<PAGE> 1
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-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 6.50500% 373,618,253.27 2,025,322.28
B SMT00004B SUB 7.39500% 3,809,289.81 23,474.75
C SMT00004C IO 0.00000% 0.00 246,849.52
R-UT SMT00004R RES 0.00000% 0.00 0.00
R-LT SMT0004RL RES 0.00000% 0.00 0.00
===================================================================================================================
Totals 377,427,543.08 2,295,646.55
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
========================================================================================================================
Current Ending Cumulative
Principal Realized Certificate Total Realized
Class Distribution Loss Balance Distribution Losses
========================================================================================================================
<S> <C> <C> <C> <C> <C>
A 6,224,477.52 0.00 367,393,775.75 8,249,799.80 0.00
B 0.00 0.00 3,809,289.81 23,474.75 0.00
C 0.00 0.00 0.00 246,849.52 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 6,224,477.52 0.00 371,203,065.56 8,520,124.07 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
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
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 377,119,000.00 373,618,253.27 0.00 6,224,477.52 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 380,928,982.43 377,427,543.08 0.00 6,224,477.52 0.00
===============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
=============================================================================================================
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class Loss(1) Reduction Balance Percentage Distribution
=============================================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00 6,224,477.52 367,393,775.75 0.97421179 6,224,477.52
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 6,224,477.52 371,203,065.56 0.97446790 6,224,477.52
=============================================================================================================
</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 Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
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 377,119,000.00 990.71712979 0.00000000 16.50534054 0.00000000
B 3,809,982.43 999.81820914 0.00000000 0.18179086 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>
===============================================================================================
Ending Ending
Realized Total Principal Certificate Certificate Total Principal
Class(2) Loss(3) Reduction Balance Percentage Distribution
===============================================================================================
<S> <C> <C> <C> <C> <C>
A 0.00000000 16.50534054 974.21178925 0.97421179 16.50534054
B 0.00000000 0.00000000 999.81820914 0.99981821 0.18179086
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 Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Interest Distribution Statement
<TABLE>
<CAPTION>
==========================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest
Class Amount Rate Balance Interest Shortfall Shortfall Shortfall
==========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 6.50500% 373,618,253.27 2,025,322.28 0.00 0.00 0.00
B 3,809,982.43 7.39500% 3,809,289.81 23,474.75 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 2,048,797.03 0.00 0.00 0.00
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
===========================================================================
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class Losses(4) Distribution Shortfall Balance
===========================================================================
<S> <C> <C> <C> <C>
A 0.00 2,025,322.28 0.00 367,393,775.75
B 0.00 23,474.75 0.00 3,809,289.81
C 0.00 246,849.52 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 2,295,646.55 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 Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Interest Distribution Factors Statement
<TABLE>
<CAPTION>
==========================================================================================================================
Beginning Payment of Non-
Current Certificate/ Current Unpaid Current Supported
Original Face Certificate Notional Accrued Interest Interest Interest
Class(5) Amount Rate Balance Interest Shortfall Shortfall Shortfall
==========================================================================================================================
<S> <C> <C> <C> <C> <C> <C> <C>
A 377,119,000.00 6.50500% 990.71712979 5.37051244 0.00000000 0.00000000 0.00000000
B 3,809,982.43 7.39500% 999.81820914 6.16138012 0.00000000 0.00000000 0.00000000
C 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 0.00 0.00000% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
==========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
==========================================================================
Remaining Ending
Total Unpaid Certificate/
Realized Interest Interest Notional
Class(5) Losses(6) Distribution Shortfall Balance
==========================================================================
<S> <C> <C> <C> <C>
A 0.00000000 5.37051244 0.00000000 974.21178925
B 0.00000000 6.16138012 0.00000000 999.81820914
C 0.00000000 0.00000000 0.00000000 0.00000000
R-UT 0.00000000 0.00000000 0.00000000 0.00000000
R-LT 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 Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
SMT Series 2000-4
Certificateholder Account Statement
<TABLE>
<CAPTION>
====================================================================
CERTIFICATE ACCOUNT
<S> <C>
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 8,436,609.93
Liquidations, Insurance Proceeds, Reserve 10.76
Funds
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 241,572.40
Realized Losses 0.00
------------
Total Deposits 8,678,193.09
Withdrawals
Reimbursement for Servicer Advances 0.00
Payment of Service Fee 158,069.02
Payment of Interest and Principal 8,520,124.07
------------
Total Withdrawals (Pool Distribution Amount) 8,678,193.09
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 10.67 10.67 10,000.00
Financial Guaranty 0.00 0.00 0.00 0.00
====================================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S> <C>
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment/Curtailment Interest Shortfall 0.00
====
======================================================================
</TABLE>
<TABLE>
<CAPTION>
======================================================================
SERVICING FEES
<S> <C>
Gross Servicing Fee 117,263.31
Trustee Fee 1,887.14
AMBAC Premium 38,918.57
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 158,069.02
==========
======================================================================
</TABLE>
<PAGE> 7
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
==========================================================================
CERTIFICATEHOLDER DELINQUENCY/CREDIT ENHANCEMENT STATEMENT
DELINQUENCY STATUS
Percentage Delinquent
Based On
------------------------
Current Unpaid
Number Of Principal Number Unpaid
Loans Balance of Loans Balance
--------- ------------- -------- ----------
<S> <C> <C> <C> <C>
30 Days 85 38,488,309.33 9.593679% 10.368532%
60 Days 3 502,625.22 0.338600% 0.135404%
90+ Days 0 0.00 0.000000% 0.000000%
Foreclosure 0 0.00 0.000000% 0.000000%
REO 0 0.00 0.000000% 0.000000%
-- ------------- -------- ---------
Totals 88 38,990,934.55 9.932280% 10.503937%
</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 241,572.40
==========================================================================
<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 1.02620106% 98.973799% 0.000000%
Class B 0.00 0.00000000% 0.00 0.00000000% 1.026201% 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> 8
Sequoia Mortgage Trust Contact: Customer Service - CTS Link
Mortgage Pass-Through Certificates Norwest Bank Minnesota, N.A.
Securities Administration Services
Record Date: 30-Apr-2000 7485 New Horizon Way
Distribution Date: 22-May-2000 Frederick, MD 21703
Telephone: (301) 815-6600
Facsimile: (301) 846-8152
<TABLE>
<CAPTION>
===========================================================================================
COLLATERAL STATEMENT
Collateral Description Mixed ARM
<S> <C>
Weighted Average Gross Coupon 7.801354%
Weighted Average Net Coupon 7.422525%
Weighted Average Pass-Through Rate 0.000000%
Weighted Average Maturity (Stepdown Calculation) 286
Beginning Scheduled Collateral Loan Count 896
Number of Loans Paid in Full 10
Ending Scheduled Collateral Loan Count 886
Beginning Scheduled Collateral Balance 377,427,543.09
Ending Scheduled Collateral Balance 371,203,065.57
Ending Actual Collateral Balance at 31-Mar-2000 371,209,295.96
Monthly P&I Constant 2,453,135.74
Class A Optimal Amount 8,288,718.37
Ending Scheduled Balance for Premium Loans 371,203,065.57
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
===========================================================================================
</TABLE>
<TABLE>
===========================================================================================
<S> <C>
Serious Delinquencies 0.0002%
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>
