<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:  June 30, 2003

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                        BEGINNING         PASS          INTEREST        PRINCIPAL           TOTAL         REALIZED      ENDING CERT
CLASS      CUSIP      CERT BALANCE      THROUGH       DISTRIBUTION     DISTRIBUTION      DISTRIBUTION      LOSSES         BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>          <C>               <C>           <C>              <C>               <C>              <C>          <C>
 A-1     81743UAA3    39,206,474.79     1.920000%      62,730.36       2,759,977.27      2,882,707.63       0.00       36,446,497.52
 A-2     81743UAB1    12,093,522.16     2.070000%      20,861.33         247,147.01        268,008.33       0.00       11,846,375.16
------------------------------------------------------------------------------------------------------------------------------------
Total                 51,299,996.95                    83,591.69       3,007,124.27      3,090,715.96       0.00       48,292,872.68
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<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      64,761,000.00      605.402553799    0.968644086     42.617891451     562.784662348        1.920000%
 A-2      81743UAB1      15,861,000.00      762.469085421    1.315259172     15.582056937     746.887028483        2.070000%
-----------------------------------------------------------------------------------------------------------------------------
Total                    80,622,000.00      636.302708323    1.036834678     37.299053277     599.003655046
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                                 ORIGINAL          BEGINNING       PASS          INTEREST
   SERIES          CLASS         BALANCE            BALANCE       THROUGH      DISTRIBUTION
--------------------------------------------------------------------------------------------
<S>                <C>       <C>                <C>               <C>          <C>
  CWMBS 94K          A1      123,119,000.00        818,548.90     3.746398%       2,555.51
DLJMA 93-Q18        1A1       51,833,000.00        147,618.89     4.968468%         611.20
 DLJMA 94-2A        1A1       85,787,000.00        586,019.72     5.269514%       2,573.37
  ONE 00-2           2A      152,653,000.00      7,201,639.49     4.380251%      26,287.49
 RYMS3 92-B         1A2        7,712,906.00              0.00     0.000000%           0.00
  SBM7 94-2          A1       49,384,000.00      1,138,790.38     5.379559%       5,105.16
  SMS 91-K           A1      110,588,063.00              0.00     0.000000%           0.00
  SMS 91-K           A3        1,917,885.00              0.00     0.000000%           0.00
 EAGLE 98-1          M1       46,029,000.00     18,242,144.10     2.320000%      34,092.54
  INMC 94-R          M2        4,620,000.00      2,296,192.56     4.875945%       9,330.09
  INMC 94-V          B1        3,618,000.00      1,312,162.83     4.568515%       4,995.53
  INMC 94-X          B1        2,769,000.00      1,139,044.42     4.465575%       4,238.74
  INMC 95-C          B1       12,828,797.00      4,183,189.78     5.013317%      17,476.38
  INMC 95-T          A2       65,695,250.00      2,795,622.31     4.386060%      10,218.14
--------------------------------------------------------------------------------------------
          Total              718,554,901.00     39,860,973.38                   117,484.14
--------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------
                    PRINCIPAL           TOTAL         REALIZED    INTEREST         ENDING
   SERIES         DISTRIBUTION      DISTRIBUTION       LOSSES     SHORTFALL        BALANCE
--------------------------------------------------------------------------------------------
<S>               <C>               <C>               <C>         <C>          <C>
  CWMBS 94K         331,633.46        334,188.97        0.00         0.00         486,915.43
DLJMA 93-Q18         69,197.40         69,808.60        0.00         0.00          78,421.49
 DLJMA 94-2A          1,653.90          4,227.27        0.00         0.00         584,365.81
  ONE 00-2          262,811.23        289,098.72        0.00         0.00       6,938,828.26
 RYMS3 92-B               0.00              0.00        0.00         0.00               0.00
  SBM7 94-2           1,936.60          7,041.76        0.00         0.00       1,136,853.79
  SMS 91-K                0.00              0.00        0.00         0.00               0.00
  SMS 91-K                0.00              0.00        0.00         0.00               0.00
 EAGLE 98-1         899,230.14        933,322.68        0.00         0.00      17,342,913.96
  INMC 94-R          38,222.93         47,553.02        0.00         0.00       2,257,969.63
  INMC 94-V           4,299.16          9,294.69        0.00         0.00       1,307,863.67
  INMC 94-X         116,463.93        120,702.67        0.00         0.00       1,022,580.49
  INMC 95-C         397,494.10        414,970.48        0.00         0.00       3,785,695.68
  INMC 95-T         637,034.41        647,252.55        0.00         0.00       2,158,587.90
--------------------------------------------------------------------------------------------
         Total    2,759,977.27      2,877,461.41        0.00         0.00      37,100,996.12
--------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                                ORIGINAL        BEGINNING       PASS       INTEREST
   SERIES           CLASS       BALANCE          BALANCE       THROUGH   DISTRIBUTION
-------------------------------------------------------------------------------------
<S>                 <C>      <C>              <C>             <C>        <C>
GRCAP 94-HM4         A1      245,813,000.00      434,299.68   4.556705%    1,649.15
  INMC 95-E          B1        4,608,492.00    2,727,992.16   4.593361%   10,442.21
  PMLT 99-A          M1        2,914,000.00    2,135,009.32   2.339332%    4,162.08
  RTC 95-2           A3      119,696,000.00    6,957,374.97   3.662157%   21,232.50
-----------------------------------------------------------------------------------
          Total              373,031,492.00   12,254,676.13               37,485.94
-----------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
                    PRINCIPAL       TOTAL         REALIZED   INTEREST       ENDING
   SERIES         DISTRIBUTION   DISTRIBUTION      LOSSES    SHORTFALL      BALANCE
--------------------------------------------------------------------------------------
<S>               <C>            <C>              <C>        <C>         <C>
GRCAP 94-HM4         13,652.22     15,301.37        0.00       0.00         420,647.45
  INMC 95-E           7,766.37     18,208.58        0.00       0.00       2,720,225.79
  PMLT 99-A         126,287.92    130,450.00        0.00       0.00       2,008,721.40
  RTC 95-2           99,440.49    120,672.99        0.00       0.00       6,857,934.48
--------------------------------------------------------------------------------------
          Total     247,147.01    284,632.95        0.00       0.00      12,007,529.12
--------------------------------------------------------------------------------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                          LOANS
                       OUTSTANDING         DELINQUENT 30-59 DAYS         DELINQUENT 60-89 DAYS         DELINQUENT 90+ DAYS
    SERIES               BALANCE          NO.           BALANCE          NO.         BALANCE          NO.         BALANCE
---------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                  <C>        <C>                 <C>      <C>                <C>       <C>
   CWMBS 94K           8,063,564.44         4          490,151.29         0               0.00        0                0.00
DLJMA 93-Q18(1)        3,122,012.64         0                0.00         0               0.00        1           59,227.72
DLJMA 94-2A(1)           949,404.62         0                0.00         0               0.00        0                0.00
  ONE 00-2(2)        283,745,766.00        72        6,157,402.00        13       1,253,563.00        8        1,152,534.00
 RYMS3 92-B(2)                 0.00         0                0.00         0               0.00        0                0.00
 SBM7 94-2(2)          4,132,807.94         2          190,906.50         0               0.00        0                0.00
   SMS 91-K                    0.00         0                0.00         0               0.00        0                0.00
  EAGLE 98-1          29,366,916.54        18        1,406,644.27         8         655,428.34       23        2,781,817.01
   INMC 94-R           6,932,491.35         1          114,821.48         0               0.00        1          101,148.98
   INMC 94-V           5,850,080.16         1          122,601.95         0               0.00        0                0.00
   INMC 94-X           4,828,439.60         2          263,403.93         2         230,692.03        2          190,943.06
   INMC 95-C           7,501,226.21         2          163,043.04         2         250,536.50        0                0.00
 INMC 95-T(2)          6,739,501.52         4          892,089.26         0               0.00        0                0.00
---------------------------------------------------------------------------------------------------------------------------
     Total           361,232,211.02       106        9,801,063.72        25       2,390,219.87       35        4,285,670.77
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------

                     FORECLOSURE               REO           REALIZED LOSSES
    SERIES        NO.     BALANCE       NO.      BALANCE       CURR. AMOUNT
---------------------------------------------------------------------------
<S>               <C>   <C>             <C>   <C>            <C>
   CWMBS 94K       1      237,873.56     0            0.00            0.00
DLJMA 93-Q18(1)    1      115,209.46     0            0.00            0.00
DLJMA 94-2A(1)     0            0.00     0            0.00            0.00
  ONE 00-2(2)     14    3,043,621.00     5      561,359.00      -30,657.00
 RYMS3 92-B(2)     0            0.00     0            0.00            0.00
 SBM7 94-2(2)      0            0.00     1      125,780.16            0.00
   SMS 91-K        0            0.00     0            0.00            0.00
  EAGLE 98-1      18    2,332,845.20    15    1,479,114.50            0.00
   INMC 94-R       3    1,404,498.97     1       54,214.30            0.00
   INMC 94-V       0            0.00     0            0.00            0.00
   INMC 94-X       1      139,325.03     0            0.00        4,194.64
   INMC 95-C       5      678,268.83     0            0.00            0.00
 INMC 95-T(2)      2      538,431.21     0            0.00      -21,282.71
--------------------------------------------------------------------------
     Total        45    8,490,073.26    22    2,220,467.96      -47,745.07
--------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                            LOANS
                         OUTSTANDING     DELINQUENT 30-59 DAYS   DELINQUENT 60-89 DAYS   DELINQUENT 90+ DAYS
    SERIES                 BALANCE       NO.         BALANCE      NO.       BALANCE       NO.      BALANCE
------------------------------------------------------------------------------------------------------------
<S>                     <C>              <C>     <C>             <C>     <C>             <C>   <C>
-----------------------------------------------------------------------------------------------------------
    GRCAP 94-HM4          5,823,267.13     0              0.00     0             0.00     0            0.00
      INMC 95-E          13,116,608.72     7      1,987,422.65     2       179,086.71     3      408,767.96
      PMLT 99-A          30,898,687.85    28      1,679,129.82     4       485,062.97     6      452,469.23
     RTC 95-2(1)         20,458,378.01     7        375,932.21     2       244,451.49     4      300,235.77
-----------------------------------------------------------------------------------------------------------
        Total            70,296,941.71    42      4,042,484.68     8       908,601.17    13    1,161,472.96
-----------------------------------------------------------------------------------------------------------
      Total All         431,529,152.73   148     13,843,548.40    33     3,298,821.04    48    5,447,143.73
-----------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------

                           FORECLOSURE                  REO         REALIZED LOSSES
    SERIES              NO.     BALANCE       NO.      BALANCE       CURR. AMOUNT
-----------------------------------------------------------------------------------
<S>                     <C>  <C>              <C>   <C>             <C>
-----------------------------------------------------------------------------------
    GRCAP 94-HM4         0            0.00     0            0.00            0.00
      INMC 95-E          5      571,880.14     0            0.00            0.00
      PMLT 99-A         26    1,641,565.86     2       90,765.33      236,273.26
     RTC 95-2(1)         2      110,784.92     0            0.00            0.00
--------------------------------------------------------------------------------
        Total           33    2,324,230.92     2       90,765.33      236,273.26
--------------------------------------------------------------------------------
      Total All         78   10,814,304.18    24    2,311,233.29      188,528.19
--------------------------------------------------------------------------------
</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            2,877,461.41          996.52           0.00          2,876,464.89       2,822,707.63      53,757.26
  II           0.00              284,632.95          306.37           0.00            284,326.58         268,008.33      16,318.25
----------------------------------------------------------------------------------------------------------------------------------
 Total         0.00            3,162,094.36        1,302.89           0.00          3,160,791.46       3,090,715.96      70,075.51
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                   ADDITIONAL REPORTING ITEMS                 POOL I           POOL II              TOTAL
-------------------------------------------------------------------------------------------------------------
<S>            <C>                                       <C>               <C>                 <C>
2.15(a)        Available Interest                            117,484.14        37,485.94           154,970.08
-------------------------------------------------------------------------------------------------------------
               Available Principal                         2,759,977.27       247,147.01         3,007,124.27
-------------------------------------------------------------------------------------------------------------
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                               1.6420%          1.3150%
-------------------------------------------------------------------------------------------------------------
               Ending Actual OC                                  1.7641%          1.3421%
-------------------------------------------------------------------------------------------------------------
2.15(g)        2nd preceding pool bal                    383,968,196.11    70,135,250.44       454,103,446.55
-------------------------------------------------------------------------------------------------------------
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     53,757.26        16,318.25            70,075.51
-------------------------------------------------------------------------------------------------------------
</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.