<PAGE>
                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                               SMT SERIES 2002-12
                          RECORD DATE: JANUARY 31, 2003
                      DISTRIBUTION DATE: FEBRUARY 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate  Certificate      Beginning                                                      Ending
                        Class     Pass-Through    Certificate       Interest     Principal       Current        Certificate
   Class    CUSIP    Description      Rate          Balance       Distribution  Distribution   Realized Loss      Balance
   -----    -----    -----------      ----          -------       ------------  ------------   -------------    -----------
<S>       <C>        <C>          <C>           <C>               <C>           <C>           <C>            <C>
     A    81744BAA4      SEN       1.81125%     1,077,424,690.27  1,626,237.89  6,228,876.44       0.00      1,071,195,813.83
    X-1   81744BAB2       IO       0.83838%                 0.00    173,695.30          0.00       0.00                  0.00
    X-2   81744BAC0       IO       1.35146%                 0.00    952,358.41          0.00       0.00                  0.00
    A-R   81744BAD8      SEN       3.42316%                 0.00          0.00          0.00       0.00                  0.00
    B-1   81744BAE6      SUB       2.21125%        16,815,000.00     30,985.14          0.00       0.00         16,815,000.00
    B-2   81744BAF3      SUB       3.05229%         8,968,000.00     22,810.75          0.00       0.00          8,968,000.00
    B-3   81744BAG1      SUB       3.05229%         6,165,000.00     15,681.12          0.00       0.00          6,165,000.00
    B-4   SMT0212B4      SUB       3.05229%         2,802,000.00      7,127.09          0.00       0.00          2,802,000.00
    B-5   SMT0212B5      SUB       3.05229%         1,681,000.00      4,275.74          0.00       0.00          1,681,000.00
    B-6   SMT0212B6      SUB       3.05229%         4,486,095.46     11,410.70          0.00       0.00          4,486,095.46
    ---   ---------      ---       --------     ----------------  ------------  ------------       ----      ----------------
Totals                                          1,118,341,785.73  2,844,582.14  6,228,876.44       0.00      1,112,112,909.29
    ---   ---------      ---       --------     ----------------  ------------  ------------       ----      ----------------
</TABLE>

<TABLE>
<CAPTION>

                         Total       Cumulative
   Class    CUSIP     Distribution  Realized Loss
   -----    -----     ------------  -------------
<S>       <C>         <C>           <C>
     A    81744BAA4   7,855,114.33       0.00
    X-1   81744BAB2     173,695.30       0.00
    X-2   81744BAC0     952,358.41       0.00
    A-R   81744BAD8           0.00       0.00
    B-1   81744BAE6      30,985.14       0.00
    B-2   81744BAF3      22,810.75       0.00
    B-3   81744BAG1      15,681.12       0.00
    B-4   SMT0212B4       7,127.09       0.00
    B-5   SMT0212B5       4,275.74       0.00
    B-6   SMT0212B6      11,410.70       0.00
    ---   ---------   ------------       ----
Totals                9,073,458.58       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>
                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning       Scheduled      Unscheduled                                   Total
              Original Face       Certificate      Principal       Principal                    Realized      Principal
   Class          Amount            Balance       Distribution   Distribution     Accretion     Loss (1)      Reduction
   -----          ------            -------       ------------   ------------     ---------     --------      ---------
<S>          <C>                <C>               <C>            <C>              <C>           <C>         <C>
     A       1,080,076,000.00   1,077,424,690.27       0.00      6,228,876.44        0.00          0.00     6,228,876.44
    X-1                  0.00               0.00       0.00              0.00        0.00          0.00             0.00
    X-2                  0.00               0.00       0.00              0.00        0.00          0.00             0.00
    A-R                100.00               0.00       0.00              0.00        0.00          0.00             0.00
    B-1         16,815,000.00      16,815,000.00       0.00              0.00        0.00          0.00             0.00
    B-2          8,968,000.00       8,968,000.00       0.00              0.00        0.00          0.00             0.00
    B-3          6,165,000.00       6,165,000.00       0.00              0.00        0.00          0.00             0.00
    B-4          2,802,000.00       2,802,000.00       0.00              0.00        0.00          0.00             0.00
    B-5          1,681,000.00       1,681,000.00       0.00              0.00        0.00          0.00             0.00
    B-6          4,486,095.46       4,486,095.46       0.00              0.00        0.00          0.00             0.00
------       ----------------   ----------------       ----      ------------        ----          ----     ------------
Totals       1,120,993,195.46   1,118,341,785.73       0.00      6,228,876.44        0.00          0.00     6,228,876.44
------       ----------------   ----------------       ----      ------------        ----          ----     ------------
</TABLE>

<TABLE>
<CAPTION>
                    Ending              Ending             Total
                 Certificate         Certificate         Principal
   Class           Balance            Percentage        Distribution
   -----           -------            ----------        ------------
<S>          <C>                     <C>                <C>
     A       1,071,195,813.83          0.99177818       6,228,876.44
    X-1                  0.00          0.00000000               0.00
    X-2                  0.00          0.00000000               0.00
    A-R                  0.00          0.00000000               0.00
    B-1         16,815,000.00          1.00000000               0.00
    B-2          8,968,000.00          1.00000000               0.00
    B-3          6,165,000.00          1.00000000               0.00
    B-4          2,802,000.00          1.00000000               0.00
    B-5          1,681,000.00          1.00000000               0.00
    B-6          4,486,095.46          1.00000000               0.00
------       ----------------          ----------       ------------
Totals       1,112,112,909.29          0.99207820       6,228,876.44
------       ----------------          ----------       ------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                     Beginning      Scheduled       Unscheduled                                       Total
                Original Face       Certificate     Principal        Principal                     Realized         Principal
   Class            Amount            Balance      Distribution     Distribution    Accretion      Loss (3)         Reduction
   -----            ------            -------      ------------     ------------    ---------      --------         ---------
<S>          <C>                   <C>             <C>              <C>             <C>           <C>               <C>
     A       1,080,076,000.00       997.54525632    0.00000000        5.76707235    0.00000000    0.00000000        5.76707235
    X-1                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    X-2                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    A-R                100.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-1         16,815,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-2          8,968,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-3          6,165,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-4          2,802,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-5          1,681,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-6          4,486,095.46      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    ---          ------------      -------------    ----------        ----------    ----------    ----------        ----------
</TABLE>

<TABLE>
<CAPTION>
                  Ending                Ending             Total
                Certificate           Certificate        Principal
   Class          Balance             Percentage       Distribution
   -----          -------             ----------       ------------
<S>            <C>                    <C>              <C>
     A          991.77818397          0.99177818         5.76707235
    X-1           0.00000000          0.00000000         0.00000000
    X-2           0.00000000          0.00000000         0.00000000
    A-R           0.00000000          0.00000000         0.00000000
    B-1        1000.00000000          1.00000000         0.00000000
    B-2        1000.00000000          1.00000000         0.00000000
    B-3        1000.00000000          1.00000000         0.00000000
    B-4        1000.00000000          1.00000000         0.00000000
    B-5        1000.00000000          1.00000000         0.00000000
    B-6        1000.00000000          1.00000000         0.00000000
    ---        -------------          ----------         ----------
</TABLE>

(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>
                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                                        Payment
                                                                           of
                             Current       Beginning        Current      Unpaid     Current   Non-Supported
           Original Face   Certificate    Certificate/      Accrued     Interest    Interest    Interest     Realized
  Class       Amount          Rate      Notional Balance    Interest    Shortfall  Shortfall    Shortfall    Loss (4)
  -----       ------          ----      ----------------    --------    ---------  ---------    ---------    --------
<S>      <C>               <C>          <C>               <C>           <C>        <C>        <C>            <C>
    A    1,080,076,000.00   1.81125%    1,077,424,690.27  1,626,237.89    0.00        0.00         0.00        0.00
   X-1               0.00   0.83838%      248,615,997.41    173,695.30    0.00        0.00         0.00        0.00
   X-2               0.00   1.35146%      845,623,692.86    952,358.41    0.00        0.00         0.00        0.00
   A-R             100.00   3.42316%                0.00          0.00    0.00        0.00         0.00        0.00
   B-1      16,815,000.00   2.21125%       16,815,000.00     30,985.14    0.00        0.00         0.00        0.00
   B-2       8,968,000.00   3.05229%        8,968,000.00     22,810.75    0.00        0.00         0.00        0.00
   B-3       6,165,000.00   3.05229%        6,165,000.00     15,681.12    0.00        0.00         0.00        0.00
   B-4       2,802,000.00   3.05229%        2,802,000.00      7,127.09    0.00        0.00         0.00        0.00
   B-5       1,681,000.00   3.05229%        1,681,000.00      4,275.74    0.00        0.00         0.00        0.00
   B-6       4,486,095.46   3.05229%        4,486,095.46     11,410.70    0.00        0.00         0.00        0.00
 ------  ----------------  -----------  ----------------  ------------    ----        ----         ----        ----
 Totals  1,120,993,195.46                                 2,844,582.14    0.00        0.00         0.00        0.00
 ------  ----------------  -----------  ----------------  ------------    ----        ----         ----        ----
</TABLE>

<TABLE>
<CAPTION>

                               Remaining        Ending
                                  Unpaid      Certificate/
            Total Interest      Interest      Notational
  Class      Distribution      Shortfall        Balance
  -----      ------------      ---------        -------
<S>        <C>                 <C>       <C>
    A        1,626,237.89        0.00      1,071,195,813.83
   X-1         173,695.30        0.00        247,895,225.91
   X-2         952,358.41        0.00        840,115,587.92
   A-R               0.00        0.00                  0.00
   B-1          30,985.14        0.00         16,815,000.00
   B-2          22,810.75        0.00          8,968,000.00
   B-3          15,681.12        0.00          6,165,000.00
   B-4           7,127.09        0.00          2,802,000.00
   B-5           4,275.74        0.00          1,681,000.00
   B-6          11,410.70        0.00          4,486,095.46
 ------      ------------        ----      ----------------
 Totals      2,844,582.14        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.


                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                        Payment of
                             Current        Beginning       Current      Unpaid       Current   Non-Supported
Class     Original Face    Certificate     Certificate      Accrued     Interest     Interest      Interest     Realized
 (5)          Amount          Rate      Notional Balance    Interest    Shortfall    Shortfall    Shortfall     Loss (6)
 ---          ------          ----      ----------------    --------    ---------    ---------    ---------     --------
<S>      <C>               <C>          <C>                <C>          <C>         <C>         <C>            <C>
  A      1,080,076,000.00    1.81125%      997.54525632    1.50566987   0.00000000  0.00000000   0.00000000    0.00000000
 X-1                 0.00    0.83838%      995.60160784    0.69557600   0.00000000  0.00000000   0.00000000    0.00000000
 X-2                 0.00    1.35146%      998.16689102    1.12415563   0.00000000  0.00000000   0.00000000    0.00000000
 A-R               100.00    3.42316%        0.00000000    0.00000000   0.00000000  0.00000000   0.00000000    0.00000000
 B-1        16,815,000.00    2.21125%     1000.00000000    1.84270830   0.00000000  0.00000000   0.00000000    0.00000000
 B-2         8,968,000.00    3.05229%     1000.00000000    2.54357159   0.00000000  0.00000000   0.00000000    0.00000000
 B-3         6,165,000.00    3.05229%     1000.00000000    2.54357178   0.00000000  0.00000000   0.00000000    0.00000000
 B-4         2,802,000.00    3.05229%     1000.00000000    2.54357245   0.00000000  0.00000000   0.00000000    0.00000000
 B-5         1,681,000.00    3.05229%     1000.00000000    2.54356930   0.00000000  0.00000000   0.00000000    0.00000000
 B-6         4,486,095.46    3.05229%     1000.00000000    2.54357048   0.00000000  0.00000000   0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
Class   Total Interest  Interest     Notational
 (5)     Distribution   Shortfall      Balance
 ---     ------------   ---------      -------
<S>     <C>             <C>         <C>
  A       1.50566987    0.00000000   991.77818397
 X-1      0.69557600    0.00000000   992.71522373
 X-2      1.12415563    0.00000000   991.66517161
 A-R      0.00000000    0.00000000     0.00000000
 B-1      1.84270830    0.00000000  1000.00000000
 B-2      2.54357159    0.00000000  1000.00000000
 B-3      2.54357178    0.00000000  1000.00000000
 B-4      2.54357245    0.00000000  1000.00000000
 B-5      2.54356930    0.00000000  1000.00000000
 B-6      2.54357048    0.00000000  1000.00000000
</TABLE>

(5)   Per $1 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>
                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT


<TABLE>
<S>                                                                      <C>
Beginning Balance

Deposits

         Payments of Interest and Principal                              9,414,827.83
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  10,442.30
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                         ------------
Total Deposits                                                           9,425,270.13


Withdrawals

         Reimbursement for Servicer Advances                                     0.00
         Payment of Service Fee                                            351,811.55
         Payment of Interest and Principal                               9,073,458.58
                                                                         ------------
Total Withdrawals (Pool Distribution Amount)                             9,425,270.13

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 Shortfall                          0.00
                                                                         ============





                                 SERVICING FEES

Gross Servicing Fee                                                        351,811.55
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                         ------------
Net Servicing Fee                                                          351,811.55
                                                                         ============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
                ------------                      -------         -----------       --------       -------
<S>                                              <C>              <C>               <C>           <C>
                Reserve Fund                     10,000.00           0.00             0.00        10,000.00
</TABLE>


             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              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>        <C>
0-29 Days         0                0.00  0-29 Days      0            0.00   0-29 Days      0          0.00
30 Days           9        3,488,320.98  30 Days        0            0.00   30 Days        0          0.00
60 Days           2          400,000.00  60 Days        0            0.00   60 Days        0          0.00
90 Days           0                0.00  90 Days        0            0.00   90 Days        0          0.00
120 Days          0                0.00  120 Days       0            0.00   120 Days       0          0.00
150 Days          0                0.00  150 Days       0            0.00   150 Days       0          0.00
180+ Days         0                0.00  180+ Days      0            0.00   180+ Days      0          0.00
              -------------------------             ---------------------                -----------------
                  11       3,888,320.98                 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    0.000000%  0.000000%
30 Days       0.284181%     0.313666%    30 Days    0.000000%    0.000000%  30 Days      0.000000%  0.000000%
60 Days       0.063151%     0.035968%    60 Days    0.000000%    0.000000%  60 Days      0.000000%  0.000000%
90 Days       0.000000%     0.000000%    90 Days    0.000000%    0.000000%  90 Days      0.000000%  0.000000%
120 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%  150 Days     0.000000%  0.000000%
180+ Days     0.000000%     0.000000%    180+ Days  0.000000%    0.000000%  180+ Days    0.000000%  0.000000%
              -------------------------             ---------------------                -----------------
              0.347332%     0.349633%               0.000000%    0.000000%               0.000000%  0.000000%

</TABLE>

<TABLE>
<CAPTION>
                REO                                TOTAL
---------------------------------   ------------------------------------
             No. of     Principal              No. of        Principal
              Loans      Balance               Loans          Balance
<S>         <C>         <C>         <C>        <C>          <C>
0-29 Days       0          0.00     0-29 Days      0                0.00
30 Days         0          0.00     30 Days        9        3,488,320.98
60 Days         0          0.00     60 Days        2          400,000.00
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      0                0.00
            -------------------                -------------------------
                0          0.00                    11       3,888,320.98

             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    0.284181%     0.313666%
60 Days     0.000000%   0.000000%   60 Days    0.063151%     0.035968%
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  0.000000%     0.000000%
            -------------------                -------------------------
            0.000000%   0.000000%              0.347332%     0.349633%
</TABLE>

<TABLE>
<S>                                                 <C>                                                   <C>
Current Period Class A Insufficient Funds: 0.00     Principal Balance of Contaminated Properties 0.00     Periodic Advance 10,442.30
</TABLE>

<TABLE>
<CAPTION>
                              Original $         Original %          Current $           Current %
<S>                         <C>                  <C>               <C>                   <C>
              Bankruptcy       218,860.00        0.01952376%          218,860.00         0.01967966%
                   Fraud    33,629,796.00        3.00000001%       33,629,796.00         3.02395519%
          Special Hazard    11,209,932.00        1.00000000%       11,121,129.09         1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                Mixed ARM
<S>                                                            <C>
Weighted Average Gross Coupon                                         3.429785%
Weighted Average Net Coupon                                           3.052286%
Weighted Average Pass-Through Rate                                    3.052286%
Weighted Average Maturity (Stepdown Calculation)                            324

Beginning Scheduled Collateral Loan Count                                 3,177
Number of Loans Paid in Full                                                  10
Ending Scheduled Collateral Loan Count                                    3,167

Beginning Scheduled Collateral Balance                         1,118,341,785.73
Ending Scheduled Collateral Balance                            1,112,112,909.29
Ending Actual Collateral Balance at 31-Jan-2003                1,112,114,706.99

Monthly P&I Constant                                               3,196,393.68
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Ending Scheduled Balance for Premium Loans                     1,112,112,909.29

Scheduled Principal                                                        0.00
Unscheduled Principal                                              6,228,876.44
</TABLE>



                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Principal Balance of 1-Month Libor Loans                         253,386,710.30
Principal Balance of 6-Month Libor Loans                         858,726,198.99
Pro Rata Senior Percentage                                           96.341271%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
</TABLE>