e8vk

-----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, T5xZKDsaPSyCTzc47p6XoV5X1zDMdA8Cfpmv+WSPZYTilEJc6+q9tBEeFtQ43S2E DeSYskEXYENUGonx/SJj5w== 0000950149-02-001365.txt : 20020701 0000950149-02-001365.hdr.sgml : 20020701 20020701140014 ACCESSION NUMBER: 0000950149-02-001365 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20020626 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20020701 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: 02693253 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 f82702e8vk.htm SEQUOIA MORTGAGE FORM 8-K e8vk

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

June 26, 2002

Date of Report (Date of Earliest Event Reported)

SEQUOIA MORTGAGE FUNDING CORPORATION

(as Depositor with respect to the issuance of Sequoia Mortgage Trust 7,
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)

TABLE OF CONTENTS


INFORMATION TO BE INCLUDED IN THE REPORT
	Item 5. Other Events
	Item 7(c). Exhibits
SIGNATURE
EXHIBIT INDEX
Exhibit 99.1
Exhibit 99.2

INFORMATION TO BE INCLUDED IN THE REPORT

Item 5. Other Events

On May 1, 2002, Sequoia Mortgage Trust 7 (the “Issuer”), HSBC Bank USA, as Trustee, and Wells Fargo Bank Minnesota, National Association, as Master Servicer, entered into an indenture (the “Indenture”), pursuant to which Collateralized Mortgage Bonds in the aggregate principal amount of $572,000,200 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 May 1, 2002 (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 May 29, 2002, 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 June 26, 2002 (the “Subsequent Closing”), the Subsequent Mortgage Loans. A description of the Subsequent Mortgage Loan Collateral is attached hereto as Exhibit 99.1. The opinion as to federal income tax matters in connection with the Subsequent Closing is attached hereto as Exhibit 99.2.

Item 7(c). Exhibits


99.1		Description of Subsequent Mortgage Loan Collateral.

99.2		Opinion of GnazzoThill dated June 26, 2002, as to federal income tax matters in connection with the transfer of subsequent mortgage loans to Sequoia Mortgage Trust 7.

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: June 26, 2002


		SEQUOIA MORTGAGE FUNDING CORPORATION

		By:	/s/ John Isbrandtsen
			John Isbrandtsen Vice President

EXHIBIT INDEX


Exhibit Number		Page Number

99.1	Description of Subsequent Mortgage Loan Collateral

99.2	Opinion of GnazzoThill dated June 26, 2002, as to federal income tax matters in connection with the transfer of subsequent mortgage loans to Sequoia Mortgage Trust 7

4 EX-99.1 3 f82702exv99w1.txt EXHIBIT 99.1 EXHIBIT 99.1 [Please see pages that follow for a Description of the Subsequent Mortgage Loan Collateral]
Loan No Index Original Current Current Net Original Gross Maximum Origination Type Balance Balance Coupon Coupon P&I Margin Rate Date - ------------------------------------------------------------------------------------------------------------------------------ 80032113 LIBOR 6 M 484,000 484,000 4.250 3.875 1,714.17 2.00 12.000 04/17/02 80051063 LIBOR 6 M 325,000 325,000 4.375 4.000 1,184.90 2.13 12.000 04/09/02 80053226 LIBOR 6 M 140,000 140,000 4.500 4.125 525.00 2.13 12.000 04/11/02 80054182 LIBOR 6 M 180,500 180,500 4.625 4.250 695.68 2.13 12.000 04/23/02 80055676 LIBOR 6 M 308,000 308,000 4.500 4.125 1,155.00 2.13 12.000 04/16/02 80057250 LIBOR 6 M 124,500 124,500 4.500 4.125 466.87 2.13 12.000 04/26/02 80060809 LIBOR 6 M 338,000 337,000 4.375 4.000 1,232.29 2.13 12.000 04/17/02 80061583 LIBOR 6 M 215,000 215,000 4.375 4.000 783.85 2.00 12.000 04/26/02 80061666 LIBOR 6 M 242,000 242,000 4.375 4.000 882.29 2.00 12.000 04/26/02 80064595 LIBOR 6 M 269,600 269,600 4.375 4.000 982.92 2.13 12.000 04/26/02 80068562 LIBOR 6 M 81,500 81,500 4.250 3.875 288.65 2.00 12.000 04/25/02 80068653 LIBOR 6 M 348,000 348,000 4.375 4.000 1,268.75 2.13 12.000 04/22/02 80072481 LIBOR 6 M 107,900 106,849 4.375 4.000 393.39 2.13 12.000 04/23/02 80081060 LIBOR 6 M 550,000 550,000 4.625 4.250 2,119.79 2.38 12.000 04/22/02 80082506 LIBOR 6 M 98,850 97,850 4.375 4.000 360.39 2.13 12.000 04/17/02 80088131 LIBOR 6 M 438,500 438,500 4.375 4.000 1,598.70 2.13 12.000 04/24/02 80093768 LIBOR 6 M 392,000 392,000 4.375 4.000 1,429.17 2.13 12.000 04/25/02 80100019 LIBOR 6 M 277,150 277,150 4.250 3.875 981.57 2.00 12.000 04/26/02 80101546 LIBOR 6 M 244,000 244,000 4.250 3.875 864.17 2.00 12.000 04/29/02 80102742 LIBOR 6 M 88,400 88,400 4.375 4.000 322.29 2.13 12.000 04/29/02 105052013 LIBOR 6 M 357,600 357,600 4.125 3.750 1,229.25 1.88 12.000 04/26/02 105639199 LIBOR 6 M 85,500 85,500 4.125 3.750 293.91 1.88 12.000 04/25/02 105642557 LIBOR 6 M 257,500 253,229 4.500 4.125 965.62 2.13 12.000 04/18/02 105688527 LIBOR 1 M 650,000 650,000 3.500 3.125 1,895.83 1.63 12.000 04/17/02 105734404 LIBOR 6 M 275,200 274,201 4.125 3.750 946.00 1.88 12.000 04/19/02 105740948 LIBOR 6 M 355,000 353,940 4.375 4.000 1,294.27 2.13 12.000 03/25/02 105742068 LIBOR 6 M 354,750 354,750 4.375 4.000 1,293.36 2.13 12.000 04/12/02 105753909 LIBOR 6 M 805,000 805,000 4.500 4.125 3,018.75 2.13 12.000 04/19/02 105755938 LIBOR 6 M 935,000 934,999 4.375 4.000 3,408.85 2.13 12.000 03/29/02 105758239 LIBOR 6 M 608,000 608,000 4.250 3.875 2,153.33 1.88 12.000 04/25/02 105777874 LIBOR 6 M 197,950 197,950 4.000 3.625 659.83 1.63 12.000 04/17/02 105792873 LIBOR 6 M 420,000 420,000 4.000 3.625 1,400.00 1.75 12.000 04/10/02 105798177 LIBOR 1 M 528,500 526,864 4.000 3.625 1,761.67 2.13 12.000 04/22/02 105804058 LIBOR 6 M 279,000 279,000 4.125 3.750 959.06 1.75 12.000 04/15/02 105805600 LIBOR 6 M 500,000 500,000 4.500 4.125 1,875.00 2.00 12.000 04/25/02 105811160 LIBOR 6 M 333,750 333,750 4.125 3.750 1,147.27 1.75 12.000 04/22/02 105844773 LIBOR 6 M 421,600 421,600 3.875 3.500 1,361.42 1.63 12.000 04/26/02 105866537 LIBOR 6 M 330,000 330,000 4.500 4.125 1,237.50 2.13 12.000 04/16/02 105884936 LIBOR 6 M 875,000 875,000 3.750 3.375 2,734.38 1.50 12.000 04/17/02 105902555 LIBOR 6 M 180,500 180,500 4.375 4.000 658.07 2.13 12.000 04/23/02 105904056 LIBOR 6 M 184,000 184,000 4.500 4.125 690.00 2.13 12.000 04/17/02 105929152 LIBOR 6 M 123,000 123,000 4.375 4.000 448.44 2.00 12.000 04/09/02 105934343 LIBOR 1 M 442,000 442,000 4.000 3.625 1,473.33 2.13 12.000 04/25/02 105935696 LIBOR 6 M 300,700 300,700 4.250 3.875 1,064.98 2.00 12.000 04/30/02 105942197 LIBOR 6 M 324,100 324,099 4.500 4.125 1,215.38 2.13 12.000 04/05/02 105943518 LIBOR 6 M 825,000 825,000 4.375 4.000 3,007.81 2.00 12.000 04/09/02 105944581 LIBOR 6 M 339,950 339,950 3.875 3.500 1,097.76 1.75 12.000 04/26/02 105946016 LIBOR 1 M 163,600 163,600 3.500 3.125 477.17 1.63 12.000 04/18/02 105948996 LIBOR 6 M 446,000 446,000 4.000 3.625 1,486.67 1.75 12.000 04/26/02 105952485 LIBOR 1 M 378,250 378,250 3.625 3.250 1,142.63 1.63 12.000 04/10/02 105955074 LIBOR 6 M 308,000 305,440 4.500 4.125 1,155.00 2.13 12.000 04/16/02 105957047 LIBOR 6 M 228,000 228,000 4.500 4.125 855.00 2.13 12.000 04/09/02 105962427 LIBOR 6 M 400,000 400,000 4.250 3.875 1,416.67 2.00 12.000 04/30/02 105967376 LIBOR 6 M 160,000 160,000 4.250 3.875 566.67 1.88 12.000 04/25/02 105972764 LIBOR 6 M 82,400 82,400 4.375 4.000 300.42 2.13 12.000 04/22/02 105974174 LIBOR 1 M 130,800 130,800 3.750 3.375 408.75 1.75 12.000 04/15/02

First Prop- Loan No Payment Maturity Original erty Date Date ELTV Type - ----------------------------------------------------------- 80032113 06/01/02 05/01/32 62.45 SF 80051063 06/01/02 05/01/32 75.58 PD 80053226 06/01/02 05/01/32 56.91 SF 80054182 06/01/02 05/01/32 95.00 SF 80055676 06/01/02 05/01/32 80.00 CU 80057250 06/01/02 05/01/32 38.37 PD 80060809 06/01/02 05/01/32 42.25 SF 80061583 06/01/02 05/01/32 93.48 SF 80061666 06/01/02 05/01/32 93.08 SF 80064595 06/01/02 05/01/32 94.97 PD 80068562 06/01/02 05/01/32 79.13 SF 80068653 06/01/02 05/01/32 80.00 SF 80072481 06/01/02 05/01/32 74.41 SF 80081060 06/01/02 05/01/32 74.32 SF 80082506 06/01/02 05/01/32 48.22 PD 80088131 06/01/02 05/01/32 69.94 PD 80093768 06/01/02 05/01/32 70.00 PD 80100019 06/01/02 05/01/32 89.99 PD 80101546 06/01/02 05/01/32 54.22 SF 80102742 06/01/02 05/01/32 39.29 SF 105052013 06/01/02 05/01/32 69.96 CU 105639199 06/01/02 05/01/32 77.73 CU 105642557 06/01/02 05/01/32 55.98 SF 105688527 06/01/02 05/01/32 65.66 PD 105734404 06/01/02 05/01/32 80.00 PD 105740948 05/01/02 04/01/32 73.96 PD 105742068 06/01/02 05/01/32 75.00 SF 105753909 06/01/02 05/01/32 67.08 SF 105755938 05/01/02 04/01/32 58.44 SF 105758239 06/01/02 05/01/32 80.00 SF 105777874 06/01/02 05/01/32 89.98 SF 105792873 06/01/02 05/01/32 65.12 SF 105798177 06/01/02 05/01/32 70.47 PD 105804058 06/01/02 05/01/32 65.65 SF 105805600 06/01/02 05/01/32 55.56 SF 105811160 06/01/02 05/01/32 75.00 SF 105844773 06/01/02 05/01/32 80.00 SF 105866537 06/01/02 05/01/32 61.68 CU 105884936 06/01/02 05/01/32 54.69 SF 105902555 06/01/02 05/01/32 95.00 SF 105904056 06/01/02 05/01/32 80.00 SF 105929152 06/01/02 05/01/32 86.80 SF 105934343 06/01/02 05/01/32 60.55 PD 105935696 06/01/02 05/01/32 52.30 SF 105942197 06/01/02 05/01/32 70.00 SF 105943518 06/01/02 05/01/32 53.19 PD 105944581 06/01/02 05/01/32 80.00 SF 105946016 06/01/02 05/01/32 80.00 SF 105948996 06/01/02 05/01/32 78.25 SF 105952485 06/01/02 05/01/32 70.00 SF 105955074 06/01/02 05/01/32 54.04 MH 105957047 06/01/02 05/01/32 61.62 PD 105962427 06/01/02 05/01/32 59.26 SF 105967376 06/01/02 05/01/32 41.78 SF 105972764 06/01/02 05/01/32 77.01 SF 105974174 06/01/02 05/01/32 80.00 SF
Page 1
Loan No Index Original Current Current Net Original Gross Maximum Origination Type Balance Balance Coupon Coupon P&I Margin Rate Date - ------------------------------------------------------------------------------------------------------------------------------ 105976344 LIBOR 6 M 364,000 364,000 4.125 3.750 1,251.25 1.88 12.000 04/19/02 105976872 LIBOR 6 M 615,000 615,000 4.375 4.000 2,242.19 2.13 12.000 04/17/02 105978340 LIBOR 6 M 131,100 131,100 4.375 4.000 477.97 2.13 12.000 04/18/02 105978589 LIBOR 6 M 314,000 314,000 4.375 4.000 1,144.79 2.13 12.000 04/16/02 105982474 LIBOR 1 M 444,500 444,500 3.750 3.375 1,389.06 1.88 12.000 04/23/02 105983951 LIBOR 1 M 238,500 237,471 3.375 3.000 670.78 1.50 12.000 04/12/02 105985600 LIBOR 6 M 608,000 608,000 3.875 3.500 1,963.33 1.50 12.000 04/05/02 105991962 LIBOR 6 M 893,000 893,000 3.750 3.375 2,790.63 1.50 12.000 04/29/02 105993109 LIBOR 6 M 402,000 402,000 4.500 4.125 1,507.50 2.13 12.000 04/23/02 105993802 LIBOR 6 M 330,000 330,000 4.375 4.000 1,203.13 2.00 12.000 04/17/02 105994602 LIBOR 1 M 444,000 444,000 3.875 3.500 1,433.75 2.00 12.000 04/15/02 105994891 LIBOR 6 M 335,000 335,000 4.500 4.125 1,256.25 2.25 12.000 04/19/02 105995336 LIBOR 1 M 143,200 143,200 3.875 3.500 462.42 1.88 12.000 04/18/02 105996367 LIBOR 6 M 467,000 467,000 4.250 3.875 1,653.96 2.00 12.000 04/16/02 105997316 LIBOR 6 M 617,000 617,000 4.375 4.000 2,249.48 2.00 12.000 04/15/02 105997522 LIBOR 6 M 56,900 56,900 4.500 4.125 213.37 2.13 12.000 04/19/02 105998660 LIBOR 6 M 217,500 217,500 4.500 4.125 815.62 2.13 12.000 04/19/02 105999007 LIBOR 6 M 500,000 500,000 4.125 3.750 1,718.75 1.75 12.000 04/23/02 106002975 LIBOR 6 M 129,000 129,000 4.375 4.000 470.31 2.75 12.000 04/08/02 106003627 LIBOR 6 M 59,700 59,700 4.250 3.875 211.44 2.00 12.000 04/11/02 106014954 LIBOR 1 M 550,000 550,000 3.625 3.250 1,661.46 1.63 12.000 04/18/02 106022783 LIBOR 1 M 296,344 296,344 4.125 3.750 1,018.68 2.13 12.000 04/22/02 106025398 LIBOR 6 M 308,250 308,250 4.250 3.875 1,091.72 1.88 12.000 04/10/02 106025786 LIBOR 6 M 463,900 463,900 3.875 3.500 1,498.01 1.63 12.000 04/23/02 106028509 LIBOR 6 M 507,000 507,000 4.500 4.125 1,901.25 2.13 12.000 04/17/02 106030034 LIBOR 6 M 390,000 390,000 4.375 4.000 1,421.88 2.13 12.000 04/24/02 106033087 LIBOR 6 M 288,000 288,000 4.625 4.250 1,110.00 2.38 12.000 04/23/02 106033095 LIBOR 6 M 248,000 248,000 4.500 4.125 930.00 2.13 12.000 04/24/02 106035397 LIBOR 6 M 508,000 508,000 4.500 4.125 1,905.00 2.13 12.000 04/15/02 106035801 LIBOR 6 M 121,500 121,500 4.500 4.125 455.62 2.13 12.000 04/15/02 106038839 LIBOR 6 M 206,800 206,800 4.500 4.125 775.50 2.13 12.000 04/18/02 106040389 LIBOR 1 M 456,000 456,000 4.000 3.625 1,520.00 2.13 12.000 04/10/02 106040447 LIBOR 1 M 164,000 164,000 4.000 3.625 546.67 2.13 12.000 04/24/02 106041098 LIBOR 6 M 435,000 434,870 4.250 3.875 1,540.63 2.00 12.000 04/11/02 106041916 LIBOR 6 M 374,000 374,000 4.500 4.125 1,402.50 2.13 12.000 04/18/02 106044100 LIBOR 6 M 469,400 467,400 4.500 4.125 1,760.25 2.13 12.000 04/15/02 106045644 LIBOR 6 M 260,000 260,000 4.500 4.125 975.00 2.13 12.000 04/19/02 106046014 LIBOR 6 M 259,000 258,635 4.125 3.750 890.31 1.75 12.000 04/16/02 106048416 LIBOR 6 M 324,000 324,000 4.500 4.125 1,215.00 2.13 12.000 04/09/02 106049117 LIBOR 1 M 400,000 400,000 4.000 3.625 1,333.33 2.13 12.000 04/17/02 106052772 LIBOR 1 M 328,000 328,000 3.500 3.125 956.67 1.63 12.000 04/26/02 106054414 LIBOR 1 M 210,000 210,000 3.625 3.250 634.37 1.75 12.000 04/30/02 106055916 LIBOR 6 M 396,000 396,000 4.125 3.750 1,361.25 1.88 12.000 04/22/02 106056872 LIBOR 6 M 116,000 116,000 4.500 4.125 435.00 2.13 12.000 04/17/02 106058365 LIBOR 6 M 301,500 301,500 4.500 4.125 1,130.63 2.13 12.000 04/17/02 106059736 LIBOR 6 M 500,500 500,500 4.500 4.125 1,876.87 2.13 12.000 04/17/02 106060163 LIBOR 6 M 458,000 456,000 4.500 4.125 1,717.50 2.13 12.000 04/24/02 106060296 LIBOR 6 M 300,000 300,000 4.500 4.125 1,125.00 2.13 12.000 04/17/02 106064066 LIBOR 1 M 116,300 114,842 3.875 3.500 375.55 1.88 12.000 04/15/02 106064157 LIBOR 6 M 565,000 565,000 4.250 3.875 2,001.04 2.00 12.000 04/12/02 106065964 LIBOR 6 M 418,000 418,000 4.375 4.000 1,523.96 2.13 12.000 04/16/02 106065972 LIBOR 6 M 515,000 515,000 4.125 3.750 1,770.31 1.75 12.000 04/18/02 106068166 LIBOR 1 M 291,800 291,800 3.875 3.500 942.27 1.88 12.000 04/15/02 106075013 LIBOR 6 M 223,200 223,200 4.500 4.125 837.00 2.13 12.000 04/30/02 106077266 LIBOR 6 M 375,500 374,652 4.000 3.625 1,251.67 1.75 12.000 04/18/02 106087844 LIBOR 6 M 352,000 352,000 4.375 4.000 1,283.33 2.13 12.000 04/18/02

First Prop- Loan No Payment Maturity Original erty Date Date ELTV Type - ----------------------------------------------------------- 105976344 06/01/02 05/01/32 80.00 SF 105976872 06/01/02 05/01/32 69.89 SF 105978340 06/01/02 05/01/32 95.00 SF 105978589 06/01/02 05/01/32 71.36 SF 105982474 06/01/02 05/01/32 70.00 PD 105983951 06/01/02 05/01/32 70.04 CU 105985600 06/01/02 05/01/32 80.00 SF 105991962 06/01/02 05/01/32 77.65 SF 105993109 06/01/02 05/01/32 33.50 PD 105993802 06/01/02 05/01/32 41.25 PD 105994602 06/01/02 05/01/32 80.00 PD 105994891 06/01/02 05/01/32 74.44 SF 105995336 06/01/02 05/01/32 80.00 SF 105996367 06/01/02 05/01/32 60.26 PD 105997316 06/01/02 05/01/32 41.13 SF 105997522 06/01/02 05/01/32 94.99 CU 105998660 06/01/02 05/01/32 75.00 SF 105999007 06/01/02 05/01/32 71.43 SF 106002975 06/01/02 05/01/32 66.15 PD 106003627 06/01/02 05/01/32 41.46 PD 106014954 06/01/02 05/01/32 47.21 PD 106022783 06/01/02 05/01/32 69.73 SF 106025398 06/01/02 05/01/32 78.44 PD 106025786 06/01/02 05/01/32 80.00 PD 106028509 06/01/02 05/01/32 65.00 PD 106030034 06/01/02 05/01/32 67.83 SF 106033087 06/01/02 05/01/32 90.00 SF 106033095 06/01/02 05/01/32 66.13 PD 106035397 06/01/02 05/01/32 80.00 PD 106035801 06/01/02 05/01/32 90.00 PD 106038839 06/01/02 05/01/32 80.00 SF 106040389 06/01/02 05/01/32 80.00 PD 106040447 06/01/02 05/01/32 36.20 PD 106041098 06/01/02 05/01/32 79.09 PD 106041916 06/01/02 05/01/32 74.06 PD 106044100 06/01/02 05/01/32 75.00 SF 106045644 06/01/02 05/01/32 69.33 SF 106046014 06/01/02 05/01/32 74.00 SF 106048416 06/01/02 05/01/32 80.00 SF 106049117 06/01/02 05/01/32 58.06 SF 106052772 06/01/02 05/01/32 80.00 PD 106054414 06/01/02 05/01/32 72.41 CO 106055916 06/01/02 05/01/32 80.00 SF 106056872 06/01/02 05/01/32 73.89 PD 106058365 06/01/02 05/01/32 90.00 PD 106059736 06/01/02 05/01/32 70.00 PD 106060163 06/01/02 05/01/32 68.87 SF 106060296 06/01/02 05/01/32 60.00 SF 106064066 06/01/02 05/01/32 79.12 SF 106064157 06/01/02 05/01/32 64.57 PD 106065964 06/01/02 05/01/32 58.46 SF 106065972 06/01/02 05/01/32 28.30 PD 106068166 06/01/02 05/01/32 89.99 CU 106075013 06/01/02 05/01/32 80.00 SF 106077266 06/01/02 05/01/32 58.22 SF 106087844 06/01/02 05/01/32 80.00 SF
Page 2
Loan No Index Original Current Current Net Original Gross Maximum Origination Type Balance Balance Coupon Coupon P&I Margin Rate Date - ----------------------------------------------------------------------------------------------------------------------------- 106088693 LIBOR 6 M 221,350 221,350 4.375 4.000 807.01 2.13 12.000 04/29/02 106089048 LIBOR 6 M 248,826 248,826 4.500 4.125 933.10 2.13 12.000 04/19/02 106092489 LIBOR 6 M 128,250 128,250 4.500 4.125 480.94 2.13 12.000 04/25/02 106097264 LIBOR 6 M 150,200 150,200 4.375 4.000 547.60 2.13 12.000 04/22/02 106100118 LIBOR 1 M 270,000 270,000 4.125 3.750 928.13 2.25 12.000 04/15/02 106102403 LIBOR 6 M 600,000 600,000 4.375 4.000 2,187.50 2.13 12.000 04/25/02 106105042 LIBOR 6 M 100,000 100,000 3.875 3.500 322.92 1.63 12.000 04/12/02 106106164 LIBOR 6 M 120,745 120,745 4.375 4.000 440.22 2.13 12.000 04/25/02 106107089 LIBOR 6 M 225,000 225,000 4.250 3.875 796.88 2.00 12.000 04/18/02 106108244 LIBOR 1 M 246,300 240,421 3.750 3.375 769.69 1.88 12.000 04/15/02 106110729 LIBOR 1 M 402,000 402,000 4.000 3.625 1,340.00 2.13 12.000 04/29/02 106111958 LIBOR 6 M 300,000 300,000 4.250 3.875 1,062.50 2.00 12.000 04/22/02 106113426 LIBOR 6 M 94,050 94,050 4.625 4.250 362.48 2.38 12.000 05/06/02 106119456 LIBOR 1 M 525,000 525,000 3.875 3.500 1,695.31 2.00 12.000 04/22/02 106119670 LIBOR 6 M 300,000 300,000 4.500 4.125 1,125.00 2.25 12.000 04/22/02 106124795 LIBOR 6 M 728,000 728,000 4.250 3.875 2,578.33 2.00 12.000 04/29/02 106125099 LIBOR 6 M 501,600 501,600 4.500 4.125 1,881.00 2.25 12.000 04/29/02 106125552 LIBOR 6 M 608,000 608,000 4.375 4.000 2,216.67 2.13 12.000 05/01/02 106129505 LIBOR 6 M 519,000 519,000 4.125 3.750 1,784.06 1.88 12.000 04/22/02 106130644 LIBOR 6 M 273,500 273,500 4.250 3.875 968.65 2.00 12.000 04/19/02 106131964 LIBOR 6 M 650,000 650,000 4.375 4.000 2,369.79 2.13 12.000 05/01/02 106134513 LIBOR 6 M 650,000 650,000 4.375 4.000 2,369.79 2.13 12.000 04/16/02 106136526 LIBOR 6 M 494,000 494,000 4.375 4.000 1,801.04 2.13 12.000 04/24/02 106140098 LIBOR 6 M 348,000 348,000 4.375 4.000 1,268.75 2.13 12.000 04/29/02 106142524 LIBOR 6 M 335,700 335,700 4.250 3.875 1,188.94 2.00 12.000 04/24/02 106142920 LIBOR 6 M 366,000 366,000 4.000 3.625 1,220.00 1.75 12.000 04/24/02 106148463 LIBOR 6 M 164,250 164,250 4.000 3.625 547.50 1.75 12.000 04/19/02 106163066 LIBOR 6 M 209,000 209,000 4.250 3.875 740.21 2.13 12.000 04/30/02 106164700 LIBOR 6 M 344,000 344,000 3.875 3.500 1,110.83 1.63 12.000 04/30/02 106170970 LIBOR 6 M 228,500 228,500 4.375 4.000 833.07 2.13 12.000 04/30/02 106172133 LIBOR 6 M 255,000 255,000 4.375 4.000 929.69 2.13 12.000 04/22/02 106175037 LIBOR 6 M 567,000 567,000 4.375 4.000 2,067.19 2.13 12.000 05/02/02 106177215 LIBOR 1 M 388,000 388,000 3.500 3.125 1,131.67 1.63 12.000 04/29/02 106184765 LIBOR 6 M 188,000 188,000 4.375 4.000 685.42 2.13 12.000 04/26/02 106194624 LIBOR 1 M 352,000 352,000 3.375 3.000 990.00 1.50 12.000 04/25/02 9402390446739 LIBOR 1 M 100,000 100,000 3.375 3.000 281.25 1.50 12.000 03/26/02 9402390449633 LIBOR 6 M 175,000 175,000 4.000 3.625 583.33 1.63 12.000 04/05/02 9402390449841 LIBOR 6 M 314,000 314,000 3.750 3.375 981.25 1.63 12.000 04/01/02 9402390449847 LIBOR 6 M 113,000 112,270 3.875 3.500 364.90 1.63 12.000 03/26/02 9402390449849 LIBOR 6 M 125,000 124,400 3.875 3.500 403.65 1.63 12.000 04/12/02 9402390449850 LIBOR 6 M 800,000 800,000 3.875 3.500 2,583.33 1.63 12.000 04/22/02 9402390449851 LIBOR 6 M 318,000 318,000 3.875 3.500 1,026.88 1.63 12.000 04/18/02 9402390449852 LIBOR 6 M 100,000 100,000 3.875 3.500 322.92 1.63 12.000 03/26/02 9402390449904 LIBOR 6 M 1,700,000 1,696,667 4.000 3.625 5,666.67 1.63 12.000 04/08/02 9402390449930 LIBOR 6 M 230,400 230,400 3.875 3.500 744.00 1.63 12.000 04/03/02 9402390449969 LIBOR 6 M 180,000 180,000 3.875 3.500 581.25 1.63 12.000 04/16/02 9402390449974 LIBOR 6 M 500,000 500,000 4.500 4.125 1,875.00 2.13 12.000 03/27/02 9402390449977 LIBOR 6 M 720,000 720,000 4.000 3.625 2,400.00 1.63 12.000 03/28/02 9402390449998 LIBOR 6 M 120,000 119,949 3.875 3.500 387.34 1.63 12.000 03/25/02 9402390450030 LIBOR 1 M 120,000 120,000 3.375 3.000 337.50 1.50 12.000 04/08/02 9402390450032 LIBOR 6 M 104,000 104,000 3.875 3.500 335.83 1.63 12.000 03/29/02 9402390450042 LIBOR 6 M 92,000 89,387 4.000 3.625 306.67 1.63 12.000 03/29/02 9402390450048 LIBOR 6 M 199,000 198,167 4.000 3.625 663.33 1.63 12.000 04/01/02 9402390450052 LIBOR 6 M 300,000 300,000 4.500 4.125 1,125.00 2.13 12.000 04/05/02 9402390450053 LIBOR 6 M 240,000 240,000 4.000 3.625 800.00 1.63 12.000 03/28/02 9402390450062 LIBOR 6 M 123,200 123,200 3.875 3.500 397.83 1.63 12.000 04/04/02

First Prop- Loan No Payment Maturity Original erty Date Date ELTV Type - --------------------------------------------------------- 106088693 06/01/02 05/01/32 95.00 SF 106089048 06/01/02 05/01/32 92.16 PD 106092489 06/01/02 05/01/32 95.00 SF 106097264 06/01/02 05/01/32 88.35 SF 106100118 06/01/02 05/01/32 75.00 SF 106102403 06/01/02 05/01/32 41.38 PD 106105042 06/01/02 05/01/32 33.44 PD 106106164 06/01/02 05/01/32 95.00 PD 106107089 06/01/02 05/01/32 42.21 SF 106108244 06/01/02 05/01/32 29.50 SF 106110729 06/01/02 05/01/32 80.00 PD 106111958 06/01/02 05/01/32 75.00 SF 106113426 07/01/02 06/01/32 95.00 SF 106119456 06/01/02 05/01/32 67.74 PD 106119670 06/01/02 05/01/32 94.94 PD 106124795 06/01/02 05/01/32 56.00 PD 106125099 06/01/02 05/01/32 80.00 PD 106125552 07/01/02 06/01/32 55.27 CU 106129505 06/01/02 05/01/32 69.99 CO 106130644 06/01/02 05/01/32 59.85 PD 106131964 06/01/02 05/01/32 54.17 SF 106134513 06/01/02 05/01/32 69.89 SF 106136526 06/01/02 05/01/32 49.40 SF 106140098 06/01/02 05/01/32 63.27 PD 106142524 06/01/02 05/01/32 90.00 SF 106142920 06/01/02 05/01/32 76.25 SF 106148463 06/01/02 05/01/32 75.00 PD 106163066 06/01/02 05/01/32 95.00 PD 106164700 06/01/02 05/01/32 80.00 PD 106170970 06/01/02 05/01/32 89.61 SF 106172133 06/01/02 05/01/32 39.53 SF 106175037 06/01/02 05/01/32 43.62 SF 106177215 06/01/02 05/01/32 44.86 SF 106184765 06/01/02 05/01/32 80.00 SF 106194624 06/01/02 05/01/32 80.00 PD 9402390446739 05/01/02 04/01/27 80.00 PU 9402390449633 06/01/02 05/01/27 61.40 SF 9402390449841 05/01/02 04/01/27 49.06 SF 9402390449847 05/01/02 04/01/27 41.24 SF 9402390449849 06/01/02 05/01/27 66.49 SF 9402390449850 06/01/02 05/01/27 80.00 SF 9402390449851 06/01/02 05/01/27 76.08 PU 9402390449852 05/01/02 04/01/27 80.00 SF 9402390449904 06/01/02 05/01/27 68.00 SF 9402390449930 06/01/02 05/01/27 80.00 SF 9402390449969 06/01/02 05/01/27 80.00 SF 9402390449974 05/01/02 04/01/27 78.13 CU 9402390449977 06/01/02 05/01/27 80.00 SF 9402390449998 05/01/02 04/01/27 80.00 SF 9402390450030 06/01/02 05/01/27 63.16 PU 9402390450032 06/01/02 05/01/27 55.61 PU 9402390450042 06/01/02 05/01/27 46.94 SF 9402390450048 05/01/02 04/01/27 59.40 SF 9402390450052 06/01/02 05/01/27 42.86 CU 9402390450053 06/01/02 05/01/27 72.07 SF 9402390450062 06/01/02 05/01/27 80.00 SF
Page 3
Loan No Index Original Current Current Net Original Gross Maximum Origination Type Balance Balance Coupon Coupon P&I Margin Rate Date - ----------------------------------------------------------------------------------------------------------------------------- 9402390450094 LIBOR 6 M 276,800 276,800 4.000 3.625 922.67 1.63 12.000 03/28/02 9402390450095 LIBOR 6 M 921,875 921,875 4.000 3.625 3,072.92 1.63 12.000 04/05/02 9402390450106 LIBOR 1 M 625,000 623,887 3.375 3.000 1,757.81 1.50 12.000 04/02/02 9402390450111 LIBOR 1 M 252,000 252,000 3.375 3.000 708.75 1.50 12.000 04/02/02 9402390450112 LIBOR 6 M 280,000 280,000 4.000 3.625 933.33 1.63 12.000 04/09/02 9402390450114 LIBOR 6 M 255,000 255,000 4.000 3.625 850.00 1.63 12.000 04/02/02 9402390450117 LIBOR 1 M 79,000 79,000 3.375 3.000 222.19 1.50 12.000 04/02/02 9402390450120 LIBOR 6 M 212,000 212,000 4.000 3.625 706.67 1.63 12.000 04/09/02 9402390450122 LIBOR 6 M 170,000 170,000 4.000 3.625 566.67 1.63 12.000 04/03/02 9402390450123 LIBOR 6 M 89,500 89,500 4.000 3.625 298.33 1.63 12.000 04/05/02 9402390450131 LIBOR 6 M 43,800 43,423 3.875 3.500 141.38 1.63 12.000 04/01/02 9402390450142 LIBOR 6 M 282,400 282,400 4.000 3.625 941.33 1.63 12.000 04/03/02 9402390450145 LIBOR 6 M 247,000 247,000 4.000 3.625 823.33 1.63 12.000 04/04/02 9402390450146 LIBOR 6 M 120,000 120,000 4.000 3.625 400.00 1.63 12.000 04/04/02 9402390450149 LIBOR 6 M 650,000 650,000 4.125 3.750 2,234.38 1.88 12.000 04/16/02 9402390450152 LIBOR 6 M 408,500 408,500 3.875 3.500 1,319.11 1.63 12.000 03/29/02 9402390450153 LIBOR 6 M 486,000 486,000 4.000 3.625 1,620.00 1.63 12.000 04/05/02 9402390450155 LIBOR 6 M 725,000 725,000 4.000 3.625 2,416.67 1.63 12.000 04/08/02 9402390450156 LIBOR 6 M 388,000 388,000 3.750 3.375 1,212.50 1.63 12.000 04/08/02 9402390450160 LIBOR 6 M 280,000 280,000 4.000 3.625 933.33 1.63 12.000 03/29/02 9402390450161 LIBOR 6 M 260,000 248,856 4.000 3.625 865.52 1.63 12.000 04/01/02 9402390450175 LIBOR 6 M 230,000 230,000 4.000 3.625 766.67 1.63 12.000 04/02/02 9402390450190 LIBOR 6 M 375,000 375,000 4.000 3.625 1,250.00 1.63 12.000 04/12/02 9402390450193 LIBOR 6 M 87,000 86,963 3.875 3.500 280.94 1.63 12.000 04/12/02 9402390450201 LIBOR 1 M 142,400 142,400 3.375 3.000 400.50 1.50 12.000 04/03/02 9402390450203 LIBOR 6 M 170,000 170,000 4.000 3.625 566.67 1.63 12.000 04/15/02 9402390450213 LIBOR 6 M 292,000 292,000 4.000 3.625 973.33 1.63 12.000 04/12/02 9402390450215 LIBOR 1 M 1,100,000 1,100,000 3.375 3.000 3,093.75 1.50 12.000 04/22/02 9402390450217 LIBOR 1 M 620,000 620,000 3.375 3.000 1,743.75 1.50 12.000 04/04/02 9402390450222 LIBOR 6 M 350,000 350,000 4.000 3.625 1,166.67 1.63 12.000 04/02/02 9402390450223 LIBOR 6 M 265,000 265,000 4.000 3.625 883.33 1.63 12.000 04/04/02 9402390450225 LIBOR 6 M 520,000 520,000 3.875 3.500 1,679.17 1.63 12.000 04/12/02 9402390450228 LIBOR 6 M 225,000 225,000 3.625 3.250 679.69 1.63 12.000 04/08/02 9402390450231 LIBOR 6 M 152,000 152,000 3.875 3.500 490.83 1.63 12.000 04/18/02 9402390450235 LIBOR 6 M 410,000 409,825 3.875 3.500 1,323.96 1.63 12.000 04/20/02 9402390450240 LIBOR 6 M 335,000 335,000 3.875 3.500 1,081.77 1.63 12.000 04/16/02 9402390450242 LIBOR 6 M 115,200 115,200 4.000 3.625 384.00 1.63 12.000 04/02/02 9402390450244 LIBOR 6 M 325,000 325,000 4.000 3.625 1,083.33 1.63 12.000 04/03/02 9402390450246 LIBOR 6 M 176,000 176,000 4.000 3.625 586.67 1.63 12.000 04/08/02 9402390450248 LIBOR 6 M 230,000 230,000 4.000 3.625 766.67 1.63 12.000 04/17/02 9402390450252 LIBOR 1 M 470,000 470,000 3.375 3.000 1,321.88 1.50 12.000 04/09/02 9402390450256 LIBOR 6 M 794,218 794,218 4.000 3.625 2,647.39 1.63 12.000 04/03/02 9402390450258 LIBOR 6 M 230,000 230,000 4.000 3.625 766.67 1.63 12.000 04/05/02 9402390450260 LIBOR 6 M 424,900 424,900 4.000 3.625 1,416.33 1.63 12.000 04/05/02 9402390450264 LIBOR 6 M 250,000 250,000 4.000 3.625 833.33 2.13 12.000 04/10/02 9402390450266 LIBOR 6 M 200,900 200,900 3.875 3.500 648.74 1.63 12.000 04/18/02 9402390450268 LIBOR 1 M 475,000 475,000 3.375 3.000 1,335.94 1.50 12.000 04/04/02 9402390450288 LIBOR 6 M 72,000 71,933 3.875 3.500 232.50 1.63 12.000 04/12/02 9402390450294 LIBOR 6 M 350,000 350,000 4.000 3.625 1,166.67 1.63 12.000 04/10/02 9402390450302 LIBOR 6 M 185,000 185,000 3.875 3.500 597.40 1.63 12.000 04/12/02 9402390450304 LIBOR 6 M 570,000 570,000 3.875 3.500 1,840.63 1.63 12.000 04/15/02 9402390450306 LIBOR 6 M 246,400 246,400 3.875 3.500 795.67 1.63 12.000 04/15/02 9402390450313 LIBOR 6 M 144,800 144,785 3.875 3.500 467.58 1.63 12.000 04/17/02 9402390450315 LIBOR 6 M 300,000 300,000 3.875 3.500 968.75 1.63 12.000 04/15/02 9402390450317 LIBOR 6 M 1,500,000 1,499,680 3.875 3.500 4,843.75 1.63 12.000 04/22/02 9402390450319 LIBOR 6 M 212,000 211,977 3.875 3.500 684.58 1.63 12.000 04/15/02

First Prop- Loan No Payment Maturity Original erty Date Date ELTV Type - --------------------------------------------------------- 9402390450094 06/01/02 05/01/27 80.00 CU 9402390450095 06/01/02 05/01/27 79.30 SF 9402390450106 06/01/02 05/01/27 73.53 SF 9402390450111 06/01/02 05/01/27 34.05 PU 9402390450112 06/01/02 05/01/27 80.00 SF 9402390450114 06/01/02 05/01/27 71.83 SF 9402390450117 06/01/02 05/01/27 27.05 SF 9402390450120 06/01/02 05/01/27 80.00 CU 9402390450122 06/01/02 05/01/27 64.15 SF 9402390450123 06/01/02 05/01/27 73.36 SF 9402390450131 05/01/02 04/01/27 37.44 CU 9402390450142 06/01/02 05/01/27 48.11 SF 9402390450145 06/01/02 05/01/27 70.57 SF 9402390450146 06/01/02 05/01/27 79.47 SF 9402390450149 06/01/02 05/01/27 53.50 CU 9402390450152 06/01/02 05/01/27 55.96 2F 9402390450153 06/01/02 05/01/27 80.00 CU 9402390450155 06/01/02 05/01/27 35.98 PU 9402390450156 06/01/02 05/01/27 80.00 SF 9402390450160 06/01/02 05/01/27 75.68 SF 9402390450161 05/01/02 04/01/27 69.91 PU 9402390450175 06/01/02 05/01/27 40.35 SF 9402390450190 06/01/02 05/01/27 39.47 PU 9402390450193 06/01/02 05/01/27 59.78 CU 9402390450201 06/01/02 05/01/27 28.71 SF 9402390450203 06/01/02 05/01/27 77.98 CU 9402390450213 06/01/02 05/01/27 80.00 SF 9402390450215 06/01/02 05/01/27 76.92 SF 9402390450217 06/01/02 05/01/27 77.02 PU 9402390450222 06/01/02 05/01/27 60.76 PU 9402390450223 06/01/02 05/01/27 55.79 SF 9402390450225 06/01/02 05/01/27 80.00 PU 9402390450228 06/01/02 05/01/27 70.09 SF 9402390450231 06/01/02 05/01/27 80.00 SF 9402390450235 06/01/02 05/01/27 10.00 SF 9402390450240 06/01/02 05/01/27 72.83 SF 9402390450242 06/01/02 05/01/27 80.00 SF 9402390450244 06/01/02 05/01/27 60.00 2F 9402390450246 06/01/02 05/01/27 80.00 PU 9402390450248 06/01/02 05/01/27 27.06 SF 9402390450252 06/01/02 05/01/27 58.75 SF 9402390450256 06/01/02 05/01/27 80.00 PU 9402390450258 06/01/02 05/01/27 76.03 CU 9402390450260 06/01/02 05/01/27 69.88 SF 9402390450264 06/01/02 05/01/27 44.64 SF 9402390450266 06/01/02 05/01/27 70.00 PU 9402390450268 06/01/02 05/01/27 79.83 PU 9402390450288 06/01/02 05/01/27 80.00 CU 9402390450294 06/01/02 05/01/27 64.58 SF 9402390450302 06/01/02 05/01/27 69.81 PU 9402390450304 06/01/02 05/01/27 43.51 SF 9402390450306 06/01/02 05/01/27 80.00 SF 9402390450313 06/01/02 05/01/27 80.00 SF 9402390450315 06/01/02 05/01/27 52.17 SF 9402390450317 06/01/02 05/01/27 38.99 PU 9402390450319 06/01/02 05/01/27 80.00 SF
Page 4
Loan No Index Original Current Current Net Original Gross Maximum Origination Type Balance Balance Coupon Coupon P&I Margin Rate Date - ----------------------------------------------------------------------------------------------------------------------------- 9402390450630 LIBOR 6 M 150,000 150,000 3.875 3.500 484.38 1.63 12.000 04/11/02 9402390450639 LIBOR 6 M 175,500 175,500 4.000 3.625 585.00 1.63 12.000 03/28/02 9402390450665 LIBOR 6 M 180,000 180,000 3.875 3.500 581.25 1.63 12.000 04/01/02 9402390450677 LIBOR 6 M 50,000 50,000 3.875 3.500 161.46 1.63 12.000 03/28/02 9402390450722 LIBOR 6 M 165,000 165,000 4.000 3.625 550.00 1.63 12.000 04/05/02 9402390450723 LIBOR 6 M 271,000 271,000 4.000 3.625 903.33 1.63 12.000 04/05/02 9402390450724 LIBOR 6 M 90,500 90,200 3.875 3.500 292.24 1.63 12.000 04/05/02 9402390450726 LIBOR 6 M 73,600 73,600 4.000 3.625 245.33 1.63 12.000 04/08/02 9402390450728 LIBOR 6 M 173,600 173,600 4.000 3.625 578.67 1.63 12.000 04/08/02 9402390450731 LIBOR 6 M 520,000 518,997 4.000 3.625 1,733.33 1.63 12.000 04/09/02 9402390450733 LIBOR 6 M 105,000 105,000 3.875 3.500 339.06 1.63 12.000 04/09/02 9402390450743 LIBOR 6 M 746,000 741,487 4.000 3.625 2,486.67 1.63 12.000 04/04/02 9402390450750 LIBOR 6 M 1,000,000 989,333 4.000 3.625 3,333.33 1.63 12.000 04/08/02 9402390450754 LIBOR 1 M 192,000 192,000 3.375 3.000 540.00 1.50 12.000 04/09/02 9402390451058 LIBOR 6 M 221,300 221,300 4.125 3.750 760.72 2.13 12.000 04/04/02 9402390451178 LIBOR 6 M 110,000 109,687 3.750 3.375 343.75 1.63 12.000 03/26/02 9402390451192 LIBOR 6 M 137,600 137,122 4.000 3.625 458.67 1.63 7.750 03/28/02 9402390451193 LIBOR 6 M 425,000 425,000 4.000 3.625 1,416.67 1.63 12.000 04/01/02 9402390451204 LIBOR 6 M 1,000,000 1,000,000 4.000 3.625 3,333.33 1.63 12.000 04/01/02 9402390451205 LIBOR 6 M 146,400 146,400 4.000 3.625 488.00 1.63 12.000 04/01/02 9402390451211 LIBOR 6 M 150,000 150,000 4.000 3.625 500.00 1.63 12.000 04/01/02 9402390451213 LIBOR 6 M 219,200 219,200 4.000 3.625 730.67 1.63 12.000 04/01/02 9402390451214 LIBOR 6 M 335,000 335,000 4.500 4.125 1,256.25 1.63 12.000 03/29/02 9402390451216 LIBOR 6 M 186,000 186,000 3.875 3.500 600.63 1.63 12.000 03/29/02 9402390451219 LIBOR 6 M 687,500 687,500 4.000 3.625 2,291.67 1.63 12.000 04/02/02 9402390451221 LIBOR 6 M 448,000 448,000 3.625 3.250 1,353.33 1.63 12.000 03/28/02 9402390451225 LIBOR 6 M 272,000 272,000 3.625 3.250 821.67 1.63 12.000 04/01/02 9402390451227 LIBOR 6 M 166,200 166,200 3.625 3.250 502.06 1.63 12.000 04/01/02 9402390451229 LIBOR 6 M 556,000 556,000 4.000 3.625 1,853.33 1.63 12.000 04/02/02 9402390451232 LIBOR 6 M 325,000 325,000 3.625 3.250 981.77 1.63 12.000 04/01/02 9402390451239 LIBOR 6 M 725,000 725,000 4.000 3.625 2,416.67 1.63 12.000 04/01/02 9402390451242 LIBOR 6 M 365,000 362,217 4.000 3.625 1,216.67 1.63 12.000 04/03/02 9402390451249 LIBOR 6 M 275,000 275,000 4.000 3.625 916.67 1.63 12.000 04/10/02 9402390451251 LIBOR 6 M 80,000 80,000 4.000 3.625 266.67 1.63 12.000 04/04/02 9402390451254 LIBOR 6 M 496,000 496,000 4.000 3.625 1,653.33 1.63 12.000 04/01/02 9402390451256 LIBOR 6 M 650,000 650,000 4.000 3.625 2,166.67 1.63 12.000 04/02/02 9402390451258 LIBOR 6 M 2,350,000 2,350,000 3.375 3.000 6,609.38 1.63 12.000 04/05/02 9402390451261 LIBOR 6 M 388,000 387,646 4.000 3.625 1,293.33 1.63 12.000 04/05/02 9402390451262 LIBOR 6 M 112,000 111,973 4.000 3.625 373.33 1.63 12.000 04/05/02 9402390451265 LIBOR 6 M 600,000 600,000 4.000 3.625 2,000.00 1.63 12.000 04/04/02 9402390451268 LIBOR 6 M 400,000 400,000 4.000 3.625 1,333.33 1.63 12.000 04/05/02 9402390451595 LIBOR 6 M 640,000 640,000 3.625 3.250 1,933.33 1.63 12.000 04/01/02 9402390451650 LIBOR 6 M 59,000 58,178 3.625 3.250 178.23 1.63 12.000 04/05/02 9402390451675 LIBOR 6 M 777,600 777,600 3.375 3.000 2,187.00 1.63 12.000 04/05/02 9402390451719 LIBOR 6 M 70,000 69,726 3.875 3.500 226.04 1.63 12.000 04/10/02 9402390451833 LIBOR 6 M 650,000 650,000 3.875 3.500 2,098.96 1.63 12.000 03/29/02 9402390451834 LIBOR 6 M 465,000 463,000 3.875 3.500 1,501.56 1.63 12.000 03/29/02 9402390451971 LIBOR 6 M 110,000 110,000 4.500 4.125 412.50 2.13 12.000 04/03/02 9402390451972 LIBOR 6 M 160,000 160,000 3.875 3.500 516.67 1.63 12.000 04/03/02 9402390452133 LIBOR 1 M 1,405,000 1,392,021 3.375 3.000 3,951.56 1.50 12.000 04/10/02 9402390452286 LIBOR 1 M 85,400 85,400 3.375 3.000 240.19 1.50 12.000 04/25/02 9402390452863 LIBOR 1 M 880,000 880,000 3.375 3.000 2,475.00 1.50 12.000 04/18/02 9402390452919 LIBOR 1 M 350,000 348,984 3.375 3.000 984.38 1.50 12.000 04/25/02 9402390452926 LIBOR 6 M 420,000 420,000 3.750 3.375 1,312.50 1.63 12.000 04/25/02 9402390453767 LIBOR 1 M 2,000,000 2,000,000 3.375 3.000 5,625.00 1.50 12.000 04/19/02 9402390453872 LIBOR 6 M 674,000 674,000 3.875 3.500 2,176.46 1.63 12.000 04/25/02

First Prop- Loan No Payment Maturity Original erty Date Date ELTV Type - --------------------------------------------------------- 9402390450630 06/01/02 05/01/27 69.77 SF 9402390450639 06/01/02 05/01/27 77.31 SF 9402390450665 06/01/02 05/01/27 11.15 SF 9402390450677 06/01/02 05/01/27 28.57 SF 9402390450722 06/01/02 05/01/27 47.14 CU 9402390450723 06/01/02 05/01/27 69.74 PU 9402390450724 06/01/02 05/01/27 38.51 PU 9402390450726 06/01/02 05/01/27 80.00 SF 9402390450728 06/01/02 05/01/27 80.00 PU 9402390450731 06/01/02 05/01/27 77.04 PU 9402390450733 06/01/02 05/01/27 69.60 SF 9402390450743 06/01/02 05/01/27 59.21 PU 9402390450750 06/01/02 05/01/27 27.43 SF 9402390450754 06/01/02 05/01/27 79.70 SF 9402390451058 06/01/02 05/01/27 52.07 SF 9402390451178 05/01/02 04/01/27 59.14 SF 9402390451192 06/01/02 05/01/27 80.00 SF 9402390451193 05/01/02 04/01/27 78.70 SF 9402390451204 06/01/02 05/01/27 79.68 SF 9402390451205 05/01/02 04/01/27 60.00 CU 9402390451211 06/01/02 05/01/27 49.18 SF 9402390451213 05/01/02 04/01/27 80.00 SF 9402390451214 06/01/02 05/01/27 77.91 SF 9402390451216 06/01/02 05/01/27 79.15 CU 9402390451219 06/01/02 05/01/27 78.57 SF 9402390451221 06/01/02 05/01/27 80.00 SF 9402390451225 06/01/02 05/01/27 80.00 SF 9402390451227 06/01/02 05/01/27 56.34 SF 9402390451229 06/01/02 05/01/27 80.00 SF 9402390451232 05/01/02 04/01/27 76.47 SF 9402390451239 05/01/02 04/01/27 69.93 SF 9402390451242 06/01/02 05/01/27 66.36 SF 9402390451249 06/01/02 05/01/27 68.75 SF 9402390451251 06/01/02 05/01/27 80.00 SF 9402390451254 05/01/02 04/01/27 80.00 CU 9402390451256 06/01/02 05/01/27 70.00 PU 9402390451258 06/01/02 05/01/27 74.70 SF 9402390451261 06/01/02 05/01/27 77.60 SF 9402390451262 06/01/02 05/01/27 65.88 SF 9402390451265 06/01/02 05/01/27 63.16 CU 9402390451268 06/01/02 05/01/27 68.97 SF 9402390451595 06/01/02 05/01/27 47.76 SF 9402390451650 06/01/02 05/01/27 17.10 SF 9402390451675 06/01/02 05/01/27 80.00 PU 9402390451719 06/01/02 05/01/27 48.95 SF 9402390451833 06/01/02 05/01/27 75.58 SF 9402390451834 05/01/02 04/01/27 62.67 SF 9402390451971 06/01/02 05/01/27 64.71 CU 9402390451972 06/01/02 05/01/27 69.88 CU 9402390452133 06/01/02 05/01/27 43.91 SF 9402390452286 06/01/02 05/01/27 70.00 CU 9402390452863 06/01/02 05/01/27 80.00 SF 9402390452919 06/01/02 05/01/27 79.04 SF 9402390452926 06/01/02 05/01/27 70.00 SF 9402390453767 06/01/02 05/01/27 74.07 PU 9402390453872 06/01/02 05/01/27 80.00 SF
Page 5 EX-99.2 4 f82702exv99w2.txt EXHIBIT 99.2 EXHIBIT 99.2 [Letterhead of GnazzoThill, A Professional Corporation] June 26, 2002 TO THE PARTIES LISTED ON SCHEDULE A HERETO Re: Sequoia Mortgage Trust 7 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 7 (the "Issuer") pursuant to that certain Indenture, dated as of May 1, 2002 (the "Indenture") between the Issuer, HSBC Bank USA, as bond trustee, and Wells Fargo Bank Minnesota, National Association, as master servicer, and that certain Mortgage Loan Purchase and Sale Agreement, dated as of May 1, 2002 (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 May 1, 2002 (the "Deposit Trust Agreement"), between the Depositor and Wilmington Trust Company, as Owner Trustee. Pursuant to the Indenture, the Issuer has issued the $577,196,698.00 Sequoia Mortgage Trust 7 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 on or before 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, (v) the Assignment, Assumption and Recognition Agreements, dated as of May 29, 2002 assigning rights under the Purchase Agreements and the Servicing Agreements (the "Acknowledgments"), (vi) the Servicing Agreements and (vii) 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 Sequoia Mortgage Funding Corporation To the parties listed on Schedule A hereto June 26, 2002 Page 2 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, the Acknowledgments and the Servicing Agreements, 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-1, Class X-2, 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. each Basis Risk Reserve Fund will continue to be an "outside reserve fund" that is beneficially owned by the Holders of the Class X-1 or Class X-2 Bonds, as applicable; and 4. the rights of the Holders of the Class A and Class B-1 Bonds with respect to the Basis Risk Reserve Funds 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 To the parties listed on Schedule A hereto June 26, 2002 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 SCHEDULE A Sequoia Mortgage Funding Corporation 591 Redwood Highway Suite 3120 Mill Valley, CA 94941 Greenwich Capital Markets, Inc. 600 Steamboat Road Greenwich, CT 06830 Morgan Stanley & Co. Incorporated 1585 Broadway New York, NY 10036 Sandler O'Neill & Partners, L.P. 919 Third Avenue 6th Floor New York, NY 10022 Wells Fargo Bank Minnesota, National Association 9062 Old Annapolis Road Columbia, MD 21045-1951 -----END PRIVACY-ENHANCED MESSAGE-----

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