<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
November 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)
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<CAPTION>
Delaware 333-22681-1 91-1771827
- ------------------------------------ ----------------------- ----------------
<S> <C> <C>
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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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 November 4, 1997.
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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: November 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)
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EXHIBIT INDEX
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<CAPTION>
Exhibit Number Page Number
<S> <C> <C>
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated November 4, 1997...................................... 5
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<PAGE> 1
EXHIBIT 10.1
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<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank Minnesota, N.A.
Certificateholders Distribution Summary Securities Administration Services
Record Date: 31-Oct-1997 7485 New Horizon Way
Distribution Date: 04-Nov-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
<TABLE>
Certificateholder Distribution Summary
===================================================================================================================================
Certificate Certificate Beginning Current Ending Cumulative
Class Pass-Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses
====================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 817435AA8 SEQ 6.03230% 296,165,709.92 1,488,800.34 10,371,770.94 0.00 285,793,938.99 11,860,571.28 0.00
A-2 817435AB6 SEQ 5.87032% 177,160,680.33 866,658.24 6,204,195.60 0.00 170,956,484.72 7,070,853.84 0.00
OC SMTINVCRT R 0.00000% 8,702,428.65 760,748.15 0.00 0.00 8,702,428.65 760,748.15 0.00
====================================================================================================================================
Totals 482,028,818.90 3,116,206.73 16,575,966.54 0.00 465,452,852.36 19,692,173.27 0.00
====================================================================================================================================
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Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
03-Nov-1997 2:44PM
<PAGE> 2
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<S> <C> <C>
Sequoia Mortgage Trust 1 Contact Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Nov-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
Principal Distribution Statement
Senior Certificates
=====================================================================================================
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
=====================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 296,165,709.92 10,371,770.94 0.00 0.00 0.00
A-2 200,000,000.00 177,160,680.33 6,204,195.60 0.00 0.00 0.00
OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00
=====================================================================================================
Class A 543,050,415.20 482,028,818.90 16,575,966.54 0.00 0.00 0.00
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
===========================================================================
<S> <C> <C> <C> <C>
A-1 10,371,770.94 285,793,938.99 0.85478242 10,371,770.94
A-2 6,204,195.60 170,956,484.72 0.85478242 6,204,195.60
OC 0.00 8,702,428.65 0.99988665 0.00
===========================================================================
Class A 16,575,966.54 465,452,852.36 0.85710799 16,575,966.54
===========================================================================
</TABLE>
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(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> 3
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact Customer Service
Mortgage Pass-Through Certificates SMT Norwest Bank Minnesota, N.A.
Certificateholder Principal Distribution Statement Securities Administration Services
Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Nov-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
Face Certificate Principal Principal Realized
Class (3) Amount Balance Distribution Distribution Accretion Loss(4)
==================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 885.80340162 31.02097803 0.00000000 0.00000000 0.00000000
A-2 200,000,000.00 885.80340165 31.02097800 0.00000000 0.00000000 0.00000000
OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class (3) Reduction Balance Percentage Distribution
=============================================================================
<S> <S> <C> <C> <C>
A-1 31.02097803 854.78242362 0.85478242 31.02097803
A-2 31.02097800 854.78242360 0.85478242 31.02097800
OC 0.00000000 999.88664794 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 For A Full
Description.
<PAGE> 4
<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: 31-Oct- 1997 Series 1997-1 7485 New Horizon Way
Distribution Date 04-Nov-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
Interest Distribution Statement
Senior Certificates
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Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate National Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.03230% 296,165,709.92 1,488.800.34 0.00 0.00 0.00
A-2 200,000,000.00 5.87032% 177,160,680.33 866,658.24 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
- ------------------------------------------------------------------------------------------------------------------------------------
2,355,458.58 0.00 0.00 0.00
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</TABLE>
<TABLE>
<CAPTION>
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Remaining
Cumulative Ending
Total Unpaid Certificate
Realized Interest Interest National
Class Losses(7) Distribution Shortfall Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00 1,488,800.34 0.00 285,793,938.99
A-2 0.00 866,658.24 0.00 170,956,484.72
OC 0.00 760,748.15 0.00 8,702,428.65
- -----------------------------------------------------------------------------------------------------------------------------------
Total Class A Interest Distribution 0.00 3,116,206.73 0.00
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(7) Amount Does Not Include 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 Norwest Bank Minnesota, N.A.
Certificateholders Interest Distribution Factors Statement SMT Securities Administration Services
Record Date: 31-Oct-1997 7485 New Horizon Way
Distribution Date: 04-Nov-1997 Series 1997-1 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
Senior Certificate Factors
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate National Accrued Interest Interest Interest
Class (9) Amount Rate Balance Interest Shortfall Shortfall Shortfall
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.03230% 885.80340162 4.45285987 0.00000000 0.00000000 0.00000000
A-2 200,000,000.00 5.87032% 885.80340165 4.33329120 0.00000000 0.00000000 0.00000000
OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Remaining
Cumulative Ending
Total Unpaid Certificate
Realized Interest Interest National
Class Losses(7) Distribution Shortfall Balance
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 0.00000000 4.45285987 0.00000000 854.78242362
A-2 0.00000000 4.33329120 0.00000000 854.78242360
OC 0.00000000 87.40800393 0.00000000 999.88664794
- -----------------------------------------------------------------------------------------------------------------------------------
(9) All classes are per $1,000 denomination.
(10) Amount Does Not Include Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The
Prospectus Supplement For A Full Description.
</TABLE>
<PAGE> 6
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Certificateholder Accounts Statement SMT Securities Administration Services
Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Nov-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 646-8152
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 19,866,789.28
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
--------------
Total Deposits 19,866,789.28
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 174,616.01
Payment of Interest and Principal 19,692,173.27
--------------
Total Withdrawals (Pool Distribution Amount) 19,866,789.28
Ending Balance 0.00
==============
</TABLE>
<TABLE>
<CAPTION>
SERVICER ADVANCES
<S> <C>
Beginning Balance 0.00
Current Period Advances By Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 0.00
</TABLE>
<TABLE>
<CAPTION>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 9,259.11
Servicing Fee Support 0.00
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Non-Supported Prepayment/Curtailment Interest Shortfall 9,259.11
==========
</TABLE>
<TABLE>
<CAPTION>
SERVICING FEES
<S> <C>
Gross Servicing Fee 148,075.42
Pool Insurance Fee 25,540.59
Spread Fee 1,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
-----------
Net Servicing Fee 174,616.01
===========
</TABLE>
<TABLE>
<CAPTION>
OTHER ACCOUNTS
Current Current
Account Beginning Period Period Ending
Type Balance Withdrawals Deposits Balance
<S> <C> <C> <C> <C>
MBIA - Guaranty Insurance Premium 0.00 0.00 25,540.59 0.00
</TABLE>
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<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust I SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank, Minnesota, N.A.
Certificateholder Delinquency/Credit Enhancement Statement Securities Administration Services
Record Date: 31-Oct-1997 7485 New Horizon Way
Distribution Date: 04-Nov-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 28 5,627,934.57 1.46% 1.21%
60 Days 8 2,077,738.31 0.42% 0.45%
90+ Days 3 920,458.61 0.16% 0.20%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 39 8,626,131.49 2.03% 1.85%
</TABLE>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Principal Balance of Contaminated Properties 0.00
===============================================================================
Page 7
<PAGE> 8
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust 1 Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Certificateholder Accounts Statement SMT Securities Administration Services
Record Date: 31-Oct-1997 Series 1997-1 7485 New Horizon Way
Distribution Date: 04-Nov-1997 Frederick, MD 21703
Telephone: (301) 846-8130
Fax: (301) 846-8152
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.215480%
Weighted Average Net Coupon 7.846850%
Weighted Average Maturity (Stepdown Calculation) 319 Months
Beginning Scheduled Collateral Loan Count 1,991
Number of Loans Paid in Full 67
Ending Scheduled Collateral Loan Count 1,924
Beginning Scheduled Collateral Balance 482,395,849.31
Ending Scheduled Collateral Balance 465,452,852.36
Monthly P&I Constant 3,734,833.26
</TABLE>
