<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 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)
Delaware 33-80740-08 61199884
-------- ----------- --------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
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 July 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: August 6, 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>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated July 25, 1998..................................5
</TABLE>
<PAGE> 1
EXHIBIT 10.1
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
===========================================================================================================================
Certificate Certificate Beginning
Class Pass-Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
===========================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 81743NAA9 SEQ 6.37000% 225,459,000.00 1,196,811.52 7,525,542.76
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.67 0.00
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.67 0.00
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,014.17 0.00
APO 81743NAJ0 PO 0.00000% 3,033,074.00 0.00 27,108.16
A-1O 81743NAP6 WIO 0.00250% 0.00 1,241.09 0.00
AX-1 81743NAB1 IO 0.48000% 0.00 90,183.60 0.00
AX-2 81743NAF8 IO 0.51000% 0.00 40,375.00 0.00
AX-3 81743NAG6 IO 0.50000% 0.00 68,416.67 0.00
AX-4 81743NAH4 IO 0.60000% 0.00 60,961.36 0.00
A-R 81743NAK7 R 0.00000% 50.00 2,646.50 50.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.85000% 16,127,300.00 92,060.00 0.00
M-2 81743NAM3 MEZ 6.85000% 7,741,100.00 44,188.78 0.00
M-3 81743NAN1 SUB 6.85000% 4,838,200.00 27,618.06 0.00
B-1 81743NAQ4 SUB 6.85000% 2,580,400.00 14,729.78 0.00
B-2 81743NAR2 SUB 6.85000% 1,935,300,000 11,047.34 0.00
B-3 81743NAS0 SUB 6.85000% 2,257,929.46 12,889.01 0.00
===========================================================================================================================
Totals 645,095,073.46 3,668,991.22 7,552,700.92
===========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
===================================================================================
<S> <C> <C> <C> <C>
A-1 0.00 217,933,835.98 8,722,354.28 0.00
A-2 0.00 95,000,000.00 501,916.67 0.00
A-3 0.00 164,200,000.00 868,891.67 0.00
A-4 0.00 121,922,720.00 635,014.17 0.00
APO 0.00 3,005,587.10 27,108.16 0.00
A-1O 0.00 0.00 1,241.09 0.00
AX-1 0.00 0.00 90,183.60 0.00
AX-2 0.00 0.00 40,375.00 0.00
AX-3 0.00 0.00 68,416.67 0.00
AX-4 0.00 0.00 60,961.36 0.00
A-R 0.00 0.00 2,696.50 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 16,127,300.00 92,060.00 0.00
M-2 0.00 7,741,100.00 44,188.78 0.00
M-3 0.00 4,838,200.00 27,618.06 0.00
B-1 0.00 2,580,400.00 14,729.78 0.00
B-2 0.00 1,935,300.00 11,047.34 0.00
B-3 0.00 2,257,929.46 12,889.01 0.00
===================================================================================
Totals 0.00 637,542,372.54 11,221,692.14 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.
31-July-1998 3:00PM
<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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
============================================================================================================================
Beginning Scheduled Unscheduled
Original Certificate Principal Principal Realized
Class Face Amount Balance Distribution Distribution Accretion Loss(1)
============================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 225,459,000.00 0.00 7,525,542.76 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 3,033,074.00 0.00 27,108.16 0.00 0.00
A-1O 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 50.00 0.00 50.00 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 1,935,300,000 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 645,095,073.46 645,095,073.46 0.00 7,552,700.92 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 7,525,542.76 217,933,835.98 0.96662292 7,525,542.76
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 27,108.16 3,005,587.10 0.99093761 27,108.16
A-1O 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 50.00 0.00 0.00000000 50.00
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 7,552,700.92 637,542,372.54 0.98829211 7,552,700.92
======================================================================================
</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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
======================================================================================================================
Beginning Scheduled Unscheduled
Original Certificate Principal Principal Realized
Class(2) Face Amount Balance Distribution Distribution Accretion Loss(3)
======================================================================================================================
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 1000.00000000 0.00000000 33.37876403 0.00000000 0.00000000
A-2 95,000,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-3 164,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-4 121,922,720.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
APO 3,033,074.00 1000.00000000 0.00000000 8.93752015 0.00000000 0.00000000
A-1O 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 1000.00000000 0.00000000 1000.00000000 0.00000000 0.00000000
A-RLT 0.00 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
M-2 7,741,100.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===================================================================================
Total Ending Ending Total
Principal Certificate Certificate Principal
Class(2) Reduction Balance Percentage Distribution
===================================================================================
<S> <C> <C> <C> <C>
A-1 33.37876403 966.62291583 0.96662292 33.37876403
A-2 0.00000000 1000.00000000 1.00000000 0.00000000
A-3 0.00000000 1000.00000000 1.00000000 0.00000000
A-4 0.00000000 1000.00000000 1.00000000 0.00000000
APO 8.93752015 990.93760983 0.99093761 8.93752015
A-1O 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00000000 0.00000000 0.00000000 0.00000000
A-R 1000.00000000 0.00000000 0.00000000 1000.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 1000.00000000 1.00000000 0.00000000
M-3 0.00000000 1000.00000000 1.00000000 0.00000000
B-1 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
============================================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid Current Non-Supported
Original Face Certificate Notional Accrued 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% 225,459,000.00 1,196,811.52 0.00 0.00 0.00
A-2 95,000,000.00 6.34000% 95,000,000.00 501,916.67 0.00 0.00 0.00
A-3 164,200,000.00 6.35000% 164,200,000.00 868,891.67 0.00 0.00 0.00
A-4 121,922,720.00 6.25000% 121,922,720.00 635,014.17 0.00 0.00 0.00
APO 3,033,074.00 0.00000% 3,033,074.00 0.00 0.00 0.00 0.00
A-1O 0.00 0.00250% 595,721,313.00 1,241.09 0.00 0.00 0.00
AX-1 0.00 0.48000% 225,459,000.00 90,183.60 0.00 0.00 0.00
AX-2 0.00 0.51000% 95,000,000.00 40,375.00 0.00 0.00 0.00
AX-3 0.00 0.50000% 164,200,000.00 68,416.67 0.00 0.00 0.00
AX-4 0.00 0.60000% 121,922,720.00 60,961.36 0.00 0.00 0.00
A-R 50.00 0.00000% 50.00 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 6.85000% 16,127,300.00 92,060,00 0.00 0.00 0.00
M-2 7,741,100.00 6.85000% 7,741,100.00 44,188.78 0.00 0.00 0.00
M-3 4,838,200.00 6.85000% 4,838,200.00 27,618.06 0.00 0.00 0.00
B-1 2,580,400.00 6.85000% 2,580,400.00 14,729.78 0.00 0.00 0.00
B-2 1,935,300,000 6.85000% 1,935,300,000 11,047.34 0.00 0.00 0.00
B-3 2,257,929.46 6.85000% 2,257,929.46 12,889.01 0.00 0.00 0.00
============================================================================================================================
Totals 645,095,073.46 3,666,344.72 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 1,196,811.52 0.00 217,933,835.98
A-2 0.00 501,916.67 0.00 95,000,000.00
A-3 0.00 868,891.67 0.00 164,200,000.00
A-4 0.00 635,014.17 0.00 121,922,720.00
APO 0.00 0.00 0.00 3,005,587.10
A-1O 0.00 1,241.09 0.00 588,746,674.54
AX-1 0.00 90,183.60 0.00 217,933,835.98
AX-2 0.00 40,375.00 0.00 95,000,000.00
AX-3 0.00 68,416.67 0.00 164,200,000.00
AX-4 0.00 60,961.36 0.00 121,922,720.00
A-R 0.00 2,646.50 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 92,060.00 0.00 16,127,300.00
M-2 0.00 44,188.78 0.00 7,741,100.00
M-3 0.00 27,618.06 0.00 4,838,200.00
B-1 0.00 14,729.78 0.00 2,580,400.00
B-2 0.00 11,047.34 0.00 1,935,300.00
B-3 0.00 12,889.01 0.00 2,257,929.46
==========================================================================
Totals 0.00 3,668,991.22 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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
============================================================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid Current Non-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% 1000.00000000 5.30833331 0.00000000 0.00000000 0.00000000
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333337 0.00000000 0.00000000 0.00000000
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166669 0.00000000 0.00000000 0.00000000
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833336 0.00000000 0.00000000 0.00000000
APO 3,033,074.00 0.00000% 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-1O 0.00 0.00250% 1000.00000000 0.00208334 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.48000% 1000.00000000 0.40000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.51000% 1000.00000000 0.42500000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.50000% 1000.00000000 0.41666669 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.60000% 1000.00000000 0.50000000 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000% 1000.00000000 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 6.85000% 1000.00000000 5.70833307 0.00000000 0.00000000 0.00000000
M-2 7,741,100.00 6.85000% 1000.00000000 5.70833344 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 6.85000% 1000.00000000 5.70833368 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 6.85000% 1000.00000000 5.70833204 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 6.85000% 1000.00000000 5.70833463 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 6.85000% 1000.00000000 5.70833156 0.00000000 0.00000000 0.00000000
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class(5) Losses(6) Distribution Shortfall Balance
===========================================================================
<S> <C> <C> <C> <C>
A-1 0.00000000 5.30833331 0.00000000 966.62291583
A-2 0.00000000 5.28333337 0.00000000 1000.00000000
A-3 0.00000000 5.29166669 0.00000000 1000.00000000
A-4 0.00000000 5.20833336 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 990.93760983
A-1O 0.00000000 0.00208334 0.00000000 988.29211192
AX-1 0.00000000 0.40000000 0.00000000 966.62291583
AX-2 0.00000000 0.42500000 0.00000000 1000.00000000
AX-3 0.00000000 0.41666669 0.00000000 1000.00000000
AX-4 0.00000000 0.50000000 0.00000000 1000.00000000
A-R 0.00000000 52930.00000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 5.70833307 0.00000000 1000.00000000
M-2 0.00000000 5.70833344 0.00000000 1000.00000000
M-3 0.00000000 5.70833368 0.00000000 1000.00000000
B-1 0.00000000 5.70833204 0.00000000 1000.00000000
B-2 0.00000000 5.70833463 0.00000000 1000.00000000
B-3 0.00000000 5.70833156 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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
Certificateholder Account Statement
<TABLE>
<CAPTION>
==================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 11,359,669.67
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 11,359,669.67
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 137,977.54
Payment of Interest and Principal 11,221,692.13
-------------
Total Withdrawals (Pool Distribution Amount) 11,359,669.67
=============
Ending Balance 0.00
=============
==================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,261.27
Servicing Fee Support 1,261.27
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
====================================================================
</TABLE>
<TABLE>
<CAPTION>
====================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 139,238.81
Supported Prepayment/Curtailment Interest Shortfall 1,261.27
----------
Net Servicing Fee 137,977.54
==========
====================================================================
</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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
=================================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
------------------------------
Current
Number Of Unpaid Principal Number Unpaid
Loans Balance of Loans Balance
--------- ---------------- -------- -------
<S> <C> <C> <C> <C>
30 Days 18 5,411,556.53 0.854701% 0.848815%
60 Days 8 1,299,866.79 0.379867% 0.203887%
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 26 6,711,423.32 1.234568% 1.052702%
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 3,372,546.29
=================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.04705570%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.02369310%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.37611136%
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-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
=========================================================================================
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 7.084035%
Weighted Average Pass-Through Rate 6.825024%
Weighted Average Maturity (Stepdown Calculation) 355
Beginning Scheduled Collateral Loan Count 2,129
Number of Loans Paid in Full 23
Ending Scheduled Collateral Loan Count 2,106
Beginning Scheduled Collateral Balance 645,095,073.00
Ending Scheduled Collateral Balance 637,542,372.54
Ending Actual Collateral Balance at 30-June-1998 637,874,222.43
Monthly P&I Constant 4,229,934.03
Class A Optimal Amount 10,989,404.51
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 588,530,907.43
Ending Scheduled Balance for Discounted Loans 49,011,465.11
Unpaid Principal Balance of Outstanding Mortgage Loans with
Original LTV:
Less than or equal to 80% 600,359,201.00
Greater than 80% less than or equal to 85% 5,221,705.53
Greater than 85%, less than or equal to 95% 32,293,315.90
Greater than 95% 0.00
=========================================================================================
</TABLE>
<PAGE> 9
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-June-1998 7485 New Horizon Way
Distribution Date: 27-July-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
</TABLE>
<TABLE>
<CAPTION>
======================================================================
POOL LEVEL COLLATERAL STATEMENT
Collateral Description None
<S> <C>
Weighted Average Gross Coupon 0.000000%
Weighted Average Net Coupon 0.000000%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown 0
Calculation)
Beginning Scheduled Collateral Loan Count 0
Number of Loans Paid in Full 0
Ending Scheduled Collateral Loan Count 0
Beginning Scheduled Collateral Balance 3,264.68
Ending Scheduled Collateral Balance 3,264.68
======================================================================
</TABLE>
