<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
March 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:
<TABLE>
<CAPTION>
Item 7(c). Exhibits
<S> <C> <C>
10.1 Monthly Payment Date Statement
distributed to Certificateholders,
dated March 25, 1999.
</TABLE>
<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: April 23, 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 March 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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
EXHIBIT 10.1
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate
Certificate Pass- Beginning Current Ending Cumulative
Class Through Certificate Interest Principal Realized Certificate Total Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss Balance Distribution Losses
- ----- --------- ----------- ---------- -------------- ------------ ------------- -------- ------------- ------------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 81743NAA9 SEQ 6.37000% 84,135,657.11 446,620.11 19,577,619.44 0.00 64,558,037.66 20,024,239.55 0.00
A-2 81743NAB7 SEQ 6.34000% 95,000,000.00 501,916.67 0.00 0.00 95,000,000.00 501,916.67 0.00
A-3 81743NAC5 SEQ 6.35000% 164,200,000.00 868,891.67 0.00 0.00 164,200,000.00 868,891.67 0.00
A-4 81743NAD3 SEQ 6.25000% 121,922,720.00 635,014.17 0.00 0.00 121,922,720.00 635,014.17 0.00
APO 81743NAJ0 PO 0.00000% 2,895,739.71 0.00 43,644.74 0.00 2,852,094.98 43,644.74 0.00
A-IO 81743NAP6 WIO 0.00250% 0.00 968.93 0.00 0.00 0.00 968.93 0.00
AX-1 81743NAE1 IO 0.44855% 0.00 31,449.25 0.00 0.00 0.00 31,449.25 0.00
AX-2 81743NAF8 IO 0.47855% 0.00 37,885.26 0.00 0.00 0.00 37,885.26 0.00
AX-3 81743NAG6 IO 0.46855% 0.00 64,113.35 0.00 0.00 0.00 64,113.35 0.00
AX-4 81743NAH4 IO 0.56855% 0.00 57,766.04 0.00 0.00 0.00 57,766.04 0.00
A-R 81743NAK7 R 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
A-RLT SMT983ARL ALR 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 0.00
M-1 81743NAL5 MEZ 6.81855% 16,127,300.00 91,637.34 0.00 0.00 16,127,300.00 91,637.34 0.00
M-2 81743NAM3 MEZ 6.81855% 7,741,100.00 43,985.90 0.00 0.00 7,741,100.00 43,985.90 0.00
M-3 81743NAN1 SUB 6.81855% 4,838,200.00 27,491.26 0.00 0.00 4,838,200.00 27,491.26 0.00
B-1 81743NAQ4 SUB 6.81855% 2,580,400.00 14,662.16 0.00 0.00 2,580,400.00 14,662.16 0.00
B-2 81743NAR2 SUB 6.81855% 1,935,300.00 10,996.62 0.00 0.00 1,935,300.00 10,996.62 0.00
B-3 81743NAS0 SUB 6.81855% 2,257,929.46 12,829.84 0.00 0.00 2,257,929.46 12,829.84 0.00
- ----- --------- ---- ------- -------------- ------------ ------------- ---- -------------- ------------- ----
Totals 503,634,346.28 2,846,228.57 19,621,264.18 0.00 484,013,082.10 22,467,492.75 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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.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 84,135,657.11 324,398.51 19,253,220.93 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 2,895,739.71 2,709.19 40,935.55 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 645,095,073.46 503,634,346.28 327,107.70 19,294,156.48 0.00
====== ============== ============= ========== ============= ====
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending Total
Realized Principal Certificate Certificate Principal
Class Loss(1) Reduction Balance Percentage Distribution
- ------ ---- ------------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C>
A-1 0.00 19,577,619.44 64,558,037.66 0.28634048 19,577,619.44
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 43,644.74 2,852,094.98 0.94033149 43,644.74
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 19,621,264.18 484,013,082.10 0.75029728 19,621,264.18
====== ==== ============= ============== ========== =============
</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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled
Face Certificate Principal Principal
Class(2) Amount Balance Distribution Distribution Accretion
- -------- -------------- ------------- ------------ ------------ ---------
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 373.17497687 1.43883593 85.39566365 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 3,033,074.00 954.72108824 0.89321593 13.49639013 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
===== ============= ============= ========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Total Ending Ending
Realized Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
- -------- ---------- --------- -------------- ---------- --------------
<S> <C> <C> <C> <C> <C>
A-1 0.00000000 86.83449958 286.34047725 0.28634048 86.83449958
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 14.38960606 940.33148548 0.94033149 14.38960606
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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning Payment
Current Certificate/ Current of 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% 84,135,657.11 446,620.11 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% 2,895,739.71 0.00 0.00 0.00
A-IO 0.00 0.00250% 465,087,591.55 968.93 0.00 0.00
AX-1 0.00 0.44855% 84,135,657.11 31,449.25 0.00 0.00
AX-2 0.00 0.47855% 95,000,000.00 37,885.26 0.00 0.00
AX-3 0.00 0.46855% 164,200,000.00 64,113.35 0.00 0.00
AX-4 0.00 0.56855% 121,922,720.00 57,766.04 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 6.81855% 16,127,300.00 91,637.34 0.00 0.00
M-2 7,741,100.00 6.81855% 7,741,100.00 43,985.90 0.00 0.00
M-3 4,838,200.00 6.81855% 4,838,200.00 27,491.26 0.00 0.00
B-1 2,580,400.00 6.81855% 2,580,400.00 14,662.16 0.00 0.00
B-2 1,935,300,000 6.81855% 1,935,300.00 10,996.62 0.00 0.00
B-3 2,257,929.46 6.81855% 2,257,929.46 12,829.84 0.00 0.00
-------------- ------- ------------ ------------ ---- ----
Totals 645,095,073.46 2,846,228.57 0.00 0.00
============== ============ ==== ====
</TABLE>
<TABLE>
<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 0.00 0.00 446,620.11 0.00 64,558,037.66
A-2 0.00 0.00 501,916.67 0.00 95,000,000.00
A-3 0.00 0.00 868,891.67 0.00 164,200,000.00
A-4 0.00 0.00 635,014.17 0.00 121,922,720.00
APO 0.00 0.00 0.00 0.00 2,852,094.98
A-IO 0.00 0.00 968.93 0.00 446,968,083.68
AX-1 0.00 0.00 31,449.25 0.00 64,558,037.66
AX-2 0.00 0.00 37,885.26 0.00 95,000,000.00
AX-3 0.00 0.00 64,113.35 0.00 164,200,000.00
AX-4 0.00 0.00 57,766.04 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 91,637.34 0.00 16,127,300.00
M-2 0.00 0.00 43,985.90 0.00 7,741,100.00
M-3 0.00 0.00 27,491.26 0.00 4,838,200.00
B-1 0.00 0.00 14,662.16 0.00 2,580,400.00
B-2 0.00 0.00 10,996.62 0.00 1,935,300.00
B-3 0.00 0.00 12,829.84 0.00 2,257,929.46
---- ---- ------------- ---- -------------
Totals 0.00 0.00 12,846,228.57 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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Current Certificate/ Current Unpaid
Original Face Certificate Notional Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
- -------- --------------- ----------- ------------ --------- ---------
<S> <C> <C> <C> <C> <C>
A-1 225,459,000.00 6.37000% 373.17497687 1.98093715 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% 954.72108824 0.00000000 0.00000000
A-IO 0.00 0.00250% 780.71336613 0.00162648 0.00000000
AX-1 0.00 0.44855% 373.17497687 0.13948989 0.00000000
AX-2 0.00 0.47855% 1000.00000000 0.39879221 0.00000000
AX-3 0.00 0.46855% 1000.00000000 0.39045889 0.00000000
AX-4 0.00 0.56855% 1000.00000000 0.47379225 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 6.81855% 1000.00000000 5.68212534 0.00000000
M-2 7,741,100.00 6.81855% 1000.00000000 5.68212528 0.00000000
M-3 4,838,200.00 6.81855% 1000.00000000 5.68212558 0.00000000
B-1 2,580,400.00 6.81855% 1000.00000000 5.68212680 0.00000000
B-2 1,935,300,000 6.81855% 1000.00000000 5.68212680 0.00000000
B-3 2,257,929.46 6.81855% 1000.00000000 5.68212614 0.00000000
------------- ------- ------------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
Non- Remaining Ending
Current Supported Unpaid Certificate/
Interest Interest Realized Total 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 1.98093715 0.00000000 286.34047725
A-2 0.00000000 0.00000000 0.00000000 5.28333337 0.00000000 1000.00000000
A-3 0.00000000 0.00000000 0.00000000 5.29166669 0.00000000 1000.00000000
A-4 0.00000000 0.00000000 0.00000000 5.20833336 0.00000000 1000.00000000
APO 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 940.33148548
A-IO 0.00000000 0.00000000 0.00000000 0.00162648 0.00000000 750.29728486
AX-1 0.00000000 0.00000000 0.00000000 0.13948989 0.00000000 286.34047725
AX-2 0.00000000 0.00000000 0.00000000 0.39879221 0.00000000 1000.00000000
AX-3 0.00000000 0.00000000 0.00000000 0.39045889 0.00000000 1000.00000000
AX-4 0.00000000 0.00000000 0.00000000 0.47379225 0.00000000 1000.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000 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 5.68121534 0.00000000 1000.00000000
M-2 0.00000000 0.00000000 0.00000000 5.68212528 0.00000000 1000.00000000
M-3 0.00000000 0.00000000 0.00000000 5.68212558 0.00000000 1000.00000000
B-1 0.00000000 0.00000000 0.00000000 5.68212680 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 0.00000000 5.68212680 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 0.00000000 5.68212614 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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
Certificateholder Account Statement
<TABLE>
<CAPTION>
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 22,572,851.01
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 22,572,851.01
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 105,358.26
Payment of Interest and Principal 22,467,492.75
----------------
Total Withdrawals (Pool Distribution Amount) 22,572,851.01
================
Ending Balance 0.00
================
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 3,100.25
Servicing Fee Support 3,100.29
--------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
========
</TABLE>
SERVICING FEES
<TABLE>
<CAPTION>
<S> <C>
Gross Servicing Fee 108,458.51
Supported Prepayment/Curtailment Interest Shortfall 3,100.29
----------
Net Servicing Fee 105,358.22
==========
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.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 15 4,204,745.45 0.904704% 0.868726%
60 Days 2 467,017.75 0.120627% 0.096489%
90+ Days 3 854,302.45 0.180941% 0.176504%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
----- ------- ---------- --------
Totals 20 5,526,065.65 1.206273% 1.141718%
</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 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 2,748,488.67
</TABLE>
<TABLE>
<S> <C> <C> <C> <C>
Bankruptcy 300,000.00 0.04650477 300,000.00 0.06198180%
Fraud 12,901,901.00 1.99999993 12,901,901.00 2.66560998%
Special Hazard 8,773,293.00 1.36000000 8,773,293.00 1.81261485%
</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: 28-Feb-1999 7485 New Horizon Way
Distribution Date: 25-Mar-1999 Frederick, MD 21703
Telephone: (301) 846-8130
Facsimile: (301) 846-8152
13-Apr-1999 10:33A.M.
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description Mixed Fixed
Weighted Average Gross Coupon 7.040077%
Weighted Average Pass-Through Rate 6.781655%
Weighted Average Maturity (Stepdown Calculation) 347
Beginning Scheduled Collateral Loan Count 1,716
Number of Loans Paid in Full 58
Ending Scheduled Collateral Loan Count 1,658
Beginning Scheduled Collateral Balance 503,634,346.28
Ending Scheduled Collateral Balance 484,013,082.10
Ending Actual Collateral Balance at 28-Feb-1999 484,291,813.93
Monthly P&I Constant 3,297,819.96
Class A Optimal Amount 22,222,244.89
Class AP Deferred Amount 0.00
Ending Scheduled Balance for Premium Loans 438,788,510.60
Ending Scheduled Balance for Discounted Loans 45,224,571.50
Unpaid Principal Balance of Outstanding Mortgage Loans with Original LTV:
Less than or equal to 80% 453,777,524.31
Greater than 80% less than or equal to 85% 4,477,494.89
Greater than 85%, less than or equal to 95% 26,036,794.73
Greater than 95% 0.00
</TABLE>
