<PAGE>   1
                                                                    EXHIBIT 10.1

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Jun-2000                Securities Administration Services
Distribution Date: 24-Jul-2000                7485 New Horizon Way
                                              Frederick, MD 21703
                                              Telephone:     (301) 815-6600
21-Jul-2000          3:21:36PM                Fax:           (301) 846-8152

                               SMT Series 2000-4

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
                        Certificate     Certificate        Beginning                                          Current
                           Class        Pass-Through      Certificate         Interest         Principal      Realized
 Class      CUSIP       Description         Rate            Balance         Distribution     Distribution       Loss
-------   ---------     -----------     ------------     --------------     ------------     ------------     --------
<S>       <C>           <C>             <C>              <C>                <C>              <C>              <C>
    A     81743TAA6         SEQ           7.01000%       363,497,452.45     2,123,430.95     7,524,165.58       0.00
    B     SMT00004B         SUB           7.90000%         3,809,289.81        25,077.82             0.00       0.00
    C     SMT00004C          IO           0.00000%                 0.00       175,249.11             0.00       0.00
  R-UT    SMT00004R         RES           0.00000%                 0.00             0.00             0.00       0.00
  R-LT    SMT0004RL         RES           0.00000%                 0.00             0.00             0.00       0.00
                                                         --------------     ------------     ------------       ----
Totals                                                   367,306,742.26     2,323,757.88     7,524,165.58       0.00
</TABLE>


<TABLE>
<CAPTION>
               Ending                         Cumulative
             Certificate          Total        Realized
 Class         Balance        Distribution      Losses
------     --------------     ------------    ----------
<S>        <C>                <C>             <C>
    A      355,973,286.87     9,647,596.53       0.00
    B        3,809,289.81        25,077.82       0.00
    C                0.00       175,249.11       0.00
  R-UT               0.00             0.00       0.00
  R-LT               0.00             0.00       0.00
           --------------     ------------       ----
Totals     359,782,576.68     9,847,923.46       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

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Jun-2000                Securities Administration Services
Distribution Date: 24-Jul-2000                7485 New Horizon Way
                                              Frederick, MD 21703
                                              Telephone:     (301) 815-6600
21-Jul-2000          3:21:36PM                Fax:           (301) 846-8152

                                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     363,497,452.45         0.00         7,524,165.58       0.00          0.00       7,524,165.58
  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     367,306,742.26         0.00         7,524,165.58       0.00          0.00       7,524,165.58
</TABLE>


<TABLE>
<CAPTION>
               Ending            Ending             Total
             Certificate       Certificate        Principal
Class          Balance         Percentage       Distribution
------     --------------      -----------      ------------
<S>        <C>                 <C>              <C>
  A        355,973,286.87      0.94392827       7,524,165.58
  B          3,809,289.81      0.99981821               0.00
  C                  0.00      0.00000000               0.00
R-UT                 0.00      0.00000000               0.00
R-LT                 0.00      0.00000000               0.00
Totals     359,782,576.68      0.94448728       7,524,165.58
</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 Descript



                                     Page 2

<PAGE>   3

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Jun-2000                Securities Administration Services
Distribution Date: 24-Jul-2000                7485 New Horizon Way
                                              Frederick, MD 21703
                                              Telephone: (301) 815-6600
21-Jul-2000         3:21:36PM                 Fax:       (301) 846-8152

                               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     963.87997542      0.00000000       19.95170113     0.00000000     0.00000000     19.95170113
     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
</TABLE>


<TABLE>
<CAPTION>
                  Ending         Ending           Total
               Certificate     Certificate      Principal
Class(2)         Balance       Percentage      Distribution
---------     ------------     -----------     -----------
<S>           <C>              <C>             <C>
     A        943.92827428     0.94392827      19.95170113
     B        999.81820914     0.99981821       0.00000000
     C          0.00000000     0.00000000       0.00000000
   R-UT         0.00000000     0.00000000       0.00000000
   R-LT         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 Descript



                                     Page 3

<PAGE>   4


Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:       30-Jun-2000                Securities Administration Services
Distribution Date: 24-Jul-2000                7485 New Horizon Way
                                              Frederick, MD 21703
                                              Telephone: (301) 815-6600
21-Jul-2000         3:21:36PM                 Fax:       (301) 846-8152

                                SMT Series 2000-4

                         Interest Distribution Statement

<TABLE>
<CAPTION>
                                                Beginning
               Original        Current         Certificate/        Current        Payment of      Current      Non-Supported
                 Face         Certificate        Notional          Accrued          Unpaid       Interest         Interest
 Class          Amount           Rate            Balance           Interest        Interest      Shortfall        Shortfall
-------     --------------    -----------     --------------     ------------     ----------     ---------     -------------
<S>         <C>               <C>             <C>                <C>              <C>            <C>           <C>
    A       377,119,000.00     7.01000%       363,497,452.45     2,123,430.95        0.00           0.00            0.00
    B         3,809,982.43     7.90000%         3,809,289.81        25,077.82        0.00           0.00            0.00
    C                 0.00     0.00000%                 0.00             0.00        0.00           0.00            0.00
   R-UT               0.00     0.00000%                 0.00             0.00        0.00           0.00            0.00
   R-LT               0.00     0.00000%                 0.00             0.00        0.00           0.00            0.00
-------     --------------                                       ------------        ----           ----            ----
Totals      380,928,982.43                                       2,148,508.77        0.00           0.00            0.00
</TABLE>


<TABLE>
<CAPTION>
                                           Remaining         Ending
                              Total         Unpaid        Certificate/
             Realized       Interest       Interest         Notional
 Class       Loss(4)      Distribution     Shortfall         Balance
-------      --------     ------------     ---------     --------------
<S>          <C>          <C>              <C>           <C>
    A          0.00       2,123,430.95       0.00        355,973,286.87
    B          0.00          25,077.82       0.00          3,809,289.81
    C          0.00         175,249.11       0.00                  0.00
   R-UT        0.00               0.00       0.00                  0.00
   R-LT        0.00               0.00       0.00                  0.00
-------        ----       ------------       ----
Totals         0.00       2,323,757.88       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
Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Jun-2000             Securities Administration Services
Distribution Date:    24-Jul-2000             7485 New Horizon Way
                                              Frederick, MD 21703
21-Jul-2000         3:21:36PM                 Telephone:     (301) 815-6600
                                              Fax:           (301) 846-8152


                               SMT Series 2000-4

                     Interest Distribution Factors Statement
<TABLE>
<CAPTION>
                                              Beginning                       Payment of
               Original         Current       Certificate/     Current          Unpaid
                 Face         Certificate       Notional        Accrued        Interest
Class(5)        Amount           Rate           Balance        Interest        Shortfall
---------  --------------     -----------    ------------     ----------      ----------
<S>        <C>                 <C>           <C>              <C>             <C>
A          377,119,000.00      7.01000 %     963.87997542     5.63066552      0.00000000
B            3,809,982.43      7.90000 %     999.81820914     6.58213534      0.00000000
C                    0.00      0.00000 %       0.00000000     0.00000000      0.00000000
R-UT                 0.00      0.00000 %       0.00000000     0.00000000      0.00000000
R-LT                 0.00      0.00000 %       0.00000000     0.00000000      0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                                                Remaining       Ending
            Current        Non-Supported                       Total              Unpaid      Certificate/
            Interest        Interest        Realized          Interest           Interest        Notional
Class(5)   Shortfall       Shortfall        Loss(6)         Distribution        Shortfall       Balance
---------  ---------      -------------    ----------      --------------       ----------    ------------
<S>        <S>             <C>             <C>             <C>                  <C>           <C>
A          0.00000000      0.00000000      0.00000000          5.63066552       0.00000000    943.92827428
B          0.00000000      0.00000000      0.00000000          6.58213534       0.00000000    999.81820914
C          0.00000000      0.00000000      0.00000000      00000.00000000       0.00000000      0.00000000
R-UT       0.00000000      0.00000000      0.00000000          0.00000000       0.00000000      0.00000000
R-LT       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>   6
Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:         30-Jun-2000              Securities Administration Services
Distribution Date:   24-Jul-2000              7485 New Horizon Way
                                              Frederick, MD 21703
21-Jul-2000         3:21:36PM                 Telephone:     (301) 815-6600
                                              Fax:           (301) 846-8152

                               SMT Series 2000-4

                       Certificateholder Account Statement

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

Deposits
     Payments of Interest and Principal                     9,928,983.08
     Liquidations, Insurance Proceeds, Reserve Funds               50.09
     Proceeds from Repurchased Loans                                0.00
     Other Amounts (Servicer Advances)                         72,699.20
     Realized Losses                                                0.00
                                                           -------------
Total Deposits                                             10,001,732.37

Withdrawals
     Reimbursement for Servicer Advances                            0.00
     Payment of Service Fee                                   153,808.91
     Payment of Interest and Principal                      9,847,923.46
                                                           -------------
Total Withdrawals (Pool Distribution Amount)               10,001,732.37

Ending Balance                                                      0.00
                                                           =============
</TABLE>

                   PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S>                                                           <C>
Total Prepayment/Curtailment Interest Shortfall                  0.00
Servicing Fee Support                                            0.00
                                                              -------
Non-Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                              =======
</TABLE>

                                 SERVICING FEES
<TABLE>
<S>                                                           <C>
Gross Servicing Fee                                           114,108.07
Trustee Fee                                                     1,836.52
AMBAC Premium                                                  37,864.32
Supported Prepayment/Curtailment Interest Shortfall                 0.00
                                                              ----------
Net Servicing Fee                                             153,808.91
                                                              ==========
</TABLE>

                                 OTHER ACCOUNTS
<TABLE>
<CAPTION>
                           Beginning           Current         Current         Ending
Account Type                Balance          Withdrawals       Deposits        Balance
------------               ---------         -----------       --------       ---------
<S>                        <C>               <C>               <C>            <C>
Reserve Fund               10,000.00             0.00           50.09         10,000.00
Financial Guaranty              0.00             0.00            0.00              0.00
</TABLE>

<PAGE>   7
Sequoia Mortgage Trust                       Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates           Wells Fargo Bank Minnesota, N.A.
Record Date:         30-Jun-2000             Securities Administration Services
Distribution Date:   24-Jul-2000             7485 New Horizon Way
                                             Frederick, MD 21703
21-Jul-2000         3:21:36PM                Telephone:     (301) 815-6600
                                             Fax:           (301) 846-8152

                               SMT Series 2000-4

<TABLE>
<CAPTION>

                               Certificateholder Delinquency/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>           <C>
30 Days             15    8,207,623.57     30 Days            0            0.00     30 Days              0          0.00
60 Days              5     ,972,773.64     60 Days            0            0.00     60 Days              0          0.00
90 Days              2      974,718.20     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
             =========   =============                =========     ===========                  =========     =========
                    22   11,155,115.41                        0            0.00                          0          0.00

             No. of        Principal                    No. of       Principal                   No. of       Principal
              Loans         Balance                      Loans        Balance                     Loans        Balance
-------     ----------   -------------     --------    ----------    ----------     -------     ----------    ----------
30 Days     1.736111 %      2.281273 %     30 Days     0.000000 %    0.000000 %     30 Days     0.000000 %    0.000000 %
60 Days     0.578704 %      0.548324 %     60 Days     0.000000 %    0.000000 %     60 Days     0.000000 %    0.000000 %
90 Days     0.231481 %      0.270919 %     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 %
            ==========      ==========                 ==========    ==========                 ==========    ==========
            2.546296 %      3.100516 %                 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>
30 Days              0          0.00         30 Days             15        8,207,623.57
60 Days              0          0.00         60 Days              5        1,972,773.64
90 Days              0          0.00         90 Days              2          974,718.20
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                             22       11,155,115.41

             No. of       Principal                        No. of            Principal
              Loans        Balance                         Loans              Balance
--------    ----------    ----------         --------    ----------          ----------
30 Days     0.000000 %    0.000000 %         30 Days     1.736111 %          2.281273 %
60 Days     0.000000 %    0.000000 %         60 Days     0.578704 %          0.548324 %
90 Days     0.000000 %    0.000000 %         90 Days     0.231481 %          0.270919 %
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 %                     2.546296 %          3.100516 %
</TABLE>

Current Period Realized Loss - Includes Interest Shortfall                  0.00
Cumulative Realized Losses - Includes Interest Shortfall                    0.00
Current Period Class A Insufficient Funds                                   0.00
Principal Balance of Contaminated Properties                                0.00
Periodic Advance                                                       72,699.20

                    SUBORDINATION LEVEL/CREDIT ENHANCEMENT/
                   CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
                                                                                         Current            Next
              Original $         Original %         Current $          Current %          Class %        Prepayment %
             ------------       ------------      ------------       ------------       -----------      ------------
<S>          <C>                <C>               <C>                <C>                <C>              <C>
Class A      3,809,982.43       1.00018182 %      3,809,289.81       1.05877551 %       98.941224 %        0.000000 %
Class B              0.00       0.00000000 %              0.00       0.00000000 %        1.058776 %      100.000000 %
Class C              0.00       0.00000000 %              0.00       0.00000000 %        0.000000 %        0.000000 %
</TABLE>

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

<PAGE>   8
Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:          30-Jun-2000             Securities Administration Services
Distribution Date:    24-Jul-2000             7485 New Horizon Way
                                              Frederick, MD 21703
21-Jul-2000         3:21:36PM                 Telephone:     (301) 815-6600
                                              Fax:           (301) 846-8152

                               SMT Series 2000-4

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

Weighted Average Gross Coupon                                         8.094107%

Weighted Average Net  Coupon                                          7.715313%

Weighted Average Pass-Through Rate                                    0.000000%

Weighted Average Maturity (Stepdown Calculation)                            284

Beginning Scheduled Collateral Loan Count                                   878

Number of Loans Paid in Full                                                 14

Ending Scheduled Collateral Loan Count                                      864

Beginning Scheduled Collateral Balance                           367,306,742.27

Ending Scheduled Collateral Balance                              359,782,576.69

Ending Actual Collateral Balance at 30-Jun-2000                  359,782,576.69

Monthly P&I Constant                                               2,477,516.88

Class A Optimal Amount                                             9,685,460.85

Ending Scheduled Balance for Premium Loans                       359,782,576.69

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                                          3,809,289.82

Overcollateralized Deficiency Amount                                       0.00

Base Overcollateralization Amount                                          0.00

Serious Delinquencies                                                  0.00365%

Floor Amount                                                       2,856,967.37

Excess Cash Flow Principal Amount (Current/Cumulative)                0.00/0.00

Required Payment                                                           0.00

Preference Amount                                                          0.00

Alternate Certificate Rate Used?                                             No

Specified OC                                                       3,809,289.82
</TABLE>