<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:  January 29, 2004

                      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   23,260,710.37    1.733750%     33,606.88       792,247.01       825,853.90        0.00    22,468,463.35
   A-2        81743UAB1    9,687,882.99    1.883750%     15,207.96       422,819.64       438,027.60        0.00     9,265,063.35
                          -------------                  ---------     ------------     ------------        ----    -------------
    Total                 32,948,593.35                  48,814.84     1,215,066.65     1,263,881.49        0.00    31,733,526.70
                          =============                  =========     ============     ============        ====    =============
</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    359.177751541    0.518937022    12.233396869     346.944354672      1.733750%
   A-2        81743UAB1   15,861,000.00    610.799002952    0.958827185    26.657817227     584.141185725      1.883750%
                          -------------    -------------    -----------    ------------     -------------
    Total                 80,622,000.00    408.679930458    0.605477890    15.071154941     393.608775517
                          =============    =============    ===========    ============     =============
</Table>


             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<Table>
<Caption>
                      ORIGINAL      BEGINNING      PASS      INTEREST     PRINCIPAL      TOTAL     REALIZED  INTEREST     ENDING
   SERIES    CLASS    BALANCE        BALANCE      THROUGH  DISTRIBUTION DISTRIBUTION  DISTRIBUTION  LOSSES   SHORTFALL   BALANCE
------------ ----- -------------- -------------  --------- ------------ ------------- ------------ --------  --------- -------------
<S>          <C>   <C>            <C>            <C>       <C>          <C>           <C>          <C>       <C>       <C>
  CWMBS 94K    A1  123,119,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
DLJMA 93-Q18  1A1   51,833,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 DLJMA 94-2A  1A1   85,787,000.00    412,476.89  5.218410%    1,793.73       935.26      2,728.98      0.00      0.00     411,541.63
  ONE 00-2     2A  152,653,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 RYMS3 92-B   1A2    7,712,906.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
  SBM7 94-2    A1   49,384,000.00  1,000,985.41  5.710590%    4,763.51    42,532.29     47,295.81      0.00      0.00     958,453.12
  SMS 91-K     A1  110,588,063.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
  SMS 91-K     A3    1,917,885.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 EAGLE 98-1    M1   46,029,000.00 14,495,056.22  2.141250%   26,726.76   416,867.80    443,594.56      0.00      0.00  14,078,188.42
  INMC 94-R    M2    4,620,000.00  1,771,662.32  4.031990%    5,952.77    96,793.27    102,746.04      0.00      0.00   1,674,869.05
  INMC 94-V    B1    3,618,000.00  1,028,426.59  3.751688%    3,215.28    14,395.91     17,611.19      0.00      0.00   1,014,030.68
  INMC 94-X    B1    2,769,000.00    866,272.02  3.757993%    2,712.87     3,640.84      6,353.71      0.00      0.00     862,631.18
  INMC 95-C    B1   12,828,797.00  3,221,368.70  3.813723%   10,237.84   236,004.77    246,242.61      0.00      0.00   2,985,363.93
  INMC 95-T    A2   65,695,250.00  1,109,929.00  3.277669%    3,031.65     3,061.12      6,092.77      0.00      0.00   1,106,867.88
                   -------------- -------------              ---------   ----------    ----------      ----      ----  -------------
     Total         718,554,901.00 23,906,177.15              58,434.41   814,231.26    872,665.67      0.00      0.00  23,091,945.89
                   ============== =============              =========   ==========    ==========      ====      ====  =============
</Table>
<PAGE>
            UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<Table>
<Caption>
                       ORIGINAL     BEGINNING      PASS     INTEREST      PRINCIPAL      TOTAL     REALIZED INTEREST     ENDING
   SERIES    CLASS     BALANCE       BALANCE      THROUGH  DISTRIBUTION  DISTRIBUTION DISTRIBUTION  LOSSES  SHORTFALL    BALANCE
------------ ----- -------------- -------------  --------- ------------  ------------ ------------ -------- --------- -------------
<S>          <C>   <C>            <C>            <C>       <C>           <C>          <C>          <C>      <C>       <C>
GRCAP 94-HM4  A1   245,813,000.00    358,680.38  3.828071%    1,144.21       1,007.82     2,152.03     0.00    0.00      357,672.56
  INMC 95-E   B1     4,608,492.00  2,231,389.88  3.945235%    7,336.13      41,814.07    49,150.20     0.00    0.00    2,189,575.81
  PMLT 99-A   M1     2,914,000.00  1,687,305.99  2.315957%    3,256.44      60,060.33    63,316.77     0.00    0.00    1,627,245.66
  RTC 95-2    A3   119,696,000.00  5,571,660.70  3.059224%   14,204.13     319,937.42   334,141.56     0.00    0.00    5,251,723.28
                   -------------- -------------              ---------     ----------   ----------     ----    ----    ------------
      Total        373,031,492.00  9,849,036.95              25,940.91     422,819.64   448,760.55     0.00    0.00    9,426,217.31
                   ============== =============              =========     ==========   ==========     ====    ====    ============
</Table>


                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<Table>
<Caption>
                     LOANS
                  OUTSTANDING   DELINQUENT 30-59 DAYS  DELINQUENT 0-89 DAYS  DELINQUENT 90+ DAYS
   SERIES           BALANCE     NO.         BALANCE    NO.       BALANCE     NO.      BALANCE
---------------  -------------  ---      ------------  ---      ----------   ---   -------------
<S>              <C>            <C>      <C>           <C>      <C>          <C>   <C>
   CWMBS 94K              0.00    0              0.00   0             0.00    0            0.00
DLJMA 93-Q18(1)           0.00    0              0.00   0             0.00    0            0.00
DLJMA 94-2A(1)      668,621.45    0              0.00   0             0.00    0            0.00
  ONE 00-2(2)             0.00    0              0.00   0             0.00    0            0.00
 RYMS3 92-B(2)            0.00    0              0.00   0             0.00    0            0.00
 SBM7 94-2(2)     3,388,159.31    1         86,142.03   0             0.00    0            0.00
   SMS 91-K               0.00    0              0.00   0             0.00    0            0.00
  EAGLE 98-1     23,838,726.60   15      1,310,068.07   4       370,633.63   16    2,356,693.51
   INMC 94-R      5,145,270.80    0              0.00   0             0.00    0            0.00
   INMC 94-V      4,619,904.39    1         68,865.09   1        71,036.16    0            0.00
   INMC 94-X      4,062,996.72    3        367,242.43   0             0.00    2      140,879.04
   INMC 95-C      5,838,221.71    2        184,320.24   0             0.00    0            0.00
 INMC 95-T(2)     4,975,551.80    2        224,862.57   1        72,742.22    0            0.00
                 -------------  ---      ------------ ---       ----------  ---    ------------
     Total       52,537,452.78   24      2,241,500.43   6       514,412.01   18    2,497,572.55
                 =============  ===      ============ ===       ==========  ===    ============
<Caption>

                     FORECLOSURE             REO              REALIZED LOSSES
   SERIES          NO.      BALANCE      NO.      BALANCE       CURR. AMOUNT
---------------    ---   ------------    ---   ------------   ---------------
<S>                <C>   <C>             <C>   <C>            <C>
   CWMBS 94K        0            0.00     0            0.00            0.00
DLJMA 93-Q18(1)     0            0.00     0            0.00            0.00
DLJMA 94-2A(1)      0            0.00     0            0.00        3,393.54
  ONE 00-2(2)       0            0.00     0            0.00            0.00
 RYMS3 92-B(2)      0            0.00     0            0.00            0.00
 SBM7 94-2(2)       1      115,576.29     0            0.00            0.00
   SMS 91-K         0            0.00     0            0.00            0.00
  EAGLE 98-1       14    1,112,923.96    10    1,807,161.20      -13,218.99
   INMC 94-R        2      917,087.22     0            0.00            0.00
   INMC 94-V        0            0.00     0            0.00            0.00
   INMC 94-X        0            0.00     0            0.00            0.00
   INMC 95-C        2      382,723.95     0            0.00       -6,867.02
 INMC 95-T(2)       2      149,657.38     0            0.00            0.00
                  ---    ------------   ---    ------------     -----------
     Total         21    2,677,968.80    10    1,807,161.20      -16,692.47
                  ===    ============   ===    ============     ===========
</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      4,951,469.01    0             0.00      0             0.00      0             0.00
  INMC 95-E       10,514,015.59    7     1,471,832.77      0             0.00      0             0.00
  PMLT 99-A       25,030,726.37   18     1,568,358.27      5       545,149.48     11       722,207.93
 RTC 95-2(1)      16,926,416.97    8       559,058.15      2       111,967.73      5       436,674.51
                 --------------  ---     ------------    ---     ------------    ---     ------------
      Total       57,422,627.94   33     3,599,249.19      7       657,117.21     16     1,158,882.44
                 ==============  ===     ============    ===     ============    ===     ============
      Total All  109,960,080.72   57     5,840,749.62     13     1,171,529.22     34     3,656,454.99
                 ==============  ===     ============    ===     ============    ===     ============
</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          4       822,448.24     0            0.00        -1,125.96
  PMLT 99-A         24     1,699,388.80     5      182,143.29        17,451.47
 RTC 95-2(1)         3       219,513.82     0            0.00             0.00
                   ---     ------------   ---    ------------     ------------
      Total         31     2,741,350.86     5      182,143.29        16,325.51
                   ===     ============   ===    ============     ============
      Total All     52     5,419,319.66    15    1,989,304.49          -366.96
                   ===     ============   ===    ============     ============
</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               872,665.67        597.65              0.00          872,068.02          825,853.90    46,214.12
   II            0.00               448,760.55        246.23              0.00          448,514.33          438,027.60    10,486.73
                 ----             ------------        ------              ----        ------------        ------------    ---------
    Total        0.00             1,321,426.23        843.88              0.00        1,320,582.34        1,263,881.49    56,700.85
                 ====             ============        ======              ====        ============        ============    =========

</Table>



<Table>
<Caption>
               ADDITIONAL REPORTING ITEMS               POOL I          POOL II               TOTAL
               --------------------------           -------------    -------------       --------------
<S>            <C>                                  <C>              <C>                 <C>

2.15(a)        Available Interest                       58,434.41        25,940.91            84,375.33

               Available Principal                     814,231.26       422,819.64         1,237,050.90

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                         2.7000%          1.6362%

               Ending Actual OC                            2.7000%          1.7096%

2.15(g)        2nd preceding pool bal               54,272,736.42    58,935,769.12       113,208,505.54

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                  46,214.12        10,486.73            56,700.85
               Certificateholders

</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.