<PAGE>   1

                                                                    EXHIBIT 10.1


Sequoia Mortgage Trust                Contact:        Customer Service - CTSLink
Mortgage Pass-Through Certificates              Wells Fargo Bank Minnesota, N.A.
Record Date:              31-Dec-2000         Securities Administration Services
Distribution Date:        22-Jan-2001                       7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                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         7.02375 %    325,291,737.27      1,903,973.20
    B          SMT00004B               SUB         7.91375 %      3,809,289.81         25,121.47
    C          SMT00004C                IO         0.00000 %              0.00        253,496.81
  R-UT         SMT00004R               RES         0.00000 %              0.00              0.00
  R-LT         SMT0004RL               RES         0.00000 %              0.00              0.00
                                                                --------------      ------------
Totals                                                          329,101,027.08      2,182,591.48
</TABLE>

<TABLE>
<CAPTION>
                              Current            Ending                             Cumulative
            Principal         Realized         Certificate          Total            Realized
Class      Distribution         Loss             Balance         Distribution         Losses
------    --------------    --------------    --------------    --------------    --------------
<S>       <C>               <C>               <C>               <C>               <C>
    A       7,156,277.40              0.00    318,135,459.87      9,060,250.60              0.00
    B               0.00              0.00      3,809,289.81         25,121.47              0.00
    C               0.00              0.00              0.00        253,496.81              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      7,156,277.40              0.00    321,944,749.68      9,338,868.88              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:              31-Dec-2000         Securities Administration Services
Distribution Date:        22-Jan-2001                       7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                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        325,291,737.27                  0.00          7,156,277.40                  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        329,101,027.08                  0.00          7,156,277.40                  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          7,156,277.40        318,135,459.87            0.84359436          7,156,277.40
  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          7,156,277.40        321,944,749.68            0.84515688          7,156,277.40
</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
Description.


<PAGE>   3

Sequoia Mortgage Trust                       Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates              Wells Fargo Bank Minnesota, N.A.
Record Date:       31-Dec-2000                Securities Administration Services
Distribution Date: 22-Jan-2001                              7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                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         862.57053416           0.00000000          18.97617834           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          18.97617834         843.59435581           0.84359436          18.97617834
  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
Description.


<PAGE>   4


Sequoia Mortgage Trust                     Contact:   Customer Service - CTSLink
Mortgage Pass-Through Certificates              Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Dec-2000               Securities Administration Services
Distribution Date:  22-Jan-2001                             7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001  10:39:48AM                                      Fax: (301) 846-8152


                               SMT SERIES 2000-4

                         Interest Distribution Statement

<TABLE>
<CAPTION>
                                                           Beginning
                 Original               Current          Certificate/            Current             Payment of
                   Face               Certificate          Notional              Accrued              Unpaid
  Class           Amount                  Rate             Balance              Interest              Interest
  -----       --------------          -----------       --------------         ------------        -------------
<S>           <C>                     <C>               <C>                    <C>                 <C>
    A         377,119,000.00            7.02375 %       325,291,737.27         1,903,973.20                 0.00
    B           3,809,982.43            7.91375 %         3,809,289.81            25,121.47                 0.00
    C                   0.00            0.00000 %                 0.00                 0.00                 0.00
   R-UT                 0.00            0.00000 %                 0.00                 0.00                 0.00
   R-LT                 0.00            0.00000 %                 0.00                 0.00                 0.00
Totals        380,928,982.43                                                   1,929,094.67                 0.00
</TABLE>

<TABLE>
<CAPTION>
                                                                                                Remaining              Ending
                Current           Non-Supported                              Total               Unpaid             Certificate/
               Interest              Interest             Realized          Interest            Interest              Notional
  Class        Shortfall            Shortfall             Loss (4)        Distribution          Shortfall             Balance
  -----        ---------          -------------           --------        ------------         ------------       --------------
<S>            <C>                <C>                     <C>             <C>                  <C>                <C>
    A              0.00                 0.00                 0.00         1,903,973.20                 0.00       318,135,459.87
    B              0.00                 0.00                 0.00            25,121.47                 0.00         3,809,289.81
    C              0.00                 0.00                 0.00           253,496.81                 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             0.00                 0.00                 0.00         2,182,591.48                 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:        31-Dec-2000               Securities Administration Services
Distribution Date:  22-Jan-2001                             7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001  10:39:48AM                                      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            7.02375 %        862.57053416           5.04873316           0.00000000         0.00000000
    B           3,809,982.43            7.91375 %        999.81820914           6.59359209           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        5.04873316           0.00000000         843.59435581
    B             0.00000000           0.00000000        6.59359209           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:        31-Dec-2000               Securities Administration Services
Distribution Date:  22-Jan-2001                             7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                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                    9,443,755.14
     Liquidations, Insurance Proceeds, Reserve Funds              52.04
     Proceeds from Repurchased Loans                               0.00
     Other Amounts (Servicer Advances)                        32,831.09
     Realized Losses                                               0.00
                                                           ------------
Total Deposits                                             9,476,638.27

Withdrawals
     Reimbursement for Servicer Advances                           0.00
     Payment of Service Fee                                  137,769.39
     Payment of Interest and Principal                     9,338,868.88
                                                           ------------
Total Withdrawals (Pool Distribution Amount)               9,476,638.27

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                                       102,239.32
Trustee Fee                                                 1,645.51
AMBAC Premium                                              33,884.56
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         137,769.39
                                                          ==========
</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           52.04           52.04       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:              31-Dec-2000         Securities Administration Services
Distribution Date:        22-Jan-2001                       7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                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                   13       3,935,992.41

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
                ------------       ------------
                          14       4,775,967.41
</TABLE>

<TABLE>
<CAPTION>
                   NO. OF           PRINCIPAL
                    LOANS            BALANCE
                ------------       ------------
<S>             <C>                <C>
30 Days             1.658163%          1.222568%

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           0.127551%          0.260907%
                ------------       ------------
                    1.785714%          1.483474%
</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              0.000           0.000000%
30 Days             0.000000%          0.000000%

60 Days             0.000000%          0.000000%
90 Days             0.000000%          0.000000%
                ------------       ------------
120 Days              0.0000           0.000000%
150 Days              0.0000           0.000000%

180+ Days             0.0000           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                   13       3,935,992.41
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
                ------------       ------------
                          14       4,775,967.41
</TABLE>

<TABLE>
<CAPTION>
                   NO. OF           PRINCIPAL
                   LOANS             BALANCE
                ------------       ------------
<S>             <C>                <C>
0-29 Days           0.000000%          0.000000%
30 Days             1.658163%          1.222568%

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           0.127551%          0.260907%
                ------------       ------------
                    1.785714%          1.483474%
</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                                                 32,831.09
</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       1.18321228 %        98.816788 %         0.000000 %
Class B               0.00       0.00000000 %               0.00       0.00000000 %         1.183212 %       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:              31-Dec-2000         Securities Administration Services
Distribution Date:        22-Jan-2001                       7485 New Horizon Way
                                                             Frederick, MD 21703
                                                       Telephone: (301) 815-6600
24-Jan-2001        10:39:48AM                                Fax: (301) 846-8152


                                SMT SERIES 2000-4

                              COLLATERAL STATEMENT


<TABLE>
<S>                                                                               <C>
Collateral Description                                                                 Mixed ARM

Weighted Average Gross Coupon                                                          8.460535%

Weighted Average Net  Coupon                                                           8.081740%

Weighted Average Pass-Through Rate                                                     0.000000%

Weighted Average Maturity (Stepdown Calculation)                                             278

Beginning Scheduled Collateral Loan Count                                                    801

Number of Loans Paid in Full                                                                  17

Ending Scheduled Collateral Loan Count                                                       784

Beginning Scheduled Collateral Balance                                            329,101,027.07

Ending Scheduled Collateral Balance                                               321,944,749.67

Ending Actual Collateral Balance at 31-Dec-2000                                   321,944,749.78

Monthly P&I Constant                                                                2,319,838.00

Class A Optimal Amount                                                              9,094,135.16

Ending Scheduled Balance for Premium Loans                                        321,944,749.67

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                                                                   0.00260%

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>