<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
April 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
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(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 333-22681-1 91-1771827
(State or Other Jurisdiction of Incorporation) (Commission File Number) (I.R.S. Employer Identification No.)
</TABLE>
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 April 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: April 17, 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 April 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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Mar-1998 7485 New Horizon Way
Distribution Date: 04-Apr-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
=============================================================================================================================
Certificate
Certificate Class Pass-Through Beginning Interest Principal
Class CUSIP Description Rate Certificate Balance Distribution Distribution
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 817435AA8 SEQ 6.06359% 236,033,772.40 1,192,676.68 14,514,827.80
A-2 817435AB6 SEQ 6.02321% 141,190,901.91 708,685.38 8,682,493.22
OC SMTINVCRT R 0.00000% 8,702,428.65 611,650.36 0.00
=============================================================================================================================
Totals 385,927,102.96 2,513,012.42 23,197,321.02
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================================
Current Ending Certificate Cumulative
Class Realized Loss Balance Total Distribution Realized Losses
=============================================================================================
<S> <C> <C> <C> <C>
A-1 0.00 221,518,944.60 15,707,504.48 0.00
A-2 0.00 132,508,408.69 9,391,178.60 0.00
OC 0.00 8,702,428.65 611,650.36 0.00
=============================================================================================
Totals 0.00 362,729,781.94 25,710,333.44 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.
01-Apr-1998 1:47PM
<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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1997 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Statement
Senior Certificates
<TABLE>
<CAPTION>
=================================================================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 236,033,772.40 0.00 14,514,827.80 0.00 0.00
A-2 200,000,000.00 141,190,901.91 0.00 8,682,493.22 0.00 0.00
OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00
=================================================================================================================================
Class A 543,050,415.20 385,927,102.96 0.00 23,197,321.02 0.00 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===============================================================================================
Ending Ending
Total Principal Certificate Certificate Total Principal
Class Reduction Balance Percentage Distribution
===============================================================================================
<S> <C> <C> <C> <C>
A-1 14,514,827.80 221,518,944.60 0.66254204 14,514,827.80
A-2 6,682,493.22 132,508,408.69 0.66254204 8,682,493.22
OC 0.00 8,702,428.65 0.99988665 0.00
===============================================================================================
Class A 23,197,321.02 362,729,781.94 0.66794863 23,197,321.02
===============================================================================================
</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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1997 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
Senior Certificate Factors
<TABLE>
<CAPTION>
=============================================================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class(3) Amount Balance Distribution Distribution Accretion Loss(4)
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 705.95450954 0.00000000 43.41246609 0.00000000 0.00000000
A-2 200,000,000.00 705.95450955 0.00000000 43.41246610 0.00000000 0.00000000
OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================
Ending Ending
Total Principal Certificate Certificate Total Principal
Class(3) Reduction Balance Percentage Distribution
=================================================================================================
<S> <C> <C> <C> <C>
A-1 43.41246609 662.54204345 0.66254204 43.41246609
A-2 43.41246610 662.54204345 0.66254204 43.41246610
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
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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1997 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
Senior Certificates
<TABLE>
<CAPTION>
=================================================================================================================================
Beginning Payment of
Current Certificate/ Current Previously Current
Original Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
=================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.06359% 236,033,772.40 1,192,676.68 0.00 0.00
A-2 200,000,000.00 6.02321% 141,190,901.91 708,685.38 0.00 0.00
OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00 0.00
=================================================================================================================================
Total Class A Interest Distribution 1,901,362.06 0.00 0.00
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
Remaining
Non- Cumulative Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional Balance
Class Shortfall Loss(7) Distribution Shortfall
=======================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,192,676.68 0.00 221,518,944.60
A-2 0.00 0.00 708,685.38 0.00 132,508,408.69
OC 0.00 0.00 611,650.36 0.00 8,702,428.65
=======================================================================================================
Total Class A 0.00 0.00 2,513,012.42 0.00
=======================================================================================================
</TABLE>
(7) 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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1997 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
Senior Certificates Factors
<TABLE>
<CAPTION>
==================================================================================================================================
Beginning
Current Certificate/ Current Payment of Current
Original Face Certificate Notional Accrued Previously Unpaid Interest
Class(9) Amount Rate Balance Interest Interest Shortfall Shortfall
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 334,347,000.00 6.06359% 705.95450954 3.56718224 0.00000000 0.00000000
A-2 200,000,000.00 6.02321% 705.95450955 3.54342690 0.00000000 0.00000000
OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================================
Remaining
Cumulative
Non-Supported Unpaid Ending
Interest Realized Total Interest Interest Certificate/
Class(9) Shortfall Losses(10) Distribution Shortfall Notional Balance
=========================================================================================================
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 3.56718224 0.0000000 662.54204345
A-2 0.00000000 0.00000000 3.54342690 0.0000000 662.54204345
OC 0.00000000 0.00000000 70.27705170 0.0000000 999.88664794
=========================================================================================================
</TABLE>
(9) All Classes Are $1,000 Denomination.
(10) 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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Mar-1998 7485 New Horizon Way
Distribution Date: 04-Apr-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 25,854,366.66
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 25,854,366.66
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 144,033.22
Payment of Interest and Principal 25,710,333.44
-------------
Total Withdrawals (Pool Distribution Amount) 25,854,366.66
0.00
=============
Ending Balance
</TABLE>
SERVICER ADVANCES
<TABLE>
<S> <C>
Beginning Balance 0.00
Current Period Advances by Servicer 0.00
Reimbursement of Advances 0.00
Ending Cumulative Advances 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 122,210.25
Pool Insurance Fee 20,822.97
Spread 1 Fee 1,000.00
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 144,033.22
==========
</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.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1997 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
DELINQUENCY STATUS
<TABLE>
<CAPTION>
Percentage Delinquent Based On
Current Unpaid Principal
Number Of Balance Number Unpaid
Loans of Loans Balance
<S> <C> <C> <C> <C>
30 Days 40 8,301,050.12 2.57% 2.29%
60 Days 5 1,430,047.93 0.32% 0.39%
90+ Days 9 1,814,106.73 0.58% 0.50%
Foreclosure 1 274,011.81 0.06% 0.08%
REO 1 379,757.98 0.06% 0.10%
Totals 56 12,198,974.57 3.60% 3.36%
</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> 8
<TABLE>
<S> <C> <C>
Sequoia Mortgage Trust SMT Contact: Customer Service
Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A.
Certificateholder Distribution Summary Securities Administration Services
Record Date: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 04-Jan-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 8.321690%
Weighted Average Net Coupon 7.948961%
Weighted Average Maturity (Stepdown Calculation) 313 Months
Beginning Scheduled Collateral Loan Count 1,636
Number of Loans Paid in Full 79
Ending Scheduled Collateral Loan Count 1,557
Beginning Scheduled Collateral Balance 385,927,102.96
Ending Scheduled Collateral Balance 362,729,781.94
Monthly P&I Constant 3,038,012.60
</TABLE>
