<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:  March 1, 2004

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                       BEGINNING CERT     PASS         INTEREST       PRINCIPAL         TOTAL        REALIZED     ENDING CERT
CLASS      CUSIP          BALANCE        THROUGH     DISTRIBUTION    DISTRIBUTION    DISTRIBUTION     LOSSES        BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>           <C>              <C>          <C>             <C>             <C>             <C>         <C>
 A-1     81743UAA3     22,468,463.35    1.700000%      31,830.32       878,375.46      910,205.78       0.00     21,590,087.90
 A-2     81743UAB1      9,265,063.35    1.850000%      14,283.64       376,521.56      390,805.20       0.00      8.888,541.78
------------------------------------------------------------------------------------------------------------------------------
Total                  31,733,526.70                   46,113.96     1,254,897.02    1,301,010.98       0.00     30,478,629.68
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<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     346.944354672      0.491504502      13.563339936     333.381014736      1.700000%
 A-2      81743UAB1        15,861,000.00     584.141185725      0.900550995      23.738828724     560.402357001      1.850000%
-------------------------------------------------------------------------------------------------------------------------------
Total                      80,622,000.00     393.608775517      0.571977406      15.565193371     378.043582145
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                       ORIGINAL      BEGINNING     PASS     INTEREST      PRINCIPAL       TOTAL     REALIZED  INTEREST     ENDING
   SERIES    CLASS     BALANCE        BALANCE     THROUGH  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION  LOSSES  SHORTFALL    BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>    <C>            <C>           <C>       <C>           <C>           <C>          <C>      <C>       <C>
 CWMBS 94K    A1    123,119,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
DLJMA 93-Q18  1A1    51,833,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
DLJMA 94-2A   1A1    85,787,000.00    411,541.63 5.124738%    1,757.54       1,135.65      2,893.18   0.00     0.00       410,405.98
  ONE 00-2    2A    152,653,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 RYMS3 92-B   1A2     7,712,906.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 SBM7 94-2    A1     49,384,000.00    958,453.12 5.791838%    4,626.00       1,914.24      6,540.24   0.00     0.00       956,538.88
  SMS 91-K    A1    110,588,063.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
  SMS 91-K    A3      1,917,885.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 EAGLE 98-1   M1     46,029,000.00 14,078,188.42 2.100000%   24,636.83     748,601.34    773,238.17   0.00     0.00    13,329,587.08
 INMC 94-R    M2      4,620,000.00  1,674,869.05 3.902440%    5,446.73      70,819.67     76,266.40   0.00     0.00     1,604,049.38
 INMC 94-V    B1      3,618,000.00  1,014,030.68 3.731402%    3,153.13      55,431.57     58,584.70   0.00     0.00       958,599.11
 INMC 94-X    B1      2,769,000.00    862,631.18 3.740899%    2,689.18      14,279.36     16,968.54   0.00     0.00       848,351.82
 INMC 95-C    B1     12,828,797.00  2,985,363.93 3.902933%    9,709.73       7,715.70     17,425.43   0.00     0.00     2,977,648.23
 INMC 95-T    A2     65,695,250.00  1,106,867.88 3.129165%    2,886.31       2,852.17      5,738.48   0.00     0.00     1,104,015.71
------------------------------------------------------------------------------------------------------------------------------------
      Total         718,554,901.00 23,091,945.89             54,905.45     957,655.15    957,655.15   0.00     0.00    22,189,196.19
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

            UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                       ORIGINAL    BEGINNING     PASS       INTEREST     PRINCIPAL      TOTAL       REALIZED INTEREST      ENDING
   SERIES    CLASS     BALANCE      BALANCE    THROUGH    DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES  SHORTFALL    BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>   <C>            <C>          <C>        <C>           <C>           <C>           <C>      <C>        <C>
GRCAP 94-HM4  A1   245,813,000.00   357,672.56 3.828065%     1,140.99     56,355.53     57,496.52     0.00     0.00       301,317.03
 INMC 95-E    B1     4,608,492.00 2,189,575.81 3.831648%     6,991.40     20,912.69     27,904.09     0.00     0.00     2,168,663.12
 PMLT 99-A    M1     2,914,000.00 1,627,245.66 2.199997%     2,983.28     28,085.89     31,069.17     0.00     0.00     1,599,159.77
  RTC 95-2    A3   119,696,000.00 5,251,723.28 3.020896%    13,220.76    271,167.46    284,388.22     0.00     0.00     4,980,555.82
------------------------------------------------------------------------------------------------------------------------------------
       Total       373,031,492.00 9,426,217.31              24,336.44    376,521.56    400,858.00     0.00     0.00     9,049,695.75
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                     LOANS
                  OUTSTANDING   DELINQUENT 30-59 DAYS  DELINQUENT 0-89 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              0.00   0               0.00    0             0.00   0             0.00   0           0.00
DLJMA 93-Q18(1)           0.00   0               0.00    0             0.00   0             0.00   0           0.00
 DLJMA 94-2A(1)     666,776.39   0               0.00    0             0.00   0             0.00   0           0.00
  ONE 00-2(2)             0.00   0               0.00    0             0.00   0             0.00   0           0.00
 RYMS3 92-B(2)            0.00   0               0.00    0             0.00   0             0.00   0           0.00
  SBM7 94-2(2)    3,381,979.05   0               0.00    0             0.00   0             0.00   1     115,410.79
    SMS 91-K              0.00   0               0.00    0             0.00   0             0.00   0           0.00
   EAGLE 98-1    22,571,113.03  11         731,973.00    1        61,605.19  17     2,458,653.54  16   1,222,690.52
   INMC 94-R      4,929,469.95   1         634,552.91    0             0.00   0             0.00   2     280,262.95
   INMC 94-V      4,367,359.21   2         103,693.35    0             0.00   0             0.00   0           0.00
   INMC 94-X      3,995,740.85   3         363,226.96    0             0.00   1        46,680.47   1      93,846.47
   INMC 95-C      5,823,138.25   1          87,644.21    0             0.00   0             0.00   2     381,758.57
  INMC 95-T(2)    4,960,380.88   1         346,708.33    1       190,764.52   2       151,154.98   0           0.00
-------------------------------------------------------------------------------------------------------------------
     Total       50,695,957.61  19       2,267,798.76    2       252,369.71  20     2,656,488.99  22   2,093,969.30
-------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------------

                     REO            REALIZED LOSSES
    SERIES       NO.     BALANCE      CURR. AMOUNT
----------------------------------------------------
<S>              <C>  <C>           <C>
   CWMBS 94K     0            0.00           0.00
DLJMA 93-Q18(1)  0            0.00           0.00
 DLJMA 94-2A(1)  0            0.00           0.00
  ONE 00-2(2)    0            0.00           0.00
 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    6    1,438,039.43     268,811.80
   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       7    1,438,039.43     268,811.80
----------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                  LOANS
               OUTSTANDING    DELINQUENT 30-59 DAYS  DELINQUENT 60-89 DAYS  DELINQUENT 90+ DAYS
   SERIES        BALANCE      NO.         BALANCE    NO.         BALANCE     NO.     BALANCE
-----------------------------------------------------------------------------------------------
<S>           <C>             <C>      <C>           <C>      <C>           <C>    <C>
GRCAP 94-HM4    4,171,306.72   0               0.00   0               0.00   0             0.00
 INMC 95-E     10,419,129.58   7         825,984.21   2          73,009.75   0             0.00
 PMLT 99-A     24,598,701.70  27       1,930,710.47   8         773,907.44   5       308,029.05
RTC 95-2(1)    16,675,357.57   4         264,019.57   2          48,115.95   6       509,956.23
-----------------------------------------------------------------------------------------------
   Total       55,864,495.57  38       3,020,714.25  12         895,033.14  11       817,985.28
-----------------------------------------------------------------------------------------------
 Total All    106,560,453.18  57       5,288,513.01  14       1,147,402.85  31     3,474,474.27
-----------------------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------------------

                FORECLOSURE           REO           REALIZED LOSSES
   SERIES     NO.    BALANCE     NO.     BALANCE      CURR. AMOUNT
-------------------------------------------------------------------
<S>           <C>  <C>           <C>  <C>           <C>
GRCAP 94-HM4   0           0.00   0           0.00           0.00
 INMC 95-E     3     681,286.82   0           0.00      -5,333.60
 PMLT 99-A    21   1,703,140.17   6     226,577.10           0.00
RTC 95-2(1)    3     216,510.27   0           0.00           0.00
-------------------------------------------------------------------
   Total      27   2,600,937.26   6     226,577.10      -5,533.60
-------------------------------------------------------------------
 Total All    49   4,694,906.56  12   1,664,616.53     263,278.20
-------------------------------------------------------------------
</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            957,655.15     577.30          0.00          957,077.85         910,205.78    46,872.07
 II           0.00            400,858.00     235.66          0.00          400,622.35         390,805.20     9,817.14
---------------------------------------------------------------------------------------------------------------------
Total         0.00          1,358,513.15     812.95          0.00        1,357,700.20       1,301,010.98    56,689.22
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
                ADDITIONAL REPORTING ITEMS                 POOL I              POOL II        TOTAL
----------------------------------------------------------------------------------------------------------
<S>      <C>                                          <C>                   <C>             <C>
2.15(a)  Available Interest                                     54,905.45       24,336.44        79,241.89
----------------------------------------------------------------------------------------------------------
         Available Principal                                   902,749.70      376,521.56     1,279,271.26
----------------------------------------------------------------------------------------------------------
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                                       2.7000%         1.7096%
----------------------------------------------------------------------------------------------------------
         Ending Actual OC                                          2.7000%         1.7808%
----------------------------------------------------------------------------------------------------------
2.15(g)  2nd preceding pool bal                             52,537,452.78   57,422,627.94   109,960,080.72
----------------------------------------------------------------------------------------------------------
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             46,872.07        9,817.14        56,689.22
----------------------------------------------------------------------------------------------------------
</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.