<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:  May 28, 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   20,529,781.10    1.700000%      29,083.86   1,236,050.64   1,265,134.50      0.00     19,293,730.46
   A-2        81743UAB1    3,895,073.05    1.850000%       6,004.90      61,787.76      67,792.66      0.00      3,833,285.29
                           ------------                   ---------   ------------   ------------      ----    --------------
     Total                24,424,854.15                   35,088.76   1,297,838.40   1,332,927.16      0.00    232,127,015.75
                           ------------                   ---------   ------------   ------------      ----    --------------
</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    317.008401671    0.449095236   19.086342783   297.922058888      1.700000%
     A-2      81743UAB1    15,861,000.00    245.575502844    0.378595567    3.895577590   241.679925254      1.850000%
                           -------------    -------------    -----------    -----------   -------------
    Total                  80,622,000.00    302.955200209    0.435225631   16.097819468   286.857380741
                           -------------    -------------    -----------    -----------   -------------
</TABLE>


             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                                ORIGINAL       BEGINNING        PASS       INTEREST       PRINCIPAL         TOTAL
     SERIES         CLASS       BALANCE         BALANCE        THROUGH    DISTRIBUTION   DISTRIBUTION    DISTRIBUTION
     ------         -----       -------         -------        -------    ------------   ------------    ------------
<S>                          <C>              <C>              <C>        <C>            <C>             <C>
    CWMBS 94K         A1     123,119,000.00            0.00    0.000000%         0.00            0.00            0.00
  DLJMA 93-Q18       1A1      51,833,000.00            0.00    0.000000%         0.00            0.00            0.00
   DLJMA 94-2A       1A1      85,787,000.00      368,191.81    5.239494%     1,607.62          860.16        2,467.78
    ONE 00-2          2A     152,653,000.00            0.00    0.000000%         0.00            0.00            0.00
   RYMS3 92-B        1A2       7,712,906.00            0.00    0.000000%         0.00            0.00            0.00
    SBM7 94-2         A1      49,384,000.00      895,032.57    5.734007%     4,276.77      895,032.27      899,309.04
    SMS 91-K          A1     110,588,063.00            0.00    0.000000%         0.00            0.00            0.00
    SMS 91-K          A3       1,917,885.00            0.00    0.000000%         0.00            0.00            0.00
   EAGLE 98-1         M1      46,029,000.00   12,547,924.35    2.100000%    21,226.91      353,187.05      374,413.96
    INMC 94-R         M2       4,620,000.00    1,594,309.71    3.927287%     5,217.76        4,654.88        9,872.64
    INMC 94-V         B1       3,618,000.00      952,245.33    3.739620%     2,967.53        2,683.48        5,651.01
    INMC 94-X         B1       2,769,000.00      841,793.99    3.721181%     2,610.39        3,196.58        5,806.97
    INMC 95-C         B1      12,828,797.00    2,962,876.02    3.898754%     9,626.27        7,883.36       17,509.63
    INMC 95-T         A2      65,695,250.00      937,092.93    3.133354%     2,446.87        2,852.02        5,298.89
                             --------------   -------------                 ---------    ------------    ------------
            Total            718,554,901.00   21,099,466.70                 49,980.11    1,270,349.80    1,320,329.91
                             --------------   -------------                 ---------    ------------    ------------

</TABLE>

<TABLE>
<CAPTION>
                                 REALIZED   INTEREST      ENDING
     SERIES         CLASS         LOSSES    SHORTFALL     BALANCE
     ------         -----         ------    ---------     -------
<S>                              <C>        <C>         <C>
    CWMBS 94K         A1           0.00       0.00               0.00
  DLJMA 93-Q18       1A1           0.00       0.00               0.00
   DLJMA 94-2A       1A1           0.00       0.00         367,331.65
    ONE 00-2          2A           0.00       0.00               0.00
   RYMS3 92-B        1A2           0.00       0.00               0.00
    SBM7 94-2         A1           0.30       0.00               0.00
    SMS 91-K          A1           0.00       0.00               0.00
    SMS 91-K          A3           0.00       0.00               0.00
   EAGLE 98-1         M1           0.00       0.00      12,194,737.30
    INMC 94-R         M2           0.00       0.00       1,589,654.83
    INMC 94-V         B1           0.00       0.00         949,561.85
    INMC 94-X         B1           0.00       0.00         838,597.41
    INMC 95-C         B1           0.00       0.00       2,954,992.66
    INMC 95-T         A2           0.00       0.00         934,240.91
                                   ----       ----      -------------
            Total                  0.30       0.00      19,829,116.60
                                   ----       ----      -------------

</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                          ORIGINAL       BEGINNING       PASS      INTEREST      PRINCIPAL        TOTAL
   SERIES      CLASS      BALANCE         BALANCE       THROUGH   DISTRIBUTION  DISTRIBUTION   DISTRIBUTION
   ------      -----      -------         -------       -------   ------------  ------------   ------------
<S>            <C>     <C>              <C>            <C>        <C>           <C>            <C>
GRCAP 94-HM4     A1    245,813,000.00     299,727.43   3.610966%      901.92      13,033.20       13,935.12
  INMC 95-E      B1      4,608,492.00   2,112,614.37   3.802548%    6,694.43       7,008.59       13,703.02
  PMLT 99-A      M1      2,914,000.00   1,562,222.54   2.126670%    2,768.61      43,006.94       45,775.55
  RTC 95-2       A3    119,696,000.00           0.00   0.000000%        0.00           0.00            0.00
                       --------------   ------------               ---------      ---------       ---------
       Total           373,031,492.00   3,974,564.34               10,364.96      63,048.73       73,413.69
                       --------------   ------------               ---------      ---------       ---------
</TABLE>

<TABLE>
<CAPTION>
                          REALIZED  INTEREST      ENDING
   SERIES      CLASS       LOSSES   SHORTFALL     BALANCE
   ------      -----       ------   ---------     -------
<S>            <C>       <C>        <C>         <C>
GRCAP 94-HM4     A1         0.00      0.00        286,694.23
  INMC 95-E      B1         0.00      0.00      2,105,605.78
  PMLT 99-A      M1         0.00      0.00      1,519,215.60
  RTC 95-2       A3         0.00      0.00              0.00
                            ----      ----      ------------
       Total                0.00      0.00      3,911,515.61
                            ----      ----      ------------
</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)           596,794.59     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)                  0.00     0              0.00     0             0.00     0            0.00
      SMS 91-K                    0.00     0              0.00     0             0.00     0            0.00
     EAGLE 98-1          21,247,516.30     7        362,440.97     3       272,040.80    13    1,896,934.85
      INMC 94-R           4,885,233.47     1         86,485.80     1       278,168.79     0            0.00
      INMC 94-V           4,326,185.61     1         34,337.83     0             0.00     0            0.00
      INMC 94-X           3,949,797.57     3        366,597.34     0             0.00     1       46,334.25
      INMC 95-C           5,777,204.01     1        141,570.53     1       115,774.12     0            0.00
    INMC 95-T(2)          4,706,954.04     2        222,373.91     0             0.00     0            0.00
                         -------------    --      ------------     -       ----------    --    ------------
        Total            45,489,685.59    15      1,213,806.38     5       665,983.71    14    1,943,269.10
                         -------------    --      ------------     -       ----------    --    ------------
</TABLE>

<TABLE>
<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)                         0.00     0            0.00            0.00
      SMS 91-K              0            0.00     0            0.00            0.00
     EAGLE 98-1            18    1,609,255.53     9    1,651,633.15            0.00
      INMC 94-R             0            0.00     0            0.00            0.00
      INMC 94-V             0            0.00     0            0.00            0.00
      INMC 94-X             1       93,127.18     0            0.00            0.00
      INMC 95-C             2      378,837.58     0            0.00            0.00
    INMC 95-T(2)            2      150,103.91     0            0.00            0.00
                           --    ------------     -    ------------            ----
        Total              23    2,231,324.20     9    1,651,633.15            0.00
                           --    ------------     -    ------------            ----
</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    3,976,054.73     0              0.00     0             0.00     0            0.00
 INMC 95-E     10,116,176.74     3        241,484.19     1        78,956.54     3      422,685.29
 PMLT 99-A     23,368,979.27    20      1,059,178.19     7       236,926.66     6      493,718.90
RTC 95-2(1)             0.00     0              0.00     0             0.00     0            0.00
               -------------    --      ------------    --       ----------    --    ------------
   Total       37,461,210.74    23      1,300,662.38     8       315,883.20     9      916,404.19
               -------------    --      ------------    --       ----------    --    ------------

 Total All     82,950,896.33    38      2,514,468.76    13       981,866.91    23    2,859,673.29
               -------------    --      ------------    --       ----------    --    ------------
</TABLE>

<TABLE>
<CAPTION>
                                                             REALIZED
                     FORECLOSURE               REO            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         1      396,101.52     0            0.00         0.00
 PMLT 99-A        18    1,145,509.09     4      183,067.93    20,773.31
RTC 95-2(1)        0            0.00     0            0.00         0.00
                  --    ------------    --    ------------    ---------
   Total          19    1,541,610.61     4      183,067.93    20,773.31
                  --    ------------    --    ------------    ---------

 Total All        42    3,772,934.81    13    1,834,701.08    20,773.31
                  --    ------------    --    ------------    ---------
</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           1,320,329.91         527.49          420.26           1,319,382.16       1,265,134.50      54,247.66
   II            0.00              73,413.69          99.36           79.74              73,234.59          67,792.66       5,441.93
                 ----           ------------         ------          ------           ------------       ------------      ---------
   Total         0.00           1,393,743.61         626.85          500.00           1,392,616.76       1,332,927.16      59,689.60
                 ----           ------------         ------          ------           ------------       ------------      ---------
</TABLE>


<TABLE>
<CAPTION>
               ADDITIONAL REPORTING ITEMS                     POOL I           POOL II              TOTAL
               --------------------------                     ------           -------              -----
<S>            <C>                                       <C>              <C>                  <C>
2.15(a)        Available Interest                            49,980.11        10,364.96            60,345.08
               Available Principal                        1,270,349.80        63,048.73         1,333,398.53
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%          2.0000%
               Ending Actual OC                                 2.7000%          2.0000%
2.15(g)        2nd preceding pool bal                    48,835,641.36    38,156,426.99        86,992,068.35
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
               Certificateholders                            54,247.37         5,441.93            59,689.30
</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.