<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: DECEMBER 31, 2003
                       DISTRIBUTION DATE: JANUARY 20, 2004

                     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        1.59875%    949,908,049.96   1,265,554.58  11,594,267.46       0.00      938,313,782.50
    X-1   81744BAB2       IO        0.76323%              0.00     147,029.78           0.00       0.00                0.00
    X-2   81744BAC0       IO        0.99711%              0.00     611,217.80           0.00       0.00                0.00
    A-R   81744BAD8      SEN        3.16453%              0.00           0.00           0.00       0.00                0.00
    B-1   81744BAE6      SUB        1.99875%     16,815,000.00      28,007.48           0.00       0.00       16,815,000.00
    B-2   81744BAF3      SUB        2.54689%      8,968,000.00      19,033.77           0.00       0.00        8,968,000.00
    B-3   81744BAG1      SUB        2.54689%      6,165,000.00      13,084.65           0.00       0.00        6,165,000.00
    B-4   SMT0212B4      SUB        2.54689%      2,802,000.00       5,946.99           0.00       0.00        2,802,000.00
    B-5   SMT0212B5      SUB        2.54689%      1,681,000.00       3,567.77           0.00       0.00        1,681,000.00
    B-6   SMT0212B6      SUB        2.54689%      4,486,095.46       9,521.33           0.00       0.00        4,486,095.46
                                                --------------  -------------  -------------       ----      --------------
Totals                                          990,825,145.42   2,102,964.15  11,594,267.46       0.00      979,230,877.96
                                                --------------  -------------  -------------       ----      --------------

<CAPTION>

                        Total        Cumulative
   Class    CUSIP    Distribution   Realized Loss
   -----    -----    -------------  -------------
<S>       <C>        <C>            <C>
     A    81744BAA4  12,859,822.04       0.00
    X-1   81744BAB2     147,029.78       0.00
    X-2   81744BAC0     611,217.80       0.00
    A-R   81744BAD8           0.00       0.00
    B-1   81744BAE6      28,007.48       0.00
    B-2   81744BAF3      19,033.77       0.00
    B-3   81744BAG1      13,084.65       0.00
    B-4   SMT0212B4       5,946.99       0.00
    B-5   SMT0212B5       3,567.77       0.00
    B-6   SMT0212B6       9,521.33       0.00
                     -------------       ----
Totals               13,697,231.61       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                                             Ending
           Original Face     Certificate     Principal      Principal               Realized  Total Principal   Certificate
   Class       Amount          Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction         Balance
   -----  ----------------  --------------  ------------  -------------  ---------  --------  ---------------  --------------
<S>       <C>               <C>             <C>           <C>            <C>        <C>       <C>              <C>
     A    1,080,076,000.00  949,908,049.96      0.00      11,594,267.46     0.00      0.00     11,594,267.46   938,313,782.50
    X-1               0.00            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             0.00
    A-R             100.00            0.00      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    16,815,000.00
    B-2       8,968,000.00    8,968,000.00      0.00               0.00     0.00      0.00              0.00     8,968,000.00
    B-3       6,165,000.00    6,165,000.00      0.00               0.00     0.00      0.00              0.00     6,165,000.00
    B-4       2,802,000.00    2,802,000.00      0.00               0.00     0.00      0.00              0.00     2,802,000.00
    B-5       1,681,000.00    1,681,000.00      0.00               0.00     0.00      0.00              0.00     1,681,000.00
    B-6       4,486,095.46    4,486,095.46      0.00               0.00     0.00      0.00              0.00     4,486,095.46
          ----------------  --------------      ----      -------------     ----      ----     -------------   --------------
Totals    1,120,993,195.46  990,825,145.42      0.00      11,594,267.46     0.00      0.00     11,594,267.46   979,230,877.96
          ----------------  --------------      ----      -------------     ----      ----     -------------   --------------

<CAPTION>
             Ending
          Certificate  Total Principal
   Class   Percentage   Distribution
   -----  -----------  ---------------
<S>       <C>          <C>
     A    0.86874792    11,594,267.46
    X-1   0.00000000             0.00
    X-2   0.00000000             0.00
    A-R   0.00000000             0.00
    B-1   1.00000000             0.00
    B-2   1.00000000             0.00
    B-3   1.00000000             0.00
    B-4   1.00000000             0.00
    B-5   1.00000000             0.00
    B-6   1.00000000             0.00
          ----------    -------------
Totals    0.87353865    11,594,267.46
          ----------    -------------
</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                                               Ending
        Original Face     Certificate     Principal     Principal                 Realized   Total Principal   Certificate
Class       Amount          Balance      Distribution  Distribution  Accretion    Loss (3)      Reduction        Balance
-----  ----------------  --------------  ------------  ------------  ----------  ----------  ---------------  -------------
<S>    <C>               <C>             <C>           <C>           <C>         <C>         <C>              <C>
  A    1,080,076,000.00   879.48260119    0.00000000    10.73467743  0.00000000  0.00000000    10.73467743     868.74792376
 X-1               0.00     0.00000000    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       0.00000000
 A-R             100.00     0.00000000    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    1000.00000000
 B-2       8,968,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-3       6,165,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-4       2,802,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-5       1,681,000.00  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000
 B-6       4,486,095.46  1000.00000000    0.00000000     0.00000000  0.00000000  0.00000000     0.00000000    1000.00000000

<CAPTION>
         Ending
       Certificate  Total Principal
Class   Percentage   Distribution
-----  -----------  ---------------
<S>    <C>          <C>
  A     0.86874792    10.73467743
 X-1    0.00000000     0.00000000
 X-2    0.00000000     0.00000000
 A-R    0.00000000     0.00000000
 B-1    1.00000000     0.00000000
 B-2    1.00000000     0.00000000
 B-3    1.00000000     0.00000000
 B-4    1.00000000     0.00000000
 B-5    1.00000000     0.00000000
 B-6    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-
                            Current        Beginning        Current      Unpaid     Current   Supported
         Original Face    Certificate     Certificate/     Accrued      Interest   Interest    Interest  Realized  Total Interest
 Class      Amount           Rate      Notional Balance    Interest    Shortfall   Shortfall  Shortfall  Loss (4)   Distribution
 -----  ----------------  -----------  ----------------  ------------  ----------  ---------  ---------  --------  --------------
<S>     <C>               <C>          <C>               <C>           <C>         <C>        <C>        <C>       <C>
   A    1,080,076,000.00    1.59875%    949,908,049.96   1,265,554.58     0.00        0.00       0.00      0.00     1,265,554.58
  X-1               0.00    0.76323%    231,162,303.70     147,024.42     0.00        0.00       0.00      0.00       147,029.78
  X-2               0.00    0.99711%    735,560,746.26     611,195.52     0.00        0.00       0.00      0.00       611,217.80
  A-R             100.00    3.16453%              0.00           0.00     0.00        0.00       0.00      0.00             0.00
  B-1      16,815,000.00    1.99875%     16,815,000.00      28,007.48     0.00        0.00       0.00      0.00        28,007.48
  B-2       8,968,000.00    2.54689%      8,968,000.00      19,033.77     0.00        0.00       0.00      0.00        19,033.77
  B-3       6,165,000.00    2.54689%      6,165,000.00      13,084.65     0.00        0.00       0.00      0.00        13,084.65
  B-4       2,802,000.00    2.54689%      2,802,000.00       5,946.99     0.00        0.00       0.00      0.00         5,946.99
  B-5       1,681,000.00    2.54689%      1,681,000.00       3,567.77     0.00        0.00       0.00      0.00         3,567.77
  B-6       4,486,095.46    2.54689%      4,486,095.46       9,521.33     0.00        0.00       0.00      0.00         9,521.33
        ----------------   --------     --------------  ------------     ----        ----       ----      ----     ------------
Totals  1,120,993,195.46                                 2,102,936.51     0.00        0.00       0.00      0.00     2,102,964.15
        ----------------                                 ------------     ----        ----       ----      ----     ------------

<CAPTION>
        Remaining      Ending
         Unpaid     Certificate/
         Interest    Notational
 Class  Shortfall      Balance
 -----  ---------  ---------------
<S>     <C>        <C>
   A       0.00     938,313,782.50
  X-1      0.00     227,555,844.04
  X-2      0.00     727,572,938.46
  A-R      0.00               0.00
  B-1      0.00      16,815,000.00
  B-2      0.00       8,968,000.00
  B-3      0.00       6,165,000.00
  B-4      0.00       2,802,000.00
  B-5      0.00       1,681,000.00
  B-6      0.00       4,486,095.46
           ----     --------------
Totals     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-
                           Current        Beginning      Current      Unpaid      Current   Supported
Class   Original Face    Certificate     Certificate     Accrued     Interest    Interest    Interest    Realized   Total Interest
 (5)       Amount           Rate      Notional Balance   Interest   Shortfall    Shortfall  Shortfall    Loss (6)    Distribution
-----  ----------------  -----------  ----------------  ----------  ----------  ----------  ----------  ----------  --------------
<S>    <C>               <C>          <C>               <C>         <C>         <C>         <C>         <C>         <C>
  A    1,080,076,000.00    1.59875%      879.48260119   1.17172734  0.00000000  0.00000000  0.00000000  0.00000000    1.17172734
 X-1               0.00    0.76323%      925.70696831   0.58877044  0.00000000  0.00000000  0.00000000  0.00000000    0.58879190
 X-2               0.00    0.99711%      868.24954108   0.72144990  0.00000000  0.00000000  0.00000000  0.00000000    0.72147620
 A-R             100.00    3.16453%        0.00000000   0.00000000  0.00000000  0.00000000  0.00000000  0.00000000    0.00000000
 B-1      16,815,000.00    1.99875%     1000.00000000   1.66562474  0.00000000  0.00000000  0.00000000  0.00000000    1.66562474
 B-2       8,968,000.00    2.54689%     1000.00000000   2.12240968  0.00000000  0.00000000  0.00000000  0.00000000    2.12240968
 B-3       6,165,000.00    2.54689%     1000.00000000   2.12240876  0.00000000  0.00000000  0.00000000  0.00000000    2.12240876
 B-4       2,802,000.00    2.54689%     1000.00000000   2.12240899  0.00000000  0.00000000  0.00000000  0.00000000    2.12240899
 B-5       1,681,000.00    2.54689%     1000.00000000   2.12240928  0.00000000  0.00000000  0.00000000  0.00000000    2.12240928
 B-6       4,486,095.46    2.54689%     1000.00000000   2.12240914  0.00000000  0.00000000  0.00000000  0.00000000    2.12240914

<CAPTION>
       Remaining
         Unpaid
Class   Interest   Ending Certificate/
 (5)   Shortfall   Notational Balance
-----  ----------  -------------------
<S>    <C>         <C>
  A    0.00000000      868.74792376
 X-1   0.00000000      911.26462722
 X-2   0.00000000      858.82080186
 A-R   0.00000000        0.00000000
 B-1   0.00000000     1000.00000000
 B-2   0.00000000     1000.00000000
 B-3   0.00000000     1000.00000000
 B-4   0.00000000     1000.00000000
 B-5   0.00000000     1000.00000000
 B-6   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                     14,009,165.37
         Liquidations, Insurance Proceeds, Reserve Funds                27.64
         Proceeds from Repurchased Loans                                 0.00
         Other Amounts (Servicer Advances)                               0.00
         Realized Losses                                                 0.00
         Prepayment Penalties                                            0.00
                                                                -------------
Total Deposits                                                  14,009,193.01

Withdrawals
         Reimbursement for Servicer Advances                             0.00
         Payment of Service Fee                                    311,961.40
         Payment of Interest and Principal                      13,697,231.61
                                                                -------------
Total Withdrawals (Pool Distribution Amount)                    14,009,193.01

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                                             311,961.40
Supported Prepayment/Curtailment Interest Shortfall                   0.00
                                                                ----------

Net Servicing Fee                                               311,961.40
                                                                ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                 Beginning          Current          Current       Ending
Account Type                      Balance         Withdrawals       Deposits       Balance
------------                     ---------        -----------       --------       -------
<S>                              <C>              <C>               <C>           <C>
Reserve Fund                     10,000.00           27.64            27.64       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        0            0.00  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
               -      ----------               -           ----                 -          ----
               v      177,206.76               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    0.000000%    0.000000% 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%
           --------     --------             --------   --------              --------   --------
           0.000000%    0.000000%            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      v       177,206.76
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                  v       177,206.76

            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    0.000000%   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%
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%             0.000000%   0.000000%
</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  0.00
</TABLE>

<TABLE>
<CAPTION>
                    Original $         Original %          Current $           Current %
<S>               <C>                  <C>               <C>                   <C>
    Bankruptcy       218,860.00        0.01952376%          218,860.00         0.02235019%
         Fraud    33,629,796.00        3.00000001%       19,816,502.91         2.02368036%
Special Hazard    11,209,932.00        1.00000000%        9,792,308.78         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                                 2.924711%
Weighted Average Net Coupon                                   2.546891%
Weighted Average Pass-Through Rate                            2.546891%
Weighted Average Maturity (Stepdown Calculation)                    313

Beginning Scheduled Collateral Loan Count                         2,863
Number of Loans Paid in Full                                         24
Ending Scheduled Collateral Loan Count                            2,839

Beginning Scheduled Collateral Balance                   990,825,145.42
Ending Scheduled Collateral Balance                      979,230,877.96
Ending Actual Collateral Balance at 31-Dec-2003          979,237,853.24

Monthly P&I Constant                                       2,414,897.91
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               979,230,877.96

Scheduled Principal                                                0.00
Unscheduled Principal                                     11,594,267.46
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Principal Balance of 1-Month Libor Loans                         233,298,077.73
Principal Balance of 6-Month Libor Loans                         745,932,800.23
Pro Rata Senior Percentage                                            95.870402%
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>