-----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, Q83/yMo0TspQu0TryDRdHOhl1qqc4pgMhdYthtc1GPmuE1n8do1+hC/f4uFZelTC ygP03DCKKXi5HBKVxNfL0Q== 0000950149-97-002094.txt : 19971117 0000950149-97-002094.hdr.sgml : 19971117 ACCESSION NUMBER: 0000950149-97-002094 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971104 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971114 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: 97719997 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 (DATE OF REPORT: NOVEMBER 4, 1997) 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 November 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 (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.)
591 Redwood Highway, Suite 3120, Mill Valley, CA 94941 ------------------------------------------------------ (Address of Principal Executive Offices) (415) 381-1765 ------------------------------- (Registrant's Telephone Number, Including Area Code) Not Applicable ------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) 2 INFORMATION TO BE INCLUDED IN THE REPORT Item 5. OTHER EVENTS Sequoia Mortgage Funding Corporation has previously registered the offer and sale of Collateralized Mortgage Bonds issued by Sequoia Mortgage Trust 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 November 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: November 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 November 4, 1997...................................... 5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED 11/4/97 1 EXHIBIT 10.1 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank Minnesota, N.A. Certificateholders Distribution Summary Securities Administration Services Record Date: 31-Oct-1997 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Certificateholder Distribution Summary =================================================================================================================================== Certificate Certificate Beginning Current Ending Cumulative Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses ==================================================================================================================================== A-1 817435AA8 SEQ 6.03230% 296,165,709.92 1,488,800.34 10,371,770.94 0.00 285,793,938.99 11,860,571.28 0.00 A-2 817435AB6 SEQ 5.87032% 177,160,680.33 866,658.24 6,204,195.60 0.00 170,956,484.72 7,070,853.84 0.00 OC SMTINVCRT R 0.00000% 8,702,428.65 760,748.15 0.00 0.00 8,702,428.65 760,748.15 0.00 ==================================================================================================================================== Totals 482,028,818.90 3,116,206.73 16,575,966.54 0.00 465,452,852.36 19,692,173.27 0.00 ====================================================================================================================================
Edward M. Frere, Jr. Vice President, Norwest Bank Minnesota, N.A. 03-Nov-1997 2:44PM 2 Sequoia Mortgage Trust 1 Contact Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Statement Securities Administration Services Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Principal Distribution Statement Senior Certificates ===================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class Amount Balance Distribution Distribution Accretion Loss(1) ===================================================================================================== A-1 334,347,000.00 296,165,709.92 10,371,770.94 0.00 0.00 0.00 A-2 200,000,000.00 177,160,680.33 6,204,195.60 0.00 0.00 0.00 OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00 ===================================================================================================== Class A 543,050,415.20 482,028,818.90 16,575,966.54 0.00 0.00 0.00 =====================================================================================================
=========================================================================== Total Ending Ending Total Principal Certificate Certificate Principal Class Reduction Balance Percentage Distribution =========================================================================== A-1 10,371,770.94 285,793,938.99 0.85478242 10,371,770.94 A-2 6,204,195.60 170,956,484.72 0.85478242 6,204,195.60 OC 0.00 8,702,428.65 0.99988665 0.00 =========================================================================== Class A 16,575,966.54 465,452,852.36 0.85710799 16,575,966.54 ===========================================================================
- ------------------ (1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 3 Sequoia Mortgage Trust 1 Contact Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A. Certificateholder Principal Distribution Statement Securities Administration Services Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Principal Distribution Factors Statement Senior Certificate Factors
================================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Class (3) Amount Balance Distribution Distribution Accretion Loss(4) ================================================================================================================== A-1 334,347,000.00 885.80340162 31.02097803 0.00000000 0.00000000 0.00000000 A-2 200,000,000.00 885.80340165 31.02097800 0.00000000 0.00000000 0.00000000 OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 ==================================================================================================================
============================================================================= Total Ending Ending Total Principal Certificate Certificate Principal Class (3) Reduction Balance Percentage Distribution ============================================================================= A-1 31.02097803 854.78242362 0.85478242 31.02097803 A-2 31.02097800 854.78242360 0.85478242 31.02097800 OC 0.00000000 999.88664794 0.99988665 0.00000000 =============================================================================
(3) All Classes Are Per $1,000 Denomination. (4) Amount Does Not Include Excess Special Hazard Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus For A Full Description. 4
Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota N.A. Certificateholder Interest Distribution Statement Securities Administration Services Record Date: 31-Oct- 1997 Series 1997-1 7485 New Horizon Way Distribution Date 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Interest Distribution Statement Senior Certificates - ----------------------------------------------------------------------------------------------------------------------------------- Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate National Accrued Interest Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------------------------------ A-1 334,347,000.00 6.03230% 296,165,709.92 1,488.800.34 0.00 0.00 0.00 A-2 200,000,000.00 5.87032% 177,160,680.33 866,658.24 0.00 0.00 0.00 OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ 2,355,458.58 0.00 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Remaining Cumulative Ending Total Unpaid Certificate Realized Interest Interest National Class Losses(7) Distribution Shortfall Balance - ----------------------------------------------------------------------------------------------------------------------------------- A-1 0.00 1,488,800.34 0.00 285,793,938.99 A-2 0.00 866,658.24 0.00 170,956,484.72 OC 0.00 760,748.15 0.00 8,702,428.65 - ----------------------------------------------------------------------------------------------------------------------------------- Total Class A Interest Distribution 0.00 3,116,206.73 0.00 - -----------------------------------------------------------------------------------------------------------------------------------
(7) Amount Does Not Include Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 5
Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Certificateholders Interest Distribution Factors Statement SMT Securities Administration Services Record Date: 31-Oct-1997 7485 New Horizon Way Distribution Date: 04-Nov-1997 Series 1997-1 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
Interest Distribution Factors Statement Senior Certificate Factors
- ----------------------------------------------------------------------------------------------------------------------------------- Payment of Beginning Previously Original Current Certificate/ Current Unpaid Current Non-Supported Face Certificate National Accrued Interest Interest Interest Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall - ------------------------------------------------------------------------------------------------------------------------------------ A-1 334,347,000.00 6.03230% 885.80340162 4.45285987 0.00000000 0.00000000 0.00000000 A-2 200,000,000.00 5.87032% 885.80340165 4.33329120 0.00000000 0.00000000 0.00000000 OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 - ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ Remaining Cumulative Ending Total Unpaid Certificate Realized Interest Interest National Class Losses(7) Distribution Shortfall Balance - ----------------------------------------------------------------------------------------------------------------------------------- A-1 0.00000000 4.45285987 0.00000000 854.78242362 A-2 0.00000000 4.33329120 0.00000000 854.78242360 OC 0.00000000 87.40800393 0.00000000 999.88664794 - ----------------------------------------------------------------------------------------------------------------------------------- (9) All classes are per $1,000 denomination. (10) Amount Does Not Include Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description.
6 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Certificateholder Accounts Statement SMT Securities Administration Services Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 646-8152
CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 19,866,789.28 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 -------------- Total Deposits 19,866,789.28 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 174,616.01 Payment of Interest and Principal 19,692,173.27 -------------- Total Withdrawals (Pool Distribution Amount) 19,866,789.28 Ending Balance 0.00 ==============
SERVICER ADVANCES Beginning Balance 0.00 Current Period Advances By Servicer 0.00 Reimbursement of Advances 0.00 Ending Cumulative Advances 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 9,259.11 Servicing Fee Support 0.00 ---------- Non-Supported Prepayment/Curtailment Interest Shortfall 9,259.11 ==========
SERVICING FEES Gross Servicing Fee 148,075.42 Pool Insurance Fee 25,540.59 Spread Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ----------- Net Servicing Fee 174,616.01 ===========
OTHER ACCOUNTS Current Current Account Beginning Period Period Ending Type Balance Withdrawals Deposits Balance MBIA - Guaranty Insurance Premium 0.00 0.00 25,540.59 0.00
Page 6 7 Sequoia Mortgage Trust I SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank, Minnesota, N.A. Certificateholder Delinquency/Credit Enhancement Statement Securities Administration Services Record Date: 31-Oct-1997 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
=============================================================================== DELINQUENCY STATUS
Percentage Delinquent Current Unpaid Based on Number Principal Number Unpaid Of Loans Balance Of Loans Balance 30 Days 28 5,627,934.57 1.46% 1.21% 60 Days 8 2,077,738.31 0.42% 0.45% 90+ Days 3 920,458.61 0.16% 0.20% Foreclosure 0 0.00 0.00% 0.00% REO 0 0.00 0.00% 0.00% Totals 39 8,626,131.49 2.03% 1.85%
Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 =============================================================================== Page 7 8 Sequoia Mortgage Trust 1 Contact: Customer Service Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A. Certificateholder Accounts Statement SMT Securities Administration Services Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way Distribution Date: 04-Nov-1997 Frederick, MD 21703 Telephone: (301) 846-8130 Fax: (301) 846-8152
COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.215480% Weighted Average Net Coupon 7.846850% Weighted Average Maturity (Stepdown Calculation) 319 Months Beginning Scheduled Collateral Loan Count 1,991 Number of Loans Paid in Full 67 Ending Scheduled Collateral Loan Count 1,924 Beginning Scheduled Collateral Balance 482,395,849.31 Ending Scheduled Collateral Balance 465,452,852.36 Monthly P&I Constant 3,734,833.26
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