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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
July 4, 1998
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
-------- ----------- ----------
(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 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 July 4, 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 10, 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 July 4, 1998............................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Beginning
Certificate Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
----- ----- ----------------- ------------ ------- ------------
<S> <C> <C> <C> <C> <C>
A-1 817435AA8 SEQ 6.03625% 191,580,620.43 963,690,43
A-2 817435AB6 SEQ 6.05645% 114,599,874.04 578,390.34
OC SMTINVCRT R 0.00000% 8,702,428.65 497,935.83
-------------- ------------
Totals 314,882,923.12 2,040,016.60
============== ============
</TABLE>
<TABLE>
<CAPTION>
Principal Current Ending Certificate Cumulative
Class Distribution Realized Loss Balance Total Distribution Realized Losses
----- ------------ ------------- ------------------ ------------------ ---------------
<S> <C> <C> <C> <C> <C>
A-1 12,018,296.39 0.00 179,562,324.03 12,981,986.82 0.00
A-2 7,189,115.74 0.00 107,410,758.31 7,767,506.08 0.00
OC 0.00 0.00 8,702,428.65 497,935.83 0.00
------------- ---- -------------- ------------- ----
Totals 19,207,412.13 0.00 295,675,510.99 21,247,428.73 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.
1-July-1998 10:18AM
<PAGE> 2
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-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-1 334,347,000.00 191,580,620.43 0.00 12,018,296.39 0.00
A-2 200,000,000.00 114,599.874.04 0.00 7,189,115.74 0.00
OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00
-------------- -------------- ---- ------------- ----
Totals 543,050,415.20 314,882,923.12 0.00 19,207,412.13 0.00
============== ============== ==== ============= ====
</TABLE>
<TABLE>
<CAPTION>
Ending Total
Total Principal Ending Certificate Certificate Principal
Class Realized Loss(1) Reduction Balance Percentage Distribution
----- ---------------- --------------- ------------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 12,018,296.39 179,562,324.03 0.53705379 12,018,296.39
A-2 0.00 7,189,115.74 107,410,758.31 0.53705379 7,189,115.74
OC 0.00 0.00 8,702,428.65 0.99988665 0.00
---- ------------- -------------- ---------- -------------
Totals 0.00 19,207,412.13 295,675,510.99 0.54447157 19,207,412.13
==== ============= ============== ========== =============
</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 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
-------- ------ ------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C>
A-1 334,347,000.00 572.99937021 0.00000000 35.94557867 0.00000000
A-2 200,000,000.00 572.99937020 0.00000000 35.94557870 0.00000000
OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
-------- ---------- --------- ------------- ----------- ------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 35.94557867 537.05379151 0.53705379 35.94557867
A-2 0.00000000 35.94557870 537.05379155 0.53705379 35.94557870
OC 0.00000000 0.00000000 999.88664794 0.99988665 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 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
Current Beginning Payment of
Original Face Certificate Certificate/ Current Accrued Unpaid Interest
Class Amount Rate Notional Balance Interest Shortfall
----- -------------- ----------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.03625% 191,580,620.43 963,690.43 0.00
A-2 200,000,000.00 6.05645% 114,599.874.04 578,390.34 0.00
OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00
-------------- ----------- ---------------- ------------ ----
Totals 543,050,415.20 1,542,080.77 0.00
============== ====
</TABLE>
<TABLE>
<CAPTION>
Remaining
Current Non-Supported Unpaid Ending
Interest Interest Realized Total Interest Interest Certificate/
Class Shortfall Shortfall Loss(4) Distribution Shortfall Notional Balance
----- --------- -------------- -------- -------------- --------- ----------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00 0.00 0.00 963,690.43 0.00 179,562,324.03
A-2 0.00 0.00 0.00 578,390.34 0.00 107,410,758.31
OC 0.00 0.00 0.00 497,935.83 0.00 8,702,428.65
---- ---- ---- ------------ ---- ---------------
Totals 0.00 0.00 0.00 2,040,016.60 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 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Original Face Current Certificate/ Current Accrued Unpaid
Class(5) Amount Certificate Rate Notional Balance Interest Interest Shortfall
-------- ------ ---------------- ---------------- -------- ------------------
<S> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.03625% 572.99937021 2.88230620 0.00000000
A-2 200,000,000.00 6.05645% 572.99937020 2.89195170 0.00000000
OC 8,703,415.20 0.00000% 999.88664794 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 2.88230620 0.0000000 537.05379151
A-2 0.00000000 0.00000000 0.00000000 2.89195170 0.0000000 537.05379155
OC 0.00000000 0.00000000 0.00000000 57.21154496 0.0000000 999.88664794
</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 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 21,364,400.45
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 21,364,400.45
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 116,971.72
Payment of Interest and Principal 21,247,428.73
-------------
Total Withdrawals (Pool Distribution Amount) 21,364,400.45
=============
Ending Balance 0.00
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ ------- ----------- -------- -------
<S> <C> <C> <C> <C>
MBIA Guaranty Insurance Premium 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
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 99,712.93
Pool Insurance Fee 16,258.79
Spread 1 Fee 1,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
-----------
Net Servicing Fee 116,971.72
==========
</TABLE>
<PAGE> 7
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-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 22 4,565,813.21 1.702786% 1.544197%
60 Days 3 934,989.59 0.232198% 0.316222%
90+ Days 9 2,253,096.53 0.696594% 0.762017%
Foreclosure 2 322,392.21 0.154799% 0.109036%
REO 2 597,400.75 0.154799% 0.202046%
-- ------------ -------- --------
Totals 38 8,673,692.29 2.941176% 2.933517%
</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 1997-1 Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 04-Jul-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301)846-8152
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 8.250959%
Weighted Average Net Coupon 7.878031%
Weighted Average Pass-Through Rate 7.878031%
Weighted Average Maturity (Stepdown Calculation) 308
Beginning Scheduled Collateral Loan Count 1,371
Number of Loans Paid in Full 79
Ending Scheduled Collateral Loan Count 1.292
Beginning Scheduled Collateral Balance 314,882,923.12
Ending Scheduled Collateral Balance 295,675,510.99
Ending Actual Collateral Balance at 30-June-1998 295,953,153.28
Monthly P&I Constant 2,473,420.27
Class A Optimal Amount 20,765,751.69
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 0.00
Overcollateralized Amount 8,702,428.65
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
</TABLE>
<TABLE>
<S> <C>
Serious Delinquency .824346%
</TABLE>
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