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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
June 25, 1998
Date of Report (Date of Earliest Event Reported)
Sequoia Mortgage Funding Corporation (as Sponsor of Sequoia Mortgage Trust 2,
the Issuer of Collateralized Mortgage Bonds under an Indenture dated as of
October 1, 1997)
SEQUOIA MORTGAGE FUNDING CORPORATION
------------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-22681-2 91-1771827
-------- ----------- ----------
State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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 2 (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 June 25, 1998.
<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: July 8, 1998
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 June 25, 1998...................................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate
Certificate Class Pass-Through Beginning
Class CUSIP Description Rate Certificate Balance Interest
----- ----- ----------- ---- ------------------- --------
<S> <C> <C> <C> <C> <C>
A-1 81743MAA1 SEQ 6.48500% 525,773,517.13 2,841,367.72
A-2 81743MAB9 SEQ 5.99625% 138,949,866.31 694,315.11
OC SMTCRT002 R 0.00000% 7,567,274.86 748,006.20
-------------- ------------
Totals 672,290,658.30 4,283,689.03
============== ============
</TABLE>
<TABLE>
<CAPTION>
Current
Principal Realized Loss Ending Certificate Cumulative
Class Distribution Distribution Balance Total Distribution Realized Losses
----- ------------ ------------ ------- ------------------ ---------------
<S> <C> <C> <C> <C> <C>
A-1 11,954,127.51 0.00 513,819,389.62 14,795,495.23 0.00
A-2 3,159,201.38 0.00 135,790,664.93 3,853,516.49 0.00
OC 0.00 0.00 7,567,274.86 748,006.20 0.00
------------- ---- -------------- ------------- ----
Totals 15,113,328.89 0.00 657,177,329.41 19,397,017.92 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.
22-June-1998 9:17AM
<PAGE> 2
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
Scheduled Unscheduled
Beginning Principal Principal
Class Original Face Amount Certificate Balance Distribution Distribution Accretion
----- -------------------- ------------------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C>
A-1 592,560,000.00 525,773,517.13 0.00 11,954,127.51 0.00
A-2 156,600,000.00 138,949,866.31 0.00 3,159,201.38 0.00
OC 7,567,489.63 7,567,274.86 0.00 0.00 0.00
-------------- -------------- ---- ------------- ----
Totals 756,727,489.63 672,290,658.30 0.00 15,113,328.89 0.00
============== ============== ==== ============= ====
</TABLE>
<TABLE>
<CAPTION>
Ending
Total Principal Ending Certificate Certificate Total Principal
Class Realized Loss(1) Reduction Balance Percentage Distribution
----- ---------------- --------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 11,954,127.51 513,819,389.62 0.86711791 11,954,127.51
A-2 0.00 3,159,201.38 135,790,664.93 0.86711791 3,159,201.38
OC 0.00 0.00 7,567,274.86 0.99997162 0.00
---- ------------- -------------- ---------- -------------
Totals 0.00 15,113,328.89 657,177,329.41 0.86844649 15,113,328.89
==== ============= ============== ========== =============
</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> 3
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Scheduled Unscheduled
Beginning Principal Principal
Class(2) Original Face Amount Certificate Balance Distribution Distribution Accretion
-------- -------------------- ------------------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C>
A-1 592,560,000.00 887.29161120 0.00000000 20.17369973 0.00000000
A-2 156,600,000.00 887.29161117 0.00000000 20.17369974 0.00000000
OC 7,567,489.63 999.97161939 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Ending
Total Principal Ending Certificate Certificate Total Principal
Class(2) Realized Loss(3) Reduction Balance Percentage Distribution
-------- ---------------- --------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 20.17369973 867.11791147 0.86711791 20.17369973
A-2 0.00000000 20.17369974 867.11791143 0.86711791 20.17369974
OC 0.00000000 0.00000000 999.97161939 0.99997162 0.00000000
</TABLE>
(2) All Classes Are Per $1,000 Denomination.
(3) 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>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning
Original Face Current Certificate/ Current Accrued Payment of Unpaid
Class Amount Certificate Rate Notional Balance Interest Interest Shortfall
----- ------ ---------------- ---------------- -------- ------------------
<S> <C> <C> <C> <C> <C>
A-1 592,560,000.00 6.48500% 525,773,517.13 2,841,367.72 0.00
A-2 156,600,000.00 5.99625% 138,949,866.31 694,315.11 0.00
OC 7,567,489.63 0.00000% 7,567,274.86 0.00 0.00
-------------- ------- -------------- ------------ ----
Totals 756,727,489.63 0.00
============== ====
</TABLE>
<TABLE>
<CAPTION>
Remaining
Current Non-Supported Unpaid Ending
Interest Interest Realized Total Interest Interest Certificate/
Class Shortfall Shortfall Losses(4) Distribution Shortfall Notional Balance
----- --------- --------- --------- ------------ --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 2,841,367.72 0.00 513,819,389.62
A-2 0.00 0.00 0.00 694,315.11 0.00 135,790,664.93
OC 0.00 0.00 0.00 748,006.20 0.00 7,567,274.86
---- ---- ---- ------------ ---- --------------
Totals 0.00 0.00 0.00 4,283,689.03 0.00
==== ==== ==== ============ ====
</TABLE>
(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>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning
Original Face Current Certificate/ Current Accrued Payment of Unpaid
Class(5) Amount Certificate Rate Notional Balance Interest Interest Shortfall
-------- ------ ---------------- ---------------- -------- ------------------
<S> <C> <C> <C> <C> <C>
A-1 592,560,000.00 6.48500% 887.29161120 4.79507176 0.00000000
A-2 156,600,000.00 5.99625% 887.29161117 4.43368525 0.00000000
OC 7,567,489.63 0.00000% 999.97161939 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Remaining
Current Non-Supported Unpaid Ending
Interest Interest Realized Total Interest Interest Certificate/
Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Notional Balance
-------- --------- --------- --------- ------------ --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000 4.79507176 0.00000000 867.11791147
A-2 0.00000000 0.00000000 0.00000000 4.43368525 0.00000000 867.11791143
OC 0.00000000 0.00000000 0.00000000 98.84469442 0.00000000 999.97161939
</TABLE>
(5) All Classes Are Per $1,000 Denomination.
(6) 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> 6
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Certificateholder Account Statement
<TABLE>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 19,587,932.72
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 19,587,932.72
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 190,914.80
Payment of Interest and Principal 19,397,017.92
-------------
Total Withdrawals (Pool Distribution Amount) 19,587,932.72
=============
Ending Balance 0.00
</TABLE>
OTHER ACCOUNTS
<TABLE>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ ------- ----------- -------- -------
<S> <C> <C> <C> <C>
Ambac Assurance 0.00 0.00 0.00 0.00
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 140,060.55
Pool Insurance Fee 49,854.25
Spread 1 Fee 1,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 190,914.80
==========
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent Based On
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
<S> <C> <C> <C> <C>
30 Days 32 10,660,181.33 1.584158% 1.622116%
60 Days 4 438,690.87 0.198020% 0.066754%
90+ Days 2 709,000.00 0.099010% 0.107886%
Foreclosure 1 268,699.40 0.049505% 0.040887%
REO 0 0.00 0.000000% 0.000000%
-- ------------- -------- --------
Totals 39 12,076,571.60 1.930693% 1.837643%
</TABLE>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 0.00
<PAGE> 8
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-2 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 29-May-1998 7485 New Horizon Way
Distribution Date: 25-June-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Mixed ARM
<S> <C>
Weighted Average Gross Coupon 7.857275%
Weighted Average Net Coupon 7.335726%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown Calculation) 288
Beginning Scheduled Collateral Loan Count 2,068
Number of Loans Paid in Full 48
Ending Scheduled Collateral Loan Count 2,020
Beginning Scheduled Collateral Balance 672,290,658.34
Ending Scheduled Collateral Balance 657,177,329.45
Ending Actual Collateral Balance at 29-May-1998 0.00
Monthly P&I Constant 4,254,983.06
Class A Optimal Amount 18,698,865.97
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 7,567,274.90
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
</TABLE>
<TABLE>
<S> <C>
Serious Delinquency .11289%
Specific OC Amount $7,567,274.90
</TABLE>
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