-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PwFJjVPNQXJ+USY0RkHfdp1vw81wY2xt/YkzMa0408ofiMvPmd0kgAVBW4x2MKzh NJsUOlGIFml6AZh9CW2AfQ== 0000950134-04-016598.txt : 20041108 0000950134-04-016598.hdr.sgml : 20041108 20041105190522 ACCESSION NUMBER: 0000950134-04-016598 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041020 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041108 DATE AS OF CHANGE: 20041105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sequoia HELOC Trust 2004-1 CENTRAL INDEX KEY: 0001295853 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-115296-02 FILM NUMBER: 041123966 BUSINESS ADDRESS: STREET 1: 591 REDWOOD HWY STREET 2: STE 3120 CITY: MILL VALLEY STATE: CA ZIP: 94941 BUSINESS PHONE: 4153811765 MAIL ADDRESS: STREET 1: 591 REDWOOD HIGHWAY STREET 2: STE 3120 CITY: MILL VALLEY STATE: CA ZIP: 94941 8-K 1 f03046e8vk.txt FORM 8-K 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 October 20, 2004 Date of Report (Date of Earliest Event Reported) SEQUOIA MORTGAGE FUNDING CORPORATION SEQUOIA HELOC TRUST 2004-1 (as Depositor of Sequoia HELOC Trust 2004-1, the Issuer of HELOC Asset- Backed Notes, Series 2004-1, under an Indenture dated as of June 1, 2004) SEQUOIA MORTGAGE FUNDING CORPORATION ------------------------------------ (Exact Name of Registrant as Specified in Its Charter) Delaware 333-115296-02 91-1771827 -------- ------------- ---------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) One Belvedere Place, Suite 320, Mill Valley, CA 94941 ----------------------------------------------------- (Address of Principal Executive Offices) (415) 381-1765 -------------- (Registrant's Telephone Number, Including Area Code) Not Applicable -------------- (Former Name or Former Address, if Changed Since Last Report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) INFORMATION TO BE INCLUDED IN THE REPORT Item 8.01. OTHER EVENTS Sequoia Mortgage Funding Corporation has previously registered the offer and sale of Asset-Backed Notes issued by Sequoia HELOC Trust 2004-1 (the "Notes"). The following exhibit which relates specifically to the Notes is included with this Current Report: Item 9.01. Exhibits 10.1 Monthly Payment Date Statement relating to the distribution to Noteholders, October 20, 2004. 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: November 4, 2004 SEQUOIA MORTGAGE FUNDING CORPORATION By: /s/ Harold F. Zagunis ------------------------------------- Harold F. Zagunis Chief Financial Officer and Secretary EXHIBIT INDEX Exhibit Number Page Number - -------------- ----------- 10.1 Monthly Payment Date Statement relating to the distribution to Noteholders, October 20, 2004.......5 EX-10.1 2 f03046exv10w1.txt EXHIBIT 10.1 EXHIBIT 10.1 CONTACT: CUSTOMER SERVICES -- CTSLINK WELLS FARGO BANK MINNESOTA, N.A. SECURITIES ADMINISTRATION SERVICES 7485 NEW HORIZON WAY FREDERICK, MD 21703 WWW.CTSLINK.COM TELEPHONE: (301) 815-6600 FAX: (301) 315-6660 SHT SERIES 2004-1 RECORD DATE: SEPTEMBER 30, 2004 DISTRIBUTION DATE: OCTOBER 20, 2004 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Beginning Class Certificate Certificate Interest Principal Current Class CUSIP Description Pass-Through Balance Distribution Distribution Realized Loss Rate - ------------------------------------------------------------------------------------------------------------------------------------ NOTE 817419AA2 SEN 2.04125% 307,187,328.42 522,538.44 7,555,174.73 0.00 L SHT04002L DRAW 2.31125% 0.00 0.00 0.00 0.00 O SHT04002O OC 0.00000% 1,509,798.04 0.00 0.00 0.00 AMBAC FEE 0.12000% 0.00 30,718.72 0.00 0.00 - ------------------------------------------------------------------------------------------------------------------------------------ Totals 308,697,126.46 553,257.16 7,555,174.73 0.00 - ------------------------------------------------------------------------------------------------------------------------------------
Ending Total Cumulative Class CUSIP Certificate Distribution Realized Loss Balance - ------------------------------------------------------------------------------- NOTE 817419AA2 299,632,153.69 8,077,713.17 0.00 L SHT04002L 0.00 0.00 0.00 O SHT04002O 1,928,388.47 0.00 0.00 AMBAC 0.00 30,718.72 0.00 - -------------------------------------------------------------------------------- Totals 301,560,542.16 8,108,431.89 0.00 - --------------------------------------------------------------------------------
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled Original Face Certificate Principal Principal Realized Total Class Amount Balance Distribution Distribution Accretion Loss (1) Principal Reduction - -------------------------------------------------------------------------------------------------------------------------------- NOTE 317,044,000.00 307,187,328.42 0.00 3,963,051.02 0.00 0.00 7,555,174.73 L 0.00 0.00 0.00 0.00 0.00 0.00 0.00 O 81.98 1,509,798.04 0.00 0.00 0.00 0.00 0.00 AMBAC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------------------- Totals 317,044,081.98 308,697,126.46 0.00 3,963,051.02 0.00 0.00 7,555,174.73 - --------------------------------------------------------------------------------------------------------------------------------
Ending Ending Total Principal Class Certificate Certificate Distribution Balance Percentage - ------------------------------------------------------------------ NOTE 299,632,153.69 0.94508066 7,555,174.73 L 0.00 0.00000000 0.00 O 1,928,388.47 23,522.66979751 0.00 AMBAC 0.00 0.00000000 0.00 - ------------------------------------------------------------------- Totals 301,560,542.16 0.95116282 7,555,174.73 - -------------------------------------------------------------------
(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. PRINCIPAL DISTRIBUTION FACTORS STATEMENT
Beginning Scheduled Unscheduled Total Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction - --------------------------------------------------------------------------------------------------------------------------------- NOTE 317,044,000.00 968.91071403 0.00000000 12.50000322 0.00000000 0.00000000 23.83005113 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 8416663.08855820 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 - ---------------------------------------------------------------------------------------------------------------------------------
Ending Total Ending Certificate Certificate Principal Class Balance Percentage Distribution - ------------------------------------------------------------------ NOTE 945.08066290 0.94508066 23.83005113 L 0.00000000 0.00000000 0.00000000 O 23522669.79751160 23522.66979751 0.00000000 AMBAC 0.00000000 0.00000000 0.00000000 - --------------------------------------------------------------------
(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. INTEREST DISTRIBUTION STATEMENT
Beginning Payment of Non-Supported Certificate/ Current Unpaid Current Interest Original Face Current Notional Accrued Interest Interest Shortfall Class Amount Certificate Balance Interest Shortfall Shortfall Rate - -------------------------------------------------------------------------------------------------------------------------- NOTE 317,044,000.00 2.04125% 307,187,328.42 522,538.45 0.00 0.00 0.00 L 0.00 2.31125% 0.00 0.00 0.00 0.00 0.00 O 81.98 0.00000% 1,509,798.04 0.00 0.00 0.00 0.00 AMBAC 0.00 0.12000% 307,187,328.42 30,718.73 0.00 0.00 0.00 - -------------------------------------------------------------------------------------------------------------------------- Totals 317,044,081.98 553,257.18 0.00 0.00 0.00 - --------------------------------------------------------------------------------------------------------------------------
Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Class Loss (4) Distribution Shortfall Balance - ------------------------------------------------------------------------- NOTE 0.00 522,538.44 0.00 299,632,153.69 L 0.00 0.00 0.00 0.00 O 0.00 0.00 0.00 1,928,388.47 AMBAC 0.00 30,718.72 0.00 299,632,153.69 - -------------------------------------------------------------------------- Totals 0.00 553,257.16 0.00 - --------------------------------------------------------------------------
(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. INTEREST DISTRIBUTION FACTORS STATEMENT
Payment of Non-Supported Current Beginning Current Unpaid Current Interest Class (5) Original Face Certificate Certificate/ Accrued Interest Interest Shortfall Amount Rate Notional Balance Interest Shortfall Shortfall - --------------------------------------------------------------------------------------------------------------------------- NOTE 317,044,000.00 2.04125% 968.91071403 1.64815751 0.00000000 0.00000000 0.00000000 L 0.00 2.31125% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 0.00000% 18416663.08855820 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.12000% 968.91071403 0.09689106 0.00000000 0.00000000 0.00000000 - ---------------------------------------------------------------------------------------------------------------------------
Remaining Unpaid Class (5) Realized Total Interest Ending Certificate/ Loss (6) Interest Shortfall Notational Balance Distribution - ----------------------------------------------------------------------------- NOTE 0.00000000 1.64815748 0.00000000 945.08066290 L 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 0.00000000 0.00000000 23522669.79751160 AMBAC 0.00000000 0.09689103 0.00000000 945.08066290 - --------------------------------------------------------------------------------
(5) Per $1 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. CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 8,231,699.93 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00 Prepayment Penalties 0.00 ------------ Total Deposits 8,231,699.93 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 123,268.02 Payment of Interest and Principal 8,108,431.91 ------------ Total Withdrawals (Pool Distribution Amount) 8,231,699.93 Ending Balance 0.00 ============ PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 ---- Non-Supported Prepayment Curtailment Interest Shortfall 0.00 ==== SERVICING FEES Gross Servicing Fee 119,409.31 Master Servicing Fee 3,858.71 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 123,268.02 ========== OTHER ACCOUNTS Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance - ------------------------------------------------------------------------------ Financial Guaranty 0.00 0.00 0.00 0.00 LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE - ---------------------------------------------------------------------------------------------------------------- No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 3 215,195.62 0-29 Days 1 48,000.00 30 Days 5 481,696.03 30 Days 0 0.00 30 Days 0 0.00 60 Days 2 207,600.00 60 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 ----------------------- ------------------ ------------------ 7 689,296.03 3 215,195.62 1 48,000.00
REO TOTAL - ------------------------------------------------------------------------------ No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 4 263,195.62 30 Days 0 0.00 30 Days 5 481,696.03 60 Days 0 0.00 60 Days 2 207,600.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 ------------------ --------------------- 0 0.00 11 952,491.65
No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.059630% 0.071361% 0-29 Days 0.019877% 0.015917% 30 Days 0.099384% 0.159734% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.039754% 0.068842% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% ---------------------- --------------------- --------------------- 0.139137% 0.228576% 0.059630% 0.071361% 0.019877% 0.015917%
No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.079507% 0.087278% 30 Days 0.000000% 0.000000% 30 Days 0.099384% 0.159734% 60 Days 0.000000% 0.000000% 60 Days 0.039754% 0.068842% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% --------------------- ----------------------- 0.000000% 0.000000% 0.218644% 0.315854% Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 0.00
Class L 81.98 0.00002586% 1,928,388.47 0.64358529% 0.000000% 0.000000% Class O 0.00 0.00000000% 0.00 0.00000000% 0.643585% 0.000000%
Please refer to the prospectus supplement for a full description of loss exposure COLLATERAL STATEMENT Collateral Description Mixed Arm Weighted Average Gross Coupon 4.257049% Weighted Average Net Coupon 3.792868% Weighted Average Pass-Through Rate 3.777868% Weighted Average Maturity (Stepdown Calculation) 122 Beginning Scheduled Collateral Loan Count 5,177 Number of Loans Paid in Full 146 Ending Scheduled Collateral Loan Count 5,031 Beginning Scheduled Collateral Balance 307,187,328.42 Ending Scheduled Collateral Balance 299,632,153.69 Ending Actual Collateral Balance at 30-Sept-2004 301,560,542.16 Monthly P&I Constant 0.00 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realized Loss Amount 0.00 Cumulative Realized Loss 0.00 MISCELLANEOUS REPORTING Additional Balance Contributed Amount 0.00 Additional Balance 11,264,893.22 Cumulative Loss Percent 0.00000% Managed Amortization Period YES Overcollateralization Amount 1,928,388.47 Six Month Rolling Delinquency 0.993595% Specified Overcollateralization Amount 3,963,051.02 3 Largest Loan Balance 4,875,000.00 Draw Amount 11,264,893.22 Rapid Amortization Event NO Excess Cashflow 418,590.42 -----END PRIVACY-ENHANCED MESSAGE-----