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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
October 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)
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<CAPTION>
Delaware 333-22681-1 91-1771827
<S> <C> <C>
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
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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)
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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 October 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: October 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)
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EXHIBIT INDEX
Exhibit Number Page Number
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated October 4, 1997.......................... 5
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EXHIBIT 10.1
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<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: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
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DISTRIBUTION SUMMARY
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=======================================================================================================================
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 6.03625% 312,141,935.67 1,570,138.97 15,976,226.34 0.00
A-2 817435 AB 6 SEQ 6.08226% 186,717,353.93 946,386.24 9,556,673.96 0.00
Inv. Cert. SMTINVCRT R 0.00000% 8,702,429.60 756,799.14 0.00 0.00
=======================================================================================================================
Totals 507,561,719.20 3,273,324.35 25,532,900.30 0.00
=======================================================================================================================
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===============================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Loss
===============================================================
<S> <C> <C>
A-1 296,165,709.33 17,546,365.31 0.00
A-2 177,160,679.97 10,503,060.20 0.00
Inv. Cert. 8,702,429.60 756,799.14 0.00
===============================================================
Totals 482,028,818.90 28,806,224.65 0.00
===============================================================
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- ------------------------------------------------ --------------
Edward M. Frere, Jr. Date
Vice President, Norwest Bank Minnesota, N.A.
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<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: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
FAX: (301) 815-6365
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PRINCIPAL DISTRIBUTIONS
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======================================================================================================================
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 312,141,935.67 283,857.41 15,692,368.93 0.00 0.00 15,976,226.34
A-2 200,000,000.00 186,717,353.93 169,798.09 9,386,875.87 0.00 0.00 9,556,673.96
Inv. Cert. 8,702,429.60 8,702,429.60 0.00 0.00 0.00 0.00 0.00
======================================================================================================================
Totals 543,049,429.60 507,561,719.20 453,655.50 25,079,244.80 0.00 0.00 25,532,900.30
======================================================================================================================
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====================================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
====================================================================
<S> <C> <C> <C>
A-1 296,165,709.33 0.88580340 15,976,226.34
A-2 177,160,679.97 0.88580340 9,556,673.96
Inv. Cert. 8,702,429.60 1.00000000 0.00
====================================================================
Totals 482,028,818.90 0.88763341 25,532,900.30
====================================================================
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<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 Factor Statement Securities Administration Services
Record Date: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
FAX: (301) 815-6365
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PRINCIPAL DISTRIBUTIONS
CERTIFICATE FACTORS
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==============================================================================================================================
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss Reduction
==============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 933.58676964 0.84899045 46.93437935 0.00000000 0.00000000 47.78336980
A-2 200,000,000.00 933.58676965 0.84899045 46.93437935 0.00000000 0.00000000 47.78336980
Inv. Cert. 8,702,429.60 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
==============================================================================================================================
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================================================================
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
================================================================
<S> <C> <C> <C>
A-1 885.80339985 0.88580340 47.78336980
A-2 885.80339985 0.88580340 47.78336980
Inv. Cert. 1000.00000000 1.00000000 0.00000000
================================================================
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* All Classes Are Per $1,000 Denomination.
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<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 Distribution Statement Securities Administration Services
Record Date: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
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INTEREST DISTRIBUTIONS
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==================================================================================================================================
Payment of
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
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.03625% 312,141,935.67 1,570,138.97 0.00 0.00 0.00 0.00
A-2 200,000,000.00 6.08226% 186,717,353.93 946,386.24 0.00 0.00 0.00 0.00
Inv. Cert. 8,702,429.60 0.00000% 8,702,429.60 756,799.14 0.00 0.00 0.00 0.00
==================================================================================================================================
Total Class A Interest Distribution 3,273,324.35 0.00 0.00 0.00 0.00
==================================================================================================================================
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=========================================================================================
Remaining
Cumulative Ending
Total Unpaid Certificate/
Interest Interest Notional
Class Distribution Shortfall Balance
=========================================================================================
<S> <C> <C> <C>
A-1 1,570,138.97 0.00 296,165,709.33
A-2 946,386.24 0.00 177,160,679.97
Inv. Cert. 756,799.14 0.00 8,702,429.60
=========================================================================================
Total Class A Interest Distribution 3,273,324.35 0.00
=========================================================================================
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<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: 30-Sep-97 Frederick, MD 21703
Distribution Date: 04-Oct-97 Phone: (301) 815-6323
Fax: (301) 815-6365
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INTEREST DISTRIBUTIONS
CERTIFICATE FACTORS
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=================================================================================================================
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 6.03625% 933.58676964 4.69613595 0.00000000 0.00000000
A-2 200,000,000.00 6.08226% 933.58676965 4.73193122 0.00000000 0.00000000
Inv. Cert. 8,702,429.60 0.00000% 1000.00000000 86.96412092 0.00000000 0.00000000
=================================================================================================================
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======================================================================================================
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 4.69613595 0.00000000 885.80339985
A-2 0.00000000 0.00000000 4.73193122 0.00000000 885.80339985
Inv. Cert. 0.00000000 0.00000000 86.96412092 0.00000000 1000.00000000
======================================================================================================
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* All Classes Are Per $1,000 Denomination.
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<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: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
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====================================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal on Home Loans 28,992,538.93
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
Funds From Capitalized Interest Account 0.00
Total Deposits 28,992,538.93
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 185,402.54
Payment of Interest and Principal 28,806,224.65
Total Withdrawals (Pool Distribution Amount) 28,991,627.19
Ending Balance 911.74
====================================================================================
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PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
<S> <C>
Non-Supported Curtailment/Prepayment Interest Shortfall 15,788.09
Servicing Fee 156,214.15
MBIA - Guraranty Insurance Premium 28,188.39
Management Fee 1,000.00
----------
Net Fees 185,402.54
==========
=================================================================================
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<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: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
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DELINQUENCY STATUS/LOSSES
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 32 6,977,595.83 1.61% 1.45%
60 Days 1 252,277.79 0.05% 0.05%
90+ Days 3 920,458.61 0.15% 0.19%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 36 8,150,332.23 1.81% 1.69%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
====================================================================================================================
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<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: 30-Sep-97 7485 New Horizon Way
Distribution Date: 04-Oct-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
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COLLATERAL POOL DATA
Collateral Description Mixed Fixed and ARMs
<S> <C>
Weighted Average Gross Coupon 8.216770%
Weighted Average Net Coupon 7.847442%
Weighted Average Maturity (Home Loans) 321 Months
Beginning Scheduled Collateral Loan Count 2,081
Number of Loan Payoffs 90
Ending Scheduled Collateral Loan Count 1,991
=======================================================================================
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