FWP 1 v211544_fwp.htm Unassociated Document

 
RWT Holdings, Inc.
Sponsor

Redwood Residential Acquisition Corporation
Seller

Sequoia Residential Funding, Inc.
Depositor
 
Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
 
$290,400,000 (Approximate)

Preliminary Term Sheet
February 15, 2011
 
First Republic Bank, PHH Mortgage Corporation
Originators and Servicers
 
Citibank, N.A.
Trustee

Wells Fargo Bank, N.A.
Master Servicer and Securities Administrator
 
Credit Suisse Securities (USA) LLC
Underwriter and Lead Manager
 
J.P. Morgan Securities LLC and Jefferies & Company, Inc.
Co-Managers

 
 

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND
OTHER INFORMATION

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor and this offering.  You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.  Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-221-1037.
 
The registration statement to which this offering relates is Commission File Numbers 333-159791 and 333-159791-01.  This free writing prospectus is not required to, and does not, contain all information that is required to be included in the base prospectus and the prospectus supplement that will be prepared for the securities offering to which this free writing prospectus relates.  This free writing prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted.
 
The information in this free writing prospectus is preliminary, and may be superseded by an additional free writing prospectus provided to you prior to the time you enter into a contract of sale.  This preliminary free writing prospectus is being delivered to you solely to provide you with information about the offering of the securities referred to herein.  The securities are being offered when, as and if issued.  In particular, you are advised that these securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus.  As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials.  Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials.  A contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of securities to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.  You may withdraw your offer to purchase securities at any time prior to our acceptance of your offer.
 
The investment described in this free writing prospectus is a structured financial product.  These securities are complex instruments intended for sale only to sophisticated investors who understand and assume the risks involved with the purchase thereof.  The risks associated with the securities may significantly reduce an investor's expected yield and expected return of principal, and/or reduce an investor's ability to sell or obtain market value information about the securities.  Investors should independently evaluate the risks associated with the securities and consult their own professional advisors.  These risks may include, but may not be limited to: 
 
 
·
The performance of the collateral may be correlated to economic or other factors that may diminish the value of the securities.
 
 
·
The performance of the collateral and the value of the securities may be largely dependent on the quality of the origination and servicing of the collateral.
 
 
·
Ratings issued on the securities by rating agencies may fail to predict the risks associated with the securities, and may be reduced or withdrawn by the rating agencies without warning.
 
 
·
The value of the securities may be diminished by market conditions unrelated to the performance of the securities.
 
None of the issuing entity, the depositor, or any of its affiliates prepared, provided, approved, or verified any statistical or numerical information presented herein, although that information may be based in part on loan level data provided by the issuing entity, the depositor, or its affiliates.
 
Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) no representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential are not applicable to these materials and should be disregarded.  Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.
 
 
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Offered Certificates: $290,400,000 (Approximate)
 
Class
Expected Initial Class Principal Amount ($)(1)
Expected Ratings (Fitch)
Approximate Initial Interest Rate (%)
Expected WAL Mat. (Years)(1)
Expected Prin. Window Mat. (Months)(1)
 
Expected
Initial Credit Enhancement
Minimum Denomination or Percentage Interest
Class Type
A-1
274,102,000
AAA
4.125(2)
3.72
3/11-8/28
7.50%
$100,000
Senior
A-IO
274,102,000(3)
AAA
0.654(4)
N/A
N/A
N/A
100%
Notional/Senior
B-1
7,408,000
AA
4.779(5)
8.74
3/11-11/24
5.00%
$100,000
Subordinate
B-2
5,186,000
A
4.779(5)
8.74
3/11-11/24
3.25%
$100,000
Subordinate
B-3
3,704,000
BBB
4.779(5)
8.74
3/11-11/24
2.00%
$100,000
Subordinate
 
Non-Offered Certificates
 
Class
Expected Initial Class Principal Amount ($)(1)
Expected Ratings (Fitch)
Approximate Initial Interest Rate (%)
Expected WAL Mat. (Years)(1)
Expected Prin. Window Mat. (Months)(1)
 
Expected
Initial Credit Enhancement
Minimum Denomination or Percentage Interest
Class Type
B-4
2,223,000
BB
4.779(5)
Not Offered Hereby
Subordinate
B-5
3,703,815
NR/NR
4.779(5)
Subordinate
R
$0
NR/NR
N/A
Residual
LT-R
$0
NR/NR
N/A
Residual
 
Information is preliminary and subject to final collateral and legal review.  The analyses, calculations and valuations herein are based on certain assumptions and data provided by third parties that may vary from the actual characteristics of the final collateral.  Investors should rely on the information contained in the preliminary prospectus supplement.
 
(1)
The principal amounts and notional amounts presented in this term sheet are approximate and subject to a +/- 5% variance.  Weighted average lives and principal windows with respect to the Offered Certificates assume prepayments occur at the pricing speed of 20% CPR, calculated from the Expected Investor Settlement Date, assuming the Offered Certificates pay on the 25th of the each month beginning in March 2011.
(2)
The interest rate on the Class A-1 Certificates will be an annual rate equal to the lesser of (i) the Net WAC for such distribution date and (ii) approximately 4.125%.
(3)
Notional amount.  The Class A-IO Certificates will not be entitled to distributions of principal.  The Class A-IO Certificates will accrue interest on a notional amount equal to the class principal amount of the Class A-1 Certificates immediately prior to such distribution date.
(4)
The interest rate on the Class A-IO Certificates will be an annual rate equal to the excess, if any, of the Net WAC over approximately 4.125%.
(5)
Net WAC. Net WAC is an annual rate equal to the weighted average of the net mortgage rates of the mortgage loans during the applicable period.

 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Issuer
  
Sequoia Mortgage Trust 2011-1
       
Title of Series
  
Sequoia Mortgage Pass-Through Certificates, Series 2011-1
      
Sponsor
  
RWT Holdings, Inc.
       
Seller
  
Redwood Residential Acquisition Corporation
      
Depositor
  
Sequoia Residential Funding, Inc.
      
Trustee
  
Citibank, N.A.
     
Securities Administrator, Paying Agent, Certificate Registrar, and Authenticating Agent
  
Wells Fargo Bank, N.A.
     
Master Servicer
  
Wells Fargo Bank, N.A.
        
Servicers
  
First Republic Bank 65.08%; PHH Mortgage Corporation 34.92%
       
Originators
  
First Republic Bank 65.08%; PHH Mortgage Corporation 34.92%
       
Custodian
  
Wells Fargo Bank, N.A.
      
Controlling Holder
  
At any time, any affiliate of the Depositor, other than the Seller, so long as that entity is the holder of the majority of the Class Principal Amount of the most subordinate class of certificates then outstanding with a Class Principal Amount greater than zero.
     
Ratings
  
In preparing for the offering, the sponsor engaged both Fitch, Inc. (“Fitch”) and Moody's Investors Service, Inc. (“Moody’s”) to provide ratings on the Offered Certificates. Accordingly, the sponsor executed an engagement letter with Fitch and executed a ratings application to Moody’s setting forth the terms on which each of Fitch and Moody’s, respectively, would provide such ratings.
       
Fitch, Inc. will rate the Offered Certificates. It is expected that the Offered Certificates will be assigned the credit ratings from Fitch on page 3 of this Term Sheet.
   
With respect to Moody’s, the sponsor subsequently terminated its rating application because the sponsor disagreed with Moody’s preliminary assessment of the risks attributable to the mortgage loans, including, without limitation, the risks attributable to the geographic concentration of the mortgage loans. Moody’s preliminary assessment of the risks attributable to the mortgage loans contributed to a preliminary determination by Moody’s that the initial subordination level needed to support the Aaa-rated Offered Certificates would be 10%.
     
Cut off Date
  
The close of business on February 1, 2011.
     
Expected Closing Date
  
On or about March 1, 2011.
     
Expected Investor Settlement Date
  
On or about March 1, 2011.
     
Distribution Dates
  
The 25th day of each month or if not a business day, the next succeeding business day commencing in March 2011.
     
Accrual Period
  
For each Distribution Date, the calendar month preceding such Distribution Date, calculated on a 30/360 basis.
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Residual Certificates
  
The Class R Certificates and Class LT-R Certificates.
     
Senior Certificates
  
The Class A-1 and Class A-IO Certificates.
     
Subordinate Certificates
  
The Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates.
     
Offered Certificates
  
The Class A-1, Class A-IO, Class B-1, Class B-2 and Class B-3 Certificates will be offered.
     
Non-offered Certificates
  
The Class B-4, Class B-5, Class R and Class LT-R Certificates will not be offered.
     
The Mortgage Loans
  
303 fully amortizing fixed rate mortgage loans (representing approximately 57.32% of the mortgage pool) and hybrid mortgage loans (representing approximately 42.68% of the mortgage pool).  The hybrid mortgage loans generally provide for (a) interest at a fixed rate during an initial period of ten years from their origination and at an adjustable rate thereafter and (b) payments of interest at the related mortgage rate, but no payments of principal, for a period of ten years following their origination.
    
All of the mortgage loans are secured by first liens on one-to two-family residential properties, condominiums, cooperative units, planned unit developments and townhouses.
    
Approximately 63.04% of the mortgage loans require prepayment charges if, during either the first three or the first five years after the origination of the mortgage loan, either (a) the mortgage loan is prepaid in full or (b) the total of all prepayments during any twelve month period exceeds twenty percent (20%) of the original principal balance of the mortgage loan.   The amount of the prepayment charge is equal to the lesser of (i) one percent (1%) of the sum of the principal balance after the prepayment and the amount by which the prepayment exceeds the allowable prepayment of twenty percent (20%) of the original principal balance or (ii) six months’ advance interest on the amount prepaid that exceeds the allowable twenty percent of the original principal balance, calculated at the interest rate in effect on the date of prepayment.  Prepayment charges are not the property of the trust fund and will not be paid to certificateholders.
     
Fees and Expenses
  
Before distributions are made on the certificates, each Servicer will be paid a monthly fee calculated as 0.25% annually on the principal balance of the related mortgage loans.  The Master Servicer will be paid a monthly fee calculated as 0.019% annually on the principal balances of the mortgage loans.  The servicing and the master servicing fees will be deducted by each Servicer and the Master Servicer from interest collections, including liquidation proceeds and other proceeds from the mortgage loans, prior to remittance of funds to certificateholders.  The Securities Administrator will be entitled to income earned on amounts on deposit in the distribution account.  The Master Servicer will pay the fees of the Trustee, the Custodian and the Securities Administrator.  The Master Servicer, the Securities Administrator, the Trustee and the Custodian will also be entitled to reimbursement of certain expenses from the issuing entity before payments are made on the certificates, subject to an aggregate annual cap of $300,000.
     
Structure
  
Senior/subordinate, shifting interest.
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
Credit Enhancement
  
Credit enhancement for the Senior Certificates will be provided by a senior/subordinate, shifting interest structure.  The Subordinate Certificates are subordinate to, and provide credit enhancement for, the Senior Certificates.

 
Certificates
Fitch
Bond Size
Initial Subordination
 
Class A-1
AAA
92.50%
7.50%
 
Monthly Advances
  
The Servicers are generally obligated to advance delinquent payments of principal and interest (to the extent such advances are deemed recoverable). The Servicers will be entitled to be reimbursed for these advances, and therefore these advances are not a form of credit enhancement.
   
The Master Servicer, as successor servicer, will be obligated to make any required advance if a Servicer fails in its obligation to do so.  The Master Servicer and the Servicers will be entitled to reimburse themselves for any such advances from future payments and collections with respect to the mortgage loans serviced by such Servicer or the Master Servicer.
     
Compensating Interest
  
Each Servicer will provide compensating interest for prepayment interest shortfalls which result from a borrower prepaying a mortgage loan in full or in part up to the amount of the Servicer’s servicing fee for the related month.  If a Servicer fails to make a required payment in respect of such shortfalls, the Master Servicer will be obligated to fund any such shortfall, but only to the extent of the master servicing fee.
     
Reimbursements of Modified Loans
  
The Servicers may be entitled to reimburse themselves for advances, if any, at the time of modification of any mortgage loan from collections with respect to other mortgage loans.
     
Class Principal Amount
  
For each class of certificates on any Distribution Date, an amount equal to the aggregate Certificate Principal Amounts of the certificates of that class immediately prior to each Distribution Date.
     
Certificate Principal Amount
  
For any certificate (other than the Class A-IO, Class R, and Class LT-R Certificates), at the time of determination, the maximum specified dollar amount of principal to which the holder of the certificate is then entitled, that amount being equal to the initial principal amount set forth on the face of the certificate, as reduced by the amount of all principal distributions previously made with respect to that certificate, the principal portion of any Realized Losses previously allocated to that certificate and any Certificate Writedown Amount previously allocated to that certificate; provided, however, that on any Distribution Date on which a subsequent recovery is distributed, the Certificate Principal Amount of any certificate then outstanding to which a Realized Loss amount has been applied will be increased, sequentially in order of seniority, by an amount equal to the lesser of (i) the principal portion of any realized loss amount previously allocated to that certificate to the extent not previously recovered and (ii) the principal portion of any subsequent recovery allocable to such certificate, after application (for this purpose) to more senior classes of certificates, and provided further that on any Distribution Date on which the aggregate stated principal balance of the mortgage loans exceeds the aggregate of the Certificate Principal Amounts of the certificates, the Certificate Principal Amounts of the certificates with the lowest payment priority, including any certificates whose Certificate Principal Amount has been reduced to zero, will be increased, up to the principal portion of any Realized Loss amounts previously allocated to those certificates and not recovered.
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
Certificate Writedown Amount
  
The amount by which the aggregate Certificate Principal Amount of all the certificates (other than the Class A-IO, Class R and Class LT-R Certificates) on any distribution date (after giving effect to distributions of principal and allocations of Realized Losses on that distribution date) exceeds the aggregate stated principal balance of the mortgage loans for the Distribution Date.
     
Senior Percentage
(Senior %)
  
For any Distribution Date and the Class A-1 Certificates, the percentage equivalent of a fraction, the numerator of which is the Class Principal Amount of the Class A-1 Certificates immediately prior to such date and the denominator of which is the aggregate stated principal balance of the mortgage loans as of the preceding Distribution Date.
 
Senior Prepayment Percentage
  
For any Distribution Date, the following:
 
 
Distribution Date occurring in the period
Senior Prepayment Percentage
 
March 2011-February 2016
100%
 
March 2016-February 2017
the Senior % plus 70% of the Subordinate %
 
March 2017-February 2018
the Senior % plus 60% of the Subordinate %
 
March 2018-February 2019
the Senior % plus 40% of the Subordinate %
 
March 2019-February 2020
the Senior % plus 20% of the Subordinate %
 
March 2020 and thereafter
the Senior %
 
   
provided, however, that there will be no reduction in the Senior Prepayment Percentage on any Distribution Date unless the Step-Down Test is satisfied; and provided, further, that if on any distribution date on or after the Distribution Date in March 2016, the Senior Percentage exceeds the initial Senior Percentage, the Senior Prepayment Percentage for that Distribution Date will again equal 100%.
     
If on any Distribution Date the allocation to the Senior Certificates then entitled to distributions of principal of full and partial principal prepayments and other amounts in the percentage required above would reduce the aggregate of the Class Principal Amounts of those certificates to below zero, the Senior Prepayment Percentage for that Distribution Date will be limited to the percentage necessary to reduce that Class Principal Amount to zero.
     
Subordinate Percentage
(Subordinate %)
  
For any Distribution Date, the difference between 100% and the Senior Percentage on that distribution date.  The initial Subordinate Percentage will be approximately 7.50%.
     
Subordinate Prepayment Percentage
  
For any Distribution Date, the difference between 100% and the Senior Prepayment Percentage on that distribution date.
     
Class Subordinate Percentage
  
For any Distribution Date and each class of Subordinate Certificates, an amount equal to a fraction (expressed as a percentage), the numerator of which is the Class Principal Amount of that class immediately before that Distribution Date and the denominator of which is the aggregate of the Class Principal Amounts of all classes of certificates (other than the Class A-IO, Class R and Class LT-R Certificates) immediately before that Distribution Date.
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
Step-Down Test
  
As to any Distribution Date, the test that will be satisfied if both of the following conditions are met: first, the outstanding principal balance of all mortgage loans delinquent 60 days or more (including mortgage loans in foreclosure, REO Property or bankruptcy status), any mortgage loans subject to a servicing modification within the 12 months prior to that Distribution Date and any mortgage loans 120 or more days delinquent that were purchased by the Controlling Holder within the 12 months prior to that Distribution Date, averaged over the preceding six month period, as a percentage of the aggregate Class Principal Amount on such Distribution Date (without giving effect to any payments on such Distribution Date) of the Subordinate Certificates, does not equal or exceed 50%; and second, cumulative Realized Losses on the mortgage loans do not exceed:
 
 
Distribution Date occurring in the period
Cumulative Realized Losses as a % of the original Aggregate Subordinate Class Principal Amounts
 
March 2016-February 2017
30%
 
March 2017-February 2018
35%
 
March 2018-February 2019
40%
 
March 2019-February 2020
45%
 
March 2020 and thereafter
50%
 
Realized Loss
  
An amount equal to (a) with respect to each liquidated mortgage loan, an amount (not less than zero or more than the stated principal balance of the mortgage loan plus accrued interest) as of the date of such liquidation, equal to (i) the unpaid principal balance of the liquidated mortgage loan as of the date of such liquidation, plus (ii) interest at the net mortgage rate from the due date as to which interest was last paid by the borrower up to the Due Date in the month in which liquidation proceeds are required to be distributed on the stated principal balance of such liquidated mortgage loan from time to time, minus (iii) the liquidation proceeds received during the month in which such liquidation occurred, to the extent not previously applied as recoveries of interest at the net mortgage rate and to principal of the liquidated mortgage loan,
  
(b) the amount by which, in the event of bankruptcy of a borrower, a bankruptcy court reduces the secured debt to the value of the related mortgaged property
  
or
  
(c) with respect to a mortgage loan that has been the subject of a servicing modification, any principal due on the mortgage loan that has been written off by the servicer and any principal forbearance amount.
     
Payment Priority
  
On each Distribution Date, the Available Distribution Amount in respect of the mortgage loans will be distributed in the following order of priority:
  
First, to the Class A-1 Certificates and then to the Class A-IO Certificates, such class’s Interest Distribution Amount and accrued and unpaid Interest Distribution Amounts from prior periods;
  
Second, to the Class A-1 Certificates, the Senior Principal Distribution Amount, until its Class Principal Amount been reduced to zero; and
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

   
Third, sequentially, to the Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, in that order, such class’s Interest Distribution Amount and accrued and unpaid Interest Distribution Amounts from prior periods, and then such class’s pro rata share (based on the Class Principal Amount of each class entitled thereon) of the Subordinate Principal Distribution Amount until the Class Principal Amount for such class has been reduced to zero.
     
Interest Distribution Amount
  
For each class of certificates on any Distribution Date, the current interest for that class on that Distribution Date as reduced by each such class’ share of Net Interest Shortfalls, which will be allocated to each class on a pro rata basis based on the amount of current interest payable to each such class.
     
Net Interest Shortfall
  
For any Distribution Date, the sum of (i) any Net Prepayment Interest Shortfalls for that Distribution Date and (ii) the amount of interest which would otherwise have been received with respect to any mortgage loan that was subject to a reduction in the amount of monthly interest payment on a mortgage loan pursuant to the Relief Act or similar state or local law.
     
Net Prepayment Interest Shortfall
  
For any Distribution Date, the amount by which a prepayment interest shortfall for the related due period exceeds the amount that a Servicer is obligated to remit pursuant to the related servicing agreement and/or the Master Servicer is obligated to remit pursuant to the pooling and servicing agreement to cover such shortfall for such due date.
     
Senior Principal Distribution Amount
  
On each Distribution Date, the Available Distribution Amount remaining after payment of interest with respect to the Senior Certificates, up to the amount of the Senior Principal Distribution Amount for such Distribution Date, will be distributed as principal to the Class A-1 Certificates.
   
The “Senior Principal Distribution Amount” for any Distribution Date will equal the sum of:
   
(1)   the product of (a) the Senior Percentage and (b) the principal portion of the scheduled payment due on each mortgage loan in the mortgage pool on the related due date, whether or not received;
   
(2)   the product of (a) the Senior Prepayment Percentage and (b) each of the following amounts: (i) the principal portion of each full and partial principal prepayment made by a borrower on a mortgage loan during the related prepayment period; (ii) each other unscheduled collection, including subsequent recoveries, insurance proceeds and net liquidation proceeds (other than with respect to any mortgage loan that was finally liquidated during the related prepayment period) representing or allocable to recoveries of principal of the mortgage loans received during the related prepayment period; (iii) the principal portion of the purchase price of each mortgage loan purchased by an Originator or the Seller due to a material breach of a representation and warranty with respect to such mortgage loan or, in the case of a permitted substitution of a defective mortgage loan, the amount representing any Substitution Amount in connection with any such replaced mortgage loan included in the Available Distribution Amount for such Distribution Date; and (iv) the principal portion of the purchase price for mortgage loans that are at least 120 days delinquent that the Controlling Holder may elect to purchase and the principal portion of the purchase price for mortgage loans paid by a party exercising its right to terminate the trust fund;
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

   
(3)   with respect to each mortgage loan that became a liquidated mortgage loan during the related prepayment period, the lesser of (a) the net liquidation proceeds allocable to principal and (b) the product of (i) the Senior Prepayment Percentage for that Distribution Date and (ii) the remaining principal balance of the mortgage loan at the time of liquidation; and
  
(4)   any amounts described in clauses (1) through (3) above that remain unpaid with respect to the Senior Certificates from prior Distribution Dates.
   
If on any Distribution Date the allocation to the Class A-1 Certificates of full and partial principal prepayments and other amounts in the percentage required above would reduce the Class Principal Amount of such certificates below zero, the distribution to such class of certificates of the Senior Prepayment Percentage of those amounts for that Distribution Date will be limited to the percentage necessary to reduce the Class Principal Amount to zero.
   
In addition, if on any Distribution Date the aggregate of the Class Principal Amounts of the Subordinate Certificates was reduced to less than or equal to 1.25% of the stated principal balance of the mortgage loans as of the closing date, the Senior Principal Distribution Amount for each succeeding Distribution Date will include all principal collections on the mortgage loans distributable on that distribution date, and the Subordinate Principal Distribution Amount will be zero, until the Class Principal Amount of the Class A-1 Certificates is reduced to zero.
     
Subordinate Principal Distribution Amount
  
For each Distribution Date the sum of:
  
(1) the product of (a) the Subordinate Percentage and (b) the principal portion of each related scheduled payment on each mortgage loan due during the related due period, whether or not received;
   
(2) the product of (a) the Subordinate Prepayment Percentage and (b) each of the following amounts: (i) the principal portion of each full and partial principal prepayment made by a borrower on a mortgage loan during the related prepayment period, (ii) each other unscheduled collection, including subsequent recoveries, insurance proceeds and net liquidation proceeds (other than with respect to any mortgage loan that was finally liquidated during the related prepayment period), representing or allocable to recoveries of principal of mortgage loans received during the related prepayment period; (iii) the principal portion of the purchase price of each mortgage loan that was purchased by an Originator or the Seller due to a material breach of a representation and warranty with respect to such mortgage loan or, in the case of a permitted substitution of a defective mortgage loan, the amount representing any Substitution Amount in connection with any such replaced mortgage loan included in the Available Distribution Amount for such Distribution Date; and (iv) the principal portion of the purchase price for mortgage loans that are at least 120 days delinquent that the Controlling Holder may elect to purchase and the principal portion of the purchase price for mortgage loans paid by a party exercising its right to terminate the trust fund;
   
(3) with respect to unscheduled recoveries allocable to principal of any mortgage loan that was finally liquidated during the related prepayment period, the related net liquidation proceeds allocable to principal, to the extent not distributed pursuant to clause (3) of the definition of Senior Principal Distribution Amount); and
 
 
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Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

   
(4) any amounts described in clauses (1) through (3) for any previous Distribution Date that remain unpaid.
   
Notwithstanding the above, with respect to each class of Subordinate Certificates other than the Class B-1 Certificates, if on any Distribution Date the Class Principal Amount of that class and the aggregate of the Class Principal Amounts of all classes of Subordinate Certificates which have a lower payment priority than that class was reduced to less than or equal to 1.25% of the stated principal balance of the mortgage loans as of the closing date, the portion of the Subordinate Principal Distribution Amount otherwise distributable to such class or classes on each succeeding Distribution Date will be allocated among the Subordinate Certificates with a higher payment priority then entitled to principal, pro rata, based on their respective Class Principal Amounts and the excess, if any, will be included in the Senior Principal Distribution Amount for such Distribution Date.
    
If on any Distribution Date the aggregate of the Class Principal Amounts of the Subordinate Certificates was reduced to less than or equal to 1.25% of the stated principal balance of the mortgage loans as of the closing date, the Senior Principal Distribution Amount for each succeeding Distribution Date will include all principal collections on the mortgage loans distributable on that Distribution Date, and the Subordinate Principal Distribution Amount will be zero, until the Class Principal Amount of the Class A-1 Certificates is reduced to zero, then the Subordinate Principal Distribution Amount will be allocated to the Subordinate Certificates then outstanding, sequentially in order of payment priority, until the Class Principal Amount of each such class is reduced to zero.
     
Available Distribution Amount
  
With respect to any Distribution Date, the sum of the following amounts with respect to the mortgage loans: (i) all scheduled payments of interest (net of the servicing fees and the master servicing fee) and principal due during the related due period, together with any advances in respect thereof;  (ii) insurance proceeds received during the related prepayment period; (iii) liquidation proceeds received during the related prepayment period (net of unreimbursed expenses incurred in connection with a liquidation or foreclosure and unreimbursed monthly advances and servicing advances, if any); (iv) subsequent recoveries received during the related prepayment period; (v) all partial or full prepayments of principal, together with any accrued interest thereon, identified as having been received on the mortgage loans during the related prepayment period, plus any amounts received from the related servicer in respect of prepayment interest shortfalls on such mortgage loans; (vi) amounts received with respect to such Distribution Date as the substitution amount and the purchase price in respect of a deleted mortgage loan or a mortgage loan purchased by an originator or the seller as of such Distribution Date as a result of a breach of a representation or warranty, or by the Controlling Holder pursuant to its option to purchase mortgage loans that are at least 120 days delinquent; and (vii) the purchase price paid by the party exercising its right to purchase the mortgage loans and terminate the trust fund, if applicable;
 
 
- 11 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
   
minus
   
(viii) amounts applied to reimburse monthly advances and servicing advances previously made and all charges and other amounts as to which the Servicers are entitled to be reimbursed pursuant to the servicing agreements; (ix) amounts applied to reimburse monthly advances and servicing advances previously made as to which the Master Servicer is entitled to be reimbursed pursuant to the pool and servicing agreement; and (x) an amount equal to all charges and other amounts payable or reimbursable (other than the master servicing fee) to the Master Servicer, the Securities Administrator and the Trustee under the pooling and servicing agreement and the Custodian under the custodial agreement (subject to an aggregate maximum amount of $300,000 annually to be paid to such parties collectively).
     
Applicable Credit Support Percentage
  
For each class of Subordinate Certificates and any Distribution Date, the sum of the Class Subordination Percentage of that class and the aggregate Class Subordination Percentage of all other classes of Subordinate Certificates having higher numerical class designations than that class. The approximate original Applicable Credit Support Percentages for each class of Subordinate Certificates on the date of issuance of such certificates are expected to be as follows:
 
 
Class
Approximate Applicable Credit Support Percentage
 
B-1
7.50%
 
B-2
5.00%
 
B-3
3.25%
 
B-4
2.00%
 
B-5
1.25%
 
Allocation of Realized Losses
  
If a Realized Loss occurs on the mortgage loans (including a servicing modification resulting in a reduction of the outstanding principal amount of such mortgage loan or a principal forbearance), then, on each Distribution Date, the principal portion of that Realized Loss will be allocated first, to reduce the Class Principal Amount of each class of Subordinate Certificates, in inverse order of priority, until the Class Principal Amount thereof has been reduced to zero (that is, such Realized Losses will be allocated to the Class B-5 Certificates while those certificates are outstanding, then to the Class B-4 Certificates while those certificates are outstanding, then to the Class B-3 Certificates while those certificates are still outstanding, and so forth) and second, to the Class A-1 Certificates.  In determining whether a Realized Loss is a loss of principal or of interest, Liquidation Proceeds and other recoveries on a mortgage loan will be applied first to outstanding expenses incurred with respect to such mortgage loan, then to accrued, unpaid interest, and finally to principal.
     
Sponsor’s Risk Retention
  
The Class B-2, Class B-3, Class B-4, Class B-5, Class R and Class LT-R Certificates will initially be purchased by the Sponsor or one or more of its affiliates. The Sponsor or one or more of its affiliates will continue to retain the Class B-2, Class B-3, Class B-4, Class B-5, Class R and Class LT-R Certificates (the “Retained Certificates”) until such time as regulations governing sponsor/seller risk retention have been finalized and become effective. Once regulations have become effective, the Sponsor or one or more of its affiliates may cease to retain any portion of the Retained Certificates that are in excess of what is then required to be retained under applicable regulations, regardless of whether those regulations retroactively apply to the certificates. If those regulations require sponsors or sellers to retain a larger portion of the certificates than previously retained, the Sponsor or one or more of its affiliates do not currently intend to correspondingly increase their holdings of certificates.
 
 
- 12 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Dispute Resolution
  
In the event there is a dispute arising from an unresolved repurchase request for a potential violation of any representation or warranty made at the time of closing by an Originator, such Originator has agreed to submit to binding arbitration by a non-affiliated third party to resolve the dispute.
     
Clean-up Call
  
On any date on which the total stated principal balance of the mortgage loans has declined to less than 20% of the initial total stated principal balance of the mortgage loans as of the Cut-Off Date, subject to satisfaction of the conditions described in the pooling and servicing agreement, the holder of the Class LT-R Certificate may purchase all of the mortgage loans from the trust fund, thereby causing an early retirement of the certificates.
     
Registration
  
The Offered Certificates will be issuable in book-entry form through DTC.
     
Federal Tax Treatment
  
The Securities Administrator, on behalf of the Trustee, will elect to treat all or a portion of the trust fund as one or more “real estate mortgage investment conduits” or “REMICs” for federal income tax purposes.  Certain of the Offered Certificates may be issued with original issue discount for federal income tax purposes.
     
ERISA Considerations
  
Each beneficial owner of Class A-1 Certificates and Class B-1 Certificates or any interest therein shall be deemed to have represented, by virtue of its acquisition or holding of that certificate or interest therein, that either (i) it is not a Plan investor; (ii) it has acquired and is holding such Class A-1 Certificates or Class B-1 Certificates, as applicable, in reliance on the Underwriter Exemption, and it understands that there are certain conditions to the availability of the Underwriter Exemption, including that the Class A-1 Certificates and Class B-1 Certificates, as applicable, must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by Standard & Poor’s,  Moody’s, Fitch, DBRS Limited or DBRS Inc.; or (iii) (1) it is an insurance company, (2) the source of funds used to acquire or hold the certificate or interest therein is an “insurance company general account,” as such term is defined in Section V(e) of Prohibited Transaction Class Exemption, or PTCE, 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.
     
Sales of the Class A-IO, Class B-2 and Class B-3 Certificates to Plans are prohibited.
     
SMMEA Treatment
  
The Senior Certificates and the Class B-1 Certificates will be “mortgage related securities” for purposes of the Secondary Mortgage Market Enhancement Act of 1984 (“SMMEA”) so long as they are rated in one of the two highest rating categories by at least one nationally recognized statistical rating agency.
     
Stated Final Maturity Date
  
The payment date in March 2041.  The actual final payment date could be substantially earlier.
     
Record Date
  
For the first Distribution Date, the closing date.  For any other Distribution Date, the last business day of the calendar month preceding the related Distribution Date.
     
Diligence Review of Mortgage Loans
  
The sponsor, prior to including the mortgage loans in the mortgage pool, engaged a third-party loan review firm to conduct the review of the mortgage loans summarized below.
 
 
- 13 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

   
Credit and Compliance Review
     
The Sponsor conducted a credit and compliance review of approximately 80% (by number of mortgage loans) of the mortgage loans.  The review consisted of a review of the documentation in each originator’s loan files relating to the creditworthiness of the borrowers, and an assessment of whether the characteristics of the mortgage loans and the borrowers specified in the loan data provided to the Sponsor reasonably conformed to the data contained in the loan documentation included in the loan file and the underwriting guidelines previously provided to the Sponsor.  The Sponsor also reviewed exceptions to the underwriting guidelines that were permitted by each Originator and related compensating factors for those mortgage loans.
   
Appraisal Review
   
The Sponsor reviewed approximately 94% (by number of mortgage loans) of the appraisals for the mortgaged properties obtained in connection with the origination of the mortgage loans to assess compliance with the Originators’ appraisal guidelines and standards in effect at the time of origination.  In some cases, the review included using an automated valuation method (AVM), broker price opinion (BPO) or other value reconciliation methodology to determine whether there was support for the reasonableness of the original appraised value, including comparisons to publicly available market data.
     
Rights of Controlling Holder
  
The Controlling Holder will have the ability to affect the timing of foreclosures and sales of the mortgage loans or related mortgaged properties and certain loss mitigation decisions in accordance with the provisions of the transaction documents, which abilities shall include, but are not limited to, the following: (i) the option (but not the obligation) to purchase from the trust fund any mortgage loan that is 120 days or more delinquent at a purchase price determined in accordance with guidelines adopted by the Controlling Holder to be equal to the then fair market value of the mortgage loan at the time of purchase, provided that at the time of purchase the mortgage loan remains delinquent and (ii) the right, in its sole discretion, to pursue an action (a) in respect of an alleged breach by an Originator of a representation and warranty relating to the characteristics of the mortgage loans or (b) if any mortgage loan document required to be delivered to the Trustee or the Custodian is found to be missing or defective in any material respect and the originator does not cure such defect within the period specified in the related servicing agreement.
     
Substitution Amount
  
For any month in which an originator substitutes one or more qualified substitute mortgage loans for one or more deleted mortgage loans as a result of a breach of a representation or warranty with respect to a mortgage loan, the amount by which the aggregate purchase price of all of the deleted mortgage loans exceeds the aggregate stated principal balance of the qualified substitute mortgage loans, together with one month’s interest at the net mortgage rate.
 
 
- 14 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Class A-1 Certificates Yield Table

Price: 100-00
10% CPR
15% CPR
20% CPR
25%CPR
30% CPR
Yield
4.058%
4.066%
4.064%
4.054%
4.037%
Weighted Average Life (years)
7.29
5.06
3.72
2.85
2.25
Modified Duration (years)
5.7
4.2
3.2
2.5
2.1
Principal Window (months)
1-314
1-261
1-210
1-171
1-141

Assumption:
1-Month LIBOR = 0.265%
 
- 15 -

Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Collateral Summary
Statistics for the Mortgage Loans listed below are based on Cut-off Date scheduled balances.
       
   
Minimum
Maximum
       
Scheduled Principal Balance:
 $     296,326,815.10
    
Number of Mortgage Loans:
303
    
30 Years Fixed Percentage:
57.32%
    
Hybrid 10 Years Fixed Percentage:
42.68%
    
Average Scheduled Principal Balance:
 $            977,976.29
 $   441,000.00
 $    2,050,000.00
Weighted Average Gross Coupon:
5.048%
4.400%
5.750%
Weighted Average Seasoning:
8 months
1 month
23 months
Weighted Average Months to Next Rate Adjustment(2):
106 months
97 months
119 months
Weighted Average Original LTV Ratio:
58.79%
14.47%
80.00%
Weighted Average Original Combined LTV Ratio(1):
62.78%
14.47%
80.00%
Weighted Average Original Credit Score:
775
701
815
Weighted Average Debt-to-Income Ratio:
28.81%
2.51%
58.43%
Interest Only (10 Years) Loans Percentage:
42.19%
    
Weighted Average Gross Margin(2):
1.496%
1.000%
1.650%
Weighted Average Initial Periodic Rate Cap(2) (3):
None
None
None
Weighted Average Subsequent Periodic Rate Cap(2) (3):
None
None
None
Weighted Average Gross Maximum Lifetime Rate(2):
9.96%
9.40%
10.55%
Weighted Average Gross Minimum Lifetime Rate(2):
2.90%
2.90%
2.90%
Weighted Average Original Term:
360 months
360 months
360 months
Weighted Average Stated Remaining Term:
352 months
337 months
359 months
First Lien Percentage:
100%
    
Loans with Seconds at Origination:
30.21%
    
(1) The weighed average combined loan-to-value ratio of the mortgage loans at origination was approximately 62.78%.  The original combined loan-to-value was calculated using the full lien amount (drawn and undrawn) for the second mortgage.  Using only the drawn amount of the second mortgage at the time of origination, the original combined loan-to-value ratio would have been approximately 61.63%
(2) Describes Hybrid 10 Year Fixed mortgage loans only
(3) The Hybrid 10 Year Fixed mortgage loans do not have an Initial Periodic Rate Cap or a Subsequent Periodic Rate Cap.  The Hybrid 10 Year Fixed mortgage loans are subject to a minimum floor of approximately 2.900% and the related maximum rate on the mortgage loans.

 
- 16 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Product Type of the Mortgage Loans
Product Type
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
30 Year Fixed Rate
  
192
  
169,853,720.08
  
57.32
  
884,654.79
  
5.113
  
773
  
63.34
  
66.92
Hybrid 10 Year Fixed
  
111
  
126,473,095.02
  
42.68
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Principal Balances of the Mortgage Loans at Origination
Range of Original Principal
Balances ($)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
441,000.00 - 500,000.00
  
14
  
6,650,767.52
  
2.24
  
475,054.82
  
5.144
  
775
  
66.64
  
66.64
500,000.01 - 600,000.00
  
30
  
16,835,187.43
  
5.68
  
561,172.91
  
5.087
  
779
  
65.85
  
68.50
600,000.01 - 700,000.00
  
28
  
18,419,099.41
  
6.22
  
657,824.98
  
5.091
  
777
  
64.14
  
67.08
700,000.01 - 800,000.00
  
33
  
24,366,036.21
  
8.22
  
738,364.73
  
5.178
  
768
  
68.06
  
69.76
800,000.01 - 900,000.00
  
32
  
27,239,026.50
  
9.19
  
851,219.58
  
5.137
  
773
  
62.84
  
66.55
900,000.01 - 1,000,000.00
  
56
  
53,984,388.35
  
18.22
  
964,006.93
  
5.066
  
776
  
54.62
  
61.53
1,000,000.01 - 1,100,000.00
  
28
  
30,092,492.14
  
10.16
  
1,074,731.86
  
4.993
  
770
  
56.30
  
60.32
1,100,000.01 - 1,200,000.00
  
17
  
19,336,587.96
  
6.53
  
1,137,446.35
  
5.014
  
776
  
57.78
  
60.45
1,200,000.01 - 1,300,000.00
  
10
  
12,516,567.33
  
4.22
  
1,251,656.73
  
5.036
  
771
  
63.42
  
65.81
1,300,000.01 - 1,400,000.00
  
13
  
17,466,931.93
  
5.89
  
1,343,610.15
  
5.080
  
775
  
56.91
  
61.91
1,400,000.01 - 1,500,000.00
  
14
  
20,188,921.06
  
6.81
  
1,442,065.79
  
4.921
  
788
  
57.70
  
63.00
1,500,000.01 - 1,600,000.00
  
4
  
5,959,750.55
  
2.01
  
1,489,937.64
  
4.766
  
778
  
57.39
  
57.39
1,600,000.01 - 1,700,000.00
  
4
  
6,617,892.27
  
2.23
  
1,654,473.07
  
5.078
  
766
  
65.75
  
66.95
1,700,000.01 - 1,800,000.00
  
6
  
10,069,691.96
  
3.40
  
1,678,281.99
  
5.012
  
782
  
58.05
  
60.24
1,800,000.01 - 1,900,000.00
  
3
  
5,534,905.59
  
1.87
  
1,844,968.53
  
5.333
  
763
  
64.41
  
64.41
1,900,000.01 - 2,000,000.00
  
8
  
15,544,239.72
  
5.25
  
1,943,029.96
  
4.828
  
774
  
41.00
  
49.68
2,000,000.01 - 2,100,000.00
  
3
  
5,504,329.17
  
1.86
  
1,834,776.39
  
4.969
  
761
  
45.23
  
46.66
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The average loan balance of the mortgage loans at origination was approximately $992,774.87.

 
- 17 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Principal Balances of the Mortgage Loans as of the Cut-off Date
Range of Current Principal
Balances ($)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
441,000.00 - 500,000.00
  
14
  
6,650,767.52
  
2.24
  
475,054.82
  
5.144
  
775
  
66.64
  
66.64
500,000.01 - 600,000.00
  
31
  
17,418,667.55
  
5.88
  
561,892.50
  
5.084
  
778
  
65.33
  
68.03
600,000.01 - 700,000.00
  
31
  
20,548,577.11
  
6.93
  
662,857.33
  
5.106
  
777
  
64.91
  
67.42
700,000.01 - 800,000.00
  
32
  
23,990,064.31
  
8.10
  
749,689.51
  
5.177
  
768
  
66.93
  
69.10
800,000.01 - 900,000.00
  
33
  
28,278,826.71
  
9.54
  
856,934.14
  
5.108
  
774
  
63.90
  
67.49
900,000.01 - 1,000,000.00
  
55
  
53,469,619.98
  
18.04
  
972,174.91
  
5.082
  
776
  
53.99
  
60.76
1,000,000.01 - 1,100,000.00
  
28
  
30,162,746.88
  
10.18
  
1,077,240.96
  
4.979
  
770
  
56.73
  
60.74
1,100,000.01 - 1,200,000.00
  
15
  
17,364,187.96
  
5.86
  
1,157,612.53
  
5.011
  
775
  
56.48
  
59.45
1,200,000.01 - 1,300,000.00
  
11
  
13,814,567.33
  
4.66
  
1,255,869.76
  
5.013
  
772
  
62.86
  
65.02
1,300,000.01 - 1,400,000.00
  
13
  
17,523,880.26
  
5.91
  
1,347,990.79
  
5.068
  
774
  
56.11
  
61.10
1,400,000.01 - 1,500,000.00
  
15
  
22,071,656.00
  
7.45
  
1,471,443.73
  
4.891
  
788
  
58.98
  
63.83
1,500,000.01 - 1,600,000.00
  
4
  
6,203,152.22
  
2.09
  
1,550,788.05
  
4.838
  
781
  
58.23
  
61.58
1,600,000.01 - 1,700,000.00
  
4
  
6,617,892.27
  
2.23
  
1,654,473.07
  
5.078
  
766
  
65.75
  
66.95
1,700,000.01 - 1,800,000.00
  
5
  
8,656,413.69
  
2.92
  
1,731,282.74
  
5.031
  
782
  
56.09
  
58.65
1,800,000.01 - 1,900,000.00
  
3
  
5,534,905.59
  
1.87
  
1,844,968.53
  
5.333
  
763
  
64.41
  
64.41
1,900,000.01 - 2,000,000.00
  
7
  
13,945,889.72
  
4.71
  
1,992,269.96
  
4.814
  
773
  
39.75
  
47.93
2,000,000.01 - 2,050,000.00
  
2
  
4,075,000.00
  
1.38
  
2,037,500.00
  
5.098
  
754
  
41.19
  
43.12
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The average loan balance of the mortgage loans as of the cut-off date was approximately $977,976.29.

Gross Mortgage Rates of the Mortgage Loans as of the Cut-off Date
Range of Gross Mortgage Rates
(%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
4.400 - 4.500
  
6
  
8,333,482.93
  
2.81
  
1,388,913.82
  
4.467
  
764
  
38.96
  
50.52
4.501 - 4.750
  
36
  
39,475,762.34
  
13.32
  
1,096,548.95
  
4.680
  
775
  
58.12
  
61.83
4.751 - 5.000
  
111
  
107,939,145.34
  
36.43
  
972,424.73
  
4.931
  
777
  
59.60
  
62.85
5.001 - 5.250
  
88
  
83,233,648.62
  
28.09
  
945,836.92
  
5.165
  
772
  
58.13
  
62.70
5.251 - 5.500
  
53
  
48,646,321.67
  
16.42
  
917,855.13
  
5.400
  
775
  
61.53
  
64.91
5.501 - 5.750
  
9
  
8,698,454.20
  
2.94
  
966,494.91
  
5.638
  
771
  
61.68
  
66.97
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average gross mortgage rate of the mortgage loans as of the cut-off date was approximately 5.048%.

 
- 18 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Seasoning of the Mortgage Loans
Seasoning (months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
1
  
17
  
12,907,747.48
  
4.36
  
759,279.26
  
5.054
  
780
  
65.70
  
67.23
2
  
32
  
27,787,657.15
  
9.38
  
868,364.29
  
4.987
  
758
  
59.17
  
62.35
3
  
41
  
38,155,855.32
  
12.88
  
930,630.62
  
4.981
  
783
  
58.14
  
61.44
4
  
58
  
56,108,114.24
  
18.93
  
967,381.28
  
4.957
  
773
  
62.63
  
66.58
5
  
47
  
45,689,769.60
  
15.42
  
972,122.76
  
5.011
  
779
  
61.53
  
65.82
6
  
28
  
27,400,201.85
  
9.25
  
978,578.64
  
5.271
  
776
  
64.16
  
69.24
7
  
12
  
15,202,318.32
  
5.13
  
1,266,859.86
  
5.272
  
759
  
55.09
  
60.34
9
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
4.850
  
751
  
34.21
  
34.21
10
  
1
  
725,000.00
  
0.24
  
725,000.00
  
5.550
  
775
  
51.60
  
51.60
11
  
1
  
700,000.00
  
0.24
  
700,000.00
  
5.400
  
778
  
70.00
  
70.00
12
  
3
  
3,030,000.00
  
1.02
  
1,010,000.00
  
5.200
  
786
  
52.39
  
55.76
14
  
1
  
450,000.00
  
0.15
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
18
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
19
  
1
  
2,025,000.00
  
0.68
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
20
  
3
  
3,600,000.00
  
1.21
  
1,200,000.00
  
5.028
  
776
  
52.41
  
56.51
21
  
24
  
24,325,014.24
  
8.21
  
1,013,542.26
  
5.188
  
775
  
52.67
  
56.86
22
  
26
  
30,410,136.90
  
10.26
  
1,169,620.65
  
4.947
  
777
  
51.60
  
56.29
23
  
6
  
5,610,000.00
  
1.89
  
935,000.00
  
4.909
  
783
  
57.89
  
59.59
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average seasoning of the mortgage loans as of the cut-off date was approximately 8 months.

 
- 19 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Months to Next Rate Adjustment Date of the Hybrid 10 Year Fixed Mortgage Loans
Months to Next Rate Adjustment
(Months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
97
  
6
  
5,610,000.00
  
4.44
  
935,000.00
  
4.909
  
783
  
57.89
  
59.59
98
  
26
  
30,410,136.90
  
24.04
  
1,169,620.65
  
4.947
  
777
  
51.60
  
56.29
99
  
24
  
24,325,014.24
  
19.23
  
1,013,542.26
  
5.188
  
775
  
52.67
  
56.86
100
  
3
  
3,600,000.00
  
2.85
  
1,200,000.00
  
5.028
  
776
  
52.41
  
56.51
101
  
1
  
2,025,000.00
  
1.60
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
102
  
1
  
1,100,000.00
  
0.87
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
106
  
1
  
450,000.00
  
0.36
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
108
  
3
  
3,030,000.00
  
2.40
  
1,010,000.00
  
5.200
  
786
  
52.39
  
55.76
109
  
1
  
700,000.00
  
0.55
  
700,000.00
  
5.400
  
778
  
70.00
  
70.00
110
  
1
  
725,000.00
  
0.57
  
725,000.00
  
5.550
  
775
  
51.60
  
51.60
111
  
1
  
1,100,000.00
  
0.87
  
1,100,000.00
  
4.850
  
751
  
34.21
  
34.21
113
  
7
  
10,805,111.76
  
8.54
  
1,543,587.39
  
5.185
  
757
  
52.44
  
57.78
114
  
4
  
4,855,200.00
  
3.84
  
1,213,800.00
  
4.932
  
793
  
59.97
  
71.60
115
  
11
  
14,103,130.93
  
11.15
  
1,282,102.81
  
4.727
  
793
  
53.70
  
57.45
116
  
11
  
11,694,147.01
  
9.25
  
1,063,104.27
  
4.650
  
776
  
53.77
  
58.45
117
  
5
  
6,200,000.00
  
4.90
  
1,240,000.00
  
4.668
  
775
  
48.95
  
52.48
118
  
4
  
4,647,354.18
  
3.67
  
1,161,838.54
  
4.727
  
738
  
56.11
  
60.06
119
  
1
  
1,093,000.00
  
0.86
  
1,093,000.00
  
4.700
  
786
  
59.89
  
59.89
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The weighted average months to next rate adjustment of the Hybrid 10 Year Fixed mortgage loans as of the cut-off date was approximately 106 months.

 
- 20 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Loan-to-Value Ratio of the Mortgage Loans at Origination
Range of Original Loan-to-Value
Ratios (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
14.47 - 15.00
  
3
  
2,225,000.00
  
0.75
  
741,666.67
  
5.028
  
756
  
14.64
  
15.29
15.01 - 20.00
  
5
  
5,564,816.09
  
1.88
  
1,112,963.22
  
4.940
  
767
  
17.30
  
39.75
20.01 - 25.00
  
7
  
8,581,511.60
  
2.90
  
1,225,930.23
  
5.082
  
764
  
22.56
  
27.02
25.01 - 30.00
  
2
  
2,289,856.17
  
0.77
  
1,144,928.09
  
4.893
  
778
  
29.43
  
31.89
30.01 - 35.00
  
8
  
8,091,679.94
  
2.73
  
1,011,459.99
  
4.913
  
759
  
33.24
  
43.50
35.01 - 40.00
  
8
  
8,259,890.85
  
2.79
  
1,032,486.36
  
5.023
  
778
  
36.79
  
50.05
40.01 - 45.00
  
21
  
24,234,448.74
  
8.18
  
1,154,021.37
  
5.026
  
777
  
42.54
  
51.65
45.01 - 50.00
  
22
  
23,605,434.53
  
7.97
  
1,072,974.30
  
5.061
  
771
  
48.10
  
51.52
50.01 - 55.00
  
31
  
32,788,884.11
  
11.07
  
1,057,705.94
  
5.007
  
779
  
52.92
  
60.10
55.01 - 60.00
  
26
  
27,896,400.73
  
9.41
  
1,072,938.49
  
4.922
  
776
  
57.95
  
61.78
60.01 - 65.00
  
22
  
21,761,834.45
  
7.34
  
989,174.29
  
5.061
  
772
  
62.76
  
65.80
65.01 - 70.00
  
55
  
56,821,042.87
  
19.18
  
1,033,109.87
  
5.060
  
778
  
68.49
  
70.05
70.01 - 75.00
  
47
  
38,576,160.69
  
13.02
  
820,769.38
  
5.101
  
775
  
74.04
  
74.63
75.01 - 80.00
  
46
  
35,629,854.33
  
12.02
  
774,562.05
  
5.164
  
773
  
79.31
  
79.31
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average loan-to-value ratio of the mortgage loans at origination was approximately 58.79%.

Combined Loan-to-Value Ratio of the Mortgage Loans at Origination
Range of Original Combined
Loan-to-Value Ratios (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
14.47 - 15.00
  
2
  
1,680,000.00
  
0.57
  
840,000.00
  
4.875
  
746
  
14.67
  
14.67
15.01 - 20.00
  
2
  
1,352,930.80
  
0.46
  
676,465.40
  
5.351
  
787
  
15.28
  
17.41
20.01 - 25.00
  
5
  
5,596,511.60
  
1.89
  
1,119,302.32
  
5.081
  
780
  
23.61
  
23.61
25.01 - 30.00
  
2
  
2,485,000.00
  
0.84
  
1,242,500.00
  
4.818
  
784
  
25.55
  
28.38
30.01 - 35.00
  
5
  
5,872,092.85
  
1.98
  
1,174,418.57
  
4.795
  
745
  
25.55
  
33.14
35.01 - 40.00
  
6
  
6,215,061.68
  
2.10
  
1,035,843.61
  
4.966
  
749
  
29.45
  
38.01
40.01 - 45.00
  
10
  
11,226,799.58
  
3.79
  
1,122,679.96
  
4.965
  
771
  
41.37
  
42.67
45.01 - 50.00
  
18
  
21,212,004.01
  
7.16
  
1,178,444.67
  
5.106
  
777
  
46.45
  
47.99
50.01 - 55.00
  
24
  
25,720,638.93
  
8.68
  
1,071,693.29
  
4.996
  
776
  
49.73
  
52.83
55.01 - 60.00
  
31
  
32,695,703.41
  
11.03
  
1,054,700.11
  
4.981
  
773
  
52.17
  
58.24
60.01 - 65.00
  
23
  
23,798,619.11
  
8.03
  
1,034,722.57
  
4.995
  
776
  
57.66
  
63.16
65.01 - 70.00
  
60
  
64,398,765.56
  
21.73
  
1,073,312.76
  
5.046
  
776
  
64.01
  
68.81
70.01 - 75.00
  
54
  
44,700,928.08
  
15.09
  
827,794.96
  
5.110
  
776
  
71.85
  
74.22
75.01 - 80.00
  
61
  
49,371,759.49
  
16.66
  
809,373.11
  
5.132
  
777
  
75.06
  
79.21
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighed average combined loan-to-value ratio of the mortgage loans at origination was approximately 62.78%.  The original combined loan-to-value was calculated using the full lien amount (drawn and undrawn) for the second mortgage.  Using only the drawn amount of the second mortgage at the time of origination, the original combined loan-to-value ratio would have been approximately 61.63%

 
- 21 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Credit Scores of the Mortgage Loans at Origination
Credit Score
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
701 - 720
  
14
  
13,804,205.47
  
4.66
  
986,014.68
  
4.997
  
711
  
54.31
  
56.38
721 - 740
  
23
  
23,140,605.33
  
7.81
  
1,006,113.28
  
5.147
  
733
  
54.19
  
59.04
741 - 760
  
31
  
29,897,017.00
  
10.09
  
964,419.90
  
5.028
  
751
  
57.04
  
61.66
761 - 780
  
80
  
75,965,804.44
  
25.64
  
949,572.56
  
5.049
  
772
  
60.19
  
63.28
781 - 800
  
127
  
126,338,410.95
  
42.63
  
994,790.64
  
5.047
  
789
  
60.20
  
63.69
801 - 815
  
28
  
27,180,771.91
  
9.17
  
970,741.85
  
5.016
  
805
  
56.44
  
64.85
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average credit score of the mortgage loans at origination was approximately 775.

Documentation Type of the Mortgage Loans
Documentation Type
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
One Year Income with Assets
  
4
  
3,820,277.80
  
1.29
  
955,069.45
  
4.959
  
785
  
64.23
  
64.23
Two Years Income with Assets
  
299
  
292,506,537.30
  
98.71
  
978,282.73
  
5.049
  
774
  
58.72
  
62.76
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Monthly Income of the Mortgage Borrower at Origination
Range of Monthly Income ($)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
7,500.00 - 10,000.00
  
1
  
624,101.28
  
0.21
  
624,101.28
  
4.875
  
782
  
80.00
  
80.00
10,000.01 - 20,000.00
  
55
  
39,207,439.01
  
13.23
  
712,862.53
  
5.091
  
776
  
64.30
  
65.79
20,000.01 - 30,000.00
  
77
  
69,765,920.27
  
23.54
  
906,050.91
  
5.035
  
777
  
62.05
  
64.94
30,000.01 - 40,000.00
  
60
  
58,705,043.33
  
19.81
  
978,417.39
  
5.088
  
775
  
62.13
  
66.26
40,000.01 - 50,000.00
  
34
  
38,976,742.54
  
13.15
  
1,146,374.78
  
5.042
  
771
  
57.57
  
59.75
50,000.01 - 60,000.00
  
24
  
25,583,730.64
  
8.63
  
1,065,988.78
  
4.984
  
775
  
57.43
  
64.28
60,000.01 - 70,000.00
  
15
  
16,096,660.26
  
5.43
  
1,073,110.68
  
5.118
  
784
  
49.15
  
59.78
70,000.01 - 80,000.00
  
11
  
13,366,546.60
  
4.51
  
1,215,140.60
  
4.983
  
752
  
51.22
  
54.89
80,000.01 - 90,000.00
  
6
  
7,518,042.47
  
2.54
  
1,253,007.08
  
4.907
  
784
  
50.89
  
54.42
90,000.01 - 100,000.00
  
5
  
4,747,324.32
  
1.60
  
949,464.86
  
5.105
  
760
  
54.83
  
56.20
100,000.01 - 231,667.00
  
15
  
21,735,264.38
  
7.33
  
1,449,017.63
  
5.020
  
774
  
47.88
  
55.65
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average monthly income of the mortgage borrower at origination was approximately $46,593.90.

 
- 22 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Debt-to-Income of the Mortgage Loans at Origination
Range of Debt-to-Income Ratios
(%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
2.51 - 5.00
  
1
  
598,487.23
  
0.20
  
598,487.23
  
4.750
  
777
  
60.00
  
60.00
5.01 - 10.00
  
8
  
8,226,625.19
  
2.78
  
1,028,328.15
  
4.882
  
766
  
48.56
  
50.60
10.01 - 15.00
  
24
  
25,190,658.40
  
8.50
  
1,049,610.77
  
5.074
  
779
  
55.63
  
60.12
15.01 - 20.00
  
31
  
29,825,632.61
  
10.07
  
962,117.18
  
5.058
  
769
  
60.22
  
62.80
20.01 - 25.00
  
43
  
39,016,255.87
  
13.17
  
907,354.79
  
5.074
  
777
  
61.59
  
66.00
25.01 - 30.00
  
52
  
52,661,104.78
  
17.77
  
1,012,713.55
  
5.044
  
771
  
59.74
  
61.82
30.01 - 35.00
  
49
  
46,373,438.22
  
15.65
  
946,396.70
  
5.075
  
777
  
63.75
  
67.24
35.01 - 40.00
  
69
  
66,967,283.14
  
22.60
  
970,540.34
  
5.057
  
774
  
56.80
  
62.09
40.01 - 45.00
  
19
  
19,975,161.29
  
6.74
  
1,051,324.28
  
4.946
  
784
  
57.01
  
63.56
45.01 - 50.00
  
4
  
3,388,124.38
  
1.14
  
847,031.09
  
5.126
  
784
  
44.93
  
51.30
50.01 - 58.43
  
3
  
4,104,043.99
  
1.38
  
1,368,014.66
  
4.982
  
755
  
45.77
  
52.30
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average debt-to-income of the mortgage loans at origination was approximately 28.81%.

 
- 23 -
 
 

Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
Verified Assets of the Mortgage Borrower at Origination
Range of Assets Verified ($)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
32,633.35 - 50,000.00
  
3
  
2,490,474.15
  
0.84
  
830,158.05
  
5.072
  
751
  
67.97
  
74.08
50,000.01 - 100,000.00
  
14
  
10,572,448.66
  
3.57
  
755,174.90
  
5.240
  
774
  
68.01
  
68.65
100,000.01 - 150,000.00
  
18
  
11,845,585.06
  
4.00
  
658,088.06
  
5.259
  
779
  
68.32
  
71.80
150,000.01 - 200,000.00
  
17
  
15,818,040.71
  
5.34
  
930,472.98
  
5.137
  
770
  
67.07
  
69.76
200,000.01 - 250,000.00
  
12
  
8,618,542.76
  
2.91
  
718,211.90
  
5.134
  
782
  
68.58
  
69.76
250,000.01 - 300,000.00
  
10
  
7,611,306.56
  
2.57
  
761,130.66
  
5.028
  
774
  
62.77
  
64.56
300,000.01 - 350,000.00
  
9
  
7,880,951.81
  
2.66
  
875,661.31
  
5.012
  
780
  
65.22
  
70.36
350,000.01 - 400,000.00
  
14
  
11,527,022.55
  
3.89
  
823,358.75
  
5.003
  
774
  
71.56
  
74.14
400,000.01 - 450,000.00
  
8
  
7,901,197.61
  
2.67
  
987,649.70
  
5.016
  
782
  
68.14
  
70.57
450,000.01 - 500,000.00
  
14
  
13,511,593.49
  
4.56
  
965,113.82
  
5.118
  
771
  
61.59
  
66.26
500,000.01 - 550,000.00
  
10
  
10,430,094.25
  
3.52
  
1,043,009.43
  
5.084
  
782
  
63.01
  
69.19
550,000.01 - 600,000.00
  
5
  
4,921,755.99
  
1.66
  
984,351.20
  
4.966
  
766
  
60.78
  
72.10
600,000.01 - 650,000.00
  
6
  
5,339,072.13
  
1.80
  
889,845.35
  
5.184
  
764
  
65.64
  
66.94
650,000.01 - 700,000.00
  
3
  
3,352,143.98
  
1.13
  
1,117,381.33
  
5.037
  
769
  
66.60
  
66.60
700,000.01 - 750,000.00
  
8
  
8,131,247.71
  
2.74
  
1,016,405.96
  
4.962
  
780
  
62.10
  
66.53
750,000.01 - 800,000.00
  
6
  
7,282,452.96
  
2.46
  
1,213,742.16
  
5.042
  
759
  
56.85
  
59.89
800,000.01 - 850,000.00
  
8
  
6,901,873.98
  
2.33
  
862,734.25
  
5.132
  
775
  
60.44
  
64.15
850,000.01 - 900,000.00
  
7
  
6,936,341.89
  
2.34
  
990,905.98
  
4.974
  
772
  
56.01
  
60.18
900,000.01 - 950,000.00
  
5
  
4,524,821.85
  
1.53
  
904,964.37
  
5.025
  
791
  
64.20
  
70.69
950,000.01 - 1,000,000.00
  
5
  
4,185,435.96
  
1.41
  
837,087.19
  
5.177
  
776
  
60.09
  
63.52
1,000,000.01 - 1,050,000.00
  
4
  
5,096,260.85
  
1.72
  
1,274,065.21
  
4.977
  
769
  
59.54
  
64.74
1,050,000.01- 36,766,383.15
  
117
  
131,448,150.19
  
44.36
  
1,123,488.46
  
4.999
  
775
  
51.61
  
56.11
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average verified assets of the mortgage borrower at origination was approximately $2,226,529.66.

Self-Employment Status of the Mortgage Borrower at Origination
Self-Employed Status
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Not Self-Employed
  
228
  
221,207,590.02
  
74.65
  
970,208.73
  
5.020
  
775
  
59.16
  
63.01
Self-Employed
  
75
  
75,119,225.08
  
25.35
  
1,001,589.67
  
5.132
  
773
  
57.68
  
62.12
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 24 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Interest-Only Term of the Mortgage Loans(1) at Origination
Original Interest Only Term
(Months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
120
  
110
  
125,032,714.09
  
42.19
  
1,136,661.04
  
4.966
  
776
  
52.54
  
57.14
None
  
193
  
171,294,101.01
  
57.81
  
887,534.20
  
5.108
  
774
  
63.35
  
66.90
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
(1) All of the 30 Year Fixed Rate loans are fully amortizing.

Occupancy Type of the Mortgage Loans
Occupancy Type
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Primary
  
283
  
279,603,701.64
  
94.36
  
987,998.95
  
5.041
  
774
  
58.80
  
63.01
Second Home
  
19
  
16,043,765.52
  
5.41
  
844,408.71
  
5.166
  
777
  
58.32
  
58.73
Investor
  
1
  
679,347.94
  
0.23
  
679,347.94
  
5.250
  
771
  
65.00
  
65.00
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Loan Purpose of the Mortgage Loans
Loan Purpose
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Rate/Term Refinance
  
174
  
171,042,172.63
  
57.72
  
983,000.99
  
5.073
  
776
  
56.25
  
60.93
Purchase
  
111
  
105,034,902.87
  
35.45
  
946,260.39
  
5.005
  
772
  
66.12
  
68.65
Cash Out Refinance
  
18
  
20,249,739.60
  
6.83
  
1,124,985.53
  
5.056
  
779
  
42.17
  
48.00
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 25 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Property Types of the Mortgage Loans
Property Type
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Single Family Detached
  
224
  
225,244,674.72
  
76.01
  
1,005,556.58
  
5.044
  
775
  
57.84
  
62.27
PUD
  
53
  
43,990,603.14
  
14.85
  
830,011.38
  
5.073
  
776
  
64.97
  
67.45
Condo
  
14
  
14,102,000.58
  
4.76
  
1,007,285.76
  
5.053
  
766
  
58.89
  
61.73
Co-op
  
8
  
7,564,492.51
  
2.55
  
945,561.56
  
4.974
  
763
  
55.78
  
55.78
Two Family
  
3
  
3,425,044.15
  
1.16
  
1,141,681.38
  
5.336
  
774
  
48.6
  
59.37
Townhouse
  
1
  
2,000,000.00
  
0.67
  
2,000,000.00
  
4.75
  
789
  
57.55
  
57.55
Total:
  
303
  
296,326,815.10
  
100
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 26 -
 
 

Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET
 
Geographic Concentration of the Mortgage Loans (States)
State
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
California
  
152
  
166,757,141.40
  
56.27
  
1,097,086.46
  
5.011
  
777
  
55.50
  
61.19
New York
  
21
  
24,143,414.50
  
8.15
  
1,149,686.40
  
4.954
  
767
  
56.84
  
58.30
Washington
  
21
  
17,706,642.30
  
5.98
  
843,173.44
  
5.107
  
766
  
61.52
  
64.99
Massachusetts
  
18
  
14,631,287.33
  
4.94
  
812,849.30
  
5.056
  
773
  
65.16
  
66.56
Colorado
  
10
  
8,377,472.00
  
2.83
  
837,747.20
  
5.368
  
761
  
62.91
  
64.89
Connecticut
  
6
  
7,903,453.21
  
2.67
  
1,317,242.20
  
4.950
  
768
  
48.89
  
50.15
Texas
  
8
  
5,608,000.73
  
1.89
  
701,000.09
  
5.151
  
755
  
71.96
  
71.96
Michigan
  
7
  
5,367,754.28
  
1.81
  
766,822.04
  
5.251
  
786
  
67.97
  
70.45
Oregon
  
5
  
5,025,519.54
  
1.70
  
1,005,103.91
  
5.210
  
770
  
63.21
  
67.85
New Jersey
  
4
  
4,161,563.13
  
1.40
  
1,040,390.78
  
4.972
  
777
  
65.95
  
65.95
Tennessee
  
5
  
3,713,536.19
  
1.25
  
742,707.24
  
5.139
  
786
  
64.88
  
72.23
Illinois
  
5
  
3,595,925.24
  
1.21
  
719,185.05
  
5.188
  
769
  
66.10
  
69.38
Arizona
  
6
  
3,200,721.43
  
1.08
  
533,453.57
  
5.195
  
773
  
63.49
  
66.84
Florida
  
4
  
2,853,790.99
  
0.96
  
713,447.75
  
4.916
  
756
  
72.30
  
72.30
Maryland
  
4
  
2,658,638.64
  
0.90
  
664,659.66
  
5.414
  
764
  
75.08
  
75.08
Idaho
  
2
  
2,379,225.35
  
0.80
  
1,189,612.68
  
4.967
  
789
  
62.04
  
62.04
Virginia
  
2
  
1,937,286.26
  
0.65
  
968,643.13
  
5.180
  
761
  
68.42
  
68.42
Oklahoma
  
2
  
1,799,067.19
  
0.61
  
899,533.59
  
5.146
  
791
  
60.66
  
60.66
Pennsylvania
  
3
  
1,564,473.67
  
0.53
  
521,491.22
  
5.095
  
796
  
72.94
  
72.94
South Carolina
  
2
  
1,484,429.75
  
0.50
  
742,214.88
  
5.237
  
774
  
77.94
  
77.94
Ohio
  
2
  
1,444,986.05
  
0.49
  
722,493.03
  
5.176
  
771
  
76.59
  
79.54
Maine
  
2
  
1,353,291.81
  
0.46
  
676,645.91
  
5.250
  
789
  
68.33
  
68.33
New Hampshire
  
1
  
1,204,148.03
  
0.41
  
1,204,148.03
  
5.000
  
780
  
55.00
  
55.00
North Carolina
  
1
  
960,017.99
  
0.32
  
960,017.99
  
5.125
  
803
  
50.15
  
50.15
Hawaii
  
1
  
902,352.81
  
0.30
  
902,352.81
  
4.875
  
790
  
72.18
  
72.18
Kansas
  
1
  
819,183.66
  
0.28
  
819,183.66
  
5.250
  
771
  
66.00
  
66.00
Minnesota
  
1
  
737,072.33
  
0.25
  
737,072.33
  
5.000
  
785
  
42.27
  
42.27
Vermont
  
1
  
679,347.94
  
0.23
  
679,347.94
  
5.250
  
771
  
65.00
  
65.00
Georgia
  
1
  
632,475.74
  
0.21
  
632,475.74
  
5.375
  
807
  
77.01
  
77.01
Nevada
  
1
  
563,383.34
  
0.19
  
563,383.34
  
4.750
  
788
  
75.00
  
75.00
Indiana
  
1
  
556,012.87
  
0.19
  
556,012.87
  
5.125
  
765
  
80.00
  
80.00
Alabama
  
1
  
546,591.05
  
0.18
  
546,591.05
  
4.875
  
781
  
74.02
  
74.02
Missouri
  
1
  
541,123.27
  
0.18
  
541,123.27
  
5.250
  
784
  
74.90
  
74.90
Louisiana
  
1
  
517,485.08
  
0.17
  
517,485.08
  
5.000
  
775
  
80.00
  
80.00
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 27 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Geographic Concentration of the Mortgage Loans (Top 10 Cities)
City
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
San Francisco, CA
  
30
  
33,726,526.04
  
11.38
  
1,124,217.53
  
5.056
  
772
  
49.41
  
57.65
New York, NY
  
11
  
14,585,638.28
  
4.92
  
1,325,967.12
  
4.967
  
766
  
59.17
  
59.17
Los Angeles, CA
  
11
  
13,127,820.04
  
4.43
  
1,193,438.19
  
4.958
  
772
  
56.88
  
61.69
Menlo Park , CA
  
6
  
7,693,809.69
  
2.60
  
1,282,301.62
  
4.798
  
770
  
58.53
  
61.71
Piedmont, CA
  
6
  
7,575,064.53
  
2.56
  
1,262,510.75
  
4.949
  
786
  
52.22
  
59.80
Santa Monica, CA
  
5
  
6,809,217.38
  
2.30
  
1,361,843.48
  
5.104
  
788
  
42.59
  
48.14
Seattle, WA
  
7
  
5,858,490.12
  
1.98
  
836,927.16
  
5.081
  
754
  
62.12
  
64.72
Hillsborough, CA
  
5
  
5,746,790.37
  
1.94
  
1,149,358.07
  
5.017
  
780
  
50.79
  
60.11
Los Altos, CA
  
5
  
5,365,074.56
  
1.81
  
1,073,014.91
  
4.880
  
782
  
60.57
  
62.38
Atherton , CA
  
4
  
5,169,394.52
  
1.74
  
1,292,348.63
  
4.979
  
776
  
42.62
  
52.16
Other
  
213
  
190,668,989.57
  
64.34
  
895,159.58
  
5.078
  
775
  
61.92
  
65.05
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Index of the Hybrid 10 Year Fixed Mortgage Loans
Index
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
1 Month LIBOR
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22

Rate Adjustment Frequency of the Hybrid 10 Year Fixed Mortgage Loans
Rate Adjustment Frequency
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Monthly
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
 
 
- 28 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Margin of the Hybrid 10 Year Fixed Mortgage Loans
Margin (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
1.000
  
1
  
1,000,000.00
  
0.79
  
1,000,000.00
  
5.100
  
780
  
41.67
  
52.08
1.001 - 1.250
  
7
  
8,643,872.50
  
6.83
  
1,234,838.93
  
4.950
  
775
  
48.49
  
49.83
1.251 - 1.500
  
61
  
64,221,134.81
  
50.78
  
1,052,805.49
  
5.089
  
776
  
52.19
  
56.81
1.501 - 1.650
  
42
  
52,608,087.71
  
41.60
  
1,252,573.52
  
4.805
  
776
  
54.18
  
59.04
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The weighted average margin of the Hybrid 10 Year Fixed mortgage loans at origination was approximately 1.496%.

Initial Periodic Cap of the Hybrid 10 Year Fixed Mortgage Loans
Initial Periodic Cap (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
None
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The Hybrid 10 Year Fixed mortgage loans do not have an Initial Periodic Cap.  The Hybrid 10 Year Fixed mortgage loans are subject to a minimum floor of approximately 2.900% and the related maximum rate on the mortgage loans.

Subsequent Periodic Cap of the Hybrid 10 Year Fixed Mortgage Loans
Subsequent Periodic Cap (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
None
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The Hybrid 10 Year Fixed mortgage loans do not have a Subsequent Periodic Cap.  The Hybrid 10 Year Fixed mortgage loans are subject to a minimum floor of approximately 2.900% and the related maximum rate on the mortgage loans.

 
- 29 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Maximum Mortgage Rate of the Hybrid 10 Year Fixed Mortgage Loans
Range of Maximum Mortgage
Rates (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
9.400 - 9.500
  
6
  
8,333,482.93
  
6.59
  
1,388,913.82
  
4.467
  
764
  
38.96
  
50.52
9.501 - 10.000
  
61
  
70,058,798.31
  
55.39
  
1,148,504.89
  
4.804
  
779
  
56.34
  
59.45
10.001 - 10.500
  
41
  
45,255,813.78
  
35.78
  
1,103,800.34
  
5.259
  
773
  
50.36
  
55.29
10.501 - 10.550
  
3
  
2,825,000.00
  
2.23
  
941,666.67
  
5.550
  
786
  
39.45
  
52.94
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The weighted average maximum rate of the Hybrid 10 Year Fixed mortgage loans at origination was approximately 9.961%.

Minimum Mortgage Rate of the Hybrid 10 Year Fixed Mortgage Loans
Minimum Mortgage Rates (%)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
2.900
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22
The weighted average minimum rate of the Hybrid 10 Year Fixed mortgage loans at origination was approximately 2.900%.

 
- 30 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Next Rate Adjustment Date of the Hybrid 10 Year Fixed Mortgage Loans
Next Rate Adjustment Date
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
March 2019
  
6
  
5,610,000.00
  
4.44
  
935,000.00
  
4.909
  
783
  
57.89
  
59.59
April 2019
  
26
  
30,410,136.90
  
24.04
  
1,169,620.65
  
4.947
  
777
  
51.60
  
56.29
May 2019
  
24
  
24,325,014.24
  
19.23
  
1,013,542.26
  
5.188
  
775
  
52.67
  
56.86
June 2019
  
3
  
3,600,000.00
  
2.85
  
1,200,000.00
  
5.028
  
776
  
52.41
  
56.51
July 2019
  
1
  
2,025,000.00
  
1.60
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
August 2019
  
1
  
1,100,000.00
  
0.87
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
December 2019
  
1
  
450,000.00
  
0.36
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
February 2020
  
3
  
3,030,000.00
  
2.40
  
1,010,000.00
  
5.200
  
786
  
52.39
  
55.76
March 2020
  
1
  
700,000.00
  
0.55
  
700,000.00
  
5.400
  
778
  
70.00
  
70.00
April 2020
  
1
  
725,000.00
  
0.57
  
725,000.00
  
5.550
  
775
  
51.60
  
51.60
May 2020
  
1
  
1,100,000.00
  
0.87
  
1,100,000.00
  
4.850
  
751
  
34.21
  
34.21
July 2020
  
7
  
10,805,111.76
  
8.54
  
1,543,587.39
  
5.185
  
757
  
52.44
  
57.78
August 2020
  
4
  
4,855,200.00
  
3.84
  
1,213,800.00
  
4.932
  
793
  
59.97
  
71.60
September 2020
  
11
  
14,103,130.93
  
11.15
  
1,282,102.81
  
4.727
  
793
  
53.70
  
57.45
October 2020
  
11
  
11,694,147.01
  
9.25
  
1,063,104.27
  
4.650
  
776
  
53.77
  
58.45
November 2020
  
5
  
6,200,000.00
  
4.90
  
1,240,000.00
  
4.668
  
775
  
48.95
  
52.48
December 2020
  
4
  
4,647,354.18
  
3.67
  
1,161,838.54
  
4.727
  
738
  
56.11
  
60.06
January 2021
  
1
  
1,093,000.00
  
0.86
  
1,093,000.00
  
4.700
  
786
  
59.89
  
59.89
Total:
  
111
  
126,473,095.02
  
100.00
  
1,139,397.25
  
4.961
  
776
  
52.68
  
57.22

Original Term to Maturity of the Mortgage Loans
Original Term To Maturity
(Months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
360
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average original term to maturity of the mortgage loans at origination was approximately 360 months.

 
- 31 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Remaining Term to Maturity of the Mortgage Loans
Remaining Term To Maturity
(Months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
337
  
6
  
5,610,000.00
  
1.89
  
935,000.00
  
4.909
  
783
  
57.89
  
59.59
338
  
26
  
30,410,136.90
  
10.26
  
1,169,620.65
  
4.947
  
777
  
51.60
  
56.29
339
  
24
  
24,325,014.24
  
8.21
  
1,013,542.26
  
5.188
  
775
  
52.67
  
56.86
340
  
3
  
3,600,000.00
  
1.21
  
1,200,000.00
  
5.028
  
776
  
52.41
  
56.51
341
  
1
  
2,025,000.00
  
0.68
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
342
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
346
  
1
  
450,000.00
  
0.15
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
348
  
3
  
3,030,000.00
  
1.02
  
1,010,000.00
  
5.200
  
786
  
52.39
  
55.76
349
  
1
  
700,000.00
  
0.24
  
700,000.00
  
5.400
  
778
  
70.00
  
70.00
350
  
1
  
725,000.00
  
0.24
  
725,000.00
  
5.550
  
775
  
51.60
  
51.60
351
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
4.850
  
751
  
34.21
  
34.21
353
  
12
  
15,202,318.32
  
5.13
  
1,266,859.86
  
5.272
  
759
  
55.09
  
60.34
354
  
28
  
27,400,201.85
  
9.25
  
978,578.64
  
5.271
  
776
  
64.16
  
69.24
355
  
47
  
45,689,769.60
  
15.42
  
972,122.76
  
5.011
  
779
  
61.53
  
65.82
356
  
58
  
56,108,114.24
  
18.93
  
967,381.28
  
4.957
  
773
  
62.63
  
66.58
357
  
41
  
38,155,855.32
  
12.88
  
930,630.62
  
4.981
  
783
  
58.14
  
61.44
358
  
32
  
27,787,657.15
  
9.38
  
868,364.29
  
4.987
  
758
  
59.17
  
62.35
359
  
17
  
12,907,747.48
  
4.36
  
759,279.26
  
5.054
  
780
  
65.70
  
67.23
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
The weighted average remaining term to maturity of the mortgage loans as of the cut-off was approximately 352 months.

Prepayment Penalty Term of the Mortgage Loans at Origination
Prepayment Penalty Term
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
36 months
  
12
  
13,274,669.08
  
4.48
  
1,106,222.42
  
5.093
  
772
  
50.39
  
57.27
60 months
  
154
  
173,532,804.31
  
58.56
  
1,126,836.39
  
4.978
  
776
  
55.55
  
60.15
None
  
137
  
109,519,341.71
  
36.96
  
799,411.25
  
5.154
  
772
  
64.94
  
67.63
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 32 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Originators of the Mortgage Loans
Originator
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
First Republic Bank
  
172
  
192,853,138.99
  
65.08
  
1,121,239.18
  
4.986
  
776
  
54.92
  
59.77
PHH Mortgage Corporation
  
131
  
103,473,676.11
  
34.92
  
789,875.39
  
5.164
  
772
  
66.00
  
68.40
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Channel of the Mortgage Loans
Channel
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Retail
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Servicers of the Mortgage Loans
Servicer
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
First Republic Bank
  
172
  
192,853,138.99
  
65.08
  
1,121,239.18
  
4.986
  
776
  
54.92
  
59.77
PHH Mortgage Corporation
  
131
  
103,473,676.11
  
34.92
  
789,875.39
  
5.164
  
772
  
66.00
  
68.40
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Lien Position of the Mortgage Loans at Origination
Lien Position
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
First
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 33 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Loans with Seconds at Origination
Loans with Seconds at Origination
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Had Second at Origination
  
85
  
89,513,172.69
  
30.21
  
1,053,096.15
  
5.041
  
777
  
48.14
  
61.37
None
  
218
  
206,813,642.41
  
69.79
  
948,686.43
  
5.051
  
774
  
63.40
  
63.40
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Mortgage Insurance Status of the Mortgage Loans at Origination
Mortgage Insurance Status
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
No PMI
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Origination Date of the Mortgage Loans
Origination Date
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
February 2009
  
9
  
8,475,000.00
  
2.86
  
941,666.67
  
4.878
  
782
  
53.96
  
56.17
March 2009
  
27
  
31,884,654.49
  
10.76
  
1,180,913.13
  
4.993
  
776
  
51.96
  
56.27
April 2009
  
21
  
21,735,496.65
  
7.33
  
1,035,023.65
  
5.171
  
776
  
53.44
  
57.94
May 2009
  
2
  
1,850,000.00
  
0.62
  
925,000.00
  
5.054
  
766
  
47.72
  
55.68
June 2009
  
1
  
2,025,000.00
  
0.68
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
July 2009
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
November 2009
  
1
  
450,000.00
  
0.15
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
January 2010
  
4
  
3,730,000.00
  
1.26
  
932,500.00
  
5.237
  
784
  
55.69
  
58.43
March 2010
  
2
  
1,825,000.00
  
0.62
  
912,500.00
  
5.128
  
761
  
41.12
  
41.12
May 2010
  
2
  
2,388,206.17
  
0.81
  
1,194,103.09
  
5.115
  
762
  
44.69
  
55.74
June 2010
  
14
  
18,353,137.77
  
6.19
  
1,310,938.41
  
5.267
  
768
  
56.35
  
61.96
July 2010
  
30
  
29,434,816.93
  
9.93
  
981,160.56
  
5.189
  
773
  
63.30
  
67.07
August 2010
  
44
  
41,212,844.83
  
13.91
  
936,655.56
  
5.021
  
779
  
62.99
  
67.72
September 2010
  
62
  
60,045,890.97
  
20.26
  
968,482.11
  
4.954
  
775
  
62.50
  
66.37
October 2010
  
37
  
34,480,057.49
  
11.64
  
931,893.45
  
4.984
  
776
  
55.50
  
58.89
November 2010
  
29
  
24,428,962.32
  
8.24
  
842,378.01
  
5.011
  
762
  
62.10
  
64.82
December 2010
  
17
  
12,907,747.48
  
4.36
  
759,279.26
  
5.054
  
780
  
65.70
  
67.23
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 34 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

Maturity Date of the Mortgage Loans
Maturity Date
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance ($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio
(%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
March 2039
  
6
  
5,610,000.00
  
1.89
  
935,000.00
  
4.909
  
783
  
57.89
  
59.59
April 2039
  
26
  
30,410,136.90
  
10.26
  
1,169,620.65
  
4.947
  
777
  
51.60
  
56.29
May 2039
  
24
  
24,325,014.24
  
8.21
  
1,013,542.26
  
5.188
  
775
  
52.67
  
56.86
June 2039
  
3
  
3,600,000.00
  
1.21
  
1,200,000.00
  
5.028
  
776
  
52.41
  
56.51
July 2039
  
1
  
2,025,000.00
  
0.68
  
2,025,000.00
  
5.350
  
794
  
42.19
  
46.08
August 2039
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
5.400
  
754
  
42.31
  
66.15
December 2039
  
1
  
450,000.00
  
0.15
  
450,000.00
  
5.400
  
777
  
22.50
  
22.50
February 2040
  
3
  
3,030,000.00
  
1.02
  
1,010,000.00
  
5.200
  
786
  
52.39
  
55.76
March 2040
  
1
  
700,000.00
  
0.24
  
700,000.00
  
5.400
  
778
  
70.00
  
70.00
April 2040
  
1
  
725,000.00
  
0.24
  
725,000.00
  
5.550
  
775
  
51.60
  
51.60
May 2040
  
1
  
1,100,000.00
  
0.37
  
1,100,000.00
  
4.850
  
751
  
34.21
  
34.21
July 2040
  
12
  
15,202,318.32
  
5.13
  
1,266,859.86
  
5.272
  
759
  
55.09
  
60.34
August 2040
  
28
  
27,400,201.85
  
9.25
  
978,578.64
  
5.271
  
776
  
64.16
  
69.24
September 2040
  
47
  
45,689,769.60
  
15.42
  
972,122.76
  
5.011
  
779
  
61.53
  
65.82
October 2040
  
58
  
56,108,114.24
  
18.93
  
967,381.28
  
4.957
  
773
  
62.63
  
66.58
November 2040
  
41
  
38,155,855.32
  
12.88
  
930,630.62
  
4.981
  
783
  
58.14
  
61.44
December 2040
  
32
  
27,787,657.15
  
9.38
  
868,364.29
  
4.987
  
758
  
59.17
  
62.35
January 2041
  
17
  
12,907,747.48
  
4.36
  
759,279.26
  
5.054
  
780
  
65.70
  
67.23
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Delinquency Status of the Mortgage Loans
Delinquency Status
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Current
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

Historical Delinquency of the Mortgage Loans
Historical Delinquency (Past 12
Months)
  
Number
of
Mortgage
Loans
  
Aggregate
Principal
Balance ($)
  
Aggregate
Principal
Balance
(%)
  
Average
Principal
Balance
($)
  
Weighted
Average
Mortgage
Rate (%)
  
Weighted
Average
Original
Credit
Score
  
Weighted
Average
Original
Loan-to-
Value
Ratio (%)
  
Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)
Never Delinquent
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78
Total:
  
303
  
296,326,815.10
  
100.00
  
977,976.29
  
5.048
  
775
  
58.79
  
62.78

 
- 35 -
 


Sequoia Mortgage Trust 2011-1
Mortgage Pass-Through Certificates, Series 2011-1
PRELIMINARY TERM SHEET

CONTACTS
 
TRADING
     
Brian Chin
212-325-0357
brian.m.chin@credit-suisse.com
Jim Buccola
212-325-0357
james.buccola@credit-suisse.com
Gary Buchalter
212-325-0357
gary.buchalter@credit-suisse.com
Christian Wall
212-325-0357
christian.wall@credit-suisse.com
     
STRUCTURED FINANCE
     
Peter Sack
212-325-7892
peter.sack@credit-suisse.com
Deirdre Harrington
212-325-7995
deirdre.harrington@credit-suisse.com
Kevin Steele
212-538-8860
kevin.steele@credit-suisse.com
Glenn Guszkowski
212-325-6386
glenn.guszkowski@credit-suisse.com
John Winchester
212-325-2905
john.winchester@credit-suisse.com
     
COLLATERAL
 
Jason Savage
212-538-4829
jason.savage@credit-suisse.com
Deirdre Harrington
212-325-7995
deirdre.harrington@credit-suisse.com
     
LEGAL
Gene Haldeman
212-325-4053
gene.haldeman@credit-suisse.com

 
- 36 -