<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:  April 30, 2003

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                        BEGINNING                    INTEREST     PRINCIPAL        TOTAL      REALIZED     ENDING
CLASS        CUSIP     CERT BALANCE  PASS THROUGH  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION    LOSSES    CERT BALANCE
-----        -----     ------------  ------------  ------------  ------------  ------------    ------    ------------
<S>        <C>        <C>            <C>           <C>           <C>           <C>           <C>        <C>
 A-1       81743UAA3  42,151,853.06   1.910000%      67,091.70   1,063,799.28  1,130,890.98      0.00   41,088,054.37
 A-2       81743UAB1  12,736,260.62   2.060000%      21,863.91     492,793.72    514,657.63      0.00   12,243,466.90
-----      ---------  -------------   ---------      ---------   ------------  ------------      ----   -------------
 Total                54,888,114.28                  88,955.61   1,556,593.00  1,645,548.61      0.00   53,331,521.28
</TABLE>


                           CURRENT PAYMENT INFORMATION
                              FACTORS PER $1.00" 0

<TABLE>
<CAPTION>
                        ORIGINAL       BEGINNING     INTEREST      PRINCIPAL       ENDING       CURRENT
CLASS        CUSIP    CERT BALANCE      FACTOR        FACTOR        FACTOR         FACTOR     PASS THROUGH
-----        -----    ------------      ------        ------        ------         ------     ------------
<S>        <C>        <C>            <C>            <C>          <C>           <C>            <C>
 A-1       81743UAA3  64,761,000.00  650.883304106  1.035989259  16.426541941  634.456762166    1.910000%
 A-2       81743UAB1  15,861,000.00  802.992284197  1.378470088  31.069523737  771.922760460    2.060000%
-----      ---------  -------------  -------------  -----------  ------------  -------------    ---------
Total                 80,622,000.00  680.808145132  1.103366506  19.307298239  661.500846894
</TABLE>


             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                        ORIGINAL       BEGINNING      PASS       INTEREST     PRINCIPAL        TOTAL
   SERIES     CLASS     BALANCE         BALANCE      THROUGH   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION
  ---------   -----     -------         -------      -------   ------------  ------------  ------------
<S>           <C>    <C>             <C>            <C>        <C>           <C>           <C>
  CWMBS 94K     A1   123,119,000.00   1,236,667.76  4.774600%    4,920.49       55,794.89     60,715.39
DLJMA 93-Q18   1A1    51,833,000.00     231,065.61  5.099577%      981.95       31,637.74     32,619.69
 DLJMA 94-2A   1A1    85,787,000.00     633,353.54  5.383418%    2,841.34       45,481.81     48,323.14
  ONE 00-2      2A   152,653,000.00   7,827,462.26  4.471374%   29,166.26      275,500.41    304,666.67
 RYMS3 92-B    1A2     7,712,906.00           0.00  0.000000%        0.00            0.00          0.00
  SBM7 94-2     A1    49,384,000.00   1,263,086.23  6.255114%    6,552.38        2,161.85     8,7141.23
  SMS 91-K      A1   110,588,063.00           0.00  0.000000%        0.00            0.00          0.00
  SMS 91-K      A3     1,917,885.00           0.00  0.000000%        0.00            0.00          0.00
 EAGLE 98-1     M1    46,029,000.00  19,203,588.97  2.305000%   38,116.46      345,519.02    383,635.48
  INMC 94-R     M2     4,620,000.00   2,585,743.69  4.915174%   10,591.15      105,939.71    116,530.86
  INMC 94-V     B1     3,618,000.00   1,454,975.32  4.942121%    5,992.22       27,888.57     33,880.79
  INMC 94-X     B1     2,769,000.00   1,263,477.07  5.166049%    5,439.32       60,481.52     65,920.84
  INMC 95-C     B1    12,828,797.00   4,299,643.92  5.305851%   19,011.06      107,513.07    126,524.13
  INMC 95-T     A2    65,695,250.00   2,807,287.89  4.660284%   10,902.30        5,880.69     16,782.99
  ---------   ----   --------------  -------------  ---------  ----------    ------------  ------------
       Total         718,554,901.00  42,806,352.26             134,514.93    1,063,799.28  1,198,314.21
</TABLE>


<TABLE>
<CAPTION>
              REALIZED   INTEREST       ENDING
   SERIES      LOSSES   SHORTFALL      BALANCE
  ---------     ----      ----       ------------
<S>           <C>      <C>           <C>
  CWMBS 94K     0.00      0.00       1,180,872.87
DLJMA 93-Q18    0.00      0.00         199,427.87
 DLJMA 94-2A    0.00      0.00         587,871.73
  ONE 00-2      0.00      0.00       7,551,961.85
 RYMS3 92-B     0.00      0.00               0.00
  SBM7 94-2     0.00      0.00       1,260,924.38
  SMS 91-K      0.00      0.00               0.00
  SMS 91-K      0.00      0.00               0.00
 EAGLE 98-1     0.00      0.00      18,858,069.95
  INMC 94-R     0.00      0.00       2,479,803.98
  INMC 94-V     0.00      0.00       1,427,086.75
  INMC 94-X     0.00      0.00       1,202,995.55
  INMC 95-C     0.00    402.04       4,192,130.85
  INMC 95-T     0.00      0.00       2,801,407.20
  ---------     ----    ------      -------------
       Total    0.00    402.04      41,742,552.97
</TABLE>

<PAGE>


             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                        ORIGINAL       BEGINNING      PASS        INTEREST     PRINCIPAL       TOTAL
   SERIES     CLASS     BALANCE         BALANCE     THROUGH     DISTRIBUTION  DISTRIBUTION  DISTRIBUTION
   ------     -----     -------         -------     -------     ------------  ------------  ------------
<S>           <C>    <C>             <C>            <C>         <C>           <C>           <C>
GRCAP 94-HM4    A1   245,813,000.00     457,618.66  5.002303%      1,907.62     14,310.68     16,218.30
  INMC 95-E     B1     4,608,492.00   2,811,061.75  4.606657%     10,791.33     75,046.92     85,838.25
  PMLT 99-A     M1     2,914,000.00   2,261,122.59  2.485166%      4,682.72     84,742.97     89,425.69
  RTC 95-2      A3   119,696,000.00   7,367,611.58   3.78793%     23,268.10    318,693.15    341,961.24
  ---------    ---   --------------   ------------  --------      ---------    ----------    ----------
       Total         373,031,492.00  12,897,414.58                40,649.77    492,793.72    533,433.49
</TABLE>


<TABLE>
<CAPTION>
             REALIZED  INTEREST       ENDING
   SERIES     LOSSES   SHORTFALL      BALANCE
   ------     ------   ---------      -------
<S>           <C>      <C>        <C>
GRCAP 94-HM4   0.00        0.00      443,307.98
  INMC 95-E    0.00      269.47    2,736,014.83
  PMLT 99-A    0.00        0.00    2,176,379.62
  RTC 95-2     0.00        0.00    7,048,918.44
  ---------   -----      ------   -------------
       Total   0.00      269.47   12,404,620.87
</TABLE>


                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<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>
   CWMBS 94K                8,923,462.37       2          153,695.92       0               0.00       0              0.00
DLJMA 93-Q18(1)             3,447,423.28       1           31,347.91       0               0.00       1         59,390.65
 DLJMA 94-2A(1)               955,100.60       0                0.00       0               0.00       0              0.00
  ONE 00-2(2)             322,395.334.90      57        7,420,118.00      11       1,054,170.00      18      4,132,201.00
 RYMS3 92-B(2)                      0.00       0                0.00       0               0.00       0              0.00
  SBM7 94-2(2)              4,601,508.00       1           82,921.54       1         108,495.86       0              0.00
    SMS 91-K                        0.00       0                0.00       0               0.00       0              0.00
   EAGLE 98-1              31,932,544.19      15        1,793,999.72       8         713,467.54      23      2,592,987.21
   INMC 94-R                7,613,574.35       3          294,095.95       1         236,667.37       1        648,936.85
   INMC 94-V                6,385,547.86       2          278,018.62       0               0.00       0              0.00
   INMC 94-X                5,685,261.49       2          249,267.88       1          94,089.31       2        191,712.82
   INMC 95-C                8,306,563.57       6          729,653.09       2         140,730.56       0              0.00
  INMC 95-T(2)              8,059,516.00       4          837,526.72       0               0.00       0              0.00
  ---------               --------------      --       -------------      --       ------------      --      ------------
     Total                408,305,837.21      93       11,870,645.35      24       2,347,620.64      45      7,625,228.53
</TABLE>


<TABLE>
<CAPTION>
                      FORECLOSURE                 REO                  REALIZED LOSSES
     SERIES       NO.        BALANCE        NO.       BALANCE            CURR. AMOUNT
     ------       ---        -------        ---       -------            ------------
<S>               <C>     <C>              <C>     <C>                <C>
   CWMBS 94K       1        238,989.21      0              0.00                0.00
DLJMA 93-Q18(1)    1         97,664.38      0              0.00            5,326.72
 DLJMA 94-2A(1)    0              0.00      0              0.00            3,393.54
  ONE 00-2(2)     18      2,124,013.00      6      1,383,228.00                0.00
 RYMS3 92-B(2)     0              0.00      0              0.00                0.00
  SBM7 94-2(2)     1        117,009.37      1        126,141.06                0.00
    SMS 91-K       0              0.00      0              0.00                0.00
   EAGLE 98-1     19      1,815,298.29     23      2,509,017.07           29,611.71
   INMC 94-R       2        761,343.89      1         54,440.70                0.00
   INMC 94-V       0              0.00      0              0.00                0.00
   INMC 94-X       2        546,292.02      0              0.00                0.00
   INMC 95-C       5        681,037.33      0              0.00                0.00
  INMC 95-T(2)     1         80,367.67      0              0.00                0.00
  ---------       --      ------------     --      ------------           ---------
     Total        50      6,462,015.16     31      4,072,826.83           38,331.97
</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              6,136,969.27       0                0.00       0               0.00       1        124,114.54
 INMC 95-E               13,192,741.62       7        1,858,160.42       5         549,993.40       2        339,163.26
 PMLT 99-A               30,799,439.18      30        1,951,612.75       2         170,175.33       6        615,988.05
RTC 95-2(1)              21,027,970.94       9          460,583.86       3         262,287.31       4        302,454.72
----------              --------------     ---       -------------      --       ------------      --      ------------
   Total                 71,157,121.71      46        4,270,357.03      10         982,456.04      13      1,381,720.57
----------              --------------     ---       -------------      --       ------------      --      ------------
 Total All              479,462,958.92     139       16,141,002.38      34       3,330,076.68      58      9,006,949.10
</TABLE>




<TABLE>
<CAPTION>
                     FORECLOSURE                   REO             REALIZED LOSSES
   SERIES        NO.        BALANCE        NO.       BALANCE          CURR. AMOUNT
   ------        ---        -------        ---       -------          ------------
<S>              <C>     <C>              <C>     <C>              <C>
GRCAP 94-HM4      1         45,002.61      0              0.00                0.00
 INMC 95-E        5        574,283.25      0              0.00                0.00
 PMLT 99-A       23      1,562,052.51      2        393,757.92                0.00
RTC 95-2(1)       2        159,183.63      0              0.00          17,.357.61
 ---------       --      ------------     --      ------------          ----------
   Total         31      2,340,522.01      2        393,757.92           17,357.61
 ---------       --      ------------     --      ------------          ----------
 Total All       81      8,802,537.16     33      4,466,584.75           55,689.58
</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>
        BEGINNING     FUNDS                                     WITHDRAWALS                                 ENDING
GROUP    BALANCE    DEPOSITED    TRUSTEE FEE  MANAGEMENT FEE  AVAILABLE FUNDS  FUNDS DISTRIBUTED            BALANCE
-----    -------    ---------    -----------  --------------  ---------------  -----------------            -------
<S>     <C>        <C>           <C>          <C>             <C>              <C>                        <C>
  I        0.00    1,198,314.21    1,070.16        0.00         1,197,244.05      1,130,890.98            66,353.07
 II        0.00      533,433.49      322.44        0.00           533,121.05        514,657.63            18,463.42
-----      ----    ------------    --------        ----         ------------      ------------            ---------
Total      0.00    1,731,757.70    1,392.59        0.00         1,730,365.11      1,645,548.61            84,816.49
</TABLE>



<TABLE>
<CAPTION>
                         ADDITIONAL REPORTING ITEMS                              POOL I             POOL II              TOTAL
                         --------------------------                              ------             -------              -----
<S>                      <C>                                               <C>                  <C>                <C>
2.15(a)                  Available Interest                                       134,514.93        40,649.77          175,164.70
                         Available Principal                                    1,063,799.28       492,793.72        1,556,593.00
2.15(b)                  Monthly Interest Amt.                             see p. 1
2.15(c)                  Carryforward Interest                                          0.00             0.00                0.00
2.15(d)                  Principal Paid                                    see p. 1
2.15(e)                  Class Print Amts.                                 see p. 1
2.15(f)                  Beginning Actual OC                                         1.5290%          1.2495%
                         Ending Actual OC                                            1.5679%          1.2991%
2.15(g)                  2nd preceding pool bal                               425,090,632.31    76,649,325.66      501,739,957.97
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                66,353.07        18,463.42           84,816.49
</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.