<PAGE>   1
                                  EXHIBIT 10.1
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001   2:45:38PM

                               SMT SERIES 2000-4

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
                            Certificate     Certificate       Beginning
                              Class         Pass-Through      Certificate            Interest            Principal
   Class         CUSIP      Description         Rate            Balance            Distribution         Distribution
----------------------------------------------------------------------------------------------------------------------
<S>            <C>          <C>             <C>             <C>                   <C>                   <C>
      A        81743TAA6        SEQ           6.19625%      318,135,459.87         1,642,705.70         7,408,382.21
      B        SMT00004B        SUB           7.08625%        3,809,289.81            22,494.65                 0.00
      C        SMT00004C         IO           0.00000%                0.00           488,583.03                 0.00
    R-UT       SMT00004R        RES           0.00000%                0.00                 0.00                 0.00
    R-LT       SMT0004RL        RES           0.00000%                0.00                 0.00                 0.00
                                                            ==============         ============         ============
  Totals                                                    321,944,749.68         2,153,783.38         7,408,382.21



 Current         Ending                                    Cumulative
 Realized      Certificate               Total              Realized
   Loss          Balance              Distribution           Losses
--------------------------------------------------------------------------------
<C>             <C>                  <C>                   <C>
  0.00          310,727,077.66         9,051,087.91          0.00
  0.00            3,809,289.80            22,494.65          0.00
  0.00                    0.00           488,583.03          0.00
  0.00                    0.00                 0.00          0.00
  0.00                    0.00                 0.00          0.00
  ====          ==============         ============          ====
  0.00          314,536,367.46         9,562,165.59          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 1

<PAGE>   2
<TABLE>
<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001        2:45:38PM

                                SMT SERIES 2000-4

                        Principal Distribution Statement

<TABLE>
<CAPTION>
                      Original         Beginning        Scheduled        Unscheduled                                    Total
                        Face          Certificate        Principal        Principal                       Realized     Principal
      Class            Amount           Balance        Distribution      Distribution     Accretion       Loss (1)     Reduction
----------------------------------------------------------------------------------------------------------------------------------
<S>               <C>                 <C>              <C>               <C>              <C>            <C>         <C>
       A          377,119,000.00      318,135,459.87        0.00         7,408,382.21       0.00            0.00     7,408,382.21
       B            3,809,982.43        3,809,289.81        0.00                 0.00       0.00            0.00             0.00
       C                    0.00                0.00        0.00                 0.00       0.00            0.00             0.00
     R-UT                   0.00                0.00        0.00                 0.00       0.00            0.00             0.00
     R-LT                   0.00                0.00        0.00                 0.00       0.00            0.00             0.00
                  ==============      ==============        ====         ============       ====            ====     ============
     Totals       380,928,982.43      321,944,749.68        0.00         7,408,382.21       0.00            0.00     7,408,382.21


<CAPTION>
     Ending             Ending              Total
   Certificate        Certificate          Principal
    Balance            Percentage         Distribution
---------------------------------------------------------
<C>                   <C>                 <C>
    310,727,077.66        0.82394968       7,408,382.21
      3,809,289.80        0.99981821               0.00
              0.00        0.00000000               0.00
              0.00        0.00000000               0.00
              0.00        0.00000000               0.00
    ==============        ==========       ============
    314,536,367.46        0.82570868       7,408,382.21
</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 2
<PAGE>   3
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001        2:45:38PM

                                SMT SERIES 2000-4

                    Principal Distribution Factors Statement
<TABLE>
<CAPTION>
                  Original         Beginning        Scheduled        Unscheduled                                       Total
                    Face          Certificate        Principal        Principal                         Realized     Principal
  Class(2)         Amount           Balance        Distribution      Distribution      Accretion        Loss (3)     Reduction
----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>              <C>               <C>              <C>              <C>         <C>
      A         377.119.000.00     843.59435581      0.00000000       19.64468035       0.00000000      0.00000000   19.64468035
      B           3.809.982.43     999.81820914      0.00000000        0.00000000       0.00000000      0.00000000    0.00000000
      C                   0.00       0.00000000      0.00000000        0.00000000       0.00000000      0.00000000    0.00000000
    R-UT                  0.00       0.00000000      0.00000000        0.00000000       0.00000000      0.00000000    0.00000000
    R-LT                  0.00       0.00000000      0.00000000        0.00000000       0.00000000      0.00000000    0.00000000

<CAPTION>
     Ending             Ending              Total
   Certificate        Certificate          Principal
    Balance            Percentage         Distribution
---------------------------------------------------------
<C>                   <C>                 <C>
 823.94967546           0.82394968         19.64468035
 999.81820651           0.99981821          0.00000000
   0.00000000           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 3
<PAGE>   4
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001        2:45:38PM

                               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           6.19625%         318,135,459.87       1,642,705.70            0.00             0.00
       B         3,809,982.43           7.08625%           3,809,289.81          22,494.65            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                                                 1,665,200.35            0.00             0.00

<CAPTION>
                                                  Remaining        Ending
 Non-Supported                    Total            Unpaid        Certificate/
    Interest     Realized        Interest         Interest         Notional
    Shortfall     Loss(4)      Distribution       Shortfall        Balance
-------------------------------------------------------------------------------
<C>            <C>             <C>            <C>              <C>
     0.00          0.00        1,642,705.70            0.00      310,727,077.66
     0.00          0.00           22,494.65            0.00        3,809,289.80
     0.00          0.00          488,583.03            0.00                0.00
     0.00          0.00                0.00            0.00                0.00
     0.00          0.00                0.00            0.00
     ====          ====        ============            ====
     0.00          0.00        2,153,783.38            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 4
<PAGE>   5
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001        2:45:38PM

                                SMT SERIES 2000-4

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                                      Beginning                         Payment of
                  Original           Current        Certificate/       Current            Unpaid        Current     Non-Supported
                    Face           Certificate        Notional         Accrued           Interest       Interest      Interest
  Class (5)        Amount              Rate           Balance          Interest          Shortfall      Shortfall    Shortfall
----------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                  <C>            <C>                <C>              <C>             <C>           <C>
   A           377,119,000.00       6.19625 %      843.59435581       4.35593460       0.00000000     0.00000000     0.00000000
   B             3,809,982.43       7.08625 %      999.81820914       5.90413484       0.00000000     0.00000000     0.00000000
   C                     0.00       0.00000 %        0.00000000       0.00000000       0.00000000     0.00000000     0.00000000
  R-UT                   0.00       0.00000 %        0.00000000       0.00000000       0.00000000     0.00000000     0.00000000
  R-LT                   0.00       0.00000 %        0.00000000       0.00000000       0.00000000     0.00000000     0.00000000

<CAPTION>
                                 Remaining         Ending
                      Total       Unpaid         Certificate/
   Realized          Interest    Interest          Notional
    Loss(4)        Distribution  Shortfall         Balance
-------------------------------------------------------------
<C>            <C>             <C>                   <C>
  0.00000000       4.35593460    0.00000000     823.94967546
  0.00000000       5.90413484    0.00000000     999.81820651
  0.00000000       0.00000000    0.00000000       0.00000000
  0.00000000       0.00000000    0.00000000       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 5


<PAGE>   6
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
</TABLE>

19-Feb-2001        2:45:38PM

                                SMT SERIES 2000-4

                       Certificateholder Account Statement

                               CERTIFICATE ACCOUNT

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

Deposits

     Payments of Interest and Principal                    9,672,323.03
     Liquidations, Insurance Proceeds, Reserve Funds              49.01
     Proceeds from Repurchased Loans                               0.00
     Other Amounts (Servicer Advances)                        24,545.34
     Realized Losses                                               0.00
                                                          -------------
Total Deposits                                             9,696,917.38

Withdrawals

     Reimbursement for Servicer Advances                           0.00
     Payment of Service Fee                                  134,751.79
     Payment of Interest and Principal                     9,562,165.59
                                                           ------------
Total Withdrawals (Pool Distribution Amount)               9,696,917.38

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

Total Prepayment/Curtailment Interest Shortfall                   0.00
Servicing Fee Support                                             0.00
                                                           -----------
Non-Supported Prepayment/Curtailment Interest Shortfal            0.00
                                                           ===========

                                 SERVICING FEES

Gross Servicing Fee                                         100,002.96
Trustee Fee                                                   1,609.72
AMBAC Premium                                                33,139.11
                                                           -----------
Supported Prepayment/Curtailment Interest Shortfall               0.00

Net Servicing Fee                                           134,751.79
                                                            ==========
</TABLE>

<TABLE>
<CAPTION>
                                 OTHER ACCOUNTS

                                     Beginning             Current        Current       Ending
    Account Type                      Balance            Withdrawals      Deposits      Balance
--------------------------------------------------------------------------------------------------
<S>                                  <C>                 <C>              <C>          <C>
Reserve Fund                         10,000.00              49.01          49.01       10,000.00
Financial Guaranty                        0.00               0.00           0.00            0.00
</TABLE>


                                     Page 6
<PAGE>   7
<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152


19-Feb-2001        2:45:38PM
</TABLE>

<TABLE>
<CAPTION>

                                SMT SERIES 2000-4

             Loan Status Stratification/Credit Enhancement Statement


                 DELINQUENT                             BANKRUPTCY                            FORECLOSURE
  ---------------------------------------------------------------------------------------------------------------------------------
                 NO. OF   PRINCIPAL                      NO. OF      PRINCIPAL                  NO. OF     PRINCIPAL
                  LOANS    BALANCE                        LOANS        BALANCE                   LOANS       BALANCE
<S>              <C>     <C>             <C>             <C>         <C>                        <C>        <C>
                                         0-29 Days           0           0.00    0-29 Days         0           0.00    0-29 Days
   30 Days           9   1,853,340.62    30 Days             0           0.00    30 Days           0           0.00    30 Days
   60 Days           4     716,276.41    60 Days             0           0.00    60 Days           0           0.00    60 Days
   90 Days           0           0.00    90 Days             0           0.00    90 Days           0           0.00    90 Days
   120 Days          0           0.00    120 Days            0           0.00    120 Days          0           0.00    120 Days
   150 Days          0           0.00    150 Days            0           0.00    150 Days          0           0.00    150 Days
   180+ Days         1     839,975.00    180+ Days           0           0.00    180+ Days         0           0.00    180+ Days
              --------   ------------                   ------         ------                 ------         ------
                    14   3,409,592.03                        0           0.00                      0           0.00

                NO. OF       PRINCIPAL                 NO. OF        PRINCIPAL              NO. OF         PRINCIPAL
                LOANS        BALANCE                    LOANS         BALANCE                LOANS          BALANCE

                                         0-29 Days    0.000000%      0.000000%   0-29 Days  0.000000%      0.000000%   0-29 Days
   30 Days    1.167315%      0.589229%   30 Days      0.000000%      0.000000%   30 Days    0.000000%      0.000000%   30 Days

   60 Days    0.518807%      0.227725%   60 Days      0.000000%      0.000000%   60 Days    0.000000%      0.000000%   60 Days
   90 Days    0.000000%      0.000000%   90 Days      0.000000%      0.000000%   90 Days    0.000000%      0.000000%   90 Days
   120 Days   0.000000%      0.000000%   120 Days     0.000000%      0.000000%   120 Days   0.000000%      0.000000%   120 Days
   150 Days   0.000000%      0.000000%   150 Days     0.000000%      0.000000%   150 Days   0.000000%      0.000000%   150 Days
   180+ Days  0.129702%      0.267052%  180+ Days     0.000000%      0.000000%   180+ Days  0.000000%      0.000000%   180+ Days
              ---------      ---------                ---------      ---------              ---------      ---------
              1.815824%      1.084006%                0.000000%      0.000000%              0.000000%      0.000000%

                        REO                                TOTAL
------------------------------------------------------------------------------
               NO. OF       PRINCIPAL               NO. OF      PRINCIPAL
                LOANS       BALANCE                  LOANS       BALANCE
0-29 Days          0          0.00    0-29 Days         0           0.00
30 Days            0          0.00    30 Days           9   1,853,340.62
60 Days            0          0.00    60 Days           4     716,276.41
90 Days            0          0.00    90 Days           0           0.00
120 Days           0          0.00    120 Days          0           0.00
150 Days           0          0.00    150 Days          0           0.00
180+ Days          0          0.00    180+ Days         1     839,975.00
              ------      --------                   ----   -------------
                   0          0.00                     14   3,409,592.03

              NO. OF        PRINCIPAL              NO. OF        PRINCIPAL
               LOANS        BALANCE                 LOANS         BALANCE

0-29 Days   0.000000%     0.000000%   0-29 Days  0.000000%      0.000000%
30 Days     0.000000%     0.000000%   30 Days    1.167315%      0.589229%
60 Days     0.000000%     0.000000%   60 Days    0.518807%      0.227725%
90 Days     0.000000%     0.000000%   90 Days    0.000000%      0.000000%
120 Days    0.000000%     0.000000%   120 Days   0.000000%      0.000000%
150 Days    0.000000%     0.000000%   150 Days   0.000000%      0.000000%
180+ Days   0.000000%     0.000000%   180+ Days  0.129702%      0.267052%
            ---------     ---------              ---------      ---------
            0.000000%     0.000000%              1.815824%      1.084006%


(7)     DELINQUENCIES ARE STRATIFIED ACCORDING TO THE INFORMATION THE SERVICER
        HAS PROVIDED.

</TABLE>

<TABLE>
<CAPTION>
<S>                                                               <C>     <C>                                              <C>

Current Period Realized Loss - Includes Interest Shortfall        0.00    Principal Balance of Contaminated Properties          0.00
Cumulative Realized Losses - Includes Interest Shortfall          0.00    Periodic Advance                                 24,545.34
Current Period Class A Insufficient Funds                         0.00
</TABLE>
<TABLE>

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

                                                                                          Current           Next
                Original $        Original %         Current $         Current %           Class %       Prepayment %
<S>           <C>                <C>               <C>                <C>              <C>             <C>
Class A      3,809,982.43        1.00018182%       3,809,289.80       1.21108088%       98.788919%        0.000000 %
Class B              0.00        0.00000000%               0.00       0.00000000%        1.211081%      100.000000 %
Class C              0.00        0.00000000%               0.00       0.00000000%        0.000000%        0.000000 %


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

</TABLE>

                                     Page 7


<PAGE>   8

<TABLE>

<S>                                                 <C>
Sequoia Mortgage Trust                              Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates                           Wells Fargo Bank Minnesota, N.A.
Record Date:        31-Jan-2001                              Securities Administration Services
Distribution Date:  22-Feb-2001                              7845 New Horizon Way
                                                             Frederick, MD 21703
                                                             Telephone: (301) 815-6600
                                                             Fax:       (301) 846-8152
19-Feb-2001        2:45:38PM





                                SMT Series 2000-4

-------------------------------------------------------------------------------
                              COLLATERAL STATEMENT
<S>                                                                   <C>
Collateral Description                                                Mixed ARM

Weighted Average Gross Coupon                                         8.529983%

Weighted Average Net  Coupon                                          8.157237%

Weighted Average Pass-Through Rate                                    8.151236%

Weighted Average Maturity (Stepdown Calculation)                            277

Beginning Scheduled Collateral Loan Count                                   784

Number of Loans Paid in Full                                                 13

Ending Scheduled Collateral Loan Count                                      771

Beginning Scheduled Collateral Balance                           321,944,749.67

Ending Scheduled Collateral Balance                              314,536,367.46

Ending Actual Collateral Balance at 31-Jan-2001                  314,536,367.56

Monthly P&I Constant                                               2,287,569.24

Class A Optimal Amount                                             9,084,227.02

Ending Scheduled Balance for Premium Loans                       314,536,367.46

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                                                  0.00278%

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>

                                     Page 8