<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: October 30, 2002

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

               CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
----------------------------------------------------------------------------
                        BEGINNING      PASS         MONTHLY       ADDITIONAL
CLASS        CUSIP    CERT BALANCE    THROUGH     INTEREST AMT     INTEREST
----------------------------------------------------------------------------
<S>        <C>        <C>             <C>         <C>             <C>
 A-1       81743UAA3  57,379,288.97   2.420000%     115,714.90         0.00
 A-2       81743UAB1  14,451,404.30   2.570000%      30,950.09         0.00
----------------------------------------------------------------------------
 Total                71,830,693.27                 146,664.99         0.00
----------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
           INTEREST      INTEREST     PRINCIPAL       TOTAL        REALIZED    ENDING CERT
CLASS      SHORTFALL   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION     LOSSES       BALANCE
-------------------------------------------------------------------------------------------
<S>        <C>         <C>           <C>           <C>             <C>        <C>
 A-1            0.00    115,714.90   1,295,396.51  1,411,111.41       0.00    56,083,892.46
 A-2            0.00     30,950.09     190,328.81    221,278.90       0.00    14,261,075.49
-------------------------------------------------------------------------------------------
 Total          0.00    146,664.99   1,485,725.32  1,632,390.31       0.00    70,344,967.95
-------------------------------------------------------------------------------------------
</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  886.016104959    1.786799145   20.002725622   866.013379337        2.420000%
 A-2         81743UAB1    15,861,000.00  911.128194762    1.951332884   11.999798793   899.128395969        2.570000%
---------------------------------------------------------------------------------------------------------------------
 Total                    80,622,000.00  890.956479253    1.819168345   18.428286605   872.528192649
---------------------------------------------------------------------------------------------------------------------
</TABLE>

        UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
                              ORIGINAL        BEGINNING        PASS       INTEREST      PRINCIPAL
   SERIES         CLASS       BALANCE          BALANCE        THROUGH   DISTRIBUTION   DISTRIBUTION
--------------------------------------------------------------------------------------------------
<S>               <C>      <C>              <C>              <C>        <C>           <C>
 CWMBS 94K          A1     123,119,000.00    2,268,545.50    5.210347%     9,849.92     137,860.81
DLJMA 93-Q18       1A1      51,833,000.00      485,024.05    5.655502%     2,285.88     116,042.31
 DLJMA 94-2A       1A1      85,787,000.00    1,139,756.22    6.116957%     5,809.87     243,514.46
  ONE 00-2          2A     152,653,000.00    9,228,369.23    5.760346%    44,319.60     163,238.37
 RYMS3 92-B        1A2       7,712,906.00    5,025,091.78    6.265450%    26,237.05     344,159.03
  SBM7 94-2         A1      49,384,000.00    1,554,331.10    6.272667%     8,124.83       2,509.51
  SMS 91-K          A1     110,588,063.00    1,699,433.09    4.852069%     6,871.47     128,256.13
  SMS 91-K          A3       1,917,855.00    1,161,719.45    5.142064%     4,978.03      32,344.74
 EAGLE 98-1         M1      46,029,000.00   20,952,314.61    2.813750%    49,128.81           0.00
  INMC 94-R         M2       4,620,000.00    3,125,830.54    5.909391%    15,393.13     105,272.38
  INMC 94-V         B1       3,618,000.00    1,914,686.63    5.946926%     9,488.75       4,134.36
  INMC 94-X         B1       2,769,000.00    1,816,830.12    6.231449%     9,434.57       4,516.50
  INMC 95-C         B1      12,828,797.00    4,776,903.28    6.256264%    24,904.64       8,770.90
  INMC 95-T         A2      65,695,250.00    2,884,951.97    5.662310%    13,612.91       4,777.01
---------------------------------------------------------------------------------------------------
         Total             718,554,901.00   58,033,787.58                230,439.47   1,295,396.51
---------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------
                       TOTAL         REALIZED   INTEREST      ENDING
   SERIES           DISTRIBUTION      LOSSES   SHORTFALL      BALANCE
-----------------------------------------------------------------------
<S>                <C>               <C>       <C>        <C>
 CWMBS 94K           147,710.74        0.00       0.00     2,130,684.69
DLJMA 93-Q18         118,328.18        0.00       0.00       368,981.75
 DLJMA 94-2A         249,324.33        0.00       0.00       896,241.76
  ONE 00-2           207,557.98        0.00       0.00     9,065,130.85
 RYMS3 92-B          370,396.08        0.00       0.00     4,680,932.75
  SBM7 94-2           10,634.34        0.00       0.00     1,551,821.59
  SMS 91-K           135,127.60        0.00       0.00     1,571,176.95
  SMS 91-K            37,322.77        0.00       0.00     1,129,374.71
 EAGLE 98-1           49,128.81        0.00       0.00    20,952,314.61
  INMC 94-R          120,665.51        0.00       0.00     3,020,558.16
  INMC 94-V           13,623.11        0.00       0.00     1,910,552.27
  INMC 94-X           13,951.07        0.00       0.00     1,812,313.62
  INMC 95-C           33,675.54        0.00       0.00     4,768,132.38
  INMC 95-T           18,389.92        0.00       0.00     2,880,174.96
-----------------------------------------------------------------------
         Total     1,525,835.98        0.00       0.00    56,738,391.06
-----------------------------------------------------------------------
</TABLE>

<PAGE>

       UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                                ORIGINAL        BEGINNING       PASS        INTEREST       PRINCIPAL
    SERIES         CLASS        BALANCE          BALANCE       THROUGH    DISTRIBUTION   DISTRIBUTION
-----------------------------------------------------------------------------------------------------
<S>                <C>      <C>              <C>              <C>         <C>            <C>
GRCAP 94-HM4         A1     245,813,000.00      548,324.50    5.972249%     2,728.94      17,382.36
  INMC 95-E          B1       4,608,492.00    3,084,077.98    6.375515%    16,385.49       4,939.31
  PMLT 99-A          M1       2,914,000.00    2,718,945.77    2.913750%     6,601.94      36,757.01
  RTC 95-2           A3     119,696,000.00    8,261,210.02    4.699343%    32,351.88     131,250.13
-----------------------------------------------------------------------------------------------------
          Total             373,031,492.00   14,612,558.26                 58,068.25     190,328.81
-----------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------
                        TOTAL         REALIZED  INTEREST       ENDING
   SERIES           DISTRIBUTION       LOSSES   SHORTFALL     BALANCE
------------------------------------------------------------------------
<S>                 <C>               <C>       <C>        <C>
GRCAP 94-HM4           20,111.30        0.00       0.00       530,942.14
  INMC 95-E            21,324.80        0.00       0.00     3,079,138.67
  PMLT 99-A            43,358.95        0.00       0.00     2,682,188.76
  RTC 95-2            163,602.01        0.00       0.00     8,129,959.88
------------------------------------------------------------------------
         Total        248,397.06        0.00       0.00    14,422,229.45
------------------------------------------------------------------------
</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          10,144,581.77     16        2,109,790.64      0               0.00     0                0.00
DLJMA 93-Q18(1)        4,000,714.27      2          259,487.43      0               0.00     2           89,943.16
DLJMA 94-2A(1)         1,456,101.71      0                0.00      0               0.00     0                0.00
  ONE 00-2(2)        472,794,391.00     83        7,484,453.00     10       1,278,826.00    18        4,091,958.00
 RYMS3 92-B(2)        24,703,454.09     19        1,012,638.98      2         137,456.33     3          184,841.26
 SBM7 94-2(2)          5,780,939.73      1          109,335.39      3         450,557.21     0                0.00
   SMS 91-K            5,470,149.23      0                0.00      2         281,805.21     0                0.00
  EAGLE 98-1          39,509,675.72     16        1,209,797.65      8         935,890.41    16        1,676,854.19
   INMC 94-R           9,273,815.31      3          838,465.70      1         102,803.96     1           55,607.08
   INMC 94-V           8,548,830.68      4          531,010.69      0               0.00     1           80,398.70
   INMC 94-X           8,691,743.50      8          910,533.01      0               0.00     1           48,279.67
   INMC 95-C           9,447,890.85      9          907,946.73      0               0.00     2          412,862.94
 INMC 95-T(2)          8,342,710.28      9        1,704,560.69      2         295,795.80     2          279,214.63
------------------------------------------------------------------------------------------------------------------
     Total           608,164,998.14    170       17,078,019.91     28       3,483,134.92    46        6,919,959.63
------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                         FORECLOSURE               REO           REALIZED LOSSES
    SERIES            NO.      BALANCE       NO.      BALANCE     CURR. AMOUNT
--------------------------------------------------------------------------------
<S>                   <C>   <C>              <C>   <C>           <C>
   CWMBS 94K            2      494,590.06     0            0.00            0.00
DLJMA 93-Q18(1)         0            0.00     0            0.00            0.00
DLJMA 94-2A(1)          0            0.00     0            0.00            0.00
  ONE 00-2(2)          20    2,521,143.00     0            0.00      401,219.00
 RYMS3 92-B(2)          5      308,136.50     1       31,430.11            0.00
 SBM7 94-2(2)           1      127,187.14     0            0.00            0.00
   SMS 91-K             1      207,646.78     0            0.00            0.00
  EAGLE 98-1           33    4,352,429.80    27    3,285,075.00      226,797.50
   INMC 94-R            2      770,029.86     0            0.00            0.00
   INMC 94-V            0            0.00     0            0.00            0.00
   INMC 94-X            4      979,965.03     0            0.00            0.00
   INMC 95-C            4      430,083.33     0            0.00            0.00
 INMC 95-T(2)           0            0.00     0            0.00            0.00
--------------------------------------------------------------------------------
     Total             72   10,191,211.50    28    3,316,505.11      628,016.50
--------------------------------------------------------------------------------
</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          7,350,140.54     1         236,916.11     1        125,593.34     0            0.00
  INMC 95-E          15,303,766.24     9       1,954,563.18     1        297,492.86     5      628,848.71
  PMLT 99-A          41,258,142.48    39       2,873,713.39     6        494,356.50     7      383,713.93
 RTC 95-2(1)         24,363,797.48     9         525,998.73     3        280,867.64     8      724,567.58
---------------------------------------------------------------------------------------------------------
    Total            88,275,846.74    58       5,591,191.41    11      1,198,310.34    20    1,737,130.22
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
  Total All         696,440,844.88   228      22,669,211.32    39      4,681,445.26    66    8,657,089.85
---------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
                         FORECLOSURE              REO           REALIZED LOSSES
   SERIES             NO.       BALANCE      NO.     BALANCE      CURR. AMOUNT
-------------------------------------------------------------------------------
<S>                   <C>   <C>              <C>  <C>           <C>
GRCAP 94-HM4            1       45,521.88     0           0.00            0.00
  INMC 95-E             3      322,915.20     2      66,943.57            0.00
  PMLT 99-A            22    1,580,085.88     2     371,642.99       34,012.01
 RTC 95-2(1)            4      268,395.72     0           0.00            0.00
-------------------------------------------------------------------------------
    Total              30    2,216,918.68     4     438,586.56       34,012.01
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
  Total All           102   12,408,130.18    32   3,755,091.67      662,028.51
-------------------------------------------------------------------------------
</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            1,525,835.98       1,450.84         0.00         1,524,385.14       1,411,111.41     113,273.72
II              0.00              248,397.06         365.31         0.00           248,031.75         221,278.90      26,752.85
--------------------------------------------------------------------------------------------------------------------------------
Total           0.00            1,774,233.04       1,816.16         0.00         1,772,416.88       1,632,390.31     140,026.57
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
            ADDITIONAL REPORTING ITEMS                        POOL I           POOL II              TOTAL
-------------------------------------------------------------------------------------------------------------
<S>         <C>                                          <C>               <C>                 <C>
2.15(a)        Available Interest                            230,439.47        58,068.25           288,507.72
-------------------------------------------------------------------------------------------------------------
               Available Principal                         1,295,396.51       190,328.81         1,485,725.32
-------------------------------------------------------------------------------------------------------------
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                               1.1278%          1.1028%
-------------------------------------------------------------------------------------------------------------
               Ending Actual OC                                  1.1535%          1.1174%
-------------------------------------------------------------------------------------------------------------
2.15(g)        2nd preceding pool bal                    670,739,525.54    92,433,368.96       763,182,894.50
-------------------------------------------------------------------------------------------------------------
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                           113,273.72        26,752.85           140,026.57
-------------------------------------------------------------------------------------------------------------
</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.