<PAGE>

                                  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: November 29, 2002

                 SEQUOIA MORTGAGE FUNDING CORPORATION
           COLLATERALIZED MBS FUNDING BONDS, SERIES 2002-A

               CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                          BEGINNING       PASS         MONTHLY      ADDITIONAL    INTEREST
CLASS         CUSIP     CERT BALANCE     THROUGH    INTEREST AMT     INTEREST     SHORTFALL
-------------------------------------------------------------------------------------------
<S>          <C>        <C>             <C>         <C>             <C>           <C>
A-1          81743UAA3  56,083,892.46   2.390000%     111,700.42       0.00         0.00
A-2          81743UAB1  14,261,075.49   2.540000%      30,185.94       0.00         0.00
-------------------------------------------------------------------------------------------
Total                   70,344,967.95                 141,886.36       0.00         0.00
-------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
                INTEREST     PRINCIPAL        TOTAL       REALIZED    ENDING CERT
CLASS         DISTRIBUTION  DISTRIBUTION  DISTRIBUTION     LOSSES       BALANCE
-----------------------------------------------------------------------------------
<S>           <C>           <C>           <C>             <C>        <C>
 A-1           111,700.42   1,062,098.68   1,173,799.09     0.00     55,021,793.78
 A-2            30,185.94     296,499.95     326,685.89     0.00     13,964,575.54
-----------------------------------------------------------------------------------
 Total         141,886.36   1,358,598.63   1,500,484.99     0.00     68,986,369.32
-----------------------------------------------------------------------------------
</TABLE>

                     CURRENT PAYMENT INFORMATION
                          FACTORS PER $1.000

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                         ORIGINAL CERT     BEGINNING       INTEREST      PRINCIPAL        ENDING       CURRENT PASS
CLASS          CUSIP        BALANCE         FACTOR          FACTOR        FACTOR          FACTOR          THROUGH
-------------------------------------------------------------------------------------------------------------------
<S>          <C>         <C>             <C>              <C>           <C>            <C>             <C>
A-1          81743UAA3   64,761,000.00   866.013379337    1.724809981   16.400282196   849.613097141     2.390000%
A-2          81743UAB1   15,861,000.00   899.128395969    1.903155105   18.693648039   880.434747930     2.540000%
-------------------------------------------------------------------------------------------------------------------
Total                    80,622,000.00   872.528192649    1.759896334   16.851462713   855.676729935
-------------------------------------------------------------------------------------------------------------------
</TABLE>

        UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                              ORIGINAL        BEGINNING       PASS        INTEREST
   SERIES         CLASS       BALANCE          BALANCE       THROUGH    DISTRIBUTION
------------------------------------------------------------------------------------
<S>               <C>      <C>              <C>              <C>        <C>
  CWMBS 94K         A1     123,119,000.00    2,130,684.69    5.211738%     9,253.81
DLJMA 93-Q18       1A1      51,833,000.00      368,981.75    5.781617%     1,777.76
 DLJMA 94-2A       1A1      85,787,000.00      896,241.76    6.217674%     4,643.78
  ONE 00-2          2A     152,653,000.00    9,065,130.85    5.605941%    42,348.82
 RYMS3 92-B        1A2       7,712,906.00    4,680,932.75    6.238595%    24,335.37
  SBM7 94-2         A1      49,384,000.00    1,551,821.59    6.256377%     8,090.65
  SMS 91-K          A1     110,588,063.00    1,571,176.95    4.796502%     6,280.13
  SMS 91-K          A3       1,917,885.00      1,129,374.    5.086503%     4,787.14
 EAGLE 98-1         M1      46,029,000.00   20,952,314.61    2.830000%    51,059.62
  INMC 94-R         M2       4,620,000.00    3,020,558.16    5.864250%    14,761.09
  INMC 94-V         B1       3,618,000.00    1,910,552.27    5.614314%     8,938.70
  INMC 94-X         B1       2,769,000.00    1,812,313.62    5.927153%     8,951.55
  INMC 95-C         B1      12,828,797.00    4,768,132.38    6.167255%    24,505.24
  INMC 95-T         A2      65,695,250.00    2,880,174.96    5.662323%    13,590.40
------------------------------------------------------------------------------------
          Total            718,554,901.00   56,738,391.06                223,324.07
------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                    PRINCIPAL        TOTAL         REALIZED   INTEREST     ENDING
   SERIES          DISTRIBUTION   DISTRIBUTION      LOSSES   SHORTFALL     BALANCE
-------------------------------------------------------------------------------------
<S>               <C>             <C>              <C>       <C>        <C>
  CWMBS 94K           8,641.27       17,895.08        0.00       0.00    2,122,043.42
DLJMA 93-Q18          8,080.18        9,857.94        0.00       0.00      360,901.57
 DLJMA 94-2A         85,670.87       90,314.65        0.00       0.00      810,570.89
  ONE 00-2          100,926.49      143,275.32        0.00       0.00    8,964,204.36
 RYMS3 92-B         302,700.41      327,035.78        0.00       0.00    4,378,232.34
  SBM7 94-2          40,374.56       48,465.21        0.00       0.00    1,511,447.03
  SMS 91-K           73,206.66       79,486.79        0.00       0.00    1,497,970.29
  SMS 91-K           19,988.48       24,775.62        0.00       0.00    1,109,386.23
 EAGLE 98-1               0.00       51,059.62        0.00       0.00   20,952,314.61
  INMC 94-R          96,250.87      111,011.96        0.00       0.00    2,924,307.29
  INMC 94-V          47,220.41       56,159.11        0.00       0.00    1,863,331.86
  INMC 94-X          76,555.02       85,506.57        0.00       0.00    1,735,758.60
  INMC 95-C         197,587.45      222,092.69        0.00       0.00    4,570,544.93
  INMC 95-T           4,896.00       18,486.40        0.00       0.00    2,875,278.96
-------------------------------------------------------------------------------------
                  1,062,098.68    1,285,422.74        0.00       0.00   55,676,292.39
-------------------------------------------------------------------------------------
</TABLE>

<PAGE>

       UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------
                              ORIGINAL        BEGINNING       PASS       INTEREST
   SERIES         CLASS       BALANCE          BALANCE       THROUGH    DISTRIBUTION
------------------------------------------------------------------------------------
<S>               <C>      <C>              <C>              <C>        <C>
GRCAP 94-HM4        A1     245,813,000.00      530,942.14    5.592779%    2,474.54
  INMC 95-E         B1       4,608,492.00    3,079,138.67    6.275645%   16,102.99
  PMLT 99-A         M1       2,914,000.00    2,682,188.76    3.027666%    6,767.31
  RTC 95-2          A3     119,696,000.00    8,129,959.88    4.588829%   31,089.17
------------------------------------------------------------------------------------
          Total            373,031,492.00   14,422,229.45                56,434.00
------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                   PRINCIPAL        TOTAL         REALIZED   INTEREST      ENDING
   SERIES         DISTRIBUTION   DISTRIBUTION      LOSSES    SHORTFALL     BALANCE
-------------------------------------------------------------------------------------
<S>               <C>            <C>              <C>        <C>        <C>
GRCAP 94-HM4        12,875.75       15,350.29        0.00      0.00        518,066.38
  INMC 95-E         14,262.74       30,365.73        0.00      0.00      3,064,875.93
  PMLT 99-A        106,868.11      113,635.42        0.00      0.00      2,575,320.65
  RTC 95-2         162,493.35      193,582.51        0.00      0.00      7,967,466.54
-------------------------------------------------------------------------------------
          Total    296,499.95      352,933.95        0.00      0.00     14,125,729.50
-------------------------------------------------------------------------------------
</TABLE>

Note: The Interest Distribution for SBM7 94-2 was overstated during the 5/02,
6/02 and 7/02 distributions by a total of $1,013.97. This month's Interest
Distribution has been reduced by the amount and as a result Investor
Certificateholders will receive $1,013.97 less.

            UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
                         LOANS
                      OUTSTANDING    DELINQUENT  30-59 DAYS   DELINQUENT  60-89 DAYS  DELINQUENT    90+ DAYS
    SERIES              BALANCE        NO.        BALANCE       NO.        BALANCE      NO.         BALANCE
--------------------------------------------------------------------------------------------------------------
<S>                  <C>             <C>       <C>            <C>       <C>           <C>         <C>
   CWMBS 94K          10,119,116.02     1          93,028.48     1        184,636.06     0                0.00
DLJMA 93-Q18(1)        3,915,780.44     3         368,166.90     0              0.00     0                0.00
DLJMA 94-2A(1)         1,316,914.38     1          61,545.16     0              0.00     0                0.00
  ONE 00-2(2)        438,285,130.00    73       7,929,240.00    14      1,347,327.00    15        3,959,542.00
 RYMS3 92-B(2)        23,597,335.71    16       1,017,528.93     4        186,172.94     3          156,151.32
 SBM7 94-2(2)          5,689,156.25     1          86,056.68     0              0.00     0                0.00
   SMS 91-K            5,247,920.00     0               0.00     2        281,118.40     0                0.00
  EAGLE 98-1          36,942,948.81    18       1,363,081.49    12      1,220,652.97    19        1,846,276.21
   INMC 94-R           8,978,302.78     3         308,849.51     0              0.00     1           54,970.72
   INMC 94-V           8,337,541.36     2         233,214.92     0              0.00     0                0.00
   INMC 94-X           8,324,590.36     6         871,971.68     0              0.00     1           48,192.74
   INMC 95-C           9,056,378.10     2         261,973.26     0              0.00     1          258,031.29
 INMC 95-T(2)          8,325,460.04     6       1,197,543.71     1         81,153.63     0                0.00
--------------------------------------------------------------------------------------------------------------
     Total           568,136,574.25   132      13,792,200.72    34      3,301,061.00    40        6,323,164.28
--------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                         FORECLOSURE               REO           REALIZED LOSSES
    SERIES             NO.      BALANCE      NO.      BALANCE      CURR. AMOUNT
--------------------------------------------------------------------------------
<S>                    <C>  <C>              <C>   <C>           <C>
   CWMBS 94K            2      493,592.36     0            0.00          0.00
DLJMA 93-Q18(1)         3      297,744.25     1       30,083.18       -823.47
DLJMA 94-2A(1)          0            0.00     0            0.00          0.00
  ONE 00-2(2)          22    3,274,354.00     0            0.00          0.00
 RYMS3 92-B(2)          7      402,493.54     1       31,430.11          0.00
 SBM7 94-2(2)           4      577,021.78     0            0.00          0.00
   SMS 91-K             0            0.00     0            0.00          0.00
  EAGLE 98-1           28    3,856,183.16    25    3,175,450.25    179,124.41
   INMC 94-R            2      768,664.00     0            0.00          0.00
   INMC 94-V            1       80,249.06     0            0.00          0.00
   INMC 94-X            3      867,642.71     0            0.00          0.00
   INMC 95-C            4      429,378.36     0            0.00          0.00
 INMC 95-T(2)           0            0.00     0            0.00          0.00
--------------------------------------------------------------------------------
     Total             76   11,047,323.22    27    3,236,963.54    178,300.94
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------
                        LOANS
                     OUTSTANDING    DELINQUENT  30-59 DAYS     DELINQUENT    60-89 DAYS  DELINQUENT    90+ DAYS
   SERIES              BALANCE        NO.        BALANCE          NO.          BALANCE       NO.        BALANCE
----------------------------------------------------------------------------------------------------------------
<S>                 <C>             <C>        <C>             <C>         <C>           <C>        <C>
GRCAP 94-HM4          7,171,894.00     1          236,456.85       1         125,349.87      0              0.00
  INMC 95-E          14,824,273.99     6        1,763,036.41       1         109,080.47      4        628,848.71
  PMLT 99-A          39,614,268.80    30        1,659,140.46       9         686,406.38      9        525,784.18
 RTC 95-2(1)         23,767,460.15     5          631,882.70       2         159,537.90      8        687,293.82
----------------------------------------------------------------------------------------------------------------
    Total            85,377,896.94    42        4,290,516.42      13       1,080,374.62     21      1,841,926.71
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
  Total All         653,514,471.19   174       18,082,717.14      47       4,381,435.62     61      8,165,090.99
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------
                        FORECLOSURE              REO              REALIZED LOSSES
   SERIES             NO.      BALANCE      NO.      BALANCE        CURR. AMOUNT
---------------------------------------------------------------------------------
<S>                  <C>   <C>              <C>   <C>             <C>
GRCAP 94-HM4           1       45,436.43     0            0.00            0.00
  INMC 95-E            3      239,549.16     3      293,190.47       -5,130.42
  PMLT 99-A           25    1,606,687.67     2      371,320.77            0.00
 RTC 95-2(1)           3      270,851.01     1       43,437.04            0.00
---------------------------------------------------------------------------------
    Total             32    2,162,524.27     6      707,948.28       -5,130.42
---------------------------------------------------------------------------------

---------------------------------------------------------------------------------
  Total All          108   13,209,847.49    33    3,944,911.82      173,170.52
---------------------------------------------------------------------------------
</TABLE>

(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.

<PAGE>

                        CERTIFICATE ACCOUNT INFORMATION

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                               WITHDRAWALS                                                           ENDING
GROUP    BEGINNING BALANCE   FUNDS DEPOSITED   TRUSTEE FEE   MANAGEMENT FEE   AVAILABLE FUNDS   FUNDS DISTRIBUTED    BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                 <C>               <C>           <C>              <C>               <C>                 <C>
  I            0.00            1,285,422.74     1,418.46         0.00           1,284,004.28       1,173,799.09     110,205.19
  II           0.00              352,933.95       360.56         0.00             352,573.39         326,685.89      25,887.50
------------------------------------------------------------------------------------------------------------------------------
  Total        0.00            1,638,356.69     1,779.02         0.00           1,636,577.67       1,500,484.90     136,092.68
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
               ADDITIONAL REPORTING ITEMS                    POOL I            POOL II             TOTAL
-----------------------------------------------------------------------------------------------------------
<S>            <C>                                     <C>                <C>               <C>
2.15(a)        Available Interest                           233,324.07        56,434.00         279,758.06
-----------------------------------------------------------------------------------------------------------
               Available Principal                        1,062,098.68       296,499.95       1,358,598.63
-----------------------------------------------------------------------------------------------------------
2.15(b)        Monthly Interest Amt.        see p. 1
-----------------------------------------------------------------------------------------------------------
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                             1.1535%           1.1174%
-----------------------------------------------------------------------------------------------------------
               Ending Actual OC                                1.1755%           1.1409%
-----------------------------------------------------------------------------------------------------------
2.15(g)        2nd preceding pool bal                  640,679,964.10     89,753,385.45     730,523,349.64
-----------------------------------------------------------------------------------------------------------
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                     110,205.19        25,887.50          136,092.68
               Certificateholders
-----------------------------------------------------------------------------------------------------------
</TABLE>

 Note: Management Fee is to be paid on an annual basis. This month's Fee
 together with last month's annualized amount equals the full annual Fee.