<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: February 28, 2003


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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                        BEGINNING        PASS     MONTHLY INTEREST   ADDITIONAL   INTEREST      INTEREST        PRINCIPAL
CLASS      CUSIP      CERT BALANCE     THROUGH          AMT           INTEREST    SHORTFALL   DISTRIBUTION    DISTRIBUTION
-----      -----      ------------     -------          ---           --------    ---------   ------------    ------------
<S>       <C>         <C>             <C>         <C>                <C>          <C>         <C>             <C>
 A-1      81743UAA3   46,722,089.52   1.940000%      75,534.04         0.00         402.04     75,534.04      3,497,306.10
 A-2      81743UAB1   13,364,257.76   2.090000%      23,276.08         0.00         269.47     23,276.08        367,751.88
----      ---------   -------------   ---------      ---------         ----         ------     ---------      ------------
 Total                60,086,347.28                  98,810.13         0.00         671.51     98,810.13      3,865,057.99
</TABLE>

<TABLE>
<CAPTION>
               TOTAL       REALIZED    ENDING CERT
CLASS      DISTRIBUTION     LOSSES      BALANCE
-----      ------------     ------      -------
<S>        <C>             <C>        <C>
 A-1       3,572,840.15      0.00     43,224,783.42
 A-2         391,027.97      0.00     12,996,505.88
----       ------------      ----     -------------
 Total     3,963,868.11      0.00     56,221,289.29
</TABLE>

                           CURRENT PAYMENT INFORMATION
                               FACTORS PER $1.000

<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      67,761,000.00      721.454108491    1.166350809  54.003275146       667.450833345       1.940000%
   A-2       81743UAB1      15,861,000.00      842.586076540    1.467504083  23.185920436       819.400156104       2.090000%
  ----       ---------      -------------      -------------    -----------  ------------       -------------       ---------
  Total                     80,622,000.00      745.284752053    1.225597566  47.940487531       697.344264521
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                           ORIGINAL        BEGINNING        PASS      INTEREST     PRINCIPAL         TOTAL     REALIZED   INTEREST
   SERIES       CLASS       BALANCE         BALANCE       THROUGH   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION    LOSSES   SHORTFALL
   ------       -----       -------         -------       -------   ------------  ------------  ------------    ------   ---------
<S>             <C>     <C>              <C>             <C>        <C>           <C>           <C>            <C>       <C>
 CWMBS 94K       A1     123,119,000.00    1,517,687.22   5.204037%     6,581.75     125,472.31    132,054.06     0.00        0.00
DLJMA 93-Q18     1A1     51,833,000.00      356,200.02   5.126849%     1,521.82       1,211.36      2,733.18     0.00        0.00
DLJMA 94-2A      1A1     85,787,000.00      636,510.33   5.523376%     2,929.74       1,572.13      4,501.87     0.00        0.00
  ONE 00-2       2A     152,653,000.00    8,117,823.79   4.812168%    32,553.61     151,092.78    183,646.39     0.00        0.00
 RYMS3 92-B      1A2      7,712,906.00            0.00   0.000000%         0.00           0.00          0.00     0.00        0.00
 SBM7 94-2       A1      49,384,000.00    1,394,523.02   6.076249%     7,061.22      94,559.82    101,621.04     0.00        0.00
  SMS 91-K       A1     110,588,063.00    1,337,422.74   4.045775%     4,509.09   1,337,422.74  1,341,931.83     0.00        0.00
  SMS 91-K       A3       1,917,885.00    1,064,191.81   4.335775%     3,845.08   1,064,191.81  1,068,036.89     0.00        0.00
 EAGLE 98-1      M1      46,029,000.00   19,964,154.03   2.352500%    37,833.46     480,862.04    518,695.50     0.00        0.00
 INMC 94-R       M2       4,620,000.00    2,655,020.20   5.403697%    11,955.77      57,904.75     69,860.52     0.00        0.00
 INMC 94-V       B1       3,618,000.00    1,618,737.08   5.483897%     7,397.49       3,946.23     11,343.72     0.00        0.00
 INMC 94-X       B1       2,769,000.00    1,453,190.86   5.369629%     6,502.58     116,730.76    123,233.34     0.00        0.00
 INMC 95-C       B1      12,828,797.00    4,442,571.55   5.327944%    19,724.81      56,663.28     76,388.09     0.00      402.04
 INMC 95-T       A2      65,695,250.00    2,818,555.47   4.752409%    11,162.44       5,676.10     16,838.54     0.00        0.00
 ---------       --     --------------   -------------   ---------    ---------   ------------  ------------     ----      ------
    Total               718,554,901.00   47,376,588.12               153,578.86   3,497,306.10  3,650,884.96     0.00      402.04
</TABLE>

<TABLE>
<CAPTION>
                      ENDING
   SERIES            BALANCE
   ------            -------
<S>              <C>
 CWMBS 94K        1,392,214.92
DLJMA 93-Q18        354,988.66
DLJMA 94-2A         634,938.20
  ONE 00-2        7,966,731.01
 RYMS3 92-B               0.00
 SBM7 94-2        1,299,963.20
  SMS 91-K                0.00
  SMS 91-K                0.00
 EAGLE 98-1      19,483,291.99
 INMC 94-R        2,597,115.45
 INMC 94-V        1,614,790.85
 INMC 94-X        1,336,460.10
 INMC 95-C        4,385,908.27
 INMC 95-T        2,812,879.37
 ---------       -------------
    Total        43,879,282.02
</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                       ORIGINAL        BEGINNING       PASS      INTEREST     PRINCIPAL        TOTAL     REALIZED  INTEREST
   SERIES     CLASS    BALANCE          BALANCE      THROUGH   DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES  SHORTFALL
   ------     -----    -------          -------      -------   ------------  ------------  ------------   ------  ---------
<S>           <C>    <C>             <C>            <C>        <C>           <C>           <C>           <C>      <C>
GRCAP 94-HM4   A1    245,813,000.00     482,532.96  5.567659%     2,238.82     16,184.06     18,422.87     0.00       0.00
 INMC 95-E     B1      4,608,492.00   2,940,666.85  4.815827%    11,801.45    121,526.70    133,328.16     0.00     269.47
 PMLT 99-A     M1      2,914,000.00   2,411,637.21  2.370750%     4,764.49     63,567.79     68,332.28     0.00       0.00
  RTC 95-2     A3    119,696,000.00   7,690,574.70  4.093095%    26,231.88    166,473.33    192,705.21     0.00       0.00
----------     --    --------------  -------------  ---------    ---------    ----------    ----------     ----     ------
      Total          373,031,492.00  13,525,411.72               45,036.64    367,751.88    412,788.52     0.00     269.47
</TABLE>

<TABLE>
<CAPTION>
                   ENDING
   SERIES          BALANCE
   ------          -------
<S>            <C>
GRCAP 94-HM4      466,348.91
 INMC 95-E      2,819,140.14
 PMLT 99-A      2,348,069.42
  RTC 95-2      7,524,101.37
-----------    -------------
      Total    13,157,659.84
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
                      LOANS
                    OUTSTANDING    DELINQUENT 30-59 DAYS    DELINQUENT 60-89 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        9,206,732.06     1        183,514.59      0            0.00       0            0.00      1     240,002.95
DLJMA 93-Q18(1)     3,862,314.78     1         31,461.55      0            0.00       0            0.00      1     157,564.45
 DLJMA 94-2A(1)     1,031,568.32     0              0.00      0            0.00       0            0.00      0           0.00
  ONE 00-2(2)     356,524,214.00    67      6,440,310.00     17    1,490,707.00      36    6,354,675.00     19   2,819,806.00
 RYMS3 92-B(2)              0.00     0              0.00      0            0.00       0            0.00      0           0.00
  SBM7 94-2(2)      5,133,320.96     2        200,454.72      0            0.00       0            0.00      2     330,993.29
    SMS 91-K                0.00     0              0.00      0            0.00       0            0.00      0           0.00
   EAGLE 98-1      32,991,238.46    12        898,165.99      9      835,259.44      16    1,815,598.88     31   3,796,930.61
   INMC 94-R        7,973,747.82     3        842,920.85      0            0.00       0            0.00      3     819,187.98
   INMC 94-V        7,225,436.18     2        231,892.67      0            0.00       0            0.00      0           0.00
   INMC 94-X        6,316,004.37     4        441,060.87      0            0.00       2      192,414.65      2     548,486.84
   INMC 95-C        8,690,526.89     4        480,728.17      1      186,425.71       1      153,302.92      5     683,643.73
  INMC 95-T(2)      8,225,235.47     1        134,477.14      0            0.00       0            0.00      1      80,684.12
--------------    --------------    --      ------------     --    ------------      --    ------------     --   ------------
     Total        447,180,339.31    97      9,884,986.55     27    2,512,392.15      55    8,515,991.45     65   9,477,299.97
</TABLE>

<TABLE>
<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       25,785.92
 DLJMA 94-2A(1)    0           0.00        3,393.54
  ONE 00-2(2)      0           0.00      689,014.46
 RYMS3 92-B(2)     0           0.00            0.00
  SBM7 94-2(2)     1     126,496.67            0.00
    SMS 91-K       0           0.00            0.00
   EAGLE 98-1     23   2,273,297.00       21,690.75
   INMC 94-R       0           0.00            3.00
   INMC 94-V       0           0.00            0.00
   INMC 94-X       0           0.00            0.00
   INMC 95-C       0           0.00            0.00
  INMC 95-T(2)     0           0.00            0.00
--------------    --   ------------      ----------
     Total        24   2,399,793.67      739,887.67
</TABLE>

<TABLE>
<CAPTION>
                     LOANS
                  OUTSTANDING    DELINQUENT 30-59 DAYS    DELINQUENT 60-89 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>
GRCAP 94-HM4      6,455,938.90      1       124,612.29      0             0.00     0              0.00     1        45,177.47
 INMC 95-E       13,593,562.09      8     2,072,362.07      1       258,659.10     3        383,747.66     4       283,469.61
 PMLT 99-A       36,118,629.81     35     2,304,318.19      8       691,714.92     4        358,302.44    25     1,617,421.13
RTC 95-2(1)      22,445,162.39      7       366,582.07      3       236,481.17     5        347,684.47     1        82,662.42
   Total         78,613,293.19     51     4,867,874.62     12     1,186,855.19    12      1,089,734.57    31     2,028,730.63
----------      --------------    ---    -------------     --     ------------    --      ------------    --    -------------
 Total All      525,793,632.50    148    14,752,861.17     39     3,699,247.34    67      9,605,726.02    96    11,506,030.60
</TABLE>

<TABLE>
<CAPTION>
                     REO            REALIZED LOSSES
   SERIES       NO.      BALANCE     CURR. AMOUNT
   ------       ---      -------     ------------
<S>             <C>   <C>           <C>
GRCAP 94-HM4     0            0.00           0.00
 INMC 95-E       1      225,211.47           0.00
 PMLT 99-A       2      395,118.89      29,192.98
RTC 95-2(1)      1       43,034.41           0.00
   Total         4      663,364.77      29,192.98
----------      --    ------------     ----------
 Total All      28    3,063,158.44     769,080.65
</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             3,650,884.96      1,184.41           0.00          3,649,700.55        3,572,840.15       76,860.40
 II            0.00               412,788.52        338.14           0.00            412,450.38          391,027.97       21,422.42
-----          ----             ------------      --------           ----          ------------        ------------       ---------
Total          0.00             4,063,673.48      1,522.55           0.00          4,062,150.93        3,963,868.11       98,282.82
</TABLE>

<TABLE>
<CAPTION>
                ADDITIONAL REPORTING ITEMS                        POOL I                POOL II              TOTAL
                --------------------------                        ------                -------              -----
<S>       <C>                                             <C>                        <C>                  <C>
2.15(a)   Available Interest                                           153,578.86         45,036.64           198,615.50
          Available Principal                                        3,497,306.10        367,751.88         3,865,057.99
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                                             1.3815%           1.1915%
          Ending Actual OC                                                1.4916%           1.2248%
2.15(g)   2nd preceding pool bal                                    11,853,732.63     83,088,852.02       594,942,584.65
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                    76,860.40         21,422.42            98,282.82
</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.