-----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, FfbwxC33nxVM6Qi/avarfBudxP2qVv0Xs4UiCcF9bpHNNt2EVHnbn7lq9uLuG356 MS2vgbCB3Nw47FfgGp1cCw== 0000950149-98-001020.txt : 19980519 0000950149-98-001020.hdr.sgml : 19980519 ACCESSION NUMBER: 0000950149-98-001020 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980425 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980518 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: 98626997 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 CURRENT REPORT DATED APRIL 25, 1998 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 April 25, 1998 Date of Report (Date of Earliest Event Reported) Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 2, the Issuer of Collateralized Mortgage Bonds under an Indenture dated as of October 1, 1997) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 333-22681-2 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 2 (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 April 25, 1998. 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: May 14, 1998 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 April 25, 1998........................ 5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT (APRIL 25, 1998) 1 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Mar-1998 7485 New Horizon Way Distribution Date: 27-Apr-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
EXHIBIT 10.1 Certificateholder Distribution Summary
=========================================================================================================================== Certificate Certificate Pass- Beginning Current Ending Class Through Certificate Interest Principal Realized Certificate Class CUSIP Description Rate Balance Distribution Distribution Loss Balance =========================================================================================================================== A-1 81743MAA1 SEQ 6.49080% 555,102,802.29 3,002,551.06 15,400,459.79 0.00 539,702,342.50 A-2 81743MAB9 SEQ 6.02750% 146,700,922.84 736,866.51 4,069,987.85 0.00 142,630,934.99 OC SMTCRT002 R 0.00000% 7,567,274.86 782,315.67 0.00 0.00 7,567,274.86 =========================================================================================================================== Totals 709,370,999.99 4,541,733.24 19,470,447.64 0.00 689,900,552.35 ===========================================================================================================================
======================================= Cumulative Total Realized Class Distribution Losses ======================================= A-1 18,403,010.85 0.00 A-2 4,806,854.36 0.00 OC 782,315.67 0.00 ======================================= Totals 23,992,180.88 0.00 =======================================
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee Edward M. Frere, Jr. Vice President, Norwest Bank Minnesota, N.A. 20-Apr-1998 12:03PM 2 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Statement Senior Certificates
==================================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Total Principal Class Amount Balance Ditribution Distribution Accretion Loss(1) Reduction ==================================================================================================================== A-1 592,560,000.00 555,102,802.29 0.00 15,400,459.79 0.00 0.00 15,400,459.79 A-2 156,600,000.00 146,700,922.84 0.00 4,069,987.85 0.00 0.00 4,069,987.85 OC 7,567,489.63 7,567,274.86 0.00 0.00 0.00 0.00 0.00 ==================================================================================================================== Class A 756,727,489.63 709,370,999.99 0.00 19,470,447.64 0.00 0.00 19,470,447.64 ====================================================================================================================
============================================================= Ending Ending Certificate Certificate Total Principal Class Balance Percentage Distribution ============================================================= A-1 539,702,342.50 0.91079780 15,400,459.79 A-2 142,630,934.99 0.91079780 4,069,987.85 OC 7,567,274.86 0.99997162 0.00 ============================================================= Class A 689,900,552.35 0.91168956 19,470,447.64 =============================================================
(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 SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Factors Statement Senior Certificates Factors
==================================================================================================================== Original Beginning Scheduled Unscheduled Face Certificate Principal Principal Realized Total Principal Class(3) Amount Balance Ditribution Distribution Accretion Loss(4) Reduction ==================================================================================================================== A-1 592,560,000.00 936.78750218 0.00000000 25.98970533 0.00000000 0.00000000 25.98970533 A-2 156,600,000.00 936.78750217 0.00000000 25.98970530 0.00000000 0.00000000 25.98970530 OC 7,567,489.63 999.97161939 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ====================================================================================================================
============================================================= Ending Ending Certificate Certificate Total Principal Class(3) Balance Percentage Distribution ============================================================= A-1 910.79779685 0.91079780 25.98970533 A-2 910.79779687 0.91079780 25.98970530 OC 0.99997162 0.99997162 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 Supplement For A Full Description. 4 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Statement Senior Certificates
============================================================================================================================== Beginning Payment of Non- Original Current Certificate/ Current Previously Current Supported Face Certificate Notional Accrued Unpaid Interest Interest Interest Class Amount Rate Balance Interest Shortfall Shortfall Shortfall ============================================================================================================================== A-1 592,560,000.00 6.49080% 555,102,802.29 3,002,551.06 0.00 0.00 0.00 A-2 156,600,000.00 6.02750% 146,700,922.84 736,866.51 0.00 0.00 0.00 OC 7,567,489.63 0.00000% 7,567,274.86 0.00 0.00 0.00 0.00 ============================================================================================================================== Total Class A Interest Distribution 3,739,417.57 0.00 0.00 0.00 ==============================================================================================================================
=================================================================================================== Remaining Cumulative Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class Loss(7) Distribution Shortfall Balance =================================================================================================== A-1 0.00 3,002,551.06 0.00 539,702,342.50 A-2 0.00 736,866.51 0.00 142,630,934.99 OC 0.00 782,315.67 0.00 7,567,274.86 =================================================================================================== Total Class A Interest Distribution 0.00 4,521,733.24 0.00 ===================================================================================================
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 5 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Factors Statement Senior Certificates Factors
======================================================================================================================== Beginning Payment of Non- Original Current Certificate/ Current Previously Current Supported Face Certificate Notional Accrued Unpaid Interest Interest Interest Class(9) Amount Rate Balance Interest Shortfall Shortfall Shortfall ======================================================================================================================== A-1 592,560,000.00 6.49080% 936.78750218 5.06708360 0.00000000 0.00000000 0.00000000 A-2 156,600,000.00 6.02750% 936.78750217 4.70540556 0.00000000 0.00000000 0.00000000 OC 7,567,489.63 0.00000% 999.97161939 0.00000000 0.00000000 0.00000000 0.00000000 ========================================================================================================================
=============================================================================== Remaining Cumulative Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class(9) Loss(10) Distribution Shortfall Balance =============================================================================== A-1 0.00000000 5.06708360 0.00000000 910.79779685 A-2 0.00000000 4.70540556 0.00000000 910.79779687 OC 0.00000000 103.37849251 0.00000000 999.97161939 ===============================================================================
(9) All Classes Are $1,000 Denomination. (10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 6 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Mar-1998 7485 New Horizon Way Distribution Date: 27-Apr-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
============================================================================================== CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 24,193,601.79 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 24,193,601.79 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 201,420.91 Payment of Interest and Principal 23,992,180.88 ------------- Total Withdrawals (Pool Distribution Amount) 24,193,601.79 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 0.00 Servicing Fee Support 0.00 ---- Non-Supported Prepayment/Curtailment Interest Shortfall 0.00 ==== ============================================================================
============================================================================ SERVICING FEES Gross Servicing Fee 147,785.63 Pool Insurance Fee 52,635.28 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 201,420.91 ========== ============================================================================
7 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Mar-1998 7485 New Horizon Way Distribution Date: 27-Apr-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
=========================================================================================== DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Principal Balance Number Of Loans Number Unpaid of Loans Balance 30 Days 14 5,748,790.16 0.66% 0.83% 60 Days 1 87,500.00 0.05% 0.01% 90+ Days 3 1,412,250.00 0.14% 0.20% Foreclosure 1 268,699.40 0.05% 0.04% REO 0 0.00 0.00% 0.00% Totals 19 7,517,239.56 0.89% 1.09% Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 ===========================================================================================
8 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 26-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
============================================================================= COLLATERAL STATEMENT Collateral Description Mixed ARM's Weighted Average Gross Coupon 7.900728% Weighted Average Net Coupon 7.399259% Weighted Average Maturity (Stepdown Calculation) 290 Months Beginning Scheduled Collateral Loan Count 2,183 Number of Loans Paid in Full 51 Ending Scheduled Collateral Loan Count 2,132 Beginning Scheduled Collateral Balance 709,371,000.03 Ending Scheduled Collateral Balance 689,900,552.39 Specified O/C Account 7,567,274.90 Serious Delinquency 0.2395% Monthly P&I Constant 4,509,620.04 ==============================================================================
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