<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
November 25, 1998
Date of Report (Date of Earliest Event Reported)
GREENWICH CAPITAL ACCEPTANCE, INC.
(as Depositor under the Pooling and Servicing Agreement, dated June 1,
1998, providing for the Issuance of the Sequoia Mortgage Trust 3,
Mortgage Loan Asset Backed Certificates)
GREENWICH CAPITAL ACCEPTANCE, INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
<TABLE>
<S> <C> <C>
Delaware 33-80740-08 61199884
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
</TABLE>
600 Steamboat Road, Greenwich, Connecticut 06830
------------------------------------------------
(Address of Principal Executive Offices)
(203) 622-2700
--------------
(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
On June 1, 1998, Greenwich Capital Acceptance, Inc. (the
"Company") entered into a Pooling and Servicing Agreement
dated as of June 1, 1998 (the "Pooling and Servicing
Agreement"), by and among the Company, as depositor; Sequoia
Mortgage Funding Corporation, as seller ("Sequoia"); Norwest
Bank Minnesota, National Association, as master servicer (the
"Master Servicer"); and First Union National Bank, as trustee
(the "Trustee"), providing for the issuance of the Sequoia
Mortgage Trust 3, Mortgage Loan Asset Backed Certificates (the
"Certificates").
The following exhibit which relates specifically to the
Certificates is included with this Current Report:
Item 7(c). Exhibits
10.1 Monthly Payment Date Statement distributed
to Certificateholders, dated November 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: December 4, 1998
GREENWICH CAPITAL ACCEPTANCE,
INC.
By: /s/ Anne Mulligan
-------------------------------------
Anne Mulligan
Vice President
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
- -------------- -----------
<S> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated November 25, 1998.............. 5
</TABLE>
<PAGE> 1
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
EXHIBIT 10.1
Certificateholder 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 81743NAA9 SEQ 6.37000% 179,785,377.42 954,360.70 31,943,044.97 0.00
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.66 0.00 0.00
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.66 0.00 0.00
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,014.16 0.00 0.00
APO 81743NAJ0 PO 0.00000% 2,978,234.34 0.00 3,021.35 0.00
A-IO 81743NAP6 WIO 0.00250% 0.00 1,153.11 0.00 0.00
AX-1 81743NAE1 IO 0.47215% 0.00 70,738.07 0.00 0.00
AX-2 81743NAF8 IO 0.50215% 0.00 39,753.55 0.00 0.00
AX-3 81743NAG6 IO 0.49215% 0.00 67,342.53 0.00 0.00
AX-4 81743NAH4 IO 0.59215% 0.00 60,163,79 0.00 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.00 0.00 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.84215% 16,127,300.00 91,954.50 0.00 0.00
M-2 81743NAM3 MEZ 6.84215% 7,741,100.00 44,138.14 0.00 0.00
M-3 81743NAN1 SUB 6.84215% 4,838,200.00 27,586.41 0.00 0.00
B-1 81743NAQ4 SUB 6.84215% 2,580,400.00 14,712.90 0.00 0.00
B-2 81743NAR2 SUB 6.84215% 1,935,300.00 11,034.68 0.00 0.00
B-3 81743NAS0 SUB 6.84215% 2,257,929.46 12,874.24 0.00 0.00
===============================================================================================================================
Totals 599,366,561.22 3,401,635.13 31,946,066.32 0.00
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=====================================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
=====================================================================
<S> <C> <C> <C>
A-1 147,842,332.45 32,897,405.67 0.00
A-2 95,000,000.00 501,916.66 0.00
A-3 164,200,000.00 868,891.66 0.00
A-4 121,922,720.00 635,014.16 0.00
APO 2,975,212.99 3,021.35 0.00
A-IO 0.00 1,153.11 0.00
AX-1 0.00 70,738.07 0.00
AX-2 0.00 39,753.55 0.00
AX-3 0.00 67,342.53 0.00
AX-4 0.00 60,163.79 0.00
A-R 0.00 0.03 0.00
A-RLT 0.00 0.00 0.00
M-1 16,127,300.00 91,954.50 0.00
M-2 7,741,100.00 44,138.14 0.00
M-3 4,838,200.00 27,586.41 0.00
B-1 2,580,400.00 14,712.90 0.00
B-2 1,935,300.00 11,034.68 0.00
B-3 2,257,929.46 12,874.24 0.00
=====================================================================
Totals 567,420,494.90 35,347,701.45 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.
<PAGE> 2
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
Principal Distribution Statement
<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-1 225,459,000.00 179,785,377.42 377,949.32 31,565,095.65 0.00 0.00
A-2 95,000,000.00 95,000,000.00 0.00 0.00 0.00 0.00
A-3 164,200,000.00 164,200,000.00 0.00 0.00 0.00 0.00
A-4 121,922,720.00 121,922,720.00 0.00 0.00 0.00 0.00
APO 3,033,074.00 2,978,234.34 2,766.62 254.73 0.00 0.00
A-IO 0.00 0.00 0.00 0.00 0.00 0.00
AX-1 0.00 0.00 0.00 0.00 0.00 0.00
AX-2 0.00 0.00 0.00 0.00 0.00 0.00
AX-3 0.00 0.00 0.00 0.00 0.00 0.00
AX-4 0.00 0.00 0.00 0.00 0.00 0.00
A-R 50.00 0.00 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00 0.00
M-1 16,127,300.00 16,127,300.00 0.00 0.00 0.00 0.00
M-2 7,741,100.00 7,741,100.00 0.00 0.00 0.00 0.00
M-3 4,838,200.00 4,838,200.00 0.00 0.00 0.00 0.00
B-1 2,580,400.00 2,580,400.00 0.00 0.00 0.00 0.00
B-2 1,935,300,000 1,935,300.00 0.00 0.00 0.00 0.00
B-3 2,257,929.46 2,257,929.46 0.00 0.00 0.00 0.00
=========================================================================================================================
Totals 645,095,073.46 599,366,561.22 380,715.94 31,565,350.38 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 31,943,044.97 147,842,332.45 0.65573932 31,943,044.97
A-2 0.00 95,000,000.00 1.00000000 0.00
A-3 0.00 164,200,000.00 1.00000000 0.00
A-4 0.00 121,922,720.00 1.00000000 0.00
APO 3,021.35 2,975,212.99 0.98092331 3,021.35
A-IO 0.00 0.00 0.00000000 0.00
AX-1 0.00 0.00 0.00000000 0.00
AX-2 0.00 0.00 0.00000000 0.00
AX-3 0.00 0.00 0.00000000 0.00
AX-4 0.00 0.00 0.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
A-RLT 0.00 0.00 0.00000000 0.00
M-1 0.00 16,127,300.00 1.00000000 0.00
M-2 0.00 7,741,100.00 1.00000000 0.00
M-3 0.00 4,838,200.00 1.00000000 0.00
B-1 0.00 2,580,400.00 1.00000000 0.00
B-2 0.00 1,935,300.00 1.00000000 0.00
B-3 0.00 2,257,929.46 1.00000000 0.00
=====================================================================================
Totals 31,946,066.32 567,420,494.90 0.87959205 31,946,066.32
=====================================================================================
</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>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
=============================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
=============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 797.41938632 1.67635499 140.00370644 0.00000000 0.00000000 141.68006143
A-2 95,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 164,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 121,922,720.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 3,033,074.00 981.91944542 0.91215051 0.08398410 0.00000000 0.00000000 0.99613461
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 16,127,300.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-2 7,741,100.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
============================================================
<S> <C> <C> <C>
A-1 655.73932489 0.65573932 141.68006143
A-2 1000.00000000 1.00000000 0.00000000
A-3 1000.00000000 1.00000000 0.00000000
A-4 1000.00000000 1.00000000 0.00000000
APO 980.92331081 0.98092331 0.99613461
A-IO 0.00000000 0.00000000 0.00000000
AX-1 0.00000000 0.00000000 0.00000000
AX-2 0.00000000 0.00000000 0.00000000
AX-3 0.00000000 0.00000000 0.00000000
AX-4 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000
M-1 1000.00000000 1.00000000 0.00000000
M-2 1000.00000000 1.00000000 0.00000000
M-3 1000.00000000 1.00000000 0.00000000
B-1 1000.00000000 1.00000000 0.00000000
B-2 1000.00000000 1.00000000 0.00000000
B-3 1000.00000000 1.00000000 0.00000000
============================================================
</TABLE>
(2) Per $1000 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>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
============================================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid Current Non-Supported
Original Certificate Notional Accrued Interest Interest Interest
Class Face Amount Rate Balance Interest Shortfall Shortfall Shortfall
============================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 179,785,377.42 954,360.71 0.00 0.00 0.01
A-2 95,000,000.00 6.34000% 95,000,000.00 501,916.67 0.00 0.00 0.01
A-3 164,200,000.00 6.35000% 164,200,000.00 868,891.67 0.00 0.00 0.01
A-4 121,922,720.00 6.25000% 121,922,720.00 635,014.17 0.00 0.00 0.01
APO 3,033,074.00 0.00000% 2,978,234.34 0.00 0.00 0.00 0.00
A-IO 0.00 0.00250% 553,492,732.32 1,153.11 0.00 0.00 0.00
AX-1 0.00 0.47215% 179,785,377.42 70,738.07 0.00 0.00 0.00
AX-2 0.00 0.50215% 95,000,000.00 39,753.55 0.00 0.00 0.00
AX-3 0.00 0.49215% 164,200,000.00 67,342.54 0.00 0.00 0.00
AX-4 0.00 0.59215% 121,922,720 60,163.79 0.00 0.00 0.00
A-R 50.00 0.00000% 0.00 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
M-1 16,127,300.00 6.84215% 16,127,300.00 91,954.51 0.00 0.00 0.00
M-2 7,741,100.00 6.84215% 7,741,100.00 44,138.14 0.00 0.00 0.00
M-3 4,838,200.00 6.84215% 4,838,200.00 27,586.41 0.00 0.00 0.00
B-1 2,580,400.00 6.84215% 2,580,400.00 14,712.90 0.00 0.00 0.00
B-2 1,935,300,000 6.84215% 1,935,300.00 11,034.68 0.00 0.00 0.00
B-3 2,257,929.46 6.84215% 2,257,929.46 12,874.24 0.00 0.00 0.00
============================================================================================================================
Totals 645,095,073.46 3,401,635.16 0.00 0.00 0.00
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses(4) Distribution Shortfall Balance
====================================================================
<S> <C> <C> <C> <C>
A-1 0.00 954,360.71 0.00 147,842.332.45
A-2 0.00 501,916.66 0.00 95,000,000.00
A-3 0.00 868,891.66 0.00 164,200,000.00
A-4 0.00 635,014.16 0.00 121,922,720.00
APO 0.00 0.00 0.00 2,975,212.99
A-IO 0.00 1,153.11 0.00 523,991,727.97
AX-1 0.00 70,738.07 0.00 147,842,332.45
AX-2 0.00 39,753.55 0.00 95,000,000.00
AX-3 0.00 67,342.53 0.00 164,200,000.00
AX-4 0.00 60,163.79 0.00 121,922,720.00
A-R 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 91,954.51 0.00 16,127,300.00
M-2 0.00 44,138.14 0.00 7,741,100.00
M-3 0.00 27,586.41 0.00 4,838,200.00
B-1 0.00 14,712.90 0.00 2,580,400.00
B-2 0.00 11,034.68 0.00 1,935,300.00
B-3 0.00 12,874.24 0.00 2,257,929.46
====================================================================
Totals 0.00 3,401,635.16 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>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
==================================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Certificate Notional Accrued Interest Interest Interest Realized
Class(5) Face Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(6)
==================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 797.41938632 4.23296790 0.00000000 0.00000000 0.00000000 0.00000000
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333337 0.00000000 0.00000000 0.00000000 0.00000000
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166669 0.00000000 0.00000000 0.00000000 0.00000000
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833336 0.00000000 0.00000000 0.00000000 0.00000000
APO 3,033,074.00 0.00000% 981.91944542 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00250% 929.11353051 0.00193565 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.47215% 797.41938632 0.31375137 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.50215% 1000.00000000 0.41845842 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.49215% 1000.00000000 0.41012509 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.59215% 1000.00000000 0.49345840 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 16,127,300.00 6.84215% 1000.00000000 5.70179199 0.00000000 0.00000000 0.00000000 0.00000000
M-2 7,741,100.00 6.84215% 1000.00000000 5.70179174 0.00000000 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 6.84215% 1000.00000000 5.70179199 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 6.84215% 1000.00000000 5.70179042 0.00000000 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 6.84215% 1000.00000000 5.70179300 0.00000000 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 6.84215% 1000.00000000 5.70179017 0.00000000 0.00000000 0.00000000 0.00000000
==================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
============================================================
Remaining Ending
Unpaid Certificate/
Total Interest Interest Notional
Class(5) Distribution Shortfall Balance
============================================================
<S> <C> <C> <C>
A-1 4.23296786 0.00000000 655.73932489
A-2 5.28333326 0.00000000 1000.00000000
A-3 5.29166663 0.00000000 1000.00000000
A-4 5.20833328 0.00000000 1000.00000000
APO 0.00000000 0.00000000 980.92331081
A-IO 0.00193565 0.00000000 879.59204503
AX-1 0.31375137 0.00000000 655.73932489
AX-2 0.41845842 0.00000000 1000.00000000
AX-3 0.41012503 0.00000000 1000.00000000
AX-4 0.49345840 0.00000000 1000.00000000
A-R 0.60000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000
M-1 5.70179137 0.00000000 1000.00000000
M-2 5.70179174 0.00000000 1000.00000000
M-3 5.70179199 0.00000000 1000.00000000
B-1 5.70179042 0.00000000 1000.00000000
B-2 5.70179300 0.00000000 1000.00000000
B-3 5.70179017 0.00000000 1000.00000000
============================================================
</TABLE>
(5) 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>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
Certificateholder Account Statement
====================================================================
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 35,474,636.43
Liquidations, Insurance Proceeds, Reserve 0.00
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 0.00
Realized Losses 0.00
-------------
Total Deposits 35,474,636.43
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 126,934.97
Payment of Interest and Principal 35,347,701.46
-------------
Total Withdrawals (Pool Distribution Amount) 35,474,636.43
=============
Ending Balance 0.00
=============
====================================================================
</TABLE>
=====================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,441.07
Servicing Fee Support 2,441.07
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
=====================================================================
</TABLE>
======================================================================
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 129,376.04
Supported Prepayment/Curtailment Interest Shortfall 2,441.07
----------
Net Servicing Fee 126,934.97
==========
======================================================================
</TABLE>
<PAGE> 7
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</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 18 4,981,182.29 0.942408% 0.877864%
60 Days 1 316,977.53 0.052356% 0.055863%
90+ Days 1 433,661.43 0.052356% 0.076427%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
-- ------------ -------- --------
Totals 20 5,731,821.25 1.047120% 1.010154%
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds
Principal Balance of Contaminated Properties 0.00
Periodic Advance 3,042,009.35
================================================================================
</TABLE>
<TABLE>
===============================================================================================
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.05287084%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.27378128%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.54617133%
Limit of Subordinate's Exposure to Certain Types of Losses
===============================================================================================
</TABLE>
<PAGE> 8
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Oct-1998 7485 New Horizon Way
Distribution Date: 25-Nov-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
23-Nov-1998 5:28 P.M.
</TABLE>
<TABLE>
<CAPTION>
===========================================================================================
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.069486%
Weighted Average Pass-Through Rate 6.810460%
Weighted Average Maturity (Stepdown Calculation) 351
Beginning Scheduled Collateral Loan Count 1,990
Number of Loans Paid in Full 80
Ending Scheduled Collateral Loan Count 1,910
Beginning Scheduled Collateral Balance 599,366,561.22
Ending Scheduled Collateral Balance 567,420,494.90
Ending Actual Collateral Balance at 30-Oct-1998 567,727,296.55
Monthly P&I Constant 3,935,830.75
Class A Optimal Amount 35,142,379.25
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 519,245,377.01
Ending Scheduled Balance for Discounted Loans 48,175,117.89
Unpaid Principal Balance of Outstanding Mortgage Loans with Original
LTV:
Less than or equal to 80% 533,022,606.16
Greater than 80% less than or equal to 85% 4,737,599.63
Greater than 85%, less than or equal to 95% 29,967,090.76
Greater than 95% 0.00
===========================================================================================
</TABLE>
