<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: September 30, 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   11,145,886.20       2.240000%     20,805.65   466,237.50     487,043.16        0.00     10,679,648.70
   A-2         81743UAB1    1,623,609.25       2.390000%      3,233.69    13,079.19      16,312.88        0.00      1,610,530.06
     Total                 12,769,495.45                     24,039.34   479,316.69     503,356.03        0.00     12,290,178.76
</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  172.108000245    0.321268267    7.199356168   164.908644077        2.240000%
     A-2         81743UAB1    15,861,000.00  102.364873030    0.203876705    0.824613024   101.540260006        2.390000%
    Total                     80,622,000.00  158.387232455    0.298173485    5.945234452   152.441998003
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                              ORIGINAL        BEGINNING        PASS       INTEREST
   SERIES         CLASS       BALANCE          BALANCE        THROUGH    DISTRIBUTION
------------      -----    --------------   -------------    ---------   ------------
<S>               <C>      <C>              <C>              <C>         <C>
  CWMBS 94K         A1     123,119,000.00            0.00    0.000000%         0.00
DLJMA 93-Q18       1A1      51,833,000.00            0.00    0.000000%         0.00
 DLJMA 94-2A       1A1      85,787,000.00      364,787.84    5.254300%     1,597.25
  ONE 00-2          2A     152,653,000.00            0.00    0.000000%         0.00
 RYMS3 92-B        1A2       7,712,906.00            0.00    0.000000%         0.00
  SBM7 94-2         A1      49,384,000.00            0.00    0.000000%         0.00
  SMS 91-K          A1     110,588,063.00            0.00    0.000000%         0.00
  SMS 91-K          A3       1,917,885.00            0.00    0.000000%         0.00
 EAGLE 98-1         M1      46,029,000.00   11,090,388.11    2.615000%    26.584.59
  INMC 94-R         M2       4,620,000.00            0.00    0.000000%         0.00
  INMC 94-V         B1       3,618,000.00            0.00    0.000000%         0.00
  INMC 94-X         B1       2,769,000.00            0.00    0.000000%         0.00
  INMC 95-C         B1      12,828,797.00            0.00    0.000000%         0.00
  INMC 95-T         A2      65,695,250.00            0.00    0.000000%         0.00
         Total             718,554,901.00   11,455,175.95                 28,181.84
</TABLE>


<TABLE>
<CAPTION>
                PRINCIPAL         TOTAL        REALIZED  INTEREST      ENDING
   SERIES     DISTRIBUTION    DISTRIBUTION      LOSSES   SHORTFALL    BALANCE
------------  ------------    -------------    --------  --------- -------------
<S>           <C>             <C>              <C>       <C>       <C>
  CWMBS 94K           0.00            0.00        0.00       0.00           0.00
DLJMA 93-Q18          0.00            0.00        0.00       0.00           0.00
 DLJMA 94-2A      1,163.79        2,761.04        0.00       0.00     363,624.06
  ONE 00-2            0.00            0.00        0.00       0.00           0.00
 RYMS3 92-B           0.00            0.00        0.00       0.00           0.00
  SBM7 94-2           0.00            0.00        0.00       0.00           0.00
  SMS 91-K            0.00            0.00        0.00       0.00           0.00
  SMS 91-K            0.00            0.00        0.00       0.00           0.00
 EAGLE 98-1     478,011.45      504,596.04        0.00       0.00  10,612,376.66
  INMC 94-R           0.00            0.00        0.00       0.00           0.00
  INMC 94-V           0.00            0.00        0.00       0.00           0.00
  INMC 94-X           0.00            0.00        0.00       0.00           0.00
  INMC 95-C           0.00            0.00        0.00       0.00           0.00
  INMC 95-T           0.00            0.00        0.00       0.00           0.00
        Total   479,175.24      507,357.08        0.00       0.00  10,976,000.72
</TABLE>
<PAGE>
             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
                         ORIGINAL         BEGINNING       PASS       INTEREST
   SERIES     CLASS       BALANCE          BALANCE       THROUGH    DISTRIBUTION
   ------     -----       -------          -------       -------    ------------
<S>           <C>     <C>               <C>             <C>         <C>
GRCAP 94-HM4   A1     245,813,000.00      269,061.54    3.845381%      862.20
 INMC 95-E     B1       4,608,492.00            0.00    0.000000%        0.00
 PMLT 99-A     M1       2,914,000.00    1,387,682.59    2.997504%    3,466.32
  RTC 95-2     A3     119,696,000.00            0.00    0.000000%        0.00
       Total          373,031,492.00    1,656,744.13                 4,328.52
</TABLE>

<TABLE>
<CAPTION>
                 PRINCIPAL       TOTAL      REALIZED  INTEREST          ENDING
   SERIES       DISTRIBUTION  DISTRIBUTION   LOSSES   SHORTFALL         BALANCE
   ------       ------------  ------------   ------   ---------         -------
<S>             <C>           <C>           <C>       <C>          <C>
GRCAP 94-HM4       801.06      1,663.26       0.00      0.00         268,260.48
 INMC 95-E           0.00          0.00       0.00      0.00               0.00
 PMLT 99-A      12,545.05     16,011.37       0.00      0.00       1,375,137.54
  RTC 95-2           0.00          0.00       0.00      0.00               0.00
       Total    13,346.11     17,674.63       0.00      0.00       1,643,398.02
</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)      590,770.96      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     17,970,035.51      4   764,069.87        1   118,791.10        10   1,612,916.24
  INMC 94-R               0.00      0         0.00        0         0.00         0           0.00
  INMC 94-V               0.00      0         0.00        0         0.00         0           0.00
  INMC 94-X               0.00      0         0.00        0         0.00         0           0.00
  INMC 95-C               0.00      0         0.00        0         0.00         0           0.00
  INMC 95-T(2)            0.00      0         0.00        0         0.00         0           0.00
   Total         18,560,806.47      4   764,069.87        1   118,791.10        10   1,612,916.24
</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          0.00       0              0.00           0.00
   SMS 91-K           0          0.00       0              0.00           0.00
  EAGLE 98-1         22  1,684,404.78      10      1,321,938.31           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           0          0.00       0              0.00           0.00
  INMC 95-C           0          0.00       0              0.00           0.00
  INMC 95-T(2)        0          0.00       0              0.00           0.00
   Total             22  1,684,404.78      10      1,321,938.31           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      3,718,453.78      0           0.00      0          0.00        0          0.00
  INMC 95-E               0.00      0           0.00      0          0.00        0          0.00
  PMLT 99-A      21,152,732.15     30   1,622,157.89     11    484,792.25        4    333,059.10
 RTC 95-2(1)              0.00      0           0.00      0          0.00        0          0.00
    Total        24,871,185.93     30   1,622,157.89     11    484,792.25        4    333,059.10
  Total All      43,431,992.40     34   2,386,227.76     12    603,583.35       14  1,945,975.34
</TABLE>


<TABLE>
<CAPTION>
                       FORECLOSURE               REO            REALIZED LOSSES
       SERIES        NO.      BALANCE      NO.        BALANCE    CURR. AMOUNT
       ------        ---      -------      ---        -------    ------------
<S>                <C>   <C>               <C>   <C>            <C>
GRCAP 94-HM4          0          0.00       0            0.00        0.00
  INMC 95-E           0          0.00       0            0.00        0.00
  PMLT 99-A          12    661,787.54       3      160,737.41        0.00
 RTC 95-2(1)          0          0.00       0            0.00        0.00
    Total            12    661,787.54       3      160,737.41        0.00
  Total All          34  2,346,192.32      13    1,482,675.72        0.00
</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              507,357.08       286.38            0.00       507,070.70           487,043.16    20,027.54
 II          0.00               17,674.63        41.42            0.00        17,633.21            16,312.88     1,320.34
Total        0.00              525,031.71       327.80            0.00       524,703.91           503,356.03    21,347.88
</TABLE>

<TABLE>
<CAPTION>
                    ADDITIONAL REPORTING ITEMS                       POOL I           POOL II             TOTAL
                    --------------------------                       ------           -------             -----
         <S>        <C>                                          <C>              <C>                 <C>
         2.15(a)    Available Interest                               28,181.84         4,328.52           32,510.37
                    Available Principal                             479,175.24        13,346.11          492,521.35
         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                       20,950,576.42    25,075,211.61       46,025,788.03
         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       20,027.54         1,320.34           21,347.88
</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.