-----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, D9U9NMzRoJsXpnXM2a5cc98Co0pfYibsP6fHF2vOAHUJEZ8MQ530P97518iq1VMf 2Pbf04Dop2l4Pi91HRqqbw== 0000950149-98-001186.txt : 19980622 0000950149-98-001186.hdr.sgml : 19980622 ACCESSION NUMBER: 0000950149-98-001186 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980604 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980619 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: 98650634 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 MAY 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 May 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 (Commission File Number) (I.R.S. Employer Jurisdiction Identification No.) of Incorporation) 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 May 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: June 16, 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 May 25, 1998......................................5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED MAY 25, 1998 1 EXHIBIT 10.1 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Distribution Summary
=========================================================================================================================== Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution =========================================================================================================================== A-1 81743MAA1 SEQ 6.49330% 539,702,342.50 2,920,374.35 13,928,825.38 A-2 81743MAB9 SEQ 5.99625% 142,630,934.99 712,708.95 3,681,068.67 OC SMTCRT002 R 0.00000% 7,567,274.86 741,437.35 0.00 =========================================================================================================================== Totals 689,900,552.35 4,374,520.65 17,609,894.05 ===========================================================================================================================
=================================================================================== Ending Cumulative Current Certificate Total Realized Class Realized Loss Balance Distribution Losses =================================================================================== A-1 0.00 525,773,517.13 16,849,199.73 0.00 A-2 0.00 138,949,866.31 4,393,777.62 0.00 OC 0.00 7,567,274.86 741,437.35 0.00 =================================================================================== Totals 0.00 672,290,658.30 21,984,414.70 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. 15-June-1998 2:46PM 2 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Statement
======================================================================================================================== Beginning Scheduled Unscheduled Class Original Face Certificate Principal Principal Realized Amount Balance Distribution Distribution Accretion Loss(1) ======================================================================================================================== A-1 592,560,000.00 539,702,342.50 0.00 13,928,825.38 0.00 0.00 A-2 156,600,000.00 142,630,934.99 0.00 3,681,068.67 0.00 0.00 OC 7,567,489.63 7,567,274.86 0.00 0.00 0.00 0.00 ======================================================================================================================== Totals 756,727,489.63 689,900,552.35 0.00 17,609,894.05 0.00 0.00 ========================================================================================================================
==================================================================================== Total Ending Ending Total Class Principal Certificate Certificate Principal Reduction Balance Percentage Distribution ==================================================================================== A-1 13,928,825.38 525,773,517.13 0.88729161 13,928,825.38 A-2 3,681,068.67 138,949,866.31 0.88729161 3,681,068.67 OC 0.00 7,567,274.86 0.99997162 0.00 ==================================================================================== Totals 17,609,894.05 672,290,658.30 0.88841844 17,609,894.05 ====================================================================================
(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. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Factors Statement
======================================================================================================================== Beginning Scheduled Unscheduled Class(2) Original Face Certificate Principal Principal Realized Amount Balance Distribution Distribution Accretion Loss(1) ======================================================================================================================== A-1 592,560,000.00 910.79779685 0.00000000 23.50618567 0.00000000 0.00000000 A-2 156,600,000.00 910,79779687 0.00000000 23.50618563 0.00000000 0.00000000 OC 7,567,489.63 999.97161939 0.00000000 0.00000000 0.00000000 0.00000000 ========================================================================================================================
==================================================================================== Total Ending Ending Total Class(2) Principal Certificate Certificate Principal Reduction Balance Percentage Distribution ==================================================================================== A-1 23.50618567 887.29161120 0.88729161 23.50618567 A-2 23.50618563 887.29161117 0.88729161 23.50618563 OC 0.00000000 999.97161939 0.99997162 0.00000000 ====================================================================================
(2) All Classes Are Per $1,000 Denomination. (3) 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. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Statement
=================================================================================================================================== Current Beginning Current Payment of Current Non-Supported Original Face Certificate Certificate/ Accrued Unpaid Interest Interest Interest Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall =================================================================================================================================== A-1 592,560,000.00 6.49330% 539,702,342.50 2,920,374.35 0.00 0.00 0.00 A-2 156,600,000.00 5.99625% 142,630,934.99 712,708.95 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 =================================================================================================================================== Totals 756,727,489.63 3,633,083.30 0.00 0.00 0.00 ===================================================================================================================================
======================================================================== Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class Losses(4) Distribution Shortfall Balance ======================================================================== A-1 0.00 2,920,374.35 0.00 525,773,517.13 A-2 0.00 712,708.95 0.00 138,949,866.31 OC 0.00 741,437.35 0.00 7,567,274.86 ======================================================================== Totals 0.00 4,374,520.65 0.00 ========================================================================
(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. 5 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Factors Statement
=================================================================================================================================== Current Beginning Current Payment of Current Non-Supported Original Face Certificate Certificate/ Accrued Unpaid Interest Interest Interest Class(5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall =================================================================================================================================== A-1 592,560,000.00 6.49330% 910.79779685 4.92840278 0.00000000 0.00000000 0.00000000 A-2 156,600,000.00 5.99625% 910.79779687 4.55114272 0.00000000 0.00000000 0.00000000 OC 7,567,489.63 0.00000% 999.97161939 0.00000000 0.00000000 0.00000000 0.00000000 ===================================================================================================================================
======================================================================== Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notional Class(5) Losses(6) Distribution Shortfall Balance ======================================================================== A-1 0.00000000 4.92840278 0.00000000 887.29161120 A-2 0.00000000 4.55114272 0.00000000 887.29161117 OC 0.00000000 97.97665887 0.00000000 999.97161939 ========================================================================
(5) All Classes Are Per $1,000 Denomination. (6) 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. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Component Statement
====================================================================================================================== Component Beginning Notional Ending Notional Beginning Component Class Pass-Through Rate Balance Balance Balance - ---------------------------------------------------------------------------------------------------------------------- 0.00000% 0.00 0.00 0.00 ======================================================================================================================
============================================================================ Ending Component Ending Component Percentage Class Balance - ---------------------------------------------------------------------------- 0.00 0.00000000% ============================================================================
7 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Account Statement
============================================================================= CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 22,180,319.12 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 22,180,319.12 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 195,904.42 Payment of Interest and Principal 21,984,414.70 ------------- Total Withdrawals (Pool Distribution Amount) 22,180,319.12 ============= Ending Balance 0.00 =============================================================================
================================================================================================= OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ------------------------------------------------------------------------------------------------- Ambac Assurance 0.00 0.00 0.00 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 143,729.28 Pool Insurance Fee 51,175.14 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ----------- Net Servicing Fee 195,904.42 =========== ================================================================================
8 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
=================================================================================================== CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Principal Number Of Balance Number Unpaid Loans of Loans Balance 30 Days 17 4,712,933.65 0.822050% 0.701026% 60 Days 3 541,772.18 0.145068% 0.080586% 90+ Days 1 483,000.00 0.048356% 0.071844% Foreclosure 1 268,699.40 0.048356% 0.039968% REO 0 0.00 0.000000% 0.000000% Totals 22 6,006,405.23 1,063830% 0.893424%
Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00 ===================================================================================================
9 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A. Securities Administration Services Record Date: 30-Apr-1998 7485 New Horizon Way Distribution Date: 26-May-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
======================================================================================================== COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 7.884332% Weighted Average Net Coupon 7.382822% Weighted Average Pass-Through Rate 0.000000% Weighted Average Maturity (Stepdown Calculation) 289 Beginning Scheduled Collateral Loan Count 2,132 Number of Loans Paid in Full 64 Ending Scheduled Collateral Loan Count 2,068 Beginning Scheduled Collateral Balance 689,900,552.39 Ending Scheduled Collateral Balance 672,290,658.34 Ending Actual Collateral Balance at 30-Apr-1998 0.00 Monthly P&I Constant 4,376,680.37 Class A Optimal Amount 21,294,152.35 ========================================================================================================
======================================================================================================== Serious Delinquency .11017% Specific OC Amount 7,567,274.90 ========================================================================================================
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