SEQUOIA RESIDENTIAL FUNDING INC
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>f94356eexv10w1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<PAGE>

                                  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: SEPTEMBER 30, 2003
                       DISTRIBUTION DATE: OCTOBER 20, 2003

                     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          81744BAA4         SEN             1.57000%        989,438,358.42      1,294,515.18    17,126,112.16
 X-1         81744BAB2          IO             0.79383%                  0.00        157,786.61             0.00
 X-2         81744BAC0          IO             1.12251%                  0.00        718,158.71             0.00
 A-R         81744BAD8         SEN             3.16549%                  0.00              0.00             0.00
 B-1         81744BAE6         SUB             1.97000%         16,815,000.00         27,604.62             0.00
 B-2         81744BAF3         SUB             2.62129%          8,968,000.00         19,589.75             0.00
 B-3         81744BAG1         SUB             2.62129%          6,165,000.00         13,466.86             0.00
 B-4         SMT0212B4         SUB             2.62129%          2,802,000.00          6,120.70             0.00
 B-5         SMT0212B5         SUB             2.62129%          1,681,000.00          3,671.99             0.00
 B-6         SMT0212B6         SUB             2.62129%          4,486,095.46          9,799.45             0.00
----------------------------------------------------------------------------------------------------------------
Totals                                                       1,030,355,453.88      2,250,713.87    17,126,112.16
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                      Ending
                                  Current           Certificate        Total          Cumulative
Class          CUSIP           Realized Loss          Balance       Distribution     Realized Loss
--------------------------------------------------------------------------------------------------
<S>          <C>               <C>              <C>                <C>               <C>
  A          81744BAA4              0.00          972,312,246.26   18,420,627.34         0.00
 X-1         81744BAB2              0.00                    0.00      157,786.61         0.00
 X-2         81744BAC0              0.00                    0.00      718,158.71         0.00
 A-R         81744BAD8              0.00                    0.00            0.00         0.00
 B-1         81744BAE6              0.00           16,815,000.00       27,604.62         0.00
 B-2         81744BAF3              0.00            8,968,000.00       19,589.75         0.00
 B-3         81744BAG1              0.00            6,165,000.00       13,466.86         0.00
 B-4         SMT0212B4              0.00            2,802,000.00        6,120.70         0.00
 B-5         SMT0212B5              0.00            1,681,000.00        3,671.99         0.00
 B-6         SMT0212B6              0.00            4,486,095.46        9,799.45         0.00
--------------------------------------------------------------------------------------------------
Totals                              0.00        1,013,229,341.72   19,376,826.03         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>

                        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       1,080,076,000.00     989,438,358.42          0.00        17,126,112.16         0.00
 X-1                  0.00               0.00          0.00                 0.00         0.00
 X-2                  0.00               0.00          0.00                 0.00         0.00
 A-R                100.00               0.00          0.00                 0.00         0.00
 B-1         16,815,000.00      16,815,000.00          0.00                 0.00         0.00
 B-2          8,968,000.00       8,968,000.00          0.00                 0.00         0.00
 B-3          6,165,000.00       6,165,000.00          0.00                 0.00         0.00
 B-4          2,802,000.00       2,802,000.00          0.00                 0.00         0.00
 B-5          1,681,000.00       1,681,000.00          0.00                 0.00         0.00
 B-6          4,486,095.46       4,486,095.46          0.00                 0.00         0.00
          -------------------------------------------------------------------------------------
Totals    1,120,993,195.46   1,030,355,453.88          0.00        17,126,112.16         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        17,126,112.16     972,312,246.26          0.90022577      17,126,112.16
 X-1        0.00                 0.00               0.00          0.00000000               0.00
 X-2        0.00                 0.00               0.00          0.00000000               0.00
 A-R        0.00                 0.00               0.00          0.00000000               0.00
 B-1        0.00                 0.00      16,815,000.00          1.00000000               0.00
 B-2        0.00                 0.00       8,968,000.00          1.00000000               0.00
 B-3        0.00                 0.00       6,165,000.00          1.00000000               0.00
 B-4        0.00                 0.00       2,802,000.00          1.00000000               0.00
 B-5        0.00                 0.00       1,681,000.00          1.00000000               0.00
 B-6        0.00                 0.00       4,486,095.46          1.00000000               0.00
           -------------------------------------------------------------------------------------
Totals      0.00        17,126,112.16   1,013,229,341.72          0.90386752      17,126,112.16
------------------------------------------------------------------------------------------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                  Beginning        Scheduled       Unscheduled
            Original Face        Certificate       Principal        Principal
Class           Amount             Balance        Distribution     Distribution     Accretion
---------------------------------------------------------------------------------------------
<S>       <C>                  <C>                <C>              <C>             <C>
  A       1,080,076,000.00       916.08216313      0.00000000       15.85639544    0.00000000
 X-1                  0.00         0.00000000      0.00000000        0.00000000    0.00000000
 X-2                  0.00         0.00000000      0.00000000        0.00000000    0.00000000
 A-R                100.00         0.00000000      0.00000000        0.00000000    0.00000000
 B-1         16,815,000.00      1000.00000000      0.00000000        0.00000000    0.00000000
 B-2          8,968,000.00      1000.00000000      0.00000000        0.00000000    0.00000000
 B-3          6,165,000.00      1000.00000000      0.00000000        0.00000000    0.00000000
 B-4          2,802,000.00      1000.00000000      0.00000000        0.00000000    0.00000000
 B-5          1,681,000.00      1000.00000000      0.00000000        0.00000000    0.00000000
 B-6          4,486,095.46      1000.00000000      0.00000000        0.00000000    0.00000000
---------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                             Ending               Ending
           Realized     Total Principal    Certificate          Certificate      Total Principal
Class      Loss (3)        Reduction         Balance            Percentage         Distribution
------------------------------------------------------------------------------------------------
<S>       <C>           <C>             <C>                     <C>              <C>
  A       0.00000000       15.85639544     900.22576769          0.90022577        15.85639544
 X-1      0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 X-2      0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 A-R      0.00000000        0.00000000       0.00000000          0.00000000         0.00000000
 B-1      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 B-2      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 B-3      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 B-4      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 B-5      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
 B-6      0.00000000        0.00000000    1000.00000000          1.00000000         0.00000000
------------------------------------------------------------------------------------------------
</TABLE>

(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>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                                                 Payment of
                                   Current         Beginning        Current        Unpaid       Current
           Original Face         Certificate      Certificate/      Accrued       Interest      Interest
Class         Amount                Rate        Notional Balance    Interest      Shortfall    Shortfall
---------------------------------------------------------------------------------------------------------
<S>       <C>                    <C>            <C>               <C>            <C>           <C>
  A       1,080,076,000.00         1.57000%     989,438,358.42    1,294,515.19       0.00         0.00
 X-1                  0.00         0.79383%     238,519,919.41      157,786.61       0.00         0.00
 X-2                  0.00         1.12251%     767,733,439.01      718,158.72       0.00         0.00
 A-R                100.00         3.16549%               0.00            0.00       0.00         0.00
 B-1         16,815,000.00         1.97000%      16,815,000.00       27,604.63       0.00         0.00
 B-2          8,968,000.00         2.62129%       8,968,000.00       19,589.75       0.00         0.00
 B-3          6,165,000.00         2.62129%       6,165,000.00       13,466.86       0.00         0.00
 B-4          2,802,000.00         2.62129%       2,802,000.00        6,120.70       0.00         0.00
 B-5          1,681,000.00         2.62129%       1,681,000.00        3,671.99       0.00         0.00
 B-6          4,486,095.46         2.62129%       4,486,095.46        9,799.45       0.00         0.00
---------------------------------------------------------------------------------------------------------
 Totals   1,120,993,195.46                                        2,250,713.90       0.00         0.00
---------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
          Non-Supported                              Remaining         Ending
           Interest                                    Unpaid       Certificate/
           Shortfall    Realized   Total Interest     Interest       Notational
Class                   Loss (4)    Distribution     Shortfall         Balance
---------------------------------------------------------------------------------
<S>       <C>           <C>        <C>               <C>           <C>
  A          0.00         0.00      1,294,515.18        0.00       972,312,246.26
 X-1         0.00         0.00        157,786.61        0.00       234,235,606.43
 X-2         0.00         0.00        718,158.71        0.00       754,891,639.83
 A-R         0.00         0.00              0.00        0.00                 0.00
 B-1         0.00         0.00         27,604.62        0.00        16,815,000.00
 B-2         0.00         0.00         19,589.75        0.00         8,968,000.00
 B-3         0.00         0.00         13,466.86        0.00         6,165,000.00
 B-4         0.00         0.00          6,120.70        0.00         2,802,000.00
 B-5         0.00         0.00          3,671.99        0.00         1,681,000.00
 B-6         0.00         0.00          9,799.45        0.00         4,486,095.46
---------------------------------------------------------------------------------
 Totals      0.00         0.00      2,250,713.87        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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                   Payment of
                                 Current         Beginning            Current        Unpaid        Current
Class (5)   Original Face      Certificate      Certificate           Accrued       Interest      Interest
               Amount             Rate        Notional Balance       Interest       Shortfall     Shortfall
------------------------------------------------------------------------------------------------------------
<S>        <C>                 <C>            <C>                   <C>            <C>            <C>
   A       1,080,076,000.00      1.57000%        916.08216313       1.19854083     0.00000000     0.00000000
  X-1                  0.00      0.79383%        955.17109816       0.63186844     0.00000000     0.00000000
  X-2                  0.00      1.12251%        906.22590926       0.84770834     0.00000000     0.00000000
  A-R                100.00      3.16549%          0.00000000       0.00000000     0.00000000     0.00000000
  B-1         16,815,000.00      1.97000%       1000.00000000       1.64166696     0.00000000     0.00000000
  B-2          8,968,000.00      2.62129%       1000.00000000       2.18440566     0.00000000     0.00000000
  B-3          6,165,000.00      2.62129%       1000.00000000       2.18440552     0.00000000     0.00000000
  B-4          2,802,000.00      2.62129%       1000.00000000       2.18440400     0.00000000     0.00000000
  B-5          1,681,000.00      2.62129%       1000.00000000       2.18440809     0.00000000     0.00000000
  B-6          4,486,095.46      2.62129%       1000.00000000       2.18440514     0.00000000     0.00000000
------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                               Remaining
           Non-Supported                                         Unpaid
Class (5)    Interest        Realized      Total Interest    Interest Ending        Certificate/
             Shortfall       Loss (6)        Distribution       Shortfall        Notational Balance
---------------------------------------------------------------------------------------------------
<S>        <C>              <C>            <C>               <C>                 <C>
   A         0.00000000     0.00000000        1.19854082        0.00000000           900.22576769
  X-1        0.00000000     0.00000000        0.63186844        0.00000000           938.01424207
  X-2        0.00000000     0.00000000        0.84770833        0.00000000           891.06756061
  A-R        0.00000000     0.00000000        0.00000000        0.00000000             0.00000000
  B-1        0.00000000     0.00000000        1.64166637        0.00000000          1000.00000000
  B-2        0.00000000     0.00000000        2.18440566        0.00000000          1000.00000000
  B-3        0.00000000     0.00000000        2.18440552        0.00000000          1000.00000000
  B-4        0.00000000     0.00000000        2.18440400        0.00000000          1000.00000000
  B-5        0.00000000     0.00000000        2.18440809        0.00000000          1000.00000000
  B-6        0.00000000     0.00000000        2.18440514        0.00000000          1000.00000000
---------------------------------------------------------------------------------------------------
</TABLE>

(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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                     <C>
Beginning Balance

Deposits
         Payments of Interest and Principal                             19,701,505.12
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                       0.00
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          19,701,505.12

Withdrawals
         Reimbursement for Servicer Advances                                   364.13
         Payment of Service Fee                                            324,314.96
         Payment of Interest and Principal                              19,376,826.03
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            19,701,505.12

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                                                     324,314.96
Supported Prepayment/Curtailment Interest Shortfall                           0.00
                                                                        ----------

Net Servicing Fee                                                       324,314.96
                                                                        ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                 Beginning          Current          Current       Ending
Account Type                      Balance         Withdrawals       Deposits       Balance
<S>                              <C>              <C>               <C>           <C>
Reserve Fund                     10,000.00           0.00             0.00        10,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                               BANKRUPTCY                              FORECLOSURE
-----------------------------------------------------------------------------------------------------------------------
                No. of      Principal                    No. of      Principal                   No. of       Principal
                Loans        Balance                     Loans        Balance                     Loans        Balance
<C>             <C>         <C>          <C>             <C>         <C>          <C>            <C>          <C>
0-29 Days         0           0.00       0-29 Days         0           0.00       0-29 Days         0           0.00
30 Days           0           0.00       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
              ----------------------                   ----------------------                   ----------------------
                  0           0.00                         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       0.000000%     0.000000%    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%
              ----------------------                   ----------------------                   ----------------------
              0.000000%     0.000000%                  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>
0-29 Days         0           0.00       0-29 Days         0           0.00
30 Days           0           0.00       30 Days           0           0.00
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                         0           0.00

               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       0.000000%     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%
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%                  0.000000%     0.000000%
-----------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                        <C>   <C>                                           <C>    <C>               <C>
Current Period Class A Insufficient Funds  0.00  Principle Balance of Contaminated Properties  0.00   Periodic Advance  0.00
</TABLE>

<TABLE>
<CAPTION>
                    Original $         Original %          Current $            Current %
<S>               <C>                  <C>               <C>                   <C>
  Bankruptcy         218,860.00        0.01952376%          218,860.00         0.02160024%
    Fraud         33,629,796.00        3.00000001%       33,629,796.00         3.31907048%
Special Hazard    11,209,932.00        1.00000000%       10,303,554.54         1.01690250%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                    Mixed ARM
<S>                                                            <C>
Weighted Average Gross Coupon                                             2.998999%
Weighted Average Net Coupon                                               2.621286%
Weighted Average Pass-Through Rate                                        2.621286%
Weighted Average Maturity (Stepdown Calculation)                               316

Beginning Scheduled Collateral Loan Count                                    2,957
Number of Loans Paid in Full                                                    37
Ending Scheduled Collateral Loan Count                                       2,920

Beginning Scheduled Collateral Balance                            1,030,355,453.88
Ending Scheduled Collateral Balance                               1,013,229,341.72
Ending Actual Collateral Balance at 30-Sept-2003                  1,013,232,473.48

Monthly P&I Constant                                                  2,575,028.82
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                        1,013,229,341.72

Scheduled Principal                                                           0.00
Unscheduled Principal                                                17,126,112.16
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                  <C>                                       <C>
Principal Balance of 1-Month Libor Loans                        239,943,232.99
Principal Balance of 6-Month Libor Loans                        773,286,108.73
Pro Rata Senior Percentage                                           96.028837%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Payment Received from Cap Provide                                            0
</TABLE>

</TEXT>
</DOCUMENT>
