Contract

by Sequoia Residential Funding Inc
August 15th, 2003
EXHIBIT 10.1 CONTACT: CUSTOMER SERVICES -- CTSLINK WELLS FARGO BANK MINNESOTA, N.A. SECURITIES ADMINISTRATION SERVICES 7485 NEW HORIZON WAY FREDERICK, MD 21703 WWW.CTSLINK.COM TELEPHONE: (301) 815-6600 FAX: (301) 315-6660 SMT SERIES 2002-12 RECORD DATE: JUNE 30, 2003 DISTRIBUTION DATE: JULY 21, 2003 CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning Class Pass-Through Certificate Interest Principal Current Class CUSIP Description Rate Balance Distribution Distribution Realized Loss ----- ----- ----------- ---- ------- ------------ ------------ ------- A 81744BAA4 SEN 1.55375% 1,037,855,336.95 1,343,806.44 13,587,774.52 0.00 X-1 81744BAB2 IO 1.06266% 0.00 215,722.21 0.00 0.00 X-2 81744BAC0 IO 1.16303% 0.00 786,120.64 0.00 0.00 A-R 81744BAD8 SEN 3.16730% 0.00 0.00 0.00 0.00 B-1 81744BAE6 SUB 1.95375% 16,815,000.00 27,376.92 0.00 0.00 B-2 81744BAF3 SUB 2.69997% 8,968,000.00 20,177.80 0.00 0.00 B-3 81744BAG1 SUB 2.69997% 6,165,000.00 13,871.11 0.00 0.00 B-4 SMT0212B4 SUB 2.69997% 2,802,000.00 6,304.44 0.00 0.00 B-5 SMT0212B5 SUB 2.69997% 1,681,000.00 3,782.21 0.00 0.00 B-6 SMT0212B6 SUB 2.69997% 4,486,095.46 10,093.61 0.00 0.00 - ------- --------- --- -------- ---------------- ------------ ------------- ---- Totals 1,078,772,432.41 2,427,255.38 13,587,774.52 0.00 - ------- --------- --- -------- ---------------- ------------ ------------- ----
Ending Certificate Total Cumulative Class Balance Distribution Realized Loss ----- ----------- ------------ ------------- A 1,024,267,562.43 14,931,580.96 0.00 X-1 0.00 215,722.21 0.00 X-2 0.00 786,120.64 0.00 A-R 0.00 0.00 0.00 B-1 16,815,000.00 27,376.92 0.00 B-2 8,968,000.00 20,177.80 0.00 B-3 6,165,000.00 13,871.11 0.00 B-4 2,802,000.00 6,304.44 0.00 B-5 1,618,000.00 3,782.21 0.00 B-6 4,486,095.46 10,093.61 0.00 - ------- ---------------- ------------- ---- Totals 1,065,184,657.89 16,015,029.90 0.00 - ------- ---------------- ------------- ----
All distributions required by the Pooling and Servicing Agreement have been calculated by the Certificate Administrator on behalf of the Trustee. PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled Total Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (1) Reduction ----- ------ ------- ------------ ------------ --------- -------- --------- A 1,080,076,000.00 1,037,855,336.95 0.00 13,587,774.52 0.00 0.00 13,587,774.52 X-1 0.00 0.00 0.00 0.00 0.00 0.00 0.00 X-2 0.00 0.00 0.00 0.00 0.00 0.00 0.00 A-R 100.00 0.00 0.00 0.00 0.00 0.00 0.00 B-1 16,815,000.00 16,815,000.00 0.00 0.00 0.00 0.00 0.00 B-2 8,968,000.00 8,968,000.00 0.00 0.00 0.00 0.00 0.00 B-3 6,165,000.00 6,165,000.00 0.00 0.00 0.00 0.00 0.00 B-4 2,802,000.00 2,802,000.00 0.00 0.00 0.00 0.00 0.00 B-5 1,681,000.00 1,681,000.00 0.00 0.00 0.00 0.00 0.00 B-6 4,486,095.46 4,486,095.46 0.00 0.00 0.00 0.00 0.00 - ------- ---------------- ---------------- ---- ------------- ---- ---- ------------- Totals 1,120,993,195.46 1,078,772,432.41 0.00 13,587,774.52 0.00 0.00 13,587,774.52 - ------- ---------------- ---------------- ---- ------------- ---- ---- -------------
Ending Ending Certificate Certificate Total Principal Class Balance Percentage Distribution ----- ------- ---------- ------------ A 1,024,267,562.43 0.94832916 13,587,774.52 X-1 0.00 0.00000000 0.00 X-2 0.00 0.00000000 0.00 A-R 0.00 0.00000000 0.00 B-1 16,815,000.00 1.00000000 0.00 B-2 8,968,000.00 1.00000000 0.00 B-3 6,165,000.00 1.00000000 0.00 B-4 2,802,000.00 1.00000000 0.00 B-5 1,681,000.00 1.00000000 0.00 B-6 4,486,095.46 1.00000000 0.00 - ------- ---------------- ---------- ------------- Totals 1,065,184,657.89 0.95021510 13,587,774.52 - ------- ---------------- ---------- -------------
(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. PRINCIPAL DISTRIBUTION FACTORS STATEMENT
Beginning Scheduled Unscheduled Total Original Face Certificate Principal Principal Realized Principal Class Amount Balance Distribution Distribution Accretion Loss (3) Reduction ----- ------ ------- ------------ ------------ --------- -------- --------- A 1,080,076,000.00 960.90954428 0.00000000 12.58038742 0.00000000 0.00000000 12.58038742 X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 16,815,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-2 8,968,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-3 6,165,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-4 2,802,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-5 1,681,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-6 4,486,095.46 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Ending Ending Total Certificate Certificate Principal Class Balance Percentage Distribution ----- ------- ---------- ------------ A 948.32915686 0.94832916 12.58038742 X-1 0.00000000 0.00000000 0.00000000 X-2 0.00000000 0.00000000 0.00000000 A-R 0.00000000 0.00000000 0.00000000 B-1 1000.00000000 1.00000000 0.00000000 B-2 1000.00000000 1.00000000 0.00000000 B-3 1000.00000000 1.00000000 0.00000000 B-4 1000.00000000 1.00000000 0.00000000 B-5 1000.00000000 1.00000000 0.00000000 B-6 1000.00000000 1.00000000 0.00000000
(3) Amount does not include excess special hazard, bankruptcy, or fraud losses unless otherwise disclosed. Please refer to the prospectus supplement for a full description. INTEREST DISTRIBUTION STATEMENT
Payment of Current Beginning Current Unpaid Current Non-Supported Original Face Certificate Certificate/ Accrued Interest Interest Interest Class Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall ----- ------ ---- ---------------- -------- --------- --------- --------- A 1,080,076,000.00 1.55375% 1,037,855,336.95 1,343,806.44 0.00 0.00 0.00 X-1 0.00 1.06266% 243,593,389.21 215,713.28 0.00 0.00 0.00 X-2 0.00 1.16303% 811,076,947.75 786,088.12 0.00 0.00 0.00 A-R 100.00 3.16730% 0.00 0.00 0.00 0.00 0.00 B-1 16,815,000.00 1.95375% 16,815,000.00 27,376.92 0.00 0.00 0.00 B-2 8,968,000.00 2.69997% 8,968,000.00 20,177.80 0.00 0.00 0.00 B-3 6,165,000.00 2.69997% 6,165,000.00 13,871.11 0.00 0.00 0.00 B-4 2,802,000.00 2.69997% 2,802,000.00 6,304.44 0.00 0.00 0.00 B-5 1,681,000.00 2.69997% 1,681,000.00 3,782.21 0.00 0.00 0.00 B-6 4,486,095.46 2.69997% 4,486,095.46 10,093.61 0.00 0.00 0.00 - ------- ---------------- ------- ---------------- ------------ ---- ---- ---- Totals 1,120,993,195.46 2,427,213.93 0.00 0.00 0.00 - ------- ---------------- ------- ---------------- ------------ ---- ---- ----
Remaining Ending Unpaid Certificate/ Realized Total Interest Interest Notational Class Loss (4) Distribution Shortfall Balance ----- -------- ------------ --------- ------- A 0.00 1,343,806.44 0.00 1,024,267,562.43 X-1 0.00 215,722.21 0.00 242,142,066.19 X-2 0.00 786,120.64 0.00 798,940,496.24 A-R 0.00 0.00 0.00 0.00 B-1 0.00 27,376.92 0.00 16,815,000.00 B-2 0.00 20,177.80 0.00 8,968,000.00 B-3 0.00 13,871.11 0.00 6,165,000.00 B-4 0.00 6,304.44 0.00 2,802,000.00 B-5 0.00 3,782.21 0.00 1,681,000.00 B-6 0.00 10,093.61 0.00 4,486,095.46 - ------ ---- ------------ ---- ---------------- Totals 0.00 2,427,255.38 0.00 - ------ ---- ------------ ---- ----------------
(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.
Payment of Current Beginning Current Unpaid Current Non-Supported Original Face Certificate Certificate Accrued Interest Interest Interest Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall Shortfall - --------- ------ ---- ---------------- -------- --------- --------- --------- A 1,080,076,000.00 1.55375% 960.90954428 1.24417767 0.00000000 0.00000000 0.00000000 X-1 0.00 1.06266% 975.48819257 0.86384018 0.00000000 0.00000000 0.00000000 X-2 0.00 1.16303% 957.38821198 0.92789162 0.00000000 0.00000000 0.00000000 A-R 100.00 3.16730% 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 B-1 16,815,000.00 1.95375% 1000.00000000 1.62812489 0.00000000 0.00000000 0.00000000 B-2 8,968,000.00 2.69997% 1000.00000000 2.24997770 0.00000000 0.00000000 0.00000000 B-3 6,165,000.00 2.69997% 1000.00000000 2.24997729 0.00000000 0.00000000 0.00000000 B-4 2,802,000.00 2.69997% 1000.00000000 2.24997859 0.00000000 0.00000000 0.00000000 B-5 1,681,000.00 2.69997% 1000.00000000 2.24997620 0.00000000 0.00000000 0.00000000 B-6 4,486,095.46 2.69997% 1000.00000000 2.24997664 0.00000000 0.00000000 0.00000000
Remaining Unpaid Realized Total Interest Interest Ending Certificate/ Class (5) Loss (6) Distribution Shortfall Notational Balance - --------- -------- ------------ --------- ------------------ A 0.00000000 1.24417767 0.00000000 948.32915686 X-1 0.00000000 0.86387594 0.00000000 969.67625952 X-2 0.00000000 0.92793000 0.00000000 943.06244962 A-R 0.00000000 0.00000000 0.00000000 0.00000000 B-1 0.00000000 1.62812489 0.00000000 1000.00000000 B-2 0.00000000 2.24997770 0.00000000 1000.00000000 B-3 0.00000000 2.24997729 0.00000000 1000.00000000 B-4 0.00000000 2.24997859 0.00000000 1000.00000000 B-5 0.00000000 2.24997620 0.00000000 1000.00000000 B-6 0.00000000 2.24997664 0.00000000 1000.00000000
(5) Per $1 denomination (6) Amount does not include excess special hazard, bankruptcy, or fraud losses unless otherwise disclosed. Please refer to the prospectus supplement for a full description. CERTIFICATEHOLDER ACCOUNT STATEMENT CERTIFICATE ACCOUNT Beginning Balance Deposits Payments of Interest and Principal 16,356,536.14 Liquidations, Insurance Proceeds, Reserve Funds 41.44 Proceeds from Repurchased Loans 0.00 Other Amounts (Servicer Advances) 648.37 Realized Losses 0.00 Prepayment Penalties 0.00 ------------- Total Deposits 16,357,225.95 Withdrawals Reimbursement for Servicer Advances 2,750.25 Payment of Service Fee 339,445.80 Payment of Interest and Principal 16,015,029.90 ------------- Total Withdrawals (Pool Distribution Amount) 16,357,225.95 Ending Balance 0.00 =============
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL Total Prepayment/Curtailment Interest Shortfall 0.00 Servicing Fee Support 0.00 ------------- Non-Supported Prepayment Curtailment Interest Shortfall 0.00 =============
SERVICING FEES Gross Servicing Fee 339,445.80 Supported Prepayment/Curtailment Interest Shortfall 0.00 ------------- Net Servicing Fee 339,445.80 =============
Beginning Current Current Ending Account Type Balance Withdrawals Deposits Balance ------------ ------- ----------- -------- ------- Reserve Fund 10,000.00 41.44 41.44 10,000.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE - --------------------------------------- ------------------------------------ -------------------------------------- No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 1 296,400.00 30 Days 0 0.00 30 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 --------------------- ------------------- ------------------- 1 296,400.00 0 0.00 0 0.00 No. of Principal No. of Principal No. of Principal Loans Balance Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 30 Days 0.032841% 0.027826% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% ----------------------- ---------------------- ---------------------- 0.032841% 0.027826% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL - -------------------------------------- ------------------------------------ No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0 0.00 0-29 Days 0 0.00 30 Days 0 0.00 30 Days 1 296,400.00 60 Days 0 0.00 60 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00 ----------------- --------------------- 0 0.00 1 296,400.00 No. of Principal No. of Principal Loans Balance Loans Balance 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000% 30 Days 0.032841% 0.027826% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% ----------------------- ----------------------- 0.000000% 0.000000% 0.032841% 0.027826%
Current Period Class A Insufficient Funds : 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 648.37
Original $ Original % Current $ Current % Bankruptcy 218,860.00 0.01952376% 218,860.00 0.02054667% Fraud 33,629,796.00 3.00000001% 33,629,796.00 3.15717991% Special Hazard 11,209,932.00 1.00000000% 10,651,846.58 1.00000000%
Limit of subordinate's exposure to certain types of losses COLLATERAL STATEMENT Collateral Description Mixed ARM Weighted Average Gross Coupon 3.077564% Weighted Average Net Coupon 2.699973% Weighted Average Pass-Through Rate 2.699973% Weighted Average Maturity (Stepdown Calculation) 319 Beginning Scheduled Collateral Loan Count 3,083 Number of Loans Paid in Full 38 Ending Scheduled Collateral Loan Count 3,045 Beginning Scheduled Collateral Balance 1,078,772,432.41 Ending Scheduled Collateral Balance 1,065,184,657.89 Ending Actual Collateral Balance at 30-June-2003 1,065,185,526.16 Monthly P&I Constant 2,766,659.73 Special Servicing Fee 0.00 Prepayment Penalties 0.00 Realization Loss Amount 0.00 Cumulative Realized Loss 0.00 Ending Scheduled Balance for Premium Loans 1,065,184,657.89 Scheduled Principal 0.00 Unscheduled Principal 13,587,774.52
MISCELLANEOUS REPORTING Principal Balance of 1-Month Libor Loans 247,747,895.55 Principal Balance of 6-Month Libor Loans 817,436,762.34 Pro Rata Senior Percentage 96.207069% Senior Percentage 100.000000% Senior Prepayment Percentage 100.000000% Subordinate Percentage 0.000000% Subordinate Prepayment Percentage 0.000000% Payment Received from Cap Provide 0