SEQUOIA MORT TRUST 4 MORT LOAN ASSET BACK PASS-THROUGH CERT
MONTHLY PAYMENT DATE STATEMENT
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>MONTHLY PAYMENT DATE STATEMENT
<TEXT>

<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>

</TEXT>
</DOCUMENT>
