Document:

<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2002-7
                           RECORD DATE: JUNE 30, 2003
                        DISTRIBUTION DATE: JULY 21, 2003

                     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    81743YAA5      SEN           1.44375%  485,544,999.79    584,171.33
  A-R   SMT0207AR      SEN           3.51558%            0.00          0.00
  B-1   81743YAE7      SUB           1.85375%    8,080,000.00     12,481.92
  B-2   81743YAF4      SUB           2.78296%    5,771,000.00     13,383.73
  B-3   81743YAG2      SUB           2.78296%    3,463,000.00      8,031.17
  B-4   SMT0207B4      SUB           2.78296%    1,442,000.00      3,344.19
  B-5   SMT0207B5      SUB           2.78296%    1,154,000.00      2,676.28
  B-6   SMT0207B6      SUB           2.78296%    2,600,498.71      6,030.91
  X-1   81743YAC1      SEN           1.22961%            0.00     87,060.60
  X-2   81743YAD9      SEN           1.35389%            0.00    461,108.08
------  ---------  -----------  ------------   --------------  ------------
Totals                                         508,055,498.50  1,178,288.21
------  ---------  -----------  ------------   --------------  ------------
</TABLE>

<TABLE>
<CAPTION>
                                         Ending
         Principal        Current      Certificate       Total        Cumulative
Class   Distribution   Realized Loss     Balance      Distribution   Realized Loss
------  -------------  -------------  --------------  -------------  -------------
<S>     <C>            <C>            <C>             <C>            <C>
   A    10,444,723.23           0.00  475,100,276.56  11,028,894.56           0.00
  A-R            0.00           0.00            0.00           0.00           0.00
  B-1            0.00           0.00    8,080,000.00      12,481.92           0.00
  B-2            0.00           0.00    5,771,000.00      13,383.73           0.00
  B-3            0.00           0.00    3,463,000.00       8,031.17           0.00
  B-4            0.00           0.00    1,442,000.00       3,344.19           0.00
  B-5            0.00           0.00    1,154,000.00       2,676.28           0.00
  B-6            0.00           0.00    2,600,498.71       6,030.91           0.00
  X-1            0.00           0.00            0.00      87,060.60           0.00
  X-2            0.00           0.00            0.00     461,108.08           0.00
------  -------------  -------------  --------------  -------------  -------------
Totals  10,444,723.23           0.00  497,610,775.27  11,623,011.44           0.00
------  -------------  -------------  --------------  -------------  -------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled     Unscheduled
        Original Face    Certificate     Principal      Principal
Class       Amount         Balance      Distribution  Distribution   Accretion
------  --------------  --------------  ------------  -------------  ---------
<S>     <C>             <C>             <C>           <C>            <C>
   A    554,686,000.00  485,544,999.79        202.41  10,444,520.82       0.00
  A-R           100.00            0.00          0.00           0.00       0.00
  B-1     8,080,000.00    8,080,000.00          0.00           0.00       0.00
  B-2     5,771,000.00    5,771,000.00          0.00           0.00       0.00
  B-3     3,463,000.00    3,463,000.00          0.00           0.00       0.00
  B-4     1,442,000.00    1,442,000.00          0.00           0.00       0.00
  B-5     1,154,000.00    1,154,000.00          0.00           0.00       0.00
  B-6     2,600,498.71    2,600,498.71          0.00           0.00       0.00
  X-1            50.00            0.00          0.00           0.00       0.00
  X-2            50.00            0.00          0.00           0.00       0.00
------  --------------  --------------  ------------  -------------  ---------
Totals  577,196,698.71  508,055,498.50        202.41  10,444,520.82       0.00
------  --------------  --------------  ------------  -------------  ---------
</TABLE>

<TABLE>
<CAPTION>
                                       Ending        Ending
        Realized  Total Principal   Certificate    Certificate  Total Principal
Class   Loss (1)     Reduction        Balance      Percentage    Distribution
------  --------  ---------------  --------------  -----------  ---------------
<S>     <C>       <C>              <C>             <C>          <C>
   A        0.00    10,444,723.23  475,100,276.56   0.85652112    10,444,723.23
  A-R       0.00             0.00            0.00   0.00000000             0.00
  B-1       0.00             0.00    8,080,000.00   1.00000000             0.00
  B-2       0.00             0.00    5,771,000.00   1.00000000             0.00
  B-3       0.00             0.00    3,463,000.00   1.00000000             0.00
  B-4       0.00             0.00    1,442,000.00   1.00000000             0.00
  B-5       0.00             0.00    1,154,000.00   1.00000000             0.00
  B-6       0.00             0.00    2,600,498.71   1.00000000             0.00
  X-1       0.00             0.00            0.00   0.00000000             0.00
  X-2       0.00             0.00            0.00   0.00000000             0.00
------  --------  ---------------  --------------  -----------  ---------------
Totals      0.00    10,444,723.23  497,610,775.27   0.86211646    10,444,723.23
------  --------  ---------------  --------------  -----------  ---------------
</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>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled    Unscheduled
        Original Face    Certificate     Principal    Principal
Class       Amount         Balance     Distribution  Distribution  Accretion
------  --------------  -------------  ------------  ------------  ----------
<S>     <C>             <C>            <C>           <C>           <C>
  A     554,686,000.00   875.35109916    0.00036491   18.82960958  0.00000000
 A-R            100.00     0.00000000    0.00000000    0.00000000  0.00000000
 B-1      8,080,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
 B-2      5,771,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
 B-3      3,463,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
 B-4      1,442,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
 B-5      1,154,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
 B-6      2,600,498.71  1000.00000000    0.00000000    0.00000000  0.00000000
 X-1             50.00     0.00000000    0.00000000    0.00000000  0.00000000
 X-2             50.00     0.00000000    0.00000000    0.00000000  0.00000000
------  --------------  -------------  ------------  ------------  ----------
</TABLE>

<TABLE>
<CAPTION>
                       Total        Ending        Ending
         Realized    Principal    Certificate   Certificate  Total Principal
Class    Loss (3)    Reduction      Balance     Percentage    Distribution
------  ----------  -----------  -------------  -----------  ---------------
<S>     <C>         <C>          <C>            <C>          <C>
  A     0.00000000  18.82997499   856.52112467   0.85652112      18.82997449
 A-R    0.00000000   0.00000000     0.00000000   0.00000000       0.00000000
 B-1    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 B-2    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 B-3    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 B-4    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 B-5    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 B-6    0.00000000   0.00000000  1000.00000000   1.00000000       0.00000000
 X-1    0.00000000   0.00000000     0.00000000   0.00000000       0.00000000
 X-2    0.00000000   0.00000000     0.00000000   0.00000000       0.00000000
------  ----------  -----------  -------------  -----------  ---------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                         Beginning                    Payment
                          Current       Certificate/     Current     of Unpaid
        Original Face   Certificate       Notional       Accrued     Interest
Class       Amount          Rate          Balance        Interest    Shortfall
------  --------------  ------------   --------------  ------------  ---------
<S>     <C>             <C>            <C>             <C>           <C>
   A    554,686,000.00       1.44375%  485,544,999.79    584,171.33       0.00
  A-R           100.00       3.51558%            0.00          0.00       0.00
  B-1     8,080,000.00       1.85375%    8,080,000.00     12,481.92       0.00
  B-2     5,771,000.00       2.78296%    5,771,000.00     13,383.73       0.00
  B-3     3,463,000.00       2.78296%    3,463,000.00      8,031.17       0.00
  B-4     1,442,000.00       2.78296%    1,442,000.00      3,344.19       0.00
  B-5     1,154,000.00       2.78296%    1,154,000.00      2,676.28       0.00
  B-6     2,600,498.71       2.78296%    2,600,498.71      6,030.91       0.00
  X-1            50.00       1.22961%   84,958,359.34     87,054.50       0.00
  X-2            50.00       1.35389%  408,666,640.45    461,075.77       0.00
------  --------------  ------------   --------------  ------------  ---------
Totals  577,196,698.71                                 1,178,249.80       0.00
------  --------------  ------------   --------------  ------------  ---------
</TABLE>

<TABLE>
<CAPTION>
                                                             Remaining     Ending
       Current   Non-Supported                                Unpaid     Certificate/
      Interest     Interest      Realized    Total Interest  Interest     Notational
Class Shortfall    Shortfall      Loss (4)    Distribution   Shortfall     Balance
---------------  -------------  -----------  --------------  ---------  --------------
<S>   <C>        <C>            <C>          <C>             <C>        <C>
   A       0.00           0.00         0.00      584,171.33       0.00  475,100,276.56
  A-R      0.00           0.00         0.00            0.00       0.00            0.00
  B-1      0.00           0.00         0.00       12,481.92       0.00    8,080,000.00
  B-2      0.00           0.00         0.00       13,383.73       0.00    5,771,000.00
  B-3      0.00           0.00         0.00        8,031.17       0.00    3,463,000.00
  B-4      0.00           0.00         0.00        3,344.19       0.00    1,442,000.00
  B-5      0.00           0.00         0.00        2,676.28       0.00    1,154,000.00
  B-6      0.00           0.00         0.00        6,030.91       0.00    2,600,498.71
  X-1      0.00           0.00         0.00       87,060.60       0.00   84,036,413.86
  X-2      0.00           0.00         0.00      461,108.08       0.00  399,143,862.70
---------------  -------------  -----------  --------------  ---------  --------------
Totals     0.00           0.00         0.00    1,178,288.21       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>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                            Payment of
                             Current         Beginning                       Unpaid
           Original Face   Certificate    Certificate/     Current Accrued  Interest
Class (5)      Amount         Rate       Notional Balance      Interest     Shortfall
---------  --------------  -----------   ----------------  ---------------  ----------
<S>        <C>             <C>           <C>               <C>              <C>
   A       554,686,000.00      1.44375%      875.35109916       1.05315680  0.00000000
  A-R              100.00      3.51558%        0.00000000       0.00000000  0.00000000
  B-1        8,080,000.00      1.85375%     1000.00000000       1.54479208  0.00000000
  B-2        5,771,000.00      2.78296%     1000.00000000       2.31913533  0.00000000
  B-3        3,463,000.00      2.78296%     1000.00000000       2.31913659  0.00000000
  B-4        1,442,000.00      2.78296%     1000.00000000       2.31913315  0.00000000
  B-5        1,154,000.00      2.78296%     1000.00000000       2.31913345  0.00000000
  B-6        2,600,498.71      2.78296%     1000.00000000       2.31913593  0.00000000
  X-1               50.00      1.22961%  1699167.18680000    1741.09000000  0.00000000
  X-2               50.00      1.35389%  8173332.80900000    9221.51540000  0.00000000
---------  --------------  -----------   ----------------  ---------------  ----------
</TABLE>

<TABLE>
<CAPTION>
                                                                  Remaining
            Current    Non-Supported                                Unpaid         Ending
            Interest      Interest     Realized   Total Interest   Interest      Certificate/
Class (5)  Shortfall    Shortfall      Loss (6)    Distribution   Shortfall   Notational Balance
---------  ----------  -------------  ----------  --------------  ----------  ------------------
<S>        <C>         <C>            <C>         <C>             <C>         <C>
   A       0.00000000     0.00000000  0.00000000      1.05315680  0.00000000        856.52112467
  A-R      0.00000000     0.00000000  0.00000000      0.00000000  0.00000000          0.00000000
  B-1      0.00000000     0.00000000  0.00000000      1.54479208  0.00000000       1000.00000000
  B-2      0.00000000     0.00000000  0.00000000      2.31913533  0.00000000       1000.00000000
  B-3      0.00000000     0.00000000  0.00000000      2.31913659  0.00000000       1000.00000000
  B-4      0.00000000     0.00000000  0.00000000      2.31913315  0.00000000       1000.00000000
  B-5      0.00000000     0.00000000  0.00000000      2.31913345  0.00000000       1000.00000000
  B-6      0.00000000     0.00000000  0.00000000      2.31913593  0.00000000       1000.00000000
  X-1      0.00000000     0.00000000  0.00000000   1741.21200000  0.00000000    1680728.27720000
  X-2      0.00000000     0.00000000  0.00000000   9222.16160000  0.00000000    7982877.25400000
---------  ----------  -------------  ----------  --------------  ----------  ------------------
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                               <C>
Beginning Balance                                                           0.00

Deposits
         Payments of Interest and Principal                        11,786,346.65
         Liquidations, Insurance Proceeds, Reserve Funds                   38.41
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                                800.15
         Realized Losses                                                    0.00
         Prepayment Penalties                                               0.00
                                                                   -------------

Total Deposits                                                     11,787,185.21

Withdrawals
         Reimbursement for Servicer Advances                              967.60
         Payment of Service Fee                                       163,206.17
         Payment of Interest and Principal                         11,623,011.44
                                                                   -------------

Total Withdrawals (Pool Distribution Amount)                       11,787,185.21

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

<PAGE>

                    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                     0.01
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                   <C>
Gross Servicing Fee                                                   158,972.39
Master Servicing Fee                                                    4,233.78
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     163,206.17
                                                                      ==========
</TABLE>

<TABLE>
<CAPTION>
                                Beginning     Current     Current   Ending
         Account Type            Balance    Withdrawals  Deposits   Balance
-----------------------------   ---------   -----------  --------  --------
<S>                             <C>         <C>          <C>       <C>
Basis Risk Reserve Fund - X-1   1,512.84        6.10        5.82   1,512.56
Basis Risk Reserve Fund - X-2   8,487.16       32.31       32.59   8,487.44
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                       BANKRUPTCY                       FORECLOSURE
--------------------------------   -------------------------------   -------------------------------

            No. of     Principal               No. of    Principal               No. of    Principal
            Loans       Balance                Loans      Balance                Loans      Balance
<S>       <C>         <C>          <C>       <C>         <C>         <C>       <C>         <C>
30 Days       2       332,519.19   30 Days       0          0.00     30 Days       0          0.00
60 Days       0             0.00   60 Days       0          0.00     60 Days       0          0.00
90 Days       0             0.00   90 Days       0          0.00     90 Days       0          0.00
120 Days      0             0.00   120 Days      0          0.00     120 Days      0          0.00
150 Days      0             0.00   150 Days      0          0.00     150 Days      0          0.00
180+ Days     0             0.00   180+ Days     0          0.00     180+ Days     0          0.00
              2       332,519.19                 0          0.00                   0          0.00

            No. of    Principal                No. of    Principal               No. of    Principal
            Loans      Balance                 Loans      Balance                Loans      Balance

30 Days    0.145560%    0.066824%  30 Days    0.000000%   0.000000%  30 Days    0.000000%   0.000000%
60 Days    0.000000%    0.000000%  60 Days    0.000000%   0.000000%  60 Days    0.000000%   0.000000%
90 Days    0.000000%    0.000000%  90 Days    0.000000%   0.000000%  90 Days    0.000000%   0.000000%
120 Days   0.000000%    0.000000%  120 Days   0.000000%   0.000000%  120 Days   0.000000%   0.000000%
150 Days   0.000000%    0.000000%  150 Days   0.000000%   0.000000%  150 Days   0.000000%   0.000000%
180+ Days  0.000000%    0.000000%  180+ Days  0.000000%   0.000000%  180+ Days  0.000000%   0.000000%
           0.145560%    0.066824%             0.000000%   0.000000%             0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                             TOTAL
--------------------------------   --------------------------------

             No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance
<S>        <C>         <C>        <C>        <C>        <C>
30 Days        0          0.00     30 Days       2       332,519.19
60 Days        0          0.00     60 Days       0             0.00
90 Days        0          0.00     90 Days       0             0.00
120 Days       0          0.00     120 Days      0             0.00
150 Days       0          0.00     150 Days      0             0.00
180+ Days      0          0.00     180+ Days     0             0.00
               0          0.00                   2       332,519.19

             No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance

30 Days     0.000000%   0.000000%  30 Days    0.145560%    0.066824%
60 Days     0.000000%   0.000000%  60 Days    0.000000%    0.000000%
90 Days     0.000000%   0.000000%  90 Days    0.000000%    0.000000%
120 Days    0.000000%   0.000000%  120 Days   0.000000%    0.000000%
150 Days    0.000000%   0.000000%  150 Days   0.000000%    0.000000%
180+ Days   0.000000%   0.000000%  180+ Days  0.000000%    0.000000%
            0.000000%   0.000000%             0.145560%    0.066824%
</TABLE>

Current Period Class A Insufficient Funds:           0.00

Principal Balance of Contaminated Properties         0.00

Periodic Advance                                   800.15

<TABLE>
<CAPTION>
                    Original $     Original %       Current $        Current %

<S>              <C>              <C>            <C>                <C>
    Bankruptcy      100,261.00    0.01737033%       100,261.00      0.02014848%
         Fraud   17,315,901.00    3.00000001%    17,315,901.00      3.47980829%
Special Hazard    5,771,967.00    1.00000000%     4,976,107.75      1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                       FORECLOSURE
--------------------------------   -------------------------------   -------------------------------

             No. of    Principal               No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance                Loans      Balance
<S>         <C>        <C>         <C>        <C>        <C>         <C>        <C>        <C>

30 Days        0            0.00   30 Days       0            0.00   30 Days       0            0.00
60 Days        0            0.00   60 Days       0            0.00   60 Days       0            0.00
90 Days        0            0.00   90 Days       0            0.00   90 Days       0            0.00
120 Days       0            0.00   120 Days      0            0.00   120 Days      0            0.00
150 Days       0            0.00   150 Days      0            0.00   150 Days      0            0.00
180+ Days      0            0.00   180+ Days     0            0.00   180+ Days     0            0.00
            -------    ---------              ------     ---------              -------    ---------
               0            0.00                 0            0.00                 0            0.00

             No. of    Principal               No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance                Loans      Balance

30 Days     0.000000%   0.000000%  30 Days    0.000000%   0.000000%  30 Days    0.000000%   0.000000%
60 Days     0.000000%   0.000000%  60 Days    0.000000%   0.000000%  60 Days    0.000000%   0.000000%
90 Days     0.000000%   0.000000%  90 Days    0.000000%   0.000000%  90 Days    0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days   0.000000%   0.000000%  120 Days   0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days   0.000000%   0.000000%  150 Days   0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days  0.000000%   0.000000%  180+ Days  0.000000%   0.000000%
            ---------   ---------             ---------   ---------             ---------   ---------
            0.000000%   0.000000%             0.000000%   0.000000%             0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
              REO                              TOTAL
--------------------------------   -------------------------------

             No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance
<S>         <C>        <C>         <C>        <C>        <C>

30 Days        0             0.00  30 Days       0            0.00
60 Days        0             0.00  60 Days       0            0.00
90 Days        0             0.00  90 Days       0            0.00
120 Days       0             0.00  120 Days      0            0.00
150 Days       0             0.00  150 Days      0            0.00
180+ Days      0             0.00  180+ Days     0            0.00
            -------    ----------             -------    ---------
               0             0.00                0            0.00

             No. of    Principal               No. of    Principal
             Loans      Balance                Loans      Balance

30 Days     0.000000%   0.000000%  30 Days    0.000000%   0.000000%
60 Days     0.000000%   0.000000%  60 Days    0.000000%   0.000000%
90 Days     0.000000%   0.000000%  90 Days    0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days   0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days   0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days  0.000000%   0.000000%
            ---------   ---------             ---------   ---------
            0.000000%   0.000000%             0.000000%   0.000000%
</TABLE>

                                 SIX-MONTH LIBOR

<TABLE>
<CAPTION>
            DELINQUENT                          BANKRUPTCY                         FORECLOSURE
---------------------------------   ---------------------------------   ---------------------------------

             No. of    Principal                 No. of    Principal                 No. of    Principal
             Loans      Balance                  Loans      Balance                  Loans       Balance
<S>         <C>        <C>          <C>         <C>        <C>          <C>         <C>        <C>

30 Days        2       332,519.19   30 Days        0             0.00   30 Days        0             0.00
60 Days        0             0.00   60 Days        0             0.00   60 Days        0             0.00
90 Days        0             0.00   90 Days        0             0.00   90 Days        0             0.00
120 Days       0             0.00   120 Days       0             0.00   120 Days       0             0.00
150 Days       0             0.00   150 Days       0             0.00   150 Days       0             0.00
180+ Days      0             0.00   180+ Days      0             0.00   180+ Days      0             0.00
            -------    ----------               ------      ---------               -------    ----------
               2       332,519.19                  0             0.00                  0             0.00

             No. of    Principal                 No. of    Principal                 No. of    Principal
             Loans      Balance                  Loans       Balance                 Loans      Balance

30 Days     0.173010%    0.080893%  30 Days     0.000000%    0.000000%  30 Days     0.000000%    0.000000%
60 Days     0.000000%    0.000000%  60 Days     0.000000%    0.000000%  60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%  90 Days     0.000000%    0.000000%  90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%  120 Days    0.000000%    0.000000%  120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%  150 Days    0.000000%    0.000000%  150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%  180+ Days   0.000000%    0.000000%  180+ Days   0.000000%    0.000000%
            ---------    ---------              ---------    ---------              ---------    ---------
            0.173010%    0.080893%              0.000000%    0.000000%              0.000000%    0.000000%
</TABLE>

<TABLE>
<CAPTION>
              REO                               TOTAL
--------------------------------   ----------------------------------

             No. of    Principal                No. of     Principal
              Loans      Balance                 Loans       Balance
<S>         <C>        <C>         <C>         <C>        <C>

30 Days         0           0.00   30 Days         2       332,519.19
60 Days         0           0.00   60 Days         0             0.00
90 Days         0           0.00   90 Days         0             0.00
120 Days        0           0.00   120 Days        0             0.00
150 Days        0           0.00   150 Days        0             0.00
180+ Days       0           0.00   180+ Days       0             0.00
            -------    ---------                -------    ----------
                0           0.00                   2       332,519.19

             No. of    Principal                No. of     Principal
             Loans      Balance                 Loans       Balance

30 Days     0.000000%   0.000000%  30 Days     0.173010%     0.080893%
60 Days     0.000000%   0.000000%  60 Days     0.000000%     0.000000%
90 Days     0.000000%   0.000000%  90 Days     0.000000%     0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.000000%     0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%     0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%     0.000000%
            ---------   ---------              ---------     ---------
            0.000000%   0.000000%              0.173010%     0.080893%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                         Mixed Fixed & Arm
<S>                                                            <C>

Weighted Average Gross Coupon                                          3.168448%
Weighted Average Net Coupon                                            2.792963%
Weighted Average Pass-Through Rate                                     2.782963%
Weighted Average Maturity (Stepdown Calculation)                             346

Beginning Scheduled Collateral Loan Count                                  1,398
Number of Loans Paid in Full                                                  24
Ending Scheduled Collateral Loan Count                                     1,374

Beginning Scheduled Collateral Balance                            508,055,498.50
Ending Scheduled Collateral Balance                               497,610,775.27
Ending Actual Collateral Balance at 30-June-2003                  497,607,912.70

Monthly P&I Constant                                                1,341,658.42
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00
Scheduled Principal                                                       202.41
Unscheduled Principal                                              10,444,520.82
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
Pro Rata Senior Percent                                              95.569284%
Senior Percent                                                      100.000000%
Senior Prepay Percent                                               100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepay Percent                                            0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                          ONE MONTH LIBOR       SIX MONTH LIBOR              TOTAL
<S>                                      <C>                   <C>                  <C>

Collateral Description                         Monthly            6 Month Arm       Mixed Fixed & Arm
Weighted Average Coupon Rate                  3.065068               3.189939                3.168448
Weighted Average Net Rate                     2.690068               2.814354                2.792963
Pass-Through Rate                             2.680068               2.804354                2.782963
Weighted Average Maturity                          306                    307                     346
Record Date                                 06/30/2003             06/30/2003              06/30/2003
Principal and Interest Constant             223,572.12           1,118,086.30            1,341,658.42
Beginning Loan Count                               220                  1,178                   1,398
Loans Paid in Full                                   2                     22                      24
Ending Loan Count                                  218                  1,156                   1,374
Beginning Scheduled Balance              87,442,008.86         420,613,489.64          508,055,498.50
Ending Scheduled Balance                 86,546,216.97         411,064,558.30          497,610,775.27
Scheduled Principal                             225.68                 (23.27)                 202.41
Unscheduled Principal                       895,566.21           9,548,954.61           10,444,520.82
Scheduled Interest                          223,346.44           1,118,109.57            1,341,456.01
Servicing Fee                                27,325.62             131,646.77              158,972.39
Master Servicing Fee                            728.68               3,505.10                4,233.78
Trustee Fee                                       0.00                   0.00                    0.00
FRY Amount                                        0.00                   0.00                    0.00
Special Hazard Fee                                0.00                   0.00                    0.00
Other Fee                                         0.00                   0.00                    0.00
Pool Insurance Fee                                0.00                   0.00                    0.00
Spread 1                                          0.00                   0.00                    0.00
Spread 2                                          0.00                   0.00                    0.00
Spread 3                                          0.00                   0.00                    0.00
Net Interest                                195,292.14             982,957.70            1,178,249.84
Realized Loss Amount                              0.00                   0.00                    0.00
Cumulative Realized Loss                          0.00                   0.00                    0.00
Percentage of Cumulative Losses                   0.00                   0.00                    0.00
Prepayment Penalties                              0.00                   0.00                    0.00
Special Servicing Fee                             0.00                   0.00                    0.00
</TABLE><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:  July 30, 2003

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                      BEGINNING        PASS      INTEREST       PRINCIPAL        TOTAL       REALIZED    ENDING CERT
CLASS      CUSIP     CERT BALANCE     THROUGH   DISTRIBUTION   DISTRIBUTION   DISTRIBUTION    LOSSES       BALANCE
------   ---------   -------------   --------    ---------     ------------   ------------     ----     -------------
<S>      <C>         <C>             <C>        <C>            <C>            <C>            <C>        <C>
 A-1     81743UAA3   36,446,497.52   1.713750%   52,050.15     1,235,093.83   1,287,143.98     0.00     35,211,403.69
 A-2     81743UAB1   11,846,375.16   1.863750%   18,398.90       449,598.95     467,997.85     0.00     11,396,776.21
------   ---------   -------------   --------    ---------     ------------   ------------     ----     -------------
 Total               48,292,872.68               70,449.06     1,684,692.78   1,755,141.83     0.00     46,608,179.90
------   ---------   -------------   --------    ---------     ------------   ------------     ----     -------------
</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   562.784662348   0.803726846   19.071568236   543.713094112       1.713750%
 A-2     81743UAB1   15,861,000.00   746.887028483   1.160008916   28.346191791   718.540836692       1.863750%
------   ---------   -------------   -------------   -----------   ------------   -------------   ------------
 Total               80,622,000.00   599.003655046   0.873819251   20.896191840   578.107463206
------   ---------   -------------   -------------   -----------   ------------   -------------   ------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
                           ORIGINAL        BEGINNING       PASS       INTEREST      PRINCIPAL
   SERIES       CLASS      BALANCE          BALANCE       THROUGH   DISTRIBUTION   DISTRIBUTION
-------------   -----   --------------   -------------   --------   ------------   ------------
<S>             <C>     <C>              <C>             <C>        <C>            <C>
 CWMBS 94K        A1    123,119,000.00      486,915.43   3.737234%      1,516.43      76,035.19
DLJMA 93-Q18     1A1     51,833,000.00       78,421.49   4.599311%        300.57      17,755.09
DLJMA 94-2A      1A1     85,787,000.00      584,365.81   5.267864%      2,565.30       1,986.66
  ONE 00-2        2A    152,653,000.00    6,938,828.26   4.312477%     24,936.28     178,715.95
 RYMS3 92-B      1A2      7,712,906.00            0.00   0.000000%          0.00           0.00
 SBM7 94-2        A1     49,384,000.00    1,136,853.79   5.864901%      5,556.28      41,072.71
  SMS 91-K        A1    110,588,063.00            0.00   0.000000%          0.00           0.00
  SMS 91-K        A3      1,917,885.00            0.00   0.000000%          0.00           0.00
 EAGLE 98-1       M1     46,029,000.00   17,342,913.96   2.035000%     29,410.69     594,146.58
 INMC 94-R        M2      4,620,000.00    2,257,969.63   4.825967%      9,080.74     114,158.58
 INMC 94-V        B1      3,618,000.00    1,307,863.67   4.528444%      4,935.49       4,035.99
 INMC 94-X        B1      2,769,000.00    1,022,580.49   4.427951%      3,773.28      38,654.86
 INMC 95-C        B1     12,828,797.00    3,785,695.68   4.606294%     14,531.69      58,005.90
 INMC 95-T        A2     65,695,250.00    2,158,587.90   4.207084%      7,567.80     110,526.31
-------------   -----   --------------   -------------   --------   ------------   ------------
        Total           718,554,901.00   37,100,996.12                104,174.55   1,235,093.83
-------------   -----   --------------   -------------   --------   ------------   ------------
</TABLE>

<TABLE>
<CAPTION>
                           TOTAL       REALIZED   INTEREST       ENDING
   SERIES       CLASS   DISTRIBUTION    LOSSES    SHORTFALL      BALANCE
-------------   -----   ------------   --------   ---------   -------------
<S>             <C>     <C>            <C>        <C>         <C>
 CWMBS 94K        A1       77,551.62       0.00        0.00      410,880.25
DLJMA 93-Q18     1A1       18,055.66       0.00        0.00       60,666.39
DLJMA 94-2A      1A1        4,551.96       0.00        0.00      582,379.15
  ONE 00-2        2A      203,652.24       0.00        0.00    6,760,112.31
 RYMS3 92-B      1A2            0.00       0.00        0.00            0.00
 SBM7 94-2        A1       46,628.99       0.00        0.00    1,095,781.07
  SMS 91-K        A1            0.00       0.00        0.00            0.00
  SMS 91-K        A3            0.00       0.00        0.00            0.00
 EAGLE 98-1       M1      623,557.27       0.00        0.00   16,748,767.38
 INMC 94-R        M2      123,239.32       0.00        0.00    2,143,811.05
 INMC 94-V        B1        8,971.48       0.00        0.00    1,303,827.68
 INMC 94-X        B1       42,428.14       0.00        0.00      983,925.63
 INMC 95-C        B1       72,537.59       0.00        0.00    3,727,689.78
 INMC 95-T        A2      118,094.11       0.00        0.00    2,048,061.59
-------------   -----   ------------   --------   ---------   -------------
        Total           1,339,268.38       0.00        0.00   35,865,902.29
-------------   -----   ------------   --------   ---------   -------------
</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      420,647.45   4.560240%      1,598.54
 INMC 95-E        B1      4,608,492.00    2,720,225.79   4.575146%     10,371.19
 PMLT 99-A        M1      2,914,000.00    2,008,721.40   2.135000%      3,573.85
  RTC 95-2        A3    119,696,000.00    6,857,934.48   3.594481%     20,542.26
-------------   -----   --------------   -------------   --------   ------------
        Total           373,031,492.00   12,007,529.12                 36,085.85
-------------   -----   --------------   -------------   --------   ------------
</TABLE>

<TABLE>
<CAPTION>
                         PRINCIPAL        TOTAL       REALIZED   INTEREST       ENDING
   SERIES       CLASS   DISTRIBUTION   DISTRIBUTION    LOSSES    SHORTFALL      BALANCE
-------------   -----   ------------   ------------   --------   ---------   -------------
<S>             <C>     <C>            <C>            <C>        <C>         <C>
GRCAP 94-HM4      A1       18,480.29      20,078.83       0.00        0.00      402,167.17
 INMC 95-E        B1      127,144.06     137,515.25       0.00        0.00    2,593,081.73
 PMLT 99-A        M1       61,179.04      64,752.89       0.00        0.00    1,947,542.36
  RTC 95-2        A3      242,795.56     263,337.82       0.00        0.00    6,615,138.92
-------------   -----   ------------   ------------   --------   ---------   -------------
        Total             449,598.95     485,684.80       0.00        0.00   11,557,930.17
-------------   -----   ------------   ------------   --------   ---------   -------------
</TABLE>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
                      LOANS        DELINQUENT 30-59 DAYS    DELINQUENT 0-89 DAYS   DELINQUENT 90+ DAYS
                   OUTSTANDING     ----------------------   --------------------   --------------------
     SERIES           BALANCE        NO.       BALANCE        NO.      BALANCE       NO.      BALANCE
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
<S>               <C>              <C>      <C>             <C>     <C>            <C>     <C>
   CWMBS 94K        7,954,256.47        3      346,945.87       0           0.00       0           0.00
DLJMA 93-Q18(1)     3,069,964.49        3      175,793.53       0           0.00       0           0.00
 DLJMA 94-2A(1)       946,176.94        0            0.00       0           0.00       0           0.00
  ONE 00-2(2)     263,604,310.00       65    8,077,341.00      15   1,238,462.00       9   2,197,111.00
 RYMS3 92-B(2)              0.00        0            0.00       0           0.00       0           0.00
  SBM7 94-2(2)      4,036,587.48        0            0.00       1     108,061.03       0           0.00
    SMS 91-K                0.00        0            0.00       0           0.00       0           0.00
   EAGLE 98-1      28,360,841.64       14      998,403.04       6     709,344.29      23   2,379,301.62
   INMC 94-R        6,581,997.95        3      295,944.43       0           0.00       0           0.00
   INMC 94-V        5,834,020.99        1      122,327.05       0           0.00       0           0.00
   INMC 94-X        4,645,918.36        3      278,781.03       2     230,197.57       1      47,444.58
   INMC 95-C        7,325,650.50        2      259,529.29       1      94,484.03       1     178,589.50
  INMC 95-T(2)      2,968,387.73        3      333,636.06       1     164,137.78       0           0.00
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
     Total        335,328,112.55       97   10,888,701.30      26   2,544,686.70      34   4,802,446.70
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
</TABLE>

<TABLE>
<CAPTION>
                      FORECLOSURE                REO
                  --------------------   --------------------   REALIZED LOSSES
     SERIES         NO.      BALANCE       NO.      BALANCE       CURR. AMOUNT
---------------   -----   ------------   -----   ------------   ---------------
<S>               <C>     <C>            <C>     <C>            <C>
   CWMBS 94K          1     237,266.17       0           0.00              0.00
DLJMA 93-Q18(1)       1      59,145.30       0           0.00              0.00
 DLJMA 94-2A(1)       0           0.00       0           0.00          3,393.54
  ONE 00-2(2)        14   2,272,889.00       5     560,480.00              0.00
 RYMS3 92-B(2)        0           0.00       0           0.00              0.00
  SBM7 94-2(2)        0           0.00       1     125,597.70              0.00
    SMS 91-K          0           0.00       0           0.00              0.00
   EAGLE 98-1        17   1,951,295.59      15   1,825,106.98         -1,178.46
   INMC 94-R          3   1,401,587.90       1      54,100.32              0.00
   INMC 94-V          0           0.00       0           0.00              0.00
   INMC 94-X          1     139,006.81       0           0.00              0.00
   INMC 95-C          3     335,849.22       0           0.00         60,639.01
  INMC 95-T(2)        2     537,394.67       0           0.00             31.23
---------------   -----   ------------   -----   ------------   ---------------
     Total           42   6,934,434.66      22   2,565,285.00         62,885.32
---------------   -----   ------------   -----   ------------   ---------------
</TABLE>

<TABLE>
<CAPTION>
                      LOANS        DELINQUENT 30-59 DAYS    DELINQUENT 0-89 DAYS   DELINQUENT 90+ DAYS
                   OUTSTANDING     ----------------------   --------------------   --------------------
     SERIES           BALANCE        NO.       BALANCE        NO.      BALANCE       NO.      BALANCE
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
<S>               <C>              <C>      <C>             <C>     <C>            <C>     <C>
GRCAP 94-HM4        5,567,433.78        1      123,260.24       0           0.00       0           0.00
 INMC 95-E         12,502,296.93        5      795,200.82       0           0.00       2     300,678.41
 PMLT 99-A         29,957,615.55       34    2,302,657.16       6     927,086.24       6     628,554.33
RTC 95-2(1)        19,734,261.53       11      630,464.49       2     144,382.35       5     429,197.97
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
     Total         67,761,607.79       51    3,851,582.71       8   1,071,468.59      13   1,358,430.71
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
 Total All        403,089,720.34      148   14,740,284.01      34   3,616,155.29      47   6,160,877.41
---------------   --------------   ------   -------------   -----   ------------   -----   ------------
</TABLE>

<TABLE>
<CAPTION>
                      FORECLOSURE                REO
                  --------------------   --------------------   REALIZED LOSSES
     SERIES         NO.      BALANCE       NO.      BALANCE       CURR. AMOUNT
---------------   -----   ------------   -----   ------------   ---------------
<S>               <C>     <C>            <C>     <C>            <C>
GRCAP 94-HM4          1      44,702.10       0           0.00              0.00
 INMC 95-E            4     477,659.02       0           0.00              0.00
 PMLT 99-A           25   1,595,742.45       2      90,649.84              0.00
RTC 95-2(1)           2     110,262.93       0           0.00              0.00
---------------   -----   ------------   -----   ------------   ---------------
   Total             32   2,228,366.50       2      90,649.84              0.00
---------------   -----   ------------   -----   ------------   ---------------
 Total All           74   9,162,801.16      24   2,655,934.84         62,885.32
---------------   -----   ------------   -----   ------------   ---------------
</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            1,339,268.38        927.52             0.00      1,338,340.85        1,287,143.98   51,196.87
 II             0.00              485,684.80        300.19             0.00        485,384.61          467,997.85   17,386.76
------   -----------------   ---------------   -----------   --------------   ---------------   -----------------   ---------
 Total          0.00            1,824,953.18      1,227.71             0.00      1,823,725.47        1,755,141.83   65,583.63
------   -----------------   ---------------   -----------   --------------   ---------------   -----------------   ---------
</TABLE>

<TABLE>
<CAPTION>
           ADDITIONAL REPORTING ITEMS                        POOL I             POOL II           TOTAL
          ------------------------------------------   -----------------   ----------------   --------------
<S>                                                    <C>                 <C>                <C>
2.15(a)   Available Interest                                  104,174.55          36,085.85       140,260.40
          Available Principal                               1,235,093.83         449,598.95     1,684,692.78
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                                     1.7641%            1.3421%
          Ending Actual OC                                        1.8248%            1.3943%
2.15(g)   2nd preceding pool bal                          361,232,211.02      70,296,941.71   431,529,152.73
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           51,196.87          17,386.76        68,583.63
</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.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]