UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K

 

(Mark One)

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

For the fiscal year ended December 31, 2023

or

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

For the transition period from  to

333-185882-04

(Commission File Number of issuing entity)

0001577310

(Central Index Key Number of issuing entity)

 

Sequoia Mortgage Trust 2013-8

(Exact name of issuing entity as specified in its charter)

333-185882-01

(Commission File Number of depositor)

0001176320

(Central Index Key Number of depositor)

Sequoia Residential Funding, Inc.

(Exact name of depositor as specified in its charter)

0001530239

(Central Index Key Number of sponsor)

RWT Holdings, Inc.

(Exact name of sponsor as specified in its charter)

 

New York

(State or other jurisdiction of incorporation or organization of the issuing entity)

46-3062396

46-3072712

(I.R.S. Employer Identification No.)

|                                                                                 |  |            |
|---------------------------------------------------------------------------------|--|------------|
| c/o Citibank, N.A.

388 Greenwich Street Trading, 4th Floor

New York, New York |  | 10013      |
| (Address of principal executive offices of the issuing entity)                  |  | (Zip Code) |

(212) 816-5693

(Telephone number, including area code)

 

 

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Securities registered pursuant to Section 12(b) of the Act:

 

|                     |                   |                                          |
|---------------------|-------------------|------------------------------------------|
| Title of each class | Trading Symbol(s) | Name of each exchange on whichregistered |
| None                |              |                                     |

Securities registered pursuant to Section 12(g) of the Act:  None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☐  Yes    ☒  No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    ☐  Yes    ☒  No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☐  Yes    ☒  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Not Applicable

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

|                         |        |         |        |        |  |                           |  |         |
|-------------------------|--------|---------|--------|--------|--|---------------------------|--|---------|
| Large accelerated filer |        | ☐ |        |   |  | Accelerated filer         |  | ☐ |
|                    |   |    |   |   |
| Non-accelerated filer   |        | ☒ |        |        |  | Smaller reporting company |  | ☐ |
|                    |   |    |   |   |
| Emerging growth company |        | ☐ |        |   |  |                      |  |    |

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.     

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

 

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐  Yes    ☒  No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter.

Not Applicable

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Not Applicable

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.

Not Applicable

DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

 

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Not applicable

 

 

 

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EXPLANATORY NOTES

 

 

1.  Effective April 15, 2022, CitiMortgage, Inc. resigned as master servicer under the SEMT 20103-8 PSA and the Trustee appointed Nationstar Mortgage LLC. dba Mr. Cooper Master Servicing as the successor master servicer under the SEMT 2013-8 PSA, as disclosed in the Current Report on Form 8-K filed by the registrant on April 20, 2022 under Commission File No. 333-185882-04.

 

2.  Effective May 2, 2022, Wells Fargo Bank, N.A. transferred the duties, rights and liabilities of the custodian under the SEMT 2013-8 PSA to Computershare Trust Company, National Association as successor custodian under the SEMT 2013-8 PSA, as disclosed in the Current Report on Form 8-K filed by the registrant on May 5, 2022 under Commission File No. 333-185882-04.

 

3. On Monday, May 1, 2023, First Republic Bank was closed by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (the “FDIC”) was appointed Receiver. No advance notice is given to the public when a financial institution is closed. It is the depositor’s and sponsor’s understanding that JPMorgan Chase Bank, N.A. acquired all deposit accounts and substantially all the assets of First Republic Bank.  In connection with such resolution of First Republic Bank, effective May 1, 2023, it is the depositor’s and sponsor’s understanding that the FDIC transferred the duties, rights and liabilities of First Republic Bank as a servicer of SEMT 2013-8 to JPMorgan Chase Bank, N.A. as successor servicer. Due to the circumstances relating to this servicing transfer, no Current Report on Form 8-K has yet been filed by the registrant with the Commission relating thereto as these circumstances were not anticipated as part of the ordinary course process for preparing and submitting such a filing.  However, the depositor and sponsor are seeking to collect the appropriate information from JP Morgan Chase Bank, N.A., as successor servicer, and the FDIC, as receiver for First Republic Bank, in order to make such filing as soon as practicable.  In addition, the depositor and sponsor are updating their procedures in order to identify and correct reporting processes relating to insolvent service providers going forward.

 

4. In connection with the resolution and receivership of First Republic Bank by the FDIC, JPMorgan Chase Bank, N.A. assumed only the servicing obligations with respect to SEMT 2013-8 from and after May 1, 2023.  The depositor's and sponsor's understanding is that JPMorgan Chase Bank, N.A. has no obligations with respect to servicing prior to such date, including without limitation any obligation to provide attestations or reports with respect to First Republic Bank’s servicing activities relating to SEMT 2013-8 during such prior period.  In addition, it is the depositor's and sponsor's understanding that virtually all assets of First Republic Bank have been transferred to JPMorgan Chase Bank, N.A. as of May 1, 2023, including without limitation many or most of the former personnel of First Republic Bank. Consequently, it is the depositor’s and sponsor's current understanding that the receivership of First Republic Bank is not providing any of the reports required to be filed hereunder with respect to First Republic Bank for the period beginning January 1, 2023 and ending April 30, 2023.  None of the depositor or sponsor have any affiliation with First Republic Bank, the FDIC or JPMorgan Chase Bank, N.A.; and the depositor's and sponsor's third-party efforts to obtain such reports relating to First Republic Bank for that four-month period from the receivership have not been successful.

 

PART I

Item 1. Business.

Omitted.

Item 1A. Risk Factors.

Omitted.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Omitted.

Item 2. Properties.

Omitted.

Item 3. Legal Proceedings.

4

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Omitted.

Item 4. Mine Safety Disclosures.

Omitted.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Omitted.

Item 6. [Reserved]

Omitted.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Omitted.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Omitted.

Item 8. Financial Statements and Supplementary Data.

Omitted.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

Omitted.

Item 9A. Controls and Procedures.

Omitted.

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Omitted.

Item 11. Executive Compensation.

Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Omitted.

5

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Item 13. Certain Relationships and Related Transactions, and Director Independence.

Omitted.

Item 14. Principal Accountant Fees and Services.

Omitted.

ADDITIONAL DISCLOSURE ITEMS REQUIRED BY GENERAL INSTRUCTION J(2)

Item 1112(b) of Regulation AB, Significant Obligor Financial Information.

No single obligor represents 10% or more of the pool assets held by the issuing entity.

Item 1114(b)(2) of Regulation AB, Significant Enhancement Provider Financial Information.

No entity or group of affiliated entities provides any external credit enhancement or other support for the certificates within this transaction as described under Item 1114(a) of Regulation AB.

Item 1115(b) of Regulation AB, Certain Derivatives Instruments (Financial Information).

No entity or group of affiliated entities provides any derivative instruments or other support for the certificates within this transaction as described under Item 1115 of Regulation AB.

 

Item 1117 of Regulation AB, Legal Proceedings.

There is no significant update regarding the litigation matters described in Redwood’s Form 10-K for the year ended December 31, 2023 under the heading “Item 1117 of Regulation AB, Legal Proceedings.”

Item 1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.

The seller and servicing administrator, the sponsor and the depositor are each either directly or indirectly wholly-owned subsidiaries of Redwood Trust, Inc. There is not currently, and there was not during the past two years, any material business relationship, agreement, arrangement, transaction or understanding that is or was entered into outside the ordinary course of business or is or was on terms other than would be obtained in an arm’s length transaction with an unrelated third party, between (a) any of the seller, the sponsor, the depositor and the issuing entity on the one hand and (b) any of the trustee, any servicer, the custodian, the master servicer, the securities administrator or either originator of the mortgage loans on the other hand.

Item 1122 of Regulation AB, Compliance with Applicable Servicing Criteria.

The reports on assessment of compliance with the servicing criteria for asset-backed securities and the related attestation reports on such assessments of compliance are attached hereto under Item 15.

The registrant has prepared the Table below in connection with this transaction. The Table shows, in one compiled format, which entity participating in a servicing function for this transaction was assigned responsibility for each criterion in Item 1122(d). In the Table below, certain criteria are not applicable, given the structure of the offering, and accordingly no entity is assigned responsibility for such criteria.

Wilmington Trust, National Association (“Wilmington”), the trustee, does not participate in any servicing function for the transaction that is the subject of this 10-K filing. Therefore, there is no reference to Wilmington in the chart below; nor does this 10-K filing include any assessment or auditor report from Wilmington. Finally, any discrepancies between the chart below and the assessment of compliance exhibit provided by any party listed in the chart is explained by the fact that the chart is specific to the transaction that is the subject of this 10-K filing, whereas each party’s respective assessment of compliance is issued on a platform basis and includes coverage of other additional transactions that are not the subject of this 10-K filing.

6

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SEQUOIA RESIDENTIAL FUNDING, INC.

SEMT 2013-8

Regulation AB 1122(d)

|                                  |        |                                                                                                                                                                                                                                                                   |        |                               |        |                                                          |        |                                                                                |        |                        |        |                                                                    |        |                      |
|----------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|--------|----------------------------------------------------------|--------|--------------------------------------------------------------------------------|--------|------------------------|--------|--------------------------------------------------------------------|--------|----------------------|
| Regulation AB

Reference         |        | Servicing Criteria                                                                                                                                                                                                                                                |   | Nationstar, as MasterServicer |   | Citibank, N.A.,as SecuritiesAdministratorand PayingAgent |   | First RepublicBank (or JPMorgan Chase Bank, N.A. as its successor), asServicer |   | Cenlar,FSB, asServicer |   | RedwoodResidentialAcquisitionCorporation,as ServicingAdministrator |   | CTCNA, as

Custodian |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| General Servicing Considerations |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(1)(i)                    |        | Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.                                                                                                          |        | X                             |        | X                                                        |        | X                                                                              |        | X                      |        |                                                               |        |                 |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(1)(ii)                   |        | If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.                                                       |        | X                             |        |                                                     |        | X                                                                              |        | X                      |        |                                                               |        |                 |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(1)(iii)                  |        | Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.                                                                                                                                                 |        | N/A                           |        | N/A                                                      |        | N/A                                                                            |        | N/A                    |        | N/A                                                                |        | N/A                  |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(1)(iv)                   |        | A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. |        | X                             |        |                                                     |        | X                                                                              |        | X                      |        |                                                               |        |                 |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(1)(v)                    |        | Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.                                                                                                                           |        |                          |        | X                                                        |        | X                                                                              |        | X                      |        |                                                               |        |                 |
|                             |
| General Servicing Considerations |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |
| 1122(d)(2)(i)                    |        | Payments on pool assets are deposited into the appropriate bank collection accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.                    |        | X                             |        | X                                                        |        | X                                                                              |        | X                      |        |                                                               |        |                 |
|                             |   |                                                                                                                                                                                                                                                              |   |                          |   |                                                     |   |

7

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|                 |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |        |        |        |        |   |  |        |  |        |  |        |
|-----------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---|--|--------|--|--------|--|--------|
| 1122(d)(2)(ii)  |        | Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |        | X      |        | X      |        | X |  | X      |  |   |  |   |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| 1122(d)(2)(iii) |        | Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                       |        | X      |        |   |        | X |  | X      |  | X      |  |   |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| 1122(d)(2)(iv)  |        | The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                          |        |   |        | X      |        | X |  | X      |  |   |  |   |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| 1122(d)(2)(v)   |        | Each collection account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.                                                                                                                                                                                                                                  |        | X      |        | X      |        | X |  | X      |  |   |  |   |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| 1122(d)(2)(vi)  |        | Unissued checks are safeguarded so as to prevent unauthorized access.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |        | X      |        |   |        | X |  |   |  |   |  |   |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   |   |   |   |
| 1122(d)(2)(vii) |        | Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including collection accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, |        | X      |        |   |        | X |  | X      |  |   |  |   |

8

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|                                    |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |        |        |        |        |        |                                  |        |                                  |        |        |        |        |
|------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|----------------------------------|--------|----------------------------------|--------|--------|--------|--------|
|                               |   | or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   |   |   |   |                             |   |                             |   |   |   |   |
|                               |
| Investor Remittances and Reporting |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(3)(i)                      |        | Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and

(D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer. |        | X      |        |   |        | X

(Except NOT 1122(d)(3)(i)(C)) |        | X

(Except NOT 1122(d)(3)(i)(C)) |        |   |        |   |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(3)(ii)                     |        | Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |        |   |        | X      |        | X                                |        | X                                |        |   |        |   |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(3)(iii)                    |        | Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        | X      |        |   |        | X                                |        | X                                |        |   |        |   |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(3)(iv)                     |        | Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |        | X      |        |   |        | X                                |        | X                                |        |   |        |   |
|                               |
| Pool Asset Administration          |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(4)(i)                      |        | Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |        |   |        |   |        | X                                |        | X*                               |        |   |        | X      |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |
| 1122(d)(4)(ii)                     |        | Pool assets and related documents are safeguarded as required by the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |        |   |        |   |        | X                                |        | X*                               |        |   |        | X      |
|                               |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |   |   |

9

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|                  |        |                                                                                                                                                                                                                                                                                                                                                                                                                     |        |        |        |        |        |   |  |   |  |        |  |        |
|------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|---|--|---|--|--------|--|--------|
| 1122(d)(4)(iii)  |        | Any additions, removals or substitutions to the asset pool are made, reviewed & approved in accordance with any conditions or requirements in the transaction agreements.                                                                                                                                                                                                                                       |        |   |        |   |        | X |  | X |  |   |  |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| 1122(d)(4)(iv)   |        | Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. |        |   |        |   |        | X |  | X |  |   |  |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| 1122(d)(4)(v)    |        | The Servicer’s records regarding the pool assets agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                      |        |   |        |   |        | X |  | X |  |   |  |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| 1122(d)(4)(vi)   |        | Changes with respect to the terms or status of an obligor’s pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.                                                                                                                                                      |        |   |        |   |        | X |  | X |  |   |  |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| 1122(d)(4)(vii)  |        | Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.                                                                                                              |        |   |        |   |        | X |  | X |  |   |  |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                |   |   |   |   |   |
| 1122(d)(4)(viii) |        | Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example,                                   |        |   |        |   |        | X |  | X |  |   |  |   |

10

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|                  |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |        |        |        |        |        |        |        |        |        |        |        |        |
|------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|             |   | phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| 1122(d)(4)(ix)   |        | Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                 |        |   |        |   |        | X      |        | X      |        |   |        |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| 1122(d)(4)(x)    |        | Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. |        |   |        |   |        | X      |        | X      |        |   |        |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| 1122(d)(4)(xi)   |        | Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days

prior to these dates, or such other number of days specified in the transaction agreements.                                                                                                                                                                                             |        |   |        |   |        | X      |        | X      |        |   |        |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| 1122(d)(4)(xii)  |        | Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                            |        |   |        |   |        | X      |        | X      |        |   |        |   |
|             |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |   |   |   |   |
| 1122(d)(4)(xiii) |        | Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                             |        |   |        |   |        | X      |        | X      |        |   |        |   |

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|                 |        |                                                                                                                                                                               |        |        |        |        |        |     |  |     |  |        |  |        |
|-----------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|-----|--|-----|--|--------|--|--------|
|            |   |                                                                                                                                                                          |   |   |   |   |   |
| 1122(d)(4)(xiv) |        | Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.                                              |        | X      |        |   |        | X   |  | X   |  |   |  |   |
|            |   |                                                                                                                                                                          |   |   |   |   |   |
| 1122(d)(4)(xv)  |        | Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. |        | N/A    |        | N/A    |        | N/A |  | N/A |  | N/A    |  | N/A    |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | The Revised PSA indicates by “X” that Cenlar FSB performs Reg AB Items 1122(d)(4)(i-ii). However, Cenlar FSB’s management assessment report and report of the independent accountants state that Reg AB Items 1122(d)(4)(i-ii) are not performed by Cenlar. In this SEMT 2013-8 transaction, the Reg AB Items 1122(d)(4)(i-ii) servicing criteria functions, as to Cenlar FSB, are instead performed by CTCNA, as custodian. |

 

JP Morgan Chase Bank, N.A.

 

The report on assessment of compliance with applicable servicing criteria furnished pursuant to Item 1122 of Regulation AB by JP Morgan Chase Bank, N.A. (the “Company”) relating to the First Republic Bank  servicing platform that it had acquired from the FDIC as receiver (the “FRB Transferred Servicing”) discloses some material instances of noncompliance occurred, as described below:

 

Material Instances of Noncompliance by the Company

 

Management’s assessment of compliance with the Applicable Servicing Criteria set forth by the Securities and Exchange Commission in paragraph (d) of Item 1122 of Regulation AB for the Period1 (as defined below), disclosed that material instances of noncompliance occurred with respect to the servicing criterion set forth in Items 1122(d)(2)(v), 1122(d)(4)(vi), and 1122(d)(4)(x)(b) as follows:

 

1122(d)(2)(v): Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of §240.13k-1(b)(1) of this chapter.

 

Custodial accounts for certain transactions were not maintained at an institution meeting the minimum rating agency requirements set forth in applicable agreements.

 

1122(d)(4)(vi): Changes with respect to the terms or status of an obligor's pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.

 

An instance was identified where a title transfer occurred without obtaining approval as required by the applicable transaction agreement.

 

1122(d)(4)(x)(b): Regarding any funds held in trust for an obligor (such as escrow accounts): Interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws.

 

Certain instances were identified where interest on funds held in trust for an obligor was not paid or credited in accordance with state laws.

 

Management’s Discussion of the Material Instances of Noncompliance2

 

1.1122(d)(2)(v) – Maintenance of Custodial Accounts:

 

a) 	General. The transaction agreements for the FRB Transferred Servicing transactions require the institutions maintaining custodial accounts for each transaction to satisfy certain eligibility criteria.  Generally, such eligibility criteria can be satisfied if the institution holding the account either (i) possesses requisite long and/or short-term credit ratings from the specified rating agency(ies) (collectively, the “Requisite Ratings”), or (ii) satisfies one of the other alternative means of establishing account eligibility (collectively, “Alternative Means”).  With respect to certain custodial accounts maintained by the Company during the Period, Management has determined that such custodial accounts were not maintained “as set forth in the transaction agreements” because (i) the Company’s long and/or short-term issuer ratings during the Period were lower than

12

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the related Requisite Ratings thresholds for such transactions, and (ii) there was no Alternative Means during the Period to satisfy account eligibility requirements for such transactions.

 

b) 	Background.  Management disclosed account eligibility noncompliance as a material instance of noncompliance in its Management’s Report on Assessment of Compliance with Applicable Servicing Criteria for the Period.

 

c) 	Current Scope.  As of the end of the Period, Management has determined that some of the Company’s FRB Transferred Servicing transactions listed on Appendix B to the Company's 2023 Management’s Report on Assessment of Compliance with Applicable Servicing Criteria have account eligibility noncompliance.  While the scope of account eligibility noncompliance may be quantitatively material for the Company’s FRB Transferred Servicing platform, Management believes that the account eligibility noncompliance does not have a material impact on either (i) the Company’s ability to service the transactions in accordance with the transaction agreements, or (ii) the securities issued in connection with the related transactions or the investors holding such securities.

 

d) 	Remediation.  With the acquisition of the FRB Transferred Servicing platform from First Republic Bank on May 1, 2023, the Company has taken responsibility for remediating servicing transactions with account eligibility noncompliance since it is now performing the activities related to Item 1122(d)(2)(v). The Company intends to address the account eligibility noncompliance as part of its ongoing transition of the servicing business and may either move the affected accounts to banking institutions with Requisite Ratings or pursue an alternative resolution mutually acceptable to the parties.

 

2.1122(d)(4)(vi) – Transfer of Title:

 

a) 	General. The transaction agreements for the Company’s FRB Transferred Servicing platform transactions require certain approvals before changes made be made to the underlying mortgages, including without limitation transfers of title.

 

b) 	Background.  Management disclosed noncompliance with obtaining the requisite approval relating to a transfer of title as a material instance of noncompliance on its Management’s Report on Assessment of Compliance with Applicable Servicing Criteria for the Period.

 

c) 	Current Scope.  As of the end of the Period, Management has determined that only one such instance of noncompliance has occurred.  While the scope of account eligibility noncompliance may quantitatively material for the Company’s FRB Transferred Servicing platform, Management believes that such noncompliance does not have a material impact on either (i) the Company’s ability to service the transactions in accordance with the transaction agreements, or (ii) the securities issued in connection with the related transactions or the investors holding such securities.

 

d) 	Remediation.  With the acquisition of the FRB Transferred Servicing platform from First Republic Bank on May 1, 2023, the Company has taken responsibility for remediating servicing transactions with noncompliance since it is now performing the activities related to Item 1122(d)(4)(vi). The Company intends to address the noncompliance as part of its ongoing transition of the servicing business to the Company’s existing servicing platform.

 

3. 1122(d)(4)(x)(b) – Interest on Escrow Funds:

 

a) 	General. The transaction agreements for the Company’s FRB Transferred Servicing platform transactions require the institutions maintaining escrow accounts for each transaction to comply with applicable federal and state law.

 

b) 	Background.  Management disclosed escrow account noncompliance as a material instance of noncompliance on its Management’s Report on Assessment of Compliance with Applicable Servicing Criteria for the Period.

 

c) 	Current Scope.  As of the end of the Period, Management has determined that some of the Company’s FRB Transferred Servicing transactions listed on Appendix B to the Company's 2023 Management’s Report on Assessment of Compliance with Applicable Servicing Criteria have escrow account noncompliance.  While the scope of escrow account noncompliance is quantitatively material for the Company’s FRB Transferred Servicing platform, Management believes that the escrow account noncompliance does not have a material impact on either (i) the Company’s ability to service the transactions in accordance with the transaction agreements, or (ii) the securities issued in connection with the related transactions or the investors holding such securities.

 

d) 	Remediation.  With the acquisition of the FRB Transferred Servicing platform from First Republic Bank on May 1, 2023, the Company has taken responsibility for remediating servicing transactions with escrow account noncompliance since it is now performing the activities related to Item 1122(d)(4)(x)(b). An analysis and correction plan is underway and the

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Company intends to address the escrow account noncompliance as part of its ongoing transition of the servicing business to the Company’s existing servicing platform.

______________________

 

1Due to the transfer by the FDIC of First Republic Bank’s assets, including servicing, to JP Morgan Chase Bank, N.A. on May 1, 2023, and for purposes of its servicing activities related to Item 1122(d)(2)(v) of Regulation AB, JP Morgan Chase Bank, N.A.’s reporting period for its FRB Transferred Servicing platform was from May 1, 2023 through and including December 31, 2023 (the “Period”).

 

2Management’s Discussion of the Material Instances of Noncompliance is not subject to PricewaterhouseCoopers LLP’s attestation.

The identified instance relating to Item 1122(d)(4)(vi) did not involve the servicing of the assets backing the asset-backed securities covered in this Form 10-K.

 

The identified instance relating to Item 1122(d)(4)(x)(b) did involve the servicing of the assets backing the asset‐backed securities covered in this Form 10-K.

 

An analysis is currently underway to determine whether the identified instance relating to Item 1122(d)(2)(v) involves the servicing of the assets backing the asset‐backed securities covered in this Form 10-K but it is likely that it does.

Item 1123 of Regulation AB, Servicer Compliance Statement.

The servicer compliance statements are attached hereto under Item 15.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

|                 |                                                                                                                                                                                                                                                                                                                                                                                                                        |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ExhibitNumber   | Description                                                                                                                                                                                                                                                                                                                                                                                                            |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   (4) | Pooling and Servicing Agreement, dated as of June 1, 2013, by and among Sequoia Residential Funding, Inc., as depositor, CitiMortgage, Inc., as master servicer, Citibank, N.A., as securities administrator and Wilmington Trust, National Association, as trustee (incorporated by reference to Form 8-K filed on June 14, 2013, Exhibit 4.1) (SEC File Number 333-185882-04) (See Explanatory Notes #1 and #2) |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (31)            | Rule 13a-14(d)/15d-14(d) Certification                                                                                                                                                                                                                                                                                                                                                                                 |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
| (33)            | Reports on assessment of compliance with servicing criteria for asset-backed issuers                                                                                                                                                                                                                                                                                                                                   |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.1 Nationstar Mortgage LLC dba Mr. Cooper Master Servicing, as Master Servicer                                                                                                                                                                                                                                                                                                                                       |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.2 Citibank, N.A., as Securities Administrator and Paying Agent                                                                                                                                                                                                                                                                                                                                                      |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.3a First Republic Bank, as Servicer prior to May 1, 2023 (See Explanatory Notes 3 and 4.)                                                                                                                                                                                                                                                                                                                           |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.3b JPMorgan Chase Bank, N.A., as Servicer on and after May 1, 2023                                                                                                                                                                                                                                                                                                                                                  |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.4 Cenlar, FSB, as Servicer                                                                                                                                                                                                                                                                                                                                                                                          |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.4a CoreLogic Tax Services, LLC (“CoreLogic”), as Sub-Contractor for Cenlar FSB, as to Item 1122(d)(4)(xi)                                                                                                                                                                                                                                                                                             |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|            | 33.4b American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc. (collectively, “Assurant”), as Sub-Contractor for Cenlar FSB, as to Item 1122(d)(4)(xi)                                                                                                                                                                                              |
|            |                                                                                                                                                                                                                                                                                                                                                                                                                   |

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|        |                                                                                                                                                                                                                           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 33.5 Redwood Residential Acquisition Corporation, as Servicing Administrator                                                                                                                                              |
|   |                                                                                                                                                                                                                      |
|   | 33.6 Computershare Trust Company, N.A.., as Custodian                                                                                                                                                                     |
|   |                                                                                                                                                                                                                      |
| (34)   | Attestation reports on assessment of compliance with servicing criteria for asset-backed securities                                                                                                                       |
|   |                                                                                                                                                                                                                      |
|   | 34.1  Nationstar Mortgage LLC dba Mr. Cooper Master Servicing, as Master Servicer                                                                                                                                         |
|   |                                                                                                                                                                                                                      |
|   | 34.2 Citibank, N.A., as Securities Administrator and Paying Agent                                                                                                                                                         |
|   |                                                                                                                                                                                                                      |
|   | 34.3a First Republic Bank, as Servicer prior to May 1, 2023 (See Explanatory Notes 3 and 4.)                                                                                                                              |
|   |                                                                                                                                                                                                                      |
|   | 34.3b JPMorgan Chase Bank, N.A., as Servicer on and after May 1, 2023                                                                                                                                                     |
|   |                                                                                                                                                                                                                      |
|   | 34.4 Cenlar, FSB, as Servicer                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                      |
|   | 34.4a CoreLogic Tax Services, LLC (“CoreLogic”), as Sub-Contractor for Cenlar FSB, as to Item 1122(d)(4)(xi)                                                                                                |
|   |                                                                                                                                                                                                                      |
|   | 34.4b American Security Insurance Company, Standard Guaranty Insurance Company and TrackSure Insurance Agency, Inc. (collectively, “Assurant”), as Sub-Contractor for Cenlar FSB, as to Item 1122(d)(4)(xi) |
|   |                                                                                                                                                                                                                      |
|   | 34.5 Redwood Residential Acquisition Corporation, as Servicing Administrator                                                                                                                                              |
|   |                                                                                                                                                                                                                      |
|   | 34.6 Computershare Trust Company, N.A., as Custodian                                                                                                                                                                      |
|   |                                                                                                                                                                                                                      |
| (35)   | Servicer Compliance Statement                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                      |
|   | 35.1 Nationstar Mortgage LLC dba Mr. Cooper Master Servicing, as Master Servicer                                                                                                                                          |
|   |                                                                                                                                                                                                                      |
|   | 35.2 Citibank, N.A., as Securities Administrator and Paying Agent                                                                                                                                                         |
|   |                                                                                                                                                                                                                      |
|   | 35.3 Cenlar, FSB, as Servicer                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                      |
|   | 35.4 Redwood Residential Acquisition Corporation, as Servicing Administrator                                                                                                                                              |

Item 16. Form 10-K Summary.

Omitted.

 

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

|                                                               |
|---------------------------------------------------------------|
|                                                          |
| Sequoia Residential Funding, Inc.

(Depositor)                |
|                                                          |
| /s/ Jeremy P. Strom                                           |
| President                                                     |
| (senior officer in charge of securitization of the depositor) |

Date: April 1, 2024

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