<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: NOVEMBER 29, 2002
                      DISTRIBUTION DATE: DECEMBER 20, 2002

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning                                  Current      Ending
                      Class     Pass-Through   Certificate      Interest      Principal    Realized   Certificate       Total
Class     CUSIP    Description      Rate         Balance      Distribution  Distribution     Loss       Balance      Distribution
<S>     <C>        <C>          <C>           <C>             <C>           <C>            <C>       <C>             <C>
  A     81744AAA6      SEN        1.83813%    692,541,423.11  1,060,817.64  3,168,401.59       0.00  689,373,021.52  4,229,219.23
X-1A    81744AAC2       IO        1.36325%              0.00    217,168.74          0.00       0.00            0.00    217,168.74
X-1B    81744AAD0       IO        1.50846%              0.00    630,261.32          0.00       0.00            0.00    630,261.32
 X-B    81744AAE8       IO        0.94838%              0.00      7,690.89          0.00       0.00            0.00      7,690.89
 A-R    81744AAF5      SEN        3.30946%              0.00          0.00          0.00       0.00            0.00          0.00
 B-1    81744AAB4      SUB        2.35813%      9,726,000.00     19,112.64          0.00       0.00    9,726,000.00     19,112.64
 B-2    81744AAG3      SUB        3.30651%      5,764,000.00     15,882.25          0.00       0.00    5,764,000.00     15,882.25
 B-3    81744AAH1      SUB        3.30651%      3,962,000.00     10,916.98          0.00       0.00    3,962,000.00     10,916.98
 B-4    SMT0211B4      SUB        3.30651%      1,801,000.00      4,962.51          0.00       0.00    1,801,000.00      4,962.51
 B-5    SMT0211B5      SUB        3.30651%      1,080,000.00      2,975.86          0.00       0.00    1,080,000.00      2.975.86
 B-6    SMT0211B6      SUB        3.30651%      2,882,787.00      7,943.29          0.00       0.00    2,882,787.00      7,943.29
Totals                                        717,757,210.11  1,977,732.12  3,168,401.59       0.00  714,588,808.52  5,146,133.71
</TABLE>

<TABLE>
<CAPTION>
            Cumulative
Class     Realized Loss
<S>       <C>
  A                0.00
X-1A               0.00
X-1B               0.00
 X-B               0.00
 A-R               0.00
 B-1               0.00
 B-2               0.00
 B-3               0.00
 B-4               0.00
 B-5               0.00
 B-6               0.00
Totals             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                           Total         Ending         Ending
         Original Face    Certificate     Principal     Principal               Realized   Principal     Certificate    Certificate
  Class      Amount         Balance      Distribution  Distribution  Accretion  Loss (1)   Reduction       Balance      Percentage
<S>      <C>             <C>             <C>           <C>           <C>        <C>       <C>           <C>             <C>
    A    695,210,000.00  692,541,423.11      1,340.63  3,167,060.96       0.00      0.00  3,168,401.59  689,373,021.52  0.99160401
  X-1A             0.00            0.00          0.00          0.00       0.00      0.00          0.00            0.00  0.00000000
  X-1B             0.00            0.00          0.00          0.00       0.00      0.00          0.00            0.00  0.00000000
   X-B             0.00            0.00          0.00          0.00       0.00      0.00          0.00            0.00  0.00000000
   A-R           100.00            0.00          0.00          0.00       0.00      0.00          0.00            0.00  0.00000000
   B-1     9,726,000.00    9,726,000.00          0.00          0.00       0.00      0.00          0.00    9,726,000.00  1.00000000
   B-2     5,726,000.00    5,764,000.00          0.00          0.00       0.00      0.00          0.00    5,764,000.00  1.00000000
   B-3     3,962,000.00    3,962,000.00          0.00          0.00       0.00      0.00          0.00    3,962,000.00  1.00000000
   B-4     1,801,000.00    1,801,000.00          0.00          0.00       0.00      0.00          0.00    1,801,000.00  1.00000000
   B-5     1,080,000.00    1,080,000.00          0.00          0.00       0.00      0.00          0.00    1,080,000.00  1.00000000
   B-6     2,882,787.00    2,882,787.00          0.00          0.00       0.00      0.00          0.00    2,882,787.00  1.00000000
Totals   720,425,887.00  717,757,210.11      1,340.63  3,167,060.96       0.00      0.00  3,168,401.59  714,588,808.52  0.99189774
</TABLE>

<TABLE>
<CAPTION>
                  Total
                Principal
  Class        Distribution
<S>            <C>
    A          3,168,401.59
  X-1A                 0.00
  X-1B                 0.00
   X-B                 0.00
   A-R                 0.00
   B-1                 0.00
   B-2                 0.00
   B-3                 0.00
   B-4                 0.00
   B-5                 0.00
   B-6                 0.00
Totals         3,168,401.59
</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                             Total        Ending        Ending
       Original Face    Certificate    Principal     Principal                 Realized   Principal    Certificate   Certificate
Class      Amount         Balance     Distribution  Distribution  Accretion    Loss (3)   Reduction      Balance     Percentage
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>         <C>            <C>
  A    695,210,000.00   996.16148086    0.00192838    4.55554575  0.00000000  0.00000000  4.55747413   991.60400673  0.99160401
X-1A             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000     0.00000000  0.00000000
X-1B             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000     0.00000000  0.00000000
 X-B             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000     0.00000000  0.00000000
 A-R           100.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000     0.00000000  0.00000000
 B-1     9,726,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
 B-2     5,764,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
 B-3     3,962,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
 B-4     1,801,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
 B-5     1,080,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
 B-6     2,882,787.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000  0.00000000  1000.00000000  1.00000000
</TABLE>

<TABLE>
<CAPTION>
             Total Principal
Class         Distribution
<S>          <C>
  A            4.55747413
X-1A           0.00000000
X-1B           0.00000000
 X-B           0.00000000
 A-R           0.00000000
 B-1           0.00000000
 B-2           0.00000000
 B-3           0.00000000
 B-4           0.00000000
 B-5           0.00000000
 B-6           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               Non-
                          Current     Certificate/     Current       Unpaid    Current    Supported
        Original Face   Certificate     Notional       Accrued      Interest   Interest   Interest   Realized  Total Interest
 Class     Amount          Rate         Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)   Distribution
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>       <C>
   A    695,210,000.00     1.83813%  692,541,423.11  1,060,817.64        0.00       0.00       0.00      0.00    1,060,817.64
 X-1A             0.00     1.36325%  191,162,181.33    217,167.64        0.00       0.00       0.00      0.00      217,168.74
 X-1B             0.00     1.50846%  501,379,241.78    630,258.11        0.00       0.00       0.00      0.00      630,261.32
  X-B             0.00     0.94838%    9,726,000.00      7,686.58        0.00       0.00       0.00      0.00        7,690.89
  A-R           100.00     3.30946%            0.00          0.00        0.00       0.00       0.00      0.00            0.00
  B-1     9,726,000.00     2.35813%    9,726,000.00     19,112.64        0.00       0.00       0.00      0.00       19,112.64
  B-2     5,764,000.00     3.30651%    5,764,000.00     15,882.25        0.00       0.00       0.00      0.00       15,882.25
  B-3     3,962,000.00     3.30651%    3,962,000.00     10,916.98        0.00       0.00       0.00      0.00       10,916.98
  B-4     1,801,000.00     3.30651%    1,801,000.00      4,962.51        0.00       0.00       0.00      0.00        4,962.51
  B-5     1,080,000.00     3.30651%    1,080,000.00      2,975.86        0.00       0.00       0.00      0.00        2,975.86
  B-6     2,882,787.00     3.30651%    2,882,787.00      7,943.29        0.00       0.00       0.00      0.00        7,943.29
Totals  720,425,887.00                               1,977,723.50        0.00       0.00       0.00      0.00    1,977,732.12
</TABLE>

<TABLE>
<CAPTION>
             Remaining       Ending
              Unpaid      Certificate/
             Interest      Notational
 Class       Shortfall      Balance
<S>          <C>         <C>
   A              0.00   689,373,021.52
 X-1A             0.00   191,671,304.82
 X-1B             0.00   497,701,716.70
  X-B             0.00     9,726,000.00
  A-R             0.00             0.00
  B-1             0.00     9,726,000.00
  B-2             0.00     5,764,000.00
  B-3             0.00     3,962,000.00
  B-4             0.00     1,801,000.00
  B-5             0.00     1,080,000.00
  B-6             0.00     2,882,787.00
Totals            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>
                                                                      Payment of                Non-
                             Current       Beginning       Current      Unpaid    Current     Supported
           Original Face   Certificate    Certificate/     Accrued     Interest   Interest    Interest     Realized   Total Interest
Class (5)      Amount         Rate      Notional Balance   Interest    Shortfall  Shortfall   Shortfall    Loss (6)    Distribution
<S>        <C>             <C>          <C>               <C>         <C>         <C>         <C>         <C>         <C>
    A      695,210,000.00    1.83813%       996.16148086  1.52589525  0.00000000  0.00000000  0.00000000  0.00000000      1.52589525
  X-1A               0.00    1.36325%       996.87524587  1.13248888  0.00000000  0.00000000  0.00000000  0.00000000      1.13249462
  X-1B               0.00    1.50846%       995.88980868  1.25188196  0.00000000  0.00000000  0.00000000  0.00000000      1.25188834
   X-B               0.00    0.94838%      1000.00000000  0.79031256  0.00000000  0.00000000  0.00000000  0.00000000      0.79075571
   A-R             100.00    3.30946%         0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000      0.00000000
   B-1       9,726,000.00    2.35813%      1000.00000000  1.96510796  0.00000000  0.00000000  0.00000000  0.00000000      1.96510796
   B-2       5,726,000.00    3.30651%      1000.00000000  2.75542158  0.00000000  0.00000000  0.00000000  0.00000000      2.75542158
   B-3       3,962,000.00    3.30651%      1000.00000000  2.75542150  0.00000000  0.00000000  0.00000000  0.00000000      2.75542150
   B-4       1,801,000.00    3.30651%      1000.00000000  2.75541921  0.00000000  0.00000000  0.00000000  0.00000000      2.75541921
   B-5       1,080,000.00    3.30651%      1000.00000000  2.75542593  0.00000000  0.00000000  0.00000000  0.00000000      2.75542593
   B-6       2,882,787.00    3.30651%      1000.00000000  2.75542036  0.00000000  0.00000000  0.00000000  0.00000000      2.75542036
</TABLE>

<TABLE>
<CAPTION>
              Remaining
               Unpaid
              Interest      Ending Certificate/
Class (5)     Shortfall     Notational Balance
<S>           <C>           <C>
    A         0.00000000          991.60400673
  X-1A        0.00000000          999.53023025
  X-1B        0.00000000          998.58513900
   X-B        0.00000000         1000.00000000
   A-R        0.00000000            0.00000000
   B-1        0.00000000         1000.00000000
   B-2        0.00000000         1000.00000000
   B-3        0.00000000         1000.00000000
   B-4        0.00000000         1000.00000000
   B-5        0.00000000         1000.00000000
   B-6        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                         5,343,489.63
         Liquidations, Insurance Proceeds, Reserve Funds                    8.62
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             23,535,50
         Realized Losses                                                    0.00
         Prepayment Penalties                                               0.00
                                                                 ---------------
Total Deposits                                                      5,367,033.75

Withdrawals

         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       220,900.04
         Payment of Interest and Principal                          5,146,133.71
                                                                 ---------------
Total Withdrawals (Pool Distribution Amount)                        5,367,033.75

Ending Balance                                                              0.00
                                                                 ===============


                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                 ---------------
Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                 ===============


                                 SERVICING FEES

Gross Servicing Fee                                                   216,713.15
Master Servicing Fee                                                    4,186.89
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                 ---------------
Net Servicing Fee                                                     220,900.04
                                                                 ===============
</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       4.31         4.31   5,000.00
Class X-B Basis Risk Reserve Fund    5,000.00       4.31         4.31   5,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
          DELINQUENT                           BANKRUPTCY                         FORECLOSURE
----------------------------------------------------------------------------------------------------------
            No. of    Principal                  No. of      Principal               No. of      Principal
            Loans      Balance                   Loans        Balance                Loans        Balance
<S>        <C>        <C>           <C>        <C>           <C>        <C>        <C>           <C>
0-29 Days      0              0.00  0-29 Days      0              0.00  0-29 Days      0              0.00
30 Days       24      7,705,810.07  30 Days        0              0.00  30 Days        0              0.00
60 Days        2        597,500.00  60 Days        0              0.00  60 Days        0              0.00
90 Days        0              0.00  90 Days        0              0.00  90 Days        0              0.00
120 Days       0              0.00  120 Days       0              0.00  120 Days       0              0.00
150 Days       0              0.00  150 Days       0              0.00  150 Days       0              0.00
180+ Days      0              0.00  180+ Days      0              0.00  180+ Days      0              0.00
           -----------------------             -----------------------             -----------------------
              26      8,303,310.07                 0              0.00                 0              0.00


            No. of      Principal                No. of      Principal               No. of      Principal
            Loans        Balance                 Loans        Balance                Loans        Balance

0-29 Days  0.000000%    0.000000%   0-29 Days   0.000000%    0.000000%  0-29 Days   0.000000%    0.000000%
30 Days    1.188119%    1.078363%   30 Days     0.000000%    0.000000%  30 Days     0.000000%    0.000000%
60 Days    0.099010%    0.083615%   60 Days     0.000000%    0.000000%  60 Days     0.000000%    0.000000%
90 Days    0.000000%    0.000000%   90 Days     0.000000%    0.000000%  90 Days     0.000000%    0.000000%
120 Days   0.000000%    0.000000%   120 Days    0.000000%    0.000000%  120 Days    0.000000%    0.000000%
150 Days   0.000000%    0.000000%   150 Days    0.000000%    0.000000%  150 Days    0.000000%    0.000000%
180+ Days  0.000000%    0.000000%   180+ Days   0.000000%    0.000000%  180+ Days   0.000000%    0.000000%
           -----------------------             -----------------------             -----------------------
           1.287129%    1.161978%               0.000000%    0.000000%              0.000000%    0.000000%


Current Period Class A                                       Principal Balance of
Insufficient Funds:                                 0.00     Contaminated Properties                 0.00
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------
              REO                               TOTAL
----------------------------------------------------------------------
             No. of     Principal               No. of      Principal
             Loans       Balance                Loans        Balance
<S>        <C>        <C>           <C>        <C>        <C>
0-29 Days       0             0.00  0-29 Days      0              0.00
30 Days         0             0.00  30 Days       24      7,705,810.07
60 Days         0             0.00  60 Days        2        597,500.00
90 Days         0             0.00  90 Days        0              0.00
120 Days        0             0.00  120 Days       0              0.00
150 Days        0             0.00  150 Days       0              0.00
180+ Days       0             0.00  180+ Days      0              0.00
           -----------------------             -----------------------
                0             0.00                26      8,303,310.07


             No. of     Principal               No. of      Principal
             Loans       Balance                Loans        Balance

0-29 Days   0.000000%   0.000000%   0-29 Days  0.000000%     0.000000%
30 Days     0.000000%   0.000000%   30 Days    1.188119%     1.078363%
60 Days     0.000000%   0.000000%   60 Days    0.099010%     0.083615%
90 Days     0.000000%   0.000000%   90 Days    0.000000%     0.000000%
120 Days    0.000000%   0.000000%   120 Days   0.000000%     0.000000%
150 Days    0.000000%   0.000000%   150 Days   0.000000%     0.000000%
180+ Days   0.000000%   0.000000%   180+ Days  0.000000%     0.000000%
           -----------------------             -----------------------
            0.000000%   0.000000%              1.287129%     1.161978%


Periodic Advance                                            23,535.50
</TABLE>
<PAGE>
Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage

<TABLE>
<CAPTION>
                 Original $        Original %       Current $        Current %      Current Class %     Prepayment %
                -------------     -----------     -------------     -----------     ---------------     ------------
<S>             <C>               <C>             <C>               <C>             <C>                 <C>
   Class A      25,215,787.00     3.50012228%     25,215,787.00     3.52871283%       96.471287%           0.000000%
  Class B-1     15,489,787.00     2.15008751%     15,489,787.00     2.16765038%        1.361062%          38.571075%
  Class B-2      9,725,787.00     1.35000521%      9,725,787.00     1.36103265%        0.806618%          22.858696%
  Class B-3      5,763,787.00     0.80005273%      5,763,787.00     0.80658792%        0.554445%          15.712379%
  Class B-4      3,962,787.00     0.55006172%      3,962,787.00     0.55455486%        0.252033%           7.142351%
  Class B-5      2,882,787.00     0.40015039%      2,882,787.00     0.40341900%        0.151136%           4.283031%
  Class B-6              0.00     0.00000000%              0.00     0.00000000%        0.403419%          11.432469%

Please refer to the prospectus supplement for a full description of loss exposure
</TABLE>

<TABLE>
<CAPTION>
                       Original $      Original %        Current $        Current %
<S>                  <C>               <C>             <C>               <C>
       Bankruptcy       119,754.00     0.01662267%        119,754.00     0.01675845%
            Fraud    21,612,777.00     3.00000005%     21,612,777.00     3.02450539%
   Special Hazard    11,600,000.00     1.61015869%     11,600,000.00     1.62331118%

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

<TABLE>
<S>                                                               <C>
Collateral Description                                                 Mixed ARM

Weighted Average Gross Coupon                                          3.675823%
Weighted Average Net Coupon                                            3.211983%
Weighted Average Pass-Through Rate                                     3.306506%
Weighted Average Maturity (Stepdown Calculation)                             325

Beginning Scheduled Collateral Loan Count                                  1,583
Number of Loans Paid in Full                                                (437)
Ending Scheduled Collateral Loan Count                                     2,020

Beginning Scheduled Collateral Balance                            560,658,488.53
Ending Scheduled Collateral Balance                               714,588,808.52
Ending Actual Collateral Balance at 29-Nov-2002                   714,584,387.70

Monthly P&I Constant                                                2,199,964.19
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                              4,229,219.23

Ending Scheduled Balance for Premium Loans                        714,588,808.52

Scheduled Principal                                                     1,340.63
Unscheduled Principal                                               3,167,060.96
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
One Month LIBOR Loans                                             198,682,230.18
Six Month LIBOR Loans                                             515,906,578.34
Pro Rata Senior Percentage                                            96.486864%
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                                                0.00
</TABLE>