<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:  December 31, 2002

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    BEGINNING      PASS       MONTHLY     ADDITIONAL  INTEREST     INTEREST     PRINCIPAL       TOTAL
CLASS    CUSIP     CERT BALANCE   THROUGH   INTEREST AMT   INTEREST   SHORTFALL  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION
<S>    <C>        <C>            <C>        <C>           <C>         <C>        <C>           <C>           <C>
 A-1   81743UAA3  55,021,793.78  1.980000%     90,785.96        0.00       0.00     90,785.96  5,855,534.22  5,946,320.18
 A-2   81743UAB1  13,964,575.54  2.130000%     24,787.12        0.00       0.00     24,787.12    251,790.48    276,577.60
Total             68,986,369.32               115,573.08        0.00       0.00    115,573.08  6,107,324.70  6,222,897.78
</TABLE>

<TABLE>
<CAPTION>
             REALIZED   ENDING CERT
CLASS         LOSSES       BALANCE
<S>          <C>       <C>
 A-1             0.00  49,166,259.56
 A-2             0.00  13,712,785.06
Total            0.00  62,879,044.62
</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   849.613097141   1.401861610   90.417600440   759.195496701    1.980000%
 A-2    81743UAB1   15,861,000.00   880.434747930   1.562771678   15.874817423   864.559930507    2.130000%
Total               80,622,000.00   855.676729935   1.433517915   75.752582437   779.924147499
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                          ORIGINAL       BEGINNING      PASS       INTEREST     PRINCIPAL       TOTAL      REALIZED  INTEREST
   SERIES       CLASS     BALANCE         BALANCE      THROUGH   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES   SHORTFALL
<S>             <C>    <C>             <C>            <C>        <C>           <C>           <C>           <C>       <C>
  CWMBS 94K       A1   123,119,000.00   2,122,043.42  5.128409%      9,068.92    386,547.42    395,616.34     0.00        0.00
DLJMA 93-Q18     1A1    51,833,000.00     360,901.57  5.546118%      1,668.00        936.17      2,604.17     0.00        0.00
 DLJMA 94-2A     1A1    85,787,000.00     810,570,89  6.141982%      4,148.76     56,031.97     60,180.73     0.00        0.00
  ONE 00-2        2A   152,653,000.00   8,964,204.36  5.328813%     39,807.14    236,071.51    275,878.65     0.00        0.00
 RYMS3 92-B      1A2     7,712,906.00   4,378,232.34  6.180774%     22,550.72  4,378,232.34  4,400,783.06     0.00        0.00
  SBM7 94-2       A1    49,384,000.00   1,511,447.03  6.254154%      7,877.35     42,349.32     50,226.67     0.00        0.00
  SMS 91-K        A1   110,588,063.00   1,497,970.29  4.664321%      5,822.51     71,350.31     77,172.82     0.00        0.00
  SMS 91-K        A3     1,917,885.00   1,109,386.23  4.954318%      4,580.21     20,000.19     24,580.40     0.00        0.00
 EAGLE 98-1       M1    46,029,000.00  20,952,314.61  2.380000%     42,940.61    182,298.75    225,239.35     0.00        0.00
  INMC 94-R       M2     4,620,000.00   2,924,307.29  5.808256%     14,154.27    122,786.85    136,941.12     0.00        0.00
  INMC 94-V       B1     3,618,000.00   1,863,331.86  5.541254%      8,604.33    161,611.48    170,215.81     0.00        0.00
  INMC 94-X       B1     2,769,000.00   1,735,758.60  5.511635%      7,972.39     72,095.96     80,068.35     0.00        0.00
  INMC 95-C       B1    12,828,797.00   4,570,544.93  6.005998%     22,875.57     74,598.13     97,473.70     0.00        0.00
  INMC 95-T       A2    65,695,250.00   2,875,278.96  5.630409%     13,490.83     50,623.83     64,114.66     0.00        0.00
         Total         718,554,901.00  55,676,292.39               205,561.61  5,855,534.22  6,061,095.84     0.00        0.00
</TABLE>

<TABLE>
<CAPTION>
                               ENDING
   SERIES                      BALANCE
<S>                         <C>
  CWMBS 94K                  1,735,496.00
DLJMA 93-Q18                   359,965.40
 DLJMA 94-2A                   754,538.93
  ONE 00-2                   8,728,132.85
 RYMS3 92-B                          0.00
  SBM7 94-2                  1,469,097.71
  SMS 91-K                   1,426,619.98
  SMS 91-K                   1,089,386.04
 EAGLE 98-1                 20,770,015.86
  INMC 94-R                  2,801,520.44
  INMC 94-V                  1,701,720.38
  INMC 94-X                  1,663,662.64
  INMC 95-C                  4,495,946.80
  INMC 95-T                  2,824,655.13
         Total              49,820,758.16
</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                           ORIGINAL       BEGINNING      PASS      INTEREST     PRINCIPAL       TOTAL      REALIZED  INTEREST
   SERIES        CLASS     BALANCE         BALANCE      THROUGH  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES   SHORTFALL
<S>              <C>    <C>             <C>            <C>       <C>           <C>           <C>           <C>       <C>
GRCAP 94-HM4      A1    245,813,000.00     518,066.38  5.589559%     2,413.14     24,917.05     27,330.18      0.00       0.00
  INMC 95-E       B1      4,608,492.00   3,064,875.93  5.794165%    14,798.66     51,149.74     65,948.40      0.00       0.00
  PMLT 99-A       M1      2,914,000.00   2,575,320.65  2.480000%     5,322.33     93,976.03     99,298.36      0.00       0.00
  RTC 95-2        A3    119,696,000.00   7,967,466.54  4.461126%    26,619.89     81,747.67    111,367.56      0.00       0.00
          Total         373,031,492.00  14,125,729.50               52,154.02    251,790.48    303,944.50      0.00       0.00
</TABLE>

<TABLE>
<CAPTION>
                       ENDING
   SERIES              BALANCE
<S>                 <C>
GRCAP 94-HM4           493,149.34
  INMC 95-E          3,013,726.19
  PMLT 99-A          2,481,344.62
  RTC 95-2           7,885,718.87
          Total     13,873,939.02
</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       FORECLOSURE
    SERIES          BALANCE       NO.        BALANCE      NO.        BALANCE      NO.      BALANCE      NO.      BALANCE
<S>              <C>              <C>     <C>             <C>      <C>            <C>    <C>            <C>    <C>
   CWMBS 94K       9,645,022.22     4        580,406.66     0              0.00     0            0.00     1      241,007.67
DLJMA 93-Q18(1)    3,908,402.93     1         84,068.83     0              0.00     0            0.00     1       59,704.19
DLJMA 94-2A(1)     1,225,880.64     0              0.00     0              0.00     0            0.00     0            0.00
  ONE 00-2(2)    410,104,520.00    74      8,549,580.00    12      1,628,534.00    19    3,891,669.00    22    3,270,215.00
 RYMS3 92-B(2)             0.00     0              0.00     0              0.00     0            0.00     0            0.00
 SBM7 94-2(2)      5,519,796.95     1        109,059.93     0              0.00     0            0.00     3      458,673.53
   SMS 91-K        5,030,807.39     1        207,546.36     1        134,362.31     1      146,065.92     0            0.00
  EAGLE 98-1      35,170,059.88    22      2,104,941.30     8        619,034.60    23    1,961,355.59    29    4,205,069.25
   INMC 94-R       8,601,318.61     1         89,682.30     1        102,447.18     1       54,873.84     2      767,290.92
   INMC 94-V       7,614,405.32     1        124,130.80     0              0.00     0            0.00     0            0.00
   INMC 94-X       7,862,337.61     6        701,109.92     0              0.00     1       48,105.36     2      550,662.27
   INMC 95-C       8,908,564.47     8      1,130,669.70     0              0.00     1      257,526.79     4      428,669.42
 INMC 95-T(2)      8,262,616.61     4      1,035,396.14     2        247,320.13     0            0.00     0            0.00
     Total       511,853,732.63   123     14,716,591.94    24      2,731,698.22    46    6,359,596.50    64    9,981,292.25
</TABLE>

<TABLE>
<CAPTION>
                          REO              REALIZED LOSSES
    SERIES          NO.      BALANCE        CURR. AMOUNT
<S>                 <C>    <C>             <C>
   CWMBS 94K          0            0.00               0.00
DLJMA 93-Q18(1)       2      237,597.57               0.00
DLJMA 94-2A(1)        0            0.00               0.00
  ONE 00-2(2)         0            0.00         459,081.00
 RYMS3 92-B(2)        0            0.00               0.00
 SBM7 94-2(2)         0            0.00               0.00
   SMS 91-K           0            0.00               0.00
  EAGLE 98-1         24    2,443,974.67         431,856.28
   INMC 94-R          0            0.00               0.00
   INMC 94-V          0            0.00               0.00
   INMC 94-X          0            0.00               0.00
   INMC 95-C          0            0.00               0.00
 INMC 95-T(2)         0            0.00               0.00
     Total           26    2,681,572.24         890,937.28
</TABLE>

<TABLE>
<CAPTION>
                   LOANS
                OUTSTANDING     DELINQUENT 30-59 DAYS   DELINQUENT 60-89 DAYS   DELINQUENT 90+ DAYS       FORECLOSURE
   SERIES         BALANCE       NO.        BALANCE      NO.        BALANCE      NO.      BALANCE      NO.      BALANCE
<S>             <C>             <C>     <C>             <C>      <C>            <C>    <C>            <C>   <C>
GRCAP 94-HM4     6,826,952.85     1        125,105.21     0              0.00     0            0.00     1       45,350.55
  INMC 95-E     14,569,539.88     6      1,706,794.43     2        230,418.68     2      290,887.33     3      239,145.68
  PMLT 99-A     38,168,704.39    33      1,720,405.54     9        591,214.77     7      416,437.99    27    1,686,105.97
 RTC 95-2(1)    23,523,654.90    64      3,451,358.35     5        630,253.71    10      843,330.66     3      269,386.69
    Total       83,088,852.02   104      7,003,663.53    16      1,451,887.16    19    1,550,655.98    34    2,239,988.89

  Total All    594,942,584.65   227     21,720,255.47    40      4,183,585.38    65    7,910,252.48    98   12,221,281.14
</TABLE>

<TABLE>
<CAPTION>

                       REO              REALIZED LOSSES
   SERIES         NO.      BALANCE       CURR. AMOUNT
<S>               <C>    <C>            <C>
GRCAP 94-HM4        0            0.00              0.00
  INMC 95-E         2      268,058.35          7,331.70
  PMLT 99-A         2      370,996.01              0.00
 RTC 95-2(1)        1       43,303.61              0.00
    Total           5      682,357.97          7,331.70

  Total All        31    3,363,930.21      898,268.98
</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             6,061,095.84       1,391.91        0.00           6,059,703.93        5,946,320.18    113,383.75
 II            0.00               303,944.50         353.14        0.00             303,591.36          276,577.60     27,013.76
 Total         0.00             6,365,040.34       1,745.05        0.00           6,363,295.29        6,222,897.78    140,397.50
</TABLE>

<TABLE>
<CAPTION>
         ADDITIONAL REPORTING ITEMS                        POOL I          POOL II           TOTAL
<S>      <C>                                           <C>              <C>             <C>
2.15(a)  Available Interest                                205,561.61       52,154.02       257,715.64
         Available Principal                             5,855,534.22      251,790.48     6,107,324.70
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                                  1.1755%         1.1409%
         Ending Actual OC                                     1.3137%         1.1616%
2.15(g)  2nd preceding pool bal                        608,164,998.14   88,275,846.74   696,440,844.88
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        113,383.75        27,013.76      140,397.50
</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.