Filed Pursuant to Rule 424(b)(3)
Registration No. 333-185882-03
Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This prospectus will not constitute an offer to sell or a solicitation of an offer to buy nor will there be any sale of the offered certificates in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such State.
SUBJECT TO COMPLETION, DATED SEPTEMBER 17, 2013
SUPPLEMENT dated September __, 2013
(To Prospectus Supplement Dated May 22, 2013
to Prospectus Dated April 24, 2013)
Sequoia MORTGAGE Trust 2013-7
Mortgage Pass-Through Certificates, Series 2013-7
RWT Holdings, Inc., Sponsor
Redwood Residential Acquisition Corporation, Seller
Sequoia Residential Funding, Inc., Depositor
Sequoia Mortgage Trust 2013-7, Issuing Entity
The prospectus supplement is hereby revised as follows.
1. | The following paragraph shall supplement the information on the cover page of the prospectus supplement: |
The Class A-IO2 Certificates with an initial aggregate class notional amount of $423,878,000 and a current aggregate class notional amount of approximately $418,826,771 will be purchased by RBS Securities Inc., as underwriter, from the depositor on or about September 23, 2013, and are being offered by the underwriter from time to time for sale to the public in negotiated transactions or otherwise at varying prices determined at the time of sale. Proceeds to the depositor from the sale of the Class A-IO2 Certificates to the underwriter will be [_______ ]% of the class notional amount of the Class A-IO2 Certificates, before deducting expenses. Compensation to the underwriter will equal the excess, if any, of the purchase price received by the underwriter over the underwriter’s purchase price specified in the preceding sentence.
2. | The first two paragraphs on page S-29 of the prospectus supplement under the heading “Risk Factors — Proposals to Acquire Mortgage Loans by Eminent Domain May Adversely Affect Your Certificates” are deleted in their entirety and replaced with the following: |
Numerous cities and local governments throughout the United States have been considering programs to assist homeowners in their jurisdictions who are obligated on residential mortgage loans with outstanding balances in excess of the market value of the related mortgaged properties. The proposed programs include authorization to acquire any such mortgage loans by voluntary purchase or eminent domain and to modify those mortgage loans to allow homeowners to continue to own and occupy their homes, irrespective of whether the mortgage loans are actually in default or foreclosure.
In April 2013, the City of Richmond, California (the “City of Richmond”), approved such a program and in July 2013, the City of Richmond commenced the program by sending letters to trustees and servicers of mortgage
(continued on following pages)
This supplement may be used to offer or sell the certificates offered hereby only if accompanied by the prospectus supplement and the prospectus described above, which should be read in their entirety by anyone considering an investment in the certificates.
Consider carefully the risk factors beginning on page S-14 of the prospectus supplement.
The investments referred to above are not insured or guaranteed by any governmental agency.
Offers of these securities are made by prospectus.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disproved these securities or determined if the prospectus supplement listed above or this prospectus supplement are accurate or complete. Any representation to the contrary is a criminal offense.
Underwriter
loans included in securitization trusts. The letters state that the City of Richmond had the mortgage loans appraised to determine their fair market value, and include offers to purchase specific mortgage loans at specific purchase prices based on such appraisals. The letters state further that if the owners of the mortgage loans elect not to sell the mortgage loans to the City of Richmond for the specified prices, the City of Richmond may proceed with the acquisition of the mortgage loans through exercising its power of eminent domain. In an eminent domain proceeding, if the seller and purchaser do not agree on a purchase price, the purchase price would be determined through additional legal proceedings. Two recent lawsuits were filed by three mortgage-bond trustees against the City of Richmond’s eminent domain program, one of which was dismissed on September 16, 2013 as not being ripe for determination. Among other things, the remaining lawsuit alleges that the City of Richmond’s proposed use of eminent domain is unconstitutional as a violation of the law on interstate commerce and as a violation of the criterion that loans being seized are for a valid public purpose. On September 11, 2013, the Richmond City Council voted to continue pursuing the program.
Although none of the mortgage loans included in the trust fund are located in the City of Richmond, there is no certainty as to whether any other governmental entity will take steps to acquire any mortgage loans under such a program in the future, whether any other mortgage loans sought to be purchased will be mortgage loans held in securitization trusts and what purchase price would be paid for any such mortgage loans. Any such actions could have a material adverse affect on the market value of residential mortgage-backed certificates such as the certificates. There is also no certainty as to whether any such action without the consent of investors would face legal challenge, and, if so, the outcome of any such challenge.
3. | The table and caption below on page S-112 of the prospectus supplement shall be deleted in their entirety and replaced with the following: |
PRE-TAX YIELD TO MATURITY OF THE CLASS A-IO2 CERTIFICATES AT THE FOLLOWING PERCENTAGES OF CPR
Price (%) | 5% CPR | 10% CPR | 15% CPR | 20% CPR | 25% CPR | 30% CPR |
2.63100 | 13.537 | 7.420 | 0.783 | (6.643) | (15.226) | (25.870) |
2.81850 | 12.002 | 5.917 | (0.714) | (8.165) | (16.804) | (27.576) |
3.00600 | 10.651 | 4.593 | (2.037) | (9.515) | (18.209) | (29.099) |
3.19350 | 9.452 | 3.416 | (3.217) | (10.723) | (19.470) | (30.471) |
3.38100 | 8.379 | 2.361 | (4.277) | (11.813) | (20.612) | (31.715) |
3.56850 | 7.411 | 1.408 | (5.237) | (12.804) | (21.652) | (32.851) |
3.75600 | 6.532 | 0.542 | (6.113) | (13.710) | (22.605) | (33.894) |
3.94350 | 5.730 | (0.249) | (6.915) | (14.543) | (23.483) | (34.857) |
4.13100 | 4.993 | (0.976) | (7.654) | (15.312) | (24.297) | (35.749) |
Based upon the above assumptions, at approximately 11.8% CPR (at an assumed purchase price of 3.38100% of the Class Notional Amount of the Class A-IO2 Certificates, excluding accrued interest, but adding accrued interest to the price for purposes of calculating yield), the pre-tax yield to the Class A-IO2 Certificates will be approximately 0%. If the rate of prepayments on the mortgage loans were to exceed such prepayment level for as little as one month, while equaling such level for all other months, the Class A-IO2 Certificateholders would not fully recoup their initial investment.
The pre-tax yields set forth in the preceding table were calculated by determining the monthly discount rates which, when applied to the assumed streams of cash flows to be paid on the Class A-IO2 Certificates, would cause the discounted present value of such assumed stream of cash flows to the original closing date of May 23, 2013 to equal the assumed purchase prices (plus accrued interest), and converting such monthly rates to CBE rates.
2 |
4. | The following table shall supplement the information in the prospectus supplement under the caption “Method of Distribution”: |
Class |
Class Notional | Underwriter’s Purchase Price (as percentage of notional amount) | Underwriter’s Purchase Price (in
| |
(Per total) | (Per minimum denomination basis)1 | |||
Class A-IO2 | $418,826,771 | [ ] | $[ ] | $[ ] |
1The minimum denomination of the Class A-IO2 Certificates is $1,000,000.
5. | The following information supplements the information in the prospectus supplement under the caption “Additional Information”: |
The depositor has filed a registration statement with the Securities and Exchange Commission (the “SEC”) (Registration Nos. 333-185882 and 333-185882-01). The depositor is subject to some of the information requirements of the Securities Exchange Act of 1934 (the “Exchange Act”), and, accordingly, is required to file Form 10-D distribution reports with the SEC. The reports and other information filed by the depositor under the Exchange Act can be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549, and at certain of its regional offices located as follows: Chicago Regional Office, Citicorp Center, 500 West Madison Street, Suite 1400, Chicago, Illinois 60661-2511; and Northeast Regional Office, 233 Broadway, New York, New York 10279 and electronically through the SEC’s Electronic Data Gathering, Analysis and Retrieval System at the SEC’s website (http://www.sec.gov).
The Form 10-D distribution reports relating to the distributions made to the certificateholders on the June 2013, July 2013 and August 2013 distribution dates have been filed with the SEC and are available at the locations and website as noted above. A copy of the August 2013 monthly statement to certificateholders is attached hereto as Exhibit A.
Additionally, the securities administrator makes available each month, to any interested party, the monthly statement to certificateholders via the securities administrator’s website. The securities administrator’s website is located at www.ctslink.com, and assistance in using the website can be obtained by calling the securities administrator’s customer service desk at 1-866-846-4526. Investors may review the June 2013, July 2013 and August 2013 monthly statements to certificateholders via the securities administrator’s website. In addition, updated information regarding the characteristics and performance of the mortgage loans is available on the securities administrator’s website, and investors should review such updated information prior to investing in the certificates.
3 |
Exhibit A
August 2013 Certificateholder Distribution Statement
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Certificateholder Distribution Summary
Class | CUSIP | Record Date | Certificate Pass-Through Rate | Beginning Certificate Balance | Interest Distribution | Principal Distribution | Current Realized Loss | Ending Certificate Balance | Total Distribution | Cumulative Realized Losses |
A-1 | 81745CAA1 | 07/31/2013 | 2.50000 % | 124,142,808.70 | 258,630.85 | 632,396.75 | 0.00 | 123,510,411.96 | 891,027.60 | 0.00 |
A-2 | 81745CAB9 | 07/31/2013 | 3.00000 % | 296,828,435.04 | 742,071.09 | 1,512,075.80 | 0.00 | 295,316,359.23 | 2,254,146.89 | 0.00 |
A-IO1 | 81745CAC7 | 07/31/2013 | 0.50000 % | 0.00 | 51,726.17 | 0.00 | 0.00 | 0.00 | 51,726.17 | 0.00 |
A-IO2 | 81745CAD5 | 07/31/2013 | 0.56194 % | 0.00 | 197,134.59 | 0.00 | 0.00 | 0.00 | 197,134.59 | 0.00 |
B-1 | 81745CAE3 | 07/31/2013 | 3.56194 % | 8,135,839.07 | 24,149.49 | 14,673.86 | 0.00 | 8,121,165.21 | 38,823.35 | 0.00 |
B-2 | 81745CAF0 | 07/31/2013 | 3.56194 % | 7,683,460.51 | 22,806.70 | 13,857.95 | 0.00 | 7,669,602.56 | 36,664.65 | 0.00 |
B-3 | 81745CAG8 | 07/31/2013 | 3.56194 % | 6,553,510.54 | 19,452.69 | 11,819.96 | 0.00 | 6,541,690.58 | 31,272.65 | 0.00 |
B-4 | 81745CAH6 | 07/31/2013 | 3.56194 % | 2,485,092.79 | 7,376.46 | 4,482.13 | 0.00 | 2,480,610.66 | 11,858.59 | 0.00 |
B-5 | 81745CAJ2 | 07/31/2013 | 3.56194 % | 4,763,656.00 | 14,139.89 | 0.00 | 0.00 | 4,763,656.00 | 14,139.89 | 0.00 |
LT-R | 81745CAL7 | 07/31/2013 | 0.00000 % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
R | 81745CAK9 | 07/31/2013 | 3.56194 % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Totals | 450,592,802.65 | 1,337,487.93 | 2,189,306.45 | 0.00 | 448,403,496.20 | 3,526,794.38 | 0.00 |
This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo Bank, N.A. has not independently confirmed the accuracy of the information. All Record Dates are based upon the governing documents and logic set forth as of closing.
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Principal Distribution Statement
Class | Original Face Amount | Beginning Certificate Balance | Scheduled Principal Distribution | Unscheduled Principal Distribution | Accretion | Realized Loss | Total Principal Reduction | Ending Certificate Balance | Ending Certificate Percentage | Total Principal Distribution |
A-1 | 125,000,000.00 | 124,142,808.70 | 187,897.18 | 444,499.57 | 0.00 | 0.00 | 632,396.75 | 123,510,411.96 | 0.98808330 | 632,396.75 |
A-2 | 298,878,000.00 | 296,828,435.04 | 449,266.66 | 1,062,809.15 | 0.00 | 0.00 | 1,512,075.80 | 295,316,359.23 | 0.98808330 | 1,512,075.80 |
A-IO1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00000000 | 0.00 |
A-IO2 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00000000 | 0.00 |
B-1 | 8,165,000.00 | 8,135,839.07 | 14,673.86 | 0.00 | 0.00 | 0.00 | 14,673.86 | 8,121,165.21 | 0.99463138 | 14,673.86 |
B-2 | 7,711,000.00 | 7,683,460.51 | 13,857.95 | 0.00 | 0.00 | 0.00 | 13,857.95 | 7,669,602.56 | 0.99463138 | 13,857.95 |
B-3 | 6,577,000.00 | 6,553,510.54 | 11,819.96 | 0.00 | 0.00 | 0.00 | 11,819.96 | 6,541,690.58 | 0.99463138 | 11,819.96 |
B-4 | 2,494,000.00 | 2,485,092.79 | 4,482.13 | 0.00 | 0.00 | 0.00 | 4,482.13 | 2,480,610.66 | 0.99463138 | 4,482.13 |
B-5 | 4,763,656.00 | 4,763,656.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,763,656.00 | 1.00000000 | 0.00 |
LT-R | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00000000 | 0.00 |
R | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00000000 | 0.00 |
Totals | 453,588,656.00 | 450,592,802.65 | 681,997.74 | 1,507,308.72 | 0.00 | 0.00 | 2,189,306.45 | 448,403,496.20 | 0.98856859 | 2,189,306.45 |
Page 2 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Principal Distribution Factors Statement
Class | Original Face Amount | Beginning Certificate Balance | Scheduled Principal Distribution | Unscheduled Principal Distribution | Accretion | Realized Loss | Total Principal Reduction | Ending Certificate Balance | Ending Certificate Percentage | Total Principal Distribution |
A-1 | 125,000,000.00 | 993.14246960 | 1.50317744 | 3.55599656 | 0.00000000 | 0.00000000 | 5.05917400 | 988.08329568 | 0.98808330 | 5.05917400 |
A-2 | 298,878,000.00 | 993.14246964 | 1.50317742 | 3.55599659 | 0.00000000 | 0.00000000 | 5.05917398 | 988.08329563 | 0.98808330 | 5.05917398 |
A-IO1 | 0.00 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
A-IO2 | 0.00 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
B-1 | 8,165,000.00 | 996.42854501 | 1.79716595 | 0.00000000 | 0.00000000 | 0.00000000 | 1.79716595 | 994.63137906 | 0.99463138 | 1.79716595 |
B-2 | 7,711,000.00 | 996.42854494 | 1.79716639 | 0.00000000 | 0.00000000 | 0.00000000 | 1.79716639 | 994.63137855 | 0.99463138 | 1.79716639 |
B-3 | 6,577,000.00 | 996.42854493 | 1.79716588 | 0.00000000 | 0.00000000 | 0.00000000 | 1.79716588 | 994.63137905 | 0.99463138 | 1.79716588 |
B-4 | 2,494,000.00 | 996.42854451 | 1.79716520 | 0.00000000 | 0.00000000 | 0.00000000 | 1.79716520 | 994.63137931 | 0.99463138 | 1.79716520 |
B-5 | 4,763,656.00 | 1000.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 1000.00000000 | 1.00000000 | 0.00000000 |
LT-R | 0.00 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
R | 0.00 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
NOTE: All classes per $1,000 denomination.
Page 3 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Interest Distribution Statement
Class | Accrual Dates | Accrual Days | Current Certificate Rate | Beginning Notional | Current Accrued Interest | Payment of Unpaid Interest | Current Interest Shortfall(1) | Non- Supported Interest Shortfall | Total Interest Distribution | Remaining Unpaid Interest | Ending Certificate/ Notional Balance |
A-1 | 07/01/13 - 07/30/13 | 30 | 2.50000 % | 124,142,808.70 | 258,630.85 | 0.00 | 0.00 | 0.00 | 258,630.85 | 0.00 | 123,510,411.96 |
A-2 | 07/01/13 - 07/30/13 | 30 | 3.00000 % | 296,828,435.04 | 742,071.09 | 0.00 | 0.00 | 0.00 | 742,071.09 | 0.00 | 295,316,359.23 |
A-IO1 | 07/01/13 - 07/30/13 | 30 | 0.50000 % | 124,142,808.70 | 51,726.17 | 0.00 | 0.00 | 0.00 | 51,726.17 | 0.00 | 123,510,411.96 |
A-IO2 | 07/01/13 - 07/30/13 | 30 | 0.56194 % | 420,971,243.74 | 197,134.59 | 0.00 | 0.00 | 0.00 | 197,134.59 | 0.00 | 418,826,771.19 |
B-1 | 07/01/13 - 07/30/13 | 30 | 3.56194 % | 8,135,839.07 | 24,149.49 | 0.00 | 0.00 | 0.00 | 24,149.49 | 0.00 | 8,121,165.21 |
B-2 | 07/01/13 - 07/30/13 | 30 | 3.56194 % | 7,683,460.51 | 22,806.70 | 0.00 | 0.00 | 0.00 | 22,806.70 | 0.00 | 7,669,602.56 |
B-3 | 07/01/13 - 07/30/13 | 30 | 3.56194 % | 6,553,510.54 | 19,452.69 | 0.00 | 0.00 | 0.00 | 19,452.69 | 0.00 | 6,541,690.58 |
B-4 | 07/01/13 - 07/30/13 | 30 | 3.56194 % | 2,485,092.79 | 7,376.46 | 0.00 | 0.00 | 0.00 | 7,376.46 | 0.00 | 2,480,610.66 |
B-5 | 07/01/13 - 07/30/13 | 30 | 3.56194 % | 4,763,656.00 | 14,139.89 | 0.00 | 0.00 | 0.00 | 14,139.89 | 0.00 | 4,763,656.00 |
LT-R | N/A | N/A | 0.00000 % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
R | N/A | N/A | 3.56194 % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Totals | 1,337,487.93 | 0.00 | 0.00 | 0.00 | 1,337,487.93 | 0.00 |
(1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable.
Page 4 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Interest Distribution Factors Statement
Class | Original Face Amount | Current Certificate Rate | Beginning Balance | Current Accrued Interest | Payment of Unpaid Interest | Current Interest Shortfall(1) | Non- Supported Interest Shortfall | Total Interest Distribution | Remaining Unpaid Interest | Ending Certificate/ Notional Balance |
A-1 | 125,000,000.00 | 2.50000 % | 993.14246960 | 2.06904680 | 0.00000000 | 0.00000000 | 0.00000000 | 2.06904680 | 0.00000000 | 988.08329568 |
A-2 | 298,878,000.00 | 3.00000 % | 993.14246964 | 2.48285618 | 0.00000000 | 0.00000000 | 0.00000000 | 2.48285618 | 0.00000000 | 988.08329563 |
A-IO1 | 0.00 | 0.50000 % | 993.14246960 | 0.41380936 | 0.00000000 | 0.00000000 | 0.00000000 | 0.41380936 | 0.00000000 | 988.08329568 |
A-IO2 | 0.00 | 0.56194 % | 993.14246963 | 0.46507389 | 0.00000000 | 0.00000000 | 0.00000000 | 0.46507389 | 0.00000000 | 988.08329564 |
B-1 | 8,165,000.00 | 3.56194 % | 996.42854501 | 2.95768402 | 0.00000000 | 0.00000000 | 0.00000000 | 2.95768402 | 0.00000000 | 994.63137906 |
B-2 | 7,711,000.00 | 3.56194 % | 996.42854494 | 2.95768383 | 0.00000000 | 0.00000000 | 0.00000000 | 2.95768383 | 0.00000000 | 994.63137855 |
B-3 | 6,577,000.00 | 3.56194 % | 996.42854493 | 2.95768435 | 0.00000000 | 0.00000000 | 0.00000000 | 2.95768435 | 0.00000000 | 994.63137905 |
B-4 | 2,494,000.00 | 3.56194 % | 996.42854451 | 2.95768244 | 0.00000000 | 0.00000000 | 0.00000000 | 2.95768244 | 0.00000000 | 994.63137931 |
B-5 | 4,763,656.00 | 3.56194 % | 1000.00000000 | 2.96828528 | 0.00000000 | 0.00000000 | 0.00000000 | 2.96828528 | 0.00000000 | 1000.00000000 |
LT-R | 0.00 | 0.00000 % | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
R | 0.00 | 3.56194 % | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 | 0.00000000 |
(1) Amount also includes Coupon Cap or Basis Risk Shortfalls, if applicable. NOTE: All classes per $1,000 denomination.
Page 5 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Certificateholder Account Statement
CERTIFICATE ACCOUNT | ||||||
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL | ||||||
Beginning Balance | 0.00 | |||||
Total Prepayment/Curtailment Interest Shortfall | 0.00 | |||||
Deposits | Servicing Fee Support | 0.00 | ||||
Payments of Interest and Principal | 3,639,928.39 | Non-Supported Prepayment/Curtailment Interest Shortfall | 0.00 | |||
Reserve Funds and Credit Enhancements | 0.00 | |||||
Proceeds from Repurchased Loans | 0.00 | ADMINISTRATION FEES | ||||
Servicer Advances | 0.00 | |||||
Gains & Subsequent Recoveries (Realized Losses) | 0.00 | Gross Servicing Fee* | 93,873.57 | |||
Custodian Fee | 0.00 | |||||
Total Deposits | 3,639,928.39 | Master Servicing Fee-Wells Fargo Bank, N.A. | 7,059.43 | |||
Trustee Fee | 450.80 | |||||
Withdrawals | Supported Prepayment/Curtailment Interest Shortfall | 0.00 | ||||
Reserve Funds and Credit Enhancements | 0.00 | |||||
Reimbursement for Servicer Advances | 11,750.21 | Total Administration Fees | 101,383.80 | |||
Total Administration Fees | 101,383.80 | |||||
Payment of Interest and Principal | 3,526,794.38 | *Servicer Payees include: CENLAR FSB; FIRST REPUBLIC BANK; | ||||
Total Withdrawals (Pool Distribution Amount) | 3,639,928.39 | PHH MORTGAGE CORPORATION | ||||
Ending Balance | 0.00 | |||||
Servicer Advances are calculated as delinquent scheduled principal and interest.
Page 6 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Collateral Statement | ||
Group | Total | |
Collateral Description | Mixed Fixed | |
Weighted Average Coupon Rate | 3.831943 | |
Weighted Average Net Rate | 3.581943 | |
Weighted Average Pass-Through Rate | 3.561942 | |
Weighted Average Remaining Term | 356 | |
Principal and Interest Constant | 2,120,869.47 | |
Beginning Loan Count | 593 | |
Loans Paid in Full | 2 | |
Ending Loan Count | 591 | |
Beginning Scheduled Balance | 450,592,802.90 | |
Ending Scheduled Balance | 448,403,496.44 | |
Actual Ending Collateral Balance | 448,869,394.36 | |
Scheduled Principal | 681,997.74 | |
Unscheduled Principal | 1,507,308.72 | |
Negative Amortized Principal | 0.00 | |
Scheduled Interest | 1,438,871.73 | |
Servicing Fees | 93,873.57 | |
Master Servicing Fees | 7,059.43 | |
Trustee Fee | 450.80 | |
FRY Amount | 0.00 | |
Special Hazard Fee | 0.00 | |
Other Fee | 0.00 | |
Pool Insurance Fee | 0.00 | |
Spread 1 | 0.00 | |
Spread 2 | 0.00 | |
Spread 3 | 0.00 | |
Net Interest | 1,337,487.93 | |
Realized Loss Amount | 0.00 | |
Cumulative Realized Loss | 0.00 | |
Percentage of Cumulative Losses | 0.0000 | |
Special Servicing Fee | 0.00 |
Page 7 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Additional Reporting - Deal Level
Miscellaneous Reporting | |
Senior Percentage | 93.426091% |
Senior Prepayment Percentage | 100.000000% |
Subordinate Percentage | 6.573909% |
Subordinate Percentage | 0.000000% |
Trigger Event Reporting | |
Step-Down Test | NO |
DELINQUENCY | |
Trigger Result | Pass |
Threshold Value | 50.000000% |
Calculated Value | 0.000000% |
CUMLOSS | |
Trigger Result | Pass |
Threshold Value | 20.000000% |
Calculated Value | 0.000000% |
Shifting Interest Delinquency/Loss Trigger | |
Trigger Result | Pass |
Threshold Value | 0.000000% |
Calculated Value | 0.000000% |
Page 8 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Delinquency Status - MBA Delinquency Calculation Method
DELINQUENT | BANKRUPTCY | FORECLOSURE | REO | TOTAL | ||||||||||
No. of | Actual | No. of | Actual | No. of | Actual | No. of | Actual | No. of | Actual | |||||
Loans | Balance | Loans | Balance | Loans | Balance | Loans | Balance | Loans | Balance | |||||
0-29 Days | 0 | 0.00 | 0-29 Days | 0 | 0.00 | 0-29 Days | 0 | 0.00 | 0-29 Days | 0 | 0.00 | |||
30 Days | 0 | 0.00 | 30 Days | 0 | 0.00 | 30 Days | 0 | 0.00 | 30 Days | 0 | 0.00 | 30 Days | 0 | 0.00 |
60 Days | 0 | 0.00 | 60 Days | 0 | 0.00 | 60 Days | 0 | 0.00 | 60 Days | 0 | 0.00 | 60 Days | 0 | 0.00 |
90 Days | 0 | 0.00 | 90 Days | 0 | 0.00 | 90 Days | 0 | 0.00 | 90 Days | 0 | 0.00 | 90 Days | 0 | 0.00 |
120 Days | 0 | 0.00 | 120 Days | 0 | 0.00 | 120 Days | 0 | 0.00 | 120 Days | 0 | 0.00 | 120 Days | 0 | 0.00 |
150 Days | 0 | 0.00 | 150 Days | 0 | 0.00 | 150 Days | 0 | 0.00 | 150 Days | 0 | 0.00 | 150 Days | 0 | 0.00 |
180+ Days | 0 | 0.00 | 180+ Days | 0 | 0.00 | 180+ Days | 0 | 0.00 | 180+ Days | 0 | 0.00 | 180+ Days | 0 | 0.00 |
0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | 0 | 0.00 | |||||
No. of | Actual | No. of | Actual | No. of | Actual | No. of | Actual | No. of | Actual | |||||
Loans | Balance | Loans | Balance | Loans | Balance | Loans | Balance | Loans | Balance | |||||
0-29 Days | 0.000000 % | 0.000000 % | 0-29 Days | 0.000000 % | 0.000000 % | 0-29 Days | 0.000000 % | 0.000000 % | 0-29 Days | 0.000000 % | 0.000000 % | |||
30 Days | 0.000000 % | 0.000000 % | 30 Days | 0.000000 % | 0.000000 % | 30 Days | 0.000000 % | 0.000000 % | 30 Days | 0.000000 % | 0.000000 % | 30 Days | 0.000000 % | 0.000000 % |
60 Days | 0.000000 % | 0.000000 % | 60 Days | 0.000000 % | 0.000000 % | 60 Days | 0.000000 % | 0.000000 % | 60 Days | 0.000000 % | 0.000000 % | 60 Days | 0.000000 % | 0.000000 % |
90 Days | 0.000000 % | 0.000000 % | 90 Days | 0.000000 % | 0.000000 % | 90 Days | 0.000000 % | 0.000000 % | 90 Days | 0.000000 % | 0.000000 % | 90 Days | 0.000000 % | 0.000000 % |
120 Days | 0.000000 % | 0.000000 % | 120 Days | 0.000000 % | 0.000000 % | 120 Days | 0.000000 % | 0.000000 % | 120 Days | 0.000000 % | 0.000000 % | 120 Days | 0.000000 % | 0.000000 % |
150 Days | 0.000000 % | 0.000000 % | 150 Days | 0.000000 % | 0.000000 % | 150 Days | 0.000000 % | 0.000000 % | 150 Days | 0.000000 % | 0.000000 % | 150 Days | 0.000000 % | 0.000000 % |
180+ Days 0.000000 % | 0.000000 % | 180+ Days | 0.000000 % | 0.000000 % | 180+ Days | 0.000000 % | 0.000000 % | 180+ Days | 0.000000 % | 0.000000 % | 180+ Days | 0.000000 % | 0.000000 % | |
0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % | 0.000000 % |
Please refer toCTSLink.com for a list of delinquency code descriptions.
Current Period Class A Insufficient Funds 0.00 | Principal Balance of Contaminated Properties 0.00 | Periodic Advance 0.00 |
Page 9 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
REO Detail - All Mortgage Loans in REO during Current Period
Summary - No REO Information to report this period.
REO Loan Detail - All Mortgage Loans in REO during Current Period
Group | Loan Number | Month Loan Entered REO | First Payment Date | State | LTV at Origination | Original Principal Balance | Current Actual Balance | Paid To Date | Months Delinquent | Current Loan Rate | Approximate Delinquent Interest |
No | REO Loans | this Period |
Page 10 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Foreclosure Detail - All Mortgage Loans in Foreclosure during Current Period
Summary - No Foreclosure Information to report this period.
Foreclosure Loan Detail - All Mortgage Loans in Foreclosure during Current Period
Group | Loan Number | Month Loan Entered FC | First Payment Date | State | LTV at Origination | Original Principal Balance | Current Actual Balance | Paid To Date | Months Delinquent | Current Loan Rate | Approximate Delinquent Interest |
No Foreclosure Loans this Period
|
Page 11 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Summary - No Bankruptcy Information to report this period.
Bankruptcy Detail - All Mortgage Loans in Bankruptcy during Current Period
Group | Loan Number | Month Loan Entered Bankruptcy | First Payment Date | State | LTV at Origination | Original Principal Balance | Current Actual Balance | Paid To Date | Months Delinquent | Current Loan Rate | Approximate Delinquent Interest |
No Bankruptcy Loans this Period
|
Page 12 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Realized Loss Detail Report - Loans with Losses during Current Period
Inactive | Active | Totals | ||||||||||
# Loans | Liquidated | Realized | Current | # Loans | Ending | Realized | Current | # Loans | Liquidated or | Realized | Current | |
with | Actual | Loss/(Gain) | Loss | with | Actual | Loss/(Gain) | Loss | with | Ending Actual | Loss/(Gain) | Loss | |
Losses | Balance | Amount | Percentage | Losses | Balance | Amount | Percentage | Losses | Balance | Amount | Percentage | |
Total | 0 | 0.00 | 0.00 | 0.000 % | 0 | 0.00 | 0.00 | 0.000 % | 0 | 0.00 | 0.00 | 0.000 % |
Realized Loss Loan Detail Report - Loans with Losses during Current Period
Group | Loan Number | Original Principal Balance | Current Note Rate | State | LTV at Origination | Original Term | Liquidated or Ending Actual Balance | Liquidation Effective Date | Realized Loss/(Gain) | Cumulative Realized Loss/(Gain) |
No Losses this Period
|
Page 13 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Realized Loss Report – Collateral
Summary - No Realized Loss Information to report this period.
Calculation Methodology:
Monthly Default Rate (MDR): Sum(Beg Scheduled Balance of Liquidated Loans) / Sum(Beg Scheduled Balance).
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption: If WAS<30 then CDR / (WAS * 0.02) else if 30 < WAS<60 then CDR / 0.6 else if 60 < WAS<120 then CDR / (0.6 - ((WAS - 60) * 0.0095)) else if WAS > 120 then CDR / 0.03
Cumulative Loss Severity: | Sum(All Active & Inactive Realized Losses) / Sum(Active Loans or loans without a loss passed on or after liquidation: the Actual Ending Principal Balance as of the most recent cycle in which a Realized Loss was passed; loans with a loss passed on or after the month of liquidation: the Actual Beginning Principal Balance from the cycle in which the loan was liquidated). 3 Month Average and 12 Month Average will not have values until the 3rd and 12th month respectively. |
Page 14 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Prepayment Detail - Prepayments during Current Period
Summary | |||||||||||||
Loans Paid in Full | Repurchased Loans | Substitution Loans | Liquidated Loans | Curtailments | |||||||||
Count | Original Principal Balance | Current Scheduled Balance | Count | Original Principal Balance | Current Scheduled Balance | Count | Original Principal Balance | Current Scheduled Balance | Count | Original Principal Balance | Current Scheduled Balance | Curtailment Amount | |
Total | 2 | 1,108,000.00 | 1,103,094.52 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 405,859.95 |
Prepayment Loan Detail - Prepayments during Current Period
Group | Loan Number | State | LTV at Origination | First Payment Date | Original Principal Balance | Prepayment Amount | PIF Type | Months Delinquent | Current Loan Rate | Original Term | Seasoning |
Summary Summary | 0048489025 0050458389 | TX MA | 80.00 53.89 | 01-May-2013 01-May-2013 | 596,000.00 512,000.00 | 592,547.86 508,900.91 | Loan Paid in Full Loan Paid in Full | 0 (1) | 4.000% 3.750% | 360 360 | 3 3 |
Page 15 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Prepayment Penalty Detail - Prepayment Penalty Paid during Current Period
Summary | Loan Count | Prior Balance | Prepayment Penalty Amount | Prepayment Penalty Waived |
Total | 0 | 0.00 | 0.00 | 0.00 |
Prepayment Penalty Loan Detail - Prepayment Penalty Paid during Current Period
Group | Loan Number | Paid In Full Date | Prior Balance | Prepayment Penalty Amount | Prepayment Penalty Waived |
No Prepayment Penalties this Period
|
Page 16 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Prepayment Rates
Summary | ||||||||||||
SMM | CPR | PSA | ||||||||||
Current Month | 0.335% | Current Month | 3.947% | Current Month | 651.300% | |||||||
3 Month Average | 0.232% | 3 Month Average | 2.742% | 3 Month Average | 619.471% | |||||||
12 Month Average | 0.000% | 12 Month Average | 0.000% | 12 Month Average | 0.000% | |||||||
Calculation Methodology:
Single Month Mortality (SMM): (Partial and full prepayments + Repurchases) / (Beginning Scheduled Balance - Scheduled Principal)
Conditional PrePayment Rate (CPR): 1 - ((1 - SMM)^12)
PSA Standard Prepayment Model: 100 * CPR / (0.2 * MIN(30,WAS))
Weighted Average Seasoning (WAS): sum((Original Term - Remaining Term)*(Current Scheduled Balance/Deal Scheduled Principal Balance))
Page 17 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Modification Summary
Loan Count (Numerator) | Loan Count (Denominator) | Loan Count % | Current Scheduled Balance (Numerator) | Current Scheduled Balance (Denominator) | Current Scheduled Balance % | |
Number of loans modified within the past 12 months that are currently delinquent (against the total number of loans delinquent within the deal) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of modified loans that have passed the loan modification performance test (against the total number of modified loans) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of loans modified in the current cycle (against the number of loans within the deal) | 0 | 591 | 0.000% | 0.00 | 448,403,496.44 | 0.000% |
Number of modified loans (against the total number of loans within the deal) | 0 | 591 | 0.000% | 0.00 | 448,403,496.44 | 0.000% |
Number of loans modified within the last 12 months (against the total number of modified loans within the deal) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of loans modified within the last 12 months (against the total number of loans within the deal) | 0 | 591 | 0.000% | 0.00 | 448,403,496.44 | 0.000% |
Number of modified loans that are not currently delinquent after the modification (against the number of modified loans within the deal) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of loans modified in the current cycle that are not currently delinquent (against the number of loans modified in the current cycle) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of loans modified in the current cycle that are currently delinquent (against the number of loans modified in the current cycle) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of modified loans that were not delinquent at the time of the modification (against the number of loans modified within the deal) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Number of modified loans that were delinquent at the time of the modification (against the total number of loans modified within the deal) | 0 | 0 | 0.000% | 0.00 | 0.00 | 0.000% |
Delinquencies are classified based on the logic set forth in the governing documents.
If a loan is modified in the first month of the security it is assumed the loan is delinquent. This summary excludes inactive loans.
Page 18 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Modification Detail
Modification Detail Summary | ||||||||||||
Groups | Current | Cumulative | ||||||||||
Loan Count | Original Principal Balance | Current Scheduled Balance | Capitalized Amount | Capitalized Reimbursement Amount | Total Forgiveness | Loan Count | Original Principal Balance | Current Scheduled Balance | Capitalized Amount | Capitalized Reimbursement Amount | Total Forgiveness | |
Total | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Current Month Modification Detail | |||||||||||||||
Loan Number/ Original Balance | Mod Appr Date/Mod Effective Date | Total Capitalized Amount | Total Capitalized Reimb. Amount | Total Forgiveness | No of Times Loan Modified | No of Months Delinq. | Loan Status | Next Due Date | Interest Rate | Payment Amount | Maturity Date | Balloon Amount | Balloon Date | Scheduled Balance | |
No Modifications this Period
|
Historical Modification Detail | |||||||||||||||
Loan Number/ Original Balance | Mod Appr Date/Mod Effective Date | Total Capitalized Amount | Total Capitalized Reimb. Amount | Total Forgiveness | No of Times Loan Modified | No of Months Delinq. | Loan Status | Next Due Date | Interest Rate | Payment Amount | Maturity Date | Balloon Amount | Balloon Date | Scheduled Balance | |
No Modifications Prior to this Period
|
Page 19 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Modified Data Elements
CURRENT PERIOD SUMMARY | # of Modifications | % of Modifications | Original Principal Balance | % of Original Principal Balance | Current Scheduled Balance | % of Current Scheduled Balance |
No Modifications to report this Period* | ||||||
Total |
CUMULATIVE SUMMARY | # of Modifications | % of Modifications | Original Principal Balance | % of Original Principal Balance | Current Scheduled Balance | % of Current Scheduled Balance |
No Modifications to report* | ||||||
Total |
Current Modified Data Elements Detail | |||||||||||||||
Loan Number | Modification Approved Date | Modification Effective Date | Original Principal Balance | Current Scheduled Balance | Interest Rate Change | Principal Balance Change | Maturity Date Change | Scheduled P&I Change | Balloon Date Change | Balloon Amt Change | ARM to Fixed Change | Fixed To ARM Change | IO To Fully Amortizing Change | Fully Amortizing To IO Change | Streamlined Modification |
No Modifications this Period* |
For Additional Footnote information, please see bottom of the Historical Modified Data Elements Detail Section.
Page 20 |
Historical Modified Data Elements Detail | |||||||||||||||
Loan Number | Modification Approved Date | Modification Effective Date | Original Principal Balance | Current Scheduled Balance | Interest Rate Change | Principal Balance Change | Maturity Date Change | Scheduled P&I Change | Balloon Date Change | Balloon Amt Change | ARM to Fixed Change | Fixed To ARM Change | IO To Fully Amortizing Change | Fully Amortizing To IO Change | Streamlined Modification |
No Modifications this Period*
|
* Loans that are listed in the Modification Detail Section, and are not listed in the Modified Data Elements Section may have been reported prior to November 2008 or incurred one or more ARM Parameter changes.
Page 21 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Future Modifications
Future Modification Summary | |||
Groups | Loan Count | Original Principal Balance | Current Scheduled Balance |
Total | 0 | 0.00 | 0.00 |
Future Modification Detail | |||||||||||||
Loan Number | Original Principal Balance | Modification Approved Date/ Modification Effective Date | Previously Modified | No of Months Delinq. | Loan Status | Next Due Date | Interest Rate | Payment Amount | Maturity Date | Balloon Amount | Balloon Date | Current Sched Balance/Modified Beginning Balance | |
No Future Modifications this Period
|
Page 22 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Modifications | ||||||
Beginning | Current | |||||
Loan | Scheduled | Scheduled | Prior | Modified | Prior | Modified |
Number | Balance | Balance | Rate | Rate | Payment | Payment |
No Modifications this Period | ||||||
Page 23 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Substitutions | |||||||
Loans Repurchased | Loans Substituted | ||||||
Current | Current | ||||||
Loan | Scheduled | Current | Current | Loan | Scheduled | Current | Current |
Number | Balance | Rate | Payment | Number | Balance | Rate | Payment |
No Substitutions this Period | |||||||
Repurchases Due to Breaches | ||||
Loan Number | Beginning | Payoff Balance | Current Rate | Current Payment |
No Repurchases Due to Breaches this Period
|
Repurchases Due to Breaches | ||||
Loan Number | Beginning | Payoff Balance | Current Rate | Current Payment |
No Repurchases Due to Other this Period
|
Page 24 |
Sequoia Mortgage Trust
Mortgage Trust Distribution Date: 26-Aug-2013
|
Sequoia Mortgage Trust
Mortgage Trust
| Contact: Customer Service – CTSLink |
20-Aug-2013 11:22:48AM
Supplemental Reporting
Record Date: |
With respect to any Distribution Date, the last Business Day of the month preceding the month of such Distribution Date. |
Closing Date: |
May 23, 2013. |
Accrual Period: |
With respect to any Distribution Date and for each Class of Certificates, the calendar month preceding the month in which the Distribution Date occurs. Interest shall accrue on all Classes of Certificates and on all Lower-Tier Interests on the basis of a 360-day year consisting of twelve 30-day months. |
Business Day: |
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in the States of California, Delaware, Maryland, Minnesota, Missouri or New York, (iii) a day on which banking institutions in the States of California, Delaware, Maryland, Minnesota, Missouri or New York are authorized or obligated by law or executive order to be closed or (iv) a day on which the New York Stock Exchange or the Federal Reserve Bank of New York is closed. |
Determination Date: |
With respect to each Distribution Date, the 16th day of the month in which such Distribution Date occurs, or, if such 16th day is not a Business Day, the next succeeding Business Day; provided, however, that with respect to a Servicer and such Servicer's Advance obligations or the Servicing Administrator and the Servicing Administrator's Advance obligations, the Determination Date is the date set forth in the applicable Servicing Agreement. |
Cut-off Date: |
May 1, 2013. |
Distribution Date: |
The 25th day of each month or, if such 25th day is not a Business Day, the next succeeding Business Day, commencing in June 2013. |
Page 25 |