-----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, OruDIkUFtRcpLzpAWa/KlRzNdxmfUi4k8AeHtllGy8sIPIaDxm7c3A+Vlr7c6Py9 SKEKDDRfDOIGEs6NcyPLeQ== 0000950149-98-000049.txt : 19980119 0000950149-98-000049.hdr.sgml : 19980119 ACCESSION NUMBER: 0000950149-98-000049 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971225 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980116 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: 98507962 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, DATE OF REPORT 12/25/97 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 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 (Commission (I.R.S. Employer Jurisdiction of Incorporation) File Number) 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 December 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: January 13, 1998 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 25, 1997..................................5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT, DATED 12/25/97 1 EXHIBIT 10.1 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 28-Nov-1997 7485 New Horizon Way Distribution Date: 26-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Certificateholder Distribution Summary
======================= ====================== ====================== ==================== ======================== Certificate Class Certificate Beginning Certificate Class CUSIP Description Pass-Through Rate Balance ======================= ====================== ====================== ==================== ======================== A-1 81743MAA1 SEQ 6.50000% 586,811,853.43 A-2 81743MAB9 SEQ 6.02750% 155,080,896.87 OC SMTCRT002 R 0.00000% 7,567,274.90 ======================= ====================== ====================== ==================== ======================== Totals 749,460,025.20 ============================================================================================= ========================
======================= ====================== ====================== ==================== ======================== Principal Current Realized Ending Certificate Class Interest Distribution Distribution Loss Balance ======================= ====================== ====================== ==================== ======================== A-1 3,178,564.21 7,327,519.01 0.00 579,484,334.42 A-2 778,958.42 1,936,495.00 0.00 153,144,401.87 OC 801,162.74 0.00 0.00 7,567,274.90 ======================= ====================== ====================== ==================== ======================== Totals 4,758,685.37 9,264,014.01 0.00 740,196,011.19 =============================================== ====================== ==================== ========================
======================= ====================== ====================== Cumulative Realized Class Total Distribution Losses ======================= ====================== ====================== A-1 10,506,083.22 0.00 A-2 2,715,453.42 0.00 OC 801,162.74 0.00 ======================= ====================== ====================== Totals 14,022,699.38 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. 24-Dec-1997 10.47AM 2 Principal Distribution Statement Senior Certificates
===================== ======================== ======================== ==================== ====================== Scheduled Unscheduled Beginning Certificate Principal Principal Class Original Face Amount Balance Distribution Distribution ===================== ======================== ======================== ==================== ====================== A-1 592,560,000.00 586,811,853.43 0.00 7,327,519.01 A-2 156,600,000.00 155,080,896.87 0.00 1,936,495.00 OC 7,567,489.63 7,567,274.90 0.00 0.00 ===================== ======================== ======================== ==================== ====================== Class A 756,727,489.63 749,460,025.20 0.00 9,264,014.01 ===================== ======================== ======================== ==================== ======================
===================== ====================== ====================== ====================== ======================== Total Principal Ending Certificate Class Accretion Realized Loss(1) Reduction Balance ===================== ====================== ====================== ====================== ======================== A-1 0.00 0.00 7,327,519.01 579,484,334.42 A-2 0.00 0.00 1,936,495.00 153,144,401.87 OC 0.00 0.00 0.00 7,567,274.90 ===================== ====================== ====================== ====================== ======================== Class A 0.00 0.00 9,264,014.01 740,196,011.19 ===================== ====================== ====================== ====================== ========================
===================== ==================== ====================== Ending Certificate Total Principal Class Percentage Distribution ===================== ==================== ====================== A-1 0.97793360 7,327,519.01 A-2 0.97793360 1,936,495.00 OC 0.99997162 0.00 ===================== ==================== ====================== Class A 0.97815399 9,264,014.01 ===================== ==================== ======================
(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. 3 Principal Distribution Factors Statement Senior Certificate Factors
===================== ======================== ======================== ==================== ====================== Scheduled Unscheduled Beginning Certificate Principal Principal Class(3) Original Face Amount Balance Distribution Distribution ===================== ======================== ======================== ==================== ====================== A-1 592,560,000.00 990.29946913 0.00000000 12.36586845 A-2 156,600,000.00 990.29946916 0.00000000 12.36586845 OC 7,567,489.63 999.97162467 0.00000000 0.00000000 ===================== ======================== ======================== ==================== ======================
===================== ====================== ====================== ====================== ======================== Total Principal Ending Certificate Class(3) Accretion Realized Loss(4) Reduction Balance ===================== ====================== ====================== ====================== ======================== A-1 0.00000000 0.00000000 12.36586845 977.93360068 A-2 0.00000000 0.00000000 12.36586845 977.93360070 OC 0.00000000 0.00000000 0.00000000 999.97162467 ===================== ====================== ====================== ====================== ========================
===================== ==================== ====================== Ending Certificate Total Principal Class(3) Percentage Distribution ===================== ==================== ====================== A-1 0.97793360 12.36586845 A-2 0.97793360 12.36586845 OC 0.99997162 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. 4 Interest Distribution Statement Senior Certificates
================ ======================= ==================== ======================= ======================= Current Beginning Certificate/ Current Accrued Class Original Face Amount Certificate Rate Notional Balance Interest ================ ======================= ==================== ======================= ======================= A-1 592,560,000.00 6.50000% 586,811,853.43 3,178,564.21 A-2 156,600,000.00 6.02750% 155,080,896.87 778,958,42 OC 7,567,489.63 0.00000% 7,567,274.90 0.00 ======================================================================================== ======================= Total Class A Interest Distribution 3,957,522.63 ======================================================================================== =======================
================ ======================= ================ ==================== ================ ======================= Payment of Previously Current Unpaid Interest Interest Non-Supported Realized Total Interest Class Shortfall Shortfall Interest Shortfall Loss(7) Distribution ================ ======================= ================ ==================== ================ ======================= A-1 0.00 0.00 0.00 0.00 3,178,564.21 A-2 0.00 0.00 0.00 0.00 778,958.42 OC 0.00 0.00 0.00 0.00 801,162.74 ========================================= ================ ==================== ================ ======================= Total Class A Interest Distribution 0.00 0.00 0.00 0.00 4,758,685.37 ========================================= ================ ==================== ================ =======================
================ ================== ======================= Remaining Cumulative Unpaid Interest Ending Certificate/ Class Shortfall Notional Balance ================ ================== ======================= A-1 0.00 579,484,334.42 A-2 0.00 153,144,401.87 OC 0.00 7,567,274.90 ==================================== ======================= Total Class A Interest Distribution 0.00 ==================================== =======================
(7) 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 Interest Distribution Factors Statement Senior Certificates Factors
================ ======================= ==================== ======================= ======================= Current Beginning Certificate/ Current Accrued Class(9) Original Face Amount Certificate Rate Notional Balance Interest ================ ======================= ==================== ======================= ======================= A-1 592,560,000.00 6.50000% 990.29946913 5.36412213 A-2 156,600,000.00 6.02750% 990.29946916 4.97419170 OC 7,567,489.63 0.00000% 999.97162467 0.00000000 ================ ======================= ==================== ======================= =======================
================ ===================== ================== ================== ================== ======================= Payment of Non-Supported Previously Unpaid Current Interest Interest Realized Total Interest Class(9) Interest Shortfall Shortfall Shortfall Losses(10) Distribution ================ ===================== ================== ================== ================== ======================= A-1 0.00000000 0.00000000 0.00000000 0.00000000 5.36412213 A-2 0.00000000 0.00000000 0.00000000 0.00000000 4.97419170 OC 0.00000000 0.00000000 0.00000000 0.00000000 105.86902383 ================ ===================== ================== ================== ================== =======================
================ ================== ======================= Remaining Cumulative Unpaid Interest Ending Certificate/ Class(9) Shortfall Notional Balance ================ ================== ======================= A-1 0.00000000 977.93360068 A-2 0.00000000 977.93360070 OC 0.00000000 999.97162467 ================ ================== =======================
(9) All Classes Are $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. 6 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 28-Nov-1997 7485 New Horizon Way Distribution Date: 26-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
============================================================================================================ CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 14,235,478.85 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 ------------- Total Deposits 14,235,478.85 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 212,779.47 Payment of Interest and Principal 14,022,699.38 ------------- Total Withdrawals (Pool Distribution Amount) 14,235,478.85 0.00 ============= Ending Balance ============================================================================================================
============================================================================================================== 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 0.00 Servicing Fee Support 0.00 ---- Non-Supported Prepayment/Curtailment Interest Shortfall 0.00 ==== ===============================================================================================================
=============================================================================================================== SERVICING FEES Gross Servicing Fee 156,137.51 Pool Insurance Fee 55,641.96 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 212,779.47 ========== ===============================================================================================================
7 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 28-Nov-1997 7485 New Horizon Way Distribution Date: 26-Dec-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
=========================================================================================== DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Principal Number Unpaid Number Of Loans Balance of Loans Balance 30 Days 20 7,975,902.31 0.89% 1.08% 60 Days 2 1,069,699.40 0.09% 0.14% 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 22 9,045,601.71 0.97% 1.22% Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 ===========================================================================================
8 ================================================================================ COLLATERAL STATEMENT Collateral Description Mixed ARM's Weighted Average Gross Coupon 7.660168% Weighted Average Net Coupon 7.409049% Weighted Average Maturity (Stepdown Calculation) 294 Months Beginning Scheduled Collateral Loan Count 2,274 Number of Loans Paid in Full 17 Ending Scheduled Collateral Loan Count 2,257 Beginning Scheduled Collateral Balance 749,460,025.17 Ending Scheduled Collateral Balance 740,196,011.19 Specified O/C Account 7,567,274.90 Serious Delinquency 0.00 Monthly P&I Constant 4,760,024.36
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