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Previous: CWMBS INC MORT PASS THRO CERT SER 1998-11, 8-K, 1999-03-19 |
Next: MUNICIPAL INVESTMENT TR FD INTERM TERM SER 406 DEF ASSET FDS, 497, 1999-03-19 |
<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
February 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)
<TABLE>
<CAPTION>
Delaware 33-80740-08 61199884
<S> <C> <C>
- ---------------------------------------------- ------------------------ ------------------------------------
(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 February 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: March 18, 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 February 25, 1999................... 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-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Certificate Beginning
Class Pass-Through Certificate Interest
Class CUSIP Description Rate Balance Distribution
----- --------- ----------- ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
A-1 81743NAA9 SEQ 6.37000% 96,808,107.01 513,889.55
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.52
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.41
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,013.98
APO 81743NAJ0 PO 0.00000% 2,904,532.98 0.00
A-IO 81743NAP6 WIO 0.00250% 0.00 993.33
AX-1 81743NAE1 IO 0.45235% 0.00 36,492.22
AX-2 81743NAF8 IO 0.48235% 0.00 38,185.65
AX-3 81743NAG6 IO 0.47235% 0.00 64,632.54
AX-4 81743NAH4 IO 0.57235% 0.00 58,151.55
A-R 81743NAK7 R 0.00000% 0.00 0.86
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00
M-1 81743NAL5 MEZ 6.82235% 16,127,300.00 91,688.31
M-2 81743NAM3 MEZ 6.82235% 7,741,100.00 44,010.37
M-3 81743NAN1 SUB 6.82235% 4,838,200.00 27,506.55
B-1 81743NAQ4 SUB 6.82235% 2,580,400.00 14,670.31
B-2 81743NAR2 SUB 6.82235% 1,935,300.00 11,002.73
B-3 81743NAS0 SUB 6.82235% 2,257,929.46 12,836.97
-------------- ------------
Totals 516,315,589.45 2,919,882.85
============== ============
<CAPTION>
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
----- ------------- -------- -------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
A-1 12,672,449.90 0.00 84,135,657.11 13,186,339.45 0.00
A-2 0.00 0.00 95,000,000.00 501,916.52 0.00
A-3 0.00 0.00 164,200,000.00 868,891.41 0.00
A-4 0.00 0.00 121,922,720.00 635,013.98 0.00
APO 8,793.27 0.00 2,895,739.71 8,793.27 0.00
A-IO 0.00 0.00 0.00 993.33 0.00
AX-1 0.00 0.00 0.00 36,492.22 0.00
AX-2 0.00 0.00 0.00 38,185.65 0.00
AX-3 0.00 0.00 0.00 64,632.54 0.00
AX-4 0.00 0.00 0.00 58,151.55 0.00
A-R 0.00 0.00 0.00 0.86 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00
M-1 0.00 0.00 16,127,300.00 91,688.31 0.00
M-2 0.00 0.00 7,741,100.00 44,010.37 0.00
M-3 0.00 0.00 4,838,200.00 27,506.55 0.00
B-1 0.00 0.00 2,580,400.00 14,670.31 0.00
B-2 0.00 0.00 1,935,300.00 11,002.73 0.00
B-3 0.00 0.00 2,257,929.46 12,836.97 0.00
------------- ---- -------------- ------------- ----
Totals 12,681,243.17 0.00 503,634,346.28 15,601,126.02 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: 31-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
Principal Distribution Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class Amount Balance Distribution Distribution Accretion
- ----- -------------- -------------- ------------ ------------- ---------
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 96,808,107.01 337,566.65 12,334,883.25 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 2,904,532.98 2,741.07 6,052.20 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 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 645,095,073.46 516,315,589.45 340,307.72 12,340,935.45 0.00
============== ============== ========== ============= ====
<CAPTION>
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class Loss(1) Reduction Balance Percentage Distribution
- ----- -------- --------------- -------------- ---------- --------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 12,672,449.90 84,135,657.11 0.37317498 12,672,449.90
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 8,793.27 2,895,739.71 0.95472109 8,793.27
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 12,681,243.17 503,634,346.28 0.78071337 12,681,243.17
==== ============= ============== ========== =============
</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-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal
Class (2) Amount Balance Distribution Distribution Accretion
- --------- -------------- -------------- ------------ ------------ ----------
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 429.38231346 1.49724185 54.71009474 0.00000000
A-2 95,000,000.00 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 3,033,074.00 957.62021632 0.90372671 1.99540137 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
<CAPTION>
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class (2) Loss(3) Reduction Balance Percentage Distribution
- --------- ---------- --------------- --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 56.20733659 373.17497687 0.37317498 56.20733659
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 2.89912808 954.72108824 0.95472109 2.89912808
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-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning
Current Certificate/ Current Payment of Current
Original Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
- ----- -------------- ----------- ------------- --------- --------------- ---------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 96,808,107.01 513,889.70 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% 2,904,532.98 0.00 0.00 0.00
A-IO 0.00 0.00250% 476,798,248.08 993.33 0.00 0.00
AX-1 0.00 0.45235% 96,808,107.01 36,492.23 0.00 0.00
AX-2 0.00 0.48235% 95,000,000.00 38,185.66 0.00 0.00
AX-3 0.00 0.47235% 164,200,000.00 64,632.56 0.00 0.00
AX-4 0.00 0.57235% 121,922,720.00 58,151.57 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 6.82235% 16,127,300.00 91,688.34 0.00 0.00
M-2 7,741,100.00 6.82235% 7,741,100.00 44,010.38 0.00 0.00
M-3 4,838,200.00 6.82235% 4,838,200.00 27,506.56 0.00 0.00
B-1 2,580,400.00 6.82235% 2,580,400.00 14,670.32 0.00 0.00
B-2 1,935,300,000 6.82235% 1,935,300.00 11,002.74 0.00 0.00
B-3 2,257,929.46 6.82235% 2,257,929.46 12,836.98 0.00 0.00
-------------- ------------ ---- ----
Totals 645,095,073.46 2,919,882.88 0.00 0.00
============== ============ ==== ====
<CAPTION>
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
- ----- --------- --------- -------------- ---------- --------------
<S> <C> <C> <C> <C> <C>
A-1 0.15 0.00 513,889.55 0.00 84,135,657.11
A-2 0.15 0.00 501,916.52 0.00 95,000,000.00
A-3 0.26 0.00 868,891.41 0.00 164,200,000.00
A-4 0.19 0.00 635,013.98 0.00 121,922,720.00
APO 0.00 0.00 0.00 0.00 2,895,739.71
A-IO 0.00 0.00 993.33 0.00 465,087,591.55
AX-1 0.01 0.00 36,492.22 0.00 84,135,657.11
AX-2 0.01 0.00 38,185.65 0.00 95,000,000.00
AX-3 0.02 0.00 64,632.54 0.00 164,200,000.00
AX-4 0.02 0.00 58,151.55 0.00 121,922,720.00
A-R 0.00 0.00 0.86 0.00 0.00
A-RLT 0.00 0.00 0.00 0.00 0.00
M-1 0.03 0.00 91,688.31 0.00 16,127,300.00
M-2 0.01 0.00 44,010.37 0.00 7,741,100.00
M-3 0.01 0.00 27,506.55 0.00 4,838,200.00
B-1 0.00 0.00 14,670.31 0.00 2,580,400.00
B-2 0.00 0.00 11,002.73 0.00 1,935,300.00
B-3 0.00 0.00 12,836.97 0.00 2,257,929.46
---- ---- ------------ ----
Totals 0.86 0.00 2,919,882.85 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-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning
Current Certificate/ Current Payment of Current
Original Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall
--- -------------- -------- ------------ ---------- --------------- ----------
<S> <C> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 429.38231346 2.27930444 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% 957.62021632 0.00000000 0.00000000 0.00000000
A-IO 0.00 0.00250% 800.37131067 0.00166744 0.00000000 0.00000000
AX-1 0.00 0.45235% 429.38231346 0.16185750 0.00000000 0.00000000
AX-2 0.00 0.48235% 1000.00000000 0.40195432 0.00000000 0.00000000
AX-3 0.00 0.47235% 1000.00000000 0.39362095 0.00000000 0.00000000
AX-4 0.00 0.57235% 1000.00000000 0.47695434 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 6.82235% 1000.00000000 5.68528768 0.00000000 0.00000000
M-2 7,741,100.00 6.82235% 1000.00000000 5.68528762 0.00000000 0.00000000
M-3 4,838,200.00 6.82235% 1000.00000000 5.68528792 0.00000000 0.00000000
B-1 2,580,400.00 6.82235% 1000.00000000 5.68528910 0.00000000 0.00000000
B-2 1,935,300,000 6.82235% 1000.00000000 5.68528910 0.00000000 0.00000000
B-3 2,257,929.46 6.82235% 1000.00000000 5.68528833 0.00000000 0.00000000
<CAPTION>
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notional
Class Shortfall Losses(4) Distribution Shortfall Balance
--- ----------- ---------- -------------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000067 0.00000000 2.27930378 0.00000000 373.17497687
A-2 0.00000158 0.00000000 5.28333179 0.00000000 1000.00000000
A-3 0.00000158 0.00000000 5.29166510 0.00000000 1000.00000000
A-4 0.00000156 0.00000000 5.20833180 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 954.72108824
A-IO 0.00000000 0.00000000 0.00166744 0.00000000 780.71336613
AX-1 0.00000004 0.00000000 0.16185746 0.00000000 373.17497687
AX-2 0.00000011 0.00000000 0.40195421 0.00000000 1000.00000000
AX-3 0.00000012 0.00000000 0.39362083 0.00000000 1000.00000000
AX-4 0.00000016 0.00000000 0.47695417 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 17.20000000 0.00000000 0.00000000
A-RLT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
M-1 0.00000186 0.00000000 5.68528582 0.00000000 1000.00000000
M-2 0.00000129 0.00000000 5.68528633 0.00000000 1000.00000000
M-3 0.00000207 0.00000000 5.68528585 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 5.68528523 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 5.68528394 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 5.68528390 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-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 15,711,470.89
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 15,711,470.89
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 110,344.87
Payment of Interest and Principal 15,601,126.02
-------------
Total Withdrawals (Pool Distribution Amount) 15,711,470.89
=============
Ending Balance 0.00
=============
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 926.39
Servicing Fee Support 925.53
-------------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.86
=============
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 111,270.40
Supported Prepayment/Curtailment Interest Shortfall 925.53
-------------
Net Servicing Fee 110,344.87
=============
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 31-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
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 13 2,959,983.55 0.757576% 0.587725%
60 Days 0.00 0.000000% 0.000000%
90+ Days 3 854,796.53 0.174825% 0.169726%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
-- ------------ -------- --------
Totals 16 3,814,780.08 0.932401% 0.757450%
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 2,763,537.57
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477% 300,000.00 0.05956703%
Fraud 12,901,901.00 1.99999993% 12,901,901.00 2.56175956%
Special Hazard 8,773,293.00 1.36000000% 8,773,293.00 1.74199656%
</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: 31-Jan-1999 7485 New Horizon Way
Distribution Date: 25-Feb-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
11-Mar-1999 4.53P.M.
COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description Mixed Fixed
<S> <C>
Weighted Average Gross Coupon 7.044885%
Weighted Average Pass-Through Rate 6.786275%
Weighted Average Maturity (Stepdown Calculation) 348
Beginning Scheduled Collateral Loan Count 1,756
Number of Loans Paid in Full 40
Ending Scheduled Collateral Loan Count 1,716
Beginning Scheduled Collateral Balance 516,315,589.45
Ending Scheduled Collateral Balance 503,634,346.28
Ending Actual Collateral Balance at 31-Jan-1999 503,911,061.57
Monthly P&I Constant 3,379,820.38
Class A Optimal Amount 15,390,617.46
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 457,183,988.19
Ending Scheduled Balance for Discounted Loans 46,450,358.09
Unpaid Principal Balance of Outstanding Mortgage Loans with Original LTV:
Less than or equal to 80% 472,239,467.26
Greater than 80% less than or equal to 85% 4,480,971.32
Greater than 85%, less than or equal to 95% 27,190,622.99
Greater than 95% 0.00
</TABLE>
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