EXHIBIT 99.5

PHH MORTGAGE SERVICES

[PHH LOGO]

February 25, 2005

Sequoia Residential Funding, Inc.
One Belvedere Place, Suite 330
Mill Valley, CA 94941

HSBC Bank USA
452 Fifth Avenue
New York, NY 10018

RE: Annual Statement as to Compliance

Investor Number(s)/Deal name(s): 168/ SEQUOIA 2003-6

Dear Investor, Master Servicer or Trustee,

The undersigned officer certifies the following for PHH Mortgage Corp. f/k/a
Cendant Mortgage Corp., for the 2004 calendar year. To the best of our
knowledge:

      a)    The activities and performances of the Servicer during the preceding
            Fiscal year under the terms of the above Servicing Agreement, Trust
            Agreement, Pooling and Servicing Agreement and/or Service Guide and
            to the best of my knowledge the Servicer has fulfilled all of its
            duties, responsibilities or obligations under this Agreement
            throughout such year, or if there has been default or failure of the
            Servicer to perform any such duties, responsibilities or
            obligations, a description of each default or failure and the nature
            and status thereof has been reported to HSBC Bank USA;

      b)    The Servicer is currently an approved FNMA or FHLMC Servicer in
            good standing;

      c)    The Fidelity Bond, the Errors and Omissions Insurance Policy and
            any other bonds required under the terms of the Servicing Agreement,
            Trust Agreement, Pooling and Servicing Agreement and/or Servicer
            Guide are in full force and effect;

      d)    All premiums for each Hazard Insurance Policy, Flood Insurance
            Policy (if applicable) and Primary Mortgage Insurance Policy (if
            applicable), with respect to each Mortgaged Property, have been paid
            and that such insurance policies are in full force and effect;

      e)    All real estate taxes, governmental assessments and any other
            expenses accrued and due, that if not paid could result in a lien or
            encumbrance on any Mortgage Property, have been paid, or if any such
            costs or expenses have been paid with respect to any Mortgaged
            Property, the reason for the non-payment has been reported to HSBC
            Bank USA;

      f)    All Custodial Accounts have been reconciled and are properly funded;
            and

      g)    All annual reports of Foreclosure and Abandonment of Mortgaged
            Property required per section 6050H, 6050J and 6050P of the Internal
            Revenue Code, respectively, have been prepared and filed.

Certified by

/s/ William E. Fricke, Jr.
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William E. Fricke, Jr.
Assistant Vice President

  FEB 25 2005
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Date: February 25, 2005