<PAGE>   1


Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152


                                  EXHIBIT 10.1

                                SMT Series 2000-4

                     Certificateholder Distribution Summary



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

                                  Certificate         Certificate          Beginning
                                    Class            Pass-Through         Certificate           Interest             Principal
 Class             CUSIP          Description            Rate               Balance           Distribution          Distribution
--------------------------------------------------------------------------------------------------------------------------------
<S>              <C>              <C>                 <C>                <C>                  <C>                  <C>
 A                81743TAA6            SEQ              6.45625%         377,119,000.00       2,096,611.41          3,500,746.73
 B                SMT00004B            SUB              7.34625%           3,809,982.43          24,101.71                692.62
 C                SMT00004C            IO               0.00000%                   0.00         150,793.88                  0.00
R-UT              SMT00004R            RES              0.00000%                   0.00               0.00                  0.00
R-LT              SMT0004RL            RES              0.00000%                   0.00               0.00                  0.00
================================================================================================================================
Totals                                                                   380,928,982.43       2,271,507.00          3,501,439.35
================================================================================================================================

<CAPTION>

------------------------------------------------------------------------------------

                    Current           Ending                              Cumulative
                    Realized        Certificate            Total           Realized
 Class                Loss            Balance           Distribution        Losses
------------------------------------------------------------------------------------
<S>                 <C>           <C>                  <C>                 <C>

 A                    0.00         373,618,253.27       5,597,358.14         0.00
 B                    0.00           3,809,289.81          24,794.33         0.00
 C                    0.00                   0.00         150,793.88         0.00
R-UT                  0.00                   0.00               0.00         0.00
R-LT                  0.00                   0.00               0.00         0.00
====================================================================================
Totals                0.00         377,427,543.08       5,772,946.35         0.00
====================================================================================
</TABLE>



All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee


09-May-2000


<PAGE>   2


Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152




                                SMT Series 2000-4
                        Principal Distribution Statement




<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                         Beginning          Scheduled         Unscheduled
                Original Face          Certificate          Principal          Principal                           Realized
Class               Amount               Balance           Distribution        Distribution        Accretion        Loss(1)
------------------------------------------------------------------------------------------------------------------------------
<S>             <C>                   <C>                  <C>                <C>                  <C>            <C>
  A             377,119,000.00        377,119,000.00            0.00          3,500,746.73            0.00            0.00
  B               3,809,982.43          3,809,982.43            0.00                692.62            0.00            0.00
  C                       0.00                  0.00            0.00                  0.00            0.00            0.00
 R-UT                     0.00                  0.00            0.00                  0.00            0.00            0.00
 R-LT                     0.00                  0.00            0.00                  0.00            0.00            0.00

------------------------------------------------------------------------------------------------------------------------------
Totals          380,928,982.43        380,928,982.43            0.00          3,501,439.35            0.00            0.00
==============================================================================================================================

<CAPTION>

--------------------------------------------------------------------------------------------
                                          Ending              Ending
                 Total Principal         Certificate        Certificate      Total Principal
Class              Reduction               Balance           Percentage        Distribution
--------------------------------------------------------------------------------------------
<S>              <C>                  <C>                   <C>              <C>
  A               3,500,746.73         373,618,253.27        0.99071713        3,500,746.73
  B                     692.62           3,809,289.81        0.99981821              692.62
  C                       0.00                   0.00        0.00000000                0.00
 R-UT                     0.00                   0.00        0.00000000                0.00
 R-LT                     0.00                   0.00        0.00000000                0.00

--------------------------------------------------------------------------------------------
Totals            3,501,439.35         377,427,543.08        0.99080816        3,501,439.35
============================================================================================
</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.




<PAGE>   3

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152



                                SMT Series 2000-4
                    Principal Distribution Factors Statement



<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                         Beginning          Scheduled          Unscheduled
                Original Face          Certificate          Principal           Principal                             Realized
Class (2)           Amount               Balance           Distribution        Distribution          Accretion         Loss(3)
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                   <C>                    <C>                  <C>                 <C>            <C>
 A              377,119,000.00        1000.00000000         0.00000000           9.28287021          0.00000000      0.00000000
 B                3,809,982.43        1000.00000000         0.00000000           0.18179086          0.00000000      0.00000000
 C                        0.00           0.00000000         0.00000000           0.00000000          0.00000000      0.00000000
R-UT                      0.00           0.00000000         0.00000000           0.00000000          0.00000000      0.00000000
R-LT                      0.00           0.00000000         0.00000000           0.00000000          0.00000000      0.00000000
===============================================================================================================================

<CAPTION>
-----------------------------------------------------------------------------------------
                                          Ending            Ending
               Total Principal         Certificate        Certificate     Total Principal
Class (2)         Reduction               Balance          Percentage       Distribution
-----------------------------------------------------------------------------------------
<S>              <C>                  <C>                 <C>               <C>
 A                9.28287021           990.71712979        0.99071713        9.28287021
 B                0.18179086           999.81820914        0.99981821        0.18179086
 C                0.00000000             0.00000000        0.00000000        0.00000000
R-UT              0.00000000             0.00000000        0.00000000        0.00000000
R-LT              0.00000000             0.00000000        0.00000000        0.00000000
=========================================================================================
</TABLE>


(2)     All Denominations Are Per $1,000.

(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>   4

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152



                                SMT Series 2000-4
                         Interest Distribution Statement



<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                            Beginning
                                         Current          Certificate/          Current          Payment of          Current
                Original Face          Certificate          Notional            Accrued        Unpaid Interest       Interest
Class                Amount               Rate               Balance            Interest          Shortfall         Shortfall
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                  <C>                   <C>                 <C>              <C>                  <C>
    A           377,119,000.00           6.45625%         377,119,000.00      2,096,611.41          0.00              0.00
    B             3,809,982.43           7.34625%           3,809,982.43         24,101.71          0.00              0.00
    C                     0.00           0.00000%                   0.00              0.00          0.00              0.00
  R-UT                    0.00           0.00000%                   0.00              0.00          0.00              0.00
  R-LT                    0.00           0.00000%                   0.00              0.00          0.00              0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals          380,928,982.43      2,120,713.12                    0.00              0.00          0.00              0.00
====================================================================================================================================

<CAPTION>

----------------------------------------------------------------------------------------------------------
                       Non-                                                Remaining            Ending
                     Supported                                               Unpaid           Certificate/
                     Interest        Realized         Total Interest        Interest            Notional
Class                Shortfall       Losses(4)         Distribution         Shortfall            Balance
----------------------------------------------------------------------------------------------------------
<S>            <C>                   <C>              <C>                  <C>              <C>
    A                  0.00            0.00           2,096,611.41           0.00           373,618,253.27
    B                  0.00            0.00              24,101.71           0.00             3,809,289.81
    C                  0.00            0.00             150,793.88           0.00                     0.00
  R-UT                 0.00            0.00                   0.00           0.00                     0.00
  R-LT                 0.00            0.00                   0.00           0.00                     0.00
----------------------------------------------------------------------------------------------------------
Totals         2,271,507.00            0.00
==========================================================================================================
</TABLE>


(4)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.


<PAGE>   5

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152



                                SMT Series 2000-4
                     Interest Distribution Factors Statement



<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                                         Beginning
                                     Current            Certificate/          Current            Payment of         Current
              Original Face         Certificate          Notional             Accrued         Unpaid Interest      Interest
Class (5)        Amount                Rate               Balance             Interest           Shortfall         Shortfall
-----------------------------------------------------------------------------------------------------------------------------
<S>          <C>                     <C>               <C>                  <C>                 <C>               <C>
 A            377,119,000.00          6.45625%         1000.00000000         5.55954860          0.00000000        0.00000000
 B              3,809,982.43          7.34625%         1000.00000000         6.32593731          0.00000000        0.00000000
 C                      0.00          0.00000%            0.00000000         0.00000000          0.00000000        0.00000000
R-UT                    0.00          0.00000%            0.00000000         0.00000000          0.00000000        0.00000000
R-LT                    0.00          0.00000%            0.00000000         0.00000000          0.00000000        0.00000000
=============================================================================================================================
</TABLE>




<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
                  Non-                                                Remaining            Ending
                Supported                                               Unpaid          Certificate/
                Interest         Realized        Total Interest        Interest           Notional
Class (5)       Shortfall        Losses(6)        Distribution         Shortfall           Balance
----------------------------------------------------------------------------------------------------
<S>            <C>              <C>               <C>                <C>               <C>
 A              0.00000000       0.00000000         5.55954860        0.00000000        990.71712979
 B              0.00000000       0.00000000         6.32593731        0.00000000        999.81820914
 C              0.00000000       0.00000000         0.00000000        0.00000000          0.00000000
R-UT            0.00000000       0.00000000         0.00000000        0.00000000          0.00000000
R-LT            0.00000000       0.00000000         0.00000000        0.00000000          0.00000000
====================================================================================================
</TABLE>


(5)     All Denominations Are Per $1,000.

(6)     Amount Does Not Include Excess Special Hazard, Bankruptcy, Or Fraud
        Losses Unless Otherwise Disclosed. Please Refer To The Prospectus
        Supplement For A Full Description.



<PAGE>   6

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152




                                SMT Series 2000-4
                       Certificateholder Account Statement



                               CERTIFICATE ACCOUNT


<TABLE>
<S>                                                                <C>
Beginning Balance                                                           0.00
Deposits
        Payments of Interest and Principal                          5,930,655.34
        Liquidations, Insurance Proceeds, Reserve Funds                     0.00
        Proceeds from Repurchased Loans                                     0.00
        Other Amounts (Servicer Advances)                               1,836.35
        Realized Losses                                                     0.00
                                                                    ------------

Total Deposits                                                      5,932,491.69


Withdrawals
        Reimbursement for Servicer Advances                                 0.00
        Payment of Service Fee                                        159,545.34
        Payment of Interest and Principal                           5,772,946.35
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        5,932,491.69


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


                                 OTHER ACCOUNTS


<TABLE>
<CAPTION>
                             Beginning           Current              Current            Ending
Account Type                  Balance          Withdrawals           Deposits           Balance
------------------------------------------------------------------------------------------------
<S>                           <C>                 <C>               <C>                <C>
Reserve Fund                    0.00               0.00             10,000.00          10,000.00
Financial Guaranty              0.00               0.00                  0.00               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                                                  118,357.47
Trustee Fee                                                            1,904.64
AMBAC Premium                                                         39,283.23
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                     ----------
Net Servicing Fee                                                    159,545.34
                                                                     ==========
</TABLE>



<PAGE>   7

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152




           CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
                               DELINQUENCY STATUS



<TABLE>
<CAPTION>
                                                                                        Percentage Delinquent
                                                                                                Based On
                                                                                     ---------------------------------
                                 Current
                                 Number Of           Unpaid Principal                 Number                  Unpaid
                                   Loans                  Balance                    of Loans                 Balance
                                 ---------           ----------------                ---------               ---------
<S>                               <C>                  <C>                          <C>                     <C>
           30 Days                   2                  282,113.35                   0.223214%               0.074746%
           60 Days                   0                        0.00                   0.000000%               0.000000%
           90+ Days                  0                        0.00                   0.000000%               0.000000%
           Foreclosure               0                        0.00                   0.000000%               0.000000%
           REO                       0                        0.00                   0.000000%               0.000000%
                                  ----                  ----------                   --------                --------
           Totals                    2                  282,113.35                   0.223214%               0.074746%
</TABLE>

<TABLE>
<S>                                                                                   <C>
           Current Period Realized Loss - Includes Interest Shortfall                      0.00
           Cumulative Realized Losses - Includes Interest Shortfall                        0.00
           Current Period Class A Insufficient Funds                                       0.00
           Principal Balance of Contaminated Properties                                    0.00
           Periodic Advance                                                            1,836.35
</TABLE>



           SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND
                              PREPAYMENT PERCENTAGE




<TABLE>
<CAPTION>
                Original $        Original %          Current $          Current %        Current Class %     Next Prepayment %
              ------------        -----------       ------------        -----------       ---------------     -----------------
<S>           <C>                 <C>               <C>                 <C>                  <C>                 <C>
Class A       3,809,982.43        1.00018182%       3,809,289.81        1.00927711%          98.990723%            0.000000%
Class B               0.00        0.00000000%               0.00        0.00000000%           1.009277%          100.000000%
Class C               0.00        0.00000000%               0.00        0.00000000%           0.000000%            0.000000%
</TABLE>


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



<PAGE>   8

Sequoia Mortgage Trust                     Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates         Norwest Bank Minnesota, N.A.
                                           Securities Administration Services
Record Date: 31-Mar-2000                   7485 New Horizon Way
Distribution Date: 24-Apr-2000             Frederick, MD 21703
                                           Telephone            (301) 815-6600
                                           Facsimile:           (301) 846-8152



                              COLLATERAL STATEMENT


<TABLE>
<CAPTION>
Collateral Description                                           Mixed ARM
-----------------------------------------------------------------------------
<S>                                                            <C>
Weighted Average Gross Coupon                                        7.689787%
Weighted Average Net Coupon                                          7.310938%
Weighted Average Pass-Through Rate                                   0.000000%
Weighted Average Maturity (Stepdown Calculation)                          287

Beginning Scheduled Collateral Loan Count                                 901
Number of Loans Paid in Full                                                5
Ending Scheduled Collateral Loan Count                                    896

Beginning Scheduled Collateral Balance                         380,928,982.43
Ending Scheduled Collateral Balance                            377,427,543.09
Ending Actual Collateral Balance at 31-Mar-2000                377,427,543.09
Monthly P&I Constant                                             2,440,927.97
Class A Optimal Amount                                           5,636,641.37
Ending Scheduled Balance for Premium Loans                     377,427,543.09
Scheduled Principal                                                      0.00
Unscheduled Principal                                            3,501,439.35
Required Overcollateralized Amount                                       0.00
Overcollateralized Increase Amount                                       0.00
Overcollateralized Reduction Amount                                      0.00
Specified O/C Amount                                                     0.00
Overcollateralized Amount                                        3,809,982.44
Overcollateralization Deficiency Amount                                  0.00
Base Overcollateralization Amount                                        0.00
=============================================================================

Serious Delinquencies                                                  0.0000%
Floor Amount                                                     2,856,967.37
Excess Cash Flow Principal Amount (Current/Cumulative)            0.00 / 0.00
Required Payment                                                         0.00
Preference Amount                                                        0.00
Alternate Certificate Rate Used?                                           No
Specified OC                                                     3,809,289.82
=============================================================================
</TABLE>