SEQUOIA MORT TRUST 4 MORT LOAN ASSET BACK PASS-THROUGH CERT
MONTHLY PAYMENT STATEMENT, DATED AUGUST 25, 2000
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f65350ex10-1.txt
<DESCRIPTION>MONTHLY PAYMENT STATEMENT, DATED AUGUST 25, 2000
<TEXT>

<PAGE>   1
                                                                    EXHIBIT 10.1

Sequoia Mortgage Trust                        Contact: Customer Service-CTS Link
Mortgage Pass-Through Certificates            Norwest Bank Minnesota, N.A.
                                              Securities Administration Services
Record Date: 31-July-2000                     7485 New Horizon Way
Distribution Date: 22-Aug-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            6.99000%  355,973,286.87   2,073,544.40
       B           SMT00004B       SUB            7.88000%    3,809,289.81      25,014.34
       C           SMT00004C        IO            0.00000%            0.00     252,321.54
     R-UT          SMT00004R       RES            0.00000%            0.00           0.00
     R-LT          SMT0004RL       RES            0.00000%            0.00           0.00
===========================================================================================
Totals                                                      359,782,576.68  2,350,880.28
===========================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================================================
                                     Current      Ending                        Cumulative
                   Principal         Realized  Certificate      Total            Realized
     Class       Distribution          Loss      Balance     Distribution         Losses
===========================================================================================
<S>              <C>                 <C>     <C>             <C>                <C>
       A          9,401,857.92         0.00  346,571,428.95  11,475,402.32           0.00
       B                  0.00         0.00    3,809,289.81      25,014.34           0.00
       C                  0.00         0.00            0.00     252,321.54           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            9,401,857.92         0.00  350,380,718.76  11,752,738.20          0.00
===========================================================================================
</TABLE>


All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee


24-August-2000


<PAGE>   2


                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]


                                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    355,973,286.87            0.00     9,401,857.92             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    359,782,576.68            0.00     9,401,857.92             0.00
=========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
=========================================================================================================
                                           Total            Ending           Ending
                           Realized      Principal        Certificate      Certificate    Total Principal
     Class                  Loss(1)      Reduction          Balance        Percentage      Distribution
=========================================================================================================
<S>                        <C>         <C>              <C>                <C>            <C>
       A                      0.00     9,401,857.92     346,571,428.95     0.91899753      9,401,857.92
       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     9,401,857.92     350,380,718.76     0.91980588      9,401,857.92
=========================================================================================================
</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 LETTERHEAD]


                                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      943.92827428      0.00000000      24.93074579       0.00000000
       B               3,809,982.43      999.81820914      0.00000000       0.00000000       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>
========================================================================================================
                                          Total            Ending           Ending
                        Realized        Principal        Certificate     Certificate     Total Principal
    Class(2)             Loss(3)        Reduction          Balance        Percentage       Distribution
========================================================================================================
<S>                    <C>             <C>               <C>             <C>             <C>
       A               0.00000000      24.93074579       918.99752850     0.91899753       24.93074579
       B               0.00000000       0.00000000       999.81820914     0.99981821        0.00000000
       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 LETTERHEAD]


                                SMT Series 2000-4
                         Interest Distribution Statement


<TABLE>
<CAPTION>
==========================================================================================================
                                                                                                Payment of
                                          Current        Beginning           Current              Unpaid
                    Original Face       Certificate     Certificate/         Accrued             Interest
     Class              Amount              Rate      Notional Balance       Interest            Shortfall
==========================================================================================================
<S>                 <C>                 <C>           <C>                  <C>                 <C>
       A            377,119,000.00         6.99000%     355,973,286.87     2,073,544.40             0.00
       B              3,809,982.43         7.88000%       3,809,289.81        25,014.34             0.00
       C                      0.00         0.00000%               0.00             0.00             0.00
     R-UT                     0.00         0.00000%               0.00             0.00             0.00
     R-LT                     0.00         0.00000%               0.00             0.00             0.00
==========================================================================================================
Totals              380,928,982.43                                         2,098,558.74             0.00
==========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
==========================================================================================================
                                                                            Remaining
                   Current    Non-Supported                                  Unpaid          Ending
                   Interest     Interest     Realized   Total Interest      Interest      Certificate/
     Class         Shortfall    Shortfall    Losses(4)   Distribution       Shortfall    Notional Balance
==========================================================================================================
<S>                <C>        <C>            <C>        <C>                 <C>          <C>
       A              0.00         0.00         0.00      2,073,544.40          0.00     346,571,428.95
       B              0.00         0.00         0.00         25,014.34          0.00       3,809,289.81
       C              0.00         0.00         0.00        252,321.54          0.00               0.00
     R-UT             0.00         0.00         0.00              0.00          0.00               0.00
     R-LT             0.00         0.00         0.00              0.00          0.00               0.00
==========================================================================================================
Totals                0.00         0.00         0.00      2,350,880.28          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 LETTERHEAD]


                                SMT Series 2000-4
                     Interest Distribution Factors Statement


<TABLE>
<CAPTION>
===========================================================================================================
                                                                                                Payment of
                                                           Beginning                              Unpaid
                    Original Face          Current        Certificate/      Current Accrued     Interest
  Class(5)              Amount        Certificate Rate   Notional Balance       Interest        Shortfall
===========================================================================================================
<S>                <C>                <C>                <C>                <C>                 <C>
      A            377,119,000.00           6.99000%      943.92827428          5.49838221      0.00000000
      B              3,809,982.43           7.88000%      999.81820914          6.56547385      0.00000000
      C                      0.00           0.00000%        0.00000000          0.00000000      0.00000000
    R-UT                     0.00           0.00000%        0.00000000          0.00000000      0.00000000
    R-LT                     0.00           0.00000%        0.00000000          0.00000000      0.00000000
===========================================================================================================
</TABLE>

<TABLE>
<CAPTION>
===========================================================================================================
                                                                              Remaining          Ending
                Current      Non-Supported                                      Unpaid        Certificate/
                Interest        Interest       Realized      Total Interest    Interest         Notional
  Class(5)      Shortfall       Shortfall      Losses(6)       Distribution    Shortfall         Balance
===========================================================================================================
<S>             <C>          <C>               <C>           <C>              <C>             <C>
      A         0.00000000      0.00000000     0.00000000       5.49838221     0.00000000     918.99752850
      B         0.00000000      0.00000000     0.00000000       6.56547385     0.00000000     999.81820914
      C         0.00000000      0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
    R-UT        0.00000000      0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
    R-LT        0.00000000      0.00000000     0.00000000       0.00000000     0.00000000       0.00000000
===========================================================================================================
</TABLE>


(5)     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 LETTERHEAD]



                                SMT Series 2000-4
                       Certificateholder Account Statement


========================================================================
                             CERTIFICATE ACCOUNT

<TABLE>
<CAPTION>
<S>                                                        <C>
Beginning Balance                                                   0.00
Deposits
      Payments of Interest and Principal                   11,860,228.19
      Liquidations, Insurance Proceeds, Reserve Funds              52.58
      Proceeds from Repurchased Loans                               0.00
      Other Amounts (Servicer Advances)                        43,093.66
      Realized Losses                                               0.00
                                                           -------------

Total Deposits                                             11,903,374.43

Withdrawals
      Reimbursement for Servicer Advances                           0.00
      Payment of Service Fee                                  150,636.23
      Payment of Interest and Principal                    11,752,738.20
                                                           -------------
Total Withdrawals (Pool Distribution Amount)               11,903,374.43


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          0.00            52.58      10,000.00
Financial Guaranty                           0.00          0.00             0.00           0.00
===============================================================================================
</TABLE>



=================================================================
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<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>
<CAPTION>
<S>                                                      <C>
Gross Servicing Fee                                      111,756.78
Trustee Fee                                                1,798.90
AMBAC Premium                                             37,080.55
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        150,636.23
                                                         ==========
</TABLE>
===================================================================


<PAGE>   7

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]


           Certificateholder Delinquency/Credit Enhancement Statement

<TABLE>
<CAPTION>
 --------------------------------------    --------------------------------------     ------------------------------------
              DELINQUENT                                 BANKRUPTCY                                 FORECLOSURE
 --------------------------------------    --------------------------------------     ------------------------------------
                NO. OF      PRINCIPAL                     NO. OF      PRINCIPAL                    NO. OF       PRINCIPAL
                 LOANS       BALANCE                       LOANS       BALANCE                      LOANS        BALANCE
<S>          <C>          <C>              <C>         <C>          <C>               <C>        <C>          <C>

30 Days              14   4,905,979.04     30 Days               0          0.00      30 Days             0           0.00
60 Days               1     212,115.59     60 Days               0          0.00      60 Days             0           0.00
90 Days               1     295,919.58     90 Days               0          0.00      90 Days             0           0.00
120 Days              1     839,975.00     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
             -------------------------                 -------------------------                 -------------------------
                     17   6,253,989.21                           0          0.00                          0           0.00
</TABLE>

<TABLE>
                NO. OF      PRINCIPAL                     NO. OF      PRINCIPAL                    NO. OF       PRINCIPAL
                 LOANS       BALANCE                       LOANS       BALANCE                      LOANS        BALANCE
<S>           <C>            <C>           <C>           <C>           <C>            <C>         <C>            <C>
30 Days      1.652893%       1.400185%     30 Days       0.000000%     0.000000%      30 Days     0.000000%      0.000000%
60 Days      0.118064%       0.060539%     60 Days       0.000000%     0.000000%      60 Days     0.000000%      0.000000%
90 Days      0.118064%       0.084457%     90 Days       0.000000%     0.000000%      90 Days     0.000000%      0.000000%
120 Days     0.118064%       0.239732%     120 Days      0.000000%     0.000000%      120 Days    0.000000%      0.000000%
150 Days     0.000000%       0.000000%     150 Days      0.000000%     0.000000%      150 Days    0.000000%      0.000000%
180 Days     0.000000%       0.000000%     180 Days      0.000000%     0.000000%      180 Days    0.000000%      0.000000%
             -------------------------                 -------------------------                 -------------------------
             2.007084%       1.784912%                   0.000000%     0.000000%                  0.000000%      0.000000%
             -------------------------                 -------------------------                 -------------------------
</TABLE>


<PAGE>   8

                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]


      Certificateholder Delinquency/Credit Enhancement Statement CONTINUED


<TABLE>
<CAPTION>
--------------------------------------      ---------------------------------------
                 REO                                            TOTAL
--------------------------------------      ---------------------------------------
              NO. OF       PRINCIPAL                        NO. OF      PRINCIPAL
               LOANS        BALANCE                          LOANS       BALANCE
<S>         <C>          <C>                 <C>        <C>           <C>
30 Days              0           0.00       30 Days              14    4,905,979.04
60 Days              0           0.00       60 Days               1      212,115.59
90 Days              0           0.00       90 Days               1      295,919.58
120 Days             0           0.00       120 Days              1      839,975.00
150 Days             0           0.00       150 Days              0            0.00
180 Days             0           0.00       180 Days              0            0.00
            ----------  -------------                  ------------   -------------
                     0           0.00                            17    6,253,989.21
</TABLE>

<TABLE>
              NO. OF       PRINCIPAL                        NO. OF      PRINCIPAL
               LOANS        BALANCE                          LOANS       BALANCE
<S>          <C>            <C>             <C>          <C>            <C>
30 Days      0.000000%      0.000000%       30 Days        1.652893%      1.400185%
60 Days      0.000000%      0.000000%       60 Days        0.118064%      0.060539%
90 Days      0.000000%      0.000000%       90 Days        0.118064%      0.084457%
120 Days     0.000000%      0.000000%       120 Days       0.118064%      0.239732%
150 Days     0.000000%      0.000000%       150 Days       0.000000%      0.000000%
180 Days     0.000000%      0.000000%       180 Days       0.000000%      0.000000%
            ----------  -------------                   ------------  -------------
             0.000000%      0.000000%                      2.007084%      1.784912%

</TABLE>

(7)     Delinquencies are stratified according to the information the Servicer
        has provided.

<TABLE>
<CAPTION>
<S>                                                          <C>     <C>                                                  <C>
Current Period Realized Loss - Includes Interest Shortfall   0.00    Principal Balance of Contaminated Properties              0.00
Cumulative Realized Losses - Includes Interest Shortfall     0.00    Periodic Advance                                     43,093.66
Current Period Class A Insufficient Funds                    0.00
</TABLE>

<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          1.08718591%       98.912814%          0.000000%
    Class B                 0.00        0.00000000%              0.00          0.00000000%        1.087186%        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>   9
                      [SEQUOIA MORTGAGE TRUST LETTERHEAD]

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                       Mixed ARM
<S>                                                                     <C>
Weighted Average Gross Coupon                                                 8.343252%
Weighted Average Net Coupon                                                   7.964504%
Weighted Average Pass-Through Rate                                            0.000000%
Weighted Average Maturity (Stepdown Calculation)                                   283

Beginning Scheduled Collateral Loan Count                                          864
Number of Loans Paid in Full                                                        17
Ending Scheduled Collateral Loan Count                                             847

Beginning Scheduled Collateral Balance                                  359,782,576.69
Ending Scheduled Collateral Balance                                     350,380,718.77
Ending Actual Collateral Balance at 31-July-2000                        350,380,718.69
Monthly P&I Constant                                                      2,501,463.92
Class A Optimal Amount                                                   11,512,482.87
Ending Scheduled Balance for Premium Loans                              350,380,718.77


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
                                                                       ===============

Serious Delinquencies                                                          0.00384%
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>

<PAGE>   10



                       [SEQUOIA MORTGAGE TRUST LETTERHEAD]

</TEXT>
</DOCUMENT>
