<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 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
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(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
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(Address of Principal Executive Offices)
(415) 381-1765
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(Registrant's Telephone Number,
Including Area Code)
Not Applicable
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(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 December 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: December 15, 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
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C> <C>
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated December 4, 1997.............................................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 SMT Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Statements To Certificateholders Series 1997-1 Securities Administration Services
Record Date: 30-Nov-1997 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Telephone: (301) 846-8130
Fax: (301) 846-8152
Table Of Contents
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/Credit Enhancement Statement...................................... 7
Certificateholder Collateral Statement.......................................................... 8
</TABLE>
Determintion by the Certificate Administrator of the distribution information
shall, in the absence of obvious error, be presumptively deemed to be correct
for all purposes of the Pooling and Servicing Agreement.
<PAGE> 2
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
- ----- --------- ------------ ------------ --------------- ------------
<S> <C> <C> <C> <C> <C>
A-1 817435AA8 SEQ 6.02844% 285,793,938.99 1,435,743.01
A-2 817435AB6 SEQ 6.23381% 170,956,484.72 888,091.87
OC SMTINVCRT R 0.00000% 8,702,428.65 690,582.69
============== ============
Totals 465,452,852.36 3,014,417.57
============== ============
</TABLE>
<TABLE>
<CAPTION>
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
- ----- ------------ -------- -------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
A-1 11,682,194.69 0.00 274,111,744.29 13,117,937.70 0.00
A-2 6,988,066.11 0.00 163,968,418.62 7,876,157.98 0.00
OC 0.00 0.00 8,702,428.65 690,582.69 0.00
============= ==== ============== ============= ====
Totals 18,670,260.80 0.00 446,782,591.56 21,684,678.37 0.00
============= ==== ============== ============= ====
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
11-Dec-1997 4:12PM
<PAGE> 3
<TABLE>
<CAPTION>
<S> <C> <C>
Sequoia Mortgage Trust 1 SMT Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Series 1997-1 Securities Administration Services
Record Date: 30-Nov-1997 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
FAX: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
- ---------------------------------------------------------------------------------------------------------------------------------
Original Beginning Scheduled Unscheduled Total Ending
Face Certificate Principal Principal Realized Principal Certificate
CLASS Amount Balance Distribution Distribution Accretion Loss (1) Reduction Balance
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 285,793,938.99 0.00 11,682,194.69 0.00 0.00 11,682,194.69 274,111,744.29
A-2 200,000,000.00 170,956,484.72 0.00 6,988,066.11 0.00 0.00 6,988,066.11 163,968,418.62
OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00 0.00 8,702,428.65
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A 543,050,415.20 465,452,852.36 0.00 18,670,260.80 0.00 0.00 18,670,260.80 446,782,591.56
- ---------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------
Ending Total
Certificate Principal
CLASS Percentage Distribution
- --------------------------------------
<S> <C> <C>
A-1 0.81984209 11,682,194.69
A-2 0.81984209 6,988,066.11
OC 0.99988665 0.00
- --------------------------------------
CLASS A 0.82272765 18,670,260.80
- ---------------------------------------
</TABLE>
- ----------------
(1) Amount Does Not Include Excess Special hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C> <C>
Sequoia Mortgage Trust 1 SMT Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota
Certificateholder Principal Distribution Factors Statement Series 1997-1 Securities Administration Services
Record Date 30-Nov-1997 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
Senior Certificate Factors
<TABLE>
<CAPTION>
=================================================================================================================================
Original Beginning Scheduled Unscheduled Total Ending
Face Certificate Principal Principal Realized Principal Certificate
Class(3) Amount Balance Distribution Distribution Accretion Loss(4) Reduction Balance
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 854.78242362 0.00000000 34.94033052 0.00000000 0.00000000 34.94033052 819.84209306
A-2 200,000,000.00 854.78242360 0.00000000 34.94033055 0.00000000 0.00000000 34.94033055 819.84209310
OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 999.88664794
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Ending Total
Certificate Principal
Class(3) Percentage Distribution
==============================================
<S> <C> <C>
A-1 0.81984209 34.94033052
A-2 0.81984209 34.94033055
OC 0.99988665 0.00000000
==============================================
</TABLE>
- ------------------
(3) All Classes Are Per $1,000 Denomination.
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 5
<TABLE>
<CAPTION>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Interest Distribution Statement Securities Administration Services
Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
Interest Distribution Statement
Senior Certificates
<TABLE>
<CAPTION>
===================================================================================================================================
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional Accrued Interest Interest Interest Realized
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(7)
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.02844% 285,793,938.99 1,435,743.01 0.00 0.00 0.00 0.00
A-2 200,000,000.00 6.23381% 170,956,484.72 888,091.87 0.00 0.00 0.00 0.00
OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00 0.00 0.00 0.00
===================================================================================================================================
Total Class A Interest Distribution 2,323,834.88 0.00 0.00 0.00 0.00
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Remaining
Cumulative Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
===========================================================================================
<S> <C> <C> <C>
A-1 1,435,743.01 0.00 274,111,744.29
A-2 888,091.87 0.00 163,968,418.62
OC 690,582.69 0.00 8,702,428.65
===========================================================================================
Total Class A Interest Distribution 3,014,417.57 0.00
===========================================================================================
</TABLE>
(7) Amount Does Not Include Excess Hazard, Bankruptcy, Or Fraud Losses Unless
Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full
Description.
<PAGE> 6
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 SMT Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Certificateholder Interest Distribution Factors Statement Series 1997-1 Securities Administration Services
Record Date: 30-Nov-1997 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
Senior Certificate Factors
<TABLE>
<CAPTION>
Payment of
Previously
Original Current Certificate/ Current Unpaid Current Non-Supported Total
Face Certificate Notional Accrued Interest Interest Interest Realized Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses (10) Distribution
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1 334,347,000.00 6.02844% 854.78242362 4.29417046 0.00000000 0.00000000 0.00000000 0.00000000 4.29417046
A2 200,000,000.00 6.23381% 854.78242360 4.44045935 0.00000000 0.00000000 0.00000000 0.00000000 4.44045935
OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 79.34617321
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Remaining
Cumulative Ending
Unpaid Certificate/
Interest Notional
Class (9) Shortfall Balance
- ------------------------------------------------
<S> <C> <C>
A1 0.00000000 819.84209306
A2 0.00000000 819.84209310
OC 0.00000000 999.88664794
- ------------------------------------------------
</TABLE>
(9) All classes are per $1,000 denomination.
(10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses
Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A
Full Description.
<PAGE> 7
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Accounts Statement Securities Administration Services
Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (310) 846-8130
Fax: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposit
Payments of Interest and Principal 21,854,236.30
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances)
Realized Losses 0.00
-------------
Total Deposits 21,854,236.30
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 169,557.93
Payment of Interest and Principal 21,684,678.37
-------------
Total Withdrawals (Pool Distribution Amount) 21,854,236.30
Ending Balance 0.00
=============
SERVICER ADVANCES
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 16,159.16
Servicing Fee Support 0.00
-------------
Non-Supported Prepayment/Curtailment Interest Shortfall 16,159.16
=============
SERVICING FEES
Gross Servicing Fee 143,403.57
Pool Insurance Fee 25,154.36
Spread 1 Fee 1,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
-------------
Net Servicing Fee 169,557.93
=============
</TABLE>
<PAGE> 8
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Delinquency/Credit Enhancement Statement Securities Administration Services
Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent
Current Unpaid Based on
Number Principal Number Unpaid
Of Loans Balance Of Loans Balance
<S> <C> <C> <C> <C>
30 Days 33 6,715,179.97 1.78% 1.50%
60 Days 5 1,080,641.32 0.27% 0.24%
90+ Days 6 1,658,001.36 0.32% 0.37%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 44 9,453,822.65 2.38% 2.12%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
</TABLE>
<PAGE> 9
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Collateral Statement Securities Administration Services
Record Date: 30-Nov-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Dec-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
COLLATERAL STATUS
<TABLE>
<CAPTION>
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 8.250377%
Weighted Average Net Coupon 7.880664%
Weighted Average Maturity (Stepdown Calculation) 318 Months
Beginning Scheduled Collateral Loan Count 1,924
Number of Loans Paid in Full 75
Ending Scheduled Collateral Loan Count 1,849
Beginning Scheduled Collateral Balance 465,452,852.36
Ending Scheduled Collateral Balance 446,782,591.56
Monthly P&I Constant 3,622,602.96
</TABLE>
