<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: DECEMBER 31, 2002
                       DISTRIBUTION DATE: JANUARY 21, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                              Certificate    Certificate        Beginning
                                 Class       Pass-Through      Certificate         Interest
   Class          CUSIP       Description        Rate            Balance         Distribution
-----------------------------------------------------------------------------------------------
<S>             <C>           <C>            <C>               <C>               <C>
     A          81744AAA6         SEN             1.87000%     689,373,021.52      1,074,272.96
   X-1A         81744AAC2          IO             1.25240%               0.00        200,041.84
   X-1B         81744AAD0          IO             1.48498%               0.00        615,898.95
    X-B         81744AAE8          IO             0.90031%               0.00          7,301.03
    A-R         81744AAF5         SEN             3.30483%               0.00              0.00
    B-1         81744AAB4         SUB             2.39000%       9,726,000.00         19,370.95
    B-2         81744AAG3         SUB             3.29031%       5,764,000.00         15,804.46
    B-3         81744AAH1         SUB             3.29031%       3,962,000.00         10,863.51
    B-4         SMT0211B4         SUB             3.29031%       1,801,000.00          4,938.21
    B-5         SMT0211B5         SUB             3.29031%       1,080,000.00          2,961.28
    B-6         SMT0211B6         SUB             3.29031%       2,882,787.00          7,904.39
-----------------------------------------------------------------------------------------------
Totals                                                         714,588,808.52      1,959,357.58
-----------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                    Current            Ending
  Principal      Realized Loss       Certificate         Total         Cumulative
Distribution                           Balance        Distribution    Realized Loss
-------------------------------------------------------------------------------------
<S>              <C>                 <C>              <C>             <C>
  3,392,472.05              0.00     685,980,549.47    4,466,745.01             0.00
          0.00              0.00               0.00      200,041.84             0.00
          0.00              0.00               0.00      615,898.95             0.00
          0.00              0.00               0.00        7,301.03             0.00
          0.00              0.00               0.00            0.00             0.00
          0.00              0.00       9,726,000.00       19,370.95             0.00
          0.00              0.00       5,764,000.00       15,804.46             0.00
          0.00              0.00       3,962,000.00       10,863.51             0.00
          0.00              0.00       1,801,000.00        4,938.21             0.00
          0.00              0.00       1,080,000.00        2,961.28             0.00
          0.00              0.00       2,882,787.00        7,904.39             0.00
-------------------------------------------------------------------------------------
  3,392,472.05              0.00     711,196,336.47    5,351,829.63             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     689,373,021.52         42.10     3,392,429.95         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               0.00          0.00             0.00         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     714,588,808.52         42.10     3,392,429.95         0.00
---------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
                 Total             Ending              Ending
Realized       Principal        Certificate         Certificate       Total Principal
Loss (1)       Reduction          Balance            Percentage        Distribution
---------------------------------------------------------------------------------------
<S>            <C>              <C>                 <C>               <C>
      0.00     3,392,472.05      685,980,549.47          0.98672423       3,392,472.05
      0.00             0.00                0.00          0.00000000               0.00
      0.00             0.00                0.00          0.00000000               0.00
      0.00             0.00                0.00          0.00000000               0.00
      0.00             0.00                0.00          0.00000000               0.00
      0.00             0.00        9,726,000.00          1.00000000               0.00
      0.00             0.00        5,764,000.00          1.00000000               0.00
      0.00             0.00        3,962,000.00          1.00000000               0.00
      0.00             0.00        1,801,000.00          1.00000000               0.00
      0.00             0.00        1,080,000.00          1.00000000               0.00
      0.00             0.00        2,882,787.00          1.00000000               0.00
---------------------------------------------------------------------------------------
      0.00     3,392,472.05      711,196,336.47          0.98718876       3,392,472.05
---------------------------------------------------------------------------------------
</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       991.60400673    0.00006056        4.87971972    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        0.00000000    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 Principal       Ending             Ending
 Realized       Reduction        Certificate       Certificate       Total Principal
 Loss (3)                          Balance          Percentage        Distribution
--------------------------------------------------------------------------------------
<S>          <C>                 <C>               <C>               <C>
 0.00000000        4.87978028     986.72422645          0.98672423         4.87978028
 0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 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>
--------------------------------------------------------------------------------------------
                                                                                 Payment of
                                  Current         Beginning         Current        Unpaid
             Original Face      Certificate      Certificate/       Accrued       Interest
  Class         Amount             Rate        Notional Balance     Interest      Shortfall
--------------------------------------------------------------------------------------------
<S>          <C>                <C>            <C>                <C>             <C>
    A         695,210,000.00         1.87000%    689,373,021.52   1,074,272.96          0.00
  X-1A                  0.00         1.25240%    191,671,304.82     200,040.85          0.00
  X-1B                  0.00         1.48498%    497,701,716.70     615,895.93          0.00
   X-B                  0.00         0.90031%      9,726,000.00       7,297.02          0.00
   A-R                100.00         3.30483%              0.00           0.00          0.00
   B-1          9,726,000.00         2.39000%      9,726,000.00      19,370.95          0.00
   B-2          5,764,000.00         3.29031%      5,764,000.00      15,804.46          0.00
   B-3          3,962,000.00         3.29031%      3,962,000.00      10,863.51          0.00
   B-4          1,801,000.00         3.29031%      1,801,000.00       4,938.21          0.00
   B-5          1,080,000.00         3.29031%      1,080,000.00       2,961.28          0.00
   B-6          2,882,787.00         3.29031%      2,882,787.00       7,904.39          0.00
--------------------------------------------------------------------------------------------
 Totals       720,425,887.00                                      1,959,349.56          0.00
--------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                 Non-                                    Remaining         Ending
 Current      Supported                                   Unpaid       Certificate/
 Interest     Interest     Realized    Total Interest     Interest       Notational
 Shortfall    Shortfall    Loss (4)     Distribution     Shortfall         Balance
-------------------------------------------------------------------------------------
<S>           <C>          <C>         <C>               <C>           <C>
     0.00         0.00         0.00     1,074,272.96          0.00     685,980,549.47
     0.00         0.00         0.00       200,041.84          0.00     190,196,078.85
     0.00         0.00         0.00       615,898.95          0.00     495,784,470.62
     0.00         0.00         0.00         7,301.03          0.00       9,726,000.00
     0.00         0.00         0.00             0.00          0.00               0.00
     0.00         0.00         0.00        19,370.95          0.00       9,726,000.00
     0.00         0.00         0.00        15,804.46          0.00       5,764,000.00
     0.00         0.00         0.00        10,863.51          0.00       3,962,000.00
     0.00         0.00         0.00         4,938.21          0.00       1,801,000.00
     0.00         0.00         0.00         2,961.28          0.00       1,080,000.00
     0.00         0.00         0.00         7,904.39          0.00       2,882,787.00
-------------------------------------------------------------------------------------
     0.00         0.00         0.00     1,959,357.58          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
                                Current       Beginning          Current         Unpaid
Class (5)    Original Face    Certificate    Certificate/        Accrued        Interest
                Amount           Rate      Notional Balance     Interest        Shortfall
-------------------------------------------------------------------------------------------
<S>          <C>              <C>          <C>                  <C>            <C>
    A         695,210,000.00    1.87000%      991.60400673       1.54524958     0.00000000
  X-1A                  0.00    1.25240%      999.53023025       1.04317585     0.00000000
  X-1B                  0.00    1.48498%      988.58513900       1.22335436     0.00000000
   X-B                  0.00    0.90031%     1000.00000000       0.75025910     0.00000000
   A-R                100.00    3.30483%        0.00000000       0.00000000     0.00000000
   B-1          9,726,000.00    2.39000%     1000.00000000       1.99166667     0.00000000
   B-2          5,726,000.00    3.29031%     1000.00000000       2.74192575     0.00000000
   B-3          3,962,000.00    3.29031%     1000.00000000       2.74192580     0.00000000
   B-4          1,801,000.00    3.29031%     1000.00000000       2.74192671     0.00000000
   B-5          1,080,000.00    3.29031%     1000.00000000       2.74192593     0.00000000
   B-6          2,882,787.00    3.29031%     1000.00000000       2.74192648     0.00000000
-------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
                                                             Remaining
  Current    Non-Supported                                    Unpaid
 Interest      Interest      Realized      Total Interest    Interest    Ending Certificate/
 Shortfall    Shortfall      Loss (6)       Distribution     Shortfall   Notational Balance
---------------------------------------------------------------------------------------------
<S>          <C>             <C>           <C>               <C>         <C>
 0.00000000    0.00000000     0.00000000        1.54524958   0.00000000         986.72422645
 0.00000000    0.00000000     0.00000000        1.04318102   0.00000000         991.83720100
 0.00000000    0.00000000     0.00000000        1.22336036   0.00000000         984.77691227
 0.00000000    0.00000000     0.00000000        0.75067140   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        0.00000000   0.00000000           0.00000000
 0.00000000    0.00000000     0.00000000        1.99166667   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        2.74192575   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        2.74192580   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        2.74192671   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        2.74192593   0.00000000        1000.00000000
 0.00000000    0.00000000     0.00000000        2.74192648   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                         5,545,279.84
         Liquidations, Insurance Proceeds, Reserve Funds                    8.02
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             26,462.31
         Realized Losses                                                    0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      5,571,750.17

Withdrawals

         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       219,920.54
         Payment of Interest and Principal                          5,351,829.63
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        5,571,750.17

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                                                   215,752.10
Master Servicing Fee                                                    4,168.44
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                    ------------

Net Servicing Fee                                                     219,920.54
                                                                    ============
</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            4.01             4.01        5,000.00
Class X-B Basis Risk Reserve Fund           5,000.00            4.01             4.01        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           22       9,330,061.69  30 Days        0              0.00  30 Days        0              0.00
60 Days           0                0.00  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
              ------------------------              -----------------------             -----------------------
                  22       9,330,061.69                 0              0.00                 0              0.00



0-29 Days     0.000000%      0.000000%   0-29 Days  0.000000%     0.000000%  0-29 Days  0.000000%     0.000000%
30 Days       1.092896%      1.311893%   30 Days    0.000000%     0.000000%  30 Days    0.000000%     0.000000%
60 Days       0.000000%      0.000000%   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%
              ------------------------              -----------------------             -----------------------
              1.092896%      1.311893%              0.000000%     0.000000%             0.000000%     0.000000%
</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        22       9,330,061.69
60 Days         0             0.00  60 Days        0                0.00
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                 22       9,330,061.69



0-29 Days   0.000000%    0.000000%  0-29 Days   0.000000%      0.000000%
30 Days     0.000000%    0.000000%  30 Days     1.092896%      1.311893%
60 Days     0.000000%    0.000000%  60 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%
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%              1.092896%      1.311893%
</TABLE>

Current Period Class A Insufficient Funds:           0.00
Principal Balance of Contaminated Properties         0.00
Periodic Advance                                26,462.31
<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       3.54554512%            96.454455%            0.000000%
Class B-1       15,489,787.00         2.15008751%       15,489,787.00       2.17799027%             1.367555%           38.571075%
Class B-2        9,725,787.00         1.35000521%        9,725,787.00       1.36752490%             0.810465%           22.858696%
Class B-3        5,763,787.00         0.80005273%        5,763,787.00       0.81043542%             0.557089%           15.712379%
Class B-4        3,962,787.00         0.55006172%        3,962,787.00       0.55720014%             0.253235%            7.142351%
Class B-5        2,882,787.00         0.40015039%        2,882,787.00       0.40534334%             0.151857%            4.283031%
Class B-6                0.00         0.00000000%                0.00       0.00000000%             0.405343%           11.432469%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure


<TABLE>
<CAPTION>
                    Original $         Original %          Current $           Current %
                    ----------         ----------          ---------           ---------
<S>               <C>                  <C>               <C>                   <C>
    Bankruptcy       119,754.00        0.01662267%          119,754.00         0.01683839%
         Fraud    21,612,777.00        3.00000005%       21,612,777.00         3.03893256%
Special Hazard    11,600,000.00        1.61015869%       11,600,000.00         1.63105452%
</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                                          3.659621%
Weighted Average Net Coupon                                            3.297311%
Weighted Average Pass-Through Rate                                     3.290311%
Weighted Average Maturity (Stepdown Calculation)                             324

Beginning Scheduled Collateral Loan Count                                  2,020
Number of Loans Paid in Full                                                   7
Ending Scheduled Collateral Loan Count                                     2,013

Beginning Scheduled Collateral Balance                            714,588,808.52
Ending Scheduled Collateral Balance                               711,196,336.47
Ending Actual Collateral Balance at 31-Dec-2002                   711,190,817.24

Monthly P&I Constant                                                2,179,312.18
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                              4,466,745.01

Ending Scheduled Balance for Premium Loans                        711,196,336.47

Scheduled Principal                                                        42.10
Unscheduled Principal                                               3,392,429.95
</TABLE>


                            MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
One Month LIBOR Loans                                             197,187,448.82
Six Month LIBOR Loans                                             514,008,887.65
Pro Rata Senior Percentage                                            96.471287%
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>