<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
August 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 August 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: September 17, 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>
<S> <C>
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated August 25, 1998..............................5
</TABLE>
<PAGE> 1
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
============ ========= =========== =========== ============== ============ =============
Certificate
Certificate Pass- Beginning
Class Through Certificate Interest Principal
Class CUSIP Description Rate Balance Distribution Distribution
============ ========= =========== =========== ============== ============ =============
<S> <C> <C> <C> <C> <C> <C>
A-1 81743NAA9 SEQ 6.37000% 217,933,457.24 1,156,863.43 11,004,157.29
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.66 0.00
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.66 0.00
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,014.16 0.00
APO 81743NAJ0 PO 0.00000% 3,005,965.84 0.00 2,882.17
A-IO 81743NAP6 WIO 0.00250% 0.00 1,226.56 0.00
AX-1 81743NAE1 IO 0.48381% 0.00 87,865.46 0.00
AX-2 81743NAF8 IO 0.51381% 0.00 40,676.68 0.00
AX-3 81743NAG6 IO 0.50381% 0.00 68,938.10 0.00
AX-4 81743NAH4 IO 0.60381% 0.00 61,348.54 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.03 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.85381% 16,127,300.00 92,1111.22 0.00
M-2 81743NAM3 MEZ 6.85381% 7,741,100.00 44,213.36 0.00
M-3 81743NAN1 SUB 6.85381% 4,838,200.00 27,633.42 0.00
B-1 81743NAQ4 SUB 6.85381% 2,580,400.00 14,737.98 0.00
B-2 81743NAR2 SUB 6.85381% 1,935,300.00 11,053.48 0.00
B-3 81743NAS0 SUB 6.85381% 2,257,929.46 12,896.18 0.00
============ ========= =========== =========== ============== ============ =============
Totals 637,542,372.54 3,625,386.92 11,007,039.46
============ ========= =========== =========== ============== ============ =============
============ ========== =============== ============== =========
Current Ending Cumulative
Realized Certificate Total Realized
Class Loss Balance Distribution Losses
============ ========== =============== ============== =========
<S> <C> <C> <C> <C>
A-1 0.00 206,929,299.95 12,161,020.72 0.00
A-2 0.00 95,000,000.00 501,916.66 0.00
A-3 0.00 164,200,000.00 868,891.66 0.00
A-4 0.00 121,922,720.00 635,014.16 0.00
APO 0.00 3,003,083.67 2,882.17 0.00
A-IO 0.00 0.00 1,226.56 0.00
AX-1 0.00 0.00 87,865.46 0.00
AX-2 0.00 0.00 40,676.68 0.00
AX-3 0.00 0.00 68,938.10 0.00
AX-4 0.00 0.00 61,348.54 0.00
A-R 0.00 0.00 0.03 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 16,127,300.00 92,111.22 0.00
M-2 0.00 7,741,100.00 44,213.36 0.00
M-3 0.00 4,838,200.00 27,633.42 0.00
B-1 0.00 2,580,400.00 14,737.98 0.00
B-2 0.00 1,935,300.00 11,053.48 0.00
B-3 0.00 2,257,929.46 12,896.18 0.00
============ ======== =============== ============== =======
Totals 0.00 626,535,333.08 14,632,426.38 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> 2
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Principal Distribution Statement
<TABLE>
<CAPTION>
=========== ============== =============== ============== =============== ===========
Beginning Scheduled Unscheduled
Original Certificate Principal Principal
Class Face Amount Balance Distribution Distribution Accretion
=========== ============== =============== ============== =============== ===========
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 217,933,457.24 0.00 11,004,157.29 0.00
A-2 95,000,000.00 95,000,000.00 0.00 0.00 0.00
A-3 164,200,000.00 164,200,000.00 0.00 0.00 0.00
A-4 121,922,720.00 121,922,720.00 0.00 0.00 0.00
APO 3,033,074.00 3,005,965.84 0.00 2,882.17 0.00
A-IO 0.00 0.00 0.00 0.00 0.00
AX-1 0.00 0.00 0.00 0.00 0.00
AX-2 0.00 0.00 0.00 0.00 0.00
AX-3 0.00 0.00 0.00 0.00 0.00
AX-4 0.00 0.00 0.00 0.00 0.00
A-R 50.00 0.00 0.00 0.00 0.00
A-RLT 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
M-2 7,741,100.00 7,741,100.00 0.00 0.00 0.00
M-3 4,838,200.00 4,838,200.00 0.00 0.00 0.00
B-1 2,580,400.00 2,580,400.00 0.00 0.00 0.00
B-2 1,935,300,000.00 1,935,300.00 0.00 0.00 0.00
B-3 2,257,929.46 2,257,929.46 0.00 0.00 0.00
=========== ============== =============== ============== ============== ===========
Totals 645,095,073.46 637,542,372.54 0.00 11,007,039.46 0.00
=========== ============== =============== ============== ============== ===========
=========== =========== ============= ============== ============ ==============
Total Ending Ending Total
Class Realized Principal Certificate Certificate Principal
Loss(1) Reduction Balance Percentage Distribution
=========== =========== ============= ============== ============ ==============
<S> <C> <C> <C> <C> <C>
A-1 0.00 11,004,157.29 206,929,299.95 0.91781344 11,004,157.29
A-2 0.00 0.00 95,000,000.00 1.00000000 0.00
A-3 0.00 0.00 164,200,000.00 1.00000000 0.00
A-4 0.00 0.00 121,922,720.00 1.00000000 0.00
APO 0.00 2,882.17 3,003,083.67 0.99011223 2,882.17
A-IO 0.00 0.00 0.00 0.00000000 0.00
AX-1 0.00 0.00 0.00 0.00000000 0.00
AX-2 0.00 0.00 0.00 0.00000000 0.00
AX-3 0.00 0.00 0.00 0.00000000 0.00
AX-4 0.00 0.00 0.00 0.00000000 0.00
A-R 0.00 0.00 0.00 0.00000000 0.00
A-RLT 0.00 0.00 0.00 0.00000000 0.00
M-1 0.00 0.00 16,127,300.00 1.00000000 0.00
M-2 0.00 0.00 7,741,100.00 1.00000000 0.00
M-3 0.00 0.00 4,838,200.00 1.00000000 0.00
B-1 0.00 0.00 2,580,400.00 1.00000000 0.00
B-2 0.00 0.00 1,935,300.00 1.00000000 0.00
B-3 0.00 0.00 2,257,929.46 1.00000000 0.00
=========== =========== ============= ============== ============ ==============
Totals 0.00 11,007,039.46 626,535,333.00 0.97122945 11,007,039.46
=========== =========== ============= ============== ============ ==============
</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
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
========== ============== =============== ============= =============== ==========
Beginning Scheduled Unscheduled
Original Certificate Principal Principal
Class(2) Face Amount Balance Distribution Distribution Accretion
========== ============== =============== ============= =============== ==========
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 966.62123597 0.00000000 48.80779783 0.00000000
A-2 95,000,000.0 1000.00000000 0.00000000 0.00000000 0.00000000
A-3 164,200,000.00 1000.00000000 0.00000000 0.00000000 0.00000000
A-4 121,922,720.00 1000.00000000 0.00000000 0.00000000 0.00000000
APO 3,033,074.00 991.06247985 0.00000000 0.95024717 0.00000000
A-IO 0.00 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00 0.00000000 0.00000000 0.00000000 0.00000000
A-R 50.00 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00 0.00000000 0.00000000 0.00000000 0.00000000
M-1 16,127,300.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-2 7,741,100.00 1000.00000000 0.00000000 0.00000000 0.00000000
M-3 4,838,200.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-1 2,580,400.00 1000.00000000 0.00000000 0.00000000 0.00000000
B-2 1,935,300,000 1000.00000000 0.00000000 0.00000000 0.00000000
B-3 2,257,929.46 1000.00000000 0.00000000 0.00000000 0.00000000
========== ============== ============== ============= ============== ==========
========= ========== ============ ============= ============ ==============
Realized Total Ending Ending Total
Class(2) Loss(3) Principal Certificate Certificate Principal
Reduction Balance Percentage Distribution
========= ========== ============ ============= ============ ==============
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 48.80779783 917.81343814 0.91781344 48.80779783
A-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
A-4 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
APO 0.00000000 0.95024717 990.11223267 0.99011223 0.95024717
A-IO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-1 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-2 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-3 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
AX-4 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
M-3 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-1 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 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
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Statement
<TABLE>
<CAPTION>
========= ============== ============ =============== ============ ========== =========
Beginning Payment of
Original Current Certificate/ Current Unpaid Current
Class Face Certificate Notional Accrued Interest Interest
Amount Rate Balance Interest Shortfall Shortfall
========= ============== ============ =============== ============ ========== =========
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 217,933,457.24 1,156,863,43 0.00 0.00
A-2 95,000,000.00 6.34000% 95,000,000.00 501,916.66 0.00 0.00
A-3 164,200,000.00 6.35000% 164,200,000.00 868,891.66 0.00 0.00
A-4 121,922,720.00 6.25000% 121,922,720.00 635,014.16 0.00 0.00
APO 3,033,074.00 0.00000% 3,005,965.84 0.00 0.00 0.00
A-IO 0.00 0.00250% 588,746,674.54 1,226.56 0.00 0.00
AX-1 0.00 0.48381% 217,933,457.24 87,865.46 0.00 0.00
AX-2 0.00 0.51381% 95,000,000.00 40,676.68 0.00 0.00
AX-3 0.00 0.50381% 164,200,000.00 68,938.11 0.00 0.00
AX-4 0.00 0.60381% 121,922,720.00 61,348.54 0.00 0.00
A-R 50.00 0.00000% 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00000% 0.00 0.00 0.00 0.00
M-1 16,127,300.00 6.85381% 16,127,300.00 92,111.22 0.00 0.00
M-2 7,741,100.00 6.85381% 7,741,100.00 44,213.36 0.00 0.00
M-3 4,838,200.00 6.85381% 4,838,200.00 27,633.42 0.00 0.00
B-1 2,580,400.00 6.85381% 2,580,400.00 14,737.98 0.00 0.00
B-2 1,935,300,000 6.85381% 1,935,300.00 11,053.48 0.00 0.00
B-3 2,257,929.46 6.85381% 2,257,929.46 12,896.18 0.00 0.00
========= ============== ============ =============== ============ ======= ======
Totals 645,095,073.46 3,625,386.90 0.00 0.00
========= ============== ============ =============== ============ ======= ======
========= ============= ========= ============ ========== ==============
Remaining Ending
Non-Supported Total Unpaid Certificate/
Class Interest Realized Interest Interest Notional
Shortfall Losses(4) Distribution Shortfall Balance
========= ============= ========= ============ ========== ==============
<S> <C> <C> <C> <C> <C>
A-1 0.00 0.00 1,156,863.43 0.00 206,929,299.95
A-2 0.00 0.00 501,916.66 0.00 95,000,000.00
A-3 0.00 0.00 868,891.66 0.00 164,200,000.00
A-4 0.00 0.00 635,014.16 0.00 121,922,720.00
APO 0.00 0.00 0.00 0.00 3,003,083.67
A-IO 0.00 0.00 1,226.56 0.00 578,582.082.89
AX-1 0.00 0.00 87,865.46 0.00 206,929,299.95
AX-2 0.00 0.00 40,676.68 0.00 95,000,000.00
AX-3 0.00 0.00 68,938.10 0.00 164,200,000.00
AX-4 0.00 0.00 61,348.54 0.00 121,922,720.00
A-R 0.00 0.00 0.03 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 92,111.22 0.00 16,127,300.00
M-2 0.00 0.00 44,213.36 0.00 7,741.100.00
M-3 0.00 0.00 27,633.42 0.00 4,838,200.00
B-1 0.00 0.00 14,737.98 0.00 2,580,400.00
B-2 0.00 0.00 11,053.48 0.00 1,935,300.00
B-3 0.00 0.00 12,896.18 0.00 2,257,929.46
========= ============= ========= ============ ========== ==============
Totals 0.00 0.00 3,625,386.92 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
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
========= ============== =========== ============== =========== =========== ===========
Beginning Payment
Original Current Certificate/ Current of Unpaid Current
Class(5) Face Certificate Notional Accrued Interest Interest
Amount Rate Balance Interest Shortfall Shortfall
========= ============== =========== ============== =========== =========== ===========
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 966.62123597 5.13114770 0.00000000 0.00000000
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333326 0.00000000 0.00000000
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166663 0.00000000 0.00000000
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833328 0.00000000 0.00000000
APO 3,033,074.00 0.00000% 991.06247985 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00250% 988.29211192 0.00205895 0.00000000 0.00000000
AX-1 0.00 0.48381% 966.62123597 0.38971813 0.00000000 0.00000000
AX-2 0.00 0.51381% 1000.00000000 0.42817558 0.00000000 0.00000000
AX-3 0.00 0.50381% 1000.00000000 0.41984233 0.00000000 0.00000000
AX-4 0.00 0.60381% 1000.00000000 0.50317562 0.00000000 0.00000000
A-R 50.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000
M-1 16,127,300.00 6.85381% 1000.00000000 5.71150906 0.00000000 0.00000000
M-2 7,741,100.00 6.85381% 1000.00000000 5.71150870 0.00000000 0.00000000
M-3 4,838,200.00 6.85381% 1000.00000000 5.71150841 0.00000000 0.00000000
B-1 2,580,400.00 6.85381% 1000.00000000 5.71150984 0.00000000 0.00000000
B-2 1,935,300,000 6.85381% 1000.00000000 5.71150726 0.00000000 0.00000000
B-3 2,257,929.46 6.85381% 1000.00000000 5.71150704 0.00000000 0.00000000
========= ============== =========== ============== =========== =========== ===========
========= =========== ========== ============ ========== ===============
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class(5) Shortfall Losses(6) Distribution Shortfall Balance
========= =========== ========== ============ ========== ===============
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 5.13114770 0.00000000 917,81343814
A-2 0.00000000 0.00000000 5.28333326 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 5.29166663 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 5.20833328 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 990.11223267
A-IO 0.00000000 0.00000000 0.00205895 0.00000000 971.22944952
AX-1 0.00000000 0.00000000 0.39871813 0.00000000 917.81343814
AX-2 0.00000000 0.00000000 0.42817558 0.00000000 1000.00000000
AX-3 0.00000000 0.00000000 0.41984233 0.00000000 1000.00000000
AX-4 0.00000000 0.00000000 0.50317562 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 5.71150906 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 5.71150870 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 5.71150841 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.71150984 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.71150726 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.71150704 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
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
Certificateholder Account Statement
<TABLE>
<CAPTION>
====================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 14,767,803.11
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 14,767,803.11
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 135,376.72
Payment of Interest and Principal 14,632,426.39
-------------
Total Withdrawals (Pool Distribution Amount) 14,767,803.11
=============
Ending Balance 0.00
====================================================================
====================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 2,223.87
Servicing Fee Support 2,223.87
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
====================================================================
====================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 137,600.59
Supported Prepayment/Curtailment Interest Shortfall 2,223.87
----------
Net Servicing Fee 135,376.72
==========
====================================================================
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
===========================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
----------------------------
Current
Number Unpaid Principal Number Unpaid
Of Loans Balance of Loans Balance
-------- --------------- --------- ---------
<S> <C> <C> <C> <C>
30 Days 14 3,797,849.21 0.675350% 0.606167%
60 Days 2 687,057.53 0.096479% 0.109660%
90+ Days 1 598,612.17 0.048239% 0.095543%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
-- ------------ -------- --------
Totals 17 5,083,518.91 0.820068% 0.811370%
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 3,128,960.78
===========================================================================================
===========================================================================================
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.04788238%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.05924556%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.40028703%
===========================================================================================
Limit of Subordinate's Exposure to Certain Types of Losses
</TABLE>
<PAGE> 8
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-July-1998 7485 New Horizon Way
Distribution Date: 25-Aug-1998 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
===============================================================================
COLLATERAL STATEMENT
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.082800%
Weighted Average Pass-Through Rate 6.823804%
Weighted Average Maturity (Stepdown Calculation) 354
Beginning Scheduled Collateral Loan Count 2,106
Number of Loans Paid in Full 33
Ending Scheduled Collateral Loan Count 2,073
Beginning Scheduled Collateral Balance 637,542,372.54
Ending Scheduled Collateral Balance 626,535,333.08
Ending Actual Collateral Balance at 31-July-1998 626,842,816.17
Monthly P&I Constant 4,185,738.98
Class A Optimal Amount 14,426,898.55
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 577,569,712.43
Ending Scheduled Balance for Discounted Loans 48,965,620.65
Unpaid Principal Balance of Outstanding Mortgage Loans
with Original LTV:
Less than or equal to 80% 589,652,246.52
Greater than 80% less than or equal to 85% 5,217,508.97
Greater than 85%, less than or equal to 95% 31,973,060.68
Greater than 95% 0.00
===============================================================================
</TABLE>
