EXHIBIT 10.1

The Bank of New York
Corporate Trust and Agency Services
5 Penn Plaza, 16th Floor
New York, NY 10001
Patricia O’Neil Manella
(212) 328-7574

Distribution Date: May 31, 2002

SEQUOIA MORTGAGE FUNDING CORPORATION
Collateralized MBS Funding Bonds, Series 2002-A

Certificate Monthly Distribution Summary

                                                              Beginning   Pass  
Monthly Interest   Additional   Interest Class   CUSIP   Cert Balance   Through
  Amt   Interest   Shortfall

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A-1
  81743UAA3     64,761,000.00       2.442500 %     131,815.62       0.00      
509.52  
A-2
  81743UAB1     15,861,000.00       2.592500 %     34,266.37       0.00      
0.00  
 
           

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Total
            80,622,000.00               166,081.99       0.00       509.52  
 
           

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[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Interest   Principal   Total  
Realized   Ending Cert Class   Distribution   Distribution   Distribution  
Losses   Balance

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A-1
    131,815.62       1,538,502.63       1,670,318.25       0.00      
63,222,497.37  
A-2
    34,266.37       197,415.75       231,682.12       0.00       15,663,584.25  
 
   

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Total
    166,081.99       1,735,918.38       1,902,000.36       0.00      
78,886,081.62  
 
   

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Current Payment Information

Factors per $1.000

                                                                      Original
Cert   Beginning   Interest   Principal   Ending   Current Pass Class   CUSIP  
Balance   Factor   Factor   Factor   Factor   Through

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A-1
  81743UAA3     64,761,000.00       1,000.000000000       2.035416667      
23.756622477       976.243377523       2.442500 %
A-2
  81743UAB1     15,861,000.00       1,000.000000000       2.160416667      
12.446614169       987.553385831       2.592500 %
 
           

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Total
            80,622,000.00       1,000.000000000       2.060008279      
21.531571725       978.468428275          
 
           

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Underlying Certificates Monthly Distribution — Group I

                                                              Original  
Beginning   Pass   Interest   Principal Series   Class   Balance   Balance  
Through   Distribution   Distribution

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CWMBS 94K
    A1       123,119,000.00       2,895,213.60       5.742877 %     13,855.71  
    164,220.22  
DLJMA 93-Q18
    1A1       51,833,000.00       728,536.22       6.714240 %     4,076.31      
57,609.76  
DLJMA 94-2A
    1A1       85,787,000.00       1,310,409.65       6.997936 %     7,641.80    
  108,217.64  
ONE 00-2
    2A       152,653,000.00       11,087.955.74       6.319208 %     58,389.25  
    200,256.11  
RYMS3 92-B
    1A2       7,712,906.00       6,557,709.13       6.393870 %     34,940.95    
  470,736.64  
SBM7 94-2
    A1       49,384,000.00       1,797,437.56       7.178540 %     10,752.48    
  2,354.43  
SMS 91-K
    A1       110,588,063.00       1,971,937.84       5.769081 %     9,480.22    
  4,378.77  
SMS 91-K
    A3       1,917,885.00       1,216,338.85       6.059081 %     6,141.58      
2,549.76  
EAGLE 98-1
    M1       46,029,000.00       20,952,314.61       2.850000 %     54,737.92  
    0.00  
INMC 94-R
    M2       4,620,000.00       3,750,859.44       6.821361 %     21,321.64    
  224,421.55  
INMC 94-V
    B1       3,618,000.00       2,099,930.38       6.608476 %     11,564.45    
  34,711.31  
INMC 94-X
    B1       2,769,000.00       2,200,943.86       6.765659 %     12,409.03    
  95,136.71  
INMC 95-C
    B1       12,828,797.00       5,297,379.24       7.202264 %     31,794.27    
  70,833.62  
INMC 95-T
    A2       65,695,250.00       3,548,532.48       6.655142 %     19,679.99    
  103,076.11  
 
   

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Total
            718,554.901.00       65,415,498.60               296,785.61      
1,538,502.63  
 
           

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[Additional columns below]

[Continued from above table, first column(s) repeated]

                                      Total   Realized   Interest   Ending
Series   Distribution   Losses   Shortfall   Balance

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CWMBS 94K
    178,075.93       0.00       0.00       2,730,993.38  
DLJMA 93-Q18
    61,686.07       0.00       0.00       670,926.45  
DLJMA 94-2A
    115,859.44       0.00       0.00       1,202,192.02  
ONE 00-2
    258,645.36       0.00       0.00       10,887,699.64  
RYMS3 92-B
    505,677.59       0.00       0.00       6,086,972.49  
SBM7 94-2
    13,106.91       0.00       0.00       1,795,083.13  
SMS 91-K
    13,859.00       0.00       0.00       1,967,559.07  
SMS 91-K
    8,691.34       0.00       0.00       1,213,789.09  
EAGLE 98-1
    54,737.92       0.00       0.00       20,952,314.61  
INMC 94-R
    245,743.19       0.00       249.61       3,526,437.89  
INMC 94-V
    46,275.76       0.00       0.00       2,065,219.07  
INMC 94-X
    107,545.74       0.00       259.91       2,105,807.15  
INMC 95-C
    102,627.89       0.00       0.00       5,226,545.62  
INMC 95-T
    122,756.10       0.00       0.00       3,445,456.37  
 
   

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Total
    1,835,288.24       0.00       509.52       63,876,995.97  
 
   

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Underlying Certificates Monthly Distribution — Group II

                                                      Original   Beginning  
Pass   Interest Series   Class   Balance   Balance   Through   Distribution

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GRCAP 94-HM4
    A1       245,813,000.00       696,525.37       6.613654 %     3,838.82  
INMC 95-E
    B1       4,608,492.00       3,124,056.72       6.609073 %     17,205.93  
PMLT 99-A
    M1       2,914,000.00       2,914,000.00       3.272500 %     7,946.72  
RTC 95-2
    A3       119,696,000.00       9,287,571.88       5.428570 %     42,015.20  
 
   

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Total
            373,031,492,00       16,022,153.96               71,006.66  
 
           

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[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Principal   Total   Realized  
Interest   Ending Series   Distribution   Distribution   Losses   Shortfall  
Balance

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GRCAP 94-HM4
    16,292.62       20,131.44       0.00       0.00       680,232.75  
INMC 95-E
    16,079.84       33,285.77       0.00       0.00       3,107,976.88  
PMLT 99-A
    0.00       7,946.72       0.00       0.00       2,914,000.00  
RTC 95-2
    165,043.28       207,058.48       0.00       0.00       9,122,528.59  
 
   

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Total
    197,415.75       268,422.41       0.00       0.00       15,824,738.22  
 
   

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Underlying Pool Delinquent Information by Group

 

                                                              Loans   Delinquent
30-59 Days   Delinquent 60-89 Days   Delinquent 90+ Days     Outstanding  

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Series   Balance   No.   Balance   No.   Balance   No.   Balance

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CWMBS 94-K
    10,931,902.03       1       160,073.95       3       613,946.04       0    
  0.00  
DLJMA 93-Q18(1)
    4,808,646.36       0       0.00       0       0.00       0       0.00  
DLJMA 94-2A(1)
    1,953,171.48       1       137,576.69       0       0.00       0       0.00
 
ONE 00-2(2)
    605,313,011.00       79       9,633,319.00       19       3,018,132.00      
8       860,636.00  
RYMS3 92-B(2)
    27,010,498.79       14       834,069.90       4       226,993.98       3    
  221,305.37  
SBM7 94-2(2)
    6,914,998.25       4       529,908.80       0       0.00       0       0.00
 
SMS 91-K
    6,469,608.58       1       148,463.80       2       346,699.01       0      
0.00  
EAGLE 98-1
    45,613,237.15       26       2,541,434.90       6       721,924.74       32
      3,216,607.53  
INMC 94-R
    10,827,032.58       5       551,097.61       3       229,350.42       0    
  0.00  
INMC 94-V
    9,240,892.51       6       994,914.61       0       0.00       2      
152,821.71  
INMC 94-X
    10,099,320.31       4       512,616.92       1       48,652.94       3      
527,791.52  
INMC 95-C
    10,356,220.96       7       876,781.67       0       0.00       1      
260,633.38  
INMC 95-T(2)
    9,861,469.47       1       97,874.05       2       329,306.07       1      
74,661.00  
 
   

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Total
    759,400,009.47       149       17,018,131.90       40       5,535,005.20    
  50       5,314,456.51  
 
   

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[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Foreclosure   REO   Realized    

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  Losses Series   No.   Balance   No.   Balance   Curr. Amount

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CWMBS 94-K
    1       244,454.30       0       0.00       0.00  
DLJMA 93-Q18(1)
    1       149,792.72       0       0.00       26,303.20  
DLJMA 94-2A(1)
    0       0.00       0       0.00       0.00  
ONE 00-2(2)
    37       6,377,470.00       0       0.00       0.00  
RYMS3 92-B(2)
    5       180,228.41       2       140,558.93       0.00  
SBM7 94-2(2)
    2       246,612.39       1       121,115.51       0.00  
SMS 91-K
    1       211,768.67       0       0.00       0.00  
EAGLE 98-1
    34       3,590,371.94       21       2,701,380.48       58,354.02  
INMC 94-R
    3       856,314.93       0       0.00       15,210.02  
INMC 94-V
    1       195,211.46       0       0.00       0.00  
INMC 94-X
    4       937,108.96       0       0.00       -1,522.35  
INMC 95-C
    3       311,823.03       0       0.00       0.00  
INMC 95-T(2)
    2       460,132.71       0       0.00       0.00  
 
   

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Total
    94       13,761,289.52       24       2,963,054.92       98,344.89  
 
   

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                                                              Loans   Delinquent
30-59 Days   Delinquent 60-89 Days   Delinquent 90+ Days     Outstanding  

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Series   Balance   No.   Balance   No.   Balance   No.   Balance

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GRCAP 94-HM4
    9,642,405.41       2       360,561.45       1       238,898.01       0      
0.00  
INMC 95-E
    17,349,461.69       5       763,859.96       5       1,527,317.43       0  
    0.00  
PMLT 99-A
    46,111,199.80       42       3,239,541.84       9       928,223.22       3  
    105,825.64  
RTC 95-2(1)
    27,212,331.51       6       447,499.17       4       291,758.11       6    
  373,719.62  
 
   

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Total
    100,315,398.41       55       4,811,462.42       19       2,986,196.77      
9       479,545.26  
 
   

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Total All
    859,715,407.88       204       21,829,594.32       59       8,521,201.97    
  59       5,794,001.77  
 
   

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[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Foreclosure   REO   Realized    

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  Losses Series   No.   Balance   No.   Balance   Curr. Amount

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GRCAP 94-HM4
    1       45,890.06       0       0.00       0.00  
INMC 95-E
    5       593,992.28       3       109,733.32       0.00  
PMLT 99-A
    22       1,916,753.91       3       217,519.29       65,600.45  
RTC 95-2(1)
    4       222,352.86       0       0.00       0.00  
 
   

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Total
    32       2,778,989.11       6       327,252.61       65,600.45  
 
   

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Total All
    126       16,540,278.63       30       3,290,307.53       163,945.34  
 
   

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(1)   Information shown for the Underlying Mortgage Loans for this Pooled
Security is based on the Underlying Mortgage Loan group related to such Pooled
Security only. (2)   Information shown for the Underlying Mortgage Loans for
this Pooled Security is based on all the Underlying Mortgage Loan groups in the
related series.      

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Certificate Account Information

                                                              Beginning   Funds
  Withdrawals   Management   Available   Funds   Ending Group   Balance  
Deposited   Trustee Fee   Fee   Funds   Distributed   Balance

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I
    0.00       1,835,288.24       1,635.39       401.63       1,833,251.22      
1,670,318.25       162,932.97  
II
    0.00       268,422.41       400.55       98.37       267,923.49      
231,682.12       36,241.37  
 
   

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Total
    0.00       2,103,710.65       2,035.94       500.00       2,101,174.71      
1,902,000.36       199,174.34  
 
   

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                                  Additional Reporting Items   Pool I   Pool II
  Total

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2.15(a)
  Available Interest     296,785.61       71,006.66       367,792.27  
 
  Available Principal     1,538,502.63       197,415.75       1,735,918.38  
2.15(b)
  Monthly Interest Amt.   See p. 10        
2.15(c)
  Carryforward Interest     0.00       0.00       0.00  
2.15(d)
  Principal Paid   See p. 1        
2.15(e)
  Class Print Amts.   See p. 1        
2.15(f)
  Beginning Actual OC     1.0005 %     1.0058 %        
 
  Ending Actual OC     1.0246 %     1.0184 %        
2.15(g)
  2nd preceding pool bal     n/a       n/a          
2.15(h)
  Required OC     2.7000 %     2.0000 %        
2.15(i)
  Has Step-up Occurred?                 No               No        
2 .15(k)
  Monies Deposited to Reserve Fund     0.00       0.00       0.00  
2.15(l)
  Amts. Dist. to Investor Certificateholders     162,932.97       36,241.37    
  199,174.34