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

                     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        1.55000%    592,079,654.44    764,769.55
  X-1A  81744AAC2       IO        0.91699%              0.00    130,439.46
  X-1B  81744AAD0       IO        1.03815%              0.00    364,550.39
   X-B  81744AAE8       IO        0.48322%              0.00      3,916.52
   A-R  81744AAF5      SEN        3.25039%              0.00          0.00
   B-1  81744AAB4      SUB        2.07000%      9,726,000.00     16,777.35
   B-2  81744AAG3      SUB        2.55322%      5,764,000.00     12,263.98
   B-3  81744AAH1      SUB        2.55322%      3,962,000.00      8,429.89
   B-4  SMT0211B4      SUB        2.55322%      1,801,000.00      3,831.96
   B-5  SMT0211B5      SUB        2.55322%      1,080,000.00      2,297.90
   B-6  SMT0211B6      SUB        2.55322%      2,882,787.00      6,133.66
--------------------------------------------------------------------------
Totals                                        617,295,441.44  1,313,410.66
--------------------------------------------------------------------------

<CAPTION>
                                         Ending
          Principal      Current      Certificate       Total        Cumulative
Class   Distribution  Realized Loss      Balance     Distribution  Realized Loss
--------------------------------------------------------------------------------
<S>     <C>           <C>            <C>             <C>           <C>
    A   7,864,279.10       0.00      584,215,375.34  8,629,048.65       0.00
  X-1A          0.00       0.00                0.00    130,439.46       0.00
  X-1B          0.00       0.00                0.00    364,550.39       0.00
   X-B          0.00       0.00                0.00      3,916.52       0.00
   A-R          0.00       0.00                0.00          0.00       0.00
   B-1          0.00       0.00        9,726,000.00     16,777.35       0.00
   B-2          0.00       0.00        5,764,000.00     12,263.98       0.00
   B-3          0.00       0.00        3,962,000.00      8,429.89       0.00
   B-4          0.00       0.00        1,801,000.00      3,831.96       0.00
   B-5          0.00       0.00        1,080,000.00      2,297.90       0.00
   B-6          0.00       0.00        2,882,787.00      6,133.66       0.00
----------------------------------------------------------------------------
Totals  7,864,279.10       0.00      609,431,162.34  9,177,689.76       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   695,210,000.00  592,079,654.44      0.13      7,864,278.97     0.00      0.00
  X-1A            0.00            0.00      0.00              0.00     0.00      0.00
  X-1B            0.00            0.00      0.00              0.00     0.00      0.00
   X-B            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    9,726,000.00    9,726,000.00      0.00              0.00     0.00      0.00
   B-2    5,726,000.00    5,764,000.00      0.00              0.00     0.00      0.00
   B-3    3,962,000.00    3,962,000.00      0.00              0.00     0.00      0.00
   B-4    1,801,000.00    1,801,000.00      0.00              0.00     0.00      0.00
   B-5    1,080,000.00    1,080,000.00      0.00              0.00     0.00      0.00
   B-6    2,882,787.00    2,882,787.00      0.00              0.00     0.00      0.00
-------------------------------------------------------------------------------------
Totals  720,425,887.00  617,295,441.44      0.13      7,864,278.97     0.00      0.00
-------------------------------------------------------------------------------------

<CAPTION>
           Total          Ending         Ending
         Principal     Certificate    Certificate  Total Principal
 Class   Reduction       Balance       Percentage   Distribution
------------------------------------------------------------------
<S>     <C>           <C>             <C>          <C>
    A   7,864,279.10  584,215,375.34   0.84034375   7,864,279.10
  X-1A          0.00            0.00   0.00000000           0.00
  X-1B          0.00            0.00   0.00000000           0.00
   X-B          0.00            0.00   0.00000000           0.00
   A-R          0.00            0.00   0.00000000           0.00
   B-1          0.00    9,726,000.00   1.00000000           0.00
   B-2          0.00    5,764,000.00   1.00000000           0.00
   B-3          0.00    3,962,000.00   1.00000000           0.00
   B-4          0.00    1,801,000.00   1.00000000           0.00
   B-5          0.00    1,080,000.00   1.00000000           0.00
   B-6          0.00    2,882,787.00   1.00000000           0.00
----------------------------------------------------------------
Totals  7,864,279.10  609,431,162.34   0.84593179   7,864,279.10
----------------------------------------------------------------
</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     695,210,000.00   851.65583700   0.00000019   11.31209127   0.00000000  0.00000000
X-1A              0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
X-1B              0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 X-B              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      9,726,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-2      5,764,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-3      3,962,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-4      1,801,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-5      1,080,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-6      2,882,787.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000

<CAPTION>
           Total        Ending        Ending
         Principal    Certificate   Certificate  Total Principal
 Class   Reduction      Balance      Percentage   Distribution
---------------------------------------------------------------
<S>     <C>          <C>            <C>          <C>
  A     11.31209145   840.34374554  0.84034375     11.31209145
X-1A     0.00000000     0.00000000  0.00000000      0.00000000
X-1B     0.00000000     0.00000000  0.00000000      0.00000000
 X-B     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>
                                       Beginning                   Payment of               Non-
                          Current     Certificate/      Current      Unpaid    Current    Supported
         Original Face  Certificate     Notional        Accrued     Interest   Interest   Interest   Realized
 Class      Amount         Rate         Balance         Interest    Shortfall  Shortfall  Shortfall  Loss (4)
-------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>
   A    695,210,000.00    1.55000%   592,079,654.44    764,769.55      0.00       0.00       0.02      0.00
 X-1A             0.00    0.91699%   170,696,581.83    130,439.46      0.00       0.00       0.00      0.00
 X-1B             0.00    1.03815%   421,383,072.61    364,550.39      0.00       0.00       0.00      0.00
  X-B             0.00    0.48322%     9,726,000.00      3,916.52      0.00       0.00       0.00      0.00
  A-R           100.00    3.25039%             0.00          0.00      0.00       0.00       0.00      0.00
  B-1     9,726,000.00    2.07000%     9,726,000.00     16,777.35      0.00       0.00       0.00      0.00
  B-2     5,764,000.00    2.55322%     5,764,000.00     12,263.98      0.00       0.00       0.00      0.00
  B-3     3,962,000.00    2.55322%     3,962,000.00      8,429.89      0.00       0.00       0.00      0.00
  B-4     1,801,000.00    2.55322%     1,801,000.00      3,831.96      0.00       0.00       0.00      0.00
  B-5     1,080,000.00    2.55322%     1,080,000.00      2,297.90      0.00       0.00       0.00      0.00
  B-6     2,882,787.00    2.55322%     2,882,787.00      6,133.66      0.00       0.00       0.00      0.00
-----------------------------------------------------------------------------------------------------------
Totals  720,425,887.00                               1,313,410.66      0.00       0.00       0.02      0.00
-----------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
 Class   Distribution   Shortfall      Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
   A      764,769.55       0.00    584,215,375.34
 X-1A     130,439.46       0.00    170,352,451.10
 X-1B     364,550.39       0.00    413,862,924.24
  X-B       3,916.52       0.00      9,726,000.00
  A-R           0.00       0.00              0.00
  B-1      16,777.35       0.00      9,726,000.00
  B-2      12,263.98       0.00      5,764,000.00
  B-3       8,429.89       0.00      3,962,000.00
  B-4       3,831.96       0.00      1,801,000.00
  B-5       2,297.90       0.00      1,080,000.00
  B-6       6,133.66       0.00      2,882,787.00
-------------------------------------------------
Totals  1,313,410.66       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>
                                      Beginning                Payment of                Non-
                         Current     Certificate/   Current      Unpaid     Current    Supported
Class   Original Face  Certificate     Notional     Accrued     Interest    Interest   Interest     Realized
 (5)       Amount         Rate         Balance      Interest    Shortfall  Shortfall   Shortfall    Loss (6)
-------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>            <C>         <C>         <C>         <C>         <C>
  A    695,210,000.00    1.55000%    851.65583700  1.10005545  0.00000000  0.00000000  0.00000003  0.00000000
X-1A             0.00    0.91699%    890.15094826  0.68021754  0.00000000  0.00000000  0.00000000  0.00000000
X-1B             0.00    1.03815%    836.99338264  0.72410660  0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.48322%   1000.00000000  0.40268559  0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    3.25039%      0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000
 B-1     9,726,000.00    2.07000%   1000.00000000  1.72500000  0.00000000  0.00000000  0.00000000  0.00000000
 B-2     5,726,000.00    2.55322%   1000.00000000  2.12768563  0.00000000  0.00000000  0.00000000  0.00000000
 B-3     3,962,000.00    2.55322%   1000.00000000  2.12768551  0.00000000  0.00000000  0.00000000  0.00000000
 B-4     1,801,000.00    2.55322%   1000.00000000  2.12768462  0.00000000  0.00000000  0.00000000  0.00000000
 B-5     1,080,000.00    2.55322%   1000.00000000  2.12768519  0.00000000  0.00000000  0.00000000  0.00000000
 B-6     2,882,787.00    2.55322%   1000.00000000  2.12768408  0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                       Remaining       Ending
                        Unpaid      Certificate/
Class  Total Interest  Interest      Notational
 (5)    Distribution   Shortfall      Balance
------------------------------------------------
<S>    <C>             <C>         <C>
  A      1.10005545    0.00000000   840.34374554
X-1A     0.68021754    0.00000000   888.35637046
X-1B     0.72410660    0.00000000   822.05610862
 X-B     0.40268559    0.00000000  1000.00000000
 A-R     0.00000000    0.00000000     0.00000000
 B-1     1.72500000    0.00000000  1000.00000000
 B-2     2.12768563    0.00000000  1000.00000000
 B-3     2.12768551    0.00000000  1000.00000000
 B-4     2.12768462    0.00000000  1000.00000000
 B-5     2.12768519    0.00000000  1000.00000000
 B-6     2.12768408    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                        9,371,666.31
         Liquidations, Insurance Proceeds, Reserve Funds                   0.00
         Proceeds from Repurchased Loans                                   0.00
         Other Amounts (Servicer Advances)                             1,077.08
         Realized Losses                                                   0.00
         Prepayment Penalties                                              0.00
                                                                   ------------
Total Deposits                                                     9,372,743.39

Withdrawals
         Reimbursement for Servicer Advances                           5,241.55
         Payment of Service Fee                                      189,812.08
         Payment of Interest and Principal                         9,177,689.76
                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                       9,372,743.39

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                                                186,211.18
Master Servicing Fee                                                 3,600.90
Supported Prepayment/Curtailment Interest Shortfall                      0.00
                                                                   ----------

Net Servicing Fee                                                  189,812.08
                                                                   ==========
</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            0.00             0.00        5,000.00
Class X-B Basis Risk Reserve Fund           5,000.00            0.00             0.00        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        0            0.00  30 Days        0           0.00  30 Days        0           0.00
60 Days        1       42,301.91  60 Days        0           0.00  60 Days        0           0.00
90 Days        1      431,542.26  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
           ---------------------             --------------------             --------------------
               2      473,844.17                 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    0.056625%   0.006941%  60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.056625%   0.070811%  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%
           --------------------              -------------------              -------------------
           0.113250%   0.077752%             0.000000%  0.000000%             0.000000%  0.000000%

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

<CAPTION>
              REO                             TOTAL
-----------------------------------------------------------------
            No. of    Principal               No. of    Principal
             Loans     Balance                Loans      Balance
<C>        <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        1       42,301.91
90 Days        0           0.00  90 Days        1      431,542.26
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                 2      473,844.17

            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    0.056625%   0.006941%
90 Days    0.000000%  0.000000%  90 Days    0.056625%   0.070811%
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%             0.113250%   0.077752%

   0.00    Periodic Advance                         1,077.08
</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     4.13759397%          95.862406%       0.000000%
Class X-1-A  25,215,787.00     3.50012228%  25,215,787.00     4.13759397%           0.000000%       0.000000%
Class X-1-B  25,215,787.00     3.50012228%  25,215,787.00     4.13759397%           0.000000%       0.000000%
 Class B-1   15,489,787.00     2.15008751%  15,489,787.00     2.54167951%           1.595914%      38.571075%
 Class B-2    9,725,787.00     1.35000521%   9,725,787.00     1.59587950%           0.945800%      22.858696%
 Class B-3    5,763,787.00     0.80005273%   5,763,787.00     0.94576506%           0.650114%      15.712379%
 Class B-4    3,962,787.00     0.55006172%   3,962,787.00     0.65024358%           0.295521%       7.142351%
 Class B-5    2,882,787.00     0.40015039%   2,882,787.00     0.47302914%           0.177214%       4.283031%
 Class B-6            0.00     0.00000000%           0.00     0.00000000%           0.473029%      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     0.01965013%
         Fraud  21,612,777.00     3.00000005%  12,860,062.82     2.11017480%
Special Hazard  11,600,000.00     1.61015869%  11,600,000.00     1.90341432%
</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                                  2.922211%
Weighted Average Net Coupon                                    2.560223%
Weighted Average Pass-Through Rate                             2.553223%
Weighted Average Maturity (Stepdown Calculation)                    311

Beginning Scheduled Collateral Loan Count                         1,783
Number of Loans Paid in Full                                         17
Ending Scheduled Collateral Loan Count                            1,766

Beginning Scheduled Collateral Balance                   617,295,441.44
Ending Scheduled Collateral Balance                      609,431,162.34
Ending Actual Collateral Balance at 30-Jan-2004          609,429,198.74

Monthly P&I Constant                                       1,503,222.86
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realization Loss Amount                                            0.00
Cumulative Realized Loss                                           0.00

Class A Optimal Amount                                     8,629,048.65

Ending Scheduled Balance for Premium Loans               609,431,162.34

Scheduled Principal                                                0.13
Unscheduled Principal                                      7,864,278.97
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                       <C>
Pro Rata Senior Percentage                     95.915119%
Senior Percentage                             100.000000%
Senior Prepayment Percentage                  100.000000%
Subordinate Percentage                          0.000000%
Subordinate Prepayment Percentage               0.000000%
One Month LIBOR Loan Balance              177,705,169.47
Six Month LIBOR Loan Balance              431,725,992.87
</TABLE>