<PAGE>   1

                                                                    EXHIBIT 10.1


Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152


                                SMT SERIES 2000-4

                     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            81743TAA6             SEQ               6.97625%       329,570,920.67        1,915,974.28
      B            SMT00004B             SUB               7.86625%         3,809,289.81           24,970.69
      C            SMT00004C              IO               0.00000%                 0.00          267,863.72
    R-UT           SMT00004R             RES               0.00000%                 0.00                0.00
    R-LT           SMT0004RL             RES               0.00000%                 0.00                0.00
  ------                                                                  --------------        ------------
  Totals                                                                  333,380,210.48        2,208,808.69
</TABLE>

<TABLE>
<CAPTION>
                                            Current          Ending                                    Cumulative
                    Principal               Realized       Certificate             Total                Realized
   Class           Distribution               Loss           Balance            Distribution             Losses
  ------           -------------            --------      --------------        ------------           ----------
  <S>              <C>                      <C>           <C>                   <C>                    <C>
      A             4,279,183.40                0.00      325,291,737.27        6,195,157.68                0.00
      B                     0.00                0.00        3,809,289.81           24,970.69                0.00
      C                     0.00                0.00                0.00          267,863.72                0.00
    R-UT                    0.00                0.00                0.00                0.00                0.00
    R-LT                    0.00                0.00                0.00                0.00                0.00
  ------            ------------            --------      --------------        ------------           ----------
  Totals            4,279,183.40                0.00      329,101,027.08        6,487,992.09                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>   2

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                        Principal Distribution Statement

<TABLE>
<CAPTION>
                    Original           Beginning            Scheduled          Unscheduled
                      Face            Certificate           Principal           Principal
    Class            Amount             Balance            Distribution        Distribution           Accretion
   ------        --------------      --------------        ------------        ------------           ---------
   <S>           <C>                 <C>                   <C>                 <C>                    <C>
       A         377,119,000.00      329,570,920.67            0.00            4,279,183.40                0.00
       B           3,809,982.43        3,809,289.81            0.00                    0.00                0.00
       C                   0.00                0.00            0.00                    0.00                0.00
     R-UT                  0.00                0.00            0.00                    0.00                0.00
     R-LT                  0.00                0.00            0.00                    0.00                0.00
   ------        --------------      --------------        ------------        ------------           ---------
   Totals        380,928,982.43      333,380,210.48            0.00            4,279,183.40                0.00
</TABLE>

<TABLE>
<CAPTION>
                                    Total             Ending                Ending              Total
                 Realized         Principal         Certificate           Certificate         Principal
    Class         Loss (1)        Reduction           Balance              Percentage        Distribution
   ------        ---------       ------------      --------------         -----------        ------------
   <S>           <C>             <C>               <C>                    <C>                <C>
       A             0.00        4,279,183.40      325,291,737.27          0.86257053        4,279,183.40
       B             0.00                0.00        3,809,289.81          0.99981821                0.00
       C             0.00                0.00                0.00          0.00000000                0.00
     R-UT            0.00                0.00                0.00          0.00000000                0.00
     R-LT            0.00                0.00                0.00          0.00000000                0.00
   ------        ---------       ------------      --------------         -----------        ------------
   Totals            0.00        4,279,183.40      329,101,027.08          0.86394326        4,279,183.40
</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
Descript



<PAGE>   3

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
                 Original            Beginning           Scheduled          Unscheduled
                   Face             Certificate          Principal           Principal
Class(2)          Amount              Balance           Distribution        Distribution           Accretion
---------     --------------        ------------        ------------        ------------          ----------
<S>           <C>                   <C>                 <C>                 <C>                   <C>
      A       377,119,000.00        873.91757156          0.00000000         11.34703741          0.00000000
      B         3,809,982.43        999.81820914          0.00000000          0.00000000          0.00000000
      C                 0.00          0.00000000          0.00000000          0.00000000          0.00000000
    R-UT                0.00          0.00000000          0.00000000          0.00000000          0.00000000
    R-LT                0.00          0.00000000          0.00000000          0.00000000          0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                     Total             Ending               Ending              Total
                Realized           Principal         Certificate          Certificate         Principal
Class(2)        Loss(3)            Reduction           Balance             Percentage        Distribution
---------      ----------         -----------        ------------         -----------        ------------
<S>            <C>                <C>                <C>                  <C>                <C>
      A        0.00000000         11.34703741        862.57053416          0.86257053         11.34703741
      B        0.00000000          0.00000000        999.81820914          0.99981821          0.00000000
      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>
---------------------
(2) Per $1,000 Denomination.

(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a Full
Descript



<PAGE>   4

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                         Interest Distribution Statement

<TABLE>
<CAPTION>
                                                           Beginning
                   Original              Current          Certificate/          Current              Payment of            Current
                     Face              Certificate          Notional            Accrued                Unpaid              Interest
     Class          Amount                Rate              Balance             Interest              Interest             Shortfall
    ------      --------------         -----------      --------------        ------------           ----------            ---------
    <S>         <C>                    <C>              <C>                   <C>                    <C>                   <C>
       A        377,119,000.00           6.97625 %      329,570,920.67        1,915,974.28                0.00                 0.00
       B          3,809,982.43           7.86625 %        3,809,289.81           24,970.69                0.00                 0.00
       C                  0.00           0.00000 %                0.00                0.00                0.00                 0.00
      R-UT                0.00           0.00000 %                0.00                0.00                0.00                 0.00
      R-LT                0.00           0.00000 %                0.00                0.00                0.00                 0.00
    ------      --------------                                                ------------           ----------           ----------
    Totals      380,928,982.43                                                1,940,944.97                0.00                 0.00
</TABLE>

<TABLE>
<CAPTION>
                                                                             Remaining         Ending
                Non-Supported                          Total                  Unpaid        Certificate/
                  Interest            Realized        Interest               Interest         Notional
     Class        Shortfall           Loss(4)       Distribution             Shortfall        Balance
    ------      -------------         --------      ------------             ---------    --------------
    <S>         <C>                   <C>           <C>                      <C>          <C>
       A            0.00                0.00        1,915,974.28                0.00      325,291,737.27
       B            0.00                0.00           24,970.69                0.00        3,809,289.81
       C            0.00                0.00          267,863.72                0.00                0.00
      R-UT          0.00                0.00                0.00                0.00                0.00
      R-LT          0.00                0.00                0.00                0.00                0.00
    ------      -------------         --------      ------------             ---------
    Totals          0.00                0.00        2,208,808.69                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 - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                                         Beginning                               Payment of
                 Original              Current          Certificate/           Current             Unpaid              Current
                   Face              Certificate          Notional             Accrued            Interest            Interest
 Class(5)         Amount                Rate              Balance              Interest           Shortfall           Shortfall
 ---------    --------------         -----------        ------------          ----------         -----------          ----------
 <S>          <C>                    <C>                <C>                   <C>                <C>                  <C>
    A         377,119,000.00           6.97625 %        873.91757156          5.08055622          0.00000000          0.00000000
    B           3,809,982.43           7.86625 %        999.81820914          6.55401710          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>
                                                                            Remaining            Ending
              Non-Supported                               Total               Unpaid          Certificate/
                Interest             Realized            Interest            Interest           Notional
 Class(5)       Shortfall            Loss(6)           Distribution         Shortfall           Balance
 ---------    -------------         ----------         ------------         ---------         ------------
 <S>          <C>                   <C>                <C>                  <C>               <C>
    A           0.00000000          0.00000000          5.08055622          0.00000000        862.57053416
    B           0.00000000          0.00000000          6.55401710          0.00000000        999.81820914
    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) Per $1,000 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>   6

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                       Certificateholder Account Statement

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                       <C>
Beginning Balance                                                 0.00

Deposits
     Payments of Interest and Principal                   6,591,324.07
     Liquidations, Insurance Proceeds, Reserve Funds             50.61
     Proceeds from Repurchased Loans                              0.00
     Other Amounts (Servicer Advances)                       36,191.14
     Realized Losses                                              0.00
                                                          ------------
Total Deposits                                            6,627,565.82

Withdrawals
     Reimbursement for Servicer Advances                          0.00
     Payment of Service Fee                                 139,573.73
     Payment of Interest and Principal                    6,487,992.09
                                                          ------------
Total Withdrawals (Pool Distribution Amount)              6,627,565.82

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                                      103,576.53
Trustee Fee                                                1,666.90
AMBAC Premium                                             34,330.30
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        139,573.73
                                                         ==========
</TABLE>

                           OTHER ACCOUNTS

<TABLE>
<CAPTION>
                              Beginning              Current               Current            Ending
Account Type                   Balance             Withdrawals             Deposits           Balance
------------                  ---------            -----------             --------          ---------
<S>                           <C>                  <C>                     <C>               <C>
Reserve Fund                  10,000.00                50.61                50.61            10,000.00
Financial Guaranty                 0.00                 0.00                 0.00                 0.00
</TABLE>



<PAGE>   7

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

             Loan Status Stratification/Credit Enhancement Statement

                                   DELINQUENT
<TABLE>
<CAPTION>
                             NO. OF     PRINCIPAL
                             LOANS       BALANCE
                             ------    ------------
<S>                          <C>       <C>
30 Days                        16      4,385,542.67
60 Days                         0              0.00
90 Days                         0              0.00
120 Days                        0              0.00
150 Days                        0              0.00
180+ Days                       1        839,975.00
                               --      ------------
                               17      5,225,517.67
</TABLE>

<TABLE>
<CAPTION>
                             NO. OF        PRINCIPAL
                             LOANS          BALANCE
                           ----------      ----------
<S>                        <C>             <C>
30 Days                    1.997503 %      1.332582 %
60 Days                    0.000000 %      0.000000 %
90 Days                    0.000000 %      0.000000 %
120 Days                   0.000000 %      0.000000 %
150 Days                   0.000000 %      0.000000 %
180+ Days                  0.124844 %      0.255233 %
                           ----------      ----------
                           2.122347 %      1.587816 %
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                             NO. OF    PRINCIPAL
                             LOANS      BALANCE
                             ------    ---------
<S>                          <C>       <C>
0-29 Days                         0      0.00
30 Days                           0      0.00
60 Days                           0      0.00
90 Days                           0      0.00
120 Days                          0      0.00
150 Days                          0      0.00
180+ Days                         0      0.00
                               ----      ----
                                  0      0.00
</TABLE>

<TABLE>
<CAPTION>
                             NO. OF        PRINCIPAL
                             LOANS          BALANCE
                           ----------      ----------
<S>                        <C>             <C>
0-29 Days                  0.000000 %      0.000000 %
30 Days                    0.000000 %      0.000000 %
60 Days                    0.000000 %      0.000000 %
90 Days                    0.000000 %      0.000000 %
120 Days                   0.000000 %      0.000000 %
150 Days                   0.000000 %      0.000000 %
180+ Days                  0.000000 %      0.000000 %
                           ----------      ----------
                           0.000000 %      0.000000 %
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                             NO. OF    PRINCIPAL
                             LOANS      BALANCE
                             ------    ---------
<S>                          <C>       <C>
0-29 Days                         0      0.00
30 Days                           0      0.00
60 Days                           0      0.00
90 Days                           0      0.00
120 Days                          0      0.00
150 Days                          0      0.00
180+ Days                         0      0.00
                               ----      ----
                                  0      0.00
</TABLE>

<TABLE>
<CAPTION>
                             NO. OF        PRINCIPAL
                             LOANS          BALANCE
                           ----------      ----------
<S>                        <C>             <C>
0-29 Days                  0.000000 %      0.000000 %
30 Days                    0.000000 %      0.000000 %
60 Days                    0.000000 %      0.000000 %
90 Days                    0.000000 %      0.000000 %
120 Days                   0.000000 %      0.000000 %
150 Days                   0.000000 %      0.000000 %
180+ Days                  0.000000 %      0.000000 %
                           ----------      ----------
                           0.000000 %      0.000000 %
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                          NO. OF    PRINCIPAL
                          LOANS      BALANCE
                          ------    ---------
<S>                       <C>       <C>
0-29 Days                      0      0.00
30 Days                        0      0.00
60 Days                        0      0.00
90 Days                        0      0.00
120 Days                       0      0.00
150 Days                       0      0.00
180+ Days                      0      0.00
                             ---      ----
                               0      0.00
</TABLE>

<TABLE>
<CAPTION>
                              NO. OF        PRINCIPAL
                              LOANS          BALANCE
                            ----------      ----------
<S>                         <C>             <C>
0-29 Days                   0.000000 %      0.000000 %
30 Days                     0.000000 %      0.000000 %
60 Days                     0.000000 %      0.000000 %
90 Days                     0.000000 %      0.000000 %
120 Days                    0.000000 %      0.000000 %
150 Days                    0.000000 %      0.000000 %
180+ Days                   0.000000 %      0.000000 %
                            ----------      ----------
                            0.000000 %      0.000000 %
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                           NO. OF       PRINCIPAL
                           LOANS         BALANCE
                           ------      ------------
<S>                        <C>         <C>
0-29 Days                       0              0.00
30 Days                        16      4,385,542.67
60 Days                         0              0.00
90 Days                         0              0.00
120 Days                        0              0.00
150 Days                        0              0.00
180+ Days                       1        839,975.00
                               --      ------------
                               17      5,225,517.67
</TABLE>

<TABLE>
<CAPTION>
                           NO. OF        PRINCIPAL
                           LOANS          BALANCE
                         ----------      ----------
<S>                      <C>             <C>
0-29 Days                0.000000 %      0.000000 %
30 Days                  1.997503 %      1.332582 %
60 Days                  0.000000 %      0.000000 %
90 Days                  0.000000 %      0.000000 %
120 Days                 0.000000 %      0.000000 %
150 Days                 0.000000 %      0.000000 %
180+ Days                0.124844 %      0.255233 %
                         ----------      ----------
                         2.122347 %      1.587816 %
</TABLE>
----------
(7) Delinquencies are stratified according to the information the Servicer has
provided.

<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                                                  36,191.14
</TABLE>


     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
                                                                                        Current            Next
              Original $        Original %        Current $         Current %           Class %        Prepayment %
             ------------      ------------      ------------      ------------       -----------      ------------
<S>          <C>               <C>               <C>               <C>                <C>              <C>
Class A      3,809,982.43      1.00018182 %      3,809,289.81      1.15748342 %       98.842517 %        0.000000 %
Class B              0.00      0.00000000 %              0.00      0.00000000 %        1.157483 %      100.000000 %
Class C              0.00      0.00000000 %              0.00      0.00000000 %        0.000000 %        0.000000 %
</TABLE>

Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure



<PAGE>   8

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Nov-2000                Securities Administration Services
Distribution Date: 22-Dec-2000                7485 New Horizon Way
                                              Frederick, MD 21703
21-Dec-2000        8:10:57AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
<S>                                                                    <C>
Collateral Description                                                      Mixed ARM
Weighted Average Gross Coupon                                                8.452988%
Weighted Average Net Coupon                                                  8.074165%
Weighted Average Pass-Through Rate                                           0.000000%
Weighted Average Maturity (Stepdown Calculation)                                  279

Beginning Scheduled Collateral Loan Count                                         809
Number of Loans Paid in Full                                                        8
Ending Scheduled Collateral Loan Count                                            801

Beginning Scheduled Collateral Balance                                 333,380,210.48
Ending Scheduled Collateral Balance                                    329,101,027.07
Ending Actual Collateral Balance at 30-Nov-2000                        329,101,027.13
Monthly P&I Constant                                                     2,348,023.35
Class A Optimal Amount                                                   6,229,487.98
Ending Scheduled Balance for Premium Loans                             329,101,027.07
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                                                3,809,289.80
Overcollateralized Deficiency Amount                                             0.00
Base Overcollateralization Amount                                                0.00

Serious Delinquencies                                                         0.00353
Floor Amount                                                             2,856,967.37
Excess Cash Flow Principal Amount (Current/Cummulative)                     0.00/0.00
Required Payment                                                                 0.00
Preference Amount                                                                0.00
Alternate Certificate Rate Used?                                                   No
Specified OC                                                             3,809,289.82
</TABLE>