<PAGE>   1
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


                                  EXHIBIT 10.1

                                SMT Series 2000-4

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
===========================================================================================================================
                              Certificate     Certificate    Beginning                                           Current
                                 Class        Pass-Through  Certificate        Interest         Principal        Realized
      Class      CUSIP        Description         Rate        Balance        Distribution     Distribution         Loss
===========================================================================================================================
<S>             <C>           <C>             <C>          <C>               <C>              <C>                <C>
        A       81743TAA6         SEQ         6.96875%     367,393,775.75     2,133,562.81     3,896,323.30       0.00
        B       SMT00004B         SUB         7.85875%       3,809,289.81        24,946.88             0.00       0.00
        C       SMT00004C         IO          0.00000%               0.00       132,508.32             0.00       0.00
       R-UT     SMT00004R         RES         0.00000%               0.00             0.00             0.00       0.00
       R-LT     SMT0004RL         RES         0.00000%               0.00             0.00             0.00       0.00
===========================================================================================================================
Totals                                                     371,203,065.56     2,291,018.01     3,896,323.30       0.00
===========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================
                      Ending                      Cumulative
                    Certificate         Total      Realized
      Class           Balance        Distribution   Losses
============================================================
<S>            <C>                   <C>          <C>
        A      363,497,452.45        6,029,886.11      0.00
        B        3,809,289.81           24,946.88      0.00
        C                0.00          132,508.32      0.00
       R-UT              0.00                0.00      0.00
       R-LT              0.00                0.00      0.00
============================================================
Totals         367,306,742.26        6,187,341.31      0.00
============================================================
</TABLE>




All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee


27-June-2000


<PAGE>   2
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


                                SMT Series 2000-4
                        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             377,119,000.00    367,393,775.75      0.00        3,896,323.30          0.00             0.00
       B               3,809,982.43      3,809,289.81      0.00                0.00          0.00             0.00
       C                       0.00              0.00      0.00                0.00          0.00             0.00
      R-UT                     0.00              0.00      0.00                0.00          0.00             0.00
      R-LT                     0.00              0.00      0.00                0.00          0.00             0.00
========================================================================================================================
     Totals          380,928,982.43    371,203,065.56      0.00        3,896,323.30          0.00             0.00
========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=======================================================================================
                                           Ending           Ending
                     Total Principal     Certificate      Certificate   Total Principal
     Class              Reduction          Balance        Percentage      Distribution
=======================================================================================
<S>                  <C>               <C>                <C>           <C>
       A              3,896,323.30     363,497,452.45     0.96387998      3,896,323.30
       B                      0.00       3,809,289.81     0.99981821              0.00
       C                      0.00               0.00     0.00000000              0.00
      R-UT                    0.00               0.00     0.00000000              0.00
      R-LT                    0.00               0.00     0.00000000              0.00
=======================================================================================
     Totals           3,896,323.30     367,306,742.26     0.96423942      3,896,323.30
=======================================================================================
</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.



<PAGE>   3
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


                                SMT Series 2000-4
                    Principal Distribution Factors Statement
<TABLE>
<CAPTION>

=========================================================================================================================
                                        Beginning        Scheduled       Unscheduled
                    Original Face       Certificate       Principal       Principal                         Realized
    Class(2)            Amount            Balance       Distribution    Distribution       Accretion         Loss(3)
=========================================================================================================================
<S>                  <C>                <C>             <C>             <C>                <C>              <C>
       A             377,119,000.00      974.21178925      0.00000000      10.33181383       0.00000000       0.00000000
       B               3,809,982.43      999.81820914      0.00000000       0.00000000       0.00000000       0.00000000
       C                       0.00        0.00000000      0.00000000       0.00000000       0.00000000       0.00000000
      R-UT                     0.00        0.00000000      0.00000000       0.00000000       0.00000000       0.00000000
      R-LT                     0.00        0.00000000      0.00000000       0.00000000       0.00000000       0.00000000
=========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>

========================================================================================
                                          Ending           Ending
                    Total Principal     Certificate      Certificate   Total Principal
    Class(2)           Reduction          Balance         Percentage     Distribution
========================================================================================
<S>                 <C>                 <C>              <C>           <C>
       A                10.33181383       963.87997542     0.96387998       10.33181383
       B                 0.00000000       999.81820914     0.99981821        0.00000000
       C                 0.00000000         0.00000000     0.00000000        0.00000000
      R-UT               0.00000000         0.00000000     0.00000000        0.00000000
      R-LT               0.00000000         0.00000000     0.00000000        0.00000000
========================================================================================
</TABLE>

(2)     All Denominations Are Per $1,000.

(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>   4
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


                                SMT Series 2000-4
                         Interest Distribution Statement

<TABLE>
<CAPTION>
=================================================================================================================================
                                                                                           Payment of                   Non-
                                        Current          Beginning          Current           Unpaid       Current    Supported
                   Original Face      Certificate       Certificate/        Accrued          Interest      Interest    Interest
     Class             Amount             Rate       Notional Balance       Interest        Shortfall     Shortfall   Shortfall
=================================================================================================================================
<S>                 <C>               <C>            <C>                   <C>               <C>          <C>         <C>
       A            377,119,000.00         6.96875%     367,393,775.75     2,133,562.81      0.00         0.00         0.00
       B              3,809,982.43         7.85875%       3,809,289.81        24,946.88      0.00         0.00         0.00
       C                      0.00         0.00000%               0.00             0.00      0.00         0.00         0.00
     R-UT                     0.00         0.00000%               0.00             0.00      0.00         0.00         0.00
     R-LT                     0.00         0.00000%               0.00             0.00      0.00         0.00         0.00
=================================================================================================================================

Totals              380,928,982.43                                         2,158,509.69      0.00         0.00         0.00
=================================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
================================================================================
                                                  Remaining
                                                    Unpaid          Ending
                   Realized     Total Interest     Interest       Certificate/
     Class         Losses(4)     Distribution      Shortfall   Notional Balance
================================================================================
<S>                <C>          <C>                <C>         <C>
       A            0.00        2,133,562.81          0.00       363,497,452.45
       B            0.00           24,946.88          0.00         3,809,289.81
       C            0.00          132,508.32          0.00                 0.00
     R-UT           0.00                0.00          0.00                 0.00
     R-LT           0.00                0.00          0.00                 0.00
================================================================================

Totals              0.00        2,291,018.01          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.


<PAGE>   5
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


                                SMT Series 2000-4
                     Interest Distribution Factors Statement


<TABLE>
<CAPTION>
==========================================================================================================================
                                                         Beginning                            Payment of
                                                        Certificate/                            Unpaid         Current
                 Original Face          Current           Notional       Current Accrued       Interest        Interest
  Class(5)           Amount         Certificate Rate       Balance           Interest          Shortfall      Shortfall
==========================================================================================================================
<S>              <C>                <C>                <C>               <C>                 <C>            <C>
      A          377,119,000.00        6.96875%        974.21178925          5.65753200      0.00000000     0.00000000
      B            3,809,982.43        7.85875%        999.81820914          6.54776773      0.00000000     0.00000000
      C                    0.00        0.00000%          0.00000000          0.00000000      0.00000000     0.00000000
    R-UT                   0.00        0.00000%          0.00000000          0.00000000      0.00000000     0.00000000
    R-LT                   0.00        0.00000%          0.00000000          0.00000000      0.00000000     0.00000000
==========================================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================
                     Non-                                         Remaining        Ending
                  Supported                                         Unpaid       Certificate/
                   Interest       Realized     Total Interest     Interest        Notional
  Class(5)         Shortfall      Losses(6)      Distribution     Shortfall        Balance
==============================================================================================
<S>              <C>            <C>            <C>              <C>             <C>
      A          0.00000000     0.00000000       5.65753200     0.00000000      963.8799754
      B          0.00000000     0.00000000       6.54776773     0.00000000      999.8182091
      C          0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
    R-UT         0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
    R-LT         0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
===============================================================================================
</TABLE>


(5)     All Denominations Are Per $1,000.

(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>   6
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152



                               SMT Series 2000-4
                      Certificateholder Account Statement


<TABLE>
<CAPTION>
===============================================================================
                               CERTIFICATE ACCOUNT

<S>                                                             <C>
Beginning Balance                                                       0.00
Deposits
        Payments of Interest and Principal                      6,164,095.95
        Liquidations, Insurance Proceeds, Reserve Funds                49.67
        Proceeds from Repurchased Loans                                 0.00
        Other Amounts (Servicer Advances)                         178,640.05
        Realized Losses                                                 0.00
                                                                ------------
Total Deposits                                                  6,342,785.67


Withdrawals
        Reimbursement for Servicer Advances                             0.00
        Payment of Service Fee                                    155,444.36
        Payment of Interest and Principal                       6,187,341.31
                                                                ------------
Total Withdrawals (Pool Distribution Amount)                    6,342,785.67


Ending Balance                                                          0.00
                                                                ============

===============================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================
                                 OTHER ACCOUNTS

                             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
Financial Guaranty                0.00        0.00        0.00             0.00

===============================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================
                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<S>                                                               <C>
Total Prepayment/Curtailment Interest Shortfall                   0.00
Servicing Fee Support                                             0.00
                                                                  ----
Non-Supported Prepayment/Curtailment Interest Shortfall           0.00
                                                                  ====

===============================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================
                                 SERVICING FEES

<S>                                                           <C>
Gross Servicing Fee                                           115,318.16
Trustee Fee                                                     1,856.02
AMBAC Premium                                                  38,270.18
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                              ----------
Net Servicing Fee                                             155,444.36
                                                              ==========

===============================================================================
</TABLE>


<PAGE>   7
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152


<TABLE>
<CAPTION>
====================================================================================

           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS

                                                            Percentage Delinquent
                                                                 Based On
                    Current                              -------------------------
                    Number       Unpaid Principal         Number            Unpaid
                    Of Loans          Balance            of Loans          Balance
                    --------     ----------------        --------          -------

<S>                <C>          <C>                      <C>              <C>
30 Days            44           23,633,020.54            5.011390%        6.434137%
60 Days            12            4,396,713.05            1.366743%        1.197014%
90+ Days            1              149,812.50            0.113895%        0.040787%
Foreclosure         0                    0.00            0.000000%        0.000000%
REO                 0                    0.00            0.000000%        0.000000%
                   --           -------------            --------         --------
Totals             57           28,179,546.09            6.492027%        7.671938%

</TABLE>
<TABLE>
<S>                                                            <C>
Current Period Realized Loss - Includes Interest Shortfall           0.00
Cumulative Realized Losses - Includes Interest Shortfall             0.00
Current Period Class A Insufficient Funds                            0.00
Principal Balance of Contaminated Properties                         0.00
Periodic Advance                                               178,640.05
====================================================================================
</TABLE>


<TABLE>
<CAPTION>
===================================================================================================================================
                         SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

            Original $            Original %          Current $         Current %          Current Class %        Next Prepayment %

<S>         <C>                   <C>                <C>                 <C>                <C>                    <C>
Class A     3,809,982.43          1.00018182%        3,809,289.81        1.03708682%         98.962913%               0.000000%
Class B            0.00           0.00000000%           0.00             0.0000000%           1.037087%             100.000000%
Class C            0.00           0.00000000%           0.00             0.0000000%           0.000000%               0.000000%

Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
===================================================================================================================================
</TABLE>



<PAGE>   8
Sequoia Mortgage Trust                      Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates          Norwest Bank Minnesota, N.A.
                                            Securities Administration Services
Record Date:       31-May-2000              7485 New Horizon Way
Distribution Date: 22-June-2000             Frederick, MD 21703
                                            Telephone: (301) 815-6600
                                            Facsimile: (301) 846-8152

<TABLE>
<CAPTION>
===============================================================================
                              COLLATERAL STATEMENT

Collateral Description                                         Mixed ARM
<S>                                                       <C>
Weighted Average Gross Coupon                                   7.908596%
Weighted Average Net Coupon                                     7.529804%
Weighted Average Pass-Through Rate                              0.000000%
Weighted Average Maturity (Stepdown Calculation)                     285

Beginning Scheduled Collateral Loan Count                            886
Number of Loans Paid in Full                                           8
Ending Scheduled Collateral Loan Count                               878

Beginning Scheduled Collateral Balance                    371,203,065.57
Ending Scheduled Collateral Balance                       367,306,742.27
Ending Actual Collateral Balance at 31-May-2000           367,306,742.45
Monthly P&I Constant                                        2,446,706.35
Class A Optimal Amount                                      6,068,156.30
Ending Scheduled Balance for Premium Loans                367,306,742.27


Required Overcollateralized Amount                                  0.00
Overcollateralized Increase Amount                                  0.00
Overcollateralized Reduction Amount                                 0.00
Specified O/C Amount                                        3,809,289.82
Overcollateralized Amount                                   3,809,289.82
Overcollateralization Deficiency Amount                             0.00
Base Overcollateralization Amount                                   0.00

===============================================================================
</TABLE>
<TABLE>
===============================================================================
<S>                                                           <C>
Serious Delinquencies                                             0.0023%
Floor Amount                                                2,856,967.37
Excess Cash Flow Principal Amount (Current/Cumulative)       0.00 / 0.00
Required Payment                                                    0.00
Preference Amount                                                   0.00
Alternate Certificate Rate Used?                                      No
Specified OC                                                3,809,289.84

===============================================================================
</TABLE>