-----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, QbigEXNXiDJtzKihKqarVuj6gZZ4yk+k29T1mvUlPBVjArcm/tTEx6kVhw5F9NZd x1zL4Vp8S68sHN9SEDsqLA== 0000950149-98-001279.txt : 19980710 0000950149-98-001279.hdr.sgml : 19980710 ACCESSION NUMBER: 0000950149-98-001279 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19980625 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19980709 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: 98662907 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 FOR THE PERIOD ENDED JUNE 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 June 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 June 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: July 8, 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 June 25, 1998...................................5
EX-10.1 2 MONTHLY PAYMENT DATE STATEMENT DATED JUNE 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Certificateholder Distribution Summary
Certificate Certificate Class Pass-Through Beginning Class CUSIP Description Rate Certificate Balance Interest ----- ----- ----------- ---- ------------------- -------- A-1 81743MAA1 SEQ 6.48500% 525,773,517.13 2,841,367.72 A-2 81743MAB9 SEQ 5.99625% 138,949,866.31 694,315.11 OC SMTCRT002 R 0.00000% 7,567,274.86 748,006.20 -------------- ------------ Totals 672,290,658.30 4,283,689.03 ============== ============
Current Principal Realized Loss Ending Certificate Cumulative Class Distribution Distribution Balance Total Distribution Realized Losses ----- ------------ ------------ ------- ------------------ --------------- A-1 11,954,127.51 0.00 513,819,389.62 14,795,495.23 0.00 A-2 3,159,201.38 0.00 135,790,664.93 3,853,516.49 0.00 OC 0.00 0.00 7,567,274.86 748,006.20 0.00 ------------- ---- -------------- ------------- ---- Totals 15,113,328.89 0.00 657,177,329.41 19,397,017.92 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. 22-June-1998 9:17AM 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Principal Distribution Statement
Scheduled Unscheduled Beginning Principal Principal Class Original Face Amount Certificate Balance Distribution Distribution Accretion ----- -------------------- ------------------- ------------ ------------ --------- A-1 592,560,000.00 525,773,517.13 0.00 11,954,127.51 0.00 A-2 156,600,000.00 138,949,866.31 0.00 3,159,201.38 0.00 OC 7,567,489.63 7,567,274.86 0.00 0.00 0.00 -------------- -------------- ---- ------------- ---- Totals 756,727,489.63 672,290,658.30 0.00 15,113,328.89 0.00 ============== ============== ==== ============= ====
Ending Total Principal Ending Certificate Certificate Total Principal Class Realized Loss(1) Reduction Balance Percentage Distribution ----- ---------------- --------- ------- ---------- ------------ A-1 0.00 11,954,127.51 513,819,389.62 0.86711791 11,954,127.51 A-2 0.00 3,159,201.38 135,790,664.93 0.86711791 3,159,201.38 OC 0.00 0.00 7,567,274.86 0.99997162 0.00 ---- ------------- -------------- ---------- ------------- Totals 0.00 15,113,328.89 657,177,329.41 0.86844649 15,113,328.89 ==== ============= ============== ========== =============
(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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Principal Distribution Factors Statement
Scheduled Unscheduled Beginning Principal Principal Class(2) Original Face Amount Certificate Balance Distribution Distribution Accretion -------- -------------------- ------------------- ------------ ------------ --------- A-1 592,560,000.00 887.29161120 0.00000000 20.17369973 0.00000000 A-2 156,600,000.00 887.29161117 0.00000000 20.17369974 0.00000000 OC 7,567,489.63 999.97161939 0.00000000 0.00000000 0.00000000
Ending Total Principal Ending Certificate Certificate Total Principal Class(2) Realized Loss(3) Reduction Balance Percentage Distribution -------- ---------------- --------- ------- ---------- ------------ A-1 0.00000000 20.17369973 867.11791147 0.86711791 20.17369973 A-2 0.00000000 20.17369974 867.11791143 0.86711791 20.17369974 OC 0.00000000 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Interest Distribution Statement
Beginning Original Face Current Certificate/ Current Accrued Payment of Unpaid Class Amount Certificate Rate Notional Balance Interest Interest Shortfall ----- ------ ---------------- ---------------- -------- ------------------ A-1 592,560,000.00 6.48500% 525,773,517.13 2,841,367.72 0.00 A-2 156,600,000.00 5.99625% 138,949,866.31 694,315.11 0.00 OC 7,567,489.63 0.00000% 7,567,274.86 0.00 0.00 -------------- ------- -------------- ------------ ---- Totals 756,727,489.63 0.00 ============== ====
Remaining Current Non-Supported Unpaid Ending Interest Interest Realized Total Interest Interest Certificate/ Class Shortfall Shortfall Losses(4) Distribution Shortfall Notional Balance ----- --------- --------- --------- ------------ --------- ---------------- A-1 0.00 0.00 0.00 2,841,367.72 0.00 513,819,389.62 A-2 0.00 0.00 0.00 694,315.11 0.00 135,790,664.93 OC 0.00 0.00 0.00 748,006.20 0.00 7,567,274.86 ---- ---- ---- ------------ ---- -------------- Totals 0.00 0.00 0.00 4,283,689.03 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
Interest Distribution Factors Statement
Beginning Original Face Current Certificate/ Current Accrued Payment of Unpaid Class(5) Amount Certificate Rate Notional Balance Interest Interest Shortfall -------- ------ ---------------- ---------------- -------- ------------------ A-1 592,560,000.00 6.48500% 887.29161120 4.79507176 0.00000000 A-2 156,600,000.00 5.99625% 887.29161117 4.43368525 0.00000000 OC 7,567,489.63 0.00000% 999.97161939 0.00000000 0.00000000
Remaining Current Non-Supported Unpaid Ending Interest Interest Realized Total Interest Interest Certificate/ Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Notional Balance -------- --------- --------- --------- ------------ --------- ---------------- A-1 0.00000000 0.00000000 0.00000000 4.79507176 0.00000000 867.11791147 A-2 0.00000000 0.00000000 0.00000000 4.43368525 0.00000000 867.11791143 OC 0.00000000 0.00000000 0.00000000 98.84469442 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-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 19,587,932.72 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 19,587,932.72 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 190,914.80 Payment of Interest and Principal 19,397,017.92 ------------- Total Withdrawals (Pool Distribution Amount) 19,587,932.72 ============= 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 ---- Prepayment/Curtailment Interest Shortfall 0.00 ====
SERVICING FEES Gross Servicing Fee 140,060.55 Pool Insurance Fee 49,854.25 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 190,914.80 ==========
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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT DELINQUENCY STATUS
Percentage Delinquent Based On Current Number Of Unpaid Principal Number Unpaid Loans Balance of Loans Balance 30 Days 32 10,660,181.33 1.584158% 1.622116% 60 Days 4 438,690.87 0.198020% 0.066754% 90+ Days 2 709,000.00 0.099010% 0.107886% Foreclosure 1 268,699.40 0.049505% 0.040887% REO 0 0.00 0.000000% 0.000000% -- ------------- -------- -------- Totals 39 12,076,571.60 1.930693% 1.837643%
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 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: 29-May-1998 7485 New Horizon Way Distribution Date: 25-June-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301)846-8152
COLLATERAL STATEMENT
Collateral Description Mixed ARM Weighted Average Gross Coupon 7.857275% Weighted Average Net Coupon 7.335726% Weighted Average Pass-Through Rate 0.000000% Weighted Average Maturity (Stepdown Calculation) 288 Beginning Scheduled Collateral Loan Count 2,068 Number of Loans Paid in Full 48 Ending Scheduled Collateral Loan Count 2,020 Beginning Scheduled Collateral Balance 672,290,658.34 Ending Scheduled Collateral Balance 657,177,329.45 Ending Actual Collateral Balance at 29-May-1998 0.00 Monthly P&I Constant 4,254,983.06 Class A Optimal Amount 18,698,865.97 Required Overcollateralized Amount 0.00 Overcollateralized Increase Amount 0.00 Overcollateralized Reduction Amount 0.00 Specified O/C Amount 0.00 Overcollateralized Amount 7,567,274.90 Overcollateralized Deficiency Amount 0.00 Base Overcollateralization Amount 0.00
Serious Delinquency .11289% Specific OC Amount $7,567,274.90
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