-----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, EOUVwMKx1006BxIea/I2HmoO+qOmPn5xqHWc9nfT7gJwl1flXoOse27B9jN6rAq0 s0c2/VBwKWl4+YjqodJLKg== 0000950149-97-001595.txt : 19970818 0000950149-97-001595.hdr.sgml : 19970818 ACCESSION NUMBER: 0000950149-97-001595 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970804 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970815 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: 1934 Act SEC FILE NUMBER: 333-22681 FILM NUMBER: 97665056 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 DATED 8/4/97 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------ FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 August 4, 1997 Date of Report (Date of Earliest Event Reported) Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 1, the Issuer of Collateralized Mortgage Bonds under an Indenture dated as of June 1, 1997) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 333-22681-1 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) 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 1 (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 August 4, 1997. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 12, 1997 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 August 4, 1997................................... 5 EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT 1 EXHIBIT 10.1 Sequoia Mortgage Funding Corporation Administrator:Customer Service Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Remittance Reports Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 4-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
- ---------------------------------------------------------------------------------------------------------------- Page ------- Certificateholder Distribution Summary 1 Certificateholder Principal Distribution Statement 2 Certificateholder Principal Distribution Factors Statement 3 Certificateholder Interest Distribution Statement 4 Certificateholder Interest Distribution Factors Statement 5 Certificateholder Accounts Statement 6 Certificateholder Delinquency Summary 7 Certificateholder Collateral Summary 8 - ----------------------------------------------------------------------------------------------------------------
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Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 1 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 04-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
DISTRIBUTION SUMMARY
======================================================================================================================== Certificate Certificate Beginning Current Class Pass-Through Certificate Interest Principal Realized Class CUSIP Description Rate Balance Distribution Distribution Loss ======================================================================================================================== A-1 817435 AA 8 SEQ 6.02844% 334,347,000.00 279,943.17 9,779,523.78 0.00 A-2 817435 AB 6 SEQ 6.04000% 200,000,000.00 167,777.78 5,849,924.65 0.00 Inv. Cert. SMTINVCRT R 0.00000% 8,702,429.60 0.00 0.00 0.00 ======================================================================================================================== Totals 543,049,429.60 447,720.95 15,629,448.43 0.00 ======================================================================================================================== ================================================================== Ending Cumulative Certificate Total Realized Class Balance Distribution Loss ================================================================== A-1 324,567,476.22 10,059,466.95 0.00 A-2 194,150,075.35 6,017,702.43 0.00 Inv. Cert. 8,702,429.60 0.00 0.00 ================================================================== Totals 527,419,981.17 16,077,169.38 0.00 ==================================================================
- -------------------------------------------------------- ---------- Edward M. Frere, Jr. Date Vice President, Norwest Bank Minnesota, N.A. 3 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 2 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Statement Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 04-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
PRINCIPAL DISTRIBUTIONS
================================================================================================ Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss ================================================================================================ A-1 334,347,000.00 334,347,000.00 9,779,523.78 0.00 0.00 0.00 A-2 200,000,000.00 200,000,000.00 5,849,924.65 0.00 0.00 0.00 Inv. Cert. 8,702,429.60 8,702,429.60 0.00 0.00 0.00 0.00 ================================================================================================ Totals 543,049,429.60 543,049,429.60 15,629,448.43 0.00 0.00 0.00 ================================================================================================ =========================================================================== Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution ============================================================================ A-1 9,779,523.78 324,567,476.22 0.97075038 9,779,523.78 A-2 5,849,924.65 194,150,075.35 0.97075038 5,849,924.65 Inv. Cert. 0.00 8,702,429.60 1.00000000 0.00 =========================================================================== Totals 15,629,448.43 527,419,981.17 0.9712191 15,629,448.43 ===========================================================================
4 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 3 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Securities Administration Services Factors Statement 7485 New Horizon Way Record Date: 31-Jul-97 Frederick, MD 21703 Distribution Date: 04-Aug-97 Phone: (301) 815-6323 Fax: (301) 815-6365
PRINCIPAL DISTRIBUTIONS CERTIFICATE FACTORS
========================================================================================================================= Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss ========================================================================================================================= A-1 334,347,000.00 1000.00000000 29.24962324 0.00000000 0.00000000 0.00000000 A-2 200,000,000.00 1000.00000000 29.24962324 0.00000000 0.00000000 0.00000000 Inv. Cert. 8,702,429.60 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ========================================================================================================================= ========================================================================================= Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution ========================================================================================= A-1 29.24962324 970.75037676 0.97075038 29.24962324 A-2 29.24962324 970.75037676 0.97075038 29.24962324 Inv. Cert. 0.00000000 1000.00000000 1.00000000 0.00000000 =========================================================================================
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination. 5 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 4 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Interest Securities Administration Services Distribution Statement 7485 New Horizon Way Record Date: 31-Jul-97 Frederick, MD 21703 Distribution Date: 04-Aug-97 Phone: (301) 815-6323 Fax: (301) 815-6365
INTEREST DISTRIBUTIONS *
===================================================================================================================== Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Face Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall ===================================================================================================================== A-1 334,347,000.00 6.02844% 334,347,000.00 279,943.17 0.00 0.00 A-2 200,000,000.00 6.04000% 200,000,000.00 167,777.78 0.00 0.00 Inv. Cert. 8,702,429.60 0.00000% 8,702,429.60 0.00 0.00 0.00 ===================================================================================================================== Total Class A Interest Distribution 447,720.95 0.00 0.00 ===================================================================================================================== ===================================================================================================================== Remaining Cumulative Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses Distribution Shortfall Balance ====================================================================================================================== A-1 0.00 0.00 279,943.17 0.00 324,567,476.22 A-2 0.00 0.00 167,777.78 0.00 194,150,075.35 Inv. Cert. 0.00 0.00 0.00 0.00 8,702,429.60 ====================================================================================================================== Total Class A Interest Distribution 0.00 0.00 447,720.95 0.00 ======================================================================================================================
* - All interest calculations are based on 5 days of accured interest. 6 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 5 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Interest Securities Administration Services Distribution Factors Statement 7485 New Horizon Way Record Date: 31-Jul-97 Frederick, MD 21703 Distribution Date: 04-Aug-97 Phone: (301) 815-6323 INTEREST DISTRIBUTIONS Fax: (301) 815-6365
CERTIFICATE FACTORS
==================================================================================================================== Payment of Original Beginning Previously Face / Current Certificate/ Current Unpaid Current Notional Certificate Notional Accrued Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall ==================================================================================================================== A-1 334,347,000.00 6.02844% 1000.00000000 0.83728333 0.00000000 0.00000000 A-2 200,000,000.00 6.04000% 1000.00000000 0.83888890 0.00000000 0.00000000 Inv. Cert. 8,702,429.60 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 ==================================================================================================================== ======================================================================================================== Remaining Cumulative Ending Non-Supported Total Unpaid Certificate/ Interest Realized Interest Interest Notional Class Shortfall Losses Distribution Shortfall Balance ========================================================================================================= A-1 0.00000000 0.00000000 0.83728333 0.00000000 970.75037676 A-2 0.00000000 0.00000000 0.83888890 0.00000000 970.75037676 Inv. Cert. 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000 =========================================================================================================
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination. 7 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 6 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Accounts Statement Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 04-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365 ================================================================================== CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal on Home Loans 16,243,967.00 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds From Repurchased Loans 0.00 Funds From Capitalized Interest Account 0.00 Total Deposits 16,243,967.00 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Fees 166,797.62 Payment of Interest and Principal 16,077,169.38 Total Withdrawals (Pool Distribution Amount) 16,243,967.00 Ending Balance (0.00) ================================================================================== ================================================================================== PREPAYMENT INTEREST SHORTFALL/SERVICING FEES Total Curtailment/Prepayment Interest Shortfall 0.00 Servicing Fee Support 0.00 ---------------- Non-Supported Curtailment/Prepayment Interest Shortfall 0.00 ================ Servicing Fee 166,797.62 MBIA - Guraranty Insurance Premium 0.00 ------------------ Net Fees 166,797.62 ================== ==================================================================================
8 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 7 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Delinquency Statement Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 04-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
========================================================================================================================== DELINQUENCY STATUS/LOSSES Percentage Percentage Loans Count Unpaid Balance Loans Count Unpaid Balance 30 Days 22 5,482,686.40 1.03% 1.04% 60 Days 4 1,957,185.39 0.19% 0.37% 90+ Days 0 0.00 0.00% 0.00% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Bankruptcy 0 0.00 0.00% 0.00% Totals 26 7,439,871.79 1.22% 1.41% Current Period Net Losses 0.00 Cumulative Net Losses 0.00 ==========================================================================================================================
9 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 8 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Collateral Summary Securities Administration Services Record Date: 31-Jul-97 7485 New Horizon Way Distribution Date: 04-Aug-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
============================================================================================================ COLLATERAL POOL DATA Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.173844% Weighted Average Net Coupon 7.805265% Weighted Average Maturity (Home Loans) 323 Months Beginning Scheduled Collateral Loan Count 2,203 Number of Loan Payoffs 57 Ending Scheduled Collateral Loan Count 2,146
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