Document:

<PAGE>   1
                                                                    EXHIBIT 10.1

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                                  EXHIBIT 10.1

                     Certificateholder Distribution Summary

<TABLE>
<CAPTION>
========================================================================================================
                            Certificate    Certificate    Beginning
                               Class      Pass-Through   Certificate         Interest      Principal
       Class       CUSIP    Description       Rate         Balance         Distribution   Distribution
========================================================================================================
<S>              <C>        <C>           <C>            <C>               <C>            <C>
        A-1      02926NAB2      SEQ         6.96000%     281,648,678.33     1,688,014.41   4,854,102.20
        A-2      02926NAC0      SEQ         7.09000%      54,045,332.80       319,317.84     601,127.89
      INV_CERT   AMINV1992      SEQ         0.00000%      10,443,382.06             0.00           0.00
========================================================================================================
Totals                                                   346,137,393.19     2,007,332.25   5,455,230.09
========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=============================================================================
                   Current       Ending                       Cumulative
                   Realized   Certificate        Total         Realized
       Class         Loss       Balance       Distribution      Losses
=============================================================================
<S>                <C>        <C>             <C>             <C>
        A-1          0.00     276,794,576.13   6,542,116.61       0.00
        A-2          0.00      53,444,204.91     920,445.73       0.00
      INV_CERT       0.00      10,844,795.18           0.00       0.00
=============================================================================
Totals               0.00     341,083,576.22   7,462,562.34       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>   2

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                        Principal Distribution Statement

<TABLE>
<CAPTION>
=================================================================================================
                                 Beginning       Scheduled    Unscheduled
                Original Face   Certificate      Principal     Principal                Realized
    Class          Amount         Balance       Distribution  Distribution  Accretion   Loss(1)
=================================================================================================
<S>            <C>             <C>              <C>           <C>           <C>         <C>
     A-1       332,350,000.00  281,648,678.33    171,080.48   4,683,021.72     0.00       0.00
     A-2        61,750,000.00   54,045,332.80     54,380.15     546,747.74     0.00       0.00
  INV_CERT      10,223,416.68   10,443,382.06          0.00           0.00     0.00       0.00
=================================================================================================
   Totals      404,323,416.68  346,137,393.19    225,460.63   5,229,769.46     0.00       0.00
=================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==============================================================================
                  Total           Ending          Ending         Total
                Principal      Certificate     Certificate     Principal
    Class       Reduction        Balance        Percentage    Distribution
==============================================================================
<S>            <C>            <C>              <C>           <C>
     A-1       4,854,102.20   276,794,576.13    0.83284061    4,854,102.20
     A-2         601,127.89    53,444,204.91    0.86549320      601,127.89
  INV_CERT             0.00    10,844,795.18    1.06077993            0.00
==============================================================================
   Totals      5,455,230.09   341,083,576.22    0.84359095    5,455,230.09
==============================================================================
</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>   3

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
===================================================================================================
                                Beginning      Scheduled     Unscheduled
              Original Face    Certificate     Principal      Principal                   Realized
  Class(2)       Amount          Balance      Distribution   Distribution   Accretion     Loss(3)
===================================================================================================
<S>           <C>             <C>             <C>            <C>            <C>          <C>
     A-1      332,350,000.00  847.44600069      0.51475998   14.09063253    0.00000000   0.00000000
     A-2       61,750,000.00  875.22806154      0.88065020    8.85421441    0.00000000   0.00000000
  INV_CERT     10,223,416.68    0.00000000      0.00000000    0.00000000    0.00000000   0.00000000
===================================================================================================
</TABLE>

<TABLE>
<CAPTION>
============================================================================
                  Total          Ending         Ending         Total
                Principal     Certificate    Certificate     Principal
  Class(2)      Reduction       Balance       Percentage    Distribution
============================================================================
<S>            <C>            <C>            <C>            <C>
     A-1       14.60539251    832.84060818   0.83284061     14.60539251
     A-2        9.73486462    865.49319692   0.86549320      9.73486462
  INV_CERT      0.00000000      0.00000000   1.06077993      0.00000000
============================================================================
</TABLE>

(2)     All Denominations Are Per $1,000.

(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>   4

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                         Interest Distribution Statement

<TABLE>
<CAPTION>
===================================================================================================
                                                Beginning                     Payment of
                                   Current     Certificate/      Current        Unpaid     Current
                Original Face    Certificate     Notional        Accrued       Interest   Interest
      Class        Amount           Rate         Balance         Interest      Shortfall  Shortfall
===================================================================================================
<S>             <C>              <C>          <C>              <C>            <C>         <C>
       A-1      332,350,000.00    6.96000%    281,648,678.33   1,688,014.41      0.00        0.00
       A-2       61,750,000.00    7.09000%     54,045,332.80     319,317.84      0.00        0.00
     INV_CERT    10,223,416.68    0.00000%     10,443,382.06           0.00      0.00        0.00
===================================================================================================
Totals          404,323,416.68                                 2,007,332.25      0.00        0.00
===================================================================================================
</TABLE>

<TABLE>
<CAPTION>
======================================================================================
                   Non-                                 Remaining       Ending
                 Supported                  Total        Unpaid      Certificate/
                 Interest   Realized      Interest      Interest       Notional
      Class      Shortfall  Losses(4)   Distribution    Shortfall      Balance
======================================================================================
<S>              <C>        <C>         <C>             <C>        <C>
       A-1           0.00       0.00     1,688,014.41     0.00     276,794,576.13
       A-2           0.00       0.00       319,317.84     0.00      53,444,204.91
     INV_CERT        0.00       0.00             0.00     0.00      10,844,795.18
======================================================================================
Totals               0.00       0.00     2,007,332.25     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>   5

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                     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-1       332,350,000.00    6.96000%   847.44600069    5.07902636  0.00000000  0.00000000
   A-2        61,750,000.00    7.09000%   875.22806154    5.17113911  0.00000000  0.00000000
 INV_CERT     10,223,416.68    0.00000%     0.00000000    0.00000000  0.00000000  0.00000000
=============================================================================================
</TABLE>

<TABLE>
<CAPTION>
===================================================================================
                  Non-                                Remaining      Ending
               Supported                   Total        Unpaid    Certificate/
                Interest     Realized    Interest      Interest     Notional
 Class(5)      Shortfall    Losses(6)  Distribution   Shortfall      Balance
===================================================================================
<S>            <C>          <C>        <C>            <C>         <C>
   A-1          0.00000000  0.00000000   5.07902636   0.00000000   832.84060818
   A-2          0.00000000  0.00000000   5.17113911   0.00000000   865.49319692
 INV_CERT       0.00000000  0.00000000   0.00000000   0.00000000     0.00000000
===================================================================================
</TABLE>

(5)     All Denominations Are Per $1,000.

(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>   6

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                      Certificateholder Component Statement

<TABLE>
<CAPTION>
==================================================================================================================================
              Component Pass-     Beginning Notional   Ending Notional  Beginning Component   Ending Component  Ending Component
   Class       Through Rate            Balance             Balance            Balance             Balance          Percentage
==================================================================================================================================
<S>           <C>                 <C>                  <C>              <C>                   <C>               <C>
    FEE        1,200.00000%           57,395.32           56,455.68            0.00                 0.00          83.73263131%
==================================================================================================================================
</TABLE>

<PAGE>   7

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                       Certificateholder Account Statement

================================================================================

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                               <C>
Beginning Balance                                                         0.00
Deposits
      Payments of Interest and Principal                          7,787,771.38
      Liquidations, Insurance Proceeds, Reserve Funds                     0.00
      Proceeds from Repurchased Loans                                     0.00
      Other Amounts (Servicer Advances)                                   0.00
      Realized Losses                                              (26,087.79)

Total Deposits                                                    7,761,683.59

Withdrawals
      Reimbursement for Servicer Advances                                 0.00
      Payment of Service Fee                                        299,121.25
      Payment of Interest and Principal                           7,462,562.34

Total Withdrawals (Pool Distribution Amount)                      7,761,683.59

Ending Balance                                                            0.00
</TABLE>

================================================================================

================================================================================

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                               Beginning       Current       Current     Ending
       Account Type             Balance      Withdrawals    Deposits    Balance
--------------------------------------------------------------------------------
<S>                            <C>           <C>            <C>         <C>
Financial Guaranty               0.00           0.00          0.00        0.00
Financial Guaranty               0.00           0.00          0.00        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                                                  144,223.91
Management Fee                                                         1,000.00
FSA Group 1 Premium                                                   49,288.52
FSA Group 2 Premium                                                    8,106.80
PMI Group 1 Fee                                                       85,228.17
PMI Group 2 Fee                                                       11,273.85
Supported Prepayment/Curtailment Interest Shortfall                        0.00
                                                                     ----------
Net Servicing Fee                                                    299,121.25
                                                                     ==========
</TABLE>

================================================================================

<PAGE>   8

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

           Certificateholder Delinquency/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                64     5,596,147.03    30 Days                 4      563,106.94     30 Days               2        81,084.99
60 Days                 9     1,177,458.79    60 Days                 3      107,541.71     60 Days              27     1,979,542.53
90 Days                 4       344,994.88    90 Days                 1       67,668.48     90 Days              17     1,381,925.63
120 Days                2       232,265.34    120 Days                2      116,462.57     120 Days             13     1,725,299.29
150 Days                0             0.00    150 Days                1       77,396.48     150 Days             15     1,689,035.09
180 Days                2       115,901.32    180 Days               24    1,978,379.48     180 Days             55     4,131,020.77
              -----------     ------------                  -----------    ------------                 -----------    -------------
                       81     7,466,767.36                           35    2,910,555.66                         129    10,987,908.30

               NO. OF           PRINCIPAL                    NO. OF          PRINCIPAL                       NO. OF       PRINCIPAL
               LOANS             BALANCE                     LOANS            BALANCE                        LOANS         BALANCE

30 Days         1.944698%        1.639395%    30 Days         0.121544%       0.164963%     30 Days       0.060772%        0.023754%
60 Days         0.273473%        0.344937%    60 Days         0.091158%       0.031504%     60 Days       0.820419%        0.579908%
90 Days         0.121544%        0.101066%    90 Days         0.030386%       0.019824%     90 Days       0.516560%        0.404836%
120 Days        0.060772%        0.068042%    120 Days        0.060772%       0.034118%     120 Days      0.395017%        0.505428%
150 Days        0.000000%        0.000000%    150 Days        0.030386%       0.022673%     150 Days      0.455789%        0.494804%
180 Days        0.060772%        0.033953%    180 Days        0.729262%       0.579568%     180 Days      1.671225%        1.210185%
              -----------     ------------                  -----------    ------------                 -----------    -------------
                2.461258%        2.187394%                    1.063507%       0.852649%                   3.919781%        3.218915%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   9

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

     Certificateholder Delinquency/Credit Enhancement Statement -- CONTINUED

<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                         70        6,240,338.96
60 Days                       0                 0.00       60 Days                         39        3,264,543.03
90 Days                       0                 0.00       90 Days                         22        1,794,588.99
120 Days                      1            50,965.85       120 Days                        18        2,124,993.05
150 Days                      0                 0.00       150 Days                        16        1,766,431.57
180 Days                     13         1,076,965.71       180 Days                        94        7,302,267.28
                 --------------      ---------------                            -------------     ---------------
                             14         1,127,931.56                                      259       22,493,162.88

                     NO. OF           PRINCIPAL                                   NO. OF           PRINCIPAL
                     LOANS             BALANCE                                    LOANS             BALANCE

30 Days               0.000000%            0.000000%       30 Days                  2.127013%           1.828111%
60 Days               0.000000%            0.000000%       60 Days                  1.185050%           0.956350%
90 Days               0.000000%            0.000000%       90 Days                  0.668490%           0.525726%
120 Days              0.030386%            0.014930%       120 Days                 0.546946%           0.622518%
150 Days              0.000000%            0.000000%       150 Days                 0.486174%           0.517477%
180 Days              0.395017%            0.315498%       180 Days                 2.856275%           2.139204%
                 --------------      ---------------                            -------------     ---------------
                      0.425403%            0.330428%                                7.869948%           6.589387%

------------------------------------------------------------------------------------------------------------------
</TABLE>

(7)     The bankruptcy category contains those loans that are delinquent and in
        bankruptcy status. Please see page 11 for loan count and balance for all
        loans in bankruptcy.

<TABLE>
<S>                                                                  <C>
Current Period Realized Loss - Includes Interest Shortfall                 0.00
Cumulative Realized Losses - Includes Interest Shortfall             125,675.73
Current Period Class A Insufficient Funds                                  0.00

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

<PAGE>   10

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                           Delinquency Status by Group

                                     GROUP 1

<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               40       3,738,862.74  30 Days                4          563,106.94  30 Days               2         81,084.99
60 Days                9       1,177,458.79  60 Days                0                0.00  60 Days              21      1,583,593.15
90 Days                2         171,409.80  90 Days                1           67,668.48  90 Days              12        940,817.02
120 Days               2         232,265.34  120 Days               2          116,462.57  120 Days             12      1,228,426.73
150 Days               0               0.00  150 Days               1           77,396.48  150 Days             12      1,496,353.48
180 Days               2         115,901.32  180 Days              18        1,607,289.81  180 Days             39      3,190,184.35
              ----------     --------------               -----------     ---------------                ---------     -------------
                      55       5,435,897.99                        26        2,431,924.28                       98      8,520,459.72

              NO. OF         PRINCIPAL                     NO. OF          PRINCIPAL                    NO. OF        PRINCIPAL
              LOANS           BALANCE                      LOANS            BALANCE                     LOANS          BALANCE

30 Days        1.540832%          1.304637%  30 Days        0.154083%           0.196490%  30 Days       0.077042%         0.028294%
60 Days        0.346687%          0.410862%  60 Days        0.000000%           0.000000%  60 Days       0.808937%         0.552578%
90 Days        0.077042%          0.059812%  90 Days        0.038521%           0.023612%  90 Days       0.462250%         0.328288%
120 Days       0.077042%          0.081047%  120 Days       0.077042%           0.040638%  120 Days      0.462250%         0.428647%
150 Days       0.000000%          0.000000%  150 Days       0.038521%           0.027007%  150 Days      0.462250%         0.522137%
180 Days       0.077042%          0.040443%  180 Days       0.693374%           0.560847%  180 Days      1.502311%         1.113182%
              ---------      -------------                ----------      --------------                 --------      ------------
                                  1.896800%                 1.001541%           0.848595%                3.775039%         2.973126%

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   11

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                    Delinquency Status by Group -- CONTINUED

                              GROUP 1 -- CONTINUED

<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                         46        4,383,054.67
60 Days                            0                 0.00  60 Days                         30        2,761,051.94
90 Days                            0                 0.00  90 Days                         15        1,179,895.30
120 Days                           0                 0.00  120 Days                        16        1,577,154.64
150 Days                           0                 0.00  150 Days                        13        1,573,749.96
180 Days                          12         1,045,501.62  180 Days                        71        5,958,877.10
                         -----------     ----------------                       -------------     ---------------
                                  12         1,045,501.62                                 191       17,433,783.61

                          NO. OF           PRINCIPAL                              NO. OF           PRINCIPAL
                          LOANS             BALANCE                               LOANS             BALANCE

30 Days                    0.000000%            0.000000%  30 Days                  1.771957%           1.529421%
60 Days                    0.000000%            0.000000%  60 Days                  1.155624%           0.963440%
90 Days                    0.000000%            0.000000%  90 Days                  0.577812%           0.411712%
120 Days                   0.000000%            0.000000%  120 Days                 0.616333%           0.550332%
150 Days                   0.000000%            0.000000%  150 Days                 0.500770%           0.549144%
180 Days                   0.462250%            0.364817%  180 Days                 2.734977%           2.079288%
                         ----------      ---------------                        ------------      --------------
                           0.462250%            0.364817%                           7.357473%           6.083338%

------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>   12

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                    Delinquency Status by Group -- CONTINUED

                                     GROUP 2

<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             24        1,857,284.29      30 Days             0            0.00      30 Days            0             0.00
60 Days              0                0.00      60 Days             3      107,541.71      60 Days            6       395,949.38
90 Days              2          173,585.08      90 Days             0            0.00      90 Days            5       441,108.61
120 Days             0                0.00      120 Days            0            0.00      120 Days           1       496,872.56
150 Days             0                0.00      150 Days            0            0.00      150 Days           3       192,681.61
180 Days             0                0.00      180 Days            6      371,089.67      180 Days          16       940,836.42
           -----------    ----------------                ------------    -----------                  --------     ------------
                    26        2,030,869.37                          9      478,631.38                        31     2,467,448.58

              NO. OF           PRINCIPAL                    NO. OF       PRINCIPAL                     NO. OF         PRINCIPAL
              LOANS             BALANCE                      LOANS         BALANCE                      LOANS          BALANCE

30 Days      3.453237%           3.390944%      30 Days     0.000000%        0.000000%      30 Days    0.000000%        0.000000%
60 Days      0.000000%           0.000000%      60 Days     0.431655%        0.196345%      60 Days    0.863309%        0.722906%
90 Days      0.287770%           0.316924%      90 Days     0.000000%        0.000000%      90 Days    0.719424%        0.805356%
120 Days     0.000000%           0.000000%      120 Days    0.000000%        0.000000%      120 Days   0.143885%        0.351789%
150 Days     0.000000%           0.000000%      150 Days    0.000000%        0.000000%      150 Days   0.431655%        0.907167%
180 Days     0.000000%           0.000000%      180 Days    0.863309%        0.677518%      180 Days   2.302158%        1.717736%
           ----------     ---------------                 ----------      -----------                  --------     ------------
             3.741007%           3.707868%                  1.294964%        0.873863%                 4.460432%        4.504954%

-----------------------------------------       -------------------------------------       ------------------------------------
</TABLE>

<PAGE>   13

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

                    Delinquency Status by Group -- CONTINUED

                              GROUP 2 -- CONTINUED

<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                 24        1,857,284.29
60 Days              0                 0.00                        60 Days                  9          503,491.09
90 Days              0                 0.00                        90 Days                  7          614,693.69
120 Days             1            50,965.85                        120 Days                 2          547,838.41
150 Days             0                 0.00                        150 Days                 3          192,681.61
180 Days             1            31,464.09                        180 Days                23        1,343,390.18
           -----------     ----------------                                     -------------     ---------------
                     2            82,429.94                                                68        5,059,379.27

            NO. OF           PRINCIPAL                                            NO. OF           PRINCIPAL
            LOANS             BALANCE                                             LOANS             BALANCE

30 Days      0.000000%            0.000000%                        30 Days          3.453237%           3.390944%
60 Days      0.000000%            0.000000%                        60 Days          1.294964%           0.919251%
90 Days      0.000000%            0.000000%                        90 Days          1.007194%           1.122279%
120 Days     0.143885%            0.093051%                        120 Days         0.287770%           1.000218%
150 Days     0.000000%            0.000000%                        150 Days         0.431655%           0.351789%
180 Days     0.143885%            0.057446%                        180 Days         3.309353%           2.452700%
           ----------      ---------------                                      ------------      --------------
             0.287770%            0.150497%                                         9.784173%           9.237182%

-------------------------------------------                        -----------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
=======================================================================================================================
                                            Original $           Original %             Current $           Current %
<S>                                       <C>                    <C>                  <C>                  <C>
         Bankruptcy                          100,000.00          0.02473268%             100,000.00        0.02931833%
         Fraud                            12,129,702.50          3.00000000%          12,129,702.50        3.55622591%
         Special Hazard                    4,043,234.17          1.00000000%           4,043,234.17        1.18540864%

Limit of Subordinate's Exposure to Certain Types of Losses
=======================================================================================================================
</TABLE>

<PAGE>   14

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

<TABLE>
================================================================================
                              COLLATERAL STATEMENT

<CAPTION>
Collateral Description                                         Fixed & Mixed ARM
<S>                                                            <C>
Weighted Average Gross Coupon                                          9.478156%
Weighted Average Net Coupon                                            8.982458%
Weighted Average Pass-Through Rate                                     8.445455%
Weighted Average Maturity (Stepdown Calculation)                             335

Beginning Scheduled Collateral Loan Count                                  3,336
Number of Loans Paid in Full                                                  45
Ending Scheduled Collateral Loan Count                                     3,291

Beginning Scheduled Collateral Balance                            346,137,394.11
Ending Scheduled Collateral Balance                               341,083,576.29
Ending Actual Collateral Balance at 31-July-2000                  341,354,424.35
Monthly P&I Constant                                                2,959,414.20
Ending Scheduled Balance for Premium Loans                        341,083,576.29

Total loans in bankruptcy                                                     49
Total dollar amount of loans in bankruptcy                         $4,361,445.08
================================================================================
</TABLE>

<PAGE>   15

<TABLE>
<S>                                                                  <C>
American Residential Eagle Bond Trust 1999-2                         Contact: Customer Service
Collateralized Home Equity Bonds, Series 1999-2                      Norwest Bank Minnesota, N.A.
                                                                     Securities Administration Services
Record Date:            31-July-2000                                 11000 Broken Land Parkway
Distribution Date:      25-August-2000                               Columbia, MD  21044
                                                                     Telephone:  (301) 815-6600
                                                                     Facsimile:  (410) 884-2369
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================================
                        Group                                1                  2               Total
<S>                                      <C>                           <C>                   <C>
Collateral Description                        Mixed ARM                Mixed Fixed
Weighted Average Coupon Rate                   9.452685                   9.612100
Weighted Average Net Rate                      8.601025                   8.867486
Weighted Average Maturity                        345.00                     281.00
Record Date                                    07/31/00                   07/31/00
Principal And Interest Constant            2,462,028.50                 497,385.70             2,959,414.20
Beginning Loan Count                              2,633                        703                    3,336
Loans Paid In Full                                   37                          8                       45
Ending Loan Count                                 2,596                        695                    3,291
Beginning Scheduled Balance              290,831,410.07              55,305,984.04           346,137,394.11
Ending Scheduled Balance                 286,378,720.14              54,704,856.15           341,083,576.29
Scheduled Principal                          171,080.48                  54,380.15               225,460.63
Unscheduled Principal                      4,281,609.45                 546,747.74             4,828,357.19
Scheduled Interest                         2,290,948.02                 443,005.55             2,733,953.57
Servicing Fee                                121,179.75                  23,044.16               144,223.91
Master Servicing Fee                               0.00                       0.00                     0.00
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                                     85,228.17                  11,273.85                96,502.02
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                               2,084,540.10                 408,687.54             2,493,227.64
Realized Loss Amount                          26,087.79                       0.00                26,087.79
Cumulative Realized Loss                     125,089.86                     585.87               125,675.73
Percentage of Cumulative Losses                    0.00                       0.00                     0.00

===============================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===============================================================================================================
                                               1                          2                     Total
<S>                                       <C>                        <C>                      <C>
Required Overcollateralization Amount     15,854,699.62              1,260,651.24             17,115,350.86
Overcollateralization Increase Amount              0.00                      0.00                      0.00
Overcollateralization Reduction Amount             0.00                      0.00                      0.00
Specified Overcollateralization Amount    15,854,699.62              1,260,651.24             17,115,350.86
Overcollateralization Amount               9,584,143.93              1,260,651.24             10,844,795.17
Overcollateralization Deficiency Amount    6,671,967.88                      0.00              6,671,967.88
Base Overcollateralization Amount          7,679,044.23              1,260,651.24              8,939,695.47
Extra Principal Distribution Amount          346,398.16                      0.00                346,398.16
Excess Cash Amount                           346,398.16                 81,101.91                427,500.06

===============================================================================================================
</TABLE><PAGE>   1
                                                                    EXHIBIT 10.1

Sequoia Mortgage Trust                        Contact: Customer Service-CTS Link
Mortgage Pass-Through Certificates            Norwest Bank Minnesota, N.A.
                                              Securities Administration Services
Record Date: 31-July-2000                     7485 New Horizon Way
Distribution Date: 22-Aug-2000                Frederick, MD 21703
                                              Telephone: (301) 815-6600
                                              Facsimile: (301) 846-8152

                                  EXHIBIT 10.1

                                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            6.99000%  355,973,286.87   2,073,544.40
       B           SMT00004B       SUB            7.88000%    3,809,289.81      25,014.34
       C           SMT00004C        IO            0.00000%            0.00     252,321.54
     R-UT          SMT00004R       RES            0.00000%            0.00           0.00
     R-LT          SMT0004RL       RES            0.00000%            0.00           0.00
===========================================================================================
Totals                                                      359,782,576.68  2,350,880.28
===========================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================================================
                                     Current      Ending                        Cumulative
                   Principal         Realized  Certificate      Total            Realized
     Class       Distribution          Loss      Balance     Distribution         Losses
===========================================================================================
<S>              <C>                 <C>     <C>             <C>                <C>
       A          9,401,857.92         0.00  346,571,428.95  11,475,402.32           0.00
       B                  0.00         0.00    3,809,289.81      25,014.34           0.00
       C                  0.00         0.00            0.00     252,321.54           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            9,401,857.92         0.00  350,380,718.76  11,752,738.20          0.00
===========================================================================================
</TABLE>

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

24-August-2000

<PAGE>   2

                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                                SMT Series 2000-4
                        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             377,119,000.00    355,973,286.87            0.00     9,401,857.92             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    359,782,576.68            0.00     9,401,857.92             0.00
=========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=========================================================================================================
                                           Total            Ending           Ending
                           Realized      Principal        Certificate      Certificate    Total Principal
     Class                  Loss(1)      Reduction          Balance        Percentage      Distribution
=========================================================================================================
<S>                        <C>         <C>              <C>                <C>            <C>
       A                      0.00     9,401,857.92     346,571,428.95     0.91899753      9,401,857.92
       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     9,401,857.92     350,380,718.76     0.91980588      9,401,857.92
=========================================================================================================
</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>   3

                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                                SMT Series 2000-4
                    Principal Distribution Factors Statement

<TABLE>
<CAPTION>
========================================================================================================
                                          Beginning        Scheduled       Unscheduled
                     Original Face       Certificate       Principal        Principal
    Class(2)             Amount            Balance        Distribution    Distribution        Accretion
========================================================================================================
<S>                  <C>                 <C>              <C>             <C>                <C>
       A             377,119,000.00      943.92827428      0.00000000      24.93074579       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
                        Realized        Principal        Certificate     Certificate     Total Principal
    Class(2)             Loss(3)        Reduction          Balance        Percentage       Distribution
========================================================================================================
<S>                    <C>             <C>               <C>             <C>             <C>
       A               0.00000000      24.93074579       918.99752850     0.91899753       24.93074579
       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)     All Denominations Are Per $1,000.

(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>   4

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                                SMT Series 2000-4
                         Interest Distribution Statement

<TABLE>
<CAPTION>
==========================================================================================================
                                                                                                Payment of
                                          Current        Beginning           Current              Unpaid
                    Original Face       Certificate     Certificate/         Accrued             Interest
     Class              Amount              Rate      Notional Balance       Interest            Shortfall
==========================================================================================================
<S>                 <C>                 <C>           <C>                  <C>                 <C>
       A            377,119,000.00         6.99000%     355,973,286.87     2,073,544.40             0.00
       B              3,809,982.43         7.88000%       3,809,289.81        25,014.34             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                                         2,098,558.74             0.00
==========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==========================================================================================================
                                                                            Remaining
                   Current    Non-Supported                                  Unpaid          Ending
                   Interest     Interest     Realized   Total Interest      Interest      Certificate/
     Class         Shortfall    Shortfall    Losses(4)   Distribution       Shortfall    Notional Balance
==========================================================================================================
<S>                <C>        <C>            <C>        <C>                 <C>          <C>
       A              0.00         0.00         0.00      2,073,544.40          0.00     346,571,428.95
       B              0.00         0.00         0.00         25,014.34          0.00       3,809,289.81
       C              0.00         0.00         0.00        252,321.54          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      2,350,880.28          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>   5

                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                                SMT Series 2000-4
                     Interest Distribution Factors Statement

<TABLE>
<CAPTION>
===========================================================================================================
                                                                                                Payment of
                                                           Beginning                              Unpaid
                    Original Face          Current        Certificate/      Current Accrued     Interest
  Class(5)              Amount        Certificate Rate   Notional Balance       Interest        Shortfall
===========================================================================================================
<S>                <C>                <C>                <C>                <C>                 <C>
      A            377,119,000.00           6.99000%      943.92827428          5.49838221      0.00000000
      B              3,809,982.43           7.88000%      999.81820914          6.56547385      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                                      Unpaid        Certificate/
                Interest        Interest       Realized      Total Interest    Interest         Notional
  Class(5)      Shortfall       Shortfall      Losses(6)       Distribution    Shortfall         Balance
===========================================================================================================
<S>             <C>          <C>               <C>           <C>              <C>             <C>
      A         0.00000000      0.00000000     0.00000000       5.49838221     0.00000000     918.99752850
      B         0.00000000      0.00000000     0.00000000       6.56547385     0.00000000     999.81820914
      C         0.00000000      0.00000000     0.00000000       0.00000000     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)     All Denominations Are Per $1,000.

(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>   6

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                                SMT Series 2000-4
                       Certificateholder Account Statement

========================================================================
                             CERTIFICATE ACCOUNT

<TABLE>
<CAPTION>
<S>                                                        <C>
Beginning Balance                                                   0.00
Deposits
      Payments of Interest and Principal                   11,860,228.19
      Liquidations, Insurance Proceeds, Reserve Funds              52.58
      Proceeds from Repurchased Loans                               0.00
      Other Amounts (Servicer Advances)                        43,093.66
      Realized Losses                                               0.00
                                                           -------------

Total Deposits                                             11,903,374.43

Withdrawals
      Reimbursement for Servicer Advances                           0.00
      Payment of Service Fee                                  150,636.23
      Payment of Interest and Principal                    11,752,738.20
                                                           -------------
Total Withdrawals (Pool Distribution Amount)               11,903,374.43

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

<TABLE>
<CAPTION>
===============================================================================================
                                         OTHER ACCOUNTS

                                       Beginning         Current         Current       Ending
           Account Type                 Balance        Withdrawals      Deposits       Balance
           ------------                ---------       -----------      --------       -------
<S>                                    <C>             <C>              <C>           <C>
Reserve Fund                            10,000.00          0.00            52.58      10,000.00
Financial Guaranty                           0.00          0.00             0.00           0.00
===============================================================================================
</TABLE>

=================================================================
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<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>
<CAPTION>
<S>                                                      <C>
Gross Servicing Fee                                      111,756.78
Trustee Fee                                                1,798.90
AMBAC Premium                                             37,080.55
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        150,636.23
                                                         ==========
</TABLE>
===================================================================

<PAGE>   7

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

           Certificateholder Delinquency/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              14   4,905,979.04     30 Days               0          0.00      30 Days             0           0.00
60 Days               1     212,115.59     60 Days               0          0.00      60 Days             0           0.00
90 Days               1     295,919.58     90 Days               0          0.00      90 Days             0           0.00
120 Days              1     839,975.00     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
             -------------------------                 -------------------------                 -------------------------
                     17   6,253,989.21                           0          0.00                          0           0.00
</TABLE>

<TABLE>
                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      1.652893%       1.400185%     30 Days       0.000000%     0.000000%      30 Days     0.000000%      0.000000%
60 Days      0.118064%       0.060539%     60 Days       0.000000%     0.000000%      60 Days     0.000000%      0.000000%
90 Days      0.118064%       0.084457%     90 Days       0.000000%     0.000000%      90 Days     0.000000%      0.000000%
120 Days     0.118064%       0.239732%     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%
             -------------------------                 -------------------------                 -------------------------
             2.007084%       1.784912%                   0.000000%     0.000000%                  0.000000%      0.000000%
             -------------------------                 -------------------------                 -------------------------
</TABLE>

<PAGE>   8

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

      Certificateholder Delinquency/Credit Enhancement Statement CONTINUED

<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              14    4,905,979.04
60 Days              0           0.00       60 Days               1      212,115.59
90 Days              0           0.00       90 Days               1      295,919.58
120 Days             0           0.00       120 Days              1      839,975.00
150 Days             0           0.00       150 Days              0            0.00
180 Days             0           0.00       180 Days              0            0.00
            ----------  -------------                  ------------   -------------
                     0           0.00                            17    6,253,989.21
</TABLE>

<TABLE>
              NO. OF       PRINCIPAL                        NO. OF      PRINCIPAL
               LOANS        BALANCE                          LOANS       BALANCE
<S>          <C>            <C>             <C>          <C>            <C>
30 Days      0.000000%      0.000000%       30 Days        1.652893%      1.400185%
60 Days      0.000000%      0.000000%       60 Days        0.118064%      0.060539%
90 Days      0.000000%      0.000000%       90 Days        0.118064%      0.084457%
120 Days     0.000000%      0.000000%       120 Days       0.118064%      0.239732%
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%                      2.007084%      1.784912%

</TABLE>

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

<TABLE>
<CAPTION>
<S>                                                          <C>     <C>                                                  <C>
Current Period Realized Loss - Includes Interest Shortfall   0.00    Principal Balance of Contaminated Properties              0.00
Cumulative Realized Losses - Includes Interest Shortfall     0.00    Periodic Advance                                     43,093.66
Current Period Class A Insufficient Funds                    0.00
</TABLE>

<TABLE>
<CAPTION>
===================================================================================================================================
                                SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
                      Original $         Original %          Current $          Current %      Current Class %   Next Prepayment %
<S>                 <C>                 <C>              <C>                   <C>             <C>               <C>
    Class A         3,809,982.43        1.00018182%      3,809,289.81          1.08718591%       98.912814%          0.000000%
    Class B                 0.00        0.00000000%              0.00          0.00000000%        1.087186%        100.000000%
    Class C                 0.00        0.00000000%              0.00          0.00000000%        0.000000%          0.000000%

 Please Refer to the Prospectus Supplement for a Full Description of Loss Exposure
===================================================================================================================================
</TABLE>

<PAGE>   9
                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                       Mixed ARM
<S>                                                                     <C>
Weighted Average Gross Coupon                                                 8.343252%
Weighted Average Net Coupon                                                   7.964504%
Weighted Average Pass-Through Rate                                            0.000000%
Weighted Average Maturity (Stepdown Calculation)                                   283

Beginning Scheduled Collateral Loan Count                                          864
Number of Loans Paid in Full                                                        17
Ending Scheduled Collateral Loan Count                                             847

Beginning Scheduled Collateral Balance                                  359,782,576.69
Ending Scheduled Collateral Balance                                     350,380,718.77
Ending Actual Collateral Balance at 31-July-2000                        350,380,718.69
Monthly P&I Constant                                                      2,501,463.92
Class A Optimal Amount                                                   11,512,482.87
Ending Scheduled Balance for Premium Loans                              350,380,718.77

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
Overcollateralization Deficiency Amount                                           0.00
Base Overcollateralization Amount                                                 0.00
                                                                       ===============

Serious Delinquencies                                                          0.00384%
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>   10

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00014-of-00352.parquet"}]]