<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:  January 30, 2003

                      SEQUOIA MORTGAGE FUNDING CORPORATION
                 COLLATERALIZED MBS FUNDING BONDS, SERIES 2002-A
                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                                      BEGINNING CERT      PASS THROUGH       MONTHLY INTEREST AMT    ADDITIONAL        INTEREST
   CLASS                CUSIP            BALANCE                                                      INTEREST         SHORTFALL
--------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>             <C>                 <C>                <C>                     <C>               <C>
    A-1               81743UAA3        49,166,259.56       2.017500%               82,660.77             0.00            637.42
    A-2               81743UAB1        13,712,785.06       2.167500%               24,768.72             0.00              0.00
--------------------------------------------------------------------------------------------------------------------------------
      Total                            62,879,044.62                              107,429.49             0.00            637.42
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                       INTEREST           PRINCIPAL             TOTAL            REALIZED       ENDING CERT
   CLASS                CUSIP         DISTRIBUTION      DISTRIBUTION       DISTRIBUTION           LOSSES          BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>                   <C>             <C>               <C>                <C>                   <C>            <C>
    A-1               81743UAA3        82,660.77        2,444,170.05       2,526,830.82             0.00        46,722,089.52
    A-2               81743UAB1        24,768.72          348,527.30         373,296.02             0.00        13,364,257.76
------------------------------------------------------------------------------------------------------------------------------
      Total                              107,429          107,429.49       2,900,126.84             0.00        60,086,347.27
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                               FACTORS PER $1.000

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
                                             ORIGINAL CERT           BEGINNING           INTEREST            PRINCIPAL
       CLASS              CUSIP                 BALANCE               FACTOR              FACTOR              FACTOR
-------------------------------------------------------------------------------------------------------------------------
<S>                     <C>                  <C>                   <C>                  <C>                 <C>
        A-1             81743UAA3            67,761,000.00         759.195496701        1.276397429         37.741388276
        A-2             81743UAB1            15,861,000.00         864.559930507        1.561611374         21.973854071
-------------------------------------------------------------------------------------------------------------------------
       Total                                 80,622,000.00         779.924147499        1.332508396         34.639395519
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
                                          ENDING                 CURRENT PASS
       CLASS              CUSIP           FACTOR                   THROUGH
-----------------------------------------------------------------------------
<S>                     <C>            <C>                       <C>
        A-1             81743UAA3      721.454108425              2.017500%
        A-2             81743UAB1      842.586076436              2.167500%
-----------------------------------------------------------------------------
       Total                           745.284751979
-----------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                ORIGINAL              BEGINNING            PASS            INTEREST
        SERIES              CLASS               BALANCE                BALANCE            THROUGH        DISTRIBUTION
---------------------------------------------------------------------------------------------------------------------
<S>                         <C>              <C>                   <C>                   <C>             <C>
       CWMBS 94K             A1              123,119,000.00         1,735,496.00         5.200226%          7,520.81
     DLJMA 93-Q18            1A1              51,833,000.00           359,965.40         5.147432%          1,544.08
      DLJMA 94-2A            1A1              85,787,000.00           754,538.93         5.918126%          3,721.21
       ONE 00-2              2A              152,653,000.00         8,728,132.85         5.076730%         36,925.31
      RYMS3 92-B             1A2               7,712,906.00                 0.00         0.000000%              0.00
       SBM7 94-2             A1               49,384,000.00         1,469,097.71         6.172909%          7,557.17
       SMS 91-K              A1              110,588,063.00         1,426,619.98         4.434028%          5,271.39
       SMS 91-K              A3                1,917,885.00         1,089,386.04         4.724022%          4,288.57
      EAGLE 98-1             M1               46,029,000.00        20,770,015.86         2.420000%         44,678.61
       INMC 94-R             M2                4,620,000.00         2,801,520.44         5.700770%         13,309.02
       INMC 94-V             B1                3,618,000.00         1,701,720.38         5.509053%          7,812.39
       INMC 94-X             B1                2,769,000.00         1,663,662.64         5.214091%          7,228.74
       INMC 95-C             B1               12,828,797.00         4,495,946.80         5.506837%         20,632.04
       INMC 95-T             A2               65,695,250.00         2,824,655.13         5.140536%         12,100.20
---------------------------------------------------------------------------------------------------------------------
                  Total                      718,554,901.00        49,820,758.16                          172,589.55
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
                                      PRINCIPAL               TOTAL              REALIZED     INTEREST            ENDING
        SERIES              CLASS    DISTRIBUTION         DISTRIBUTION            LOSSES      SHORTFALL           BALANCE
----------------------------------------------------------------------------------------------------------------------------
<S>                         <C>      <C>                  <C>                    <C>          <C>             <C>
       CWMBS 94K             A1        217,808.78           225,329.59             0.00           7.21         1,517,687.22
     DLJMA 93-Q18            1A1         3,765.38             5,309.46             0.00           0.00           356,200.02
      DLJMA 94-2A            1A1       118,028.60           121,749.81             0.00           0.00           636,510.33
       ONE 00-2              2A        610,309.06           647,234.38             0.00           0.00         8,117,823.79
      RYMS3 92-B             1A2             0.00                 0.00             0.00           0.00                 0.00
       SBM7 94-2             A1         74,574.69            82,131.87             0.00           0.00         1,394,523.02
       SMS 91-K              A1         89,197.25            94,468.64             0.00           0.00         1,337,422.74
       SMS 91-K              A3         25,194.23            29,482.80             0.00           0.00         1,064,191.81
      EAGLE 98-1             M1        805,861.83           850,540.44             0.00           0.00        19,964,154.03
       INMC 94-R             M2        146,500.24           159,809.26             0.00         304.77         2,655,020.20
       INMC 94-V             B1         82,983.30            90,795.69             0.00          37.02         1,618,737.08
       INMC 94-X             B1        210,471.78           217,700.52             0.00         288.42         1,453,190.86
       INMC 95-C             B1         53,375.25            74,007.29             0.00           0.00         4,442,571.55
       INMC 95-T             A2          6,099.66            18,199.86             0.00           0.00         2,818,555.47
----------------------------------------------------------------------------------------------------------------------------
                  Total              2,444,170.05         2,616,759.60             0.00         637.42        47,376,588.12
----------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                               ORIGINAL              BEGINNING             PASS            INTEREST
        SERIES              CLASS               BALANCE               BALANCE             THROUGH        DISTRIBUTION
---------------------------------------------------------------------------------------------------------------------
<S>                         <C>              <C>                   <C>                   <C>             <C>
     GRCAP 94-HM4            A1              245,813,000.00           493,149.34         5.575525%          2,291.31
       INMC 95-E             B1                4,608,492.00         3,013,726.19         5.140124%         12,909.11
       PMLT 99-A             M1                2,914,000.00         2,481,344.62         2.688004%          5,558.22
       RTC 95-2              A3              119,696,000.00         7,885,718.87         4.319770%         28,387.08
---------------------------------------------------------------------------------------------------------------------
                  Total                      373,031,492.00        13,873,939.02                           49,145.71
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                          PRINCIPAL               TOTAL            REALIZED       INTEREST            ENDING
        SERIES              CLASS       DISTRIBUTION          DISTRIBUTION          LOSSES       SHORTFALL           BALANCE
-------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>         <C>                   <C>                  <C>           <C>             <C>
     GRCAP 94-HM4            A1            10,616.37            12,907.68             0.00           0.00           482,532.96
       INMC 95-E             B1            73,059.35            85,968.45             0.00           0.00         2,940,666.85
       PMLT 99-A             M1            69,707.41            75,265.63             0.00           0.00         2,411,637.21
       RTC 95-2              A3           195,144.17           223,531.25             0.00           0.00         7,690,574.70
-------------------------------------------------------------------------------------------------------------------------------
                  Total                   348,527.30           397,673.01             0.00           0.00        13,525,411.72
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                 LOANS
                              OUTSTANDING    DELINQUENT        30-59 DAYS    DELINQUENT    60-89 DAYS     DELINQUENT     90+ DAYS
           SERIES               BALANCE          NO.            BALANCE          NO.         BALANCE         NO.         BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>                        <C>               <C>             <C>             <C>          <C>             <C>          <C>
         CWMBS 94K           9,371,128.88        2              276,533.34        1         196,993.72        0                 0.00
      DLJMA 93-Q18(1)        3,870,510.48        1              115,808.24        0               0.00        1           116,207.79
       DLJMA 94-2A(1)        1,034,122.52        0                    0.00        0               0.00        0                 0.00
        ONE 00-2(2)        378,748,820.00       87            8,220,832.00        9       1,054,370.00       24         4,148,679.00
       RYMS3 92-B(2)                 0.00        0                    0.00        0               0.00        0                 0.00
        SBM7 94-2(2)         5,353,089.67        2              149,715.23        1         108,920.57        0                 0.00
          SMS 91-K           4,759,196.91        1              206,981.86        1         134,026.57        1           145,708.11
         EAGLE 98-1         33,765,343.61       22            2,139,424.18        9         724,983.62       20         2,258,205.47
         INMC 94-R           8,151,528.85        3              858,282.93        0               0.00        1            54,776.43
         INMC 94-V           7,243,093.72        3              402,724.29        0               0.00        0                 0.00
         INMC 94-X           6,867,664.66        3              329,499.08        1         144,745.32        1            48,017.54
         INMC 95-C           8,802,803.24        6              665,812.81        1         153,595.49        1           257,019.98
        INMC 95-T(2)         8,243,480.86        5            1,060,576.74        1         166,043.62        1            80,841.31
------------------------------------------------------------------------------------------------------------------------------------
           Total           476,210,783.40      135           14,426,190.70       24       2,683,678.91       50         7,109,455.63
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                      FORECLOSURE                      REO                     REALIZED LOSSES
           SERIES                 NO.          BALANCE          NO.          BALANCE             CURR. AMOUNT
-----------------------------------------------------------------------------------------------------------------
<S>                               <C>        <C>                <C>        <C>                <C>
         CWMBS 94K                 1           240,506.43        0                 0.00                  0.00
      DLJMA 93-Q18(1)              2           175,040.72        0                 0.00             20,638.62
       DLJMA 94-2A(1)              0                 0.00        0                 0.00                  0.00
        ONE 00-2(2)               21         3,339,238.00        0                 0.00            120,714.00
       RYMS3 92-B(2)               0                 0.00        0                 0.00                  0.00
        SBM7 94-2(2)               3           458,084.03        0                 0.00                  0.00
          SMS 91-K                 0                 0.00        0                 0.00                  0.00
         EAGLE 98-1               26         2,919,005.16       23         2,320,239.34            459,748.61
         INMC 94-R                 2           765,910.58        0                 0.00                  0.00
         INMC 94-V                 0                 0.00        0                 0.00                  0.00
         INMC 94-X                 2           549,577.06        0                 0.00                  0.00
         INMC 95-C                 4           427,917.49        0                 0.00                  0.00
        INMC 95-T(2)               0                 0.00        0                 0.00                  0.00
-----------------------------------------------------------------------------------------------------------------
           Total                  61         8,875,279.47       23         2,320,239.34            601,101.23
-----------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                             LOANS
                          OUTSTANDING    DELINQUENT         30-59 DAYS     DELINQUENT       60-89 DAYS    DELINQUENT      90+ DAYS
           SERIES           BALANCE          NO.              BALANCE         NO.             BALANCE         NO.         BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>                     <C>              <C>              <C>              <C>             <C>            <C>           <C>
        GRCAP 94-HM4      6,679,984.20        1              124,859.35        0                   0.00        0                0.00
         INMC 95-E       14,179,549.57        9            2,043,168.08        3             289,647.43        3          384,553.24
         PMLT 99-A                 N/A      N/A                     N/A      N/A                    N/A      N/A                 N/A
        RTC 95-2(1)      22,941,654.52        9              505,451.86        1             116,622.04        5          348,907.54
------------------------------------------------------------------------------------------------------------------------------------
           Total         43,801,188.29       19            2,673,479.29        4             406,269.47        8          733,460.78
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
         Total All      520,011,971.69      154           17,099,669.99       28           3,089,948.38       58        7,842,916.41
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
                               FORECLOSURE                      REO                      REALIZED LOSSES
           SERIES          NO.          BALANCE          NO.          BALANCE              CURR. AMOUNT
--------------------------------------------------------------------------------------------------------
<S>                    <C>         <C>               <C>         <C>                  <C>
        GRCAP 94-HM4        1            45,264.23        0                 0.00                  0.00
         INMC 95-E          3           238,673.65        1           225,588.69             36,792.63
         PMLT 99-A        N/A                  N/A      N/A                  N/A                   N/A
        RTC 95-2(1)         3           138,784.90        1            43,169.40                  0.00
--------------------------------------------------------------------------------------------------------
           Total            7           422,722.78        2           268,758.09             36,792.63
--------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------
         Total All         68         9,298,002.25       25         2,588,997.43            637,893.86
--------------------------------------------------------------------------------------------------------
</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
   GROUP         BEGINNING BALANCE         FUNDS DEPOSITED       TRUSTEE FEE      MANAGEMENT FEE         AVAILABLE FUNDS
------------------------------------------------------------------------------------------------------------------------
<S>              <C>                       <C>                   <C>              <C>                    <C>
      I                 0.00                 2,616,759.60           1,245.52            0.00               2,615,514.08
     II                 0.00                   397,673.01             346.85            0.00                 397,326.16
------------------------------------------------------------------------------------------------------------------------
  Total                 0.00                 3,014,432.61           1,592.37            0.00               3,012,840.24
------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------
                                           ENDING
   GROUP        FUNDS DISTRIBUTED         BALANCE
---------------------------------------------------
<S>             <C>                      <C>
      I           2,526,830.82            88,683.26
     II             373,296.02            24,030.14
---------------------------------------------------
  Total           2,900,126.84           112,713.40
---------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
               ADDITIONAL REPORTING ITEMS                             POOL I                 POOL II              TOTAL
----------------------------------------------------------------------------------------------------------------------------
<S>            <C>                                                   <C>                 <C>                 <C>
2.15(a)        Available Interest                                        172,589.55          49,145.71           221,735.26
               Available Principal                                     2,444,170.05         348,527.30         2,792,697.35
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                                          1.3137%            1.1616%
               Ending Actual OC                                             1.3815%            1.1915%
2.15(g)        2nd preceding pool bal                                568,136,574.25      85,377,896.94       653,514,471.19
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                 88,683.26          24,030.14           112,713.40
----------------------------------------------------------------------------------------------------------------------------
</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.