<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: MAY 30, 2003
                        DISTRIBUTION DATE: JUNE 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
                     Certificate   Certificate
                        Class      Pass-Through        Beginning           Interest        Principal        Current
 Class     CUSIP     Description       Rate       Certificate Balance    Distribution    Distribution    Realized Loss
----------------------------------------------------------------------------------------------------------------------
<S>      <C>         <C>           <C>            <C>                    <C>             <C>             <C>
   A     81744BAA4       SEN         1.76813%       1,044,514,463.28      1,539,031.12    6,659,126.33       0.00
  X-1    81744BAB2        IO         0.72417%                   0.00        147,599.62            0.00       0.00
  X-2    81744BAC0        IO         1.00033%                   0.00        680,847.92            0.00       0.00
  A-R    81744BAD8       SEN         3.16855%                   0.00              0.00            0.00       0.00
  B-1    81744BAE6       SUB         2.16813%          16,815,000.00         30,380.92            0.00       0.00
  B-2    81744BAF3       SUB         2.71116%           8,968,000.00         20,261.38            0.00       0.00
  B-3    81744BAG1       SUB         2.71116%           6,165,000.00         13,928.57            0.00       0.00
  B-4    SMT0212B4       SUB         2.71116%           2,802,000.00          6,330.55            0.00       0.00
  B-5    SMT0212B5       SUB         2.71116%           1,681,000.00          3,797.88            0.00       0.00
  B-6    SMT0212B6       SUB         2.71116%           4,486,095.46         10,135.43            0.00       0.00
-----------------------------------------------------------------------------------------------------------------
Totals                                              1,085,431,588.74      2,452,313.39    6,659,126.33       0.00
-----------------------------------------------------------------------------------------------------------------

<CAPTION>

-----------------------------------------------------------
         Ending Certificate       Total         Cumulative
 Class         Balance        Distribution    Realized Loss
-----------------------------------------------------------
<S>      <C>                  <C>             <C>
   A      1,037,855,336.95     8,198,157.45        0.00
  X-1                 0.00       147,599.62        0.00
  X-2                 0.00       680,847.92        0.00
  A-R                 0.00             0.00        0.00
  B-1        16,815,000.00        30,380.92        0.00
  B-2         8,968,000.00        20,261.38        0.00
  B-3         6,165,000.00        13,928.57        0.00
  B-4         2,802,000.00         6,330.55        0.00
  B-5         1,681,000.00         3,797.88        0.00
  B-6         4,486,095.46        10,135.43        0.00
-------------------------------------------------------
Totals    1,078,772,432.41     9,111,439.72        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
          Original Face        Certificate      Principal       Principal                  Realized    Total Principal
 Class        Amount             Balance       Distribution   Distribution    Accretion    Loss (1)       Reduction
-----------------------------------------------------------------------------------------------------------------------
<S>      <C>                <C>                <C>            <C>             <C>          <C>         <C>
   A     1,080,076,000.00   1,044,514,463.28       0.00        6,659,126.33      0.00         0.00      6,659,126.33
  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   1,085,431,588.74       0.00        6,659,126.33      0.00         0.00      6,659,126.33
--------------------------------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------
         Ending Certificate   Ending Certificate   Total Principal
 Class        Balance             Percentage         Distribution
------------------------------------------------------------------
<S>      <C>                  <C>                  <C>
   A      1,037,855,336.95      0.96090954           6,659,126.33
  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    1,078,772,432.41      0.96233629           6,659,126.33
------------------------------------------------------------------
</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
          Original Face        Certificate      Principal      Principal                    Realized    Total Principal
 Class        Amount             Balance       Distribution   Distribution    Accretion     Loss (3)       Reduction
-----------------------------------------------------------------------------------------------------------------------
<S>      <C>                  <C>              <C>            <C>             <C>          <C>          <C>
   A     1,080,076,000.00      967.07496813     0.00000000       6.16542385   0.00000000   0.00000000      6.16542385
  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
---------------------------------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------
               Ending
             Certificate      Ending Certificate   Total Principal
 Class         Balance            Percentage         Distribution
------------------------------------------------------------------
<S>         <C>               <C>                  <C>
   A         960.90954428         0.96090954         6.16542385
  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                 Non-
                                                  Beginning         Current        Unpaid      Current    Supported
          Original Face         Current          Certificate/       Accrued       Interest     Interest    Interest   Realized
 Class        Amount        Certificate Rate   Notional Balance     Interest      Shortfall   Shortfall   Shortfall   Loss (4)
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                <C>                <C>                <C>            <C>          <C>         <C>         <C>
   A     1,080,076,000.00      1.76813%        1,044,514,463.28   1,539,031.13       0.00        0.00        0.00       0.00
  X-1                0.00      0.72417%          244,581,472.45     147,599.62       0.00        0.00        0.00       0.00
  X-2                0.00      1.00033%          816,747,990.83     680,847.92       0.00        0.00        0.00       0.00
  A-R              100.00      3.16855%                    0.00           0.00       0.00        0.00        0.00       0.00
  B-1       16,815,000.00      3.16813%           16,815,000.00      30,380.92       0.00        0.00        0.00       0.00
  B-2        8,968,000.00      2.71116%            8,968,000.00      20,261.38       0.00        0.00        0.00       0.00
  B-3        6,165,000.00      2.71116%            6,165,000.00      13,928.57       0.00        0.00        0.00       0.00
  B-4        2,802,000.00      2.71116%            2,802,000.00       6,330.55       0.00        0.00        0.00       0.00
  B-5        1,681,000.00      2.71116%            1,681,000.00       3,797.88       0.00        0.00        0.00       0.00
  B-6        4,486,095.46      2.71116%            4,486,095.46      10,135.43       0.00        0.00        0.00       0.00
----------------------------------------------------------------------------------------------------------------------------
Totals   1,120,993,195.46                                         2,452,313.40       0.00        0.00        0.00       0.00
----------------------------------------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------
                          Remaining       Ending
                            Unpaid      Certificate/
         Total Interest    Interest     Notational
 Class    Distribution    Shortfall       Balance
------------------------------------------------------
<S>      <C>              <C>         <C>
   A       1,539,031.12      0.00     1,037,855,336.95
  X-1        147,599.62      0.00       243,593,389.21
  X-2        680,847.92      0.00       811,076,947.74
  A-R              0.00      0.00                 0.00
  B-1         30,380.92      0.00        16,815,000.00
  B-2         20,261.38      0.00         8,968,000.00
  B-3         13,928.57      0.00         6,165,000.00
  B-4          6,330.55      0.00         2,802,000.00
  B-5          3,797.88      0.00         1,681,000.00
  B-6         10,135.43      0.00         4,486,095.46
------------------------------------------------------
Totals     2,452,313.39      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                  Non-
                                                      Beginning       Current       Unpaid       Current    Supported
             Original Face         Current           Certificate      Accrued      Interest     Interest     Interest     Realized
Class (5)        Amount        Certificate Rate   Notional Balance    Interest     Shortfall    Shortfall    Shortfall    Loss (6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                <C>                <C>                <C>          <C>          <C>          <C>          <C>
    A       1,080,076,000.00       1.76813%          967.07496813    1.42492855   0.00000000   0.00000000   0.00000000   0.00000000
   X-1                  0.00       0.72417%          979.44504681    0.59107387   0.00000000   0.00000000   0.00000000   0.00000000
   X-2                  0.00       1.00033%          964.08226217    0.80366699   0.00000000   0.00000000   0.00000000   0.00000000
   A-R                100.00       3.16855%            0.00000000    0.00000000   0.00000000   0.00000000   0.00000000   0.00000000
   B-1         16,815,000.00       2.16813%         1000.00000000    1.80677490   0.00000000   0.00000000   0.00000000   0.00000000
   B-2          8,968,000.00       2.71116%         1000.00000000    2.25929750   0.00000000   0.00000000   0.00000000   0.00000000
   B-3          6,165,000.00       2.71116%         1000.00000000    2.25929765   0.00000000   0.00000000   0.00000000   0.00000000
   B-4          2,802,000.00       2.71116%         1000.00000000    2.25929693   0.00000000   0.00000000   0.00000000   0.00000000
   B-5          1,681,000.00       2.71116%         1000.00000000    2.25929804   0.00000000   0.00000000   0.00000000   0.00000000
   B-6          4,486,095.46       2.71116%         1000.00000000    2.25929878   0.00000000   0.00000000   0.00000000   0.00000000
-----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

-------------------------------------------------------
                             Remaining       Ending
                               Unpaid      Certificate/
            Total Interest    Interest      Notational
Class (5)    Distribution    Shortfall       Balance
-------------------------------------------------------
<S>         <C>              <C>          <C>
    A          1.42492854    0.00000000    960.90954428
   X-1         0.59107387    0.00000000    975.48819257
   X-2         0.80366699    0.00000000    957.38821197
   A-R         0.00000000    0.00000000      0.00000000
   B-1         1.80677490    0.00000000   1000.00000000
   B-2         2.25929750    0.00000000   1000.00000000
   B-3         2.25929765    0.00000000   1000.00000000
   B-4         2.25929693    0.00000000   1000.00000000
   B-5         2.25929804    0.00000000   1000.00000000
   B-6         2.25929878    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                       9,450,216.26
         Liquidations, Insurance Proceeds, Reserve Funds                  0.00
         Proceeds from Repurchased Loans                                  0.00
         Other Amounts (Servicer Advances)                            2,750.25
         Realized Losses                                                  0.00
         Prepayment Penalties                                             0.00
                                                                  ------------
Total Deposits                                                    9,452,966.51

Withdrawals
         Reimbursement for Servicer Advances                              0.00
         Payment of Service Fee                                     341,526.78
         Payment of Interest and Principal                        9,111,439.73
                                                                  ------------
Total Withdrawals (Pool Distribution Amount)                      9,452,966.51

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           0.01
                                                                  ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                               <C>
Gross Servicing Fee                                               341,526.78
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------

Net Servicing Fee                                                 341,526.78
                                                                  ==========
</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
----------------------------------------------------------------------------------------------------------------------
<S>           <C>          <C>             <C>         <C>            <C>         <C>         <C>            <C>
                No. of        Principal                  No. of       Principal                No. of        Principal
                Loans          Balance                   Loans         Balance                  Loans         Balance

0-29 Days         0                0.00    0-29 Days       0            0.00      0-29 Days       0            0.00
 30 Days          3        1,103,090.48     30 Days        0            0.00       30 Days        0            0.00
 60 Days          0                0.00     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
              -------------------------                -----------------------                -----------------------
                  3        1,103,090.48                    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      0.097308%        0.102254%    30 Days    0.000000%      0.000000%    30 Days    0.000000%      0.000000%
 60 Days      0.000000%        0.000000%    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%
              -------------------------                -----------------------                -----------------------
              0.097308%        0.102254%               0.000000%      0.000000%               0.000000%      0.000000%

----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------
                REO                                 TOTAL
----------------------------------------------------------------------------
<S>          <C>         <C>          <C>          <C>          <C>
              No. of     Principal                  No. of        Principal
               Loans      Balance                    Loans         Balance

0-29 Days        0         0.00       0-29 Days        0                0.00
 30 Days         0         0.00        30 Days         3        1,103,090.48
 60 Days         0         0.00        60 Days         0                0.00
 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                        3        1,103,090.48

              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     0.097308%        0.102254%
 60 Days     0.000000%   0.000000%     60 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%
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%                 0.097308%        0.102254%

----------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                          <C>   <C>                                            <C>    <C>               <C>
Current Period Class A Insufficient Funds:   0.00  Principal Balance of Contaminated Properties   0.00   Periodic Advance  2,750.25
</TABLE>

<TABLE>
<CAPTION>
                    Original $         Original %          Current $            Current %
<S>               <C>                  <C>               <C>                   <C>
    Bankruptcy       218,860.00        0.01952376%          218,860.00         0.02028787%
         Fraud    33,629,796.00        3.00000001%       33,629,796.00         3.11741337%
Special Hazard    11,209,932.00        1.00000000%       10,787,724.32         1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                         3.088733%
Weighted Average Net Coupon                                           2.711158%
Weighted Average Pass-Through Rate                                    2.711158%
Weighted Average Maturity (Stepdown Calculation)                           320

Beginning Scheduled Collateral Loan Count                                3,106
Number of Loans Paid in Full                                                23
Ending Scheduled Collateral Loan Count                                   3,083

Beginning Scheduled Collateral Balance                        1,085,431,558.74
Ending Scheduled Collateral Balance                           1,078,772,432.41
Ending Actual Collateral Balance at 30-May-2003               1,078,773,620.96

Monthly P&I Constant                                              2,793,840.17
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                    1,078,772,432.41

Scheduled Principal                                                       0.00
Unscheduled Principal                                             6,659,126.33
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
Principal Balance of 1-Month Libor Loans                        249,160,162.93
Principal Balance of 6-Month Libor Loans                        829,612,269.48
Pro Rata Senior Percentage                                           96.230339%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Payment Received from Cap Provide                                            0
</TABLE>