: Frank Austin, MBS Unit HEADLANDS MORTGAGE SECURITIES INC.
(212) 815-2297 Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
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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
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NAME SHORTFALLS LOSSES LOSSES
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AI-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 0.00 0.00 0.00
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THE
BANK OF PAGE NUMBER: 3
NEW Payment Date: 2/25/98
YORK Accrual Period: 1/1/98 thru 1/31/98
101 Barclay Street, 12E
New York, NY 10286
Attn: Frank Austin, MBS Unit
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(212) 815-2297 HEADLANDS MORTGAGE SECURITIES INC.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
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P&S Ref.
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Sec. 5.04 COLLATERAL INFORMATION
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Ending scheduled principal balance 260,258,561.39
Ending loan count (excluding REO) 1675
Aggregate scheduled principal amt 219,596.89
Aggregate prepayment amount 9,570,405.06
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P&S Ref. ADVANCES
--------------------------------------------------------------------------------
Sec. 5.04
Amount of adv/rec (this period) 7,083.51
Aggregate outstanding advances 88,964.06
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P&S Ref. FEES
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Sec. 5.04
Monthly servicer fees 56,260.11
Monthly trustee fee 2,250.40
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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 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) -
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 3 416,319.25 415,837.79
2 months 1 290,173.57 289,600.03
3 months or more 4 1,534,451.73 1,529,320.13
TOTALS 8 2,240,944.55 2,234,757.95
= ============= ============
In foreclosure 2 696,241.27 694,772.90
In bankruptcy 1 560,561.22 559,112.56
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
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