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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE FISCAL YEAR ENDED: DECEMBER 31, 1998
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES ACT
OF 1934
FOR THE TRANSITION PERIOD FROM __________ TO _________.
COMMISSION FILE NUMBER: 333-80740-08
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)
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<CAPTION>
DELAWARE 61199884
<S> <C>
(State or other jurisdiction of incorporation or (I.R.S. employer identification no.)
organization)
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<S> <C>
600 STEAMBOAT ROAD 06830
GREENWICH, CONNECTICUT (Zip code)
(Address of principal executive offices)
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(203) 622-2700
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Securities registered pursuant to Section 12(g) of
Act: the Act:
NONE NONE
<S> <C>
(Title of class) (Title of class)
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Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]
State the aggregate market value of the voting stock held by non-affiliates of
Registrant. The aggregate market value shall be computed by reference to the
price at which the stock was sold, or the average bid and asked prices of such
stock, as of specified date within 60 days prior to the date of filing:
NOT APPLICABLE
Documents incorporated by reference:
NOT APPLICABLE
1
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SEQUOIA MORTGAGE FUNDING CORPORATION
SEQUOIA MORTGAGE TRUST 3 Certificates
INDEX
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Page
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PART I ..................................................................................... 3
ITEM 1 - BUSINESS................................................................. 3
ITEM 2 - PROPERTIES............................................................... 3
ITEM 3 - LEGAL PROCEEDINGS........................................................ 3
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF
SECURITY HOLDERS......................................................... 3
PART II ..................................................................................... 3
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND
RELATED STOCKHOLDER MATTERS.............................................. 3
ITEM 6 - SELECTED FINANCIAL DATA.................................................. 3
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS............................ 3
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.............................. 3
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE................................... 3
PART III ..................................................................................... 4
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF
THE REGISTRANT........................................................... 4
ITEM 11 - EXECUTIVE COMPENSATION................................................... 4
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT.................................................... 4
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS........................... 8
PART IV ..................................................................................... 8
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND
REPORTS ON FORM 8-K...................................................... 8
SIGNATURES ................................................................................ 9
INDEX TO EXHIBITS.............................................................................. 10
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PART I
ITEM 1 - BUSINESS
Not Applicable.
ITEM 2 - PROPERTIES
Greenwich Capital Acceptance, Inc. (the "Depositor") will furnish
information regarding the Mortgaged Properties by reference to the Annual
Compliance Certificates to be filed herein under Item 14.
ITEM 3 - LEGAL PROCEEDINGS
The Depositor is not aware of any material pending legal proceedings
involving either the Sequoia Mortgage Trust 3 Mortgage Loan Asset-Backed
Certificates trust (the "Trust"), established pursuant to the Pooling and
Servicing Agreement, dated June 1, 1998; the First Union National Bank as
trustee, ("Trustee"), nor Norwest Bank Minnesota, National Association as Master
Servicer which relates to the Trust.
ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No matter has been submitted to a vote of the holders of beneficial
interests in Trust 3 through the solicitation of proxies or otherwise.
PART II
ITEM 5 - MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
To the best knowledge of the Depositor, there is no established public
trading market for the Certificates issued under Trust 3.
All of the Certificates issued by Trust 3 are held by the Depository
Trust Company ("DTC") which in turn maintains records of holders of beneficial
interests in such Certificates. Based on information obtained by the Trusts from
DTC, as of December 31, 1998, there were four holders of the Class A-1
Certificates, four holders of the Class A-2 Certificates, seven holders of the
Class A-3 Certificates, three holders of the Class A-4 Certificates, and one
holder of each of the Class APO Certificates, Class A-10 Certificates, Class
AX-1 Certificates, Class AX-2 Certificates, Class AX-3 Certificates, Class AX-4
Certificates, Class A-R Certificates, Class A-RLT Certificates, Class M-1
Certificates, Class M-2 Certificates, Class M-3 Certificates, Class B-1
Certificates, Class B-2 Certificates and Class B-3 Certificates.
ITEM 6 - SELECTED FINANCIAL DATA
Not Applicable.
ITEM 7 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Not Applicable.
ITEM 8 - FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION
Not Applicable.
ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
There were no changes of accountants or disagreements on accounting
or financial disclosures between the Depositor and its accountants.
3
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PART III
ITEM 10 - DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
Not Applicable.
ITEM 11 - EXECUTIVE COMPENSATION
Not Applicable.
ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The Depositor is a wholly-owned subsidiary of Redwood Trust, Inc., a
Maryland corporation. Sequoia Mortgage Trust 3 is a Delaware statutory business
trust wholly-owned by the Depositor.
The following table sets forth (i) the name and address of each
entity owning more than 5% of the outstanding principal amount of each Class of
Certificates of the Trust; (ii) the principal amount of the Class of
Certificates owned by each and (iii) the percent that the principal amount of
the Class of Certificates owned by such entity represents of the outstanding
principal amount of such Class of Certificates. The information set forth in the
table for the Certificates is based upon information obtained by the Trust from
DTC and represents ownership of beneficial interest in the Certificates held by
DTC. The Depositor is not aware of any Schedules 13D or 13G filed with the
Securities and Exchange Commission in respect of the Certificates.
Class A-1
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NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Boston Safe Deposit and Trust Company $ 79,094,250 35%
Three Mellon Bank Center, Room 153-3015
Pittsburgh, PA 15259
Citibank, N.A. $ 22,500,000 10%
P.O. Box 30576
Tampa, FL 33630-3576
Chase Manhattan Bank $118,864,750 53%
4 New York Plaza
13th Floor
New York, NY 10004
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Class A-2
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Bankers Trust Company $ 25,382,655 26.7%
C/O BT Services Tennessee Inc.
648 Grassmere Park Drive
Nashville, TN 37211
Citibank, N.A. $ 11,875,000 12.5%
P.O. Box 30576
Tampa, FL 33630-3576
Chase Manhattan Bank $ 28,604,590 30.1%
4 New York Plaza
13th Floor
New York, NY 10004
Merrill Lynch, Pierce Fenner $ 29,137,755 30.7%
& Smith Safekeeping
4 Corporate Place
Corporate Park 287
Piscataway, NJ 08855
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4
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Class A-3
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NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
The Bank of New York $ 39,725,810 24.19%
925 Patterson Plank Road
Secaucus, NJ 07094
Chase Manhattan Bank/Broker & Dealer $ 16,050,000 9.77%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
PNC Bank, N.A./Pittsburgh $ 63,561,285 38.71%
One PNC Plaza, 9th Floor
249 5th Avenue
Pittsburgh, PA 15222-7707
Union Bank of California, N.A. $ 15,852,905 9.65%
P.O. Box 109
San Diego, CA 92112-4103
Chase Manhattan Bank $ 25,000,000 15.23%
4 New York Plaza
13th Floor
New York, NY 10004
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Class A-4
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NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Chase Manhattan Bank $ 30,480,680 25%
4 New York Plaza
13th Floor
New York, NY 10004
Chase Manhattan Bank/FI-TRAC 2 $ 50,442,040 41%
4 New York Plaza
New York, NY 10004
Chase Manhattan Bank/Broker & Dealer $ 41,000,000 34%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
</TABLE>
Class APO
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Bankers Trust/Dealer Clearance $ 3,033,074 100%
16 Wall Street
New York, NY 10005
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Class A-10
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Bankers Trust/Dealer Clearance $595,721,313 100%
16 Wall Street
New York, NY 10005
</TABLE>
5
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Class AX-1
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Chase Manhattan Bank/Broker & Dealer $225,459,000 100%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
</TABLE>
Class AX-2
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Chase Manhattan Bank/Broker & Dealer $ 95,000,000 100%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
</TABLE>
Class AX-3
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Bankers Trust/Dealer Clearance $164,200,000 100%
16 Wall Street
New York, NY 10005
</TABLE>
Class AX-4
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NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Bankers Trust/Dealer Clearance $121,922,720 100%
16 Wall Street
New York, NY 10005
</TABLE>
Class A-R
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Greenwich Capital Acceptance, Inc. 100%
600 Steamboat Road
Greenwich, CT 06830
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Class A-RLT
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Greenwich Capital Acceptance, Inc. 100%
600 Steamboat Road
Greenwich, CT 06830
</TABLE>
Class M-1
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
The Bank of New York $ 5,000,000 31%
925 Patterson Plan Road
Secaucus, NJ 07094
$ 11,127,300 69%
Firstar Trust Company
777 E. Wisconsin Avenue
Milwaukee, WI 53202
</TABLE>
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Class M-2
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Chase Manhattan Bank/Broker & Dealer $ 7,741,100 100%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
</TABLE>
Class M-3
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Chase Manhattan Bank/Broker & Dealer $ 4,838,200 100%
Clearance Department
4 New York Plaza, 21st Floor
New York, NY 10015
</TABLE>
Class B-1
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Greenwich Capital Acceptance, Inc. 100%
600 Steamboat Road
Greenwich, CT 06830
</TABLE>
Class B-2
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Greenwich Capital Acceptance, Inc. 100
600 Steamboat Road
Greenwich, CT 06830
</TABLE>
Class B-3
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<CAPTION>
NAME AND ADDRESS PRINCIPAL AMOUNT % OF CLASS
<S> <C>
Greenwich Capital Acceptance, Inc. 100%
600 Steamboat Road
Greenwich, CT 06830
</TABLE>
ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
None.
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PART IV
ITEM 14 - EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
1. Financial Statements:
Not applicable.
2. Financial Statement Schedules:
Not applicable.
3. Exhibits:
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Exhibit No. Description
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<S> <C>
99.1* Statement of Compliance of the Master Servicer.
99.2* Annual Report of Independent Accountant
with respect to the Master Servicer's overall servicing
operations.
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* The document is not due to be delivered until 120 days after the
year ended December 31, 1998. Such document will be filed with the Securities
and Exchange Commission by amendment upon receipt by the registrant.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Depositor has duly caused this Report to be signed on
its behalf by the undersigned, thereunto duly authorized.
By: GREENWICH CAPITAL ACCEPTANCE, INC.
As Depositor
By: /s/ Robert J. McGinnis
------------------------------
Name: Robert J. McGinnis
Title: President
Date: May 5, 1999.
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Report has been signed below by the following persons on behalf of the
Depositor and in the capacities and on the dates indicated:
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<CAPTION>
Signature Position Date
--------- -------- ----
<S> <C> <C>
/s/ Robert J. McGinnis President (Principal Executive Officer and May 5, 1999
- ----------------------------- Principal Financial Officer)
Robert J. McGinnis
/s/ Kevin C. Piccoli Senior Vice President and Controller May 5, 1999
- ----------------------------- (Principal Accounting Officer)
Kevin C. Piccoli
/s/ John C. Anderson Senior Vice President, May 5, 1999
- ----------------------------- Secretary, and Director
John C. Anderson
/s/ Jay N. Levine Director May 5, 1999
- -----------------------------
Jay N. Levine
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INDEX TO EXHIBITS
Item 14(C)
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Exhibit No. Description
- ----------- -----------
<S> <C>
99.1* Statement of Compliance of the Master Servicer of Trust 3.
99.2* Annual Report of Independent Accountant with respect to the
Servicer's overall servicing operations with respect to Trust 3.
</TABLE>
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* The document is not due to be delivered until 120 days after the year
ended December 31, 1998. Such document will be filed with the Securities
and Exchange Commission by amendment upon receipt by the registrant.
10
