-----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, MGPINnJflSbyLd+e3l7vzb+AnaZ40SKg4iCyz3GDOsXB3FRYy/9Mk9NDFA1rRP3/ I6IUhMK8v6vkaOdGj0UX0Q== 0000950149-97-001876.txt : 19971020 0000950149-97-001876.hdr.sgml : 19971020 ACCESSION NUMBER: 0000950149-97-001876 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971004 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971017 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEQUOIA MORTGAGE FUNDING CORP CENTRAL INDEX KEY: 0001033146 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 911771827 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-22681 FILM NUMBER: 97697229 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 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 October 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 October 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: October 15, 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 October 4, 1997.......................... 5 EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED 10/04/97 1 EXHIBIT 10.1 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: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-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 6.03625% 312,141,935.67 1,570,138.97 15,976,226.34 0.00 A-2 817435 AB 6 SEQ 6.08226% 186,717,353.93 946,386.24 9,556,673.96 0.00 Inv. Cert. SMTINVCRT R 0.00000% 8,702,429.60 756,799.14 0.00 0.00 ======================================================================================================================= Totals 507,561,719.20 3,273,324.35 25,532,900.30 0.00 =======================================================================================================================
=============================================================== Ending Cumulative Certificate Total Realized Class Balance Distribution Loss =============================================================== A-1 296,165,709.33 17,546,365.31 0.00 A-2 177,160,679.97 10,503,060.20 0.00 Inv. Cert. 8,702,429.60 756,799.14 0.00 =============================================================== Totals 482,028,818.90 28,806,224.65 0.00 ===============================================================
- ------------------------------------------------ -------------- Edward M. Frere, Jr. Date Vice President, Norwest Bank Minnesota, N.A. 2 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: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-97 Frederick, MD 21703 Phone: (301) 815-6323 FAX: (301) 815-6365
PRINCIPAL DISTRIBUTIONS
====================================================================================================================== Original Beginning Scheduled Unscheduled Total Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss Reduction ====================================================================================================================== A-1 334,347,000.00 312,141,935.67 283,857.41 15,692,368.93 0.00 0.00 15,976,226.34 A-2 200,000,000.00 186,717,353.93 169,798.09 9,386,875.87 0.00 0.00 9,556,673.96 Inv. Cert. 8,702,429.60 8,702,429.60 0.00 0.00 0.00 0.00 0.00 ====================================================================================================================== Totals 543,049,429.60 507,561,719.20 453,655.50 25,079,244.80 0.00 0.00 25,532,900.30 ======================================================================================================================
==================================================================== Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution ==================================================================== A-1 296,165,709.33 0.88580340 15,976,226.34 A-2 177,160,679.97 0.88580340 9,556,673.96 Inv. Cert. 8,702,429.60 1.00000000 0.00 ==================================================================== Totals 482,028,818.90 0.88763341 25,532,900.30 ====================================================================
3 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 3 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Factor Statement Securities Administration Services Record Date: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-97 Frederick, MD 21703 Phone: (301) 815-6323 FAX: (301) 815-6365
PRINCIPAL DISTRIBUTIONS CERTIFICATE FACTORS
============================================================================================================================== Original Beginning Scheduled Unscheduled Total Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss Reduction ============================================================================================================================== A-1 334,347,000.00 933.58676964 0.84899045 46.93437935 0.00000000 0.00000000 47.78336980 A-2 200,000,000.00 933.58676965 0.84899045 46.93437935 0.00000000 0.00000000 47.78336980 Inv. Cert. 8,702,429.60 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ==============================================================================================================================
================================================================ Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution ================================================================ A-1 885.80339985 0.88580340 47.78336980 A-2 885.80339985 0.88580340 47.78336980 Inv. Cert. 1000.00000000 1.00000000 0.00000000 ================================================================
* All Classes Are Per $1,000 Denomination. 4 Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 4 Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A. Certificateholder Interest Distribution Statement Securities Administration Services Record Date: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
INTEREST DISTRIBUTIONS
================================================================================================================================== Payment of Previously Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses ================================================================================================================================== A-1 334,347,000.00 6.03625% 312,141,935.67 1,570,138.97 0.00 0.00 0.00 0.00 A-2 200,000,000.00 6.08226% 186,717,353.93 946,386.24 0.00 0.00 0.00 0.00 Inv. Cert. 8,702,429.60 0.00000% 8,702,429.60 756,799.14 0.00 0.00 0.00 0.00 ================================================================================================================================== Total Class A Interest Distribution 3,273,324.35 0.00 0.00 0.00 0.00 ==================================================================================================================================
========================================================================================= Remaining Cumulative Ending Total Unpaid Certificate/ Interest Interest Notional Class Distribution Shortfall Balance ========================================================================================= A-1 1,570,138.97 0.00 296,165,709.33 A-2 946,386.24 0.00 177,160,679.97 Inv. Cert. 756,799.14 0.00 8,702,429.60 ========================================================================================= Total Class A Interest Distribution 3,273,324.35 0.00 =========================================================================================
5 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: 30-Sep-97 Frederick, MD 21703 Distribution Date: 04-Oct-97 Phone: (301) 815-6323 Fax: (301) 815-6365
INTEREST DISTRIBUTIONS 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 6.03625% 933.58676964 4.69613595 0.00000000 0.00000000 A-2 200,000,000.00 6.08226% 933.58676965 4.73193122 0.00000000 0.00000000 Inv. Cert. 8,702,429.60 0.00000% 1000.00000000 86.96412092 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 4.69613595 0.00000000 885.80339985 A-2 0.00000000 0.00000000 4.73193122 0.00000000 885.80339985 Inv. Cert. 0.00000000 0.00000000 86.96412092 0.00000000 1000.00000000 ======================================================================================================
* All Classes Are Per $1,000 Denomination. 6 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: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-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 28,992,538.93 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds From Repurchased Loans 0.00 Funds From Capitalized Interest Account 0.00 Total Deposits 28,992,538.93 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Fees 185,402.54 Payment of Interest and Principal 28,806,224.65 Total Withdrawals (Pool Distribution Amount) 28,991,627.19 Ending Balance 911.74 ====================================================================================
================================================================================= PREPAYMENT INTEREST SHORTFALL/SERVICING FEES Non-Supported Curtailment/Prepayment Interest Shortfall 15,788.09 Servicing Fee 156,214.15 MBIA - Guraranty Insurance Premium 28,188.39 Management Fee 1,000.00 ---------- Net Fees 185,402.54 ========== =================================================================================
7 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: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-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 32 6,977,595.83 1.61% 1.45% 60 Days 1 252,277.79 0.05% 0.05% 90+ Days 3 920,458.61 0.15% 0.19% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 36 8,150,332.23 1.81% 1.69% Current Period Net Losses 0.00 Cumulative Net Losses 0.00 ====================================================================================================================
8 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: 30-Sep-97 7485 New Horizon Way Distribution Date: 04-Oct-97 Frederick, MD 21703 Phone: (301) 815-6323 Fax: (301) 815-6365
======================================================================================= COLLATERAL POOL DATA Collateral Description Mixed Fixed and ARMs Weighted Average Gross Coupon 8.216770% Weighted Average Net Coupon 7.847442% Weighted Average Maturity (Home Loans) 321 Months Beginning Scheduled Collateral Loan Count 2,081 Number of Loan Payoffs 90 Ending Scheduled Collateral Loan Count 1,991 =======================================================================================
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