<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
September 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)
Delaware 333-22681-1 91-1771827
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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
--------------
(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 September 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: September 10, 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>
10.1 Monthly Payment Date Statement distributed to
Bondholders, dated September 4, 1997........................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 4-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
<TABLE>
<S> <C>
==============================================================================
Page
----
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>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-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 6.00500% 324,567,476.22 1,624,189.75 12,425,540.55 0.00
A-2 817435 AB 6 SEQ 6.11333% 194,150,075.35 989,086.23 7,432,721.42 0.00
Inv. Cert. SMTINVCRT R 0.00000% 8,702,429.60 794,083.08 0.00 0.00
=================================================================================================================================
Totals 527,419,981.17 3,407,359.06 19,868,281.87 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Loss
=====================================================================
<S> <C> <C> <C>
A-1 312,141,935.67 14,049,730.30 0.00
A-2 186,717,353.93 8,421,807.65 0.00
Inv. Cert. 8,702,429.60 8,702,429.60 0.00
=====================================================================
Totals 607,681,718.20 607,681,718.20 0.00
=====================================================================
</TABLE>
/s/ EDWARD M. FRERE, JR. 9/2/7
- -------------------------------- -------------------
Edward M. Frere, Jr. Date
Vice President, Norwest
Bank Minnesota, N.A.
<PAGE> 3
<TABLE>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-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-1 334,347,000.00 324,567,476.22 292,346.88 12,133,193.67 0.00 0.00
A-2 200,000,000.00 194,150,075.35 174,876.33 7,257,845.09 0.00 0.00
Inv. Cert. 8,702,429.60 8,702,429.60 0.00 0.00 0.00 0.00
============================================================================================================================
Totals 543,049,429.60 527,419,981.17 467,223.21 18,391,038.78 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 12,425,540.55 312,141,935.67 0.93358677 12,425,540.55
A-2 7,432,721.42 186,717,353.93 0.93358677 7,432,721.42
Inv. Cert. 0.00 8,702,429.60 1.00000000 0.00
==============================================================================================
Totals 19,858,261.97 607,681,718.20 0.93485105 19,858,281.97
==============================================================================================
</TABLE>
<PAGE> 4
<TABLE>
<S> <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 Factors Statement Securities Administration Services
Record Date: 31-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
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-1 334,347,000.00 970.75037676 0.87438165 36.28922548 0.00000000 0.00000000
A-2 200,000,000.00 970.75037676 0.87438165 36.28922545 0.00000000 0.00000000
Inv. Cert. 8,702,429.60 1000.00000000 0.00000000 0.000000000 0.00000000 0.00000000
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class Reduction Balance Percentage Distribution
============================================================================================
<S> <C> <C> <C> <C>
A-1 37.16360712 933.58676964 0.93358677 37.16360712
A-2 37.16360710 933.58676966 0.93358677 37.16360710
Inv. Cert. 0.00000000 1000.00000000 1.00000000 0.00000000
============================================================================================
</TABLE>
* All Classes Are Per $1,000 Denomination.
<PAGE> 5
<TABLE>
<S> <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: 31-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
INTEREST DISTRIBUTIONS
<TABLE>
<CAPTION>
===================================================================================================================================
Payment of
Beginning Previously
Original Current Certificate/ Current Unpaid Current Non-Supported
Face Certificate Notional 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 6.00500% 324,567,476.22 1,624,189.75 0.00 0.00 0.00
A-2 200,000,000.00 6.11333% 194,150,075.35 989,086.23 0.00 0.00 0.00
Inv. Cert. 8,702,429.60 0.00000% 8,702,429.60 794,083.08 0.00 0.00 0.00
===================================================================================================================================
Total Class A Interest Distribution 3,407,359.06 0.00 0.00 0.00
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================================
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses Distribution Shortfall Balance
=====================================================================================
<S> <C> <C> <C> <C>
A-1 0.00 1,624,189.75 0.00 312,141,935.67
A-2 0.00 989,086.23 0.00 186,717,353.93
Inv. Cert. 0.00 794,083.08 0.00 8,702,429.60
=====================================================================================
Total
Class A Interest
Distribution 0.00 3,407,359.06 0.00
=====================================================================================
</TABLE>
<PAGE> 6
<TABLE>
<S> <C>
Sequoia Mortgage Funding Corporation Administrator: Customer Service Page 5
Collateralized Mortgage Bonds Sequoia Mortgage Trust 1 Norwest Bank Minnesota, N.A.
Certificateholder Interest Distribution Factors Statement Securities Administration Services
Record Date: 31-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
INTEREST DISTRIBUTIONS
CERTIFICATE FACTORS
<TABLE>
<CAPTION>
==================================================================================================================================
Payment of
Original Beginning Previously
Face / Current Certificate/ Current Unpaid Current Non-Supported
Notional Certificate Notional 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 6.00500% 970.75037676 4.85779668 0.00000000 0.00000000 0.00000000
A-2 200,000,000.00 6.11333% 970.75037676 4.94543117 0.00000000 0.00000000 0.00000000
Inv. Cert. 8,702,429.60 0.00000% 1000.00000000 91.24843480 0.00000000 0.00000000 0.00000000
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
Remaining
Cumulative Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses Distribution Shortfall Balance
===================================================================================
<S> <C> <C> <C> <C>
A-1 0.00000000 4.85779668 0.00000000 933.58676964
A-2 0.00000000 4.94543117 0.00000000 933.58676966
Inv. Cert. 0.00000000 91.24843480 0.00000000 1000.00000000
===================================================================================
</TABLE>
* All Classes Are Per $1,000 Denomination.
<PAGE> 7
<TABLE>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
<TABLE>
<S> <C>
===============================================================================
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal on Home Loans 23,458,783.40
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds From Repurchased Loans 0.00
Funds From Capitalized Interest Account 0.00
Total Deposits 23,458,783.40
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Fees 193,162.37
Payment of Interest and Principal 23,265,621.03
Total Withdrawals (Pool Distribution Amount) 23,458,783.40
Ending Balance 0.00
===============================================================================
===============================================================================
PREPAYMENT INTEREST SHORTFALL/SERVICING FEES
Non-Supported Curtailment/Prepayment Interest Shortfall 5,734.57
Servicing Fee 161,903.85
MBIA - Guraranty Insurance Premium 30,258.52
Management Fee 1,000.00
-----------------
Net Fees 193,162.37
=================
===============================================================================
</TABLE>
<PAGE> 8
<TABLE>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
================================================================================
DELINQUENCY STATUS/LOSSES
<TABLE>
<CAPTION>
Percentage Percentage
Loans Count Unpaid Balance Loans Count Unpaid Balance
<S> <C> <C> <C> <C>
30 Days 17 4,401,719.60 0.82% 0.87%
60 Days 3 678,722.83 0.14% 0.13%
90+ Days 2 700,636.59 0.10% 0.14%
Foreclosure 0 0.00 0.00% 0.00%
REO 0 0.00 0.00% 0.00%
Totals 22 5,781,079.02 1.06% 1.14%
Current Period Net Losses 0.00
Cumulative Net Losses 0.00
</TABLE>
================================================================================
<PAGE> 9
<TABLE>
<S> <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-Aug-97 7485 New Horizon Way
Distribution Date: 04-Sep-97 Frederick, MD 21703
Phone: (301) 815-6323
Fax: (301) 815-6365
</TABLE>
================================================================================
COLLATERAL POOL DATA
<TABLE>
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.205050%
Weighted Average Net Coupon 7.836682%
Weighted Average Maturity (Home Loans) 322 Months
Beginning Scheduled Collateral Loan Count 2,146
Number of Loan Payoffs 65
Ending Scheduled Collateral Loan Count 2,081
</TABLE>
================================================================================
