-----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, A6JZc3ks3lLYuxN0Jk08AUr7PaqJnzSRrdp2kFCMrK0mzK3kI9LOkDpbgy2tX7d4 IcS3iwi3CRNjZP3P6449dg== 0000950149-02-000325.txt : 20020414 0000950149-02-000325.hdr.sgml : 20020414 ACCESSION NUMBER: 0000950149-02-000325 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20011130 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020220 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: 1934 Act SEC FILE NUMBER: 333-22681 FILM NUMBER: 02554242 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 f79356e8-k.txt FORM 8-K 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 30, 2001 Date of Report (Date of Earliest Event Reported) SEQUOIA MORTGAGE FUNDING CORPORATION (as Depositor with respect to the issuance of Sequoia Mortgage Trust 5, Collateralized Mortgage Bonds) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 333-22681 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) 389-7373 -------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) INFORMATION TO BE INCLUDED IN THE REPORT Item 5. OTHER EVENTS On October 1, 2001, Sequoia Mortgage Trust 5 (the "Issuer") and Bankers Trust Company of California, N.A. (the "Indenture Trustee") entered into an indenture (the "Indenture"), pursuant to which Collateralized Mortgage Bonds in the aggregate principal amount of $510,047,100 were issued. In connection with the offering of Collateralized Mortgage Bonds, the Issuer, Redwood Trust, Inc. ("Redwood") and Sequoia Mortgage Funding Corporation (the "Company") entered into a Mortgage Loan Purchase Agreement dated October 1, 2001 (the "Mortgage Loan Purchase Agreement") pursuant to which Redwood conveyed to the Company and the Company in turn conveyed to the Issuer as of the initial closing on October 31, 2001 (the "Initial Closing"), the Initial Mortgage Loans. Also pursuant to the Mortgage Loan Purchase Agreement, Redwood conveyed to the Company and the Company in turn conveyed to the Issuer as of the Subsequent Transfer Date on November 30, 2001 (the "Subsequent Closing"), the Subsequent Mortgage Loans. A description of the Subsequent Mortgage Loan Collateral is attached hereto as Exhibit 99.1. Opinions as to federal income tax matters in connection with the Initial Closing and the Subsequent Closing are attached hereto as Exhibit 99.2 and Exhibit 99.3, respectively. Item 7(c). Exhibits 99.1 Description of Subsequent Mortgage Loan Collateral. 99.2 Opinion of GnazzoThill dated October 31, 2001, as to federal income tax matters in connection with the issuance of the Sequoia Mortgage Trust 5 Collateralized Mortgage Bonds. 99.3 Opinion of GnazzoThill dated November 30, 2001, as to federal income tax matters in connection with the transfer of subsequent mortgage loans to Sequoia Mortgage Trust 5. 2 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 20, 2002 SEQUOIA MORTGAGE FUNDING CORPORATION By: /s/ Harold F. Zagunis -------------------------------- Harold F. Zagunis Secretary 3 EXHIBIT INDEX
Exhibit Number - -------------- 99.1 Description of Subsequent Mortgage Loan Collateral. 99.2 Opinion of GnazzoThill dated October 31, 2001, as to federal income tax matters in connection with the issuance of the Sequoia Mortgage Trust 5 Collateralized Mortgage Bonds. 99.3 Opinion of GnazzoThill dated November 30, 2001, as to federal income tax matters in connection with the transfer of subsequent mortgage loans to Sequoia Mortgage Trust 5 Collateralized Mortgage Bonds.
4 EX-99.1 3 f79356ex99-1.txt DESCRIPTION - SUBSEQUENT MORTGAGE LOAN COLLATERAL EXHIBIT 99.1 [Please see pages that follow for a Description of the Subsequent Mortgage Loan Collateral]
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 7076027684 260,000 260,000 4.5000 0.7500 1,056.25 300 06/28/01 7076031843 90,000 90,000 5.1250 1.2500 412.50 300 06/18/01 7076032239 145,000 145,000 5.1250 1.2500 664.58 300 07/05/01 7076039325 312,000 312,000 5.2500 1.2500 1,462.50 300 06/08/01 7076039416 475,000 475,000 5.0000 1.2500 2,127.60 300 07/17/01 7076042444 160,500 160,500 5.7500 1.3750 819.22 300 04/30/01 7076042709 151,100 151,088 5.2500 1.2500 708.23 300 06/05/01 7076043996 587,500 587,500 5.0000 1.2500 2,631.51 300 06/29/01 7076050918 100,000 100,000 5.5000 1.6250 489.58 300 07/05/01 7076066815 102,120 102,120 5.5000 1.6250 499.96 300 06/25/01 7076071682 385,000 385,000 5.1250 1.2500 1,764.58 300 06/27/01 7076071955 737,000 737,000 5.2500 1.6250 3,454.69 300 07/23/01 7076072367 96,000 96,000 5.1250 1.2500 440.00 300 06/13/01 7076079107 600,000 600,000 5.1250 1.2500 2,750.00 300 07/16/01 7076081186 280,000 280,000 5.5000 1.6250 1,370.83 300 07/06/01 7076083331 275,000 275,000 5.1250 1.2500 1,260.42 300 07/11/01 7076083455 735,000 735,000 5.8750 1.8750 3,828.12 300 07/18/01 7076086557 232,000 231,990 5.0000 1.2500 1,039.17 300 06/29/01 7076091276 600,000 600,000 5.3750 1.6250 2,875.00 300 07/20/01 7076095376 217,000 216,000 5.0000 1.2500 967.50 300 07/14/01 7076095764 140,000 140,000 5.0000 1.2500 627.08 300 06/28/01 7076102834 372,000 372,000 5.7500 1.8750 1,898.75 300 08/01/01 7076102842 386,300 386,300 5.0000 1.2500 1,730.30 300 06/29/01 7076108922 125,608 125,608 5.1250 1.2500 575.70 300 07/18/01 7076110928 220,000 220,000 5.1250 1.2500 1,008.33 300 07/10/01 7076117006 1,000,000 1,000,000 5.1250 1.2500 4,583.33 300 07/09/01 7076122766 220,100 220,100 5.5000 1.5000 1,077.57 300 07/09/01 7076124457 162,500 162,500 5.0000 1.2500 727.86 300 06/26/01 7076128581 144,000 144,000 5.7500 1.5000 735.00 300 05/23/01 7076130058 258,000 258,000 5.5000 1.6250 1,263.12 300 06/29/01 7076134712 1,735,000 1,735,000 5.6250 1.7500 8,675.00 300 07/31/01 7076138556 179,500 179,500 5.6250 1.6250 897.50 300 06/21/01 7076143481 300,000 300,000 4.8750 1.0000 1,312.50 300 07/26/01 7076145478 311,150 311,150 5.3750 1.5000 1,490.93 300 07/28/01 7076145536 304,000 304,000 5.3750 1.5000 1,456.67 300 07/10/01 7076145809 298,100 298,100 5.3750 1.5000 1,428.40 300 06/22/01 7076145825 91,200 91,200 5.3750 1.5000 432.21 300 07/28/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - --------------- ------------------------------------------------------------------------- 7076027684 07/01/26 LIBOR 6 M 6 12.00 80.00 807 7076031843 07/01/26 LIBOR 6 M 6 12.00 26.87 711 7076032239 08/01/26 LIBOR 6 M 6 12.00 72.86 739 7076039325 07/01/26 LIBOR 6 M 6 12.00 65.00 713 7076039416 08/01/26 LIBOR 6 M 6 12.00 70.00 775 7076042444 05/01/26 LIBOR 6 M 6 13.00 74.83 756 7076042709 07/01/26 LIBOR 6 M 6 12.00 70.28 771 7076043996 07/01/26 LIBOR 6 M 6 12.00 78.33 660 7076050918 08/01/26 LIBOR 6 M 6 12.00 41.67 760 7076066815 07/01/26 LIBOR 6 M 6 12.00 40.85 789 7076071682 08/01/26 LIBOR 6 M 6 12.00 69.00 773 7076071955 08/01/26 LIBOR 6 M 6 12.00 70.00 720 7076072367 07/01/26 LIBOR 6 M 6 12.00 29.54 805 7076079107 08/01/26 LIBOR 6 M 6 12.00 79.16 781 7076081186 08/01/26 LIBOR 6 M 6 12.00 80.00 715 7076083331 08/01/26 LIBOR 6 M 6 12.00 70.00 786 7076083455 08/01/26 LIBOR 6 M 6 13.00 56.80 717 7076086557 08/01/26 LIBOR 6 M 6 12.00 78.64 773 7076091276 08/01/26 LIBOR 6 M 6 12.00 77.62 764 7076095376 08/01/26 LIBOR 6 M 6 12.00 65.00 796 7076095764 07/01/26 LIBOR 6 M 6 12.00 70.00 728 7076102834 09/01/26 LIBOR 6 M 6 13.00 43.26 780 7076102842 08/01/26 LIBOR 6 M 6 12.00 42.92 768 7076108922 08/01/26 LIBOR 6 M 6 12.00 64.41 671 7076110928 08/01/26 LIBOR 6 M 6 12.00 53.01 753 7076117006 08/01/26 LIBOR 6 M 6 12.00 26.67 789 7076122766 08/01/26 LIBOR 6 M 6 13.00 55.16 688 7076124457 07/01/26 LIBOR 6 M 6 12.00 70.00 755 7076128581 06/01/26 LIBOR 6 M 6 12.00 80.00 816 7076130058 07/01/26 LIBOR 6 M 6 13.00 62.93 806 7076134712 08/01/26 LIBOR 6 M 6 13.00 63.09 793 7076138556 07/01/26 LIBOR 6 M 6 13.00 93.49 686 7076143481 08/01/26 LIBOR 6 M 6 13.00 80.00 722 7076145478 07/01/26 LIBOR 6 M 6 13.00 74.08 752 7076145536 08/01/26 LIBOR 6 M 6 13.00 80.00 719 7076145809 07/01/26 LIBOR 6 M 6 13.00 80.99 782 7076145825 07/01/26 LIBOR 6 M 6 13.00 95.00 694
1
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 7076145833 97,800 97,774 5.3750 1.5000 468.56 300 07/28/01 7076145908 199,250 198,800 5.6250 1.7500 996.25 300 07/28/01 7076149017 456,000 456,000 5.0000 1.2500 2,042.50 300 08/03/01 7076149660 181,500 180,899 5.0000 1.2500 810.28 300 07/13/01 7076151344 128,600 128,594 5.3750 1.5000 616.21 300 08/13/01 7076151617 212,400 212,347 5.3750 1.5000 1,017.50 300 08/14/01 7076156335 122,250 122,250 5.3750 1.5000 585.78 300 07/13/01 7076156624 332,000 332,000 5.6250 1.7500 1,660.00 300 06/29/01 7076156830 207,000 207,000 5.3750 1.5000 991.88 300 07/05/01 7076156947 166,400 166,400 5.3750 1.5000 797.33 300 08/03/01 7076157036 203,900 203,800 5.3750 1.5000 976.54 300 06/22/01 7076157515 176,000 176,000 5.7500 1.8750 898.33 300 06/28/01 7076157549 247,450 247,450 5.6250 1.7500 1,237.25 300 06/29/01 7076158059 208,000 208,000 5.3750 1.5000 996.67 300 06/25/01 7076158083 342,000 342,000 5.5000 1.6250 1,674.37 300 06/28/01 7076158117 177,000 176,958 5.3750 1.5000 847.92 300 06/25/01 7076158471 269,600 269,598 5.6250 1.8750 1,347.99 300 06/28/01 7076163935 625,100 625,100 5.3750 1.3750 2,995.27 300 08/04/01 7076164073 472,500 472,499 5.3750 1.6250 2,264.06 300 06/28/01 7076165518 230,600 230,600 5.5000 1.7500 1,128.98 300 06/29/01 7076167712 168,000 168,000 5.2500 1.6250 787.50 300 08/10/01 7076167795 209,350 209,350 5.2500 1.6250 981.33 300 08/10/01 7076168090 450,000 450,000 5.5000 1.7500 2,203.12 300 08/11/01 7076168207 429,600 429,600 4.7500 1.0000 1,834.75 300 08/11/01 7076168355 258,750 258,750 5.3750 1.6250 1,239.84 300 08/11/01 7076169486 320,000 320,000 5.3750 1.7500 1,533.33 300 08/11/01 7076169494 325,200 325,200 5.5000 1.7500 1,592.12 300 08/11/01 7076170377 154,000 154,000 5.1250 1.3750 705.83 300 06/29/01 7076172613 336,000 336,000 5.2500 1.5000 1,575.00 300 08/14/01 7076172621 223,200 223,000 5.3750 1.6250 1,069.02 300 08/14/01 7076172696 220,588 220,388 5.5000 1.7500 1,078.49 300 08/14/01 7076172712 681,250 681,250 5.5000 1.7500 3,335.29 300 08/14/01 7076172787 369,700 369,700 5.3750 1.6250 1,771.48 300 08/14/01 7076172795 236,000 236,000 5.3750 1.6250 1,130.83 300 08/14/01 7076172852 170,000 170,000 5.3750 1.6250 814.58 300 08/14/01 7076175129 141,050 141,050 5.5000 1.6250 690.56 300 08/28/01 7076175269 181,600 180,900 5.6250 1.7500 908.00 300 08/14/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - -------------------------------------------------------------------------------------------- 7076145833 08/01/26 LIBOR 6 M 6 13.00 85.04 622 7076145908 07/01/26 LIBOR 6 M 6 13.00 76.05 735 7076149017 09/01/26 LIBOR 6 M 6 12.00 80.00 720 7076149660 08/01/26 LIBOR 6 M 6 12.00 50.00 675 7076151344 08/01/26 LIBOR 6 M 6 13.00 74.99 650 7076151617 08/01/26 LIBOR 6 M 6 13.00 80.00 694 7076156335 08/01/26 LIBOR 6 M 6 13.00 59.63 781 7076156624 07/01/26 LIBOR 6 M 6 13.00 80.00 635 7076156830 07/01/26 LIBOR 6 M 6 13.00 86.25 724 7076156947 08/01/26 LIBOR 6 M 6 13.00 93.48 726 7076157036 07/01/26 LIBOR 6 M 6 13.00 79.99 814 7076157515 07/01/26 LIBOR 6 M 6 13.00 78.22 729 7076157549 07/01/26 LIBOR 6 M 6 13.00 94.99 619 7076158059 07/01/26 LIBOR 6 M 6 13.00 74.29 737 7076158083 07/01/26 LIBOR 6 M 6 13.00 95.00 736 7076158117 07/01/26 LIBOR 6 M 6 13.00 43.49 663 7076158471 07/01/26 LIBOR 6 M 6 13.00 80.00 712 7076163935 08/01/26 LIBOR 6 M 6 13.00 76.51 672 7076164073 07/01/26 LIBOR 6 M 6 13.00 90.00 685 7076165518 07/01/26 LIBOR 6 M 6 13.00 79.32 768 7076167712 08/01/26 LIBOR 6 M 6 13.00 80.00 701 7076167795 08/01/26 LIBOR 6 M 6 13.00 94.99 775 7076168090 08/01/26 LIBOR 6 M 6 13.00 72.58 755 7076168207 08/01/26 LIBOR 6 M 6 13.00 80.00 717 7076168355 08/01/26 LIBOR 6 M 6 13.00 75.77 679 7076169486 08/01/26 LIBOR 6 M 6 13.00 69.57 739 7076169494 08/01/26 LIBOR 6 M 6 13.00 80.00 733 7076170377 07/01/26 LIBOR 6 M 6 13.00 79.93 689 7076172613 08/01/26 LIBOR 6 M 6 13.00 80.00 774 7076172621 08/01/26 LIBOR 6 M 6 13.00 80.00 653 7076172696 08/01/26 LIBOR 6 M 6 13.00 95.00 669 7076172712 08/01/26 LIBOR 6 M 6 13.00 77.86 749 7076172787 08/01/26 LIBOR 6 M 6 13.00 79.99 755 7076172795 08/01/26 LIBOR 6 M 6 13.00 80.00 663 7076172852 08/01/26 LIBOR 6 M 6 13.00 77.27 683 7076175129 08/01/26 LIBOR 6 M 6 13.00 94.98 821 7076175269 08/01/26 LIBOR 6 M 6 13.00 80.00 786
2
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 7076175293 405,000 405,000 5.3750 1.5000 1,940.63 300 07/25/01 7076175392 125,200 125,200 5.3750 1.5000 599.92 300 08/14/01 7076175566 116,500 116,281 5.0000 1.2500 520.84 300 08/14/01 7076176978 161,600 161,600 5.5000 1.8750 791.08 300 07/06/01 7076177034 191,500 191,500 5.6250 1.7500 957.50 300 08/16/01 7076177281 284,900 284,900 5.3750 1.5000 1,365.15 300 07/27/01 7076178784 140,800 140,800 5.2500 1.3750 660.00 300 08/17/01 7076179113 390,000 390,000 5.3750 1.5000 1,868.75 300 08/21/01 7076181432 132,000 132,000 5.6250 1.7500 660.00 300 08/21/01 7076181465 650,000 646,588 5.6250 1.7500 3,232.94 300 08/21/01 7076181515 140,000 139,958 5.6250 1.7500 699.79 300 08/21/01 7076181606 253,100 253,100 5.5000 1.6250 1,239.14 300 08/21/01 7076182653 132,000 132,000 5.6250 1.7500 660.00 300 08/21/01 7076182661 152,700 152,700 5.5000 1.6250 747.59 300 08/03/01 7076182687 194,000 194,000 5.3750 1.5000 929.58 300 08/21/01 7076182703 153,450 153,450 5.5000 1.6250 751.27 300 08/21/01 7076184170 266,250 266,250 5.5000 1.6250 1,303.52 300 08/23/01 7076184238 150,300 150,300 5.5000 1.6250 735.84 300 08/23/01 7076186738 336,000 330,000 5.3750 1.5000 1,581.25 300 08/24/01 7076186746 493,600 493,600 5.3750 1.5000 2,365.17 300 08/24/01 7076186779 240,000 240,000 5.3750 1.5000 1,150.00 300 08/24/01 7076186894 400,000 400,000 5.3750 1.5000 1,916.67 300 08/24/01 7076186910 175,750 175,724 5.6250 1.7500 878.75 300 08/24/01 7076187389 132,000 131,911 5.6250 1.7500 659.56 300 08/23/01 7076187454 337,600 337,600 5.5000 1.6250 1,652.83 300 08/23/01 7076188643 600,000 600,000 5.7500 1.8750 3,062.50 300 08/21/01 7076188668 186,300 186,300 5.6250 1.7500 931.50 300 08/23/01 7076188718 174,400 174,400 5.5000 1.6250 853.83 300 08/24/01 7076188726 206,150 206,150 5.5000 1.6250 1,009.28 300 08/24/01 7076188775 331,550 331,550 5.5000 1.6250 1,623.21 300 07/16/01 7076191845 418,150 418,150 5.3750 1.5000 2,003.64 300 08/25/01 7076191910 236,250 236,250 5.5000 1.6250 1,156.64 300 08/25/01 7076191936 274,800 274,800 5.5000 1.6250 1,345.37 300 08/25/01 7076192199 316,000 315,686 5.5000 1.6250 1,547.08 300 08/25/01 7076192215 165,000 165,000 5.5000 1.6250 807.81 300 08/25/01 7076192256 232,000 232,000 5.5000 1.6250 1,135.83 300 08/25/01 7076192389 141,700 141,700 5.2500 1.3750 664.22 300 08/25/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - ---------------------------------------------------------------------------------------------- 7076175293 08/01/26 LIBOR 6 M 6 13.00 69.15 634 7076175392 08/01/26 LIBOR 6 M 6 13.00 80.00 635 7076175566 08/01/26 LIBOR 6 M 6 13.00 78.70 685 7076176978 07/01/26 LIBOR 6 M 6 13.00 80.00 653 7076177034 08/01/26 LIBOR 6 M 6 13.00 79.99 703 7076177281 08/01/26 LIBOR 6 M 6 13.00 80.00 754 7076178784 08/01/26 LIBOR 6 M 6 13.00 74.97 653 7076179113 08/01/26 LIBOR 6 M 6 13.00 80.00 749 7076181432 08/01/26 LIBOR 6 M 6 13.00 80.00 714 7076181465 08/01/26 LIBOR 6 M 6 13.00 61.61 652 7076181515 08/01/26 LIBOR 6 M 6 13.00 80.00 720 7076181606 08/01/26 LIBOR 6 M 6 13.00 79.99 788 7076182653 08/01/26 LIBOR 6 M 6 13.00 80.00 796 7076182661 09/01/26 LIBOR 6 M 6 13.00 79.99 695 7076182687 08/01/26 LIBOR 6 M 6 13.00 80.00 687 7076182703 08/01/26 LIBOR 6 M 6 12.00 79.98 613 7076184170 08/01/26 LIBOR 6 M 6 13.00 79.99 754 7076184238 08/01/26 LIBOR 6 M 6 13.00 90.00 735 7076186738 08/01/26 LIBOR 6 M 6 13.00 80.26 770 7076186746 08/01/26 LIBOR 6 M 6 13.00 80.00 732 7076186779 08/01/26 LIBOR 6 M 6 13.00 80.00 796 7076186894 08/01/26 LIBOR 6 M 6 13.00 80.00 649 7076186910 08/01/26 LIBOR 6 M 6 13.00 95.00 690 7076187389 08/01/26 LIBOR 6 M 6 13.00 80.00 712 7076187454 08/01/26 LIBOR 6 M 6 13.00 80.00 684 7076188643 09/01/26 LIBOR 6 M 6 13.00 77.42 777 7076188668 08/01/26 LIBOR 6 M 6 13.00 90.00 729 7076188718 08/01/26 LIBOR 6 M 6 13.00 80.00 663 7076188726 08/01/26 LIBOR 6 M 6 13.00 95.00 756 7076188775 08/01/26 LIBOR 6 M 6 13.00 95.00 787 7076191845 08/01/26 LIBOR 6 M 6 13.00 80.00 761 7076191910 08/01/26 LIBOR 6 M 6 13.00 75.00 762 7076191936 08/01/26 LIBOR 6 M 6 13.00 80.00 649 7076192199 08/01/26 LIBOR 6 M 6 13.00 80.00 661 7076192215 08/01/26 LIBOR 6 M 6 13.00 68.75 790 7076192256 08/01/26 LIBOR 6 M 6 13.00 83.45 682 7076192389 08/01/26 LIBOR 6 M 6 13.00 74.62 727
3
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 7076193742 118,300 118,300 5.1250 1.3750 542.21 300 08/28/01 7076194013 450,000 450,000 5.2500 1.5000 2,109.38 300 07/31/01 7076194054 272,000 272,000 5.5000 1.7500 1,331.35 300 07/25/01 7076194229 175,000 174,249 5.5000 1.7500 854.32 300 08/28/01 7076194237 248,000 247,874 5.6250 1.7500 1,239.37 300 08/28/01 7076194294 160,350 160,350 5.1250 1.3750 734.94 300 08/28/01 7076194302 197,550 197,550 5.3750 1.6250 946.59 300 08/28/01 9.40239E+12 154,900 154,800 4.7500 1.2500 661.55 300 09/07/01 9.40239E+12 213,000 213,000 4.7500 1.2500 909.69 300 09/12/01 9.40239E+12 1,070,000 1,070,000 4.7500 1.2500 4,569.79 300 09/07/01 9.40239E+12 920,000 920,000 4.7500 1.2500 3,929.17 300 09/07/01 9.40239E+12 51,000 50,618 4.7500 1.2500 217.81 300 09/17/01 9.40239E+12 100,500 100,500 4.7500 1.2500 429.22 300 09/17/01 9.40239E+12 124,000 124,000 4.7500 1.2500 529.58 300 09/25/01 9.40239E+12 160,000 160,000 4.6250 1.2500 666.67 300 09/25/01 9.40239E+12 500,000 500,000 4.7500 1.1250 2,187.50 300 08/24/01 9.40239E+12 1,000,000 1,000,000 4.7500 1.1250 4,270.83 300 09/07/01 9.40239E+12 150,000 149,984 4.7500 1.2500 640.63 300 09/05/01 9.40239E+12 381,600 381,544 5.0000 1.2500 1,709.25 300 08/10/01 9.40239E+12 1,160,000 1,160,000 4.8750 1.2500 5,075.00 300 08/15/01 9.40239E+12 122,500 122,391 4.2500 1.2500 472.14 300 09/28/01 9.40239E+12 148,000 147,968 4.7500 1.1250 632.08 300 09/10/01 9.40239E+12 1,000,000 1,000,000 4.7500 1.2500 4,270.83 300 08/31/01 9.40239E+12 176,800 176,800 4.7500 1.2500 755.08 300 09/18/01 9.40239E+12 120,000 120,000 4.2500 1.2500 462.50 300 09/20/01 9.40239E+12 180,000 180,000 4.8750 1.2500 787.50 300 09/05/01 9.40239E+12 1,200,000 1,199,846 4.7500 1.1250 5,125.00 300 09/13/01 9.40239E+12 927,500 927,500 4.8750 1.1250 4,057.81 300 09/10/01 9.40239E+12 264,800 264,800 4.7500 1.2500 1,130.92 300 09/13/01 9.40239E+12 135,800 135,800 4.7500 1.1250 579.98 300 09/17/01 9.40239E+12 155,000 155,000 4.3750 1.2500 613.54 300 09/25/01 9.40239E+12 170,000 170,000 4.3750 1.2500 672.92 300 09/26/01 9.40239E+12 240,000 240,000 4.3750 1.2500 950.00 300 09/25/01 9.40239E+12 236,000 236,000 4.7500 1.2500 1,007.92 300 09/18/01 9.40239E+12 1,000,000 975,000 5.1875 1.6875 4,687.50 300 09/14/01 9.40239E+12 225,000 225,000 4.7500 1.1250 960.94 300 09/17/01 9.40239E+12 249,070 249,070 4.7500 1.2500 1,063.74 300 09/12/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - -------------------------------------------------------------------------------------------- 7076193742 08/01/26 LIBOR 6 M 6 13.00 74.99 746 7076194013 08/01/26 LIBOR 6 M 6 13.00 64.29 683 7076194054 08/01/26 LIBOR 6 M 6 13.00 80.00 705 7076194229 08/01/26 LIBOR 6 M 6 13.00 51.47 659 7076194237 08/01/26 LIBOR 6 M 6 13.00 80.00 624 7076194294 08/01/26 LIBOR 6 M 6 13.00 79.99 754 7076194302 08/01/26 LIBOR 6 M 6 13.00 75.98 772 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.66 769 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 63.20 706 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 34.52 688 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 79.31 716 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 57.30 719 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 68.84 742 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 40.00 586 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 68.67 743 9.40239E+12 09/01/26 LIBOR 1 M 1 12.00 80.00 735 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 70.00 742 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 47.62 733 9.40239E+12 09/01/26 LIBOR 6 M 6 12.00 80.00 646 9.40239E+12 09/01/26 LIBOR 6 M 6 12.00 70.00 686 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 660 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 51.82 821 9.40239E+12 09/01/26 LIBOR 6 M 6 12.00 74.07 679 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 68.00 741 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 68.57 750 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 56.25 633 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 40.00 726 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 79.27 733 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 721 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 73.39 795 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 46.97 785 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 78.34 715 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 759 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 745 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 32.26 744 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 68.18 768 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 767
4
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 9.40239E+12 48,500 48,500 4.2500 1.2500 186.93 300 09/26/01 9.40239E+12 275,000 275,000 4.5000 1.5000 1,117.19 300 09/26/01 9.40239E+12 500,000 500,000 4.1250 1.1250 1,875.00 300 09/27/01 9.40239E+12 1,000,000 1,000,000 4.5000 1.1250 4,062.50 300 09/28/01 9.40239E+12 150,000 150,000 4.7500 1.2500 640.63 300 09/19/01 9.40239E+12 161,600 161,600 4.0000 1.2500 589.17 300 09/28/01 9.40239E+12 322,000 322,000 4.2500 1.2500 1,241.04 300 09/27/01 9.40239E+12 280,000 280,000 4.2500 1.2500 1,079.17 300 09/28/01 9.40239E+12 325,000 324,986 4.3750 1.2500 1,286.46 300 09/26/01 9.40239E+12 331,897 331,571 4.7500 1.2500 1,417.48 300 09/14/01 9.40239E+12 205,600 205,600 4.7500 1.2500 878.08 300 09/11/01 9.40239E+12 244,000 244,000 4.7500 1.2500 1,042.08 300 09/11/01 9.40239E+12 178,000 178,000 5.1875 1.6875 834.38 300 09/04/01 9.40239E+12 353,500 353,250 4.7500 1.2500 1,509.74 300 09/13/01 9.40239E+12 748,700 748,700 4.7500 1.1250 3,197.57 300 09/14/01 9.40239E+12 228,000 228,000 4.7500 1.2500 973.75 300 09/14/01 9.40239E+12 390,000 387,363 4.3750 1.2500 1,543.75 300 09/24/01 9.40239E+12 622,000 621,913 4.7500 1.1250 2,656.46 300 09/19/01 9.40239E+12 228,000 227,936 4.7500 1.2500 973.75 300 09/19/01 9.40239E+12 1,750,000 1,670,000 4.7500 1.2500 7,473.96 300 09/15/01 9.40239E+12 480,000 480,000 4.7500 1.2500 2,050.00 300 09/13/01 9.40239E+12 220,000 220,000 4.6250 1.2500 916.67 300 09/24/01 9.40239E+12 224,000 224,000 4.3750 1.2500 886.67 300 09/21/01 9.40239E+12 786,226 786,226 4.3750 1.2500 3,112.14 300 09/21/01 9.40239E+12 111,700 111,700 4.6250 1.2500 465.42 300 09/18/01 9.40239E+12 325,000 323,812 4.3750 1.2500 1,286.46 300 09/26/01 9.40239E+12 1,115,000 1,115,000 4.6250 1.1250 4,645.83 300 09/24/01 9.40239E+12 446,500 446,500 4.3750 1.2500 1,767.40 300 09/28/01 9.40239E+12 407,300 407,300 4.3750 1.2500 1,612.23 300 09/25/01 9.40239E+12 176,000 176,000 4.3750 1.2500 696.67 300 09/26/01 9.40239E+12 620,000 620,000 4.1250 1.1250 2,325.00 300 09/28/01 9.40239E+12 275,000 275,000 4.1250 1.2500 1,031.25 300 09/26/01 9.40239E+12 252,000 252,000 4.3125 1.6875 997.50 300 09/28/01 9.40239E+12 580,000 579,982 3.8750 1.2500 2,054.17 300 09/28/01 9.40239E+12 346,350 346,350 3.8750 1.2500 1,226.66 300 09/28/01 9.40239E+12 53,000 52,888 3.8750 1.2500 187.71 300 09/28/01 9.40239E+12 175,000 174,980 3.8750 1.2500 619.79 300 09/27/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - ------------------------------------------------------------------------------------------- 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 29.39 780 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.82 694 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 64.52 699 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 48.19 713 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 784 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 711 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.30 717 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 778 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 63.11 780 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.87 698 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 671 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 776 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.66 693 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.70 612 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 79.40 725 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 776 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 76.77 757 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 23.25 694 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 78.62 703 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 768 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 716 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 680 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 773 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 72.66 722 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 79.79 690 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.85 751 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 70.13 790 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 79.03 708 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.85 641 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 746 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 29.52 718 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.91 707 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 48.46 786 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 769 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 722 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.81 783 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.71 761
5
Seller Loan No Original Balance Current Balance Net Rate Net Margin Original P&I Orig Term Note Date - -------------------------------------------------------------------------------------------------------------- 9.40239E+12 575,000 575,000 4.1250 1.2500 2,156.25 300 09/28/01 9.40239E+12 370,000 369,939 4.0000 1.2500 1,348.96 300 09/28/01 9.40239E+12 183,200 183,200 3.8750 1.2500 648.83 300 09/28/01 9.40239E+12 110,000 110,000 3.8750 1.2500 389.58 300 09/28/01 9.40239E+12 550,515 550,515 3.8750 1.2500 1,949.74 300 09/28/01 9.40239E+12 1,696,000 1,696,000 4.0000 1.2500 6,183.33 300 09/24/01 9.40239E+12 725,000 725,000 3.8750 1.1250 2,567.71 300 09/28/01 9.40239E+12 783,200 783,200 4.5000 1.1250 3,181.75 300 09/24/01 9.40239E+12 95,830 95,830 4.4375 1.6875 389.31 300 09/27/01 9.40239E+12 962,000 962,000 4.0000 1.2500 3,507.29 300 09/25/01 9.40239E+12 235,000 235,000 4.2500 1.6250 905.73 300 09/28/01 9.40239E+12 650,000 649,102 3.8750 1.2500 2,302.08 300 09/28/01 9.40239E+12 500,000 500,000 4.3125 1.6875 1,979.17 300 09/28/01 9.40239E+12 1,200,000 1,200,000 4.1875 1.6875 4,625.00 300 09/28/01 9.40239E+12 225,000 225,000 3.8750 1.2500 796.88 300 09/27/01
Seller Loan No Maturity Date Index Type Pymt Adj Freq Life Cap ELTV FICO - -------------------------------------------------------------------------------------------- 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 71.88 670 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 64.91 707 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 707 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 33.33 628 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 80.00 717 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 78.43 755 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 76.32 738 9.40239E+12 10/01/26 LIBOR 1 M 1 12.00 80.00 746 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 687 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.92 685 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 69.79 808 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 78.31 806 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 70.00 783 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 55.81 747 9.40239E+12 10/01/26 LIBOR 6 M 6 12.00 25.57 792
6 EX-99.2 4 f79356ex99-2.txt OPINION OF GNAZZOTHILL DATED OCTOBER 31, 2001 EXHIBIT 99.2 October 31, 2001 Sequoia Mortgage Funding Corporation 591 Redwood Highway Suite 3120 Mill Valley, CA 94941 Greenwich Capital Markets, Inc. 600 Steamboat Road Greenwich, CT 06830 Bear Stearns & Co., Inc. 245 Park Avenue New York, NY 10167 Re: Sequoia Mortgage Trust 5 Ladies and Gentlemen: You have requested our opinion in connection with certain federal income tax matters related to Sequoia Mortgage Trust 5 (the "Issuer") and the $510,047,100 Sequoia Mortgage Trust 5 Collateralized Mortgage Bonds issued by it (the "Bonds"). The Issuer is a statutory business trust formed by Sequoia Mortgage Funding Corporation (the "Depositor") pursuant to the Deposit Trust Agreement, dated as of October 1, 2001 (the "Deposit Trust Agreement"), between the Depositor and Wilmington Trust Company, as Owner Trustee. The Bonds are being issued pursuant to an Indenture, dated as of October 1, 2001 (the "Indenture") between the Issuer and Bankers Trust of California, N.A., as Bond Trustee. Reference is hereby made to the Depositor's Universal Shelf Registration Statement on Form S-3 (Registration Statement No. 333-22681), including a prospectus (such prospectus as amended through the date hereof, the "Prospectus"), filed with the Securities and Exchange Commission under the Securities Act of 1933 on March 4, 1997 and declared effective by the Securities and Exchange Commission on May 29, 1997, along with the Post-Effective Amendment No. 1 to Form S-3 Registration Statement, filed with the Securities and Exchange Commission under the Securities Act of 1933 on May 12, 2000 and declared effective on May 24, 2000, and the Prospectus Supplement, dated October 29, 2001 (the "Prospectus Supplement"). Each capitalized term used but not defined herein has the meaning assigned thereto in the Indenture. Sequoia Mortgage Funding Corporation Greenwich Capital Markets, Inc. Bear Stearns & Co., Inc. October 31, 2001 Page 2 We have acted as special tax counsel to Sequoia Mortgage Funding Corporation (the "Depositor") in connection with the above transaction and have assisted in the preparation of the federal income tax summaries set forth in the Prospectus Supplement used in connection with the issuance of the Bonds. In formulating our opinions, we have reviewed final copies, dated the date hereof, of (i) the Prospectus and the Prospectus Supplement, (ii) the Indenture and the Bonds, (iii) the Deposit Trust Agreement, (iv) the Mortgage Loan Purchase Agreement, (v) the Management Agreement and (vi) such resolutions, certificates, records, and other documents provided by the Depositor as we have deemed necessary or appropriate as a basis for the opinions set forth below. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals or finals, the conformity to original documents of all documents submitted to us as certified, conformed or other copies, and the authenticity of the originals of such copies. In rendering our opinions, we have assumed that the transactions described in or contemplated by the foregoing documents have been and will be consummated in accordance with the terms of such operative documents, and that such documents accurately reflect the material facts of such transactions. Our opinion is also based on the Internal Revenue Code of 1986, as amended, administrative rulings, judicial decisions, Treasury regulations and other applicable authorities. The statutory provisions, regulations, and interpretations on which our opinion is based are subject to change, possibly retroactively. In addition, there can be no complete assurance that the Internal Revenue Service will not take positions contrary to the conclusions stated in our opinion. Based on the foregoing, we are of the opinion that, assuming (i) the making of a timely election to treat the Trust Estate as consisting of an upper-tier REMIC and a lower-tier REMIC, each comprised of the assets and interests specified in the Indenture and (ii) compliance with the provisions of the Deposit Trust Agreement, the Indenture and the Mortgage Loan Purchase Agreement, for federal income tax purposes: 1. the statements in the Prospectus under the heading "Federal Income Tax Consequences", as supplemented or modified by the Statements in the Prospectus Supplement under the heading "Federal Income Tax Consequences," to the extent that they constitute matters of law or legal conclusions with respect to Federal income tax matters, are correct in all material respects; 2. the Trust Estate will consist of two segregated asset pools, each of which will qualify as a REMIC within the meaning of Section 860D of the Code; Sequoia Mortgage Funding Corporation Greenwich Capital Markets, Inc. Bear Stearns & Co., Inc. October 31, 2001 Page 3 3. the Class A, Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Bonds will represent "regular interests" in the Upper-Tier REMIC and the Class A-R Bond will represent the sole "residual interest" in the each of the Upper-Tier REMIC and Lower-Tier REMIC, each within the meaning of Section 860G of the Code as in effect on the date hereof; 4. the Basis Risk Reserve Fund is an "outside reserve fund" that is beneficially owned by the Holder of the Class X Bond; and 5. the rights of the Holders of the Class A, Class B-1, Class B-2 and Class B-3 Bonds with respect to the Basis Risk Reserve Fund represent, for federal income tax purposes, contractual rights that are separate from their regular interests within the meaning of Treasury Regulations Section 1.860G-2(i). Other than as expressly stated above, we express no opinion on any issue relating to the Depositor, the Issuer, the Trust Estate, or to any other securities issued by them, or under any law other than the federal income tax laws. We are furnishing this opinion to you solely in connection with the initial sale of the Bonds and it is not to be relied upon, used, circulated, quoted or otherwise referred to for any other purpose without our express written permission. Very truly yours, /s/ GnazzoThill, A Professional Corporation EX-99.3 5 f79356ex99-3.txt OPINION OF GNAZZOTHILL DATED NOVEMBER 30, 2001 EXHIBIT 99.3 November 30, 2001 Sequoia Mortgage Funding Corporation 591 Redwood Highway Suite 3120 Mill Valley, CA 94941 Greenwich Capital Markets, Inc. 600 Steamboat Road Greenwich, CT 06830 Bear Stearns & Co., Inc. 245 Park Avenue New York, NY 10167 Re: Sequoia Mortgage Trust 5 Ladies and Gentlemen: You have requested our supplemental opinion in connection with certain federal income tax matters related to the transfer of Subsequent Mortgage Loans to Sequoia Mortgage Trust 5 (the "Issuer") pursuant to that certain Indenture, dated as of October 1, 2001 (the "Indenture") between the Issuer and Bankers Trust of California, N.A., as Bond Trustee and that certain Mortgage Loan Purchase and Sale Agreement, dated as of October 1, 2001 (the "Mortgage Loan Purchase Agreement"), among Redwood Trust, Inc., Sequoia Mortgage Funding Corporation (the "Depositor") and the Issuer. The Issuer is a statutory business trust formed by the Depositor pursuant to the Deposit Trust Agreement, dated as of October 1, 2001 (the "Deposit Trust Agreement"), between the Depositor and Wilmington Trust Company, as Owner Trustee. Pursuant to the Indenture, the Issuer has issued the $510,047,100 Sequoia Mortgage Trust 5 Collateralized Mortgage Bonds (the "Bonds"). Each capitalized term used but not defined herein has the meaning assigned thereto in the Indenture. We have acted as special tax counsel to the Depositor in connection with the above transaction. In formulating our opinions, we have reviewed final copies, dated the date hereof, of (i) the Indenture and the Bonds, (ii) the Deposit Trust Agreement, (iii) the Mortgage Loan Purchase Agreement, (iv) the Management Agreement and (v) such resolutions, certificates, records, and other documents provided by the Depositor as we have deemed necessary or appropriate as a basis for the opinions set forth below. Sequoia Mortgage Funding Corporation Greenwich Capital Markets, Inc. Bear Stearns & Co., Inc. November 30, 2001 Page 2 In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals or finals, the conformity to original documents of all documents submitted to us as certified, conformed or other copies, and the authenticity of the originals of such copies. In rendering our opinions, we have assumed that the transactions described in or contemplated by the foregoing documents have been and will be consummated in accordance with the terms of such operative documents, and that such documents accurately reflect the material facts of such transactions. Our opinion is also based on the Internal Revenue Code of 1986, as amended, administrative rulings, judicial decisions, Treasury regulations and other applicable authorities. The statutory provisions, regulations, and interpretations on which our opinion is based are subject to change, possibly retroactively. In addition, there can be no complete assurance that the Internal Revenue Service will not take positions contrary to the conclusions stated in our opinion. Based on the foregoing, we are of the opinion that, assuming (i) the making of a timely election to treat the Trust Estate as consisting of an upper-tier REMIC and a lower-tier REMIC, each comprised of the assets and interests specified in the Indenture and (ii) compliance with the provisions of the Deposit Trust Agreement, the Indenture and the Mortgage Loan Purchase Agreement, for federal income tax purposes, upon transfer of the Subsequent Mortgage Loans to the Issuer: 1. the Trust Estate will continue to consist of two segregated asset pools, each of which qualify as a REMIC within the meaning of Section 860D of the Code; 2. the Class A, Class X, Class B-1, Class B-2, Class B-3, Class B-4, Class B-5 and Class B-6 Bonds will continue to represent "regular interests" in the Upper-Tier REMIC and the Class A-R Bond will continue to represent the sole "residual interest" in the each of the Upper-Tier REMIC and Lower-Tier REMIC, each within the meaning of Section 860G of the Code as in effect on the date hereof; 3. the Basis Risk Reserve Fund will continue to be an "outside reserve fund" that is beneficially owned by the Holder of the Class X Bond; and 4. the rights of the Holders of the Class A, Class B-1, Class B-2 and Class B-3 Bonds with respect to the Basis Risk Reserve Fund continue to represent, for federal income tax purposes, contractual rights that are separate from their regular interests within the meaning of Treasury Regulations Section 1.860G-2(i). Sequoia Mortgage Funding Corporation Greenwich Capital Markets, Inc. Bear Stearns & Co., Inc. November 30, 2001 Page 3 Other than as expressly stated above, we express no opinion on any issue relating to the Depositor, the Issuer, the Trust Estate, or to any other securities issued by them, or under any law other than the federal income tax laws. We are furnishing this opinion to you solely in connection with the initial sale of the Bonds and it is not to be relied upon, used, circulated, quoted or otherwise referred to for any other purpose without our express written permission. Very truly yours, /s/ GnazzoThill, A Professional Corporation -----END PRIVACY-ENHANCED MESSAGE-----