<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: December 31, 2003

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                      BEGINNING      PASS      INTEREST     PRINCIPAL       TOTAL      REALIZED   ENDING CERT
 CLASS     CUSIP    CERT BALANCE    THROUGH  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES      BALANCE
-------  ---------  -------------  --------  ------------  ------------  ------------  --------  -------------
<S>      <C>        <C>            <C>       <C>           <C>           <C>           <C>       <C>
 A-1     81743UAA3  29,557,179.24  1.718750%    42,334.50  6,296,468.87  6,338,803.37      0.00  23,260,710.37
 A-2     81743UAB1   9,987,384.86  1.868750%    15,553.27    299,501.88    315,055.15      0.00   9,687,882.99
-------  ---------  -------------  --------  ------------  ------------  ------------  --------  -------------
  Total             39,544,564.10               57,887.77  6,595,970.74  6,653,858.52      0.00  32,948,593.35
-------  ---------  -------------  --------  ------------  ------------  ------------  --------  -------------
</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  456.403996790  0.653703641  97.226245249  359.177751541      1.718750%
 A-2     81743UAB1  15,861,000.00  629.681915503  0.980598400  18.882912551  610.799002952      1.868750%
-------  ---------  -------------  -------------  -----------  ------------  -------------  ------------
  Total             80,622,000.00  490.493464537  0.718014596  81.813534080  408.679930458
-------  ---------  -------------  -------------  -----------  ------------  -------------  ------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                        ORIGINAL       BEGINNING      PASS      INTEREST      PRINCIPAL
   SERIES     CLASS     BALANCE         BALANCE     THROUGH   DISTRIBUTION  DISTRIBUTION
------------  -----  --------------  -------------  --------  ------------  ------------
<S>           <C>    <C>             <C>            <C>       <C>           <C>
  CWMBS 94K     A1   123,119,000.00     184,745.29  3.727328%       573.84    184,745.29
DLJMA 93-Q18   1A1    51,833,000.00           0.00  0.000000%         0.00          0.00
 DLJMA 94-2A   1A1    85,787,000.00     413,356.85  5.218314%     1,797.52        879.96
  ONE 00-2      2A   152,653,000.00   5,079,153.02  3.951533%    16,725.37  5,079,153.02
 RYMS3 92-B    1A2     7,712,906.00           0.00  0.000000%         0.00          0.00
  SBM7 94-2     A1    49,384,000.00   1,025,506.86  5.752671%     4,916.17     24,521.45
  SMS 91-K      A1   110,588,063.00           0.00  0.000000%         0.00          0.00
  SMS 91-K      A3     1,917,885.00           0.00  0.000000%         0.00          0.00
 EAGLE 98-1     M1    46,029,000.00  14,779,014.23  2.118750%    26,964.00    283,958.01
  INMC 94-R     M2     4,620,000.00   1,830,700.50  4.030877%     6,149.44     59,038.18
  INMC 94-V     B1     3,618,000.00   1,040,055.04  3.762898%     3,261.35     11,628.45
  INMC 94-X     B1     2,769,000.00     904,185.20  3.808158%     2,869.40     37,913.18
  INMC 95-C     B1    12,828,797.00   3,349,912.70  4.207525%    11,745.70    128,544.00
  INMC 95-T     A2    65,695,250.00   1,605,048.14  3.392833%     4,538.05    495,119.14
------------  -----  --------------  -------------  --------  ------------  ------------
       Total         718,554,901.00  30,211,677.83               79,540.83  6,305,500.68
------------  -----  --------------  -------------  --------  ------------  ------------

<CAPTION>
                        TOTAL      REALIZED   INTEREST      ENDING
   SERIES     CLASS  DISTRIBUTION   LOSSES   SHORTFALL     BALANCE
------------  -----  ------------  --------  ---------  -------------
<S>           <C>    <C>           <C>       <C>        <C>
  CWMBS 94K     A1     183,319.13      0.00       0.00           0.00
DLJMA 93-Q18   1A1           0.00      0.00       0.00           0.00
 DLJMA 94-2A   1A1       2,677.48      0.00       0.00     412,476.89
  ONE 00-2      2A   5,095,878.39      0.00       0.00           0.00
 RYMS3 92-B    1A2           0.00      0.00       0.00           0.00
  SBM7 94-2     A1      29,437.62      0.00       0.00   1,000,985.41
  SMS 91-K      A1           0.00      0.00       0.00           0.00
  SMS 91-K      A3           0.00      0.00       0.00           0.00
 EAGLE 98-1     M1     310,922.01      0.00       0.00  14,495,056.22
  INMC 94-R     M2      65,187.62      0.00       0.00   1,771,662.32
  INMC 94-V     B1      14,889.80      0.00       0.00   1,028,426.59
  INMC 94-X     B1      40,782.58      0.00       0.00     866,272.02
  INMC 95-C     B1     140,289.70      0.00       0.00   3,221,368.70
  INMC 95-T     A2     499,657.19      0.00       0.00   1,109,929.00
------------  -----  ------------  --------  ---------  -------------
       Total         6,385,041.52      0.00       0.00  23,906,177.15
------------  -----  ------------  --------  ---------  -------------
</TABLE>

<PAGE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                        ORIGINAL       BEGINNING      PASS      INTEREST      PRINCIPAL
   SERIES     CLASS     BALANCE         BALANCE     THROUGH   DISTRIBUTION  DISTRIBUTION
------------  -----  --------------  -------------  --------  ------------  ------------
<S>           <C>    <C>             <C>            <C>       <C>           <C>
GRCAP 94-HM4    A1       245,813.00     379,550.90  3.831994%     1,212.03     20,870.53
 INMC 95-E      B1     4,608,492.00   2,260,833.42  4.214190%     7,939.65     29,443.54
 PMLT 99-A      M1     2,914,000.00   1,723,116.06  2.218750%     3,185.97     35,810.07
  RTC 95-2      A3   119,696,000.00   5,785,038.44   3.16813%    14,977.53    213,377.73
------------  -----  --------------  -------------  --------  ------------  ------------
       Total         373,031,492.00  10,148,538.82               27,315.18    299,501.88
------------  -----  --------------  -------------  --------  ------------  ------------

<CAPTION>
                        TOTAL      REALIZED   INTEREST      ENDING
   SERIES     CLASS  DISTRIBUTION   LOSSES   SHORTFALL     BALANCE
------------  -----  ------------  --------  ---------  -------------
<S>           <C>    <C>           <C>       <C>        <C>
GRCAP 94-HM4    A1      22,082.56      0.00       0.00     358,680.38
 INMC 95-E      B1      37,383.20      0.00       0.00   2,231,389.88
 PMLT 99-A      M1      38,996.04      0.00       0.00   1,687,305.99
  RTC 95-2      A3     228,355.26      0.00       0.00   5,571,660.70
------------  -----  ------------  --------  ---------  -------------
       Total           326,817.06      0.00       0.00   9,849,036.95
------------  -----  ------------  --------  ---------  -------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
                      LOANS
                   OUTSTANDING   DELINQUENT 30-59 DAYS  DELINQUENT 60-89 DAYS DELINQUENT 90+ DAYS
    SERIES           BALANCE      NO.        BALANCE     NO.       BALANCE     NO.      BALANCE
---------------  --------------  -----    ------------  -----   ------------  -----  ------------
<S>              <C>             <C>      <C>           <C>     <C>           <C>    <C>
   CWMBS 94K               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)       670,140.94    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)      3,569,426.25    0              0.00    1       115,740.51    0            0.00
   SMS 91-K                0.00    0              0.00    0             0.00    0            0.00
  EAGLE 98-1      24,544,612.70   10        631,215.47    4       813,342.88   18    2,282,247.24
   INMC 94-R       5,442,623.95    1        101,928.29    0             0.00    0            0.00
   INMC 94-V       4,685,491.86    2        106,399.54    0             0.00    0            0.00
   INMC 94-X       4,080,145.08    2        135,544.64    1        94,321.90    2      182,185.88
   INMC 95-C       6,290,394.03    5        601,861.01    0             0.00    1      250,554.72
 INMC 95-T(2)      4,989,901.61    3        395,501.06    1        71,062.82    0            0.00
---------------  --------------  -----    ------------  -----   ------------  -----  ------------
     Total        54,272,736.42   23      1,972,450.01    7     1,094,468.11   21    2,714,987.84
---------------  --------------  -----    ------------  -----   ------------  -----  ------------

<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             0.00
  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)      0            0.00    0            0.00             0.00
   SMS 91-K        0            0.00    0            0.00             0.00
  EAGLE 98-1       8      551,984.40   11    1,877,148.70         4,445.32
   INMC 94-R       3    1,385,138.60    0            0.00             0.00
   INMC 94-V       0            0.00    0            0.00             0.00
   INMC 94-X       1      137,372.02    0            0.00             0.00
   INMC 95-C       2      250,338.39    0            0.00        49,365.10
 INMC 95-T(2)      1       78,949.98    0            0.00             0.00
---------------  -----  ------------  -----  ------------  ---------------
     Total        15    2,403,783.39   11    1,877,148.70        53,810.42
---------------  -----  ------------  -----  ------------  ---------------
</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      4,965,420.83    0              0.00    0             0.00    0            0.00
   INMC 95-E      10,713,653.01    6      1,512,132.88    2       353,787.98    1      400,962.13
   PMLT 99-A      25,954,590.42   29      1,953,374.16    6       456,911.25    8      535,019.75
  RTC 95-2(1)     17,302,104.86   11        600,840.91    1       110,367.59    4      329,727.47
---------------  --------------  -----    ------------  -----   ------------  -----  ------------
     Total        58,935,769.12   46      4,066,347.95    9       921,066.82   13    1,265,709.35
---------------  --------------  -----    ------------  -----   ------------  -----  ------------

---------------  --------------  -----    ------------  -----   ------------  -----  ------------
   Total All     113,208,505.54   69      6,038,797.96   16     2,015,534.93   34    3,980,697.19
---------------  --------------  -----    ------------  -----   ------------  -----  ------------

<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       3      536,583.45    0            0.00        24,655.27
   PMLT 99-A      24    1,658,489.81    6      231,009.57             0.00
  RTC 95-2(1)      3      244,105.39    0            0.00             0.00
---------------  -----  ------------  -----  ------------  ---------------
     Total        30    2,429,178.65    6      231,009.57        24,655.27
---------------  -----  ------------  -----  ------------  ---------------

---------------  -----  ------------  -----  ------------  ---------------
   Total All      45    4,832,962.04   17    2,108,158.27        78,465.69
---------------  -----  ------------  -----  ------------  ---------------
</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           6,385,041.52       755.29        0.00         6,384,286.23       6,338,803.37  45,482.86
 II           0.00             326,817.06       253.71        0.00           326,563.34         315,055.15  11,508.19
-----  -----------------  ---------------  -----------  --------------  ---------------  -----------------  ---------
Total         0.00           6,711,858.57     1,009.01        0.00         6,710,849.57       6,653,858.52  56,991.05
-----  -----------------  ---------------  -----------  --------------  ---------------  -----------------  ---------
</TABLE>

<TABLE>
<CAPTION>
          ADDITIONAL REPORTING ITEMS              POOL I          POOL II          TOTAL
-------   ---------------------------------   --------------   -------------   --------------
<S>       <C>                                 <C>              <C>             <C>
2.15(a)   Available Interest                       79,540.83       27,315.18       106,856.01
          Available Principal                   6,305,500.68      299,501.88     6,605,002.56
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                         2.1664%         1.5880%
          Ending Actual OC                            2.7000%         1.6362%
2.15(g)   2nd preceding pool bal              266,107,183.30   60,089,258.17   326,196,441.47
2.15(h)   Required OC                                 2.7000%          2.000%
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                  45,482.86       11,508.19        56,991.05
          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.