<PAGE>
                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                               SMT SERIES 2002-11
                          RECORD DATE: OCTOBER 31, 2002
                      DISTRIBUTION DATE: NOVEMBER 20, 2002

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate   Certificate       Beginning
                        Class         Pass-         Certificate     Interest
Class      CUSIP     Description   Through Rate       Balance      Distribution
-------------------------------------------------------------------------------
<S>      <C>         <C>           <C>            <C>              <C>

  A      81744AAA6       SEN          2.25000%    695,210,000.00     869,012.50
X-1A     81744AAC2        IO          3.66732%              0.00     586,042.68
X-1B     81744AAD0        IO          1.13478%              0.00     476,086.03
 X-B     81744AAE8        IO          1.48667%              0.00      12,049.64
 A-R     81744AAF5       SEN          3.33334%            100.00           0.28
 B-1     81744AAB4       SUB          2.77000%      9,726,000.00      14,967.23
 B-2     81744AAG3       SUB          3.33334%      5,764,000.00      16,011.13
 B-3     81744AAH1       SUB          3.33334%      3,962,000.00      11,005.57
 B-4     SMT0211B4       SUB          3.33334%      1,801,000.00       5,002.78
 B-5     SMT0211B5       SUB          3.33334%      1,080,000.00       3,000.00
 B-6     SMT0211B6       SUB          3.33334%      2,882,787.00       8,007.75
-------------------------------------------------------------------------------
Totals                                            720,425,887.00   2,001,185.59
-------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                        Current       Ending                       Cumulative
          Principal     Realized    Certificate        Total        Realized
Class    Distribution     Loss        Balance       Distribution      Loss
-----------------------------------------------------------------------------
<S>      <C>            <C>        <C>              <C>            <C>

  A      2,668,576.89       0.00   692,541,423.11   3,537,589.39         0.00
X-1A             0.00       0.00             0.00     586,042.68         0.00
X-1B             0.00       0.00             0.00     476,086.03         0.00
 X-B             0.00       0.00             0.00      12,049.64         0.00
 A-R           100.00       0.00             0.00         100.28         0.00
 B-1             0.00       0.00     9,726,000.00      14,967.23         0.00
 B-2             0.00       0.00     5,764,000.00      16,011.13         0.00
 B-3             0.00       0.00     3,962,000.00      11,005.57         0.00
 B-4             0.00       0.00     1,801,000.00       5,002.78         0.00
 B-5             0.00       0.00     1,080,000.00       3,000.00         0.00
 B-6             0.00       0.00     2,882,787.00       8,007.75         0.00
-----------------------------------------------------------------------------
Totals   2,668,676.89       0.00   717,757,210.11   4,669,862.48         0.00
-----------------------------------------------------------------------------
</TABLE>


All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>
                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                            Beginning       Scheduled      Unscheduled
         Original Face     Certificate      Principal       Principal
Class        Amount          Balance       Distribution   Distribution   Accretion
----------------------------------------------------------------------------------
<S>      <C>              <C>              <C>            <C>            <C>

  A      695,210,000.00   695,210,000.00          0.97    2,668,575.92        0.00
X-1A               0.00             0.00          0.00            0.00        0.00
X-1B               0.00             0.00          0.00            0.00        0.00
 X-B               0.00             0.00          0.00            0.00        0.00
 A-R             100.00           100.00          0.00          100.00        0.00
 B-1       9,726,000.00     9,726,000.00          0.00            0.00        0.00
 B-2       5,726,000.00     5,764,000.00          0.00            0.00        0.00
 B-3       3,962,000.00     3,962,000.00          0.00            0.00        0.00
 B-4       1,801,000.00     1,801,000.00          0.00            0.00        0.00
 B-5       1,080,000.00     1,080,000.00          0.00            0.00        0.00
 B-6       2,882,787.00     2,882,787.00          0.00            0.00        0.00
----------------------------------------------------------------------------------
Totals   720,425,887.00   720,425,887.00          0.97    2,668,675.92        0.00
----------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                        Total          Ending            Ending         Total
         Realized     Principal     Certificate       Certificate     Principal
Class    Loss (1)     Reduction       Balance          Percentage   Distribution
--------------------------------------------------------------------------------
<S>      <C>         <C>            <C>               <C>           <C>

  A          0.00    2,668,576.89   692,541,423.11     0.99616148   2,668,576.89
X-1A         0.00            0.00             0.00     0.00000000           0.00
X-1B         0.00            0.00             0.00     0.00000000           0.00
 X-B         0.00            0.00             0.00     0.00000000           0.00
 A-R         0.00          100.00             0.00     0.00000000         100.00
 B-1         0.00            0.00     9,726,000.00     1.00000000           0.00
 B-2         0.00            0.00     5,764,000.00     1.00000000           0.00
 B-3         0.00            0.00     3,962,000.00     1.00000000           0.00
 B-4         0.00            0.00     1,801,000.00     1.00000000           0.00
 B-5         0.00            0.00     1,080,000.00     1.00000000           0.00
 B-6         0.00            0.00     2,882,787.00     1.00000000           0.00
--------------------------------------------------------------------------------
Totals       0.00    2,668,676.89   717,757,210.11     0.99629570   2,668,676.89
--------------------------------------------------------------------------------
</TABLE>

(1)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled      Unscheduled
        Original Face     Certificate     Principal       Principal
Class       Amount          Balance      Distribution    Distribution    Accretion
----------------------------------------------------------------------------------
<S>     <C>              <C>             <C>            <C>             <C>

  A     695,210,000.00   1000.00000000    0.00000140       3.83851774   0.00000000
X-1A              0.00      0.00000000    0.00000000       0.00000000   0.00000000
X-1B              0.00      0.00000000    0.00000000       0.00000000   0.00000000
 X-B              0.00      0.00000000    0.00000000       0.00000000   0.00000000
 A-R            100.00   1000.00000000    0.00000000    1000.00000000   0.00000000
 B-1      9,726,000.00   1000.00000000    0.00000000       0.00000000   0.00000000
 B-2      5,764,000.00   1000.00000000    0.00000000       0.00000000   0.00000000
 B-3      3,962,000.00   1000.00000000    0.00000000       0.00000000   0.00000000
 B-4      1,801,000.00   1000.00000000    0.00000000       0.00000000   0.00000000
 B-5      1,080,000.00   1000.00000000    0.00000000       0.00000000   0.00000000
 B-6      2,882,787.00   1000.00000000    0.00000000       0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                         Total          Ending          Ending          Total
         Realized      Principal      Certificate    Certificate      Principal
Class    Loss (3)      Reduction        Balance       Percentage    Distribution
--------------------------------------------------------------------------------
<S>     <C>          <C>             <C>             <C>           <C>

  A     0.00000000      3.83851914    996.16148086    0.99616148      3.83851914
X-1A    0.00000000      0.00000000      0.00000000    0.00000000      0.00000000
X-1B    0.00000000      0.00000000      0.00000000    0.00000000      0.00000000
 X-B    0.00000000      0.00000000      0.00000000    0.00000000      0.00000000
 A-R    0.00000000   1000.00000000      0.00000000    0.00000000   1000.00000000
 B-1    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
 B-2    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
 B-3    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
 B-4    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
 B-5    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
 B-6    0.00000000      0.00000000   1000.00000000    1.00000000      0.00000000
</TABLE>

(3)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.
<PAGE>
                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                     Payment of
                            Current      Certificate/       Current       Unpaid
         Original Face    Certificate      Notional         Accrued      Interest
Class       Amount           Rate          Balance         Interest     Shortfall
----------------------------------------------------------------------------------
<S>      <C>              <C>           <C>              <C>            <C>

  A      695,210,000.00      2.25000%   695,210,000.00     869,012.50        0.00
X-1A               0.00      3.66732%   191,761,416.11     586,042.58        0.00
X-1B               0.00      1.13478%   503,448,583.89     476,085.95        0.00
 X-B               0.00      1.48667%     9,726,000.00      12,049.64        0.00
 A-R             100.00      3.33334%           100.00           0.28        0.00
 B-1       9,726,000.00      2.77000%     9,726,000.00      14,967.23        0.00
 B-2       5,764,000.00      3.33334%     5,764,000.00      16,011.13        0.00
 B-3       3,962,000.00      3.33334%     3,962,000.00      11,005.57        0.00
 B-4       1,801,000.00      3.33334%     1,801,000.00       5,002.78        0.00
 B-5       1,080,000.00      3.33334%     1,080,000.00       3,000.00        0.00
 B-6       2,882,787.00      3.33334%     2,882,787.00       8,007.75        0.00
----------------------------------------------------------------------------------
Totals   720,425,887.00                                  2,001,185.23        0.00
----------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                       Non-                                  Remaining       Ending
          Current    Supported                                 Unpaid     Certificate/
          Interest   Interest    Realized   Total Interest    Interest     Notational
Class    Shortfall   Shortfall   Loss (4)    Distribution    Shortfall       Balance
---------------------------------------------------------------------------------------
<S>      <C>         <C>         <C>        <C>              <C>         <C>

  A           0.00       0.00        0.00       869,012.50        0.00   692,541,423.11
X-1A          0.00       0.00        0.00       586,042.68        0.00   191,162,181.33
X-1B          0.00       0.00        0.00       476,086.03        0.00   501,379,241.78
 X-B          0.00       0.00        0.00        12,049.64        0.00     9,726,000.00
 A-R          0.00       0.00        0.00             0.28        0.00             0.00
 B-1          0.00       0.00        0.00        14,967.23        0.00     9,726,000.00
 B-2          0.00       0.00        0.00        16,011.13        0.00     5,764,000.00
 B-3          0.00       0.00        0.00        11,005.57        0.00     3,962,000.00
 B-4          0.00       0.00        0.00         5,002.78        0.00     1,801,000.00
 B-5          0.00       0.00        0.00         3,000.00        0.00     1,080,000.00
 B-6          0.00       0.00        0.00         8,007.75        0.00     2,882,787.00
---------------------------------------------------------------------------------------
Totals        0.00       0.00        0.00     2,001,185.59        0.00
---------------------------------------------------------------------------------------
</TABLE>

(4)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                         Beginning                  Payment of
                           Current      Certificate/     Current      Unpaid
Class   Original Face    Certificate      Notional       Accrued     Interest
 (5)       Amount           Rate          Balance       Interest     Shortfall
------------------------------------------------------------------------------
<S>     <C>              <C>           <C>             <C>          <C>

  A     695,210,000.00     2.25000%    1000.00000000   1.25000000   0.00000000
X-1A              0.00     3.66732%    1000.00014388   3.05610313   0.00000000
X-1B              0.00     1.13478%    1000.00014383   0.94564973   0.00000000
 X-B              0.00     1.48667%    1000.00000000   1.23889163   0.00000000
 A-R            100.00     3.33334%    1000.00000000   2.80000000   0.00000000
 B-1      9,726,000.00     2.77000%    1000.00000000   1.53888855   0.00000000
 B-2      5,726,000.00     3.33334%    1000.00000000   2.77778105   0.00000000
 B-3      3,962,000.00     3.33334%    1000.00000000   2.77778142   0.00000000
 B-4      1,801,000.00     3.33334%    1000.00000000   2.77777901   0.00000000
 B-5      1,080,000.00     3.33334%    1000.00000000   2.77777778   0.00000000
 B-6      2,882,787.00     3.33334%    1000.00000000   2.77778067   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                        Non-                                  Remaining        Ending
         Current     Supported                    Total        Unpaid       Certificate/
Class   Interest      Interest     Realized      Interest     Interest       Notational
 (5)    Shortfall    Shortfall     Loss (6)    Distribution   Shortfall        Balance
----------------------------------------------------------------------------------------
<S>     <C>          <C>          <C>          <C>            <C>          <C>

  A     0.00000000   0.00000000   0.00000000     1.25000000   0.00000000    996.16148086
X-1A    0.00000000   0.00000000   0.00000000     3.05610365   0.00000000    996.87524587
X-1B    0.00000000   0.00000000   0.00000000     0.94564989   0.00000000    995.88980868
 X-B    0.00000000   0.00000000   0.00000000     1.23891014   0.00000000   1000.00000000
 A-R    0.00000000   0.00000000   0.00000000     2.80000000   0.00000000      0.00000000
 B-1    0.00000000   0.00000000   0.00000000     1.53888855   0.00000000   1000.00000000
 B-2    0.00000000   0.00000000   0.00000000     2.77778105   0.00000000   1000.00000000
 B-3    0.00000000   0.00000000   0.00000000     2.77778142   0.00000000   1000.00000000
 B-4    0.00000000   0.00000000   0.00000000     2.77777901   0.00000000   1000.00000000
 B-5    0.00000000   0.00000000   0.00000000     2.77777778   0.00000000   1000.00000000
 B-6    0.00000000   0.00000000   0.00000000     2.77778067   0.00000000   1000.00000000
</TABLE>

(5)  Per $1 denomination

(6)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.
<PAGE>
                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                               <C>
Beginning Balance                                                           0.00

Deposits

         Payments of Interest and Principal                         4,808,337.08
         Liquidations, Insurance Proceeds, Reserve Funds                    0.35
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             33,235.91
         Realized Losses                                                    0.00
         Prepayment Penalties                                               0.00
                                                                  --------------
Total Deposits                                                      4,841,573.34

Withdrawals

         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       171,710.86
         Payment of Interest and Principal                          4,669,573.34
Total Withdrawals (Pool Distribution Amount)                        4,841,573.34
                                                                  --------------

Ending Balance                                                              0.00
                                                                  ==============
</TABLE>



                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                               <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                  --------------

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                  ==============
</TABLE>




                                 SERVICING FEES
<TABLE>
<S>                                                               <C>

Gross Servicing Fee                                                   168,424.80
Master Servicing Fee                                                    3,286.06
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                  --------------

Net Servicing Fee                                                     171,710.86
                                                                  ==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                     Beginning      Current       Current     Ending
           Account Type               Balance     Withdrawals    Deposits     Balance
-------------------------------------------------------------------------------------
<S>                                  <C>          <C>            <C>         <C>
Class X-1 Basis Risk Reserve Fund    5,000.00        0.18          0.18      5,000.00
Class X-B Basis Risk Reserve Fund    5,000.00        0.18          0.18      5,000.00
</TABLE>



<TABLE>
<CAPTION>
                     Original $     Original %       Current $       Current %

<S>                <C>              <C>            <C>              <C>
     Bankruptcy       119,754.00    0.01662267%       119,754.00    0.02135953%
          Fraud    21,612,777.00    3.00000005%    21,612,777.00    3.85489160%
 Special Hazard    11,600,000.00    1.61015869%    11,600,000.00    2.06899570%
</TABLE>

Limit of subordinate's exposure to certain types of losses
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                 Mixed ARM

<S>                                                               <C>
Weighted Average Gross Coupon                                           3.697592%
Weighted Average Net Coupon                                             3.417050%
Weighted Average Pass-Through Rate                                      3.331813%
Weighted Average Maturity (Stepdown Calculation)                             326

Beginning Scheduled Collateral Loan Count                                  1,589
Number of Loans Paid in Full                                                   6
Ending Scheduled Collateral Loan Count                                     1,583

Beginning Scheduled Collateral Balance                            720,425,887.00
Ending Scheduled Collateral Balance                               560,658,488.53
Ending Actual Collateral Balance at 31-Oct-2002                   560,657,462.33

Monthly P&I Constant                                                1,735,796.01
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                              3,537,689.67

Ending Scheduled Balance for Premium Loans                        717,752,210.11

Scheduled Principal                                                         0.97
Unscheduled Principal                                               2,668,675.92
</TABLE>


                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
One Month LIBOR Loans                                             198,122,494.01
Six Month LIBOR Loans                                             519,634,716.10
Pro Rata Senior Percentage                                             96.499878%
Senior Percentage                                                     100.000000%
Senior Prepayment Percentage                                          100.000000%
Subordinate Percentage                                                  0.000000%
Subordinate Prepayment Percentage                                       0.000000%
Remaining Capitalized Interest Balance                                      0.00
Remaining Prefunding Balance                                      157,098,721.58
</TABLE>