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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K/A


[X]		ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: December 31, 2003 OR


[ ]		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ACT OF 1934

For the transition period from to .

Commission File Number: 333-103634

SEQUOIA RESIDENTIAL FUNDING, INC. (as Depositor under the Pooling and Servicing Agreement, dated November 1, 2003, providing for the issuance of the Sequoia Mortgage Trust 2003-7, Mortgage Pass-Through Certificates)

SEQUOIA RESIDENTIAL FUNDING, INC.

(Exact Name of registrant as specified in its charter)


Delaware		35-2170972
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification no.)

One Belvedere Place
Suite 330
Mill Valley, CA		94941
(Address of principal executive offices)		(Zip code)

(415) 389-7373
(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:		Securities registered pursuant to Section 12(g) of the Act:

None		None
(Title of class)		(Title of class)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [ X ] No [ ]

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [ X ]

Indicate by check mark whether the Registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2). Yes [ ] No [ X ]

State the aggregate market value of the voting stock held by non-affiliates of Registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of the last business day of the Registrant’s most recently completed second fiscal quarter:

Not Applicable

Documents incorporated by reference:

Not Applicable

SEQUOIA RESIDENTIAL FUNDING, INC.
SEQUOIA MORTGAGE TRUST 2003-7, MORTGAGE PASS-THROUGH CERTIFICATES

INDEX


	Page
PART I		3
ITEM 1-BUSINESS		3
ITEM 2-PROPERTIES		3
ITEM 3-LEGAL PROCEEDINGS		3
ITEM 4-SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS		3
PART II		3
ITEM 5-MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDER MATTERS		3
ITEM 6-SELECTED FINANCIAL DATA		3
ITEM 7-MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		3
ITEM 7A-QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK		3
ITEM 8-FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA		3
ITEM 9-CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE		3
ITEM 9A — CONTROLS AND PROCEDURES		4
PART III		4
ITEM 10-DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT		4
ITEM 11-EXECUTIVE COMPENSATION		4
ITEM 12-SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT		4
ITEM 13-CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS		7
ITEM 14-PRINCIPAL ACCOUNTANT FEES AND SERVICES		7
PART IV		7
ITEM 15-EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K		7
SIGNATURES		9
CERTIFICATION		10
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT		11
INDEX TO EXHIBITS		11
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3
EXHIBIT 99.4

PART I

ITEM 1 - BUSINESS

Not Applicable.

ITEM 2 - PROPERTIES

Sequoia Residential Funding, Inc. (the “Depositor”) will furnish information regarding the Mortgaged Properties by reference to the Annual Compliance Certificates to be filed herein under Item 15.

ITEM 3 - LEGAL PROCEEDINGS

The Depositor is not aware of any material pending legal proceedings involving either the Mortgage Pass-Through Certificates, the Sequoia Mortgage 2003-7 Trust (the “Trust); the Pooling and Servicing Agreement; the Trustee; the Depositor; the Seller; the Master Servicer or the Servicers which relates to the Trust.

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matter has been submitted to a vote of the holders of beneficial interests in the Trust through the solicitation of proxies or otherwise.

PART II

ITEM 5 - MARKET FOR REGISTRANT’S COMMON STOCK AND RELATED STOCKHOLDER MATTERS

To the best knowledge of the Depositor, there is no established public trading market for the Certificates.

The Certificates issued by the Trust are held by the Depository Trust Company (“DTC”) which in turn maintains records of holders of beneficial interests in the Certificates. Based on information obtained by the Trust from DTC, as of December 31, 2003, there were fourteen (14) holders of the Class A-1 Certificates, six (6) holders of the Class A-2 Certificates, four (4) holders of the Class X-1 Certificates, one (1) holder of the Class X-2 Certificates, one (1) holder of the Class X-B Certificates, four (4) holders of the Class B-1 Certificates, one (1) holder of the Class B-2 Certificates, and one (1) holder of the Class B-3 Certificates.

ITEM 6 - SELECTED FINANCIAL DATA

Not Applicable.

ITEM 7 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Not Applicable.

ITEM 7A - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not Applicable.

ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION

Not Applicable.

ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

There were no changes of accountants or disagreements on accounting or financial disclosures between the Depositor and its accountants.

ITEM 9A - CONTROLS AND PROCEDURES

Not Applicable.

PART III

ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Not Applicable.

ITEM 11 - EXECUTIVE COMPENSATION

Not Applicable.

ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The Depositor is a Delaware corporation and indirect wholly-owned subsidiary of Redwood Trust, Inc. The Trust is a grantor trust established under the Pooling and Servicing Agreement.

The following table sets forth (i) the name and address of each entity owning more than 5% of the outstanding principal amount of each class of the Pass-Through Certificates; (ii) the principal amount of each class of the Pass-Through Certificates owned by each and (iii) the percent that the principal amount of each class of the Pass-Through Certificates owned by such entity represents of the outstanding principal amount of such class of Pass-Through Certificates. The information set forth in the table for the Certificates is based upon information obtained by the Trust from DTC and represents ownership of beneficial interest in the Certificates held by DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the Securities and Exchange Commission in respect of the Certificates.

Class A-1


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
Citibank, N.A. 3800 Citibank Center B3-15 Tampa, FL 33610	$75,525,000		26.04	%
Deutsche Bank Trust Company Americas 648 Grassmere Park Road Nashville, TN 37211	$75,000,000		25.86	%
Mellon Trust of New England, National Association 525 William Penn Place Suite 3418 Pittsburgh, PA 15259	$56,900,000		19.62	%
JP Morgan Chase Bank 14201 Dallas Parkway Dallas, TX 75254	$29,100,000		10.03	%
The Northern Trust Company 801 S. Canal C-IN Chicago, IL 60607	$22,525,000		7.77	%
The Bank of New York One Wall Street New York, NY 10286	$20,810,000		7.18	%

Class A-2


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
Deutsche Bank Trust Company Americas 648 Grassmere Park Road Nashville, TN 37211	$175,000,000		34.65	%
The Bank of New York One Wall Street New York, NY 10286	$116,210,000		23.00	%
JP Morgan Chase Bank 14201 Dallas Parkway Dallas, TX 75254	$98,890,000		19.58	%
Citibank, N.A. 3800 Citibank Center B3-15 Tampa, FL 33610	$50,000,000		9.90	%
Wells Fargo Bank, National Association c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717	$40,000,000		7.92	%

Class X-1


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
Bear, Stearns Securities Corp. One Metrotech Center North 4^th Floor Brooklyn, NY 11201-3862	$397,550,000		50.00	%
Mellon Trust of New England, National Association 525 William Penn Place Suite 3418 Pittsburgh, PA 15259	$175,855,000		22.12	%
The Bank of New York One Wall Street New York, NY 10286	$172,330,000		21.67	%
State Street Bank and Trust Company 1776 Heritage Drive Global Corporate Action Unit JAB 5NW No. Quincy, MA 02171	$49,365,000		6.21	%

Class X-2


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
DBTC Americas/Dealer Clearance 16 Wall Street New York, NY 10005	$795,100,000		100.00	%

Class X-B


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
DBTC Americas/Dealer Clearance 16 Wall Street New York, NY 10005	$16,607,000		100.00	%

Class B-1


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
Wells Fargo Bank, National Association c/o ADP Proxy Services 51 Mercedes Way Edgewood, NY 11717	$10,000,000		60.21	%
Fleet National Bank 159 East Main Street Rochester, NY 14638	$2,203,000		13.27	%
Deutsche Bank Trust Company Americas 648 Grassmere Park Road Nashville, TN 37211	$2,202,000		13.26	%
State Street Bank and Trust Company 1776 Heritage Drive No. Quincy, MA 02171	$2,202,000		13.26	%

Class B-2


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
JPMorgan Chase Bank/Greenwich Capital 4 New York Plaza, 21^st Floor New York, NY 10004	$6,642,000		100.00	%

Class B-3


Name and Address	Principal Amount Owned	Percentage of Outstanding Amount
JPMorgan Chase Bank/Greenwich Capital 4 New York Plaza, 21st Floor New York, NY 10004	$4,982,000		100.00	%

ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

None.

ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not Applicable.

PART IV

ITEM 15 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

(a) The following documents are filed as part of this report:

1. Financial Statements:

Not applicable.

2. Financial Statement Schedules:

Not applicable.

3. Exhibits:


Exhibit No.		Description
99.1		Statement of Compliance of the Servicer pursuant to Section 7.04(a) of The Master Servicing Agreement between RWT Holdings, Inc. (“RWT”) and Morgan Stanley Dean Witter Credit Corporation, dated August 1, 2002, as modified by the related Acknowledgements (the “RWT/Morgan Servicing Agreement”).

99.2		Report of Independent Accountant pursuant to Section 7.04(b) of the RWT/Morgan Servicing Agreement.

99.3		Statement of Compliance of the Servicer pursuant to Section 6.04 of The Mortgage Loan Flow Purchase, Sale and Servicing Agreement, dated as of August 1, 2002, between RWT and GreenPoint Mortgage Funding, Inc., as modified by the related Acknowledgements (the “RWT/GreenPoint Servicing Agreement”).

99.4		Report of Independent Account pursuant to Section 6.05 of the RWT/GreenPoint Servicing Agreement.

(b) Reports on Form 8-K field during the last quarter of the period covered by this report.


DATE OF REPORTS ON FORM 8-K		ITEMS REPORTED/FINANCIAL STATEMENTS FILED

November 19, 2003		Report filing Computational Materials


November 21, 2003		Report filing Computational Materials

December 10, 2003		Report filing the Pooling and Servicing Agreement and the Tax Opinion

SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Depositor has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

SEQUOIA MORTGAGE FUNDING, INC.

By:   /s/ Harold F. Zagunis
Name:   Harold F. Zagunis
Title:   Chief Financial Officer, Treasurer and Secretary

Date: April 22, 2004.

CERTIFICATION

I, Harold F. Zagunis, Chief Financial Officer, Treasurer and Secretary of Sequoia Residential Funding, Inc., a Delaware corporation, hereby certify that:

1. I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution or servicing reports filed in respect of the Certificates for periods included in the year covered by this annual report, of Sequoia Residential Funding, Inc.;

2. Based on my knowledge, the information in these reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading as of the last day of the period covered by this annual report;

3. Based on my knowledge, the distribution or servicing information required to be provided to the trustee by the servicer under the pooling and servicing agreement, for inclusion in these reports is included in these reports;

4. Based on my knowledge and upon the annual compliance statement included in the report and required to be delivered to the trustee in accordance with the terms of the pooling and servicing agreement, and except as disclosed in the reports, the servicer has fulfilled its obligations under the servicing agreement; and

5. The reports disclose all significant deficiencies relating to the servicer’s compliance with the minimum servicing standards based upon the report provided by an independent public accountant, after conducting a review in compliance with the Uniform Attestation Program for Mortgage Bankers or similar procedure, as set forth in the pooling and servicing agreement, that is included in these reports.

In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated parties: Morgan Stanley Dean Witter Credit Corporation, as Servicer, and GreenPoint Mortgage Funding, Inc., as Servicer.

Date: April 22, 2004

/s/ Harold F. Zagunis

Signature

Name: Harold F. Zagunis

Title: Chief Financial Officer, Treasurer and Secretary

SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO SECTION 12 OF THE ACT.

No annual report, proxy statement, proxy materials or otherwise were sent to Certificateholders.

INDEX TO EXHIBITS
Item 15(C)


Exhibit No.		Description
99.1		Statement of Compliance of the Servicer pursuant to Section 7.04(a) of The Master Servicing Agreement between RWT Holdings, Inc. (“RWT”) and Morgan Stanley Dean Witter Credit Corporation, dated August 1, 2002, as modified by the related Acknowledgements (the “RWT/ Morgan Servicing Agreement”).

99.2		Report of Independent Accountant pursuant to Section 7.04(b) of the RWT/Morgan Servicing Agreement.

99.3		Statement of Compliance of the Servicer pursuant to Section 6.04 of The Mortgage Loan Flow Purchase, Sale and Servicing Agreement, dated as of August 1, 2002, between RWT and GreenPoint Mortgage Funding, Inc., as modified by the related Acknowledgements (the “RWT/GreenPoint Servicing Agreement”).

99.4		Report of Independent Account pursuant to Section 6.05 of RWT/GreenPoint Servicing Agreement.

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1.		Financial Statements:

		Not applicable.

2.		Financial Statement Schedules:

		Not applicable.

3.		Exhibits:


SEQUOIA MORTGAGE FUNDING, INC.
By:	/s/ Harold F. Zagunis
Name:		Harold F. Zagunis
Title:		Chief Financial Officer, Treasurer and Secretary