-----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, SPWNi+b+U8YsdobWPndQ5L/ygl9+tVDr2WpbvpcTC6IvIv5kH0R7ZOp+rE0tJFPY oYox5hJp+zMRrusMbO+ESg== 0000950149-98-000395.txt : 19980309 0000950149-98-000395.hdr.sgml : 19980309 ACCESSION NUMBER: 0000950149-98-000395 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980225 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980306 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: 98559111 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 FOR SEQUOIA MORTGAGE FUNDING CORP. 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 February 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 February 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: March 5, 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 February 25, 1998..............................5 EX-10.1 2 CERTIFICATEHOLDER DISTRIBUTION SUMMARY 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: 30-Jan-1998 7485 New Horizon Way Distribution Date: 25-Feb-1998 Frederick, MD 21703 Telephone: (301)846-8130 Facsimile: (301)846-8152
EXHIBIT 10.1 Certificateholder Distribution Summary
- ---------------------------------------------------------------------------------------------------------------------------- Certificate Certificate Pass- Beginning Current Class Through Certificate Interest Principal Realized Class CUSIP Description Rate Balance Distribution Distribution Loss - ---------------------------------------------------------------------------------------------------------------------------- A-1 81743MAA1 SEQ 6.51500% 573,090,040.27 3,111,401.34 5,002,171.58 0.00 A-2 81743MAB9 SEQ 6.25755% 151,454,536.77 789,778.61 1,321,958.85 0.00 OC SMTCRT002 R 0.00000% 7,567,274.90 819,814.72 0.00 0.00 - ---------------------------------------------------------------------------------------------------------------------------- Totals 732,111,851.94 4,720,364.67 6,324,130.43 0.00 - ----------------------------------------------------------------------------------------------------------------------------
Ending Cumulative Certificate Total Realized Class Balance Distribution Losses - ------------------------------------------------------------ A-1 568,087,868.66 8,113,572.92 0.00 A-2 150,132,577.68 2,111,737.46 0.00 OC 7,567,274.86 819,184.72 0.00 - ------------------------------------------------------------ Totals 725,787,721.20 11,044,495.10 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-Feb-1998 2:02PM 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 Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss(1) - ------------------------------------------------------------------------------------------------------------------------ A-1 592,560,000.00 573,090,040.27 0.00 5,002,171.58 0.00 0.00 A-2 156,600,000.00 151,454,536.77 0.00 1,321,958.85 0.00 0.00 OC 7,567,489.63 7,567,274.90 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------ Class A 756,727,489.63 732,111,851.94 0.00 6,324,130.43 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------- Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution - ------------------------------------------------------------------------------------- A-1 5,002,171.58 568,087,868.66 0.95870101 5,002,171.58 A-2 1,321,958.85 150,132,577.68 0.95870101 1,321,958.85 OC 0.00 7,567,274.86 0.99997162 0.00 - ------------------------------------------------------------------------------------- Class A 6,324,130.43 725,787,721.20 0.95911372 6,324,130.43 - -------------------------------------------------------------------------------------
(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 Face Certificate Principal Principal Realized Class(3) Amount Balance Distribution Distribution Accretion Loss(4) - ------------------------------------------------------------------------------------------------------------------------ A-1 592,560,000.00 967.14263580 0.00000000 8.44162883 0.00000000 0.00000000 A-2 156,600,000.00 967.14263582 0.00000000 8.44162739 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 8.44162883 958.70100692 0.95870101 8.44162883 A-2 8.44162739 958.70100690 0.95870101 8.44162739 OC 0.00000000 999.97161939 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
- ------------------------------------------------------------------------------------------------------------------------------- Beginning Payment of Non- Current Certificate/ Current Previously Current Supported Original Face Certificate Notional Accrued Unpaid Interest Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------------------------- A-1 592,560,000.00 6.51500% 573,090,040.27 3,111,401.34 0.00 0.00 0.00 A-2 156,600,000.00 6.25755% 151,454,536.77 789,778.57 0.00 0.00 0.00 OC 7,567,489.63 0.00000% 7,567,274.90 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------- Total Class A Interest Distribution 3,901,179.91 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------- Remaining Cumulative Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class Loss(7) Distribution Shortfall Balance - ----------------------------------------------------------------------------------------------- A-1 0.00 3,111,401.34 0.00 568,087,868.66 A-2 0.00 789,778.61 0.00 150,132,577.68 OC 0.00 819,184.72 0.00 7,567,274.86 - ----------------------------------------------------------------------------------------------- Total Class A Interest Distribution 0.00 4,720,364.67 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 Non- Current Certificate/ Current Unpaid Current Supported Original Face Certificate Notional Accrued Interest Interest Interest Class(9) Amount Rate Balance Interest Shortfall Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------------------------- A-1 592,560,000.00 6.51500% 967.14263580 5.25077855 0.00000000 0.00000000 0.00000000 A-2 156,600,000.00 6.25755% 967.14263582 5.04328589 0.00000000 0.00000000 0.00000000 OC 7,567,489.63 0.00000% 999.97162467 0.00000000 0.00000000 0.00000000 0.00000000 - -------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------- Remaining Cumulative Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class(9) Losses(10) Distribution Shortfall Balance - ----------------------------------------------------------------------------- A-1 0.00000000 5.25077855 0.00000000 958.70100692 A-2 0.00000000 5.04328614 0.00000000 958.70100690 OC 0.00000000 108.25052429 0.00000000 999.97161939 - -----------------------------------------------------------------------------
(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: 30-Jan-1998 7485 New Horizon Way Distribution Date: 25-Feb-1998 Frederick, MD 21703 Telephone: (301)846-8130 Facsimile: (301)846-8152
- -------------------------------------------------------------------------------- CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 11,252,359.30 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 11,252,359.30 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 207,864.20 Payment of Interest and Principal 11,044,495.10 ------------- Total Withdrawals (Pool Distribution Amount) 11,252,359.30 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 --------- 0.00 Non-Support Prepayment/Curtailment Interest Shortfall ========= - --------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- SERVICING FEES Gross Servicing Fee 152,523.30 Pool Insurance Fee 54,340.90 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 207,864.20 ========== - --------------------------------------------------------------------------------
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: 30-Jan-1998 7485 New Horizon Way Distribution Date: 25-Feb-1998 Frederick, MD 21703 Telephone: (301)846-8130 Facsimile: (301)846-8152
- --------------------------------------------------------------------------------------------------- DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Principal Number Of Balance Number Unpaid Loans of Loans Balance 30 Days 19 4,290,627.73 0.86% 0.59% 60 Days 1 226,000.00 0.05% 0.03% 90+ Days 2 783,699.40 0.09% 0.11% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 22 5,300,327.13 0.99% 0.73% 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 8.099558% Weighted Average Net Coupon 7.597248% Weighted Average Maturity (Stepdown Calculation) 292 Months Beginning Scheduled Collateral Loan Count 2,237 Number of Loans Paid in Full 22 Ending Scheduled Collateral Loan Count 2,215 Beginning Scheduled Collateral Balance 732,111,851.94 Ending Scheduled Collateral Balance 725,787,721.24 Specified O/C Account 7,567,274.90 Serious Delinquency 0.1080% Monthly P&I Constant 4,779,310.23 - --------------------------------------------------------------------------------
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