-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ta0DV/yqdDDpQeBgYDYtqvd28IA/m5bAVX2jLDAYwP4o/WGm0DEA2iqvw94W6Kix Hr7QvvjgTxsOQ6jC6U6/CA== 0000950149-97-002166.txt : 19971208 0000950149-97-002166.hdr.sgml : 19971208 ACCESSION NUMBER: 0000950149-97-002166 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971125 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971205 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEQUOIA MORTGAGE FUNDING CORP CENTRAL INDEX KEY: 0001033146 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 911771827 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-22681 FILM NUMBER: 97732832 BUSINESS ADDRESS: STREET 1: 591 REDWOOD HWY STREET 2: STE 3120 CITY: MILL VALLEY STATE: CA ZIP: 94941 BUSINESS PHONE: 4153811765 MAIL ADDRESS: STREET 1: 591 REDWOOD HIGHWAY STREET 2: STE 3120 CITY: MILL VALLEY STATE: CA ZIP: 94941 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 November 25, 1997 Date of Report (Date of Earliest Event Reported) Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 2, the Issuer of Collateralized Mortgage Bonds under an Indenture dated as of October 1, 1997) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter)
Delaware 333-22681-2 91-1771827 -------- ----------- ---------- (State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
591 Redwood Highway, Suite 3120, Mill Valley, CA 94941 ------------------------------------------------------ (Address of Principal Executive Offices) (415) 381-1765 -------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) 2 INFORMATION TO BE INCLUDED IN THE REPORT Item 5. OTHER EVENTS Sequoia Mortgage Funding Corporation has previously registered the offer and sale of Collateralized Mortgage Bonds issued by Sequoia Mortgage Trust 2 (the "Bonds"). The following exhibit which relates specifically to the Bonds is included with this Current Report: Item 7(c). Exhibits 10.1 Monthly Payment Date Statement distributed to Bondholders, dated November 25, 1997. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: December 4, 1997 SEQUOIA MORTGAGE FUNDING CORPORATION By: /s/ Vickie L. Rath ---------------------------------- Vickie L. Rath Treasurer and Assistant Secretary (Principal Financial Officer and and Principal Accounting Officer) 4 EXHIBIT INDEX
Exhibit Number Page Number 10.1 Monthly Payment Date Statement distributed to Bondholders, dated November 25, 1997............................................ 5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED 11/25/97 1 EXHIBIT 10.1 Sequoia Mortgage Funding Corporation Administrator: Customer Service Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Remittance Reports Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
=========================================================================== Page ---- Certificateholder Distribution Summary 1 Certificateholder Principal Distribution Statement 2 Certificateholder Principal Distribution Factors Statement 3 Certificateholder Interest Distribution Statement 4 Certificateholder Interest Distribution Factors Statement 5 Certificateholder Accounts Statement 6 Certificateholder Delinquency Summary 7 Certificateholder Collateral Summary 8 =========================================================================== 2 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 1 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
DISTRIBUTION SUMMARY
=========================================================================================================== Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution =========================================================================================================== A-1 81743MAA1 SEQ 6.50000% 592,560,000.00 3,209,700.00 A-2 81743MAB9 SEQ 5.99625% 156,600,000.00 782,510.63 Inv. Cert. SMTCRT002 R 0.00000% 7,567,489.63 0.00 =========================================================================================================== Totals 756,727,489.63 3,992,210.63 =========================================================================================================== =========================================================================================================== Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Loss =========================================================================================================== A-1 6,343,887.32 0.00 586,216,112.68 9,553,587.32 0.00 A-2 1,676,543.73 0.00 154,923,456.27 2,459,054.36 0.00 Inv. Cert. 0.00 0.00 7,567,489.63 0.00 0.00 =========================================================================================================== Totals 8,020,431.06 0.00 748,707,058.58 12,012,641.68 0.00 ===========================================================================================================
/s/ Edward M. Frere, Jr. - --------------------------------------------- ----------------- Edward M. Frere, Jr. Date Vice President, Norwest Bank Minnesota, N.A. 3 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 2 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Statement Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 PRINCIPAL DISTRIBUTIONS Fax: (301) 815-6365
=============================================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss =============================================================================================================================== A-1 592,560,000.00 592,560,000.00 0.00 6,343,887.32 0.00 0.00 A-2 156,600,000.00 156,600,000.00 0.00 1,676,543.73 0.00 0.00 Inv. Cert. 7,567,489.63 7,567,489.63 0.00 0.00 0.00 0.00 =============================================================================================================================== Totals 756,727,489.63 756,727,489.63 0.00 8,020,431.06 0.00 0.00 =============================================================================================================================== ========================================================================================= Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution ========================================================================================= A-1 6,343,887.32 586,216,112.68 0.98929410 6,343,887.32 A-2 1,676,543.73 154,923,456.27 0.98929410 1,676,543.73 Inv. Cert. 0.00 7,567,489.63 1.00000000 0.00 ========================================================================================= Totals 8,020,431.06 748,707,058.58 0.98940116 8,020,431.06 =========================================================================================
4 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 3 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Factors Statement Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
PRINCIPAL DISTRIBUTIONS CERTIFICATE FACTORS
====================================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss ====================================================================================================================== A-1 592,560,000.00 1000.00000000 0.00000000 10.70589868 0.00000000 0.00000000 A-2 156,600,000.00 1000.00000000 0.00000000 10.70589868 0.00000000 0.00000000 Inv. Cert. 7,567,489.63 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ====================================================================================================================== =============================================================================== Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution =============================================================================== A-1 10.70589868 989.29410132 0.98929410 10.70589868 A-2 10.70589868 989.29410132 0.98929410 10.70589868 Inv. Cert. 0.00000000 1000.00000000 1.00000000 0.00000000 ===============================================================================
* All Classes Are Per $1,000 Denomination. 5 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 4 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Interest Distribution Statement Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 INTEREST DISTRIBUTIONS Fax: (301) 815-6365
==================================================================================================================== Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall ==================================================================================================================== A-1 592,560,000.00 6.50000% 592,560,000.00 3,209,700.00 0.00 0.00 A-2 156,600,000.00 5.99625% 156,600,000.00 782,510.63 0.00 0.00 Inv. Cert. 7,567,489.63 0.00000% 7,567,489.63 0.00 0.00 0.00 ==================================================================================================================== Total Class A Interest Distribution 3,992,210.63 0.00 ==================================================================================================================== ========================================================================================================================== Remaining Cumulative Ending Original Non-Supported Total Unpaid Certificate/ Face Interest Realized Interest Interest Notional Class Amount Shortfall Losses Distribution Shortfall Balance ========================================================================================================================== A-1 592,560,000.00 0.00 0.00 3,209,700.00 0.00 586,216,112.68 A-2 156,600,000.00 0.00 0.00 782,510.63 0.00 154,923,456.27 Inv. Cert. 7,567,489.63 0.00 0.00 0.00 0.00 7,567,489.63 ========================================================================================================================== Total Class A Interest Distribution 0.00 0.00 0.00 3,992,210.63 0.00 ==========================================================================================================================
6 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 5 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Interest Distribution Factors Statement Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 INTEREST DISTRIBUTIONS Phone: (301) 815-6479 CERTIFICATE FACTORS Fax: (301) 815-6365
================================================================================================================ Payment of Original Beginning Previously Face / Current Certificate/ Current Unpaid Current Notional Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall ================================================================================================================ A-1 592,560,000.00 6.50000% 1000.00000000 5.41666667 0.00000000 0.00000000 A-2 156,600,000.00 5.99625% 1000.00000000 4.99687500 0.00000000 0.00000000 Inv. Cert. 7,567,489.63 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 ================================================================================================================ ===================================================================================================== Remaining Cumulative Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses Distribution Shortfall Balance ===================================================================================================== A-1 0.00000000 0.00000000 5.41666667 0.00000000 989.29410132 A-2 0.00000000 0.00000000 4.99687500 0.00000000 989.29410132 Inv. Cert. 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 =====================================================================================================
* All Classes Are Per $1,000 Denomination. 7 Sequoia Mortgage Funding Corporation Aministrator: Customer Service Page 6 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Accounts Statement Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
========================================================================== CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal on Home Loans 12,162,639.08 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds From Repurchased Loans 0.00 Funds From Capitalized Interest Account 0.00 Total Deposits 12,162,639.08 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Fees 149,997.40 Payment of Interest and Principal 12,012,641.68 Total Withdrawals (Pool Distribution Amount) 12,162,639.08 Ending Balance 0.00 ========================================================================== ========================================================================== PREPAYMENT INTEREST SHORTFALL/SERVICING FEES Non-Supported Curtailment/Prepayment Interest Shortfall 0.00 Servicing Fee 133,372.21 MBIA - Guraranty Insurance Premium 15,625.19 Management Fee 1,000.00 ------------ Net Fees 149,997.40 ============ ==========================================================================
8 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 7 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Delinquency Statement ecurities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
================================================================================================================================ DELINQUENCY STATUS/LOSSES Percentage Percentage Loans Count Unpaid Balance Loans Count Unpaid Balance 30 Days 17 6,204,817.10 0.75% 0.83% 60 Days 0 0.00 0.00% 0.00% 90+ Days 0 0.00 0.00% 0.00% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 17 6,204,817.10 0.75% 0.83% Current Period Net Losses 0.00 Cumulative Net Losses 0.00 ================================================================================================================================
9 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 8 Collateralized Mortgage Bonds Sequoia Mortgage Trust 2 Norwest Bank Minnesota, N.A. Certificateholder Collateral Summary Securities Administration Services Record Date: 31-Oct-97 7485 New Horizon Way Distribution Date: 25-Nov-97 Frederick, MD 21703 Phone: (301) 815-6479 Fax: (301) 815-6365
================================================================================ COLLATERAL POOL DATA Collateral Description ARMs Weighted Average Gross Coupon 7.624015% Weighted Average Net Coupon 7.386150% Weighted Average Maturity (Home Loans) 295 Months Beginning Scheduled Collateral Loan Count 2,288 Number of Loan Payoffs 14 Ending Scheduled Collateral Loan Count 2,274 Specified Overcollateralization Amount $7,567,274.90 Serious Delinquencies $0.00 ================================================================================
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