<PAGE> 1
EXHIBIT 10.1
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
21-Jul-2000 3:21:36PM Fax: (301) 846-8152
SMT Series 2000-4
Certificateholder Distribution Summary
<TABLE>
<CAPTION>
Certificate Certificate Beginning Current
Class Pass-Through Certificate Interest Principal Realized
Class CUSIP Description Rate Balance Distribution Distribution Loss
------- --------- ----------- ------------ -------------- ------------ ------------ --------
<S> <C> <C> <C> <C> <C> <C> <C>
A 81743TAA6 SEQ 7.01000% 363,497,452.45 2,123,430.95 7,524,165.58 0.00
B SMT00004B SUB 7.90000% 3,809,289.81 25,077.82 0.00 0.00
C SMT00004C IO 0.00000% 0.00 175,249.11 0.00 0.00
R-UT SMT00004R RES 0.00000% 0.00 0.00 0.00 0.00
R-LT SMT0004RL RES 0.00000% 0.00 0.00 0.00 0.00
-------------- ------------ ------------ ----
Totals 367,306,742.26 2,323,757.88 7,524,165.58 0.00
</TABLE>
<TABLE>
<CAPTION>
Ending Cumulative
Certificate Total Realized
Class Balance Distribution Losses
------ -------------- ------------ ----------
<S> <C> <C> <C>
A 355,973,286.87 9,647,596.53 0.00
B 3,809,289.81 25,077.82 0.00
C 0.00 175,249.11 0.00
R-UT 0.00 0.00 0.00
R-LT 0.00 0.00 0.00
-------------- ------------ ----
Totals 359,782,576.68 9,847,923.46 0.00
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
Page 1
<PAGE> 2
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
21-Jul-2000 3:21:36PM Fax: (301) 846-8152
SMT Series 2000-4
Principal Distribution Statement
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class Amount Balance Distribution Distribution Accretion Loss(1) Reduction
------ -------------- -------------- ------------ ------------ --------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 363,497,452.45 0.00 7,524,165.58 0.00 0.00 7,524,165.58
B 3,809,982.43 3,809,289.81 0.00 0.00 0.00 0.00 0.00
C 0.00 0.00 0.00 0.00 0.00 0.00 0.00
R-UT 0.00 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 0.00
Totals 380,928,982.43 367,306,742.26 0.00 7,524,165.58 0.00 0.00 7,524,165.58
</TABLE>
<TABLE>
<CAPTION>
Ending Ending Total
Certificate Certificate Principal
Class Balance Percentage Distribution
------ -------------- ----------- ------------
<S> <C> <C> <C>
A 355,973,286.87 0.94392827 7,524,165.58
B 3,809,289.81 0.99981821 0.00
C 0.00 0.00000000 0.00
R-UT 0.00 0.00000000 0.00
R-LT 0.00 0.00000000 0.00
Totals 359,782,576.68 0.94448728 7,524,165.58
</TABLE>
(1) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a
Full Descript
Page 2
<PAGE> 3
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
21-Jul-2000 3:21:36PM Fax: (301) 846-8152
SMT Series 2000-4
Principal Distribution Factors Statement
<TABLE>
<CAPTION>
Original Beginning Scheduled Unscheduled Total
Face Certificate Principal Principal Realized Principal
Class(2) Amount Balance Distribution Distribution Accretion Loss(3) Reduction
--------- -------------- ------------ ------------ ------------ ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 963.87997542 0.00000000 19.95170113 0.00000000 0.00000000 19.95170113
B 3,809,982.43 999.81820914 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
C 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Ending Ending Total
Certificate Certificate Principal
Class(2) Balance Percentage Distribution
--------- ------------ ----------- -----------
<S> <C> <C> <C>
A 943.92827428 0.94392827 19.95170113
B 999.81820914 0.99981821 0.00000000
C 0.00000000 0.00000000 0.00000000
R-UT 0.00000000 0.00000000 0.00000000
R-LT 0.00000000 0.00000000 0.00000000
</TABLE>
(2) Per $1,000 Denomination.
(3) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a
Full Descript
Page 3
<PAGE> 4
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
Telephone: (301) 815-6600
21-Jul-2000 3:21:36PM Fax: (301) 846-8152
SMT Series 2000-4
Interest Distribution Statement
<TABLE>
<CAPTION>
Beginning
Original Current Certificate/ Current Payment of Current Non-Supported
Face Certificate Notional Accrued Unpaid Interest Interest
Class Amount Rate Balance Interest Interest Shortfall Shortfall
------- -------------- ----------- -------------- ------------ ---------- --------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 7.01000% 363,497,452.45 2,123,430.95 0.00 0.00 0.00
B 3,809,982.43 7.90000% 3,809,289.81 25,077.82 0.00 0.00 0.00
C 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-UT 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
R-LT 0.00 0.00000% 0.00 0.00 0.00 0.00 0.00
------- -------------- ------------ ---- ---- ----
Totals 380,928,982.43 2,148,508.77 0.00 0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Loss(4) Distribution Shortfall Balance
------- -------- ------------ --------- --------------
<S> <C> <C> <C> <C>
A 0.00 2,123,430.95 0.00 355,973,286.87
B 0.00 25,077.82 0.00 3,809,289.81
C 0.00 175,249.11 0.00 0.00
R-UT 0.00 0.00 0.00 0.00
R-LT 0.00 0.00 0.00 0.00
------- ---- ------------ ----
Totals 0.00 2,323,757.88 0.00
</TABLE>
(4) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud Losses
Unless Otherwise Disclosed. Please Refer to the Prospectus Supplement for a
Full Description.
Page 4
<PAGE> 5
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
21-Jul-2000 3:21:36PM Telephone: (301) 815-6600
Fax: (301) 846-8152
SMT Series 2000-4
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
Beginning Payment of
Original Current Certificate/ Current Unpaid
Face Certificate Notional Accrued Interest
Class(5) Amount Rate Balance Interest Shortfall
--------- -------------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
A 377,119,000.00 7.01000 % 963.87997542 5.63066552 0.00000000
B 3,809,982.43 7.90000 % 999.81820914 6.58213534 0.00000000
C 0.00 0.00000 % 0.00000000 0.00000000 0.00000000
R-UT 0.00 0.00000 % 0.00000000 0.00000000 0.00000000
R-LT 0.00 0.00000 % 0.00000000 0.00000000 0.00000000
</TABLE>
<TABLE>
<CAPTION>
Remaining Ending
Current Non-Supported Total Unpaid Certificate/
Interest Interest Realized Interest Interest Notional
Class(5) Shortfall Shortfall Loss(6) Distribution Shortfall Balance
--------- --------- ------------- ---------- -------------- ---------- ------------
<S> <S> <C> <C> <C> <C> <C>
A 0.00000000 0.00000000 0.00000000 5.63066552 0.00000000 943.92827428
B 0.00000000 0.00000000 0.00000000 6.58213534 0.00000000 999.81820914
C 0.00000000 0.00000000 0.00000000 00000.00000000 0.00000000 0.00000000
R-UT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
</TABLE>
(5) Per $1,000 Denomination.
(6) Amount Does Not Include Excess Special Hazard, Bankruptcy, or Fraud
Losses Unless Otherwise Disclosed. Please Refer to the Prospectus
Supplement for a Full Description.
<PAGE> 6
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
21-Jul-2000 3:21:36PM Telephone: (301) 815-6600
Fax: (301) 846-8152
SMT Series 2000-4
Certificateholder Account Statement
CERTIFICATE ACCOUNT
<TABLE>
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 9,928,983.08
Liquidations, Insurance Proceeds, Reserve Funds 50.09
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 72,699.20
Realized Losses 0.00
-------------
Total Deposits 10,001,732.37
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 153,808.91
Payment of Interest and Principal 9,847,923.46
-------------
Total Withdrawals (Pool Distribution Amount) 10,001,732.37
Ending Balance 0.00
=============
</TABLE>
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
-------
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
=======
</TABLE>
SERVICING FEES
<TABLE>
<S> <C>
Gross Servicing Fee 114,108.07
Trustee Fee 1,836.52
AMBAC Premium 37,864.32
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 153,808.91
==========
</TABLE>
OTHER ACCOUNTS
<TABLE>
<CAPTION>
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
------------ --------- ----------- -------- ---------
<S> <C> <C> <C> <C>
Reserve Fund 10,000.00 0.00 50.09 10,000.00
Financial Guaranty 0.00 0.00 0.00 0.00
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
21-Jul-2000 3:21:36PM Telephone: (301) 815-6600
Fax: (301) 846-8152
SMT Series 2000-4
<TABLE>
<CAPTION>
Certificateholder Delinquency/Credit Enhancement Statement
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 15 8,207,623.57 30 Days 0 0.00 30 Days 0 0.00
60 Days 5 ,972,773.64 60 Days 0 0.00 60 Days 0 0.00
90 Days 2 974,718.20 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
========= ============= ========= =========== ========= =========
22 11,155,115.41 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
------- ---------- ------------- -------- ---------- ---------- ------- ---------- ----------
30 Days 1.736111 % 2.281273 % 30 Days 0.000000 % 0.000000 % 30 Days 0.000000 % 0.000000 %
60 Days 0.578704 % 0.548324 % 60 Days 0.000000 % 0.000000 % 60 Days 0.000000 % 0.000000 %
90 Days 0.231481 % 0.270919 % 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 %
========== ========== ========== ========== ========== ==========
2.546296 % 3.100516 % 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 15 8,207,623.57
60 Days 0 0.00 60 Days 5 1,972,773.64
90 Days 0 0.00 90 Days 2 974,718.20
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 22 11,155,115.41
No. of Principal No. of Principal
Loans Balance Loans Balance
-------- ---------- ---------- -------- ---------- ----------
30 Days 0.000000 % 0.000000 % 30 Days 1.736111 % 2.281273 %
60 Days 0.000000 % 0.000000 % 60 Days 0.578704 % 0.548324 %
90 Days 0.000000 % 0.000000 % 90 Days 0.231481 % 0.270919 %
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 % 2.546296 % 3.100516 %
</TABLE>
Current Period Realized Loss - Includes Interest Shortfall 0.00
Cumulative Realized Losses - Includes Interest Shortfall 0.00
Current Period Class A Insufficient Funds 0.00
Principal Balance of Contaminated Properties 0.00
Periodic Advance 72,699.20
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/
CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE
<TABLE>
<CAPTION>
Current Next
Original $ Original % Current $ Current % Class % Prepayment %
------------ ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Class A 3,809,982.43 1.00018182 % 3,809,289.81 1.05877551 % 98.941224 % 0.000000 %
Class B 0.00 0.00000000 % 0.00 0.00000000 % 1.058776 % 100.000000 %
Class C 0.00 0.00000000 % 0.00 0.00000000 % 0.000000 % 0.000000 %
</TABLE>
Please Refer to the Prospectus Supplement for a Full Description of Loss
Exposure
<PAGE> 8
Sequoia Mortgage Trust Contact: Customer Service - CTSLink
Mortgage Pass-Through Certificates Wells Fargo Bank Minnesota, N.A.
Record Date: 30-Jun-2000 Securities Administration Services
Distribution Date: 24-Jul-2000 7485 New Horizon Way
Frederick, MD 21703
21-Jul-2000 3:21:36PM Telephone: (301) 815-6600
Fax: (301) 846-8152
SMT Series 2000-4
COLLATERAL STATEMENT
<TABLE>
<S> <C>
Collateral Description Mixed ARM
Weighted Average Gross Coupon 8.094107%
Weighted Average Net Coupon 7.715313%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown Calculation) 284
Beginning Scheduled Collateral Loan Count 878
Number of Loans Paid in Full 14
Ending Scheduled Collateral Loan Count 864
Beginning Scheduled Collateral Balance 367,306,742.27
Ending Scheduled Collateral Balance 359,782,576.69
Ending Actual Collateral Balance at 30-Jun-2000 359,782,576.69
Monthly P&I Constant 2,477,516.88
Class A Optimal Amount 9,685,460.85
Ending Scheduled Balance for Premium Loans 359,782,576.69
Required Overcollateralized Amount 0.00
Overcollateralized Increase Amount 0.00
Overcollateralized Reduction Amount 0.00
Specified O/C Amount 3,809,289.82
Overcollateralized Amount 3,809,289.82
Overcollateralized Deficiency Amount 0.00
Base Overcollateralization Amount 0.00
Serious Delinquencies 0.00365%
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>
