THE Page Number: 1
BANK OF Payment Date: 3/25/98
NEW YORK Accured Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, MBS Unit
(212) 815-2297
-------------------------------------------------
Headlands Mortgage Securities Inc.
Mortgage Pass-Through Certificates, Series 1997-1
Headlands Mortgage Company, Servicer
-------------------------------------------------
Class Information Current Payment Information
- ---------------------------------------------------------------------------------------------------------
Beginning Pass Thru Principal Interest Total Ending
Class Code Name Cert. Bal. Rate Dist. Amt. Dist. Amt. Dist. Cert. Balance
- ---------------------------------------------------------------------------------------------------------
2347 A-I-1 5,460,987.90 6.600000% 4,514,849.35 30,035.43 4,544,884.78 946,138.54
2350 A-I-2 55,165,969.14 6.206250% 4,153,545.89 285,311.50 4,438,857.39 51,012,423.25
2351 A-I-3 55,165,969.14 2.793750% -- 128,433.27 128,433.27 51,012,423.25
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 22,050,054.55 7.750000% 824,307.20 142,406.60 966,713.80 21,225,747.35
2363 P/O 477,959.91 N/A 7,179.33 -- 7,179.33 470,780.58
2371 X-1 163,501,462.72 0.675480% -- 92,034.97 92,034.97 156,847,471.63
2370 X-2 43,933,369.71 0.195760% -- 7,167.01 7,167.01 42,434,721.19
2369 X-3 16,448,294.33 0.484801% -- 6,645.12 6,645.12 15,778,404.01
2360 B-1 8,472,503.55 7.750000% 7,103.63 54,718.25 61,821.88 8,465,399.92
2361 B-2 5,392,043.54 7.750000% 4,520.87 34,823.61 39,344.48 5,387,522.67
2362 B-3 3,851,318.13 7.750000% 3,229.08 24,873.10 28,102.18 3,848,089.05
2364 B-4 2,002,447.63 7.750000% 1,678.92 12,932.47 14,611.39 2,000,768.71
2365 B-5 769,867.30 7.750000% 645.48 4,972.06 5,617.54 769,221.81
2360 B-6 1,850,907.62 7.750000% 1,551.86 11,953.78 13,505.64 1,849,355.76
2367 R-1 0.00 7.750000% 0.00 4.58 4.58 0.00
2368 R-2 0.00 7.750000% 0.00 0.00 0.00 0.00
- ---------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------
Totals -- 260,258,562.27 -- 9,518,611.62 1,783,596.83 11,302,208.45 250,739,950.65
- ---------------------------------------------------------------------------------------------------------
Class Information Factors Per $1,000 (Class R per $100)
- ---------------------------------------------------------------
Principal Interest Ending
Class Code Name Dist. Dist. Cert. Bal
- ---------------------------------------------------------------
2347 A-I-1 160.43670634 1.0673192140 33.62135468
2350 A-I-2 54.62963647 3.7525680315 670.942421531
2351 A-I-3 0.00000000 1.6892224224 670.94242153
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 28.44350215 4.9138748766 732.41455559
2363 P/O 13.89165049 0.000000000 910.93726637
2371 X-1 0.00000000 0.4644978320 791.60465345
2370 X-2 0.00000000 0.1391682352 823.99288682
2369 X-3 0.00000000 0.3051133082 724.47164922
2360 B-1 0.83073723 6.3990468951 989.98946558
2361 B-2 0.83073723 6.3990463065 989.98946558
2362 B-3 0.83073723 6.3990481091 989.98946558
2364 B-4 0.83073723 6.3990450272 989.98946558
2365 B-5 0.83073723 6.3990476190 989.98946558
2360 B-6 0.83073723 6.3990479943 989.98946558
2367 R-1 0.00000000 4.5799999987 0.00000000
2368 R-2 0.00000000 0.0000000000 0.00000000
- ---------------------------------------------------------------
- ---------------------------------------------------------------
Totals -- 30.60842894 5.73540544 806.28943264
- ---------------------------------------------------------------
THE Page Number: 2
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, 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-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
Type Name Shortfalls Losses Losses
- -----------------------------------------------------------------------------
Senior - Fixed Rate A-I-1 0.00 0.00 0.00
Senior - Floating Rate A-I-2 0.00 0.00 0.00
Senior - Inv. Floating Rate A-I-3 0.00 0.00 0.00
Senior - Fixed Rate A-I-4 0.00 0.00 0.00
Senior - Fixed Rate A-I-5 0.00 0.00 0.00
Senior - Fixed Rate A-I-6 0.00 0.00 0.00
Senior - Fixed Rate A-I-7 0.00 0.00 0.00
Senior - Fixed Rate A-I-8 0.00 0.00 0.00
Senior - Fixed Rate A-I-9 0.00 0.00 0.00
Senior - Fixed Rate A-I-10 0.00 0.00 0.00
Senior - Fixed Rate A-I-11 0.00 0.00 0.00
Senior - Fixed Rate A-II 0.00 0.00 0.00
Senior - Fixed Rate P/O 0.00 0.00 0.00
Senior - Variable Rate X-1 0.00 0.00 0.00
Senior - Variable Rate X-2 0.00 0.00 0.00
Senior - Variable Rate X-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-1 0.00 0.00 0.00
Subordinate - Fixed Rate B-2 0.00 0.00 0.00
Subordinate - Fixed Rate B-3 0.00 0.00 0.00
Subordinate - Fixed Rate B-4 0.00 0.00 0.00
Subordinate - Fixed Rate B-5 0.00 0.00 0.00
Subordinate - Fixed Rate B-6 0.00 0.00 0.00
Senior - Fixed Rate R-1 0.00 0.00 0.00
Senior - Fixed Rate R-2 0.00 0.00 0.00
- -----------------------------------------------------------------------------
Totals 0.00 0.00 0.00
- -----------------------------------------------------------------------------
THE Page Number: 3
BANK OF Payment Date: 3/25/98
NEW YORK Account Period: 2/1/98 thru 2/26/98
[ILLEGIBLE] Barclay Street, 12E
New York, NY 10286
Frank Auslin, 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 250,739,949.75
Ending loan count (excluding REO) 1630
Aggregate scheduled principal amt 213,760.59
Aggregate prepayment amount 9,304,851.03
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
ADVANCES
- --------------------------------------------------------------------------------
Amount of adv/rec (this period) 6,456.43
Aggregate outstanding advances 95,420.49
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
FEES
- --------------------------------------------------------------------------------
Monthly servicer fees 54,220.53
Monthly trustee fee 2,168.82
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
OTHER INFORMATION
- --------------------------------------------------------------------------------
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) 0.00
P&S Ref.
Sec. 5.04
- --------------------------------------------------------------------------------
DELINQUENCY INFORMATION
- --------------------------------------------------------------------------------
Period Loan Count Outstanding Prin Balance Scheduled Prin Balance
- ------ ---------- ------------------------ ----------------------
1 month 1 273,066.71 272,693.53
2 months 1 68,702.56 68,571.28
3 months or more 4 1,648,727.15 1,642,536.91
Totals 6 1,990,496.42 1,983,801.72
In foreclosure 5 1,921,793.86 1,915,230.44
In bankruptcy 0 0.00 0.00
Loans in foreclosure and
also in delinq. info above 5 1,921,793.86 1,915,230.44
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