<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 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 of Incorporation) (Commission File Number) (I.R.S. Employer 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 September 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: October 7, 1998
GREENWICH CAPITAL ACCEPTANCE,
INC.
By: /s/ Anne Mulligan
-----------------------------------
Anne Mulligan
Vice President
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE> 4
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit Number Page Number
<S> <C> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated September 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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===========================================================================================================================
Certificate
Certificate Pass- Beginning Current
Class 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% 206,929,299.95 1,098,449.69 9,966,512.51 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% 3,003,083.67 0.00 8,406.75 0.00
A-IO 81743NAP6 WIO 0.00250% 0.00 1,205.38 0.00 0.00
AX-1 81743NAE1 IO 0.48120% 0.00 82,978.65 0.00 0.00
AX-2 81743NAF8 IO 0.51120% 0.00 40,470.00 0.00 0.00
AX-3 81743NAG6 IO 0.50120% 0.00 68,580.87 0.00 0.00
AX-4 81743NAH4 IO 0.60120% 0.00 61,083.28 0.00 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.04 0.00 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.85120% 16,127,300.00 92,076.13 0.00 0.00
M-2 81743NAM3 MEZ 6.85120% 7,741,100.00 44,196.52 0.00 0.00
M-3 81743NAN1 SUB 6.85120% 4,838,200.00 27,622.90 0.00 0.00
B-1 81743NAQ4 SUB 6.85120% 2,580,400.00 14,732.36 0.00 0.00
B-2 81743NAR2 SUB 6.85120% 1,935,300.00 11,049.27 0.00 0.00
B-3 81743NAS0 SUB 6.85120% 2,257,929.46 12,891.27 0.00 0.00
===========================================================================================================================
Totals 626,535,333.08 3,561,158.84 9,974,919.26 0.00
===========================================================================================================================
<CAPTION>
============================================================
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
============================================================
<S> <C> <C> <C>
A-1 196,962,787.45 11,064,962.20 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 2,994,676.91 8,406.75 0.00
A-IO 0.00 1,205.38 0.00
AX-1 0.00 82,978.65 0.00
AX-2 0.00 40,470.00 0.00
AX-3 0.00 68,580.87 0.00
AX-4 0.00 61,083.28 0.00
A-R 0.00 0.04 0.00
A-RLT 0.00 0.00 0.00
M-1 16,127,300.00 92,076.13 0.00
M-2 7,741,100.00 44,196.52 0.00
M-3 4,838,200.00 27,622.90 0.00
B-1 2,580,400.00 14,732.36 0.00
B-2 1,935,300.00 11,049.27 0.00
B-3 2,257,929.46 12,891.27 0.00
============================================================
Totals 616,560,413.82 13,536,078.10 0.00
============================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
Page 1
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
=====================================================================================================================
Beginning Scheduled Unscheduled Total
Original Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
=====================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 206,929,299.95 0.00 9,966,512.51 0.00 0.00 9,966,512.51
A-2 95,000,000.00 95,000,000.00 0.00 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 0.00
A-4 121,922,720.00 121,922,720.00 0.00 0.00 0.00 0.00 0.00
APO 3,033,074.00 3,003,083.67 0.00 8,406.75 0.00 0.00 8,406.75
A-IO 0.00 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 0.00
AX-2 0.00 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 0.00
AX-4 0.00 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 0.00
A-RLT 0.00 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 0.00
M-2 7,741,100.00 7,741,100.00 0.00 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 0.00
B-1 2,580,400.00 2,580,400.00 0.00 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 0.00
B-3 2,257,929.46 2,257,929.46 0.00 0.00 0.00 0.00 0.00
=====================================================================================================================
Totals 645,095,073.46 626,535,333.08 0.00 9,974,919.26 0.00 0.00 9,974,919.26
=====================================================================================================================
<CAPTION>
============================================================
Ending Ending
Certificate Certificate Total
Class Balance Percentage Principal
Distribution
============================================================
<S> <C> <C> <C>
A-1 196,962,787.45 0.87360801 9,966,512.51
A-2 95,000,000.00 1.00000000 0.00
A-3 164,200,000.00 1.00000000 0.00
A-4 121,922,720.00 1.00000000 0.00
APO 2,994,676.91 0.98734054 8,406.75
A-IO 0.00 0.00000000 0.00
AX-1 0.00 0.00000000 0.00
AX-2 0.00 0.00000000 0.00
AX-3 0.00 0.00000000 0.00
AX-4 0.00 0.00000000 0.00
A-R 0.00 0.00000000 0.00
A-RLT 0.00 0.00000000 0.00
M-1 16,127,300.00 1.00000000 0.00
M-2 7,741,100.00 1.00000000 0.00
M-3 4,838,200.00 1.00000000 0.00
B-1 2,580,400.00 1.00000000 0.00
B-2 1,935,300.00 1.00000000 0.00
B-3 2,257,929.46 1.00000000 0.00
============================================================
Totals 616,560,413.82 0.95576674 9,974,919.26
============================================================
</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 2
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
===================================================================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized Total Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
===================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 917.81343814 0.00000000 44.20543207 0.00000000 0.00000000 44.20543207
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 3,033,074.00 990.11223267 0.00000000 2.77169301 0.00000000 0.00000000 2.77169301
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
===================================================================================================================================
<CAPTION>
=================================================================
Ending Ending
Certificate Certificate Total Principal
Class(2) Balance Percentage Distribution
=================================================================
<S> <C> <C> <C>
A-1 873.60800611 0.87360801 44.20543207
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 987.34053637 0.98734054 2.77169301
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 3
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
================================================================================================================================
Beginning Non-
Current Certificate/ Current Payment of Current Supported
Original Face Certificate Notional Accrued Unpaid Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 206,929,299.95 1,098,449.70 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% 164,200,000.00 868,891.66 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% 3,003,083.67 0.00 0.00 0.00 0.00
A-IO 0.00 0.00250% 578,582,082.89 1,205.38 0.00 0.00 0.00
AX-1 0.00 0.48120% 206,929,299.95 82,978.65 0.00 0.00 0.00
AX-2 0.00 0.51120% 95,000,000.00 40,470.00 0.00 0.00 0.00
AX-3 0.00 0.50120% 164,200,000.00 68,580.87 0.00 0.00 0.00
AX-4 0.00 0,60120% 121,922,720.00 61,083.28 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 6.85120% 16,127,300.00 92,076.13 0.00 0.00 0.00
M-2 7,741,100.00 6.85120% 7,741,100.00 44,196.52 0.00 0.00 0.00
M-3 4,838,200.00 6.85120% 4,838,200.00 27,622.90 0.00 0.00 0.00
B-1 2,580,400.00 6.85120% 2,580,400.00 14,732.36 0.00 0.00 0.00
B-2 1,935,300,000 6.85120% 1,935,300.00 11,049.27 0.00 0.00 0.00
B-3 2,257,929.46 6.85120% 2,257,929.46 12,891.27 0.00 0.00 0.00
================================================================================================================================
Totals 645,095,073.46 3,561,158.84 0.00 0.00 0.00
================================================================================================================================
<CAPTION>
==========================================================================
Remaining Ending
Unpaid Certificate/
Realized Total Interest Interest Notional
Class Losses(4) Distribution Shortfall Balance
==========================================================================
<S> <C> <C> <C> <C>
A-1 0.00 1,098,449.69 0.00 196,962,787.45
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 2,994,676.91
A-IO 0.00 1,205.38 0.00 569,370,615.86
AX-1 0.00 82,978.65 0.00 196,962,787.45
AX-2 0.00 40,470.00 0.00 95,000,000.00
AX-3 0.00 68,580.87 0.00 164,200,000.00
AX-4 0.00 61,083.28 0.00 121,922,720.00
A-R 0.00 0.04 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 92,076.13 0.00 16,127,300.00
M-2 0.00 44,196.52 0.00 7,741.100.00
M-3 0.00 27,622.90 0.00 4,838,200.00
B-1 0.00 14,732.36 0.00 2,580,400.00
B-2 0.00 11,049.27 0.00 1,935,300.00
B-3 0.00 12,891.27 0.00 2,257,929.46
==========================================================================
Totals 0.00 3,561,158.84 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 4
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
================================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall
================================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 917.81343814 4.87205966 0.00000000 0.00000000 0.00000004
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333337 0.00000000 0.00000000 0.00000011
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166669 0.00000000 0.00000000 0.00000006
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833336 0.00000000 0.00000000 0.00000008
APO 3,033,074.00 0.00000% 990.11223267 0.00000000 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00250% 971.22944952 0.00202340 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.48120% 917.81343814 0.36804319 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.51120% 1000.00000000 0.42600000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.50120% 1000.00000000 0.41766669 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.60120% 1000.00000000 0.50099998 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000% 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
M-1 16,127,300.00 6.85120% 1000.00000000 5.70933324 0.00000000 0.00000000 0.00000000
M-2 7,741,100.00 6.85120% 1000.00000000 5.70933330 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 6.85120% 1000.00000000 5.70933405 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 6.85120% 1000.00000000 5.70933189 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 6.85120% 1000.00000000 5.70933189 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 6.85120% 1000.00000000 5.70933248 0.00000000 0.00000000 0.00000000
================================================================================================================================
<CAPTION>
==============================================================================
Remaining Ending
Unpaid Certificate/
Realized Total Interest Interest Notional
Class(5) Losses(6) Distribution Shortfall Balance
==============================================================================
<S> <C> <C> <C> <C>
A-1 0.00000000 4.87205962 0.00000000 873.60800611
A-2 0.00000000 5.28333326 0.00000000 1000.00000000
A-3 0.00000000 5.29166663 0.00000000 1000.00000000
A-4 0.00000000 5.20833328 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 987.34053637
A-IO 0.00000000 0.00202340 0.00000000 955.76673763
AX-1 0.00000000 0.36804319 0.00000000 873.60800611
AX-2 0.00000000 0.42600000 0.00000000 1000.00000000
AX-3 0.00000000 0.41766669 0.00000000 1000.00000000
AX-4 0.00000000 0.50099998 0.00000000 1000.00000000
A-R 0.00000000 0.80000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 5.70933324 0.00000000 1000.00000000
M-2 0.00000000 5.70933330 0.00000000 1000.00000000
M-3 0.00000000 5.70933405 0.00000000 1000.00000000
B-1 0.00000000 5.70933189 0.00000000 1000.00000000
B-2 0.00000000 5.70933189 0.00000000 1000.00000000
B-3 0.00000000 5.70933248 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 5
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
Certificateholder Account Statement
===============================================================================
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 13,670,419.92
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 13,670,419.92
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 134,341.82
Payment of Interest and Principal 13,536,078.10
-------------
Total Withdrawals (Pool Distribution Amount) 13,670,419.92
=============
Balance 0.00
=============
</TABLE>
================================================================================
================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 872.30
Servicing Fee Support 872.30
------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
======
</TABLE>
================================================================================
================================================================================
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 135,214.08
Supported Prepayment/Curtailment Interest Shortfall 872.30
----------
Net Servicing Fee 134,341.78
==========
</TABLE>
================================================================================
Page 6
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.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 7 2,087,638.80 0.343137 0.338594%
60 Days 0 0.00 0.000000 0.000000%
90+ Days 0 0.00 0.000000 0.000000%
Foreclosure 0 0.00 0.000000 0.000000%
REO 0 0.00 0.000000 0.000000%
- ------------ -------- ---------
Totals 7 2,087,638.80 0.343137 0.338594%
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 3,198,483.84
</TABLE>
================================================================================
================================================================================
<TABLE>
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.04865703%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.09256071%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.42294134%
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
================================================================================
Page 7
<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: 31-Aug-1998 7485 New Horizon Way
Distribution Date: 25-Sep-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
02-Oct-1998 11:25A.M.
</TABLE>
<TABLE>
<CAPTION>
================================================================================================
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 7.079645%
Weighted Average Pass-Through Rate 6.820670%
Weighted Average Maturity (Stepdown Calculation) 353
Beginning Scheduled Collateral Loan Count 2,073
Number of Loans Paid in Full 33
Ending Scheduled Collateral Loan Count 2,040
Beginning Scheduled Collateral Balance 626,535,333.08
Ending Scheduled Collateral Balance 616,560,413.82
Ending Actual Collateral Balance at 31-July-1998 616,874,365.33
Monthly P&I Constant 4,114,749.91
Class A Optimal Amount 13,325,102.90
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 567,936,606.75
Ending Scheduled Balance for Discounted Loans 48,623,807.07
Unpaid Principal Balance of Outstanding Mortgage Loans with Original LTV:
Less than or equal to 80% 580,082,980.74
Greater than 80% less than or equal to 85% 5,212,020.87
Greater than 85%, less than or equal to 95% 31,579,363.72
Greater than 95% 0.00
================================================================================================
</TABLE>
Page 8
