<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 2002-12

                          RECORD DATE: JANUARY 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate    Certificate     Beginning                                                         Ending
                       Class      Pass-Through    Certificate       Interest        Principal        Current       Certificate
   Class   CUSIP    Description      Rate           Balance       Distribution    Distribution    Realized Loss      Balance
-------------------------------------------------------------------------------------------------------------------------------
<S>      <C>        <C>           <C>          <C>               <C>              <C>             <C>            <C>
     A   81744BAA4      SEN         1.55000%   938,313,782.50    1,211,988.64     9,388,444.32         0.00      928,925,338.18
    X-1  81744BAB2       IO         0.81364%             0.00      154,290.33             0.00         0.00                0.00
    X-2  81744BAC0       IO         1.04745%             0.00      635,078.44             0.00         0.00                0.00
    A-R  81744BAD8      SEN         3.16256%             0.00            0.00             0.00         0.00                0.00
    B-1  81744BAE6      SUB         1.95000%    16,815,000.00       27,324.38             0.00         0.00       16,815,000.00
    B-2  81744BAF3      SUB         2.54879%     8,968,000.00       19,047.92             0.00         0.00        8,968,000.00
    B-3  81744BAG1      SUB         2.54879%     6,165,000.00       13,094.38             0.00         0.00        6,165,000.00
    B-4  SMT0212B4      SUB         2.54879%     2,802,000.00        5,951.41             0.00         0.00        2,802,000.00
    B-5  SMT0212B5      SUB         2.54879%     1,681,000.00        3,570.42             0.00         0.00        1,681,000.00
    B-6  SMT0212B6      SUB         2.54879%     4,486,095.46        9,528.41             0.00         0.00        4,486,095.46
-------------------------------------------------------------------------------------------------------------------------------
Totals                                         979,230,877.96    2,079,874.33     9,388,444.32         0.00      969,842,433.64
-------------------------------------------------------------------------------------------------------------------------------

<CAPTION>


              Total          Cumulative
   Class  Distribution     Realized Loss
----------------------------------------
<S>       <C>              <C>
     A    10,600,432.96       0.00
    X-1      154,290.33       0.00
    X-2      635,078.44       0.00
    A-R            0.00       0.00
    B-1       27,324.38       0.00
    B-2       19,047.92       0.00
    B-3       13,094.38       0.00
    B-4        5,951.41       0.00
    B-5        3,570.42       0.00
    B-6        9,528.41       0.00
----------------------------------------
Totals    11,468,318.65       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                    Realized
   Class           Amount             Balance       Distribution   Distribution     Accretion     Loss (1)
----------------------------------------------------------------------------------------------------------
<S>          <C>                  <C>               <C>            <C>              <C>           <C>
     A       1,080,076,000.00     938,313,782.50       0.00         9,388,444.32      0.00          0.00
    X-1                  0.00               0.00       0.00                 0.00      0.00          0.00
    X-2                  0.00               0.00       0.00                 0.00      0.00          0.00
    A-R                100.00               0.00       0.00                 0.00      0.00          0.00
    B-1         16,815,000.00      16,815,000.00       0.00                 0.00      0.00          0.00
    B-2          8,968,000.00       8,968,000.00       0.00                 0.00      0.00          0.00
    B-3          6,165,000.00       6,165,000.00       0.00                 0.00      0.00          0.00
    B-4          2,802,000.00       2,802,000.00       0.00                 0.00      0.00          0.00
    B-5          1,681,000.00       1,681,000.00       0.00                 0.00      0.00          0.00
    B-6          4,486,095.46       4,486,095.46       0.00                 0.00      0.00          0.00
----------------------------------------------------------------------------------------------------------
Totals       1,120,993,195.46     979,230,877.96       0.00         9,388,444.32      0.00          0.00
----------------------------------------------------------------------------------------------------------

<CAPTION>
                                  Ending              Ending
             Total Principal    Certificate        Certificate       Total Principal
   Class        Reduction         Balance           Percentage         Distribution
------------------------------------------------------------------------------------
<S>          <C>               <C>                 <C>               <C>
     A        9,388,444.32     928,925,338.18       0.86005553       9,388,444.32
    X-1               0.00               0.00       0.00000000               0.00
    X-2               0.00               0.00       0.00000000               0.00
    A-R               0.00               0.00       0.00000000               0.00
    B-1               0.00      16,815,000.00       1.00000000               0.00
    B-2               0.00       8,968,000.00       1.00000000               0.00
    B-3               0.00       6,165,000.00       1.00000000               0.00
    B-4               0.00       2,802,000.00       1.00000000               0.00
    B-5               0.00       1,681,000.00       1.00000000               0.00
    B-6               0.00       4,486,095.46       1.00000000               0.00
------------------------------------------------------------------------------------
Totals        9,388,444.32     969,842,433.64       0.86516353       9,388,444.32
------------------------------------------------------------------------------------
</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                    Realized
   Class           Amount             Balance       Distribution   Distribution     Accretion     Loss (3)
-------------------------------------------------------------------------------------------------------------
<S>          <C>                   <C>              <C>            <C>              <C>           <C>
     A       1,080,076,000.00       868.74792376    0.00000000        8.69239231    0.00000000    0.00000000
    X-1                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    X-2                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    A-R                100.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-1         16,815,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-2          8,968,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-3          6,165,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-4          2,802,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-5          1,681,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
    B-6          4,486,095.46      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000
-------------------------------------------------------------------------------------------------------------

<CAPTION>
                                  Ending              Ending
              Total Principal   Certificate        Certificate       Total Principal
   Class        Reduction         Balance           Percentage         Distribution
------------------------------------------------------------------------------------
<S>           <C>              <C>                 <C>               <C>
     A        8.69239231        860.05553144        0.86005553         8.69239231
    X-1       0.00000000          0.00000000        0.00000000         0.00000000
    X-2       0.00000000          0.00000000        0.00000000         0.00000000
    A-R       0.00000000          0.00000000        0.00000000         0.00000000
    B-1       0.00000000       1000.00000000        1.00000000         0.00000000
    B-2       0.00000000       1000.00000000        1.00000000         0.00000000
    B-3       0.00000000       1000.00000000        1.00000000         0.00000000
    B-4       0.00000000       1000.00000000        1.00000000         0.00000000
    B-5       0.00000000       1000.00000000        1.00000000         0.00000000
    B-6       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       Current     Non-Supported
           Original Face      Certificate     Certificate/       Accrued     Interest      Interest     Interest     Realized
  Class       Amount             Rate       Notional Balance     Interest    Shortfall    Shortfall     Shortfall    Loss (4)
-----------------------------------------------------------------------------------------------------------------------------
<S>       <C>                 <C>           <C>                <C>           <C>          <C>          <C>           <C>
    A     1,080,076,000.00      1.55000%     938,313,782.50    1,211,988.64     0.00        0.00         0.00          0.00
   X-1                0.00      0.81364%     227,555,844.04      154,290.33     0.00        0.00         0.00          0.00
   X-2                0.00      1.04745%     727,572,938.46      635,078.44     0.00        0.00         0.00          0.00
   A-R              100.00      3.16256%               0.00            0.00     0.00        0.00         0.00          0.00
   B-1       16,815,000.00      1.95000%      16,815,000.00       27,324.38     0.00        0.00         0.00          0.00
   B-2        8,968,000.00      2.54879%       8,968,000.00       19,047.92     0.00        0.00         0.00          0.00
   B-3        6,165,000.00      2.54879%       6,165,000.00       13,094.38     0.00        0.00         0.00          0.00
   B-4        2,802,000.00      2.54879%       2,802,000.00        5,951.41     0.00        0.00         0.00          0.00
   B-5        1,681,000.00      2.54879%       1,681,000.00        3,570.42     0.00        0.00         0.00          0.00
   B-6        4,486,095.46      2.54879%       4,486,095.46        9,528.41     0.00        0.00         0.00          0.00
-----------------------------------------------------------------------------------------------------------------------------
 Totals   1,120,993,195.46                                     2,079,874.33     0.00        0.00         0.00          0.00
-----------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                              Remaining          Ending
                               Unpaid          Certificate/
            Total Interest    Interest          Notational
  Class      Distribution    Shortfall           Balance
-------------------------------------------------------------
<S>         <C>              <C>              <C>
    A       1,211,988.64         0.00         928,925,338.18
   X-1        154,290.33         0.00         225,991,122.33
   X-2        635,078.44         0.00         719,749,215.85
   A-R              0.00         0.00                   0.00
   B-1         27,324.38         0.00          16,815,000.00
   B-2         19,047.92         0.00           8,968,000.00
   B-3         13,094.38         0.00           6,165,000.00
   B-4          5,951.41         0.00           2,802,000.00
   B-5          3,570.42         0.00           1,681,000.00
   B-6          9,528.41         0.00           4,486,095.46
-------------------------------------------------------------
 Totals     2,079,874.33         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        Current    Non-Supported
Class (5)    Original Face    Certificate   Certificate           Accrued       Interest      Interest      Interest      Realized
                Amount           Rate     Notional Balance       Interest       Shortfall     Shortfall    Shortfall      Loss (6)
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>               <C>         <C>                    <C>           <C>           <C>          <C>             <C>
    A       1,080,076,000.00    1.55000%      868.74792376       1.12213274     0.00000000   0.00000000    0.00000000     0.00000000
   X-1                  0.00    0.81364%      911.26462722       0.61786732     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                  0.00    1.04745%      858.82080186       0.74964110     0.00000000   0.00000000    0.00000000     0.00000000
   A-R                100.00    3.16256%        0.00000000       0.00000000     0.00000000   0.00000000    0.00000000     0.00000000
   B-1         16,815,000.00    1.95000%     1000.00000000       1.62500030     0.00000000   0.00000000    0.00000000     0.00000000
   B-2          8,968,000.00    2.54879%     1000.00000000       2.12398751     0.00000000   0.00000000    0.00000000     0.00000000
   B-3          6,165,000.00    2.54879%     1000.00000000       2.12398702     0.00000000   0.00000000    0.00000000     0.00000000
   B-4          2,802,000.00    2.54879%     1000.00000000       2.12398644     0.00000000   0.00000000    0.00000000     0.00000000
   B-5          1,681,000.00    2.54879%     1000.00000000       2.12398572     0.00000000   0.00000000    0.00000000     0.00000000
   B-6          4,486,095.46    2.54879%     1000.00000000       2.12398735     0.00000000   0.00000000    0.00000000     0.00000000
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                Remaining
                                 Unpaid
            Total Interest      Interest      Ending Certificate/
Class (5)    Distribution       Shortfall     Notational Balance
-----------------------------------------------------------------
<S>         <C>                 <C>           <C>
    A       1.12213274           0.00000000     860.05553144
   X-1      0.61786732           0.00000000     904.99858052
   X-2      0.74964110           0.00000000     849.58574738
   A-R      0.00000000           0.00000000       0.00000000
   B-1      1.62500030           0.00000000    1000.00000000
   B-2      2.12398751           0.00000000    1000.00000000
   B-3      2.12398702           0.00000000    1000.00000000
   B-4      2.12398644           0.00000000    1000.00000000
   B-5      2.12398572           0.00000000    1000.00000000
   B-6      2.12398735           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

Deposits
        Payments of Interest and Principal                     11,776,656.84
        Liquidations, Insurance Proceeds, Reserve Funds                 0.00
        Proceeds from Repurchased Loans                                 0.00
        Other Amounts (Servicer Advances)                               0.00
        Realized Losses                                                 0.00
        Prepayment Penalties                                            0.00
                                                               -------------
Total Deposits                                                 11,776,656.84

Withdrawals
        Reimbursement for Servicer Advances                             0.00
        Payment of Service Fee                                    308,338.18
        Payment of Interest and Principal                      11,468,318.66
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   11,776,656.84

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                                               308,338.18
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                               -------------

Net Servicing Fee                                                 308,338.18
                                                               =============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                     Beginning     Current      Current   Ending
Account Type          Balance    Withdrawals   Deposits   Balance
--------------------------------------------------------------------
<S>                  <C>         <C>           <C>       <C>
Reserve Fund         10,000.00      0.00         0.00    10,000.00
</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>                <C>
0-29 Days         0             0.00     0-29 Days      0            0.00    0-29 Days      0                  0.00
30 Days           0             0.00     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
              ----------- --------------            ----------- ------------            -----------       ----------
                  0             0.00                    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       0.000000%     0.000000%    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%
              ----------- --------------            ----------- ------------            -----------       ------------
              0.000000%     0.000000%               0.000000%    0.000000%              0.000000%          0.000000%

Current Period Class A Insufficient Funds:              0.00     Principal Balance of Contaminated Properties  0.00

<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        0             0.00
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                   0             0.00


             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    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%
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%              0.000000%     0.000000%

           Periodic Advance                            0.00
</TABLE>


<TABLE>
<CAPTION>
                    Original $         Original %          Current $           Current %
<S>               <C>                  <C>                <C>                  <C>
    Bankruptcy       218,860.00        0.01952376%          218,860.00         0.02256655%
         Fraud    33,629,796.00        3.00000001%        9,908,251.45         1.02163518%
Special Hazard    11,209,932.00        1.00000000%        9,698,424.34         1.00000000%
</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                                                         2.926639%
Weighted Average Net Coupon                                                           2.548785%
Weighted Average Pass-Through Rate                                                    2.548785%
Weighted Average Maturity (Stepdown Calculation)                                           312

Beginning Scheduled Collateral Loan Count                                                2,839
Number of Loans Paid in Full                                                                21
Ending Scheduled Collateral Loan Count                                                   2,818

Beginning Scheduled Collateral Balance                                          979,230,877.96
Ending Scheduled Collateral Balance                                             969,842,433.64
Ending Actual Collateral Balance at 30-Jan-2004                                 969,849,901.52

Monthly P&I Constant                                                              2,388,212.51
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realization Loss Amount                                                                   0.00
Cumulative Realized Loss                                                                  0.00

Ending Scheduled Balance for Premium Loans                                      969,842,433.64

Scheduled Principal                                                                       0.00
Unscheduled Principal                                                             9,388,444.32
</TABLE>


                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Principal Balance of 1-Month Libor Loans                         231,750,482.89
Principal Balance of 6-Month Libor Loans                         738,091,950.75
Pro Rata Senior Percentage                                            95.821507%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
Payment Received from Cap Provide                                             0
</TABLE>