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<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 4, 1997
Date of Report (Date of Earliest Event Reported)
Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 1,
the Issuer of Collateralized Mortgage Bonds under an Indenture dated
as of June 1, 1997)
SEQUOIA MORTGAGE FUNDING CORPORATION
------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-22681-1 91-1771827
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
591 Redwood Highway, Suite 3120, Mill Valley, CA 94941
------------------------------------------------------
(Address of Principal Executive Offices)
(415) 381-1765
----------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE> 2
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. OTHER EVENTS
Sequoia Mortgage Funding Corporation has previously registered
the offer and sale of Collateralized Mortgage Bonds issued by
Sequoia Mortgage Trust 1 (the "Bonds").
The following exhibit which relates specifically to the Bonds
is included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated August 4, 1997.
<PAGE> 3
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: August 12, 1997
SEQUOIA MORTGAGE FUNDING
CORPORATION
By: /s/ Vickie L. Rath
----------------------------------
Vickie L. Rath
Treasurer and Assistant Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated August 4, 1997................................... 5
<PAGE> 1
EXHIBIT 10.1
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<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator:Customer Service
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Remittance Reports Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 4-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Page
-------
<S> <C>
Certificateholder Distribution Summary 1
Certificateholder Principal Distribution Statement 2
Certificateholder Principal Distribution Factors Statement 3
Certificateholder Interest Distribution Statement 4
Certificateholder Interest Distribution Factors Statement 5
Certificateholder Accounts Statement 6
Certificateholder Delinquency Summary 7
Certificateholder Collateral Summary 8
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 1
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 04-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
========================================================================================================================
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 817435 AA 8 SEQ 6.02844% 334,347,000.00 279,943.17 9,779,523.78 0.00
A-2 817435 AB 6 SEQ 6.04000% 200,000,000.00 167,777.78 5,849,924.65 0.00
Inv. Cert. SMTINVCRT R 0.00000% 8,702,429.60 0.00 0.00 0.00
========================================================================================================================
Totals 543,049,429.60 447,720.95 15,629,448.43 0.00
========================================================================================================================
==================================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Loss
==================================================================
<S> <C> <C> <C>
A-1 324,567,476.22 10,059,466.95 0.00
A-2 194,150,075.35 6,017,702.43 0.00
Inv. Cert. 8,702,429.60 0.00 0.00
==================================================================
Totals 527,419,981.17 16,077,169.38 0.00
==================================================================
</TABLE>
- -------------------------------------------------------- ----------
Edward M. Frere, Jr. Date
Vice President, Norwest Bank Minnesota, N.A.
<PAGE> 3
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 2
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 04-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
PRINCIPAL DISTRIBUTIONS
<TABLE>
<CAPTION>
================================================================================================
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss
================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 334,347,000.00 9,779,523.78 0.00 0.00 0.00
A-2 200,000,000.00 200,000,000.00 5,849,924.65 0.00 0.00 0.00
Inv. Cert. 8,702,429.60 8,702,429.60 0.00 0.00 0.00 0.00
================================================================================================
Totals 543,049,429.60 543,049,429.60 15,629,448.43 0.00 0.00 0.00
================================================================================================
===========================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
============================================================================
<S> <C> <C> <C> <C>
A-1 9,779,523.78 324,567,476.22 0.97075038 9,779,523.78
A-2 5,849,924.65 194,150,075.35 0.97075038 5,849,924.65
Inv. Cert. 0.00 8,702,429.60 1.00000000 0.00
===========================================================================
Totals 15,629,448.43 527,419,981.17 0.9712191 15,629,448.43
===========================================================================
</TABLE>
<PAGE> 4
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 3
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Securities Administration Services
Factors Statement 7485 New Horizon Way
Record Date: 31-Jul-97 Frederick, MD 21703
Distribution Date: 04-Aug-97 Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
PRINCIPAL DISTRIBUTIONS
CERTIFICATE FACTORS
<TABLE>
<CAPTION>
=========================================================================================================================
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss
=========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 1000.00000000 29.24962324 0.00000000 0.00000000 0.00000000
A-2 200,000,000.00 1000.00000000 29.24962324 0.00000000 0.00000000 0.00000000
Inv. Cert. 8,702,429.60 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=========================================================================================================================
=========================================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
=========================================================================================
<S> <C> <C> <C> <C>
A-1 29.24962324 970.75037676 0.97075038 29.24962324
A-2 29.24962324 970.75037676 0.97075038 29.24962324
Inv. Cert. 0.00000000 1000.00000000 1.00000000 0.00000000
=========================================================================================
</TABLE>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination.
<PAGE> 5
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 4
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Interest Securities Administration Services
Distribution Statement 7485 New Horizon Way
Record Date: 31-Jul-97 Frederick, MD 21703
Distribution Date: 04-Aug-97 Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
INTEREST DISTRIBUTIONS *
<TABLE>
<CAPTION>
=====================================================================================================================
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current
Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
=====================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.02844% 334,347,000.00 279,943.17 0.00 0.00
A-2 200,000,000.00 6.04000% 200,000,000.00 167,777.78 0.00 0.00
Inv. Cert. 8,702,429.60 0.00000% 8,702,429.60 0.00 0.00 0.00
=====================================================================================================================
Total Class A Interest Distribution 447,720.95 0.00 0.00
=====================================================================================================================
=====================================================================================================================
Remaining
Cumulative Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses Distribution Shortfall Balance
======================================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 279,943.17 0.00 324,567,476.22
A-2 0.00 0.00 167,777.78 0.00 194,150,075.35
Inv. Cert. 0.00 0.00 0.00 0.00 8,702,429.60
======================================================================================================================
Total Class A Interest Distribution 0.00 0.00 447,720.95 0.00
======================================================================================================================
</TABLE>
* - All interest calculations are based on 5 days of accured interest.
<PAGE> 6
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 5
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Interest Securities Administration Services
Distribution Factors Statement 7485 New Horizon Way
Record Date: 31-Jul-97 Frederick, MD 21703
Distribution Date: 04-Aug-97 Phone: (301) 815-6323
INTEREST DISTRIBUTIONS Fax: (301) 815-6365
</TABLE>
CERTIFICATE FACTORS
<TABLE>
<CAPTION>
====================================================================================================================
Payment of
Original Beginning Previously
Face / Current Certificate/ Current Unpaid Current
Notional Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
====================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.02844% 1000.00000000 0.83728333 0.00000000 0.00000000
A-2 200,000,000.00 6.04000% 1000.00000000 0.83888890 0.00000000 0.00000000
Inv. Cert. 8,702,429.60 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000
====================================================================================================================
========================================================================================================
Remaining
Cumulative Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses Distribution Shortfall Balance
=========================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.83728333 0.00000000 970.75037676
A-2 0.00000000 0.00000000 0.83888890 0.00000000 970.75037676
Inv. Cert. 0.00000000 0.00000000 0.00000000 0.00000000 1000.00000000
=========================================================================================================
</TABLE>
* Per $1 Denomination; All Other Classes Are Per $1,000 Denomination.
<PAGE> 7
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 6
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Accounts Statement Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 04-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
==================================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal on Home Loans 16,243,967.00
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
Funds From Capitalized Interest Account 0.00
Total Deposits 16,243,967.00
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 166,797.62
Payment of Interest and Principal 16,077,169.38
Total Withdrawals (Pool Distribution Amount) 16,243,967.00
Ending Balance (0.00)
==================================================================================
==================================================================================
PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
Total Curtailment/Prepayment Interest Shortfall 0.00
Servicing Fee Support 0.00
----------------
Non-Supported Curtailment/Prepayment Interest Shortfall 0.00
================
Servicing Fee 166,797.62
MBIA - Guraranty Insurance Premium 0.00
------------------
Net Fees 166,797.62
==================
==================================================================================
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 7
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Delinquency Statement Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 04-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
<TABLE>
<CAPTION>
==========================================================================================================================
DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 22 5,482,686.40 1.03% 1.04%
60 Days 4 1,957,185.39 0.19% 0.37%
90+ Days 0 0.00 0.00% 0.00%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Bankruptcy 0 0.00 0.00% 0.00%
Totals 26 7,439,871.79 1.22% 1.41%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
==========================================================================================================================
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 8
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Collateral Summary Securities Administration Services
Record Date: 31-Jul-97 7485 New Horizon Way
Distribution Date: 04-Aug-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
<TABLE>
<CAPTION>
============================================================================================================
COLLATERAL POOL DATA
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.173844%
Weighted Average Net Coupon 7.805265%
Weighted Average Maturity (Home Loans) 323 Months
Beginning Scheduled Collateral Loan Count 2,203
Number of Loan Payoffs 57
Ending Scheduled Collateral Loan Count 2,146
</TABLE>
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