<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
December 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 December 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: January 11, 1999
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 December 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: 30-Nov-1998 7485 New Horizon Way
Distribution Date:28-Dec-1998 Frederick, MD 21703
04-Jan-1999 2:49 P.M. Telephone: (301) 846-8130
Facsimile: (301) 846-8152
EXHIBIT 10.1
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% 147,842,332.45 784,796.38 27,670,051.99
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% 2,975,212.99 0.00 61,412.75
A-IO 81743NAP6 WIO 0.00250% 0.00 1,091.65 0.00
AX-1 81743NAE1 IO 0.46429% 0.00 57,201.77 0.00
AX-2 81743NAF8 IO 0.49429% 0.00 39,131.51 0.00
AX-3 81743NAG6 IO 0.48429% 0.00 66,267.39 0.00
AX-4 81743NAH4 IO 0.58429% 0.00 59,365.47 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.00 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.83429% 16,127,300.00 91,848.91 0.00
M-2 81743NAM3 MEZ 6.83429% 7,741,100.00 44,087.45 0.00
M-3 81743NAN1 SUB 6.83429% 4,838,200.00 27,554.73 0.00
B-1 81743NAQ4 SUB 6.83429% 2,580,400.00 14,696.01 0.00
B-2 81743NAR2 SUB 6.83429% 1,935,300.00 11,022.01 0.00
B-3 81743NAS0 SUB 6.83429% 2,257,929.46 12,859.46 0.00
-------------- ------------ -------------
Totals 567,420,494.90 3,215,745.25 27,731,464.74
============== ============ =============
</TABLE>
<TABLE>
<CAPTION>
Current Ending
Realized Certificate Total Cumulative
Class Loss Balance Distribution Realized Losses
----- -------- ----------- ------------ ---------------
<S> <C> <C> <C> <C>
A-1 0.00 120,172,280.46 28,454,848.37 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 2,913,800.24 61,412.75 0.00
A-IO 0.00 0.00 1,091.65 0.00
AX-1 0.00 0.00 57,201.77 0.00
AX-2 0.00 0.00 39,131.51 0.00
AX-3 0.00 0.00 66,267.39 0.00
AX-4 0.00 0.00 59,365.47 0.00
A-R 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00
M-1 0.00 16,127,300.00 91,848.91 0.00
M-2 0.00 7,741,100.00 44,087.45 0.00
M-3 0.00 4,838,200.00 27,554.73 0.00
B-1 0.00 2,580,400.00 14,696.01 0.00
B-2 0.00 1,935,300.00 11,022.01 0.00
B-3 0.00 2,257,929.46 12,859.46 0.00
---- -------------- ------------- ---------
Totals 0.00 539,689,030.16 30,947,209.99 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
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-JAN-1999 2:49P.M. Facsimile: (301) 846-8152
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-1 225,459,000.00 147,842,332.45 358,486.38 27,311,565.61 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 2,975,212.99 2,722.02 58,690.73 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 645,095,073.46 567,420,494.90 361,208.40 27,370,256.34 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 27,670,051.99 120,172,280.46 0.53301168 27,670,051.99
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 61,412.75 2,913,800.24 0.96067562 61,412.75
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 27,731,464.74 539,689,030.16 0.83660386 27,731,464.74
============= ============== ========== =============
</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-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-Jan-1999 2:49P.M. Facsimile: (301) 846-8152
</TABLE>
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class(2) Amount Balance Distribution Distribution Accretion Loss(3)
- -------- -------------- ------------- ------------ ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 655.73932489 1.59002914 121.13761531 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 3,033,074.00 980.92331081 0.89744596 19.35024665 0.00000000 0.00000000
A-IO 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 0.00000000 0.00000000 0.00000000 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
Principal Certificate Certificate Total Principal
Reduction Balance Percentage Distribution
- ------------ ------------- ----------- ---------------
<S> <C> <C> <C>
122.72764445 533.01168044 0.53301168 122.72764445
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
20.24769260 960.67561820 0.96067562 20.24769260
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 0.00000000
0.00000000 1000.00000000 1.00000000 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: 30-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-Jan-1999 2:49P.M. Facsimile: (301) 846-8152
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
- ----- -------------- ----------- -------------- ----------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 147,842,332.45 784,796.38 0.00 0.00
A-2 95,000,000.00 6.34000% 95,000,000.00 501,916.67 0.00 0.00
A-3 164,200,000.00 6.35000% 164,200,000.00 868,891.67 0.00 0.00
A-4 121,922,720.00 6.25000% 121,922,720.00 635,014.17 0.00 0.00
APO 3,033,074.00 0.00000% 2,975,212.99 0.00 0.00 0.00
A-IO 0.00 0.00250% 523,991,727.97 1,091.65 0.00 0.00
AX-1 0.00 0.46429% 147,842,332.45 57,201.77 0.00 0.00
AX-2 0.00 0.49429% 95,000,000.00 39,131.51 0.00 0.00
AX-3 0.00 0.48429% 164,200,000.00 66,267.39 0.00 0.00
AX-4 0.00 0.58429% 121,922,720.00 59,365.47 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 6.83429% 16,127,300.00 91,848.91 0.00 0.00
M-2 7,741,100.00 6.83429% 7,741,100.00 44,087.45 0.00 0.00
M-3 4,838,200.00 6.83429% 4,838,200.00 27,554.73 0.00 0.00
B-1 2,580,400.00 6.83429% 2,580,400.00 14,696.01 0.00 0.00
B-2 1,935,300,000 6.83429% 1,935,300.00 11,022.01 0.00 0.00
B-3 2,257,929.46 6.83429% 2,257,929.46 12,859.46 0.00 0.00
-------------- ----------- -------------- ----------- --------- ---------
Totals 645,095,073.46 3,215,745.25 0.00 0.00
============== =========== ============== ============ ========== =========
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
- ----- ------------- --------- ------------- --------- --------------
<S> <C> <C> <C> <C> <C>
A-1 0.01 0.00 784,796.38 0.00 120,172,280.46
A-2 0.01 0.00 501,916.67 0.00 95,000,000.00
A-3 0.01 0.00 868,891.67 0.00 164,200,000.00
A-4 0.01 0.00 635,014.17 0.00 121,922,720.00
APO 0.00 0.00 0.00 0.00 2,913,800.24
A-IO 0.00 0.00 1,091.65 0.00 498,382,751.45
AX-1 0.00 0.00 57,201.77 0.00 120,172,280.46
AX-2 0.00 0.00 39,131.51 0.00 95,000,000.00
AX-3 0.00 0.00 66,267.39 0.00 164,200,000.00
AX-4 0.00 0.00 59,365.47 0.00 121,922,720.00
A-R 0.00 0.00 0.00 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 91,848.91 0.00 16,127,300.00
M-2 0.00 0.00 44,087.45 0.00 7,741,100.00
M-3 0.00 0.00 27,554.73 0.00 4,838,200.00
B-1 0.00 0.00 14,696.01 0.00 2,580,400.00
B-2 0.00 0.00 11,022.01 0.00 1,935,300.00
B-3 0.00 0.00 12,859.46 0.00 2,257,929.46
------------- --------- ------------- --------- --------------
Totals 0.00 0.00 3,215,745.25 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: 30-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-JAN-1999 2:49 P.M. Facsimile: (301) 846-8152
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid Current
Original Face Certificate Notional Accrued Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall
======== ============== =========== ============= ========== =========== ==========
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 655.73932489 3.48088291 0.00000000 0.00000000
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333337 0.00000000 0.00000000
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166669 0.00000000 0.00000000
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833336 0.00000000 0.00000000
APO 3,033,074.00 0.00000% 980.92331081 0.00000000 0.00000000 0.00000000
A-10 0.00 0.00250% 879.59204503 0.00183248 0.00000000 0.00000000
AX-1 0.00 0.46429% 655.73932489 0.25371252 0.00000000 0.00000000
AX-2 0.00 0.49429% 1000.00000000 0.41191063 0.00000000 0.00000000
AX-3 0.00 0.48429% 1000.00000000 0.40357728 0.00000000 0.00000000
AX-4 0.00 0.58429% 1000.00000000 0.48691064 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 6.83429% 1000.00000000 5.69524409 0.00000000 0.00000000
M-2 7,741,100.00 6.83429% 1000.00000000 5.69524357 0.00000000 0.00000000
M-3 4,838,200.00 6.83429% 1000.00000000 5.69524410 0.00000000 0.00000000
B-1 2,580,400.00 6.83429% 1000.00000000 5.69524492 0.00000000 0.00000000
B-2 1,935,300,000 6.83429% 1000.00000000 5.69524622 0.00000000 0.00000000
B-3 2,257,929.46 6.83429% 1000.00000000 0.69524435 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Non-Supported Total Unpaid Certificate/
Interest Realized Interest Interest Notional
Shortfall Losses(6) Distribution Shortfall Balance
=========== =========== ============ ========== ==============
<S> <C> <C> <C> <C>
0.00000000 0.00000000 3.48088291 0.00000000 533.01168044
0.00000000 0.00000000 5.28333337 0.00000000 1000.00000000
0.00000000 0.00000000 5.29166669 0.00000000 1000.00000000
0.00000000 0.00000000 5.20833336 0.00000000 1000.00000000
0.00000000 0.00000000 0.00000000 0.00000000 960.67561820
0.00000000 0.00000000 0.00183248 0.00000000 836.60386253
0.00000000 0.00000000 0.25371252 0.00000000 533.01168044
0.00000000 0.00000000 0.41191063 0.00000000 1000.00000000
0.00000000 0.00000000 0.40357728 0.00000000 1000.00000000
0.00000000 0.00000000 0.48691064 0.00000000 1000.00000000
0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
0.00000000 0.00000000 5.69524409 0.00000000 1000.00000000
0.00000000 0.00000000 5.69524357 0.00000000 1000.00000000
0.00000000 0.00000000 5.69524410 0.00000000 1000.00000000
0.00000000 0.00000000 5.69524492 0.00000000 1000.00000000
0.00000000 0.00000000 5.69524622 0.00000000 1000.00000000
0.00000000 0.00000000 0.69524435 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: 30-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-JAN-1999 2:49P.M. Facsimile: (301) 846-8152
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 31,067,853.69
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 31,067,853.69
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 120,643.70
Payment of Interest and Principal 30,947,209.99
-------------
Total Withdrawals (Pool Distribution Amount) 31,067,853.69
=============
Ending Balance 0.00
=============
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 1,876.73
Servicing Fee Support 8,876.74
--------
Non-Supported Prepayment/Curtailment Interest
Shortfall 0.00
========
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 122,520.44
Supported Prepayment/Curtailment Interest
Shortfall 1,876.74
----------
Net Servicing Fee 120,643.70
==========
</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-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-Jan-1999 2:49P.M. Facsimile: (301) 846-8152
</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 16 4,429,709.49 0.875753% 0.820789%
60 Days 1 252,570.56 0.054735% 0.046799%
90+ Days 1 316,977.53 0.054735% 0.058733%
Foreclosure 1 433,661.43 0.054735% 0.080354%
REO 0 0.00 0.00000% 0.000000%
--------- ---------------- -------- ---------
Totals 19 5,432,919.01 1.039956% 1.006676%
</TABLE>
<TABLE>
<S> <C>
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 2,971,617.86
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.05558757%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.39061761%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.62562003%
</TABLE>
Limit of Subordinate's Exposure to Certain Types of Losses
<PAGE> 8
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Nov-1998 7485 New Horizon Way
Distribution Date: 28-Dec-1998 Frederick, MD 21703
Telephone: (301) 846-8130
04-Jan-1999 2:49 P.M. Facsimile: (301) 846-8152
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 7.059877%
Weighted Average Pass-Through Rate 6.800766%
Weighted Average Maturity (Stepdown Calculation) 350
Beginning Scheduled Collateral Loan Count 1,910
Number of Loans Paid in Full 83
Ending Scheduled Collateral Loan Count 1,827
Beginning Scheduled Collateral Balance 567,420,494.90
Ending Scheduled Collateral Balance 539,689,030.16
Ending Actual Collateral Balance at 30-Nov-1998 539,988,451.30
Monthly P&I Constant 3,721,418.92
Class A Optimal Amount 30,683,728.67
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 492,487,624.51
Ending Scheduled Balance for Discounted Loans 47,201,405.65
Unpaid Principal Balance of Outstanding Mortgage Loans with Original
LTV:
Less than or equal to 80% 506,404,603.34
Greater than 80% less than or equal to 85% 4,489,361.83
Greater than 85%, less than or equal to 95% 29,094,486.13
Greater than 95% 0.00
</TABLE>
