FWP 1 v347487_fwp.htm FWP

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

RWT Holdings, Inc.

Sponsor

 

Redwood Residential Acquisition Corporation

Seller

 

Sequoia Residential Funding, Inc.

Depositor

 

Sequoia Mortgage Trust 2013-8

 Issuing Entity

 

$451,645,000 (Approximate)

 

Preliminary Term Sheet

June 10, 2013

 

Wilmington Trust, National Association

Trustee

 

CitiMortgage, Inc.

Master Servicer

 

Citibank, N.A.

Securities Administrator

 

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Underwriter and Lead Manager and Sole Bookrunner

 

 

 

This is an indicative Term Sheet.  All terms and statements are subject to change.

 

 
 

 

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES, AND OTHER INFORMATION

 

The depositor has filed a registration statement (including a prospectus and a form of prospectus supplement) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and a form of prospectus supplement in that registration statement and other documents the depositor has filed with the SEC for important information about the depositor and this offering. You may get these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-294-1322 or by email to dg.prospectus_distribution@baml.com.

 

The registration statement to which this offering relates is Commission File Numbers 333-185882 and 333-185882-01. This free writing prospectus is not required to, and does not, contain all information that is required to be included in the base prospectus and the prospectus supplement that will be prepared for the securities offering to which this free writing prospectus relates. This free writing prospectus is not an offer to sell or a solicitation of an offer to buy these securities in any state where such offer, solicitation or sale is not permitted.

 

The information in this free writing prospectus is preliminary, and may be superseded by an additional free writing prospectus provided to you prior to the time you enter into a contract of sale. This preliminary free writing prospectus is being delivered to you solely to provide you with information about the offering of the securities referred to herein. The securities are being offered when, as and if issued. In particular, you are advised that these securities, and the asset pool backing them, are subject to modification or revision (including, among other things, the possibility that one or more classes of securities may be split, combined or eliminated), at any time prior to issuance or availability of a final prospectus. As a result, you may commit to purchase securities that have characteristics that may change, and you are advised that all or a portion of the securities may not be issued that have the characteristics described in these materials. Our obligation to sell securities to you is conditioned on the securities and the underlying transaction having the characteristics described in these materials. A contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of securities to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us. You may withdraw your offer to purchase securities at any time prior to our acceptance of your offer.

 

The investment described in this free writing prospectus is a structured financial product. These securities are complex instruments intended for sale only to sophisticated investors who understand and assume the risks involved with the purchase thereof. The risks associated with the securities may significantly reduce an investor's expected yield and expected return of principal, and/or reduce an investor's ability to sell or obtain market value information about the securities. Investors should independently evaluate the risks associated with the securities and consult their own professional advisors. These risks may include, but may not be limited to:

 

·The performance of the collateral may be correlated to economic or other factors that may diminish the value of the securities.

 

·The performance of the collateral and the value of the securities may be largely dependent on the quality of the origination and servicing of the collateral.

 

·Ratings issued on the securities by rating agencies may fail to predict the risks associated with the securities, and may be reduced or withdrawn by the rating agencies without warning.

 

·The value of the securities may be diminished by market conditions unrelated to the performance of the securities.

 

None of the issuing entity, the depositor, or any of its affiliates prepared, provided, approved, or verified any statistical or numerical information presented herein, although that information may be based in part on loan level data provided by the issuing entity, the depositor, or its affiliates.

 

Any legends, disclaimers or other notices that may appear at the bottom of the email communication to which this free writing prospectus is attached stating that (1) these materials do not constitute an offer (or a solicitation of an offer), (2) the issuing entity, the depositor or the underwriter makes no representation that these materials are accurate or complete and may not be updated or (3) these materials may be confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Offered Certificates: $451,645,000 (Approximate)

 

Class 

Expected

Initial Class

Principal /

Notional

Amount ($)(1)

   Expected Ratings
(Fitch/KBRA/ Moody’s)		  Approximate
Initial Interest
Rate (%)		  

 

Expected

WAL

Mat.

(Years)(1)

  

 

 

Expected Prin.

Window Mat.

(Months)(1)

  Expected
Initial Credit
Enhancement		   Minimum
Denomination
or Percentage
Interest		   Class Type  
A-1  $393,959,000   AAAsf/AAA(sf)/
Aaa(sf)		   [ ](2)   4.89   07/13 - 01/35   7.10%  $100,000   Senior  
A-2  $23,528,000   AAAsf/AAA(sf)/
Aaa(sf)		   [ ](3)   2.50   07/13 - 05/19   7.10%  $100,000   Senior  
A-3  $10,000,000   AAAsf/AAA(sf)/
Aaa(sf)		   [ ](4)   10.50   05/19 - 01/35   7.10%  $100,000   Senior  
A-IO1(5)  $23,528,000   AAAsf/AAA(sf)/
Aaa(sf)		   [ ](6)   N/A   N/A   N/A   $1,000,000   Notional/Senior  
A-IO2(7)  $427,487,000   AAAsf/AAA(sf)/
Aaa(sf)		   [ ](8)   N/A   N/A   N/A   $1,000,000   Notional/Senior  
B-1  $9,663,000   AAsf/AA(sf)/NR   3.56455(9)   8.90   07/13 - 07/28   5.00%  $100,000   Subordinate  
B-2  $7,593,000   Asf/A(sf)/NR   3.56455(9)   8.90   07/13 - 07/28   3.35%  $100,000   Subordinate  
B-3  $6,902,000   BBBsf/BBB(sf)/NR   3.56455(9)   8.90   07/13 - 01/35   1.85%  $100,000   Subordinate  

  

Non-Offered Certificates

 

Class 

 

Expected

Initial Class

Principal

Amount ($)(1)

   Expected Ratings
(Fitch/KBRA/ Moody’s)		  Approximate
Initial Interest
Rate (%)		  

 

 

Expected

WAL Mat.

(Years)(1)

 

Expected

Prin.

Window

Mat.

(Months)(1)

  Expected
Initial Credit
Enhancement		  Minimum
Denomination
or Percentage
Interest		  Class Type  
B-4  $3,681,000   BBsf/BB(sf)/NR   3.56455(9)               Subordinate  
B-5  $4,832,464   NR/NR/NR   3.56455(9)  Not Offered Hereby  Subordinate  
R  $0   NR/NR/NR   N/A               Residual  
LT-R  $0   NR/NR/NR   N/A               Residual  

 

Information is preliminary and subject to final collateral and legal review. The analyses, calculations and valuations herein are based on certain assumptions and data provided by third parties that may vary from the actual characteristics of the final collateral. Investors should rely on the information contained in the final prospectus supplement.

 

(1)The principal amounts and notional amounts presented in this term sheet are approximate and subject to a +/- 5% variance. Weighted average lives and principal windows with respect to the Offered Certificates assume prepayments occur at the pricing speed of 15% CPR, calculated from the Expected Investor Settlement Date, assuming the Offered Certificates pay on the 25th of the each month beginning in July 2013 and the clean-up call is not exercised.
(2)The interest rate on the Class A-1 Certificates will be an annual rate equal to the lesser of (i) [_____]% and (ii) the Net WAC for such distribution date.
(3)The interest rate on the Class A-2 Certificates will be an annual rate equal to the lesser of (i) [_____]% and (ii) the Net WAC for such distribution date.
(4)The interest rate on the Class A-3 Certificates will be an annual rate equal to the lesser of (i) [_____]% and (ii) the Net WAC for such distribution date.
(5)Notional amount. The Class A-IO1 Certificates will not be entitled to distributions of principal. The Class A-IO1 Certificates will accrue interest on a notional amount equal to the class principal amount of the Class A-2 Certificates.
(6)The interest rate on the Class A-IO1 Certificates will be an annual rate equal to the lesser of (i) [ ]% and (ii) the excess; if any, of the Net WAC Rate over the interest rate on the Class A-2 Certificates, for such distribution date.
(7)Notional amount. The Class A-IO2 Certificates will not be entitled to distributions of principal. The Class A-IO2 Certificates will accrue interest on a notional amount equal to the aggregate class principal amount of the Class A-1, Class A-2 and Class A-3 Certificates.
(8)The interest rate on the Class A-IO2 Certificates will be an annual rate equal to the excess, if any, of the Net WAC for such distribution date over [ ]%.
(9)Net WAC. Net WAC is an annual rate, expressed as a percentage, equal to the weighted average of the net mortgage rates of the mortgage loans as of the first day of the related due period, minus (a) a fraction, the numerator of which equals the amount of any fees, charges and other costs, including indemnification amounts and costs of arbitration (other than the trustee fee, the securities administrator fee and amounts required to be paid by the securities administrator from the securities administrator fee), paid or reimbursed to the master servicer, the securities administrator and the trustee from the trust fund under the pooling and servicing agreement and the custodian under the custodial agreement during the prior calendar month, that are subject to an aggregate maximum amount of $300,000 annually, and the denominator of which equals the aggregate stated principal balance of the mortgage loans, multiplied by (b) twelve.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Issuer   Sequoia Mortgage Trust 2013-8
     
Title of Series   Sequoia Mortgage Pass-Through Certificates, Series 2013-8
     
Sponsor   RWT Holdings, Inc.
     
Seller   Redwood Residential Acquisition Corporation
     
Depositor   Sequoia Residential Funding, Inc.
     
Trustee   Wilmington Trust, National Association
     
Securities Administrator, Paying Agent, Certificate Registrar, and Authenticating Agent   Citibank, N.A.
     
Servicing Administrator   With respect to the mortgage loans serviced by Cenlar FSB, Redwood Residential Acquisition Corporation.
     
Master Servicer   CitiMortgage, Inc.
     
Servicers   Cenlar FSB, approximately 99.39%; and First Republic Bank, approximately 0.61%, each by aggregate stated principal balance.
     
    Redwood Residential Acquisition Corporation will act as Servicing Administrator with respect to the mortgage loans serviced by Cenlar FSB.
     
Originators   George Mason Mortgage, LLC, approximately 6.40%; Cole Taylor Bank, approximately 6.13%; WJ Bradley Mortgage Capital LLC, approximately 6.10%; and PrimeLending, a PlainsCapital Company, approximately 5.89%, each by aggregate stated principal balance.  The remainder of the mortgage loans were originated by various mortgage lending institutions, each of which originated less than 5% of the mortgage loans by stated principal balance.  
     
Custodian   Wells Fargo Bank, N.A.
     
Controlling Holder   At any time, the holder of the majority of the Class Principal Amount of the Class B-5 Certificates or, if the Class Principal Amount of the Class B-5 Certificates is zero, the holder of the majority of the Class Principal Amount of the Class B-4 Certificates, and may not be the depositor or the seller but may be the sponsor or an affiliate of the sponsor.  If the Class Principal Amount of the Class B-4 Certificates is zero, then there is no longer a Controlling Holder.
     
Ratings   Fitch Ratings, Inc. (“Fitch”), Kroll Bond Rating Agency, Inc. (“KBRA”) and Moody’s Investors Service, Inc. (“Moody’s”).
     
    Fitch, KBRA and Moody’s will rate one or more classes of the Offered Certificates.  It is expected that the Class A-1, Class A-2, Class A-3, Class A-IO1 and Class A-IO2 Certificates will be assigned the credit ratings from Fitch, KBRA and Moody’s on page 3 of this Term Sheet and the Class B-1, Class B-2, Class B-3 and Class B-4 Certificates will be assigned the credit ratings from Fitch and KBRA on page 3 of this Term Sheet.       
     
Cut-off Date   The close of business on June 1, 2013.
     
Expected Closing Date   On or about June 13, 2013.
     
Expected Investor Settlement Date   On or about June 13, 2013.
     
Distribution Dates   The 25th day of each month or if not a business day, the next succeeding business day, commencing in July 2013.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Accrual Period   For each Distribution Date, the calendar month preceding such Distribution Date, calculated on a 30/360 basis.
     
Residual Certificates   The Class R Certificates and Class LT-R Certificates.
     
Senior Certificates   The Class A-1, Class A-2, Class A-3, Class A-IO1 and Class A-IO2 Certificates.
     
Subordinate Certificates   The Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates.
     
Offered Certificates   The Class A-1, Class A-2, Class A-3, Class A-IO1, Class A-IO2, Class B-1, Class B-2 and Class B-3 Certificates will be offered.
     
Non-offered Certificates   The Class B-4, Class B-5, Class R and Class LT-R Certificates will not be offered.
     
The Mortgage Loans   603 fixed rate mortgage loans. 594 mortgage loans, representing approximately 98.59% of the mortgage pool by aggregate stated principal balance, have an original term to maturity of 30 years.  1 mortgage loan, representing approximately 0.14% of the mortgage pool by aggregate stated principal balance, has an original term to maturity of 25 years. 4 mortgage loans, representing approximately 0.61% of the mortgage pool by aggregate stated principal balance, have an original term to maturity of 20 years. 4 mortgage loans, representing approximately 0.67% of the mortgage pool by aggregate stated principal balance, have an original term to maturity of 15 years. No mortgage loans are interest-only mortgage loans.
     
    All of the mortgage loans are secured by first liens on one- to four-family residential properties, condominiums, cooperative units, townhouses and planned unit developments.  
     
    Approximately 0.41% of the mortgage loans by aggregate stated principal balance require mortgagors to pay prepayment charges if, during the first 5 years, as applicable, after the origination of the mortgage loan, either (a) the mortgage loan is prepaid in full or (b) the total of all prepayments during any twelve month period exceeds twenty percent (20%) of the original principal balance of the mortgage loan.   The amount of the prepayment charge is equal to the lesser of (i) a range of one-half percent to one percent (0.5%-1%) of the principal balance of the mortgage loan immediately prior to the prepayment or (ii) six months’ advance interest on the amount prepaid that exceeds the allowable twenty percent (20%) of the original principal balance, calculated at the interest rate in effect on the date of prepayment.  Prepayment charges will not be allocable to certificateholders.

 

Fees and Expenses   Before distributions are made on the certificates, a monthly fee calculated as 0.25% annually on the principal balance of the related mortgage loans will be paid to the Servicers (the “Servicing Fee”), provided that in the case of mortgage loans serviced by Cenlar FSB, such fee will be allocated between Cenlar FSB and the Servicing Administrator.  The Securities Administrator will be paid a monthly fee (the “Securities Administrator Fee”) calculated as 0.0188% annually on the principal balance of the mortgage loans and the Trustee will be paid a monthly fee (the “Trustee Fee”) calculated as 0.0012% annually on the principal balance of the mortgage loans.  From the amount payable to the Securities Administrator as the Securities Administrator Fee, the Master Servicer will be paid a monthly fee (the “Master Servicing Fee”) calculated as 0.0075% annually on the principal balance of the mortgage loans.  The servicing, securities administrator and trustee fees will be deducted by each Servicer and the Master Servicer from interest collections, including liquidation proceeds and other proceeds from the mortgage loans, prior to remittance of funds to certificateholders.  The Securities Administrator will be entitled to income earned on amounts on deposit in the distribution account.  The Trustee will pay the fees of the Custodian.  The Master Servicer, the Securities Administrator, the Trustee and the Custodian will also be entitled to reimbursement of certain expenses from the issuing entity before payments are made on the certificates, subject to an aggregate annual cap of $300,000; provided that, in no event will the aggregate amount reimbursable to the Trustee exceed $125,000 annually.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Net Mortgage Rate   With respect to any mortgage loan and any Distribution Date, the related mortgage rate as of the due date in the month preceding the month of such Distribution Date reduced by the Securities Administrator Fee, the Trustee Fee and the Servicing Fee.
     
Net WAC   With respect to any Distribution Date, an annual rate, expressed as a percentage, equal to the weighted average of the Net Mortgage Rates of the mortgage loans as of the first day of the related due period, minus (a) a fraction, the numerator of which equals the amount of any fees, charges and other costs, including indemnification amounts and costs of arbitration (other than the Trustee Fee, the Securities Administrator Fee and amounts required to be paid by the Securities Administrator from the Securities Administrator Fee) paid or reimbursed to the Master Servicer, the Securities Administrator and the Trustee from the Trust Fund under the pooling and servicing agreement and the Custodian under the custodial agreement during the prior calendar month, that are subject to an aggregate maximum amount of $300,000 annually, and the denominator of which equals the aggregate stated principal balance of the mortgage loans, multiplied by (b) twelve.
     
Structure   Senior/subordinate, shifting interest.
     
Credit Enhancement   Credit enhancement for the Senior Certificates will be provided by a senior/subordinate, shifting interest structure.  The Subordinate Certificates are subordinate to, and provide credit enhancement for, the Senior Certificates.  

 

Certificates  Ratings
Fitch/KBRA/Moody’s		  Bond
Size		   Initial
Subordination		 
Class A-1  AAAsf/AAA(sf)/Aaa(sf)   85.61%   7.10%
Class A-2  AAAsf/AAA(sf)/Aaa(sf)   5.11%   7.10%
Class A-3  AAAsf/AAA(sf)/Aaa(sf)   2.17%   7.10%
Class B-1  AAsf/AA(sf)/NR   2.10%   5.00%
Class B-2  Asf/A(sf)/NR   1.65%   3.35%
Class B-3  BBBsf/BBB(sf)/NR   1.50%   1.85%

 

 

Monthly Advances   The Servicers are generally obligated to advance delinquent payments of principal and interest (to the extent such advances are deemed recoverable), provided that for the mortgage loans serviced by Cenlar FSB, these advances will be funded by the Servicing Administrator. The Servicers (other than Cenlar FSB) and the Servicing Administrator will be entitled to be reimbursed for these advances, and therefore these advances are not a form of credit enhancement.
     
    The Master Servicer, as successor servicer, will be obligated to make any required advance if a Servicer (other than Cenlar FSB) or the Servicing Administrator fails in its obligation to fund a required advance.  The Master Servicer, the Servicers and the Servicing Administrator will be entitled to be reimbursed for any such advances from future payments and collections with respect to the mortgage loans for which they funded any such advances.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Compensating Interest   Each Servicer (other than Cenlar FSB) and the Servicing Administrator will provide compensating interest for prepayment interest shortfalls that result from a borrower prepaying a mortgage loan in full or in part up to the amount of such Servicer’s Servicing Fee (or in the case of the Servicing Administrator, up to the aggregate amount of Cenlar FSB’s servicing fee and the Servicing Administrator’s fee) for the related month.  If a Servicer (other than Cenlar FSB) or the Servicing Administrator fails to make a required payment in respect of such shortfalls, the Master Servicer will be obligated to pay any such shortfall, but only to the extent of the Master Servicing Fee.
     

Reimbursements of Modified

Loans

   The Servicers (other than Cenlar FSB) and the Servicing Administrator may be entitled to be reimbursed for related advances, if any, at the time of modification of any mortgage loan from collections with respect to other mortgage loans.
     
Class Principal Amount   For each class of certificates on any Distribution Date, an amount equal to the aggregate Certificate Principal Amounts of the certificates of that class immediately prior to such Distribution Date.
     
Certificate Principal Amount   For any certificate (other than the Class A-IO1, Class A-IO2, Class R and Class LT-R Certificates), at the time of determination, the maximum specified dollar amount of principal to which the holder of the certificate is then entitled, that amount being equal to the initial principal amount set forth on the face of the certificate, as reduced by the amount of all principal distributions previously made with respect to that certificate, the principal portion of any Realized Losses previously allocated to that certificate and any Certificate Writedown Amount previously allocated to that certificate; provided, however, that on any Distribution Date on which a subsequent recovery is distributed, the Certificate Principal Amount of any certificate then outstanding to which a Realized Loss amount has been applied will be increased, sequentially in order of seniority, by an amount equal to the lesser of (i) the principal portion of any Realized Loss amount previously allocated to that certificate to the extent not previously recovered and (ii) the principal portion of any subsequent recovery allocable to such certificate, after application (for this purpose) to more senior classes of certificates, and provided further that on any Distribution Date on which the aggregate stated principal balance of the mortgage loans exceeds the aggregate of the Certificate Principal Amounts of the certificates, such excess will be allocated to increase the Certificate Principal Amount of any certificate then outstanding to which a Realized Loss has been previously allocated, sequentially in order of seniority, up to the principal amount of such Realized Loss to the extent not previously recovered.
     
Certificate Writedown Amount   The amount by which the aggregate Certificate Principal Amount of all the certificates (other than the Class A-IO1, Class A-IO2, Class R and Class LT-R Certificates) on any Distribution Date (after giving effect to distributions of principal and allocations of Realized Losses on that Distribution Date) exceeds the aggregate stated principal balance of the mortgage loans for the Distribution Date, which will be applied for each class of Subordinate Certificates in reverse order of their priority and, after the Credit Support Depletion Date, on a pro rata basis to the Class A-1, Class A-2 and Class A-3 Certificates.
     

Senior Percentage

(Senior %)

   For any Distribution Date and the Class A-1, Class A-2 and Class A-3 Certificates, the percentage equivalent of a fraction, the numerator of which is the aggregate Class Principal Amount of the Class A-1, Class A-2 and Class A-3 Certificates prior to any distributions of principal, allocations of Realized Losses or allocations of Certificate Writedown Amounts on such Distribution Date and the denominator of which is the aggregate stated principal balance of the mortgage loans as of the preceding Distribution Date.  The initial Senior Percentage will be approximately 92.90%.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Senior Prepayment Percentage   For any Distribution Date, the following:

 

  Distribution Date occurring in the period Senior Prepayment Percentage
  July 2013-June 2018 100%
  July 2018-June 2019 the Senior % plus 70% of the Subordinate %
  July 2019-June 2020 the Senior % plus 60% of the Subordinate %
  July 2020-June 2021 the Senior % plus 40% of the Subordinate %
  July 2021-June 2022 the Senior % plus 20% of the Subordinate %
  July 2022 and thereafter the Senior %

 

    provided, however, that there will be no reduction in the Senior Prepayment Percentage (other than as a result of a reduction in the Senior Percentage) on any Distribution Date unless the Step-Down Test is satisfied; and provided further, that if on any distribution date on or after the Distribution Date in July 2018, the Senior Percentage exceeds the initial Senior Percentage, the Senior Prepayment Percentage for that Distribution Date will again equal 100%.
     
    If on any Distribution Date the allocation to the Senior Certificates then entitled to distributions of principal of full and partial principal prepayments and other amounts in the percentage required above would reduce the Class Principal Amount of those certificates to below zero, the aggregate Senior Prepayment Percentage for that Distribution Date will be limited to the percentage necessary to reduce the aggregate Class Principal Amount of the Senior Certificates to zero.
     

Subordinate Percentage

(Subordinate %)

   For any Distribution Date, the excess of 100% over the Senior Percentage on that Distribution Date.  The initial Subordinate Percentage will be approximately 7.10%.
     

Subordinate Prepayment

Percentage

   For any Distribution Date, the excess of 100% over the Senior Prepayment Percentage on that Distribution Date.
     
Class Subordination Percentage   For any Distribution Date and each class of Subordinate Certificates, an amount equal to a fraction (expressed as a percentage), the numerator of which is the Class Principal Amount of that class prior to any distributions of principal, allocations of Realized Losses or allocations of Certificate Writedown Amounts on such Distribution Date and the denominator of which is the aggregate of the Class Principal Amounts of all classes of certificates (other than the Class A-IO1, Class A-IO2, Class R and Class LT-R Certificates) prior to any distributions of principal, allocations of Realized Losses or allocations of Certificate Writedown Amounts on that Distribution Date.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Step-Down Test   As to any Distribution Date, the test that will be satisfied if both of the following conditions are met: first, the outstanding principal balance of all mortgage loans delinquent 60 days or more (including mortgage loans in foreclosure, REO Property or bankruptcy status) and any mortgage loans subject to a servicing modification within the 12 months prior to that Distribution Date, averaged over the preceding six-month period, as a percentage of the aggregate Class Principal Amount on such Distribution Date (without giving effect to any payments or writedowns on such Distribution Date) of the Subordinate Certificates, does not equal or exceed 50%; and second, cumulative Realized Losses on the mortgage loans plus, with respect to any mortgage loans that have been the subject of a servicing modification, any interest due on such mortgage loans that has been written off by the servicer, do not exceed:

 

  Distribution Date occurring in the period  Cumulative Realized Losses as a % of the
original Aggregate Subordinate Class
Principal Amounts		 
  July 2018 – June 2019   20%
  July 2019 – June 2020   25%
  July 2020 – June 2021   30%
  July 2021 – June 2022   35%
  July 2022 and thereafter   40%

 

Realized Loss   An amount equal to:
     
    (a) with respect to each liquidated mortgage loan, an amount (not less than zero or more than the stated principal balance of the mortgage loan plus accrued interest) as of the date of such liquidation, equal to (i) the unpaid principal balance of the liquidated mortgage loan as of the date of such liquidation, plus (ii) interest at the Net Mortgage Rate from the due date as to which interest was last paid by the borrower up to the due date in the month in which liquidation proceeds are required to be distributed on the stated principal balance of such liquidated mortgage loan from time to time, minus (iii) the net liquidation proceeds received during the month in which such liquidation occurred, to the extent not previously applied as recoveries of interest at the Net Mortgage Rate and to principal of the liquidated mortgage loan,
     
    (b) the amount by which, in the event of bankruptcy of a borrower, a bankruptcy court reduces the secured debt to the value of the related mortgaged property
     
    (c) with respect to a mortgage loan that has been the subject of a servicing modification, any principal due on the mortgage loan that has been written off by the servicer and any principal forbearance amount,
     
    or
     
     (d) with respect to each class of certificates, the amount by which the related Class Principal Amount is reduced as a result of clauses (a), (b) or (c) above.
     
Payment Priority   On each Distribution Date, the Available Distribution Amount in respect of the mortgage loans will be distributed in the following order of priority:
     
    First, to the Class A-1, Class A-2, Class A-3, Class A-IO1 and A-IO2 Certificates, pro rata, such class’s Interest Distribution Amount and accrued and unpaid Interest Distribution Amounts from prior periods;
     
    Second, to the Class A-1, Class A-2 and Class A-3 Certificates, the Senior Principal Distribution Amount, concurrently as follows:

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

    a)    to the Class A-1 Certificates, its pro rata portion of the Senior Principal Distribution Amount based upon its Class Principal Amount and the Class Principal Amounts of the Class A-1, Class A-2 and Class A-3 Certificates, until the Class Principal Amount of the Class A-1 Certificates has been reduced to zero; and
     
    b)    to the Class A-2 and Class A-3 Certificates, the remaining portion of the Senior Principal Distribution Amount, allocated sequentially to the Class A-2 Certificates, until their Class Principal Amount has been reduced to zero, and then to the Class A-3 Certificates, until their Class Principal Amount has been reduced to zero; and
     
    Third, sequentially, to the Class B-1, Class B-2, Class B-3, Class B-4 and Class B-5 Certificates, in that order, such class’s Interest Distribution Amount and accrued and unpaid Interest Distribution Amounts from prior periods, and then such class’s pro rata share (based on the Class Principal Amount of each class entitled thereto) or other share as described under “Subordinate Principal Distribution Amount” below of the Subordinate Principal Distribution Amount until the Class Principal Amount for such class has been reduced to zero, with both interest and principal being paid to one class before any payments are made to the next class.
     
    Notwithstanding the above on and after the Credit Support Depletion Date the Senior Principal Distribution Amount will be distributed to the Class A-1, Class A-2 and Class A-3 Certificates, pro rata in accordance with their respective Class Principal Amounts.
     
Credit Support Depletion Date   The date on which the aggregate Class Principal Amount of the Subordinate Certificates has been reduced to zero.
     
Interest Distribution Amount   For each class of certificates on any Distribution Date, the current interest for that class on that Distribution Date as reduced by each such class’s share of Net Interest Shortfalls, which will be allocated to each class on a pro rata basis based on the amount of current interest payable to each such class.
     
Net Interest Shortfall   For any Distribution Date, the sum of (i) any Net Prepayment Interest Shortfalls for that Distribution Date and (ii) the amount of interest which would otherwise have been received with respect to any mortgage loan that was subject to a reduction in the amount of monthly interest payment on a mortgage loan pursuant to the Servicemembers Civil Relief Act or similar state or local law.
     
Net Prepayment Interest Shortfall   For any Distribution Date, the amount by which a prepayment interest shortfall for the related due period exceeds the amount that a Servicer (other than Cenlar FSB), the Servicing Administrator and the Master Servicer are obligated to remit to cover such shortfall for such due date.
     
Prepayment Period   With respect to full principal prepayments on any mortgage loan serviced by Cenlar FSB and (i) each Distribution Date (other than the July 2013 Distribution Date), the period commencing on the 15th day of the month preceding the month in which the related Distribution Date occurs through the 14th day of the month in which the related Distribution Date occurs and (ii) the July 2013 Distribution Date, the period commencing on June 1, 2013 through July 14, 2013. With respect to partial principal prepayments on any mortgage loan serviced by Cenlar FSB and each mortgage loan serviced by First Republic Bank and any Distribution Date, the calendar month  preceding the month in which the related Distribution Date occurs.    

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Senior Principal Distribution Amount   On each Distribution Date, the Available Distribution Amount remaining after payment of interest with respect to the Senior Certificates, up to the amount of the Senior Principal Distribution Amount for such Distribution Date, will be distributed as principal to the Class A-1, Class A-2 and Class A-3 Certificates.
     
    The “Senior Principal Distribution Amount” for any Distribution Date will equal the sum of:
     
    (1)  the product of (a) the Senior Percentage and (b) the principal portion of the scheduled payment due on each mortgage loan in the mortgage pool on the related due date, whether or not received;
     
    (2)  the product of (a) the Senior Prepayment Percentage and (b) each of the following amounts: (i) the principal portion of each full and partial principal prepayment made by a borrower on a mortgage loan during the related Prepayment Period; (ii) each other unscheduled collection, including subsequent recoveries, insurance proceeds and net liquidation proceeds (other than with respect to any mortgage loan that was finally liquidated during the related Prepayment Period) representing or allocable to recoveries of principal of the mortgage loans received during the related Prepayment Period; (iii) the principal portion of the purchase price of each mortgage loan purchased by an Originator or the Seller due to a material breach of a representation and warranty with respect to such mortgage loan or, in the case of a permitted substitution of a defective mortgage loan, the amount representing any Substitution Amount in connection with any such replaced mortgage loan included in the Available Distribution Amount for such Distribution Date; and (iv) the principal portion of the purchase price for mortgage loans paid by a party exercising its right to terminate the trust fund;
     
    (3)  with respect to each mortgage loan that became a liquidated mortgage loan during the related Prepayment Period, the lesser of (a) the net liquidation proceeds allocable to principal and (b) the product of (i) the Senior Prepayment Percentage for that Distribution Date and (ii) the remaining principal balance of the mortgage loan at the time of liquidation; and
     
    (4)  any amounts described in clauses (1) through (3) above that remain unpaid with respect to the Senior Certificates from prior Distribution Dates.
     
    If on any Distribution Date the allocation to the Class A-1, Class A-2 and Class A-3 Certificates of the Senior Principal Distribution Amount would reduce the aggregate Class Principal Amount of such certificates below zero, the distribution to such classes of certificates of the Senior Principal Distribution Amount of those amounts for that Distribution Date will be limited to the amount necessary to reduce the Class Principal Amount of such Certificates to zero.
     
    In addition, until the aggregate Class Principal Amount of the Class A-1, Class A-2 and Class A-3 Certificates is reduced to zero, if on any Distribution Date the aggregate of the Class Principal Amounts of the Subordinate Certificates is less than or equal to 1.20% of the stated principal balance of the mortgage loans as of the closing date, the Senior Principal Distribution Amount for such Distribution Date and each succeeding Distribution Date will include all principal collections on the mortgage loans distributable on that Distribution Date, and the Subordinate Principal Distribution Amount will be zero.
     
    In addition, until the aggregate Class Principal Amount of the Class A-1, Class A-2 and Class A-3 Certificates is reduced to zero, if on any Distribution Date, the Subordinate Percentage for such Distribution Date is less than 7.10%, the Senior Principal Distribution Amount for such Distribution Date will include all principal collections on the mortgage loans distributable on that Distribution Date, and the Subordinate Principal Distribution Amount will be zero.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Subordinate Principal Distribution Amount   The Subordinate Principal Distribution Amount for each Distribution Date is equal to the sum of:
     
    (1) the product of (a) the Subordinate Percentage and (b) the principal portion of each related scheduled payment on each mortgage loan due during the related due period, whether or not received;
     
    (2) the product of (a) the Subordinate Prepayment Percentage and (b) each of the following amounts: (i) the principal portion of each full and partial principal prepayment made by a borrower on a mortgage loan during the related Prepayment Period, (ii) each other unscheduled collection, including subsequent recoveries, insurance proceeds and net liquidation proceeds (other than with respect to any mortgage loan that was finally liquidated during the related Prepayment Period), representing or allocable to recoveries of principal of mortgage loans received during the related Prepayment Period; (iii) the principal portion of the purchase price of each mortgage loan that was purchased by an Originator or the Seller due to a material breach of a representation and warranty with respect to such mortgage loan or, in the case of a permitted substitution of a defective mortgage loan, the amount representing any Substitution Amount in connection with any such replaced mortgage loan included in the Available Distribution Amount for such Distribution Date; and (iv) the principal portion of the purchase price for mortgage loans paid by a party exercising its right to terminate the trust fund;  
     
    (3) with respect to unscheduled recoveries allocable to principal of any mortgage loan that was finally liquidated during the related Prepayment Period, the related net liquidation proceeds allocable to principal, to the extent not distributed pursuant to clause (3) of the definition of Senior Principal Distribution Amount); and
     
    (4) any amounts described in clauses (1) through (3) above for any previous Distribution Date that remain unpaid.
     
    Notwithstanding the above, with respect to any class of Subordinate Certificates (other than the Class B-1 Certificates), if on any Distribution Date the sum of the Class Subordination Percentage of such class and the aggregate Class Subordination Percentages of all classes of Subordinate Certificates which have a lower payment priority than that class is less than the Applicable Credit Support Percentage, no distribution of principal will be made to any such classes on that Distribution Date.  Instead, the Subordinate Principal Distribution Amount on that Distribution Date will be allocated among the more senior classes of subordinate certificates, pro rata, based on their respective Class Principal Amounts.
     
    Notwithstanding the above, with respect to each class of Subordinate Certificates (other than the Class B-1 Certificates) if on any Distribution Date the Class Principal Amount of that class and the aggregate of the Class Principal Amounts of all classes of Subordinate Certificates which have a lower payment priority than that class is less than or equal to 1.20% of the stated principal balance of the mortgage loans as of the closing date, the portion of the Subordinate Principal Distribution Amount otherwise distributable to such class or classes on such Distribution Date and each succeeding Distribution Date will be allocated among the Subordinate Certificates with a higher payment priority then entitled to principal, pro rata, based on their respective Class Principal Amounts and any remaining Subordinate Principal Distribution Amount will be included in the Senior Principal Distribution Amount for such Distribution Date.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

    In addition, until the aggregate Class Principal Amount of the Class A-1, Class A-2 and Class A-3 Certificates is reduced to zero, if on any Distribution Date the Subordinate Percentage for such Distribution Date is less than 7.10%, the Senior Principal Distribution Amount for such Distribution Date will include all principal collections on the mortgage loans distributed on that Distribution Date and the Subordinate Principal Distribution Amount will be zero.
     
    In addition, until the aggregate Class Principal Amount of the Class A-1, Class A-2 and Class A-3 Certificates is reduced to zero, if on any Distribution Date the aggregate of the Class Principal Amounts of the Subordinate Certificates is less than or equal to 1.20% of the stated principal balance of the mortgage loans as of the closing date, the Senior Principal Distribution Amount for such Distribution Date and each succeeding Distribution Date will include all principal collections on the mortgage loans distributable on that Distribution Date, and the Subordinate Principal Distribution Amount will be zero.
     
Available Distribution Amount   With respect to any Distribution Date, the sum of the following amounts with respect to the mortgage loans: (i) all scheduled payments of interest (net of the Servicing Fees, the Trustee Fee and the Securities Administrator Fee) and principal due during the related due period, together with any advances in respect thereof;  (ii) insurance proceeds received during the related Prepayment Period; (iii) liquidation proceeds received during the related Prepayment Period (net of unreimbursed expenses incurred in connection with a liquidation or foreclosure and unreimbursed monthly advances and servicing advances, if any); (iv) subsequent recoveries received during the related Prepayment Period; (v) all partial or full prepayments of principal, together with any accrued interest thereon, identified as having been received on the mortgage loans during the related Prepayment Period, plus any amounts received from the related servicer (other than Cenlar FSB), the Servicing Administrator or the Master Servicer in respect of prepayment interest shortfalls on such mortgage loans; (vi) amounts received with respect to such Distribution Date as the Substitution Amount and the purchase price in respect of a deleted mortgage loan or a mortgage loan purchased by an originator or the seller as of such Distribution Date as a result of a breach of a representation or warranty; and (vii) the purchase price paid by the party exercising its right to purchase the mortgage loans and terminate the trust fund, if applicable;
     
    Minus
     
    (i) amounts applied to reimburse monthly advances and servicing advances previously funded and all charges and other amounts as to which the Servicers are entitled to be reimbursed pursuant to the servicing agreements; (ii) amounts applied to reimburse monthly advances and servicing advances previously funded as to which the Master Servicer or Servicing Administrator is entitled to be reimbursed pursuant to the pooling and servicing agreement or with respect to the Servicing Administrator, the Cenlar FSB servicing agreement; and (iii) an amount equal to all charges and other amounts payable or reimbursable (other than the Securities Administrator Fee and the Trustee Fee) to the Master Servicer, the Securities Administrator and the Trustee under the pooling and servicing agreement and the Custodian under the custodial agreement (subject to an aggregate maximum amount of $300,000 annually to be paid to such parties collectively and a maximum amount of $125,000 annually to be paid to the Trustee).

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Applicable Credit Support Percentage   For each class of Subordinate Certificates and any Distribution Date, the sum of the Class Subordination Percentage of that class and the aggregate Class Subordination Percentage of all other classes of Subordinate Certificates having lower payment priorities than that class. The approximate original Applicable Credit Support Percentages for each class of Subordinate Certificates on the date of issuance of such certificates are expected to be as follows:

 

Class  Approximate Applicable Credit Support
Percentage		 
B-1   7.10%
B-2   5.00%
B-3   3.35%
B-4   1.85%
B-5   1.05%
      

 

Allocation of Realized Losses   If a Realized Loss occurs on the mortgage loans (including a servicing modification resulting in a reduction of the outstanding principal amount of such mortgage loan or a principal forbearance), then, on each Distribution Date, the principal portion of that Realized Loss will be allocated first, to reduce the Class Principal Amount of each class of Subordinate Certificates, in inverse order of priority, until the Class Principal Amount thereof has been reduced to zero (that is, such Realized Losses will be allocated to the Class B-5 Certificates while those certificates are outstanding, then to the Class B-4 Certificates while those certificates are outstanding, then to the Class B-3 Certificates while those certificates are still outstanding, and so forth), and, second, to the Class A-1, Class A-2 and Class A-3 Certificates, pro rata.  In determining whether a Realized Loss is a loss of principal or of interest, Liquidation Proceeds and other recoveries on a mortgage loan will be applied first to outstanding expenses incurred with respect to such mortgage loan, then to accrued, unpaid interest, and finally to principal.
     
Sponsor’s Risk Retention   Consistent with the risk retention aspect of its business model, the Sponsor (or one or more of its affiliates) will initially retain at least the Class B-2, B-3, B-4, and B-5 Certificates for its investment portfolio.  Once regulations governing sponsor/seller risk retention have been finalized and become effective, unless those regulations apply to Sequoia Mortgage Trust 2013-8 retroactively and require sponsors or sellers to retain a larger portion of the certificates than retained at that time, the Sponsor (or one or more of its affiliates) would not plan to increase its holdings of certificates as a response to the finalization of risk retention regulations.  The Sponsor (or one or more of its affiliates) currently plans to retain these certificates as investments, however, it may or may not continue to retain all of these certificates in the future in accordance with investment and business considerations and objectives.
     
Representations and Warranties   Each Originator of the mortgage loans has made certain representations and warranties concerning the mortgage loans.  The Seller’s rights to these representations and warranties will be assigned to the Depositor, and the Depositor’s rights to these representations and warranties will be assigned to the Trustee for the benefit of certificateholders.  These representations and warranties, among others, are substantially in the form set forth in Annex A hereto.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

    Following any Originator’s discovery or receipt of notice of a breach of any representation or warranty that materially and adversely affects the value of a mortgage loan or the interest of the Trustee, for the benefit of the certificateholders, in a mortgage loan, the Originator will be required to (1) cure that breach, (2) repurchase the affected mortgage loan from the issuing entity, (3) in some circumstances, substitute another mortgage loan or (4) in some circumstances, make an indemnification payment to the trust fund in the amount of the reduction in value resulting from such breach.  
     
    In addition, the Seller will be obligated to cure the breach, or repurchase or substitute for any mortgage loan as to which there has been an uncured breach of representations or warranties made by any Originator other than First Republic Bank that materially and adversely affects the value of such mortgage loan or the interests of the certificateholders in such mortgage loan, but only if such Originator is unable to cure such breach or repurchase, substitute for or make an indemnification payment with respect to such mortgage loan because it is subject to a bankruptcy or insolvency proceeding or no longer in existence.   
     
    The Seller will also agree to cure a breach or repurchase from the trust fund or substitute for any mortgage loan as to which a representation and warranty made by the Originator was true and correct as of the date made by the Originator but not true and correct as of the closing date, if such breach materially and adversely affects the value of the mortgage loan or the interests of the certificateholders in that mortgage loan.
     
    All representations and warranties made at the time of closing by an Originator or the Seller, as applicable, are for the life of the mortgage loan and not subject to any expirations or sunsets.
     
Dispute Resolution   The Controlling Holder, or the Trustee in the event there is no Controlling Holder, shall cause all mortgage loans that are 120 days delinquent to be reviewed for potential breaches of a representation or warranty.
     
    Any such review will include, at a minimum, a review as to whether the mortgage loan was underwritten in accordance with the Originator’s underwriting standards in effect at the time of origination, whether the mortgage loan was originated in accordance with all applicable laws and regulations, and whether any fraud may have occurred in connection with the origination of the mortgage loan. If, as a result of such review, there is evidence that a breach of a representation or warranty may have occurred requiring the Originator or the Seller to cure such breach, repurchase or substitute for or make an indemnification payment to the trust fund with respect to the related mortgage loan, then the Controlling Holder or the Trustee, as applicable, will enforce such obligation, including participating in an arbitration proceeding pursuant to the purchase agreement, if necessary.
     
    In the event there is a dispute arising from an unresolved repurchase request for a potential violation of any representation or warranty made at the time of closing by an Originator or the Seller, as applicable, such Originator or the Seller has agreed to submit to binding arbitration by a non-affiliated third party to resolve the dispute.  
     
    The credit files related to each of the mortgage loans, along with all of the applicable underwriting guidelines, will be sent to the Custodian to facilitate the review of any mortgage loan for breaches of representations and warranties as described herein.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Clean-up Call   On any date on which the total stated principal balance of the mortgage loans has declined to less than 10% of the initial total stated principal balance of the mortgage loans as of the Cut-off Date, subject to satisfaction of the conditions described in the pooling and servicing agreement, the Master Servicer will have the option to purchase all of the mortgage loans from the trust fund.  The proceeds from such purchase will be distributed to the certificateholders in accordance with the Payment Priority.
     
Registration   The Offered Certificates will be issuable in book-entry form through DTC.
     
Federal Tax Treatment   The Securities Administrator, on behalf of the Trustee, will elect to treat all or a portion of the trust fund as one or more “real estate mortgage investment conduits” or “REMICs” for federal income tax purposes.  The Class A-IO1 AND A-IO2 Certificates will, and certain of the remaining Classes of Offered Certificates may, be issued with original issue discount for federal income tax purposes.
     
ERISA Considerations   The Class A-1, Class A-2, Class A-3 and Class-A-IO1 Certificates will be placed by the underwriter.  Each beneficial owner of Class A-1, Class A-2, Class A-3 and Class A-IO1 Certificates or any interest therein (and each beneficial owner of  Class A-IO-2, Class B-1, Class B-2 and Class B-3 Certificates or any interest therein that is placed by an underwriter) shall be deemed to have represented, by virtue of its acquisition or holding of that certificate or interest therein, that either (i) it is not a Plan investor; (ii) it has acquired and is holding such certificates in reliance on the Underwriter Exemption, and it understands that there are certain conditions to the availability of the Underwriter Exemption, including that such certificates must be rated, at the time of purchase, not lower than “BBB-” (or its equivalent) by Standard & Poor’s, Moody’s, Fitch, DBRS Limited or DBRS Inc.; or (iii) (1) it is an insurance company, (2) the source of funds used to acquire or hold the certificate or interest therein is an “insurance company general account,” as such term is defined in Section V(e) of Prohibited Transaction Class Exemption, or PTCE, 95-60, and (3) the conditions in Sections I and III of PTCE 95-60 have been satisfied.
     
SMMEA Treatment   The Class A-1, Class A-2, Class A-3, Class A-IO1, A-IO2 and Class B-1 Certificates will be “mortgage related securities” for purposes of the Secondary Mortgage Market Enhancement Act of 1984 (“SMMEA”) on the Closing Date because they will be rated in one of the two highest rating categories by at least one nationally recognized statistical rating agency.  However, to the extent that the SEC establishes alternative standards of creditworthiness to replace the credit rating requirement of SMMEA, it is possible that the Class A-1, Class A-2, Class A-3, Class A-IO1, A-IO2 and Class B-1 Certificates will not constitute “mortgage-related securities” for SMMEA from and after the effective date of such alternative standard, even if such classes retain the aforementioned ratings.
     
Stated Final Maturity Date   The Distribution Date in June 2043.  The actual final Distribution Date could be substantially earlier.
     
Record Date   For any Distribution Date, the last business day of the calendar month preceding the related Distribution Date.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Diligence Review of Mortgage Loans   The Sponsor, prior to including the mortgage loans in the mortgage pool, engaged two third-party loan review firms to conduct the review of the mortgage loans as summarized below.
     
    Credit and Compliance Review
     
    The third party review firms conducted a credit and compliance review of approximately 99.50% (by number of mortgage loans) of the mortgage loans.  The review consisted of a review of the documentation in each Originator’s loan files relating to the creditworthiness of the borrowers, and an assessment of whether the characteristics of the mortgage loans and the borrowers reasonably conformed to the underwriting guidelines previously provided to the Sponsor.  The third party review firms also reviewed exceptions to the underwriting guidelines that were permitted by each Originator and related compensating factors for those mortgage loans.
     
    Appraisal Review
     
    The third party review firms reviewed approximately 99.50% (by number of mortgage loans) of the appraisals for the mortgaged properties obtained in connection with the origination of the mortgage loans to assess compliance with the Originators’ appraisal guidelines and standards in effect at the time of origination.  In some cases, the review included the review of a Collateral Desktop Analysis (CDA) to determine whether there was support for the reasonableness of the original appraised value, including comparisons to publicly available market data.
     
Rights of Controlling Holder   The Controlling Holder will have the right, in its sole discretion, to pursue an action (a) in respect of an alleged breach by an Originator of a representation and warranty relating to the characteristics of the mortgage loans or (b) if any mortgage loan document required to be delivered to the Trustee or the Custodian is found to be missing or defective in any material respect and the originator does not cure such defect within the period specified in the related servicing agreement.
     
Default Oversight   The Master Servicer will have oversight over certain matters relating to the servicing of defaulted mortgage loans including, but not limited to, approving certain loan modifications, reviewing environmental reports relating to foreclosed properties to determine whether to proceed with a foreclosure, approving certain actions relating to the management of REO property and approving the release of the original borrower in connection with loan assumptions.  
     
Substitution Amount   For any month in which an Originator substitutes one or more qualified substitute mortgage loans for one or more deleted mortgage loans as a result of a breach of a representation or warranty with respect to a mortgage loan, the amount by which the aggregate purchase price of all of the deleted mortgage loans exceeds the aggregate stated principal balance of the qualified substitute mortgage loans, together with one month’s interest at the Net Mortgage Rate.

 

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Annex A

 

Representations and Warranties

 

1.          The information set forth in the mortgage loan schedule is true and correct in all material respects.

 

2.          Immediately prior to the sale of the mortgage loan pursuant to the mortgage loan purchase and sale agreement, the seller was a sole owner and holder of the mortgage loan. The mortgage loan is not assigned or pledged, and the seller has good and marketable title thereto, and has full right to transfer and sell the mortgage loan to the depositor free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest not specifically set forth in the related mortgage loan schedule and has full right and authority subject to no interest or participation of, or agreement with, any other party, to sell and assign the mortgage loan pursuant to the terms of the mortgage loan purchase and sale agreement.

 

3.          The mortgage is a valid, subsisting, enforceable and perfected first lien on the mortgaged property (subject, as to enforceability, to bankruptcy and other creditor rights laws), including all improvements on the mortgaged property, subject only to (i) the lien of nondelinquent current real property taxes and assessments not yet due and payable; (ii) covenants, conditions and restrictions, rights of way, easements and other matters of public record as of the date of recording which are acceptable to mortgage lending institutions generally and either (A) which are referred to or otherwise considered in the appraisal made for the originator of the mortgage loan or (B) which do not adversely affect the appraised value (as evidenced by an appraisal referred to in such definition) of the mortgaged property; and (iii) other matters to which like properties are commonly subject that do not materially interfere with the benefits of the security intended to be provided by the mortgage or the use, enjoyment, value or marketability of the related mortgaged property.

 

4.          As of the closing date, there is no default, breach, violation or event of acceleration existing under the mortgage or the mortgage note and no event which, with the passage of time or with notice and the expiration of any grace or cure period, would constitute a default, breach, violation or event permitting acceleration, and the seller and its affiliates have not waived any default, breach, violation or event permitting acceleration.

 

5.          Each mortgage loan secured by a first priority mortgage, other than any mortgage loan secured by a mortgaged property located in any jurisdiction as to which an opinion of counsel in lieu of title insurance is instead received, is covered by an ALTA lender’s title insurance policy or other form of policy or insurance generally acceptable to Fannie Mae or Freddie Mac, issued by a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the mortgaged property is located.

 

6.          All payments due on each mortgage loan have been made and no mortgage loan was more than 30 days past due more than once in the preceding 12 months and any such delinquency did not exceed one payment.

 

7.          All taxes and government assessments which previously became due and owing have been paid by the borrower, or escrow funds from the borrower have been established to pay any such items.

 

8.          There is no offset, defense, counterclaim to any mortgage note, except as stated in the mortgage loan purchase and sale agreement.

 

9.          Each mortgaged property is undamaged by waste, vandalism, fire, hurricane, earthquake or other casualty adversely affecting the value of the mortgaged property.

 

10.          Each mortgage loan at the time of origination complied in all material respects with applicable state and federal laws including truth in lending, real estate settlement procedures, consumer credit protection, equal credit opportunity and disclosure laws applicable to the mortgage loan.

 

11.          Each mortgage loan with a loan-to-loan value ratio at origination in excess of 80% is and will be subject to a primary mortgage insurance policy issued by a qualified insurer, which provides coverage in an amount at least equal to that which would be required by Fannie Mae. All provisions of such mortgage insurance policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid.

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Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

12.          All hazard insurance required under the mortgage loan sale agreement has been obtained and remains in full force and effect.

 

13.          The mortgage note and the related mortgage are genuine and each is the legal, valid and binding obligation of the maker thereof, enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency, reorganization or similar laws.

 

14.          Each mortgage loan is a “qualified mortgage” within Section 860G(a)(3) of the Code.

 

15.          None of the mortgage loans are high-cost as defined by the applicable local, state and federal predatory and abusive lending laws.

 

16.          Each mortgage loan at the time it was made complied in all material respects with applicable local, state and federal predatory and abusive lending laws.

 

17.          Each mortgage loan either (i) was underwritten in substantial conformance with the originator’s underwriting guidelines in effect at the time of origination without regard to any underwriter discretion or (ii) if not underwritten in conformance with the originator’s underwriting guidelines, has reasonable and documented compensating factors. The methodology used in underwriting the extension of credit for the mortgage loan includes objective mathematical principles that relate to the relationship between the borrower’s income, assets and liabilities and the proposed payment.

 

18.          The originator has given due consideration to factors, including but not limited to, other real estate owned by a borrower, commuting distance to work, appraiser comments and notes, the location of the property and any difference between the mailing address active in the servicing system and the subject property address to evaluate whether the occupancy status of the property as represented by the borrower is reasonable.

 

19.          With respect to each mortgage loan, the originator verified the borrower’s income, employment, and assets in accordance with its written underwriting guidelines and employed procedures designed to authenticate the documentation supporting the income, employment and assets. This verification may include the transcripts received from the Internal Revenue Service pursuant to a filing of IRS Form 4506-T and, in some cases, may include public and/or commercially available information acceptable to the purchaser.

 

20.          Each mortgage file contains a written appraisal prepared by an appraiser licensed or certified by the applicable governmental body in which the mortgaged property is located and in accordance with the applicable requirements of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended. The appraisal was written, in form and substance, to (i) customary Fannie Mae or Freddie Mac standards or forms for mortgage loans of the same type as the related mortgage loans and (ii) Uniform Standards of Professional Appraisal Practice standards, and satisfies applicable legal and regulatory requirements. The appraisal was made and signed prior to the final approval of the mortgage loan application. The person performing any property valuation (including an appraiser) received no benefit from, and that person’s compensation or flow of business from the originator was not affected by, the approval or disapproval of the mortgage loan. The selection of the person performing the property valuation was made independently of the broker (where applicable) and the originator’s loan sales and loan production personnel. The selection of the appraiser met the criteria of Fannie Mae and Freddie Mac for selecting an independent appraiser.

 

21.          Any and all requirements of any federal, state or local law including, without limitation, usury, truth-in-lending, real estate settlement procedures, consumer credit protection, equal credit opportunity, or disclosure laws applicable to the mortgage loans at origination have been complied with in all material respects or any such noncompliance was cured subsequent to origination as permitted by applicable law.

 

22.          With respect to each mortgage loan originated by George Mason Mortgage, LLC, Cole Taylor Bank, WJ Bradley Mortgage Capital LLC, PrimeLending, a PlainsCapital Company and certain other originators, no fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to the mortgage loan has taken place on the part of the mortgagor, the seller or any other person, including, without limitation, any appraiser, title company, closing or settlement agent, realtor, builder or developer or any other party involved in the origination or sale of the mortgage loan or the sale of the mortgaged property, that would impair in any way the rights of the purchaser in the mortgage loan or mortgaged property or that violated applicable law.

 

- 19 -
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

23.              With respect to mortgage loans originated by certain other originators, no fraud, material misrepresentation or negligence has taken place in connection with the origination or servicing of the mortgage loan on the part of (1) the originator, (2) the borrower, (3) any broker or correspondent, (4) any appraiser, escrow agent, closing attorney or title company involved in the origination of the mortgage loan or (5) the servicer.

 

-20-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Collateral Summary
Statistics for the Mortgage Loans listed below are based on Stated Principal Balances as of the Cut-off Date.
 
       Minimum   Maximum 
             
Stated Principal Balance:  $460,158,464   $443,331   $1,958,806 
Number of Mortgage Loans:   603           
30 Year Fixed Rate Percentage:   98.59%          
25 Year Fixed Rate Percentage:   0.14%          
20 Year Fixed Rate Percentage:   0.61%          
15 Year Fixed Rate Percentage:   0.67%          
Average Stated Principal Balance:  $763,115           
Weighted Average Gross Mortgage Rate:   3.835%   3.000%   4.500%
Weighted Average Seasoning:   1 Month    0 Months    6 Months 
Weighted Average Original LTV Ratio:   66.86%   19.80%   80.00%
Weighted Average Original Combined LTV Ratio:   67.46%   19.80%   80.00%
Weighted Average Original Credit Score:   771    700    817 
Weighted Average Original Debt-to-Income Ratio:   31.00%   6.03%   51.28%
Weighted Average Original Term to Maturity:   358 Months    180 Months    360 Months 
Weighted Average Remaining Term to Maturity:   357 Months    174 Months    359 Months 
First Lien Percentage at Origination:   100%          
Loans with Seconds at Origination:   5.67%          

 

-21-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Product Type of the Mortgage Loans
Product Type  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
15 Year Fixed   4    3,071,063.98    0.67    767,766.00    3.219    782    63.66    65.76 
20 Year Fixed   4    2,785,668.82    0.61    696,417.21    3.518    761    48.75    48.75 
25 Year Fixed   1    626,963.29    0.14    626,963.29    3.750    748    69.88    69.88 
30 Year Fixed   594    453,674,768.11    98.59    763,762.24    3.841    771    66.99    67.59 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Stated Principal Balances of the Mortgage Loans at Origination
Range of Original Stated
Principal Balances ($)		  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
400,000.01 - 500,000.00   31    14,852,928.21    3.23    479,126.72    3.828    770    70.02    70.45 
500,000.01 - 600,000.00   111    61,012,241.47    13.26    549,659.83    3.847    775    69.86    70.40 
600,000.01 - 700,000.00   143    94,350,173.41    20.50    659,791.42    3.891    771    68.33    69.22 
700,000.01 - 800,000.00   112    83,303,712.72    18.10    743,783.15    3.849    771    67.69    68.11 
800,000.01 - 900,000.00   67    56,733,766.24    12.33    846,772.63    3.827    769    66.19    66.32 
900,000.01 - 1,000,000.00   80    76,903,327.17    16.71    961,291.59    3.830    769    66.61    67.67 
1,000,000.01 - 1,100,000.00   20    21,147,679.40    4.60    1,057,383.97    3.762    767    65.45    65.45 
1,100,000.01 - 1,200,000.00   16    18,496,105.71    4.02    1,156,006.61    3.719    787    59.23    59.64 
1,200,000.01 - 1,300,000.00   4    4,871,062.50    1.06    1,217,765.63    3.720    785    63.11    63.11 
1,300,000.01 - 1,400,000.00   4    5,395,224.53    1.17    1,348,806.13    3.748    752    61.02    61.02 
1,400,000.01 - 1,500,000.00   9    13,169,179.73    2.86    1,463,242.19    3.750    765    63.41    65.04 
1,500,000.01 - 1,600,000.00   4    6,219,773.35    1.35    1,554,943.34    3.937    758    57.27    57.27 
1,700,000.01 - 1,800,000.00   1    1,744,483.74    0.38    1,744,483.74    3.500    807    43.75    43.75 
1,900,000.01 - 2,000,000.00   1    1,958,806.02    0.43    1,958,806.02    3.500    774    59.90    59.90 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The average stated principal balance of the mortgage loans at origination was approximately $764,838.11.

 

-22-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Stated Principal Balances of the Mortgage Loans as of the Cut-off Date
Range of Stated Principal
Balances ($)		  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
400,000.01 - 500,000.00   31    14,852,928.21    3.23    479,126.72    3.828    770    70.02    70.45 
500,000.01 - 600,000.00   112    61,612,026.44    13.39    550,107.38    3.846    775    69.96    70.50 
600,000.01 - 700,000.00   144    95,149,845.63    20.68    660,762.82    3.893    771    68.22    69.11 
700,000.01 - 800,000.00   111    82,704,101.43    17.97    745,081.99    3.849    772    67.79    68.21 
800,000.01 - 900,000.00   66    55,933,920.34    12.16    847,483.64    3.824    769    66.07    66.20 
900,000.01 - 1,000,000.00   80    76,903,327.17    16.71    961,291.59    3.830    769    66.61    67.67 
1,000,000.01 - 1,100,000.00   20    21,147,679.40    4.60    1,057,383.97    3.762    767    65.45    65.45 
1,100,000.01 - 1,200,000.00   17    19,695,971.04    4.28    1,158,586.53    3.706    788    59.89    60.27 
1,200,000.01 - 1,300,000.00   3    3,671,197.17    0.80    1,223,732.39    3.791    778    60.86    60.86 
1,300,000.01 - 1,400,000.00   4    5,395,224.53    1.17    1,348,806.13    3.748    752    61.02    61.02 
1,400,000.01 - 1,500,000.00   9    13,169,179.73    2.86    1,463,242.19    3.750    765    63.41    65.04 
1,500,000.01 - 1,600,000.00   4    6,219,773.35    1.35    1,554,943.34    3.937    758    57.27    57.27 
1,700,000.01 - 1,800,000.00   1    1,744,483.74    0.38    1,744,483.74    3.500    807    43.75    43.75 
1,900,000.01 - 2,000,000.00   1    1,958,806.02    0.43    1,958,806.02    3.500    774    59.90    59.90 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The average stated principal balance of the mortgage loans as of the cut-off date was approximately $763,115.20.

 

-23-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Gross Mortgage Rates of the Mortgage Loans as of the Cut-off Date
Range of Gross Mortgage
Rates (%)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
2.751 - 3.000   2    1,635,788.16    0.36    817,894.08    3.000    795    58.34    58.34 
3.001 - 3.250   4    3,372,577.25    0.73    843,144.31    3.233    759    59.07    60.98 
3.251 - 3.500   34    30,769,086.73    6.69    904,973.14    3.472    778    61.37    62.15 
3.501 - 3.750   212    161,462,504.79    35.09    761,615.59    3.712    775    63.12    63.95 
3.751 - 4.000   295    224,411,121.63    48.77    760,715.67    3.922    769    69.48    69.93 
4.001 - 4.250   46    31,934,856.12    6.94    694,236.00    4.175    767    72.07    72.36 
4.251 - 4.500   10    6,572,529.52    1.43    657,252.95    4.411    760    76.27    76.27 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average gross mortgage rate of the mortgage loans as of the cut-off date was approximately 3.835%.

  

Seasoning of the Mortgage Loans as of the Cut-off Date
Range of Seasoning (Months)  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
0   1    910,000.00    0.20    910,000.00    3.000    793    54.32    54.32 
1 - 2   583    445,392,703.81    96.79    763,966.90    3.840    771    66.90    67.50 
3 - 4   17    12,495,003.38    2.72    735,000.20    3.740    778    68.36    68.36 
5 - 6   2    1,360,757.01    0.30    680,378.51    3.460    760    49.89    54.62 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average seasoning of the mortgage loans as of the cut-off date was approximately 1 month.

 

-24-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Loan-to-Value Ratio of the Mortgage Loans at Origination
Range of Original Loan-to-
Value Ratios (%)		  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
15.01 - 20.00   2    1,399,176.78    0.30    699,588.39    3.813    797    19.90    22.75 
20.01 - 25.00   4    3,218,756.56    0.70    804,689.14    3.784    776    23.51    25.79 
25.01 - 30.00   2    1,261,492.69    0.27    630,746.35    3.553    764    26.52    30.56 
30.01 - 35.00   5    3,855,316.47    0.84    771,063.29    3.850    772    31.73    31.73 
35.01 - 40.00   12    10,170,970.95    2.21    847,580.91    3.804    779    37.21    41.95 
40.01 - 45.00   8    7,105,430.25    1.54    888,178.78    3.618    770    42.97    48.08 
45.01 - 50.00   28    24,738,423.35    5.38    883,515.12    3.754    774    47.52    47.77 
50.01 - 55.00   42    34,251,777.87    7.44    815,518.52    3.718    767    52.61    53.23 
55.01 - 60.00   58    46,094,997.83    10.02    794,741.34    3.775    771    58.19    59.36 
60.01 - 65.00   60    44,463,358.82    9.66    741,055.98    3.785    767    63.30    63.91 
65.01 - 70.00   82    67,394,437.23    14.65    821,883.38    3.824    767    68.49    69.29 
70.01 - 75.00   96    74,538,421.97    16.20    776,441.90    3.903    771    73.78    73.91 
75.01 - 80.00   204    141,665,903.43    30.79    694,440.70    3.897    775    79.31    79.33 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average loan-to-value ratio of the mortgage loans at origination was approximately 66.86%.

 

-25-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Combined Loan-to-Value Ratio of the Mortgage Loans at Origination
Range of Original Combined
Loan-to-Value Ratios (%)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
15.01 - 20.00   1    700,231.09    0.15    700,231.09    3.875    806    19.80    19.80 
20.01 - 25.00   3    2,241,713.23    0.49    747,237.74    3.798    766    23.08    23.08 
25.01 - 30.00   2    1,361,342.07    0.30    680,671.04    3.568    777    23.61    26.54 
30.01 - 35.00   7    5,431,456.11    1.18    775,922.30    3.821    776    29.74    32.03 
35.01 - 40.00   8    7,143,554.07    1.55    892,944.26    3.801    783    37.59    37.59 
40.01 - 45.00   6    5,561,953.83    1.21    926,992.31    3.638    773    42.49    43.02 
45.01 - 50.00   29    25,560,085.58    5.55    881,382.26    3.758    773    46.94    47.60 
50.01 - 55.00   42    33,309,286.68    7.24    793,078.25    3.715    768    52.37    52.56 
55.01 - 60.00   55    43,968,125.25    9.55    799,420.46    3.774    772    57.69    58.31 
60.01 - 65.00   56    42,040,534.66    9.14    750,723.83    3.778    767    62.89    63.28 
65.01 - 70.00   80    66,654,817.31    14.49    833,185.22    3.813    766    67.49    68.55 
70.01 - 75.00   100    77,737,800.91    16.89    777,378.01    3.895    771    73.40    73.75 
75.01 - 80.00   214    148,447,563.41    32.26    693,680.20    3.899    775    78.64    79.27 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average combined loan-to-value ratio of the mortgage loans at origination was approximately 67.46%. The combined loan-to-value at origination was calculated using the full lien amount (drawn and undrawn) for the second mortgage. Using only the drawn amount of the second mortgage at the time of origination, the weighted average combined loan-to-value ratio at origination would have been approximately 67.33%.

 

-26-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Credit Scores of the Mortgage Loans at Origination
Range of Original Credit
Scores		  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
691 - 700   1    447,882.44    0.10    447,882.44    3.125    700    60.13    74.50 
701 - 710   14    10,423,056.00    2.27    744,504.00    3.827    706    57.67    57.67 
711 - 720   10    7,973,763.72    1.73    797,376.37    4.022    716    69.29    69.91 
721 - 730   28    21,791,366.92    4.74    778,263.10    3.925    726    69.85    69.85 
731 - 740   30    24,717,831.21    5.37    823,927.71    3.853    735    69.37    70.20 
741 - 750   45    33,842,554.66    7.35    752,056.77    3.894    745    64.16    65.44 
751 - 760   39    30,131,152.39    6.55    772,593.65    3.843    756    65.60    66.00 
761 - 770   87    67,678,718.22    14.71    777,916.30    3.818    766    66.64    67.37 
771 - 780   87    64,504,144.27    14.02    741,426.95    3.815    776    68.07    68.92 
781 - 790   102    79,631,059.41    17.31    780,696.66    3.805    786    67.34    67.99 
791 - 800   95    69,940,166.88    15.20    736,212.28    3.831    795    67.96    68.32 
801 - 810   54    41,368,033.97    8.99    766,074.70    3.801    805    63.83    64.01 
811 - 820   11    7,708,734.11    1.68    700,794.01    3.906    813    70.80    70.80 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average credit score of the mortgage loans at origination was approximately 771.

 

Documentation Type of the Mortgage Loans
Documentation Type  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Two Years Income with Assets   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-27-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Monthly Income of the Mortgage Borrower at Origination
Range of Monthly Income ($)  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
0.01 - 6,000.00   2    1,517,285.76    0.33    758,642.88    3.937    781    60.72    60.72 
6,000.01 - 10,000.00   19    11,326,824.99    2.46    596,148.68    3.822    768    67.17    67.74 
10,000.01 - 20,000.00   247    171,241,593.92    37.21    693,285.81    3.838    773    68.29    68.68 
20,000.01 - 30,000.00   195    152,877,615.84    33.22    783,987.77    3.844    772    67.38    67.94 
30,000.01 - 40,000.00   70    56,204,691.03    12.21    802,924.16    3.850    771    65.69    66.60 
40,000.01 - 50,000.00   26    22,051,461.31    4.79    848,133.13    3.812    768    67.13    68.64 
50,000.01 - 60,000.00   19    19,192,929.72    4.17    1,010,154.20    3.785    771    61.53    62.86 
60,000.01 - 70,000.00   11    10,668,900.00    2.32    969,900.00    3.794    752    57.48    58.27 
70,000.01 - 80,000.00   7    6,600,029.94    1.43    942,861.42    3.773    772    68.65    68.65 
80,000.01 - 90,000.00   4    5,314,873.08    1.16    1,328,718.27    3.750    755    59.74    59.74 
100,000.01 - 300,000.00   3    3,162,258.61    0.69    1,054,086.20    3.788    791    57.59    57.59 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average monthly income of the mortgage borrower at origination was approximately $27,433.30.

 

Debt-to-Income Ratio of the Mortgage Loans at Origination
Range of Debt-to-Income
Ratios (%)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
5.01 - 10.00   6    4,482,480.18    0.97    747,080.03    3.829    780    71.88    71.88 
10.01 - 15.00   24    18,741,981.49    4.07    780,915.90    3.780    773    56.91    58.32 
15.01 - 20.00   50    37,615,573.50    8.17    752,311.47    3.828    774    67.41    67.97 
20.01 - 25.00   74    56,016,846.64    12.17    756,984.41    3.822    769    68.30    69.53 
25.01 - 30.00   113    82,417,058.98    17.91    729,354.50    3.847    775    64.66    65.15 
30.01 - 35.00   118    89,574,638.42    19.47    759,107.11    3.863    771    68.82    69.35 
35.01 - 40.00   108    85,963,849.79    18.68    795,961.57    3.836    774    67.26    67.85 
40.01 - 45.00   101    77,189,151.44    16.77    764,249.02    3.811    767    67.17    67.44 
45.01 - 50.00   8    7,158,356.96    1.56    894,794.62    3.848    759    68.87    68.87 
50.01 - 55.00   1    998,526.80    0.22    998,526.80    3.875    702    64.10    64.10 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average debt-to-income ratio of the mortgage loans at origination was approximately 31.00%.

 

-28-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Range of Assets Verified ($) of the Mortgage Loans at Origination
Range of Assets Verified ($)  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
0.01 - 50,000.00   50    31,488,244.91    6.84    629,764.90    3.870    764    69.49    69.64 
50,000.01 - 100,000.00   104    74,000,576.17    16.08    711,544.00    3.875    767    70.48    71.19 
100,000.01 - 150,000.00   91    66,099,795.76    14.36    726,371.38    3.822    771    68.03    68.99 
150,000.01 - 200,000.00   72    53,739,641.86    11.68    746,383.91    3.843    772    69.83    70.78 
200,000.01 - 250,000.00   60    47,598,445.27    10.34    793,307.42    3.892    770    70.51    71.28 
250,000.01 - 300,000.00   37    30,564,123.73    6.64    826,057.40    3.832    781    65.68    65.99 
300,000.01 - 350,000.00   36    26,550,509.25    5.77    737,514.15    3.793    777    66.91    66.91 
350,000.01 - 400,000.00   22    17,921,415.61    3.89    814,609.80    3.828    767    63.30    64.69 
400,000.01 - 450,000.00   11    9,109,152.18    1.98    828,104.74    3.760    784    66.89    67.57 
450,000.01 - 500,000.00   16    14,455,252.45    3.14    903,453.28    3.813    770    65.88    65.88 
500,000.01 - 550,000.00   7    6,665,595.22    1.45    952,227.89    3.781    778    54.06    54.06 
550,000.01 - 600,000.00   13    8,926,533.68    1.94    686,656.44    3.772    768    61.76    62.76 
600,000.01 - 650,000.00   8    6,300,382.54    1.37    787,547.82    3.784    765    61.17    61.17 
650,000.01 - 700,000.00   9    6,479,884.96    1.41    719,987.22    3.754    787    63.68    63.68 
700,000.01 - 750,000.00   6    4,908,375.41    1.07    818,062.57    3.868    758    67.18    67.18 
750,000.01 - 800,000.00   6    4,571,516.15    0.99    761,919.36    3.817    786    70.18    70.18 
800,000.01 - 850,000.00   6    5,130,667.42    1.11    855,111.24    3.796    782    57.60    57.60 
850,000.01 - 900,000.00   5    4,669,962.54    1.01    933,992.51    3.829    757    61.24    61.24 
900,000.01 - 950,000.00   6    5,416,488.98    1.18    902,748.16    3.789    765    61.99    61.99 
950,000.01 - 1,000,000.00   6    5,165,088.17    1.12    860,848.03    3.734    767    57.33    57.33 
1,000,000.01 - 3,000,000.00   23    20,661,702.17    4.49    898,334.88    3.772    768    59.91    60.43 
3,000,000.01 - 5,000,000.00   8    8,538,730.20    1.86    1,067,341.28    3.825    792    49.44    50.30 
7,000,000.01 - 9,000,000.00   1    1,196,379.57    0.26    1,196,379.57    3.750    799    37.09    37.09 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average verified assets of the mortgage borrowers at origination was approximately $408,148.93.

 

-29-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Self-Employment Status of the Mortgage Borrower at Origination
Self-Employed Status  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Not Self-Employed   429    318,437,647.81    69.20    742,278.90    3.844    773    67.53    68.08 
Self-Employed   174    141,720,816.39    30.80    814,487.45    3.813    767    65.36    66.08 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Occupancy Type of the Mortgage Loans
Occupancy Type  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Owner-Occupied   584    445,420,267.79    96.80    762,705.94    3.831    771    66.89    67.51 
Second Home   18    14,273,249.91    3.10    792,958.33    3.928    769    66.34    66.34 
Investment Property   1    464,946.50    0.10    464,946.50    4.000    802    55.00    55.00 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Loan Purpose of the Mortgage Loans
Loan Purpose  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Rate Term Refinance   331    251,489,899.72    54.65    759,788.22    3.825    770    63.82    64.81 
Purchase   226    173,258,218.50    37.65    766,629.29    3.847    774    73.47    73.47 
Cash-Out Refinance   45    34,811,269.79    7.57    773,583.77    3.844    767    56.24    56.94 
Construction to Permanent   1    599,076.19    0.13    599,076.19    3.625    760    52.17    52.17 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-30-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Property Types of the Mortgage Loans
Property Type  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Single Family Detached   385    299,202,938.43    65.02    777,150.49    3.833    771    65.98    66.58 
Planned Unit Development   175    127,574,609.52    27.72    728,997.77    3.841    774    69.15    69.85 
Condominium   25    19,277,347.32    4.19    771,093.89    3.850    763    69.21    69.30 
Single Family Attached   9    7,395,779.97    1.61    821,753.33    3.821    753    68.40    68.40 
Two- to Four-Family   4    3,150,139.54    0.68    787,534.89    3.732    769    50.95    50.95 
Cooperative Unit   4    2,479,276.07    0.54    619,819.02    3.775    778    49.68    51.73 
Townhouse   1    1,078,373.35    0.23    1,078,373.35    3.750    777    75.00    75.00 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-31-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Geographic Concentration of the Mortgage Loans (States)
State  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio
(%)		   Weighted
Average
Original
Combined
Loan-to-
Value Ratio
(%)		 
California   238    191,850,023.41    41.69    806,092.54    3.851    772    63.36    64.13 
Texas   48    33,759,253.02    7.34    703,317.77    3.821    766    68.86    69.00 
Massachusetts   47    32,394,895.23    7.04    689,253.09    3.839    767    66.81    67.48 
Virginia   34    27,252,773.89    5.92    801,552.17    3.747    777    71.93    72.55 
Washington   30    22,224,158.87    4.83    740,805.30    3.807    769    70.18    70.46 
Maryland   26    21,988,771.45    4.78    845,721.98    3.774    766    69.10    70.61 
Illinois   30    20,139,180.55    4.38    671,306.02    3.886    778    74.38    74.38 
Colorado   22    17,368,808.40    3.77    789,491.29    3.872    770    68.83    70.01 
Georgia   21    14,191,764.99    3.08    675,798.33    3.824    776    72.42    72.74 
Arizona   17    11,060,797.72    2.40    650,635.16    3.881    776    67.09    67.65 
Florida   13    10,252,113.95    2.23    788,624.15    3.787    774    70.10    70.10 
New York   11    8,912,253.42    1.94    810,204.86    3.814    765    59.10    59.67 
District Of Columbia   6    5,688,643.95    1.24    948,107.33    3.673    757    69.44    69.44 
New Jersey   7    5,431,997.62    1.18    775,999.66    3.783    770    69.41    69.41 
Pennsylvania   5    3,991,820.68    0.87    798,364.14    3.888    752    72.10    72.10 
Connecticut   5    3,856,273.04    0.84    771,254.61    3.911    788    68.74    68.74 
Tennessee   5    3,530,370.13    0.77    706,074.03    3.996    782    69.91    69.91 
Utah   4    3,237,892.19    0.70    809,473.05    3.732    772    65.28    65.28 
Oregon   5    2,814,823.99    0.61    562,964.80    3.954    784    67.29    70.30 
North Carolina   4    2,793,138.93    0.61    698,284.73    3.905    774    74.81    74.81 
South Carolina   4    2,699,797.92    0.59    674,949.48    3.917    779    71.88    71.88 
Michigan   4    2,378,515.38    0.52    594,628.85    3.947    772    75.86    75.86 
Missouri   3    2,352,669.30    0.51    784,223.10    3.837    768    70.62    70.62 
Wisconsin   2    1,708,479.35    0.37    854,239.68    3.875    758    67.44    67.44 
Nebraska   2    1,564,330.02    0.34    782,165.01    3.750    763    73.83    73.83 
Alabama   2    1,316,240.78    0.29    658,120.39    4.076    753    68.81    68.81 
Indiana   2    993,998.01    0.22    496,999.01    3.750    796    49.98    49.98 
Mississippi   1    987,393.38    0.21    987,393.38    3.625    797    74.07    74.07 
Delaware   1    847,261.77    0.18    847,261.77    3.375    762    58.17    58.17 
New Mexico   1    697,934.19    0.15    697,934.19    3.875    724    56.00    56.00 
Arkansas   1    694,435.71    0.15    694,435.71    3.750    760    63.23    63.23 
Nevada   1    645,510.27    0.14    645,510.27    4.125    742    70.54    70.54 
Minnesota   1    532,142.69    0.12    532,142.69    3.375    794    59.88    59.88 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-32-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Geographic Concentration of the Mortgage Loans (Top 10 Cities)
City  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Los Angeles, CA   9    10,149,980.00    2.21    1,127,775.56    3.854    773    66.54    66.54 
Seattle, WA   11    8,438,709.68    1.83    767,155.43    3.781    777    73.25    73.25 
San Diego, CA   10    8,143,723.42    1.77    814,372.34    3.880    765    67.61    67.61 
Houston, TX   10    7,270,795.30    1.58    727,079.53    3.834    769    66.97    66.97 
San Francisco, CA   9    6,952,265.57    1.51    772,473.95    3.866    758    63.77    63.77 
Chicago, IL   10    6,796,935.98    1.48    679,693.60    3.795    779    72.82    72.82 
Bethesda, MD   7    6,666,958.26    1.45    952,422.61    3.803    762    67.36    72.36 
Menlo Park, CA   6    6,372,091.54    1.38    1,062,015.26    3.699    781    54.61    54.61 
Danville, CA   8    6,085,198.56    1.32    760,649.82    3.777    765    66.17    66.17 
Washington, DC   6    5,688,643.95    1.24    948,107.33    3.673    757    69.44    69.44 
Other   517    387,593,161.94    84.23    749,696.64    3.840    772    66.83    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Original Term to Maturity of the Mortgage Loans
Original Term to Maturity
(Months)		  Number
of
Mortgage
Loans		   Aggregate
Stated
Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
180   4    3,071,063.98    0.67    767,766.00    3.219    782    63.66    65.76 
240   4    2,785,668.82    0.61    696,417.21    3.518    761    48.75    48.75 
300   1    626,963.29    0.14    626,963.29    3.750    748    69.88    69.88 
360   594    453,674,768.11    98.59    763,762.24    3.841    771    66.99    67.59 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average original term to maturity of the mortgage loans was approximately 358 months.

 

-33-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Remaining Term to Maturity of the Mortgage Loans as of the Cut-off Date
Range of Remaining Terms to
Maturity (Months)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
121 - 180   4    3,071,063.98    0.67    767,766.00    3.219    782    63.66    65.76 
181 - 240   4    2,785,668.82    0.61    696,417.21    3.518    761    48.75    48.75 
241 - 300   1    626,963.29    0.14    626,963.29    3.750    748    69.88    69.88 
301 - 360   594    453,674,768.11    98.59    763,762.24    3.841    771    66.99    67.59 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

The weighted average remaining term to maturity of the mortgage loans as of the cut-off date was approximately 357 months.

 

Prepayment Charge Term of the Mortgage Loans at Origination
Prepayment Charge Term
(Months)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
None   600    458,270,128.11    99.59    763,783.55    3.835    771    66.94    67.55 
60   3    1,888,336.09    0.41    629,445.36    3.646    755    47.13    47.13 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Originators of the Mortgage Loans
Originator  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
George Mason Mortgage, LLC   36    29,472,912.91    6.40    818,692.03    3.691    771    70.82    71.14 
Cole Taylor Bank   35    28,209,614.13    6.13    805,988.98    3.934    778    64.40    64.75 
WJ Bradley Mortgage Capital   37    28,091,317.14    6.10    759,224.79    3.902    763    65.06    65.40 
PrimeLending   34    27,088,594.51    5.89    796,723.37    3.769    772    64.52    64.80 
Other   461    347,296,025.51    75.47    753,353.63    3.838    771    67.06    67.74 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-34-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Origination Channel of the Mortgage Loans
Origination Channel  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Retail   471    357,015,923.99    77.59    757,995.59    3.804    771    67.27    67.76 
Broker   101    79,226,608.00    17.22    784,421.86    3.918    775    65.37    66.64 
Correspondent   31    23,915,932.21    5.20    771,481.68    4.011    769    65.71    65.71 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Servicers of the Mortgage Loans
Servicer  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Cenlar FSB   599    457,372,795.38    99.39    763,560.59    3.836    771    66.97    67.58 
First Republic Bank   4    2,785,668.82    0.61    696,417.21    3.518    761    48.75    48.75 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Lien Position of the Mortgage Loans
Lien Position  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
First Lien   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Mortgage Loans with Second Liens at Origination
Mortgage Loans with Second
Liens at Origination		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
None   568    434,049,032.67    94.33    764,170.83    3.835    771    67.60    67.60 
Has Second Lien at Origination   35    26,109,431.53    5.67    745,983.76    3.824    769    54.61    65.17 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-35-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Mortgage Insurance Status of the Mortgage Loans
Mortgage Insurance Status  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
No Mortgage Insurance   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Origination Date of the Mortgage Loans
Origination Date  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
November 2012   1    447,882.44    0.10    447,882.44    3.125    700    60.13    74.50 
December 2012   1    912,874.57    0.20    912,874.57    3.625    789    44.87    44.87 
January 2013   1    1,199,865.33    0.26    1,199,865.33    3.500    807    70.00    70.00 
February 2013   17    12,212,482.53    2.65    718,381.33    3.784    776    68.32    68.32 
March 2013   212    163,372,325.51    35.50    770,624.18    3.810    770    66.05    66.50 
April 2013   370    281,103,033.82    61.09    759,737.93    3.857    771    67.38    68.08 
May 2013   1    910,000.00    0.20    910,000.00    3.000    793    54.32    54.32 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-36-
 

 

Sequoia Mortgage Trust 2013-8

Mortgage Pass-Through Certificates, Series 2013-8

PRELIMINARY TERM SHEET

 

Maturity Date of the Mortgage Loans
Maturity Date  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
December 2027   1    447,882.44    0.10    447,882.44    3.125    700    60.13    74.50 
March 2028   1    987,393.38    0.21    987,393.38    3.625    797    74.07    74.07 
May 2028   1    725,788.16    0.16    725,788.16    3.000    797    63.39    63.39 
June 2028   1    910,000.00    0.20    910,000.00    3.000    793    54.32    54.32 
March 2033   1    464,946.50    0.10    464,946.50    4.000    802    55.00    55.00 
April 2033   1    865,004.04    0.19    865,004.04    3.550    708    40.46    40.46 
May 2033   2    1,455,718.28    0.32    727,859.14    3.346    779    51.68    51.68 
May 2038   1    626,963.29    0.14    626,963.29    3.750    748    69.88    69.88 
January 2043   1    912,874.57    0.20    912,874.57    3.625    789    44.87    44.87 
February 2043   1    1,199,865.33    0.26    1,199,865.33    3.500    807    70.00    70.00 
March 2043   14    9,842,798.17    2.14    703,057.01    3.769    772    68.22    68.22 
April 2043   210    162,520,668.53    35.32    773,907.95    3.815    771    66.53    66.98 
May 2043   368    279,198,561.51    60.67    758,691.74    3.860    772    67.28    67.98 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Delinquency Status of the Mortgage Loans as of the Cut-off Date
Delinquency Status  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Current   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

Historical Delinquency of the Mortgage Loans
Historical Delinquency (Since
Origination)		  Number
of
Mortgage
Loans		   Aggregate
Stated Principal  
Balance ($)		   Aggregate
Stated
Principal
Balance
(%)		   Average
Stated
Principal
Balance ($)		   Weighted
Average
Gross
Mortgage
Rate (%)		   Weighted
Average
Original
Credit
Score		   Weighted
Average
Original
Loan-to-
Value
Ratio (%)		   Weighted
Average
Original
Combined
Loan-to-
Value
Ratio (%)		 
Never Delinquent   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 
Total:   603    460,158,464.20    100.00    763,115.20    3.835    771    66.86    67.46 

 

-37-