Document:

<PAGE>   1

                                                                    EXHIBIT 10.1

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                     Certificateholder Distribution Summary
<TABLE>
<CAPTION>
                       Certificate    Certificate       Beginning
                          Class       Pass-Through     Certificate        Interest
 Class       CUSIP     Description       Rate            Balance        Distribution
--------   ---------   -----------    ------------    --------------    ------------
<S>        <C>         <C>            <C>             <C>               <C>
   A       02926NAA4       SEQ          6.97000%      134,246,145.10     805,737.90
INV_CERT   ARE991INV       SUB          0.00000%        5,316,432.65       8,812.49
           ---------       ---          --------      --------------     ----------
 Totals                                               139,562,577.75     814,550.39
</TABLE>

<TABLE>
<CAPTION>
                            Current       Ending                         Cumulative
            Principal       Realized    Certificate         Total         Realized
 Class     Distribution       Loss        Balance        Distribution      Losses
--------   ------------     --------   --------------    ------------    ----------
<S>        <C>              <C>        <C>               <C>             <C>
   A       6,172,772.84       0.00     128,073,372.26    6,978,510.74       0.00
INV_CERT           0.00       0.00       5,316,432.65        8,812.49       0.00
           ------------       ----     --------------    ------------       ----
 Totals    6,172,772.84       0.00     133,389,804.91    6,987,323.23       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 1
<PAGE>   2

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                        Principal Distribution Statement
<TABLE>
<CAPTION>
              Original        Beginning       Scheduled      Unscheduled
                Face         Certificate      Principal       Principal
 Class         Amount          Balance       Distribution    Distribution   Accretion
--------   --------------   --------------   ------------    ------------   ---------
<S>        <C>              <C>              <C>             <C>            <C>
   A       229,000,000.00   134,246,145.10       0.00        6,172,772.84      0.00
INV_CERT     7,285,896.30     5,316,432.65       0.00                0.00      0.00
           --------------   --------------       ----        ------------      ----
 Totals    236,285,896.30   139,562,577.75       0.00        6,172,772.84      0.00
</TABLE>

<TABLE>
<CAPTION>
                         Total            Ending          Ending          Total
           Realized    Principal        Certificate     Certificate     Principal
 Class      Loss(1)    Reduction          Balance       Percentage    Distribution
--------   --------   ------------     --------------   -----------   ------------
<S>        <C>        <C>              <C>              <C>           <C>
   A         0.00     6,172,772.84     128,073,372.26   0.55927237    6,172,772.84
INV_CERT     0.00             0.00       5,316,432.65   0.72968821            0.00
             ----     ------------     --------------   ----------    ------------
 Totals      0.00     6,172,772.84     133,389,804.91   0.56452716    6,172,772.84
</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 Descript

                                     Page 2
<PAGE>   3

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                    Principal Distribution Factors Statement
<TABLE>
<CAPTION>
              Original       Beginning       Scheduled      Unscheduled
                Face        Certificate      Principal       Principal
Class(2)       Amount         Balance       Distribution    Distribution   Accretion
--------   --------------   ------------    ------------    ------------   ----------
<S>        <C>              <C>             <C>             <C>            <C>
   A       229,000,000.00   586.22770786     0.00000000      26.95533991   0.00000000
INV_CERT     7,285,896.30   729.68821283     0.00000000       0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                           Total          Ending         Ending          Total
            Realized     Principal      Certificate    Certificate     Principal
Class(2)     Loss(3)     Reduction        Balance       Percentage   Distribution
--------   ----------   -----------     ------------   -----------   ------------
<S>        <C>          <C>             <C>            <C>           <C>
   A       0.00000000   26.95533991     559.27236795    0.55927237    26.95533991
INV_CERT   0.00000000    0.00000000     729.68821283    0.72968821     0.00000000
</TABLE>

(2) All denominations are Per $1000.

(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
    Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a
    Full Descript

                                     Page 3
<PAGE>   4

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                         Interest Distribution Statement
<TABLE>
<CAPTION>
                                            Beginning
              Original        Current      Certificate/     Current     Payment of   Current
                Face        Certificate      Notional       Accrued       Unpaid     Interest
 Class         Amount          Rate          Balance        Interest     Interest    Shortfall
--------   --------------   -----------   --------------   ----------   ----------   ---------
<S>        <C>              <C>           <C>              <C>          <C>          <C>
   A       229,000,000.00      6.97000%   134,246,145.10   805,737.90         0.00        0.00
INV_CERT     7,285,896.30      0.00000%     5,316,432.65         0.00         0.00        0.00
           --------------      --------   --------------   ----------         ----        ----
 Totals    236,285,896.30                                  805,737.90         0.00        0.00
</TABLE>

<TABLE>
<CAPTION>
                                                     Remaining       Ending
           Non-Supported                 Total        Unpaid      Certificate/
              Interest     Realized     Interest     Interest       Notional
 Class        Shortfall     Loss(4)   Distribution   Shortfall      Balance
--------   -------------   --------   ------------   ---------   --------------
<S>        <C>             <C>        <C>            <C>         <C>
   A                0.00       0.00     805,737.90        0.00   128,073,372.26
INV_CERT            0.00       0.00       8,812.49        0.00     5,316,432.65
                    ----       ----     ----------        ----   --------------
 Totals             0.00       0.00     814,550.39        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 4
<PAGE>   5

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                           Beginning                  Payment of
              Original       Current      Certificate/    Current       Unpaid     Current
                Face        Certificate     Notional      Accrued      Interest    Interest
Class(5)       Amount          Rate         Balance       Interest     Shortfall   Shortfall
--------   --------------   -----------   ------------   ----------   ----------   ----------
<S>        <C>              <C>           <C>            <C>          <C>          <C>
   A       229,000,000.00      6.97000%   586.22770786   3.51850611   0.00000000   0.00000000
INV_CERT     7,285,896.30      0.00000%   729.68821283   0.00000000   0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                       Remaining        Ending
           Non-Supported                   Total        Unpaid       Certificate/
             Interest       Realized      Interest     Interest        Notional
Class(5)     Shortfall       Loss(6)    Distribution   Shortfall       Balance
--------   -------------   ----------   ------------   ----------   ------------
<S>        <C>             <C>          <C>            <C>          <C>
   A          0.00000000   0.00000000     3.51850611   0.00000000   559.27236795
INV_CERT      0.00000000   0.00000000     1.20952723   0.00000000   729.68821283
</TABLE>

(5) All denominations are Per $1000.

(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 5
<PAGE>   6

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                      Certificateholder Component Statement
<TABLE>
<CAPTION>
            Component          Beginning        Ending          Beginning       Ending         Ending
           Pass-Through        Notional         Notional        Component      Component      Component
Class          Rate             Balance         Balance          Balance        Balance       Percentage
-----      ------------        ---------       ---------        ---------      ---------     ------------
<S>        <C>                 <C>             <C>              <C>            <C>           <C>
 FSA       1,200.00000%        25,730.51       24,547.40             0.00           0.00     55.92724086%
</TABLE>

                                     Page 6
<PAGE>   7

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                      Certificateholder Account Statement

<TABLE>
<CAPTION>
                               CERTIFICATE ACCOUNT
<S>                                                          <C>
Beginning Balance                                                    0.00

Deposits
     Payments of Interest and Principal                      7,367,428.15
     Liquidations, Insurance Proceeds, Reserve Funds                 0.00
     Proceeds from Repurchased Loans                                 0.00
     Other Amounts (Servicer Advances)                               0.00
     Realized Losses                                          (266,603.51)
                                                             ------------
Total Deposits                                               7,100,824.64

Withdrawals
     Reimbursement for Servicer Advances                             0.00
     Payment of Service Fee                                    113,501.41
     Payment of Interest and Principal                       6,987,323.23
                                                             ------------
Total Withdrawals (Pool Distribution Amount)                 7,100,824.64

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

<TABLE>
<CAPTION>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S>                                                            <C>
Total Prepayment/Curtailment Interest Shortfall                0.00
Servicing Fee Support                                          0.00
                                                               ----
Non-Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                               ====
</TABLE>

<TABLE>
<CAPTION>
                                 SERVICING FEES
<S>                                                         <C>
Gross Servicing Fee                                          58,151.00
Management Fee                                                1,000.00
Trustee Fee                                                     581.53
FSA Insurance Premium                                        25,730.51
Mortgage Insurance Premium                                   28,038.37
Supported Prepayment/Curtailment Interest Shortfall               0.00
                                                            ----------
Net Servicing Fee                                           113,501.41
                                                            ==========
</TABLE>

<TABLE>
<CAPTION>
                                   OTHER ACCOUNTS

                                 Beginning          Current       Current        Ending
      Account Type                Balance         Withdrawals     Deposits       Balance
      ------------               ---------        -----------     --------       -------
<S>                              <C>              <C>             <C>            <C>
Financial Guaranty                 0.00              0.00           0.15          0.00
</TABLE>

                                     Page 7
<PAGE>   8

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

             Loan Status Stratification/Credit Enhancement Statement

                                   DELINQUENT
<TABLE>
<CAPTION>
                No. of         Principal
                Loans           Balance
                -----        ------------
<S>             <C>          <C>
30 Days           32         2,788,460.17
60 Days           16         1,602,148.08
90 Days            6           238,485.79
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --         ------------
                  54         4,629,094.04
</TABLE>

<TABLE>
<CAPTION>
                  No. of          Principal
                  Loans            Balance
                ---------         ---------
<S>             <C>               <C>
30 Days         2.570281%         2.090460%
60 Days         1.285141%         1.201102%
90 Days         0.481928%         0.178789%
120 Days        0.000000%         0.000000%
150 Days        0.000000%         0.000000%
180+ Days       0.000000%         0.000000%
                --------          --------
                4.337349%         3.470351%
</TABLE>

                                   BANKRUPTCY
<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
                 ------      ------------
<S>              <C>         <C>
0-29 Days          0                 0.00
30 Days            0                 0.00
60 Days            0                 0.00
90 Days           49         5,346,543.07
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --         ------------
                  49         5,346,543.07
</TABLE>

<TABLE>
<CAPTION>
                    No. of          Principal
                    Loans            Balance
                  --------          ---------
<S>               <C>               <C>
0-29 Days         0.000000%         0.000000%
30 Days           0.000000%         0.000000%
60 Days           0.000000%         0.000000%
90 Days           3.935743%         4.008210%
120 Days          0.000000%         0.000000%
150 Days          0.000000%         0.000000%
180+ Days         0.000000%         0.000000%
                  --------          --------
                  3.935743%         4.008210%
</TABLE>

                                   FORECLOSURE
<TABLE>
<CAPTION>
                No. of         Principal
                Loans           Balance
                ------       ------------
<S>             <C>          <C>
0-29 Days          0                 0.00
30 Days            0                 0.00
60 Days            0                 0.00
90 Days           63         6,833,924.43
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --         ------------
                  63         6,833,924.43
</TABLE>

<TABLE>
<CAPTION>
                   No. of           Principal
                   Loans             Balance
                  --------          ---------
<S>               <C>               <C>
0-29 Days         0.000000%         0.000000%
30 Days           0.000000%         0.000000%
60 Days           0.000000%         0.000000%
90 Days           5.060241%         5.123273%
120 Days          0.000000%         0.000000%
150 Days          0.000000%         0.000000%
180+ Days         0.000000%         0.000000%
                  --------          --------
                  5.060241%         5.123273%
</TABLE>

                                       REO
<TABLE>
<CAPTION>
                No. of        Principal
                Loans          Balance
                ------       ------------
<S>             <C>          <C>
0-29 Days          0                 0.00
30 Days            0                 0.00
60 Days            0                 0.00
90 Days           27         2,564,091.85
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --         ------------
                  27         2,564,091.85
</TABLE>

<TABLE>
<CAPTION>
                   No. of           Principal
                   Loans             Balance
                  --------          ---------
<S>               <C>               <C>
0-29 Days         0.000000%         0.000000%
30 Days           0.000000%         0.000000%
60 Days           0.000000%         0.000000%
90 Days           2.168675%         1.922255%
120 Days          0.000000%         0.000000%
150 Days          0.000000%         0.000000%
180+ Days         0.000000%         0.000000%
                  --------          --------
                  2.168675%         1.922255%
</TABLE>

                                      Total
<TABLE>
<CAPTION>
                 No. of         Principal
                 Loans           Balance
                 ------       -------------
<S>              <C>          <C>
0-29 Days           0                  0.00
30 Days            32          2,788,460.17
60 Days            16          1,602,148.08
90 Days           145         14,983,045.14
120 Days            0                  0.00
150 Days            0                  0.00
180+ Days           0                  0.00
                  ---         -------------
                  193         19,373,653.39
</TABLE>

<TABLE>
<CAPTION>
                    No. of           Principal
                    Loans             Balance
                  ----------         ----------
<S>               <C>                <C>
0-29 Days          0.000000%          0.000000%
30 Days            2.570281%          2.090460%
60 Days            1.285141%          1.201102%
90 Days           11.646586%         11.232526%
120 Days           0.000000%          0.000000%
150 Days           0.000000%          0.000000%
180+ Days          0.000000%          0.000000%
                  ---------          ---------
                  15.502008%         14.524089%
</TABLE>

(7) The 90 day category of REO, foreclosure and bankruptcies contain all loans
    in their respective category.

<TABLE>
<S>                                                                 <C>
Current Period Realized Loss - Includes Interest Shortfall                  0.00
Cumulative Realized Losses - Includes Interest Shortfall            2,735,028.86
Current Period Class A Insufficient Funds                                   0.00

Principal Balance of Contaminated Properties                                0.00
Periodic Advance                                                            0.00
</TABLE>

SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
PERCENTAGE
<TABLE>
<CAPTION>
                                                                               Current          Next
             Original $       Original%       Current $        Current%         Class%       Prepayment%
            ------------     -----------     ------------     -----------     ----------     -----------
<S>         <C>              <C>             <C>              <C>             <C>            <C>
Class A     7,285,896.30     3.08350876%     5,316,432.65     3.98563642%     96.014364%      0.000000%
</TABLE>

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

                                     Page 8
<PAGE>   9

<TABLE>
<S>                                                    <C>
American Residential Eagle Certificate Trust           Contact:  Customer Service - CTSLink
Mortgage Pass-Through Certificates                               Wells Fargo Bank Minnesota, N.A.
Record Date:                        31-Aug-2000                  Securities Administration Services
Distribution Date:                  25-Sep-2000                  7485 New Horizon Way
                                                                 Frederick, MD 21703
22-Sep-2000        3:40:45PM                                     Telephone:    (301) 815-6600
                                                                 Fax:          (301) 846-8152
</TABLE>

                                ARE Series 1999-1

                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                                  Fixed Mixed & ARM & Balloon
<S>                                                     <C>
Weighted Average Gross Coupon                                         10.272337%
Weighted Average Net  Coupon                                           9.772337%
Weighted Average Pass-Through Rate                                     9.767337%
Weighted Average Maturity (Stepdown Calculation)                            311

Beginning Scheduled Collateral Loan Count                                 1,291
Number of Loans Paid in Full                                                 46
Ending Scheduled Collateral Loan Count                                    1,245

Beginning Scheduled Collateral Balance                           139,562,577.75
Ending Scheduled Collateral Balance                              133,389,804.93
Ending Actual Collateral Balance at 31-Aug-2000                  133,389,804.93
Monthly P&I Constant                                               1,259,347.74
Class A Optimal Amount                                             7,004,241.26
Ending Scheduled Balance for Premium Loans                       133,389,804.93
Scheduled Principal                                                   92,730.58
Unscheduled Principal                                              6,080,042.26
Required Overcollateralized Amount                                 5,316,432.67
Overcollateralized Increase Amount                                         0.00
Overcollateralized Reduction Amount                                        0.00
Specified O/C Amount                                               5,316,432.65
Overcollateralized Amount                                          5,316,432.65
Overcollateralized Deficiency Amount                                       0.00
Base Overcollateralization Amount                                  5,316,432.65
Extra Principal Distribution Amount                                        0.00
Excess Cash Amount                                                   275,416.22
</TABLE>

                                    Page 10<PAGE>   1

                                  EXHIBIT 10.1

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
                               Certificate        Certificate          Beginning
                                  Class           Pass-Through        Certificate          Interest
Class           CUSIP          Description            Rate              Balance          Distribution
------     --------------     --------------     --------------      --------------     --------------
<S>        <C>                <C>                <C>                 <C>                <C>
    A           81743TAA6                SEQ            6.98000%     346,571,428.95       2,015,890.48
    B           SMT00004B                SUB            7.87000%       3,809,289.81          24,982.59
    C           SMT00004C                 IO            0.00000%               0.00         262,045.44
  R-UT          SMT00004R                RES            0.00000%               0.00               0.00
  R-LT          SMT0004RL                RES            0.00000%               0.00               0.00
           --------------     --------------     --------------      --------------     --------------
Totals                                                               350,380,718.76       2,302,918.51
                                                                     --------------     --------------
</TABLE>

<TABLE>
<CAPTION>
                                 Current            Ending                                Cumulative
             Principal          Realized          Certificate            Total             Realized
Class       Distribution          Loss              Balance           Distribution          Losses
------     --------------     --------------     --------------      --------------     --------------
<S>        <C>                <C>                <C>                 <C>                <C>
    A        5,320,451.90               0.00     341,250,977.05        7,336,342.38               0.00
    B                0.00               0.00       3,809,289.81           24,982.59               0.00
    C                0.00               0.00               0.00          262,045.44               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       5,320,451.90               0.00     345,060,266.86        7,623,370.41               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 1
<PAGE>   2

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                        Principal Distribution Statement

<TABLE>
<CAPTION>
              Original           Beginning         Scheduled         Unscheduled
                Face            Certificate        Principal          Principal
Class          Amount             Balance         Distribution       Distribution        Accretion
------     --------------     --------------     --------------     --------------     --------------
<S>        <C>                <C>                <C>                <C>                <C>
   A       377,119,000.00     346,571,428.95               0.00       5,320,451.90               0.00
   B         3,809,982.43       3,809,289.81               0.00               0.00               0.00
   C                 0.00               0.00               0.00               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     380,928,982.43     350,380,718.76               0.00       5,320,451.90               0.00
           --------------     --------------     --------------     --------------     --------------
</TABLE>

<TABLE>
<CAPTION>
                                  Total             Ending             Ending              Total
              Realized          Principal         Certificate        Certificate         Principal
Class          Loss(1)          Reduction           Balance           Percentage        Distribution
------     --------------     --------------     --------------     --------------     --------------
<S>        <C>                <C>                <C>                <C>                <C>
   A                 0.00       5,320,451.90     341,250,977.05         0.90488938       5,320,451.90
   B                 0.00               0.00       3,809,289.81         0.99981821               0.00
   C                 0.00               0.00               0.00         0.00000000               0.00
 R-UT                0.00               0.00               0.00         0.00000000               0.00
 R-LT                0.00               0.00               0.00         0.00000000               0.00
           --------------     --------------     --------------     --------------     --------------
Totals               0.00       5,320,451.90     345,060,266.86         0.90583884       5,320,451.90
           --------------     --------------     --------------     --------------     --------------
</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 2
<PAGE>   3

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
              Original           Beginning         Scheduled          Unscheduled
                Face            Certificate        Principal           Principal
Class(2)       Amount             Balance         Distribution        Distribution         Accretion
------     --------------     --------------     --------------      --------------      --------------
<S>        <C>                <C>                <C>                 <C>                 <C>
     A     377,119,000.00       918.99752850         0.00000000         14.10815127         0.00000000
     B       3,809,982.43       999.81820914         0.00000000          0.00000000         0.00000000
     C               0.00         0.00000000         0.00000000          0.00000000         0.00000000
   R-UT              0.00         0.00000000         0.00000000          0.00000000         0.00000000
   R-LT              0.00         0.00000000         0.00000000          0.00000000         0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                  Total             Ending              Ending               Total
              Realized          Principal         Certificate         Certificate          Principal
Class(2)       Loss(3)          Reduction           Balance            Percentage         Distribution
------     --------------     --------------     --------------      --------------      --------------
<S>        <C>                <C>                <C>                 <C>                 <C>
     A        0.00000000        14.10815127       904.88937723          0.90488938        14.10815127
     B        0.00000000         0.00000000       999.81820914          0.99981821         0.00000000
     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>

(2) Per $1,000 Denomination.

(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 3
<PAGE>   4

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                        Interest Distribution Statement

<TABLE>
<CAPTION>
                                                    Beginning
               Original            Current         Certificate/         Current           Payment of
                 Face            Certificate         Notional           Accrued             Unpaid
 Class          Amount              Rate              Balance           Interest           Interest
-------     --------------     --------------     --------------     --------------     --------------
<S>         <C>                <C>                <C>                <C>                <C>
   A        377,119,000.00          6.98000 %     346,571,428.95       2,015,890.48               0.00
   B          3,809,982.43          7.87000 %       3,809,289.81          24,982.59               0.00
   C                  0.00          0.00000 %               0.00               0.00               0.00
  R-UT                0.00          0.00000 %               0.00               0.00               0.00
  R-LT                0.00          0.00000 %               0.00               0.00               0.00
            --------------     --------------     --------------     --------------     --------------
Totals      380,928,982.43                                             2,040,873.07               0.00
           --------------                                            --------------     --------------
</TABLE>

<TABLE>
<CAPTION>
                                                                                          Remaining           Ending
               Current         Non-Supported                             Total             Unpaid           Certificate/
              Interest           Interest            Realized           Interest          Interest           Notional
 Class        Shortfall          Shortfall            Loss(4)         Distribution        Shortfall           Balance
-------     --------------     --------------     --------------     --------------     --------------     --------------
<S>         <C>                <C>                <C>                <C>                <C>                <C>
   A                  0.00               0.00               0.00       2,015,890.48               0.00     341,250,977.05
   B                  0.00               0.00               0.00          24,982.59               0.00       3,809,289.81
   C                  0.00               0.00               0.00         262,045.44               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                0.00               0.00               0.00       2,302,918.51               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 4
<PAGE>   5

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                    Interest Distribution Factors Statement

<TABLE>
<CAPTION>
                                                    Beginning
               Original            Current         Certificate/         Current           Payment of
                 Face            Certificate         Notional           Accrued             Unpaid
Class(5)        Amount              Rate              Balance           Interest           Interest
-------     --------------     --------------     --------------     --------------     --------------
<S>         <C>                <C>                <C>                <C>                <C>
    A       377,119,000.00          6.98000 %       918.99752850         5.34550230         0.00000000
    B         3,809,982.43          7.87000 %       999.81820914         6.55714047         0.00000000
    C                 0.00          0.00000 %         0.00000000         0.00000000         0.00000000
   R-UT               0.00          0.00000 %         0.00000000         0.00000000         0.00000000
   R-LT               0.00          0.00000 %         0.00000000         0.00000000         0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                                                          Remaining           Ending
               Current         Non-Supported                             Total             Unpaid           Certificate/
              Interest           Interest            Realized           Interest          Interest           Notional
Class(5)      Shortfall          Shortfall            Loss(6)         Distribution        Shortfall           Balance
-------     --------------     --------------     --------------     --------------     --------------     --------------
<S>         <C>                <C>                <C>                <C>                <C>                <C>
    A           0.00000000         0.00000000         0.00000000         5.34550230         0.00000000       904.88937723
    B           0.00000000         0.00000000         0.00000000         6.55714047         0.00000000       999.81820914
    C           0.00000000         0.00000000         0.00000000     00000.00000000         0.00000000         0.00000000
   R-UT         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000
   R-LT         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000         0.00000000
</TABLE>

(5) Per $1,000 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 5
<PAGE>   6

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (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                             7,716,006.93
     Liquidations, Insurance Proceeds, Reserve Funds                       52.33
     Proceeds from Repurchased Loans                                        0.00
     Other Amounts (Servicer Advances)                                 54,084.24
     Realized Losses                                                        0.00
                                                                    ------------
Total Deposits                                                      7,770,143.50

Withdrawals
     Reimbursement for Servicer Advances                                    0.00
     Payment of Service Fee                                           146,773.09
     Payment of Interest and Principal                              7,623,370.41
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        7,770,143.50

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                                            108,920.00
Trustee Fee                                                      1,751.90
AMBAC Premium                                                   36,101.19
Supported Prepayment/Curtailment Interest Shortfall                  0.00
                                                               ----------
Net Servicing Fee                                              146,773.09
                                                               ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                              Beginning      Current       Current       Ending
       Account Type            Balance     Withdrawals     Deposits      Balance
-------------------------     ---------    -----------    ---------     ---------
<S>                           <C>          <C>            <C>           <C>
Reserve Fund                  10,000.00          0.00         52.33     10,000.00
Financial Guaranty                 0.00          0.00          0.00          0.00
</TABLE>

                                     Page 6
<PAGE>   7

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

             Loan Status Stratification/Credit Enhancement Statement

                                   DELINQUENT

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
30 Days                            15     6,566,389.54
60 Days                             2       348,062.61
90 Days                             0             0.00
120 Days                            0             0.00
150 Days                            1       839,975.00
180+ Days                           0             0.00
                         ------------     ------------
                                   18     7,754,427.15
</TABLE>

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
30 Days                    1.792115 %       1.902969 %
60 Days                    0.238949 %       0.100870 %
90 Days                    0.000000 %       0.000000 %
120 Days                   0.000000 %       0.000000 %
150 Days                   0.119474 %       0.243428 %
180+ Days                  0.000000 %       0.000000 %
                         ------------     ------------
                           2.150538 %       2.247267 %
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                           0             0.00
30 Days                             0             0.00
60 Days                             0             0.00
90 Days                             0             0.00
120 Days                            0             0.00
150 Days                            0             0.00
180+ Days                           0             0.00
                         ------------     ------------
                                    0             0.00
</TABLE>

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                  0.000000 %       0.000000 %
30 Days                    0.000000 %       0.000000 %
60 Days                    0.000000 %       0.000000 %
90 Days                    0.000000 %       0.000000 %
120 Days                   0.000000 %       0.000000 %
150 Days                   0.000000 %       0.000000 %
180+ Days                  0.000000 %       0.000000 %
                         ------------     ------------
                           0.000000 %       0.000000 %
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                           0             0.00
30 Days                             0             0.00
60 Days                             0             0.00
90 Days                             0             0.00
120 Days                            0             0.00
150 Days                            0             0.00
180+ Days                           0             0.00
                         ------------     ------------
                                    0             0.00
</TABLE>

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                  0.000000 %       0.000000 %
30 Days                    0.000000 %       0.000000 %
60 Days                    0.000000 %       0.000000 %
90 Days                    0.000000 %       0.000000 %
120 Days                   0.000000 %       0.000000 %
150 Days                   0.000000 %       0.000000 %
180+ Days                  0.000000 %       0.000000 %
                         ------------     ------------
                           0.000000 %       0.000000 %
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                           0             0.00
30 Days                             0             0.00
60 Days                             0             0.00
90 Days                             0             0.00
120 Days                            0             0.00
150 Days                            0             0.00
180+ Days                           0             0.00
                         ------------     ------------
                                    0             0.00
</TABLE>

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                  0.000000 %       0.000000 %
30 Days                    0.000000 %       0.000000 %
60 Days                    0.000000 %       0.000000 %
90 Days                    0.000000 %       0.000000 %
120 Days                   0.000000 %       0.000000 %
150 Days                   0.000000 %       0.000000 %
180+ Days                  0.000000 %       0.000000 %
                         ------------     ------------
                           0.000000 %       0.000000 %
</TABLE>

                                      Total

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                           0             0.00
30 Days                            15     6,566,389.54
60 Days                             2       348,062.61
90 Days                             0             0.00
120 Days                            0             0.00
150 Days                            1       839,975.00
180+ Days                           0             0.00
                         ------------     ------------
                                   18     7,754,427.15
</TABLE>

<TABLE>
<CAPTION>
                             No. of         Principal
                             Loans           Balance
                         ------------     ------------
<S>                      <C>              <C>
0-29 Days                  0.000000 %       0.000000 %
30 Days                    1.792115 %       1.902969 %
60 Days                    0.238949 %       0.100870 %
90 Days                    0.000000 %       0.000000 %
120 Days                   0.000000 %       0.000000 %
150 Days                   0.119474 %       0.243428 %
180+ Days                  0.000000 %       0.000000 %
                         ------------     ------------
                           2.150538 %       2.247267 %
</TABLE>

(7) Delinquencies are stratified according to the information the Servicer has
    provided.

<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                                               54,084.24
</TABLE>

                     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/
                   CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
                                                                                   Current          Next
             Original $       Original %        Current $        Current %         Class %       Prepayment %
            ------------     ------------     ------------     ------------     ------------     ------------
<S>         <C>              <C>              <C>              <C>              <C>              <C>
Class A     3,809,982.43     1.00018182 %     3,809,289.81     1.10394913 %      98.896051 %       0.000000 %
Class B             0.00     0.00000000 %             0.00     0.00000000 %       1.103949 %     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 7
<PAGE>   8

Sequoia Mortgage Trust               Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates            Wells Fargo Bank Minnesota, N.A.
Record Date:            31-Aug-2000           Securities Administration Services
Distribution Date:      22-Sep-2000           7485 New Horizon Way
                                              Frederick, MD 21703
15-Sep-2000        9:43:18AM                  Telephone:    (301) 815-6600
                                              Fax:          (301) 846-8152

                                SMT SERIES 2000-4

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                              <C>
Collateral Description                                                Mixed ARM

Weighted Average Gross Coupon                                          8.389637%

Weighted Average Net  Coupon                                           8.010603%

Weighted Average Pass-Through Rate                                     0.000000%

Weighted Average Maturity (Stepdown Calculation)                            282

Beginning Scheduled Collateral Loan Count                                   847

Number of Loans Paid in Full                                                 10

Ending Scheduled Collateral Loan Count                                      837

Beginning Scheduled Collateral Balance                           350,380,718.77

Ending Scheduled Collateral Balance                              345,060,266.87

Ending Actual Collateral Balance at 31-Aug-2000                  345,060,266.87

Monthly P&I Constant                                               2,449,542.43

Class A Optimal Amount                                             7,372,443.57

Ending Scheduled Balance for Premium Loans                       345,060,266.87

Required Overcollateralized Amount                                         0.00

Overcollateralized Increase Amount                                         0.00

Overcollateralized Reduction Amount                                        0.00

Specified O/C Amount                                               3,809,289.82

Overcollateralized Amount                                          3,809,289.82

Overcollateralized Deficiency Amount                                       0.00

Base Overcollateralization Amount                                          0.00
</TABLE>

<TABLE>
<S>                                                               <C>
Serious Delinquencies                                                   0.00344%
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>

                                     Page 8

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