-----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, IESi48toT9Hus1ipuW2avn30Jn3nc06B152BkJNkiqUFBkgGHgqd94RhdM3GfP8h mxfBeAQ7i7CW4UUHnwSRKw== 0000950149-97-002225.txt : 19971218 0000950149-97-002225.hdr.sgml : 19971218 ACCESSION NUMBER: 0000950149-97-002225 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971204 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971217 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: 97739569 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 December 4, 1997 Date of Report (Date of Earliest Event Reported) Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 1, the Issuer of Collateralized Mortgage Bonds under an Indenture dated as of June 1, 1997) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 333-22681-1 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 1 (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 December 4, 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 15, 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 December 4, 1997.............................................5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT 1 EXHIBIT 10.1 Sequoia Mortgage Trust 1 SMT Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Statements To Certificateholders Series 1997-1 Securities Administration Services Record Date: 30-Nov-1997 7485 New Horizon Way Distribution Date: 04-Dec-1997 Telephone: (301) 846-8130 Fax: (301) 846-8152 Table Of Contents 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/Credit Enhancement Statement...................................... 7 Certificateholder Collateral Statement.......................................................... 8
Determintion by the Certificate Administrator of the distribution information shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes of the Pooling and Servicing Agreement. 2 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Certificateholder Distribution Summary
Certificate Certificate Beginning Class Pass-Through Certificate Interest Class CUSIP Description Rate Balance Distribution - ----- --------- ------------ ------------ --------------- ------------ A-1 817435AA8 SEQ 6.02844% 285,793,938.99 1,435,743.01 A-2 817435AB6 SEQ 6.23381% 170,956,484.72 888,091.87 OC SMTINVCRT R 0.00000% 8,702,428.65 690,582.69 ============== ============ Totals 465,452,852.36 3,014,417.57 ============== ============
Current Ending Cumulative Principal Realized Certificate Total Realized Class Distribution Loss Balance Distribution Losses - ----- ------------ -------- -------------- ------------ ---------- A-1 11,682,194.69 0.00 274,111,744.29 13,117,937.70 0.00 A-2 6,988,066.11 0.00 163,968,418.62 7,876,157.98 0.00 OC 0.00 0.00 8,702,428.65 690,582.69 0.00 ============= ==== ============== ============= ==== Totals 18,670,260.80 0.00 446,782,591.56 21,684,678.37 0.00 ============= ==== ============== ============= ====
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. Edward M. Frere, Jr. Vice President, Norwest Bank Minnesota, N.A. 11-Dec-1997 4:12PM 3
Sequoia Mortgage Trust 1 SMT Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Statement Series 1997-1 Securities Administration Services Record Date: 30-Nov-1997 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 FAX: (301) 846-8152
Principal Distribution Statement Senior Certificates - --------------------------------------------------------------------------------------------------------------------------------- Original Beginning Scheduled Unscheduled Total Ending Face Certificate Principal Principal Realized Principal Certificate CLASS Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance - --------------------------------------------------------------------------------------------------------------------------------- A-1 334,347,000.00 285,793,938.99 0.00 11,682,194.69 0.00 0.00 11,682,194.69 274,111,744.29 A-2 200,000,000.00 170,956,484.72 0.00 6,988,066.11 0.00 0.00 6,988,066.11 163,968,418.62 OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00 0.00 8,702,428.65 - --------------------------------------------------------------------------------------------------------------------------------- CLASS A 543,050,415.20 465,452,852.36 0.00 18,670,260.80 0.00 0.00 18,670,260.80 446,782,591.56 - ---------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------- Ending Total Certificate Principal CLASS Percentage Distribution - -------------------------------------- A-1 0.81984209 11,682,194.69 A-2 0.81984209 6,988,066.11 OC 0.99988665 0.00 - -------------------------------------- CLASS A 0.82272765 18,670,260.80 - ---------------------------------------
- ---------------- (1) Amount Does Not Include Excess Special hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 4
Sequoia Mortgage Trust 1 SMT Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota Certificateholder Principal Distribution Factors Statement Series 1997-1 Securities Administration Services Record Date 30-Nov-1997 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Principal Distribution Factors Statement Senior Certificate Factors
================================================================================================================================= Original Beginning Scheduled Unscheduled Total Ending Face Certificate Principal Principal Realized Principal Certificate Class(3) Amount Balance Distribution Distribution Accretion Loss(4) Reduction Balance ================================================================================================================================= A-1 334,347,000.00 854.78242362 0.00000000 34.94033052 0.00000000 0.00000000 34.94033052 819.84209306 A-2 200,000,000.00 854.78242360 0.00000000 34.94033055 0.00000000 0.00000000 34.94033055 819.84209310 OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 999.88664794 =================================================================================================================================
Ending Total Certificate Principal Class(3) Percentage Distribution ============================================== A-1 0.81984209 34.94033052 A-2 0.81984209 34.94033055 OC 0.99988665 0.00000000 ==============================================
- ------------------ (3) All Classes Are Per $1,000 Denomination. (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 5
Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Interest Distribution Statement Securities Administration Services Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Interest Distribution Statement Senior Certificates
=================================================================================================================================== Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(7) =================================================================================================================================== A-1 334,347,000.00 6.02844% 285,793,938.99 1,435,743.01 0.00 0.00 0.00 0.00 A-2 200,000,000.00 6.23381% 170,956,484.72 888,091.87 0.00 0.00 0.00 0.00 OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00 0.00 0.00 0.00 =================================================================================================================================== Total Class A Interest Distribution 2,323,834.88 0.00 0.00 0.00 0.00 ===================================================================================================================================
Remaining Cumulative Ending Total Unpaid Certificate/ Interest Interest Notional Class Distribution Shortfall Balance =========================================================================================== A-1 1,435,743.01 0.00 274,111,744.29 A-2 888,091.87 0.00 163,968,418.62 OC 690,582.69 0.00 8,702,428.65 =========================================================================================== Total Class A Interest Distribution 3,014,417.57 0.00 ===========================================================================================
(7) Amount Does Not Include Excess Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 6 Sequoia Mortgage Trust 1 SMT Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Certificateholder Interest Distribution Factors Statement Series 1997-1 Securities Administration Services Record Date: 30-Nov-1997 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Interest Distribution Factors Statement Senior Certificate Factors
Payment of Previously Original Current Certificate/ Current Unpaid Current Non-Supported Total Face Certificate Notional Accrued Interest Interest Interest Realized Interest Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (10) Distribution - ----------------------------------------------------------------------------------------------------------------------------------- A1 334,347,000.00 6.02844% 854.78242362 4.29417046 0.00000000 0.00000000 0.00000000 0.00000000 4.29417046 A2 200,000,000.00 6.23381% 854.78242360 4.44045935 0.00000000 0.00000000 0.00000000 0.00000000 4.44045935 OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 79.34617321 - -----------------------------------------------------------------------------------------------------------------------------------
Remaining Cumulative Ending Unpaid Certificate/ Interest Notional Class (9) Shortfall Balance - ------------------------------------------------ A1 0.00000000 819.84209306 A2 0.00000000 819.84209310 OC 0.00000000 999.88664794 - ------------------------------------------------
(9) All classes are per $1,000 denomination. (10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 7 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Accounts Statement Securities Administration Services Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (310) 846-8130 Fax: (301) 846-8152
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposit Payments of Interest and Principal 21,854,236.30 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) Realized Losses 0.00 ------------- Total Deposits 21,854,236.30 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 169,557.93 Payment of Interest and Principal 21,684,678.37 ------------- Total Withdrawals (Pool Distribution Amount) 21,854,236.30 Ending Balance 0.00 ============= SERVICER ADVANCES Beginning Balance 0.00 Current Period Advances By Servicer 0.00 Reimbursement of Advances 0.00 Ending Cumulative Advances 0.00 PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 16,159.16 Servicing Fee Support 0.00 ------------- Non-Supported Prepayment/Curtailment Interest Shortfall 16,159.16 ============= SERVICING FEES Gross Servicing Fee 143,403.57 Pool Insurance Fee 25,154.36 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------- Net Servicing Fee 169,557.93 =============
8 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Delinquency/Credit Enhancement Statement Securities Administration Services Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
DELINQUENCY STATUS
Percentage Delinquent Current Unpaid Based on Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 33 6,715,179.97 1.78% 1.50% 60 Days 5 1,080,641.32 0.27% 0.24% 90+ Days 6 1,658,001.36 0.32% 0.37% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 44 9,453,822.65 2.38% 2.12% Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00
9 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Collateral Statement Securities Administration Services Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
COLLATERAL STATUS
Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.250377% Weighted Average Net Coupon 7.880664% Weighted Average Maturity (Stepdown Calculation) 318 Months Beginning Scheduled Collateral Loan Count 1,924 Number of Loans Paid in Full 75 Ending Scheduled Collateral Loan Count 1,849 Beginning Scheduled Collateral Balance 465,452,852.36 Ending Scheduled Collateral Balance 446,782,591.56 Monthly P&I Constant 3,622,602.96
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