-----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, AlsYr0sQWilFC3NJEnh+fffqXw0pZmNvQRXaOTWrsIImez81cXZCz5+UISqEl1Pr 1Sm5Q8OLghgVLuhw/Rw7jw== 0000950149-05-000421.txt : 20050611 0000950149-05-000421.hdr.sgml : 20050611 20050608134424 ACCESSION NUMBER: 0000950149-05-000421 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050520 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050608 DATE AS OF CHANGE: 20050608 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: 05884698 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 f09857ae8vk.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 May 20, 2005 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, May 20, 2005. 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: June 7, 2005 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, May 20, 2005........................................................... 5
EX-10.1 2 f09857aexv10w1.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: APRIL 29, 2005 DISTRIBUTION DATE: MAY 20, 2005 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Class CUSIP Description Rate Balance Distribution Distribution - ----- --------- ----------- ------------ -------------- ------------- ------------- NOTE 817419AA2 SEN 3.22000% 257,491,078.08 690,934.39 10,386,597.82 L SHT04002L DRAW 0.00000% 0.00 0.00 0.00 O SHT04002O OC 0.00000% 3,963,051.02 408,424.96 0.00 AMBAC FEE 0.12000% 0.00 25,749.11 0.00 -------------- ------------ ------------- Totals 261,454,129.10 1,125,108.46 10,386,597.82 -------------- ------------ -------------
Current Ending Realized Certificate Total Cumulative Class Loss Balance Distribution Realized Loss - ----- -------- -------------- ------------- ------------- NOTE 0.00 247,104,480.26 11,077,532.21 0.00 L 0.00 0.00 0.00 0.00 O 0.00 3,963,051.02 408,424.96 0.00 AMBAC 0.00 0.00 25,749.11 0.00 ---- -------------- ------------- ---- Totals 0.00 251,067,531.28 11,511,706.28 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 Class Amount Balance Distribution Distribution Accretion Loss (1) - ------ -------------- -------------- ------------ ------------- --------- -------- NOTE 317,044,000.00 257,491,078.08 0.00 10,386,597.82 0.00 0.00 L 0.00 0.00 0.00 0.00 0.00 0.00 O 81.98 3,963,051.02 0.00 0.00 0.00 0.00 AMBAC 0.00 0.00 0.00 0.00 0.00 0.00 -------------- -------------- ---- ------------- ---- ---- Totals 317,044,081.98 261,454,129.10 0.00 10,386,597.82 0.00 0.00 -------------- -------------- ---- ------------- ---- ----
Total Ending Ending Principal Certificate Certificate Total Principal Class Reduction Balance Percentage Distribution - ------ -------------- -------------- --------------- --------------- NOTE 10,386,597.82 247,104,480.26 0.77940122 10,386,597.82 L 0.00 0.00 0.00000000 0.00 O 0.00 3,963,051.02 48,341.68114174 0.00 AMBAC 0.00 0.00 0.00000000 0.00 ------------- -------------- --------------- ------------- Totals 10,386,597.82 251,067,531.28 0.79190102 10,386,597.82 ------------- -------------- --------------- -------------
(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
Scheduled Unscheduled Original Face Beginning Principal Principal Realized Class Amount Certificate Balance Distribution Distribution Accretion Loss (3) - ----- -------------- ------------------- ------------ ------------- ---------- -------- NOTE 317,044,000.00 812.16196515 0.00000000 32.76074557 0.00000000 0.00000000 L 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 8341681.14174190 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total Ending Total Principal Ending Certificate Certificate Principal Class Reduction Balance Percentage Distribution - ----- ----------- ------------------ -------------- ------------ NOTE 32.76074557 779.40121958 0.77940122 32.76074557 L 0.00000000 0.00000000 0.00000000 0.00000000 O 0.00000000 48341681.14174190 48341.68114174 0.00000000 AMBAC 0.00000000 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 Current Certificate/ Current Unpaid Current Non-Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss (4) - ------ -------------- ----------- -------------- ---------- ---------- --------- ------------- -------- NOTE 317,044,000.00 3.22000% 257,491,078.08 690,934.39 0.00 0.00 0.00 0.00 L 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00 0.00 O 81.98 0.00000% 3,963,051.02 0.00 0.00 0.00 0.00 0.00 AMBAC 0.00 0.12000% 257,491,078.08 25,749.11 0.00 0.00 0.00 0.00 -------------- ---------- ---- ---- ---- ---- Totals 317,044,081.98 716,683.50 0.00 0.00 0.00 0.00 -------------- ---------- ---- ---- ---- ----
Remaining Ending Unpaid Certificate/ Total Interest Interest Notational Class Distribution Shortfall Balance - ----- -------------- --------- -------------- NOTE 690,934.39 0.00 247,104,480.26 L 0.00 0.00 0.00 O 408,424.96 0.00 3,963,051.02 AMBAC 25,749.11 0.00 247,104,480.26 ------------ ---- Totals 1,125,108.46 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 Current Beginning Current Unpaid Current Non-Supported Original Face Certificate Certificate/ Accrued Interest Interest Interest Realized Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall Loss (6) - --------- -------------- ----------- ---------------- ---------- ---------- ---------- ------------- ---------- NOTE 317,044,000.00 3.22000% 812.16196515 2.17930126 0.00000000 0.00000000 0.00000000 0.00000000 L 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 O 81.98 0.00000% 48341681.14174190 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 AMBAC 0.00 0.12000% 812.16196515 0.08121620 0.00000000 0.00000000 0.00000000 0.00000000
Remaining Unpaid Total Interest Interest Ending Certificate/ Class (5) Distribution Shortfall Notational Balance - --------- ---------------- ---------- ------------------- NOTE 2.17930126 0.00000000 779.40121958 L 0.00000000 0.00000000 0.00000000 O 4982007.31885826 0.00000000 48341681.14174190 AMBAC 0.08121620 0.00000000 779.40121958
(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 11,622,150.51 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 11,622,150.51 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 110,444.23 Payment of Interest and Principal 11,511,706.28 ------------- Total Withdrawals (Pool Distribution Amount) 11,622,150.51 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 107,176.05 Master Servicing Fee 3,268.18 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 110,444.23 ==========
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
No. of Loans Principal Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 1 58,657.55 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- --------- 1 58,657.55
No. of Loans Principal Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.024504% 0.023363% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.024504% 0.023363%
BANKRUPTCY
No. of Loans Principal Balance 0-29 Days 4 218,908.81 30 Days 1 33,610.66 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ---------- 5 252,519.47
No. of Loans Principal Balance 0-29 Days 0.098015% 0.087191% 30 Days 0.024504% 0.013387% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.122519% 0.100578%
FORECLOSURE
No. of Loans Principal Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ---- 0 0.00
No. of Loans Principal Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.000000% 0.000000%
REO
No. of Loans Principal Balance 0-29 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ---- 0 0.00
No. of Loans Principal Balance 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.000000% 0.000000%
TOTAL
No. of Principal Balance Loans 0-29 Days 4 218,908.81 30 Days 1 33,610.66 60 Days 1 58,657.55 90 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 -- ---------- 6 311,177.02
No. of Principal Balance Loans 0-29 Days 0.098015% 0.087191% 30 Days 0.024504% 0.013387% 60 Days 0.024504% 0.023363% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% -------- -------- 0.147023% 0.123942%
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% 3,963,051.02 1.60379570% 0.000000% 0.000000% Class O 0.00 0.00000000% 0.00 0.00000000% 1.603796% 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 5.670835% Weighted Average Net Coupon 5.178927% Weighted Average Pass-Through Rate 5.163927% Weighted Average Maturity (Stepdown Calculation) 115 Beginning Scheduled Collateral Loan Count 4,252 Number of Loans Paid in Full 171 Ending Scheduled Collateral Loan Count 4,081 Beginning Scheduled Collateral Balance 257,491,078.08 Ending Scheduled Collateral Balance 247,104,480.26 Ending Actual Collateral Balance at 29-Apr-2005 251,067,531.28 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 8,252,502.89 Cumulative Loss Percent 0.00000% Managed Amortization Period YES Overcollateralization Amount 3,963,051.02 Six Month Rolling Delinquency 0.2301155% Specified Overcollateralization Amount 3,963,051.02 3 Largest Loan Balance 5,115,754.43 Draw Amount 8,252,502.89 Rapid Amortization Event NO Excess Cashflow 408,424.96
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