<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
January 25, 1999
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 January 25, 1999.
<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: February 24, 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> <C>
10.1 Monthly Payment Date Statement distributed to
Certificateholders, dated January 25, 1999.................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-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
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% 120,172,280.46 637,914.51 23,364,173.45
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.66 0.00
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.65 0.00
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,014.16 0.00
APO 81743NAJ0 PO 0.00000% 2,913,800.24 0.00 9,267.26
A-IO 81743NAP6 WIO 0.00250% 0.00 1,038.30 0.00
AX-1 81743NAE1 IO 0.45883% 0.00 45,948.64 0.00
AX-2 81743NAF8 IO 0.48883% 0.00 38,698,86 0.00
AX-3 81743NAG6 IO 0.47883% 0.00 65,519.59 0.00
AX-4 81743NAH4 IO 0.57883% 0.00 58,810.20 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.05 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.82883% 16,127,300.00 91,775.46 0.00
M-2 81743NAM3 MEZ 6.82883% 7,741,100.00 44,052.20 0.00
M-3 81743NAN1 SUB 6.82883% 4,838,200.00 27,532.69 0.00
B-1 81743NAQ4 SUB 6.82883% 2,580,400.00 14,684.26 0.00
B-2 81743NAR2 SUB 6.82883% 1,935,300.00 11,013.19 0.00
B-3 81743NAS0 SUB 6.82883% 2,257,929.46 12,849.18 0.00
- ---------------------------------------------------------------------------------------------------------
Totals 539,689,030.16 3,055,659.60 23,373,440.71
=========================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================
Current Ending Cumulative
Realized Certificate Total Realized
Class CUSIP Loss Balance Distribution Losses
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 81743NAA9 0.00 96,808,107.01 24,002,087.96 0.00
A-2 81743NAB7 0.00 95,000,000.00 501,916.66 0.00
A-3 81743NAC5 0.00 164,200,000.00 868,891.65 0.00
A-4 81743NAD3 0.00 121,922,720.00 635,014.16 0.00
APO 81743NAJ0 0.00 2,904,532.98 9,267.26 0.00
A-IO 81743NAP6 0.00 0.00 1,038.30 0.00
AX-1 81743NAE1 0.00 0.00 45,948.64 0.00
AX-2 81743NAF8 0.00 0.00 38,698.86 0.00
AX-3 81743NAG6 0.00 0.00 65,519.59 0.00
AX-4 81743NAH4 0.00 0.00 58,810.20 0.00
A-R 81743NAK7 0.00 0.00 0.05 0.00
A-RLT SMT983ARL 0.00 0.00 0.00 0.00
M-1 81743NAL5 0.00 16,127,300.00 91,775.46 0.00
M-2 81743NAM3 0.00 7,741,100.00 44,052.20 0.00
M-3 81743NAN1 0.00 4,838,200.00 27,532.69 0.00
B-1 81743NAQ4 0.00 2,580,400.00 14,684.26 0.00
B-2 81743NAR2 0.00 1,935,300.00 11,013.19 0.00
B-3 81743NAS0 0.00 2,257,929.46 12,849.18 0.00
- ---------------------------------------------------------------------------------------
Totals 0.00 516,315,589.45 26,429,100.31 0.00
=======================================================================================
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee
Edward M. Frere, Jr.
Vice President, Norwest Bank Minnesota, N.A.
<PAGE> 2
<TABLE>
<S> <C>
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
Principal Distribution Statement
<TABLE>
<CAPTION>
==============================================================================================================
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss(1)
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 120,172,280.46 343,201.61 23,020,971.84 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 2,913,800.24 2,727.41 6,539.85 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 645,095,073.46 539,689,030.16 345,929.02 23,027,511.69 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 23,364,173.45 96,808,107.01 0.42938231 23,364,173.45
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 9,267.26 2,904,532.98 0.95762022 9,267.26
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 23,373,440.71 516,315,589.45 0.80037131 23,373,440.71
=================================================================================
</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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</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-1 225,459,000.00 533.01168044 1.52223513 102.10713185 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 3,033,074.00 960.67561820 0.89922303 2.15617885 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 Total
Principal Certificate Certificate Principal
Class(2) Reduction Balance Percentage Distribution
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
A-1 103.62936698 429.38231346 0.42938231 103.62936698
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 3.05540188 957.62021632 0.95762022 3.05540188
A-IO 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 0.00000000 0.00000000 0.00000000 0.00000000
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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
Interest Distribution Statement
<TABLE>
<CAPTION>
==============================================================================================================
Beginning
Current Certificate/ Current Payment of Current
Original Certificate Notional Accrued Unpaid Interest Interest
Class Face Amount Rate Balance Interest Shortfall Shortfall
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 120,172,280.46 637,914.52 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% 2,913,800.24 0.00 0.00 0.00
A-IO 0.00 0.00250% 498,382,751.45 1,038.30 0.00 0.00
AX-1 0.00 0.45883% 120,172,280.46 45,948.64 0.00 0.00
AX-2 0.00 0.48883% 95,000,000.00 38,698.86 0.00 0.00
AX-3 0.00 0.47883% 164,200,000.00 65,519.59 0.00 0.00
AX-4 0.00 0.57883% 121,922,270.00 58,810.20 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 6.82883% 16,127,300.00 91,775.46 0.00 0.00
M-2 7,741,100.00 6.82883% 7,741,100.00 44,052.20 0.00 0.00
M-3 4,838,200.00 6.82883% 4,838,200.00 27,532.70 0.00 0.00
B-1 2,580,400.00 6.82883% 2,580,400.00 14,684.29 0.00 0.00
B-2 1,935,300,000 6.82883% 1,935,300.00 11,013.19 0.00 0.00
B-3 2,257,929.46 6.82883% 2,257,929.46 12,849.18 0.00 0.00
- --------------------------------------------------------------------------------------------------------------
Totals 645,095,073.46 3,055,659.61 0.00 0.00
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==========================================================================================
Non- Remaining Ending
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 0.00 637,914.51 0.00 96,808,107.01
A-2 0.01 0.00 501,916.66 0.00 95,000,000.00
A-3 0.02 0.00 868,891.65 0.00 164,200,000.00
A-4 0.01 0.00 635,014.16 0.00 121,922.720.00
APO 0.00 0.00 0.00 0.00 2,904,532.98
A-IO 0.00 0.00 1,038.30 0.00 476,798,248.08
AX-1 0.00 0.00 45,948.64 0.00 96,808,107.01
AX-2 0.00 0.00 38,698.59 0.00 95,000,000.00
AX-3 0.00 0.00 65,519.59 0.00 164,200,000.00
AX-4 0.00 0.00 58,810.20 0.00 121,922,720.00
A-R 0.00 0.00 0.05 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 91,775.46 0.00 16,127,300.00
M-2 0.00 0.00 44,052.20 0.00 7,741,100.00
M-3 0.00 0.00 27,532.69 0.00 4,838,200.00
B-1 0.00 0.00 14,684.26 0.00 2,580,400.00
B-2 0.00 0.00 11,013.19 0.00 1,935,300.00
B-3 0.00 0.00 12,849.18 0.00 2,257,929.46
- ------------------------------------------------------------------------------------------
Totals 0.05 0.00 3,055,659.60 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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
==============================================================================================
Beginning Payment of
Current Certificate/ Current Unpaid
Original Certificate Notional Accrued Interest
Class(5) Face Amount Rate Balance Interest Shortfall
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 533.01168044 2.82940366 0.00000000
A-2 95,000,000.00 6.34000% 1000.00000000 5.28333337 0.00000000
A-3 164,200,000.00 6.35000% 1000.00000000 5.29166669 0.00000000
A-4 121,922,720.00 6.25000% 1000.00000000 5.20833336 0.00000000
APO 3,033,074.00 0.00000% 960.67561820 0.00000000 0.00000000
A-IO 0.00 0.00250% 836.60386253 0.00174293 0.00000000
AX-1 0.00 0.45883% 533.01168044 0.20380042 0.00000000
AX-2 0.00 0.48883% 1000.00000000 0.40735642 0.00000000
AX-3 0.00 0.47883% 1000.00000000 0.39902308 0.00000000
AX-4 0.00 0.57883% 1000.00000000 0.48235636 0.00000000
A-R 50.00 0.00000% 0.00000000 0.00000000 0.00000000
A-RLT 0.00 0.00000% 0.00000000 0.00000000 0.00000000
M-1 16,127,300.00 6.82883% 1000.00000000 5.69068970 0.00000000
M-2 7,741,100.00 6.82883% 1000.00000000 5.69068995 0.00000000
M-3 4,838,200.00 6.82883% 1000.00000000 5.69069075 0.00000000
B-1 2,580,400.00 6.82883% 1000.00000000 5.69069137 0.00000000
B-2 1,935,300,000 6.82883% 1000.00000000 5.69068878 0.00000000
B-3 2,257,929.46 6.82883% 1000.00000000 5.69069151 0.00000000
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
=======================================================================================================
Non- Remaining Ending
Current Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class(5) Shortfall Shortfall Losses(6) Distribution Shortfall Balance
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
A-1 0.00000000 0.00000000 0.00000000 2.82940362 0.00000000 429.38231346
A-2 0.00000000 0.00000000 0.00000000 5.28333326 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 0.00000000 5.29166657 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 0.00000000 5.20833328 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 957.62021632
A-IO 0.00000000 0.00000000 0.00000000 0.00174293 0.00000000 800.37131067
AX-1 0.00000000 0.00000000 0.00000000 0.20380042 0.00000000 429.38231346
AX-2 0.00000000 0.00000000 0.00000000 0.40735642 0.00000000 1000.00000000
AX-3 0.00000000 0.00000000 0.00000000 0.39902308 0.00000000 1000.00000000
AX-4 0.00000000 0.00000000 0.00000000 0.48235636 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 1.00000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000000 0.00000000 0.00000000 5.69068970 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 0.00000000 5.69068995 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 0.00000000 5.69068869 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 0.00000000 5.69069137 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 0.00000000 5.69068878 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 0.00000000 5.69069151 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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
Certificateholder Account Statement
<TABLE>
<S> <C>
================================================================================
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 26,543,588.43
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 26,543,588.43
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 114,488.13
Payment of Interest and Principal 26,429,100.30
-------------
Total Withdrawals (Pool Distribution Amount) 26,543,588.43
=============
Ending Balance 0.00
=============
</TABLE>
================================================================================
<TABLE>
<S> <C>
================================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 1,852.20
Servicing Fee Support 1,852.20
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
================================================================================
</TABLE>
<TABLE>
<S> <C>
================================================================================
SERVICING FEES
Gross Servicing Fee 116,340.33
Supported Prepayment/Curtailment Interest Shortfall 1,852.20
----------
Net Servicing Fee 114,488.13
==========
================================================================================
</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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
<TABLE>
<CAPTION>
================================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
------------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
------------ ------------ --------- ---------
<S> <C> <C> <C> <C>
30 Days 13 3,327,525.18 0.740319% 0.644475%
60 Days 3 1,198,224.04 0.170843% 0.232072%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 1 434,000.00 0.056948% 0.084057%
REO 0 0.00 0.00000% 0.000000%
------------ ------------ --------- ---------
Totals 17 4,959,749.22 0.968109% 0.960604%
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 2,630,567.72
================================================================================
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
================================================================================
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.05810400%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.49884010%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.69921133%
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: 31-Dec-1998 7485 New Horizon Way
Distribution Date: 25-Jan-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
19-Feb-1999 1.08P.M.
</TABLE>
<TABLE>
<CAPTION>
================================================================================
COLLATERAL STATEMENT
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 7.052950%
Weighted Average Pass-Through Rate 6.794267%
Weighted Average Maturity (Stepdown Calculation) 349
Beginning Scheduled Collateral Loan Count 1,827
Number of Loans Paid in Full 71
Ending Scheduled Collateral Loan Count 1,756
Beginning Scheduled Collateral Balance 539,689,030.16
Ending Scheduled Collateral Balance 516,315,589.45
Ending Actual Collateral Balance at 31-Dec-1998 516,576,992.58
Monthly P&I Constant 3,535,621.22
Class A Optimal Amount 26,217,926.07
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 469,497,017.46
Ending Scheduled Balance for Discounted Loans 46,818,571.99
Unpaid Principal Balance of Outstanding Mortgage Loans
with Original LTV:
Less than or equal to 80% 484,527,323.23
Greater than 80% less than or equal to 85% 4,485,753.75
Greater than 85%, less than or equal to 95% 27,563,915.60
Greater than 95% 0.00
================================================================================
</TABLE>
