<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: NOVEMBER 28, 2003
                      DISTRIBUTION DATE: DECEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning         Interest     Principal
Class     CUSIP    Description      Rate      Certificate Balance  Distribution  Distribution
------  ---------  -----------  ------------  -------------------  ------------  ------------
<S>     <C>        <C>          <C>           <C>                  <C>           <C>
  A     81744BAA4      SEN           1.57000%      959,312,744.82  1,255,100.84  9,404,694.86
 X-1    81744BAB2       IO           0.79210%                0.00    153,121.49          0.00
 X-2    81744BAC0       IO           1.04274%                0.00    646,630.28          0.00
 A-R    81744BAD8      SEN           3.16448%                0.00          0.00          0.00
 B-1    81744BAE6      SUB           1.97000%      16,815,000.000     27,604.63          0.00
 B-2    81744BAF3      SUB           2.56006%        8,968,000.00     19,132.21          0.00
 B-3    81744BAG1      SUB           2.56006%        6,165,000.00     13,152.32          0.00
 B-4    SMT0212B4      SUB           2.56006%        2,802,000.00      5,977.75          0.00
 B-5    SMT0212B5      SUB           2.56006%        1,681,000.00      3,586.22          0.00
 B-6    SMT0212B6      SUB           2.56006%        4,486,095.46      9,570.57          0.00
------  ---------  -----------  ------------  -------------------  ------------  ------------
Totals                                           1,000,229,840.28  2,133,876.31  9,404,694.86
------  ---------  -----------  ------------  -------------------  ------------  ------------

<CAPTION>
                   Certificate
                      Class        Current     Ending Certificate     Total        Cumulative
Class     CUSIP    Description  Realized Loss        Balance       Distribution   Realized Loss
------  ---------  -----------  -------------  ------------------  -------------  -------------
<S>     <C>        <C>          <C>            <C>                 <C>            <C>
  A     81744BAA4      SEN               0.00      949,908,049.96  10,659,795.70           0.00
 X-1    81744BAB2       IO               0.00                0.00     153,121.49           0.00
 X-2    81744BAC0       IO               0.00                0.00     646,630.28           0.00
 A-R    81744BAD8      SEN               0.00                0.00           0.00           0.00
 B-1    81744BAE6      SUB               0.00       16,815,000.00      27,604.63           0.00
 B-2    81744BAF3      SUB               0.00        8,968,000.00      19,132.21           0.00
 B-3    81744BAG1      SUB               0.00        6,165,000.00      13,152.32           0.00
 B-4    SMT0212B4      SUB               0.00        2,802,000.00       5,977.75           0.00
 B-5    SMT0212B5      SUB               0.00        1,681,000.00       3,586.22           0.00
 B-6    SMT0212B6      SUB               0.00        4,486,095.46       9,570.57           0.00
------  ---------  -----------  -------------  ------------------  -------------  -------------
Totals                                   0.00      990,825,145.42  11,538,571.17           0.00
------  ---------  -----------  -------------  ------------------  -------------  -------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
         Original Face      Certificate      Principal      Principal
Class        Amount           Balance       Distribution  Distribution  Accretion
------  ----------------  ----------------  ------------  ------------  ---------
<S>     <C>               <C>               <C>           <C>           <C>
  A     1,080,076,000.00    959,312,744.82          0.00  9,404,694.86       0.00
 X-1                0.00              0.00          0.00          0.00       0.00
 X-2                0.00              0.00          0.00          0.00       0.00
 A-R              100.00              0.00          0.00          0.00       0.00
 B-1       16,815,000.00     16,815,000.00          0.00          0.00       0.00
 B-2        8,968,000.00      8,968,000.00          0.00          0.00       0.00
 B-3        6,165,000.00      6,165,000.00          0.00          0.00       0.00
 B-4        2,802,000.00      2,802,000.00          0.00          0.00       0.00
 B-5        1,681,000.00      1,681,000.00          0.00          0.00       0.00
 B-6        4,486,095.46      4,486,095.46          0.00          0.00       0.00
        ----------------  ----------------  ------------  ------------  ---------
Totals  1,120,993,195.46  1,000,229,840.28          0.00  9,404,694.86       0.00
------  ----------------  ----------------  ------------  ------------  ---------

<CAPTION>
        Realized  Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class   Loss (1)     Reduction           Balance            Percentage       Distribution
------  --------  ---------------  ------------------  ------------------  ---------------
<S>     <C>       <C>              <C>                 <C>                 <C>
  A         0.00     9,404,694.86      949,908,049.96          0.87948260     9,404,694.86
 X-1        0.00             0.00                0.00          0.00000000             0.00
 X-2        0.00             0.00                0.00          0.00000000             0.00
 A-R        0.00             0.00                0.00          0.00000000             0.00
 B-1        0.00             0.00       16,815,000.00          1.00000000             0.00
 B-2        0.00             0.00        8,968,000.00          1.00000000             0.00
 B-3        0.00             0.00        6,165,000.00          1.00000000             0.00
 B-4        0.00             0.00        2,802,000.00          1.00000000             0.00
 B-5        0.00             0.00        1,681,000.00          1.00000000             0.00
 B-6        0.00             0.00        4,486,095.46          1.00000000             0.00
        --------  ---------------  ------------------  ------------------  ---------------
Totals      0.00     9,404,694.86      990,825,145.42          0.88388150     9,404,694.86
------  --------  ---------------  ------------------  ------------------  ---------------
</TABLE>

(1)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
         Original Face      Certificate      Principal      Principal
Class        Amount           Balance       Distribution  Distribution    Accretion
------  ----------------  ----------------  ------------  ------------    ----------
<S>     <C>               <C>               <C>           <C>             <C>
  A     1,080,076,000.00      888.19003924    0.00000000    8.70743805    0.00000000
 X-1                0.00        0.00000000    0.00000000    0.00000000    0.00000000
 X-2                0.00        0.00000000    0.00000000    0.00000000    0.00000000
 A-R              100.00        0.00000000    0.00000000    0.00000000    0.00000000
 B-1       16,815,000.00     1000.00000000    0.00000000    0.00000000    0.00000000
 B-2        8,968,000.00     1000.00000000    0.00000000    0.00000000    0.00000000
 B-3        6,165,000.00     1000.00000000    0.00000000    0.00000000    0.00000000
 B-4        2,802,000.00     1000.00000000    0.00000000    0.00000000    0.00000000
 B-5        1,681,000.00     1000.00000000    0.00000000    0.00000000    0.00000000
 B-6        4,486,095.46     1000.00000000    0.00000000    0.00000000    0.00000000
------  ----------------  ----------------  ------------  ------------    ----------

<CAPTION>
                                        Ending
         Realized   Total Principal   Certificate   Ending Certificate  Total Principal
Class    Loss (3)      Reduction        Balance          Percentage      Distribution
------  ----------  ---------------  -------------  ------------------  ---------------
<S>     <C>         <C>              <C>            <C>                 <C>
  A     0.00000000       8.70743805   879.48260119          0.87948260       8.70743805
 X-1    0.00000000       0.00000000     0.00000000          0.00000000       0.00000000
 X-2    0.00000000       0.00000000     0.00000000          0.00000000       0.00000000
 A-R    0.00000000       0.00000000     0.00000000          0.00000000       0.00000000
 B-1    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
 B-2    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
 B-3    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
 B-4    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
 B-5    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
 B-6    0.00000000       0.00000000  1000.00000000          1.00000000       0.00000000
------  ----------  ---------------  -------------  ------------------  ---------------
</TABLE>


(3)  Amount does not include excess special hazard, bankruptcy, or fraud losses
     unless otherwise disclosed. Please refer to the prospectus supplement for a
     full description.
<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                                         Payment of
                              Current       Beginning        Current       Unpaid     Current
           Original Face    Certificate    Certificate/      Accrued      Interest    Interest
Class         Amount            Rate     Notional Balance    Interest    Shortfall   Shortfall
-----         ------            ----     ----------------    --------    ---------   ---------
<S>      <C>                <C>          <C>               <C>           <C>         <C>
  A      1,080,076,000.00     1.57000%    959,312,744.82   1,255,100.84      0.00         0.00
 X-1                 0.00     0.79210%    231,973,810.28     153,121.49      0.00         0.00
 X-2                 0.00     1.04274%    744,153,934.54     646,630.28      0.00         0.00
 A-R               100.00     3.16448%              0.00           0.00      0.00         0.00
 B-1        16,815,000.00     1.97000%     16,815,000.00      27,604.63      0.00         0.00
 B-2         8,968,000.00     2.56006%      8,968,000.00      19,132.21      0.00         0.00
 B-3         6,165,000.00     2.56006%      6,165,000.00      13,152.32      0.00         0.00
 B-4         2,802,000.00     2.56006%      2,802,000.00       5,977.75      0.00         0.00
 B-5         1,681,000.00     2.56006%      1,681,000.00       3,586.22      0.00         0.00
 B-6         4,486,095.46     2.56006%      4,486,095.46       9,570.57      0.00         0.00
------   ----------------   ---------    ---------------   ------------  --------    ---------
Totals   1,120,993,195.46                                  2,133,876.31      0.00         0.00
------   ----------------   ---------    ---------------   ------------  --------    ---------

<CAPTION>
                                                   Remaining         Ending
         Non-Supported                               Unpaid       Certificate/
            Interest    Realized  Total Interest    Interest       Notational
Class      Shortfall    Loss (4)   Distribution     Shortfall        Balance
-----      ---------    --------   ------------     ---------        -------
<S>      <C>            <C>       <C>              <C>            <C>
  A          0.00          0.00    1,255,100.84          0.00     949,908,049.96
 X-1         0.00          0.00      153,121.49          0.00     231,162,303.70
 X-2         0.00          0.00      646,630.28          0.00     735,560,746.26
 A-R         0.00          0.00            0.00          0.00               0.00
 B-1         0.00          0.00       27,604.63          0.00      16,815,000.00
 B-2         0.00          0.00       19,132.21          0.00       8,968,000.00
 B-3         0.00          0.00       13,152.32          0.00       6,165,000.00
 B-4         0.00          0.00        5,977.75          0.00       2,802,000.00
 B-5         0.00          0.00        3,586.22          0.00       1,681,000.00
 B-6         0.00          0.00        9,570.57          0.00       4,486,095.46
------   --------       --------  --------------   ----------     --------------
Totals       0.00          0.00    2,133,876.31          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
                               Current       Beginning        Current     Unpaid     Current
            Original Face    Certificate    Certificate       Accrued    Interest    Interest
Class (5)      Amount           Rate      Notional Balance   Interest    Shortfall   Shortfall
---------      ------           ----      ----------------   --------    ---------   ---------
<S>        <C>               <C>          <C>               <C>         <C>         <C>
    A      1,080,076,000.00    1.57000%      888.19003924   1.16204863  0.00000000  0.00000000
   X-1                 0.00    0.79210%      928.95670793   0.61318661  0.00000000  0.00000000
   X-2                 0.00    1.04274%      878.39286618   0.76327679  0.00000000  0.00000000
   A-R               100.00    3.16448%        0.00000000   0.00000000  0.00000000  0.00000000
   B-1        16,815,000.00    1.97000%     1000.00000000   1.64166696  0.00000000  0.00000000
   B-2         8,968,000.00    2.56006%     1000.00000000   2.13338649  0.00000000  0.00000000
   B-3         6,165,000.00    2.56006%     1000.00000000   2.13338524  0.00000000  0.00000000
   B-4         2,802,000.00    2.56006%     1000.00000000   2.13338687  0.00000000  0.00000000
   B-5         1,681,000.00    2.56006%     1000.00000000   2.13338489  0.00000000  0.00000000
   B-6         4,486,095.46    2.56006%     1000.00000000   2.13338528  0.00000000  0.00000000
---------  ----------------  ---------    ----------------  ----------  ----------  ----------

<CAPTION>
                                                      Remaining
           Non-Supported                                Unpaid
             Interest      Realized   Total Interest   Interest   Ending Certificate/
Class (5)   Shortfall      Loss (6)    Distribution    Shortfall  Notational Balance
---------   ---------      --------    ------------    ---------  ------------------
<S>        <C>            <C>         <C>             <C>         <C>
    A       0.00000000    0.00000000    1.16204863    0.00000000     879.48260119
   X-1      0.00000000    0.00000000    0.61318661    0.00000000     925.70696831
   X-2      0.00000000    0.00000000    0.76327679    0.00000000     868.24954108
   A-R      0.00000000    0.00000000    0.00000000    0.00000000       0.00000000
   B-1      0.00000000    0.00000000    1.64166696    0.00000000    1000.00000000
   B-2      0.00000000    0.00000000    2.13338649    0.00000000    1000.00000000
   B-3      0.00000000    0.00000000    2.13338524    0.00000000    1000.00000000
   B-4      0.00000000    0.00000000    2.13338687    0.00000000    1000.00000000
   B-5      0.00000000    0.00000000    2.13338489    0.00000000    1000.00000000
   B-6      0.00000000    0.00000000    2.13338528    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                       11,853,914.54
         Liquidations, Insurance Proceeds, Reserve Funds                   0.00
         Proceeds from Repurchased Loans                                   0.00
         Other Amounts (Servicer Advances)                                 0.00
         Realized Losses                                                   0.00
         Prepayment Penalties                                              0.00
                                                                  -------------
Total Deposits                                                    11,853,914.54

Withdrawals
         Reimbursement for Servicer Advances                             443.01
         Payment of Service Fee                                      314,900.36
         Payment of Interest and Principal                        11,538,571.17
                                                                  -------------
Total Withdrawals (Pool Distribution Amount)                      11,853,914.54

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                                                   314,900.36
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                  --------------

Net Servicing Fee                                                     314,900.36
                                                                  ==============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   Beginning          Current          Current       Ending
Account Type        Balance         Withdrawals       Deposits       Balance
------------        -------         -----------       --------       -------
<S>                <C>              <C>               <C>           <C>
Reserve Fund       10,000.00           0.00             0.00        10,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                     BANKRUPTCY                      FORECLOSURE
----------------------------------------------------------------------------------------------------
             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        1      177,206.76  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
           --------   ----------             -------    --------              -------   --------
               1      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    0.034650%    0.017717% 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%
           --------     --------             --------   --------              --------   --------
           0.034650%    0.017717%            0.000000%  0.000000%             0.000000%  0.000000%

<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       1      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                     1      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    0.034650%   0.017717%
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%              0.034650%   0.017717%
</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         0.02208866%
Fraud             33,629,796.00        3.00000001%       33,629,796.00         3.39412016%
Special Hazard    11,209,932.00        1.00000000%       10,303,554.54         1.03989635%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
           Collateral Description                                                                    Mixed ARM
<S>                                                                                              <C>
Weighted Average Gross Coupon                                                                            2.937857%
Weighted Average Net Coupon                                                                              2.560063%
Weighted Average Pass-Through Rate                                                                       2.560063%
Weighted Average Maturity (Stepdown Calculation)                                                              314

Beginning Scheduled Collateral Loan Count                                                                   2,886
Number of Loans Paid in Full                                                                                   23
Ending Scheduled Collateral Loan Count                                                                      2,863

Beginning Scheduled Collateral Balance                                                           1,000,229,840.28
Ending Scheduled Collateral Balance                                                                990,825,145.42
Ending Actual Collateral Balance at 28-Nov-2003                                                    990,831,086.94

Monthly P&I Constant                                                                                 2,448,776.67
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                                                         990,825,145.42

Scheduled Principal                                                                                          0.00
Unscheduled Principal                                                                                9,404,694.86
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Principal Balance of 1-Month Libor Loans                         236,925,584.00
Principal Balance of 6-Month Libor Loans                         753,899,561.42
Pro Rata Senior Percentage                                            95.909231%
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>