Contract

by Sequoia Mortgage Funding Corp
February 18th, 1998

   1

                                                                  EXHIBIT 10.1

Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Jan-1998 7485 New Horizon Way Distribution Date: 04-Feb-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Certificateholder Distribution Summary
========= ============ ============== ========== ============== ============= ============= =========== ============== Certificate Certificate Beginning Current Ending Class Pass-Through Certificate Interest Principal Realized Certificate Class CUSIP Description Rate Balance Distribution Distribution Loss Balance ========= ============ ============== ========== ============== ============= ============= =========== ============== A-1 817435AA8 SEQ 6.09875% 260,532,113.36 1,324,100.19 12,676,539.48 0.00 247,855,573.88 A-2 817435AB6 SEQ 6.11710% 155,845,342.33 794,434.62 7,582,864.20 0.00 148,262,478.13 OC SMTINVCRT R 0.00000% 8,702,428.65 653,234.04 0.00 0.00 8,702,428.65 ========= ============ ============== ========== ============== ============= ============= =========== ============== Totals 425,079,884.34 2,771,768.85 20,259,403.68 0.00 404,820,480.66 ========= ============ ============== ========== ============== ============= ============= =========== ============== =========== ============= ============= Cumulative Total Realized Class Distribution Losses =========== ============= ============= A-1 14,000,639.67 0.00 A-2 8,377,298.82 0.00 OC 653,234.04 0.00 =========== ============= ============= =========== ============= ============= Totals 23,031,172.53 0.00 =========== ============= =============
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee Edward M. Frere, Jr. Vice President, Norwest Bank Minnesota, N.A. 02-Feb-1998 10:48AM 2 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Statement Senior Certificates
=========== ============== =============== ============ ============= ========== ============ ============== Beginning Scheduled Unscheduled Original Certificate Principal Principal Realized Total Principal Class Face Amount Balance Distribution Distribution Accretion Loss(1) Reduction =========== ============== =============== ============ ============= ========== ============ ============== A-1 334,347,000.00 260,532,113.36 0.00 12,676,539.48 0.00 0.00 12,676,539.48 A-2 200,000,000.00 155,845,342.33 0.00 7,582,864.20 0.00 0.00 7,582,864.20 OC 8,703,415.20 8,702,428.65 0.00 0.00 0.00 0.00 0.00 =========== ============== =============== =========== ============= ========= =========== ============= Class A 543,050,415.20 425,079,884.34 0.00 20,259,403.68 0.00 0.00 20,259,403.68 =========== ============== =============== =========== ============= ========= =========== ============= ========================== ============ ============== Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution ========================== ============ ============== A-1 247,855,573.88 0.74131239 12,676,539.48 A-2 148,262,478.13 0.74131239 7,582,864.20 OC 8,702,428.65 0.99988665 0.00 ===========--------------- ------------ ------------- Class A 404,820,480.66 0.74545653 20,259,403.68 ========================== ============ =============
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 3 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Principal Distribution Factors Statement Senior Certificate Factors
=========== ============== =============== ============= ============ ============= ============ ============= ============== Beginning Scheduled Unscheduled Ending Original Certificate Principal Principal Realized Total Principal Certificate Class(3) Face Amount Balance Distribution Distribution Accretion Loss(4) Reduction Balance =========== ============== =============== ============= ============ ============= ============ ============= ============== A-1 334,347,000.00 779.22671165 0.00000000 37.91432099 0.00000000 0.00000000 37.91432099 741.31239066 A-2 200,000,000.00 779.22671165 0.00000000 37.91432100 0.00000000 0.00000000 37.91432100 741.31239065 OC 8,703,415.20 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 999.88664794 =========== ============== ============== =========== ============ ============ =========== ============ ============= =========== =========== ============= Ending Certificate Total Principal Class(3) Percentage Distribution =========== =========== ============= A-1 0.74131239 37.91432099 A-2 0.74131239 37.91432100 OC 0.99988665 0.00000000 =========== =========== =============
(3) All Classes Are Per $1,000 Denomination. (4) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 4 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Statement Senior Certificates
=============== ============== =============== ================= ============= ============= ============ ========== ======== Payment of Beginning Previously Non- Current Certificate/ Current Unpaid Current Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class Amount Rate Balance Interest Shortfall Shortfall Shortfall Loss(7) =============== ============== =============== ================= ============= ============= ============ ========== ======== A-1 334,347,000.00 6.09875% 260,532,113.36 1,324,100.19 0.00 0.00 0.00 0.00 A-2 200,000,000.00 6.11710% 155,845,342.33 794,434.62 0.00 0.00 0.00 0.00 OC 8,703,415.20 0.00000% 8,702,428.65 0.00 0.00 0.00 0.00 0.00 =============== ============== ========== =============== ============ ========== ======= ======= ====== Total Class A Interest Distribution 2,118,534.81 0.00 0.00 0.00 0.00 =============== ============== ========== =============== ============ ========== ======= ======= ====== =================================== ============ ========= ============== Remaining Cumulative Ending Unpaid Certificate/ Total Interest Interest Notional Class Distribution Shortfall Balance =================================== ============ ========= ============== A-1 1,324,100.19 0.00 247,855,573.88 A-2 794,434.62 0.00 148,262,478.13 OC 653,234.04 0.00 8,702,428.65 =================================== =========== ======= ============= Total Class A Interest Distribution 2,771,768.85 0.00 =================================== =========== ======= =============
(7) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 5 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
Interest Distribution Factors Statement Senior Certificates Factors
========= =============== ======= ============ ========== ========== ========== ========== ========== Payment of Beginning Previously Non- Current Certificate/ Current Unpaid Current Supported Original Face Certificate Notional Accrued Interest Interest Interest Realized Class(9) Amount Rate Balance Interest Shortfall Shortfall Shortfall Losses(10) ========= ============== ======= ============ ========== ========== ========== ========== ========== A-1 334,347,000.00 6.09875% 779.22671165 3.96025743 0.00000000 0.00000000 0.00000000 0.00000000 A-2 200,000,000.00 6.11710% 779.22671165 3.97217310 0.00000000 0.00000000 0.00000000 0.00000000 OC 8,703,415.20 0.00000% 999.88664794 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 ========= ============== ======= ============ ========== ========== ========== ========== ========== ========= =========== ========= ============ Remaining Cumulative Ending Total Unpaid Certificate/ Interest Interest Notional Class(9) Distribution Shortfall Balance ========= =========== ========= ============ A-1 3.96025743 0.0000000 741.31239066 A-2 3.97217310 0.0000000 741.31239065 OC 75.05490948 0.0000000 999.88664794 ========= =========== ========= ============
(9) All Classes Are $1,000 Denomination. (10) Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud Losses Unless Otherwise Disclosed. Please Refer To The Prospectus Supplement For A Full Description. 6 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Jan-1998 7485 New Horizon Way Distribution Date: 04-Feb-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
============================================================================= CERTIFICATE ACCOUNT Beginning Balance 0.00 Deposits Payments of Interest and Principal 23,189,980.75 Liquidations, Insurance Proceeds, Reserve Funds 0.00 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 0.00 Realized Losses 0.00 ------------- Total Deposits 23,189,980.75 Withdrawals Reimbursement for Servicer Advances 0.00 Payment of Service Fee 134,608.63 Payment of Interest and Principal 23,055,372.12 ------------- Total Withdrawals (Pool Distribution Amount) 23,189,980.75 Ending Balance 0.00 ============= =============================================================================
=================================================================================== SERVICER ADVANCES Beginning Balance 0.00 Current Period Advances by Servicer 0.00 Reimbursement of Advances 0.00 Ending Cumulative Advances 0.00 ===================================================================================
=================================================================================== PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 ---- Non-Supported Prepayment/Curtailment Interest Shortfall 0.00 ==== ===================================================================================
=================================================================================== SERVICING FEES Gross Servicing Fee 134,608.63 Pool Insurance Fee 23,199.60 Spread 1 Fee 1,000.00 Supported Prepayment/Curtailment Interest Shortfall 0.00 ---------- Net Servicing Fee 134,608.63 ========== ===================================================================================
7 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
===================================================================================== DELINQUENCY STATUS Percentage Delinquent Based On Current Unpaid Number Of Principal Number Unpaid Loans Balance of Loans Balance 30 Days 42 10,097,324.78 2.47% 2.49% 60 Days 5 1,323,158.03 0.29% 0.33% 90+ Days 6 1,631,628.58 0.35% 0.40% Foreclosure 1 275,432.16 0.06% 0.07% REO 0 0.00 0.00% 0.00% Totals 54 13,327,543.55 3.18% 3.29% Current Period Realized Loss - Includes Interest Shortfall 0.00 Cumulative Realized Losses - Includes Interest Shortfall 0.00 Principal Balance of Contaminated Properties 0.00 =====================================================================================
8 Sequoia Mortgage Trust SMT Contact: Customer Service Mortgage Pass-Through Certificates Series 1997-1 NorWest Bank Minnesota, N.A. Certificateholder Distribution Summary Securities Administration Services Record Date: 31-Dec-1997 7485 New Horizon Way Distribution Date: 04-Jan-1998 Frederick, MD 21703 Telephone: (301) 846-8130 Facsimile: (301) 846-8152
============================================================================ COLLATERAL STATEMENT Collateral Description Mixed Fixed Weighted Average Gross Coupon 8.305447% Weighted Average Net Coupon 7.933123% Weighted Average Maturity (Stepdown Calculation) 315 Months Beginning Scheduled Collateral Loan Count 1,781 Number of Loans Paid in Full 82 Ending Scheduled Collateral Loan Count 1,699 Beginning Scheduled Collateral Balance 425,079,884.34 Ending Scheduled Collateral Balance 404,820,480.66 Monthly P&I Constant 3,332,570.49 ============================================================================