<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: August 28, 2003

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                   BEGINNING       PASS       INTEREST     PRINCIPAL       TOTAL      REALIZED  ENDING CERT
CLASS    CUSIP    CERT BALANCE    THROUGH   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES     BALANCE
-------------------------------------------------------------------------------------------------------------
<S>    <C>        <C>            <C>        <C>           <C>           <C>           <C>       <C>
 A-1   81743UAA3  35,211,403.69  1.700000%   49,882.82    1,936,310.47  1,986,193.29    0.00    33,275,093.22
 A-2   81743UAB1  11,396,776.21  1.850000%   17,570.03      185,883.73    203,453.76    0.00    11,210,892.49
-------------------------------------------------------------------------------------------------------------
Total             46,608,179.90              67,452.85    2,122,194.19  2,189,647.05    0.00    44,485,985.70
-------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
                  ORIGINAL CERT    BEGINNING     INTEREST     PRINCIPAL       ENDING      CURRENT PASS
CLASS    CUSIP       BALANCE        FACTOR        FACTOR       FACTOR         FACTOR        THROUGH
------------------------------------------------------------------------------------------------------
<S>    <C>        <C>            <C>            <C>          <C>           <C>              <C>
 A-1   81743UAA3  64,761,000.00  543.713094112  0.770260217  29.899329369  513.813764743    1.700000%
 A-2   81743UAB1  15,861,000.00  718.540836692  1.107750457  11.719546406  706.821290286    1.850000%
------------------------------------------------------------------------------------------------------
Total             80,622,000.00  578.107463206  0.836655651  26.322767915  551.784695291
------------------------------------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                        ORIGINAL       BEGINNING       PASS      INTEREST      PRINCIPAL
   SERIES     CLASS     BALANCE         BALANCE      THROUGH   DISTRIBUTION  DISTRIBUTION
-------------------------------------------------------------------------------------------
<S>           <C>    <C>             <C>            <C>        <C>           <C>
  CWMBS 94K    A1    123,119,000.00     410,880.25  3.737137%    1,279.60       41,861.22
DLJMA 93-Q18   1A1    51,833,000.00      60,666.39  4.362895%      220.57       60,666.39
 DLJMA 94-2A   1A1    85,787,000.00     582,379.15  4.972709%    2,413.34        1,936.86
  ONE 00-2     2A    152,653,000.00   6,760,112.31  4.238732%   23,878.59      907,337.88
 RYMS3 92-B    1A2     7,712,906.00           0.00  0.000000%        0.00            0.00
  SBM7 94-2    A1     49,384,000.00   1,095,781.07  5.758601%    5,258.47        1,936.41
  SMS 91-K     A1    110,588,063.00           0.00  0.000000%        0.00            0.00
  SMS 91-K     A3      1,917,885.00           0.00  0.000000%        0.00            0.00
 EAGLE 98-1    M1     46,029,000.00  16,748,767.38  2.100000%   30,287.34      444,841.66
  INMC 94-R    M2      4,620,000.00   2,143,811.05  4.478628%    8,001.11       24,225.35
  INMC 94-V    B1      3,618,000.00   1,303,827.68  4.484479%    4,872.49       35,755.07
  INMC 94-X    B1      2,769,000.00     983,925.63  4.403967%    3,610.98        1,214.58
  INMC 95-C    B1     12,828,797.00   3,727,689.78  4.401997%   13,674.40      113,076.86
  INMC 95-T    A2     65,695,250.00   2,048,061.59  3.726392%    6,359.90      303,458.19
-------------------------------------------------------------------------------------------
   Total             718,554,901.00  35,865,902.29              99,856.78    1,936,310.47
-------------------------------------------------------------------------------------------

<CAPTION>
--------------------------------------------------------------
                  TOTAL     REALIZED  INTEREST      ENDING
   SERIES     DISTRIBUTION   LOSSES   SHORTFALL     BALANCE
--------------------------------------------------------------
<S>           <C>           <C>       <C>        <C>
  CWMBS 94K      43,140.81    0.00      0.00        369,019.03
DLJMA 93-Q18     60,886.96    0.00      0.00              0.00
 DLJMA 94-2A      4,350.19    0.00      0.00        580,442.29
  ONE 00-2      931,216.47    0.00      0.00      5,852,774.43
 RYMS3 92-B           0.00    0.00      0.00              0.00
  SBM7 94-2       7,194.88    0.00      0.00      1,093,844.67
  SMS 91-K            0.00    0.00      0.00              0.00
  SMS 91-K            0.00    0.00      0.00              0.00
 EAGLE 98-1     475,129.00    0.00      0.00     16,303,925.72
  INMC 94-R      32,226.46    0.00      0.00      2,119,585.70
  INMC 94-V      40,627.56    0.00      0.00      1,268,072.61
  INMC 94-X       4,825.56    0.00      0.00        982,711.05
  INMC 95-C     126,751.26    0.00      0.00      3,614,612.92
  INMC 95-T     309,818.09    0.00      0.00      1,744,603.40
--------------------------------------------------------------
   Total      2,036,167.25    0.00      0.00     33,929,591.82
--------------------------------------------------------------
</TABLE>

<PAGE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
                        ORIGINAL       BEGINNING       PASS      INTEREST     PRINCIPAL
   SERIES     CLASS     BALANCE         BALANCE      THROUGH   DISTRIBUTION  DISTRIBUTION
------------------------------------------------------------------------------------------
<S>           <C>    <C>             <C>            <C>        <C>           <C>
GRCAP 94-HM4   A1    245,813,000.00     402,167.17  4.563402%    1,529.38       1,061.74
  INMC 95-E    B1      4,608,492.00   2,593,081.73  4.551281%    9,834.87       8,249.00
  PMLT 99-A    M1      2,914,000.00   1,947,542.36  2.273333%    3,689.51      86,506.70
  RTC 95-2     A3    119,696,000.00   6,615,138.92  3.496545%   19,275.11      90,066.29
------------------------------------------------------------------------------------------
     Total           373,031,492.00  11,557,930.17              34,328.86     185,883.73
------------------------------------------------------------------------------------------

<CAPTION>
--------------------------------------------------------------
                 TOTAL      REALIZED  INTEREST      ENDING
   SERIES     DISTRIBUTION   LOSSES   SHORTFALL    BALANCE
--------------------------------------------------------------
<S>           <C>           <C>       <C>        <C>
GRCAP 94-HM4     2,591.11     0.00      0.00        401,105.43
  INMC 95-E     18,083.87     0.00      0.00      2,584,832.73
  PMLT 99-A     90,196.21     0.00      0.00      1,861,035.66
  RTC 95-2     109,341.39     0.00      0.00      6,525,072.63
--------------------------------------------------------------
     Total     220,212.59     0.00      0.00     11,372,046.45
--------------------------------------------------------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
                      LOANS
                  OUTSTANDING    DELINQUENT 30-59 DAYS   DELINQUENT 0-89 DAYS    DELINQUENT 90+ DAYS      FORECLOSURE
     SERIES         BALANCE       NO.        BALANCE      NO.        BALANCE      NO.      BALANCE      NO.      BALANCE
---------------------------------------------------------------------------------------------------------------------------
<S>              <C>              <C>    <C>              <C>      <C>            <C>   <C>            <C>     <C>
   CWMBS 94K       7,885,388.25    2       337,081.03      2         254,911.80    0            0.00     1       236,656.76
DLJMA 93-Q18(1)    2,523,366.43    1        70,762.23      0               0.00    0            0.00     0             0.00
 DLJMA 94-2A(1)      943,030.18    0             0.00      0               0.00    0            0.00     0             0.00
  ONE 00-2(2)    246,955,495.47   52     4,981,359.00     10       1,933,952.00   12    2,481,749.00    16     2,364,258.00
 RYMS3 92-B(2)             0.00    0             0.00      0               0.00    0            0.00     0             0.00
  SBM7 94-2(2)     4,029,698.99    1        82,473.75      0               0.00    0            0.00     0             0.00
    SMS 91-K               0.00    0             0.00      0               0.00    0            0.00     0             0.00
   EAGLE 98-1     27,607,588.14   17     1,348,642.87      2         475,777.85   19    2,269,906.47    23     2,455,412.12
   INMC 94-R       6,511,459.77    2       181,743.35      0               0.00    3    1,416,373.86     0             0.00
   INMC 94-V       5,719,834.44    2       203,516.45      0               0.00    0            0.00     0             0.00
   INMC 94-X       4,628,573.42    4       527,895.78      1         137,282.16    2      188,122.97     0             0.00
   INMC 95-C       7,105,576.45    2       218,511.03      1         112,996.39    0            0.00     4       588,116.72
  INMC 95-T(2)     6,165,775.15    2       145,292.33      1          79,701.51    1      163,808.36     0             0.00
---------------------------------------------------------------------------------------------------------------------------
     Total       320,075,786.69   85     8,097,277.82     17       2,994,621.71   37    6,519,950.66    44     5,644,443.60
---------------------------------------------------------------------------------------------------------------------------

<CAPTION>
-----------------------------------------------------
                        REO           REALIZED LOSSES
     SERIES       NO.     BALANCE      CURR. AMOUNT
-----------------------------------------------------
<S>              <C>   <C>            <C>
   CWMBS 94K      0            0.00           0.00
DLJMA 93-Q18(1)   0            0.00           0.00
 DLJMA 94-2A(1)   0            0.00       3,393.54
  ONE 00-2(2)     5      559,597.00           0.00
 RYMS3 92-B(2)    0            0.00           0.00
  SBM7 94-2(2)    1      125,413.89           0.00
    SMS 91-K      0            0.00           0.00
   EAGLE 98-1    12    1,565,521.65     178,011.24
   INMC 94-R      0            0.00      -3,839.26
   INMC 94-V      0            0.00     -45,800.51
   INMC 94-X      0            0.00           0.00
   INMC 95-C      0            0.00           0.00
  INMC 95-T(2)    0            0.00          15.79
-----------------------------------------------------
     Total       18    2,250,532.24     131,780.80
-----------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
                  LOANS
               OUTSTANDING    DELINQUENT 30-59 DAYS   DELINQUENT 60-89 DAYS   DELINQUENT 90+ DAYS
   SERIES        BALANCE       NO.        BALANCE      NO.        BALANCE      NO.      BALANCE
-------------------------------------------------------------------------------------------------
<S>            <C>             <C>      <C>            <C>      <C>            <C>    <C>
GRCAP 94-HM4    5,552,735.53    0               0.00    0               0.00    0             0.00
 INMC 95-E     12,462,525.15    7       1,258,318.98    0               0.00    1        44,692.32
 PMLT 99-A     28,626,946.51   27       1,358,541.14   11       1,229,440.03    4       177,479.95
RTC 95-2(1)    19,470,879.69    3         192,345.64    3         331,613.51    4       297,998.54
--------------------------------------------------------------------------------------------------
   Total       66,113,086.88   37       2,809,205.76   14       1,561,053.54    9       520,170.81
--------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
 Total All    386,188,873.57  122      10,906,483.58  31        4,555,675.25   46     7,040,121.47
--------------------------------------------------------------------------------------------------

<CAPTION>
--------------------------------------------------------------------------
                   FORECLOSURE               REO           REALIZED LOSSES
   SERIES      NO.        BALANCE      NO.      BALANCE     CURR. AMOUNT
--------------------------------------------------------------------------
<S>            <C>      <C>            <C>   <C>           <C>
GRCAP 94-HM4    1          44,601.08    0            0.00          0.00
 INMC 95-E      5         731,979.68    0            0.00          0.00
 PMLT 99-A     23       1,598,588.84    3       93,545.51          0.00
RTC 95-2(1)     2         109,738.88    0            0.00          0.00
--------------------------------------------------------------------------
   Total       31       2,484,908.48    3       93,545.51          0.00
--------------------------------------------------------------------------

--------------------------------------------------------------------------
 Total All     75       8,129,352.08   21    2,344,078.05    131,780.80
--------------------------------------------------------------------------
</TABLE>

(1)  Information  shown  for the  Underlying  Mortgage  Loans  for  this  Pooled
     Security is based on the  Underlying  Mortgage  Loan group  related to such
     Pooled Security only.

(2)  Information  shown  for the  Underlying  Mortgage  Loans  for  this  Pooled
     Security is based on all the Underlying Mortgage Loan groups in the related
     series.

<PAGE>

                         CERTIFICATE ACCOUNT INFORMATION

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
                                            WITHDRAWALS                                                        ENDING
GROUP   BEGINNING BALANCE  FUNDS DEPOSITED  TRUSTEE FEE  MANAGEMENT FEE  AVAILABLE FUNDS  FUNDS DISTRIBUTED    BALANCE
-----------------------------------------------------------------------------------------------------------------------
<S>     <C>                <C>              <C>          <C>             <C>              <C>                 <C>
  I           0.00           2,036,167.25      896.65        0.00         2,035,270.60       1,986,193.29     49,077.31
 II           0.00             220,212.59      288.95        0.00           219,923.64         203,453.76     16,469.88
-----------------------------------------------------------------------------------------------------------------------
 Total        0.00           2,256,379.84    1,185.60        0.00         2,255,194.24       2,189,647.05     65,547.19
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                 ADDITIONAL REPORTING ITEMS                      POOL I            POOL II       TOTAL
------------------------------------------------------------------------------------------------------------
<S>        <C>                                           <C>                   <C>            <C>
2.15(a)    Available Interest                                       99,856.78      34,328.86      134,185.64
------------------------------------------------------------------------------------------------------------
           Available Principal                                   1,936,310.47     185,883.73    2,122,194.19
------------------------------------------------------------------------------------------------------------
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                                         1,8248%        1.3943%
------------------------------------------------------------------------------------------------------------
           Ending Actual OC                                            1.9290%        1.4171%
------------------------------------------------------------------------------------------------------------
2.15(g)    2nd preceding pool bal                              335,328,112.55  67,761,607.79  403,089,720.34
------------------------------------------------------------------------------------------------------------
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               49,077.31      16,469.88       65,547.19
------------------------------------------------------------------------------------------------------------
</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.