-----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, KxYlTWtKmQ5ONSLset22+/2PVkbVXatPJ2SXYAQowAKiodQZgY4iTHvq3ybPrCDy qB76rd8bryLlZ2nZFAGzaw== 0000950149-98-000134.txt : 19980205 0000950149-98-000134.hdr.sgml : 19980205 ACCESSION NUMBER: 0000950149-98-000134 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980125 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980204 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: 98521043 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: JANUARY 25, 1998. 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 January 25, 1998 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 (Commission File Number) (I.R.S. Employer of Incorporation) 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 January 25, 1998. 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: February 4, 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 January 25, 1998.................................5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED 1/25/98 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Distribution Summary
- ------------------------------------------------------------------------------------------------------------------------------------ Certificate Certificate Pass- Beginning Current Ending Cumulative Class Through Certificate Interest Principal Realized Certificate Total Realized Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses - ------------------------------------------------------------------------------------------------------------------------------------ A-1 81743MAA1 SEQ 6.50330% 579,484,334.42 3,140,467.06 6,394,294.15 0.00 573,090,040.27 9,534,761.21 0.00 A-2 81743MAB9 SEQ 5.99625% 153,144,401.87 765,243.43 1,689,865.10 0.00 151,454,536.77 2,455,108.53 0.00 OC SMTCRT002 R 0.00000% 7,567,274.90 779,805.07 0.00 0.00 7,567,274.90 779,805.07 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ Totals 740,196,011.19 4,685,515.56 8,084,159.25 0.00 732,111,851.94 12,769,674.81 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. 26-Jan-1998 12:18PM 2 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Statement Senior Certificates
- ---------------------------------------------------------------------------------------------- Beginning Scheduled Unscheduled Original Certificate Principal Principal Realized Class Face Amount Balance Distribution Distribution Accretion Loss(1) - ---------------------------------------------------------------------------------------------- A-1 592,560,000.00 579,484,334.42 0.00 6,394,294.15 0.00 0.00 A-2 156,600,000.00 153,144,401.87 0.00 1,689,865,10 0.00 0.00 OC 7,567,489.63 7,567,274.90 0.00 0.00 0.00 0.00 - ---------------------------------------------------------------------------------------------- Class A 756,727,489.63 740,196,011.19 0.00 8,084,159.25 0.00 0.00 - ----------------------------------------------------------------------------------------------
Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution - ----------------------------------------------------------------------------------- A-1 6,394,294.15 573,090,040.27 0.96714264 6,394,294.15 A-2 1,689,865.10 151,454,536.77 0.96714264 1,689,865.10 OC 0.00 7,567,274.90 0.99997162 0.00 - ----------------------------------------------------------------------------------- Class A 8,084,159.25 732,111,851.94 0.96747094 8,084,159.25 - -----------------------------------------------------------------------------------
(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 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Factors Statement Senior Certificate Factors
- ---------------------------------------------------------------------------------------------------- Beginning Scheduled Unscheduled Original Certificate Principal Principal Realized Class(3) Face Amount Balance Distribution Distribution Accretion Loss(4) - ---------------------------------------------------------------------------------------------------- A-1 592,560,000.00 977.93360068 0.00000000 10.79096488 0.00000000 0.00000000 A-2 156,600,000.00 977.93360070 0.00000000 10.79096488 0.00000000 0.00000000 OC 7,567,489.63 999.97162467 0.00000000 0.00000000 0.00000000 0.00000000 - ----------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------- Total Ending Ending Total Principal Certificate Certificate Principal Class(3) Reduction Balance Percentage Distribution - ----------------------------------------------------------------------------------- A-1 10.79096488 967.14263580 0.96714264 10.79096488 A-2 10.79096488 967.14263582 0.96714264 10.79096488 OC 0.00000000 999.97162467 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 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Statement Senior Certificates
- -------------------------------------------------------------------------------------------------- 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 6.50330% 579,484,334.42 3,140,467.06 0.00 0.00 A-2 156,600,000.00 5.99625% 153,144,401.87 765,243.43 0.00 0.00 OC 7,567,489.63 0.00000% 7,567,274.90 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------- Total Class A Interest Distribution 3,905,710.49 0.00 0.00 - --------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------- Remaining Non- Cumulative Ending Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Loss(7) Distribution Shortfall Balance - ---------------------------------------------------------------------------------------------------------- A-1 0.00 0.00 3,140,467.06 0.00 573,090,040.27 A-2 0.00 0.00 765,243.43 0.00 151,454,536.77 OC 0.00 0.00 779,805.07 0.00 7,567,274.90 - ---------------------------------------------------------------------------------------------------------- Total Class A Interest Distribution 0.00 0.00 4,685,515.56 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 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Factors Statement Senior Certificates Factors
- -------------------------------------------------------------------------------------------------- Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class(9) Amount Rate Balance Interest Shortfall Shortfall - -------------------------------------------------------------------------------------------------- A-1 592,560,000.00 6.50330% 977.93360068 5.29982965 0.00000000 0.00000000 A-2 156,600,000.00 5.99625% 977.93360070 4.88661194 0.00000000 0.00000000 OC 7,567,489.63 0.00000% 999.97162467 0.00000000 0.00000000 0.00000000 - --------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------- Remaining Non- Cumulative Ending Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class(9) Shortfall Losses(10) Distribution Shortfall Balance - ---------------------------------------------------------------------------------------- A-1 0.00000000 0.00000000 5.29982965 0.00000000 967.14263580 A-2 0.00000000 0.00000000 4.88661194 0.00000000 967.14263582 OC 0.00000000 0.00000000 103.04673123 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
- ----------------------------------------------------------------- CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 12,979,829.47 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 12,979,829.47 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 210,154.66 Payment of Interest and Principal 12,769,674.81 ------------- Total Withdrawals (Pool Distribution Amount) 12,979,829.47 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 154,207.50 Pool Insurance Fee 54,947.16 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 210,154.66 ========== - ------------------------------------------------------------------ 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
- -------------------------------------------------------------------------------- DELINQUENCY STATUS
Percentage Delinquent Based On Current Unpaid Number Principal Number Unpaid Of Loans Balance of Loans Balance 30 Days 16 4,628,155.57 0.72% 0.63% 60 Days 1 60,000.00 0.04% 0.01% 90+ Days 1 268,699.40 0.04% 0.04% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 18 4,956,854.97 0.80% 0.68%
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 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: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
- -------------------------------------------------------------------------------- COLLATERAL STATEMENT Collateral Description Mixed ARM's Weighted Average Gross Coupon 7.649692% Weighted Average Net Coupon 7.399692% Weighted Average Maturity (Stepdown Calculation) 293 Months Beginning Scheduled Collateral Loan Count 2,257 Number of Loans Paid in Full 20 Ending Scheduled Collateral Loan Count 2,237 Beginning Scheduled Collateral Balance 740,196,011.19 Ending Scheduled Collateral Balance 732,111,851.94 Specified O/C Account 7,567,274.90 Serious Delinquency 0.00 Monthly P&I Constant 4,706,601.29 - -------------------------------------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----