Monthly Distribution Statement for Headlands Mortgage Securities Inc. and The Bank of New York, Series 1998-3

Summary

This document is a monthly payment statement detailing the distribution of principal and interest to holders of mortgage pass-through certificates issued by Headlands Mortgage Securities Inc. and administered by The Bank of New York for Series 1998-3. It summarizes payments made on May 25, 2000, including amounts distributed to each class of certificateholders, current balances, interest rates, and realized losses (if any). The statement provides transparency to investors regarding the performance and cash flow of the underlying mortgage pool for the specified period.

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EX-10.1 2 0002.txt MONTHLY PAYMENT DATE STATEMENT Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificate Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt EXHIBIT 10.1 Certificateholder Distribution Summary
=================================================================================================================================== Certificate Pass Current Class Rate Beginning Through Principal Interest Total Realized Class CUSIP Description Type Balance Rate (%) Distribution Distribution Distribution Losses =================================================================================================================================== A-1 42209EGD6 Senior Fix-30/360 200,735,432.74 6.650000 1,668,580.60 1,112,408.86 2,780,989.45 0.00 PO 42209EGE4 Strip PO Fix-30/360 941,729.87 0.000000 1,202.74 0.00 1,202.74 0.00 R 42209EGF1 Senior Fix-30/360 0.00 6.650000 0.00 0.00 0.00 0.00 B-1 42209EGG9 Junior Fix-30/360 4,490,176.32 6.650000 4,425.28 24,883.06 29,308.34 0.00 B-2 42209EGH7 Junior Fix-30/360 2,020,544.85 6.650000 1,991.34 11,197.19 13,188.53 0.00 B-3 42209EGJ3 Junior Fix-30/360 1,347,062.75 6.650000 1,327.59 7,464.97 8,792.57 0.00 B-4 42209EGK0 Junior Fix-30/360 785,827.67 6.650000 774.47 4,354.79 5,129.27 0.00 B-5 42209EGL8 Junior Fix-30/360 673,482.10 6.650000 663.75 3,732.21 4,395.96 0.00 B-6 42209EGM6 Junior Fix-30/360 785,878.51 6.650000 774.52 4,355.08 5,129.60 0.00 =================================================================================================================================== Totals 211,780,134.81 1,679,740.09 1,168,396.16 2,848,136.46 =================================================================================================================================== ============================= Cumulative Ending Realized Balance Losses ============================= 199,066,825.15 0.00 940,527.13 0.00 0.00 0.00 4,485,751.03 0.00 2,018,553.51 0.00 1,345,735.16 0.00 785,053.20 0.00 672,818.35 0.00 785,103.99 0.00 ============================= 210,100,394.52 0.00 =============================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificate Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt ###-###-#### Principal Distribution Detail
Original Beginning Scheduled Unscheduled Net Current Certificate Certificate Principal Accretion Principal Principal Realized Class Cusip Balance Balance Distribution Principal Adjustments Distribution Losses ============================================================================================================================== A-1 42209EGD6 216,562,200.00 200,735,432.74 1,668,580.60 0.00 0.00 1,668,580.60 0.00 PO 42209EGE4 1,002,393.00 941,729.87 1,202.74 0.00 0.00 1,202.74 0.00 R 42209EGF1 100.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 42209EGG9 4,556,300.00 4,490,176.32 4,425.28 0.00 0.00 4,425.28 0.00 B-2 42209EGH7 2,050,300.00 2,020,544.85 1,991.34 0.00 0.00 1,991.34 0.00 B-3 42209EGJ3 1,366,900.00 1,347,062.75 1,327.59 0.00 0.00 1,327.59 0.00 B-4 42209EGK0 797,400.00 785,827.67 774.47 0.00 0.00 774.47 0.00 B-5 42209EGL8 683,400.00 673,482.10 663.75 0.00 0.00 663.75 0.00 B-6 42209EGM6 797,452.00 785,878.51 774.52 0.00 0.00 774.52 0.00 =============================================================================================================================== Totals 227,816,445.00 211,780,134.81 1,679,740.29 0.00 0.00 1,679,740.29 0.00 =============================================================================================================================== ====================================== Ending Ending Certificate Certificate Balance Factor ====================================== 199,066,852.15 0.91921328905 940,527.13 0 ###-###-#### 0.00 0.00000000000 4,485,751.03 0.98451617210 2,018,553.51 0.98451617210 1,345,735.16 0.98451617210 785,053.20 0.98451617210 672,818.35 0.98451617210 785,103.99 0.98451566593 ====================================== 210,100,394.52 ======================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Attn: Anna Felt Distribution Date: 25-May-2000 ###-###-#### Interest Distribution Detail
================================================================================================================================== Beginning Pass Accrued Cumulative Total Net Unscheduled Class Certificate Through Optimal Unpaid Deferred Interest Prepayment Interest Interest Balance Rate(%) Interest Interest Interest Due Shortfall Adjustment Paid ================================================================================================================================== A-1 202,188,415.78 6.650000 1,112,408.86 0.00 0.00 1,112,408.86 0.00 0.00 1,112,408.86 PO 963,493.78 0.000000 0.00 0.00 0.00 0.00 0.00 0.00 0.00 R 0.00 6.650000 0.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 4,494,577.07 6.650000 24,883.06 0.00 0.00 24,883.06 0.00 0.00 24,883.06 B-2 2,022,525.16 6.650000 11,197.19 0.00 0.00 11,197.19 0.00 0.00 11,197.19 B-3 1,348,382.99 6.650000 7,464.97 0.00 0.00 7,464.97 0.00 0.00 7,464.97 B-4 786,597.84 6.650000 4,354.79 0.00 0.00 4,354.79 0.00 0.00 4,354.79 B-5 674,142.17 6.650000 3,732.21 0.00 0.00 3,732.21 0.00 0.00 3,732.21 B-6 786,648.74 6.650000 4,355.08 0.00 0.00 4,355.08 0.00 0.00 4,355.08 ================================================================================================================================== Totals 213,264,783.53 1,168,396.16 0.00 0.00 1,168,396.16 0.00 0.00 1,168,396.16 ==================================================================================================================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Attn: Anna Felt Distribution Date: 25-May-2000 ###-###-#### Current Payment Information Factors per $1,000
================================================================================================================ Beginning Ending Original Certificate/ Principal Interest Certificate Pass Class Cusip Certificate Notional Balance Distribution Distribution Notional Through Balance Balance Rate(%) ================================================================================================================ A-1 42209EGD6 216,562,200.00 ###-###-#### 7.704856145 ###-###-#### ###-###-#### 6.650000 PO 42209EGE4 1,002,393.00 939.481693117 ###-###-#### 0.000000000 938.281821926 0.000000 R 42209EGF1 100.00 0.000000000 0.000000000 0.000000000 0.000000000 6.650000 B-1 42209EGG9 4,556,300.00 ###-###-#### 0.971244769 5.461242769 ###-###-#### 6.650000 B-2 42209EGH7 2,050,300.00 ###-###-#### 0.971244769 5.461242769 ###-###-#### 6.650000 B-3 42209EGJ3 1,366,900.00 ###-###-#### 0.971244769 5.461242769 ###-###-#### 6.650000 B-4 42209EGK0 797,400.00 ###-###-#### 0.971244769 5.461242769 ###-###-#### 6.650000 B-5 42209EGL8 683,400.00 ###-###-#### 0.971244769 5.461242769 ###-###-#### 6.650000 B-6 42209EGM6 797,452.00 ###-###-#### 0.971244269 5.461239961 ###-###-#### 6.650000 ================================================================================================================ Total 227,816,445.00 929.608636506 ###-###-#### ###-###-#### ###-###-#### ================================================================================================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt ###-###-#### Pool Level Data - --------------- Distribution Date 5/25/00 Cut-Off Date 12/1/98 Determination Date 5/1/00 Accrual Period 4/1/00 (Beg) 5/1/00 (End) Number of Days in Accrual Period 30
=============================================================================================================== COLLATERAL INFORMATION =============================================================================================================== Group 1 - ------- Cut-Off Date Balance 227,816,444.00 Beginning Aggregate Pool Stated Principal Balance 211,780,135.23 Ending Aggregate Pool Stated Principal Balance 210,100,394.93 Beginning Aggregate Certificate Stated Principal Balance 211,780,134.81 Ending Aggregate Certificate Stated Principal Balance 210,100,394.51 Beginning Aggregate Loan Count 810 Loans Paid Off or otherwise Removed Pursuant to Pooling and Servicing Agreement 4 Ending Aggregate Loan Count 806 Beginning Weighted Average Loan Rate (WAC) 7.151872% Ending Weighted Average Loan Rate (WAC) 7.151358% Beginning Net Weighted Average Loan Rate 6.893370% Ending Net Weighted Average Loan Rate 6.892856% Aggregate Pool Prepayment 1,470,984.67 Pool Prepayment Rate 8.0238CPR ===============================================================================================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt ###-###-####
============================================================================================ CERTIFICATE INFORMATION ============================================================================================ Group 1 - ------- Senior Percentage 95.2081916974% Senior Prepayment Percentage 100.0000000000% Subordinate Percentage 4 ###-###-####% Subordinate Prepayment Percentage 0.0000000000% Prepayment Compensation Total Gross Prepayment Interest Shortfall 4109.03 Compensation for Gross PPIS from Servicing Fees 4109.03 Other Gross PPIS Compensation 0.00 -------------- Total Net PPIS (Non-Supported PPIS) 0.00 Master Servicing Fees Paid 88181.40 Sub Servicing Fees Paid 0.36 Trustee Fees Paid 1500.00 -------------- Total Fees 89681.87 ============================================================================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt ###-###-####
==================================================================================================================== DELINQUENCY INFORMATION ================================================================================================================== Group 1 - ------- Delinquency 30-59 Days 60-89 Days 90+ Days Totals - ----------- ---------- ---------- -------- ------ Scheduled Principal Balance 0.00 0.00 0.00 0.00 Percentage of Total Pool Balance 0.000000% 0.000000% 0.000000% 0.000000% Number of Loans 0 0 0 0 Percentage of Total Loans 0.000000% 0.000000% 0.000000% 0.000000% Foreclosure 0.00 0.00 0.00 0.00 - ----------- Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Pool Balance 0 0 0 0 Number of Loans 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Loans Bankruptcy 0.00 0.00 0.00 0.00 - ---------- Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Pool Balance 0 0 0 0 Number of Loans 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Loans REO 0.00 0.00 0.00 0.00 - --- Scheduled Principal Balance 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Pool Balance 0 0 0 0 Number of Loans 0.000000% 0.000000% 0.000000% 0.000000% Percentage of Total Loans Book Value of all REO Loans 0.00 Percentage of Total Pool Balance 0.000000% Current Realized Losses 0.00 Additional Gains (Recoveries)/Losses 0.00 Total Realized Losses 0.00 ==================================================================================================================
Headlands Mortgage Securities Inc. The Bank of New York Mortgage Pass-Through Certificates Series 1998-3 101 Barclay Street - 12E New York, NY 10286 Distribution Date: 25-May-2000 Attn: Anna Felt ###-###-####
===================================================================================================================== SUBORDINATION/CREDIT ENHANCEMENT INFORMATION ===================================================================================================================== Protection Original Current - ---------- -------- ------- Bankruptcy Loss 100,000.00 0.00 Bankruptcy Percentage 0.043895% 0.000000% Credit/Fraud Loss 2,278,164.00 2,278,164.00 Credit/Fraud Loss Percentage 1.000000% 1.084322% Special Hazard Loss 3,919,310.00 3,861,934.55 Special Hazard Loss Percentage 1.720381% 1.838138% Credit Support Original Current - -------------- -------- ------- Class A 217,564,693.00 200,007,379.28 Class A Percentage 95.499995% 95.196099% Class B-1 4,556,300.00 4,485,751.03 Class B-1 Percentage 1.999987% 2.135051% Class B-2 2,050,300.00 2,018,553.51 Class B-2 Percentage 0.899979% 0.960757% Class B-3 1,366,900.00 1,345,735.16 Class B-3 Percentage 0.600001% 0.640520% Class B-4 797,400.00 785,053.20 Class B-4 Percentage 0.350019% 0.373656% Class B-5 683,400.00 672,818.35 Class B-5 Percentage 0.299978% 0.320237% Class B-6 797,452.00 785,103.99 Class B-6 Percentage 0.350041% 0.373680% ======================================================================================================================