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 2003-1
Record Date: March 31, 2004
Distribution Date: April 20, 2004

Certificateholder Distribution Summary

                                                                               
      Certificate                                                 Certificate  
Pass-   Beginning                   Current   Ending           Cumulative      
  Class   Through   Certificate   Interest   Principal   Realized   Certificate
  Total   Realized Class

--------------------------------------------------------------------------------

  CUSIP

--------------------------------------------------------------------------------

  Description

--------------------------------------------------------------------------------

  Rate

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Loss

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Loss

--------------------------------------------------------------------------------

1A
  81743PAA4   SEN     1.47000 %     688,855,813.54       843,848.37      
10,067,901.61       0.00       678,787,911.93       10,911,749.98       0.00  
2A
  81743PAB2   SEN     1.57000 %     164,596,584.75       215,347.20      
3,986,554.52       0.00       160,610,030.23       4,201,901.72       0.00  
X-1A
  81743PAC0   IO     0.92975 %     0.00       122,570.14       0.00       0.00  
    0.00       122,570.14       0.00  
X-1B
  81743PAD8   IO     1.19161 %     0.00       526,946.70       0.00       0.00  
    0.00       526,946.70       0.00  
X-2
  81743PAE6   IO     1.10198 %     0.00       151,151.06       0.00       0.00  
    0.00       151,151.06       0.00  
X-B
  81743PAF3   IO     0.64503 %     0.00       8,549.28       0.00       0.00    
  0.00       8,549.28       0.00  
A-R
  81743PAG1   R     2.74362 %     0.00       0.00       0.00       0.00      
0.00       0.00       0.00  
B-1
  81743PAH9   SUB     1.97000 %     15,905,000.00       26,110.71       0.00    
  0.00       15,905,000.00       26,110.71       0.00  
B-2
  81743PAJ5   SUB     2.61503 %     8,210,000.00       17,891.14       0.00    
  0.00       8,210,000.00       17,891.14       0.00  
B-3
  81743PAK2   SUB     2.61503 %     5,644,000.00       12,299.34       0.00    
  0.00       5,644,000.00       12,299.34       0.00  
B-4
  SEQ0301B4   SUB     2.61503 %     2,565,000.00       5,589.62       0.00      
0.00       2,565,000.00       5,589.62       0.00  
B-5
  SEQ0301B5   SUB     2.61503 %     1,539,000.00       3,353.77       0.00      
0.00       1,539,000.00       3,353.77       0.00  
B-6
  SEQ0301B6   SUB     2.61503 %     4,105,618.00       8,946.91       0.00      
0.00       4,105,618.00       8,946.91       0.00  
 
 

--------------------------------------------------------------------------------

   

--------------------------------------------------------------------------------

     

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   
Totals
                    891,421,016.92       1,942,604.24       14,054,456.13      
0.00       877,366,560.16       15,997,060.37       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

                                                                               
      Original   Beginning   Scheduled   Unscheduled           Realized   Total
  Ending   Ending   Total     Face   Certificate   Principal   Principal        
  Loss   Principal   Certificate   Certificate   Principal Class

--------------------------------------------------------------------------------

  Amount

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Accretion

--------------------------------------------------------------------------------

  (1)

--------------------------------------------------------------------------------

  Reduction

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Percentage

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

1A
    798,206,000.00       688,855,813.54       291.95       10,067,609.66      
0.00       0.00       10,067,901.61       678,787,911.93       0.95039189      
10,067,901.61  
2A
    190,000,000.00       164,596,584.75       28.80       3,986,525.72      
0.00       0.00       3,986,554.52       160,610,030.23       0.84531595      
3,986,554.52  
X-1A
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
X-1B
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
X-2
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
X-B
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
A-R
    100.00       0.00       0.00       0.00       0.00       0.00       0.00    
  0.00       0.00000000       0.00  
B-1
    15,905,000.00       15,905,000.00       0.00       0.00       0.00      
0.00       0.00       15,905,000.00       1.00000000       0.00  
B-2
    8,210,000.00       8,210,000.00       0.00       0.00       0.00       0.00
      0.00       8,210,000.00       1.00000000       0.00  
B-3
    5,644,000.00       5,644,000.00       0.00       0.00       0.00       0.00
      0.00       5,644,000.00       1.00000000       0.00  
B-4
    2,565,000.00       2,565,000.00       0.00       0.00       0.00       0.00
      0.00       2,565,000.00       1.00000000       0.00  
B-5
    1,539,000.00       1,539,000.00       0.00       0.00       0.00       0.00
      0.00       1,539,000.00       1.00000000       0.00  
B-6
    4,105,618.00       4,105,618.00       0.00       0.00       0.00       0.00
      0.00       4,105,618.00       1.00000000       0.00  
 
   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   
Totals
    1,026,174,718.00       891,421,016.29       320.75       14,054,135.38      
0.00       0.00       14,054,456.13       877,366,560.16       0.856498750      
14,054,456.13  
 
   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

--------------------------------------------------------------------------------

(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

                                                                               
      Original   Beginning   Scheduled   Unscheduled           Realized   Total
  Ending   Ending   Total     Face   Certificate   Principal   Principal        
  Loss   Principal   Certificate   Certificate   Principal Class

--------------------------------------------------------------------------------

  Amount

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Accretion

--------------------------------------------------------------------------------

  (3)

--------------------------------------------------------------------------------

  Reduction

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Percentage

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

1A
    798,206,000.00       863.00505576       0.00036576       12.61279627      
0.00000000       0.00000000       12.61316203       850.39189373      
0.85039189       12.61316203  
2A
    190,000,000.00       866.29781447       0.00015158       20.98171432      
0.00000000       0.00000000       20.98186589       845.31594858      
0.84531595       20.98186589  
X-1A
    0.00       0.00000000       0.00000000       0.00000000       0.00000000    
  0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
 
X-1B
    0.00       0.00000000       0.00000000       0.00000000       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       0.00000000       0.00000000       0.00000000
 
X-B
    0.00       0.00000000       0.00000000       0.00000000       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       0.00000000       0.00000000      
0.00000000  
B-1
    15,905,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
B-2
    8,210,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
B-3
    5,644,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
B-4
    2,565,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
B-5
    1,539,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
B-6
    4,105,618.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       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                          
                              Beginning           of           Non-            
      Remaining   Ending     Original   Current   Certificate/   Current  
Unpaid   Current   Supported   Realized   Total   Unpaid   Certificate/     Face
  Certificate   Notional   Accrued   Interest   Interest   Interest   Loss  
Interest   Interest   Notational Class

--------------------------------------------------------------------------------

  Amount

--------------------------------------------------------------------------------

  Rate

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Interest

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  (4)

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

1A
    798,206,000.00       1.47000 %     688,855,813.54       843,848.37      
0.00       0.00       0.00       0.00       843,848.37       0.00      
678,787,911.93  
2A
    190,000,000.00       1.57000 %     164,596,584.75       215,347.20      
0.00       0.00       0.00       0.00       215,347.20       0.00      
160,610,030.23  
X-1A
    0.00       0.92975 %     158,197,203.14       122,570.14       0.00      
0.00       0.00       0.00       122,570.14       0.00       156,420,738.96  
X-1B
    0.00       1.19161 %     530,658,611.39       526,946.70       0.00      
0.00       0.00       0.00       526,946.70       0.00       522,367,173.96  
X-2
    0.00       1.10198 %     164,596,584.75       151,151.06       0.00      
0.00       0.00       0.00       151,151.06       0.00       160,610,030.23  
X-B
    0.00       0.64503 %     15,905,000.00       8,549.28       0.00       0.00
      0.00       0.00       8,549.28       0.00       15,905,000.00  
A-R
    100.00       2.74362 %     0.00       0.00       0.00       0.00       0.00
      0.00       0.00       0.00       0.00  
B-1
    15,905,000.00       1.97000 %     15,905,000.00       26,110.71       0.00  
    0.00       0.00       0.00       26,110.71       0.00       15,905,000.00  
B-2
    8,210,000.00       2.61503 %     8,210,000.00       17,891.14       0.00    
  0.00       0.00       0.00       17,891.14       0.00       8,210,000.00  
B-3
    5,644,000.00       2.61503 %     5,644,000.00       12,299.34       0.00    
  0.00       0.00       0.00       12,299.34       0.00       5,644,000.00  
B-4
    2,565,000.00       2.61503 %     2,565,000.00       5,589.62       0.00    
  0.00       0.00       0.00       5,589.62       0.00       2,565,000.00  
B-5
    1,539,000.00       2.61503 %     1,539,000.00       3,353.77       0.00    
  0.00       0.00       0.00       3,353.77       0.00       1,539,000.00  
B-6
    4,105,618.00       2.61503 %     4,105,618.00       8,946.91       0.00    
  0.00       0.00       0.00       8,946.91       0.00       4,105,618.00  
 
   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   
Totals
    1,026,174,718.00                       1,942,604.24       0.00       0.00  
    0.00       0.00       1,942,604.24       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.

Interest Distribution Factors Statement

                                                                               
                                              Payment                          
                              Beginning           of           Non-            
      Remaining   Ending     Original   Current   Certificate/   Current  
Unpaid   Current   Supported   Realized   Total   Unpaid   Certificate/ Class  
Face   Certificate   Notional   Accrued   Interest   Interest   Interest   Loss
  Interest   Interest   Notational (5)

--------------------------------------------------------------------------------

  Amount

--------------------------------------------------------------------------------

  Rate

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

  Interest

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  (6)

--------------------------------------------------------------------------------

  Distribution

--------------------------------------------------------------------------------

  Shortfall

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

1A
    798,206,000.00       1.47000 %     863.00505576       1.05718119      
0.00000000       0.00000000       0.00000000       0.00000000       1.05718119  
    0.00000000       850.39189373  
2A
    190,000,000.00       1.57000 %     866.29781447       1.13340632      
0.00000000       0.00000000       0.00000000       0.00000000       1.13340632  
    0.00000000       845.31594858  
X-1A
    0.00       0.92975 %     863.62487590       0.66913081       0.00000000    
  0.00000000       0.00000000       0.00000000       0.66913081       0.00000000
      853.92686211  
X-1B
    0.00       1.19161 %     862.82045191       0.85678510       0.00000000    
  0.00000000       0.00000000       0.00000000       0.85678510       0.00000000
      849.33905043  
X-2
    0.00       1.10198 %     866.29781447       0.79553189       0.00000000    
  0.00000000       0.00000000       0.00000000       0.79553189       0.00000000
      845.31594858  
X-B
    0.00       0.64503 %     1000.00000000       0.53752153       0.00000000    
  0.00000000       0.00000000       0.00000000       0.53752153       0.00000000
      1000.00000000  
A-R
    100.00       2.74362 %     0.00000000       0.00000000       0.00000000    
  0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
      0.000000000  
B-1
    15,905,000.00       1.97000 %     1000.00000000       1.64166677      
0.00000000       0.00000000       0.00000000       0.00000000       1.64166677  
    0.00000000       1000.00000000  
B-2
    8,210,000.00       2.61503 %     1000.00000000       2.17918879      
0.00000000       0.00000000       0.00000000       0.00000000       2.17918879  
    0.00000000       1000.00000000  
B-3
    5,644,000.00       2.61503 %     1000.00000000       2.17918852      
0.00000000       0.00000000       0.00000000       0.00000000       2.17918852  
    0.00000000       1000.00000000  
B-4
    2,565,000.00       2.61503 %     1000.00000000       2.17918908      
0.00000000       0.00000000       0.00000000       0.00000000       2.17918908  
    0.00000000       1000.00000000  
B-5
    1,539,000.00       2.61503 %     1000.00000000       2.17918778      
0.00000000       0.00000000       0.00000000       0.00000000       2.17918778  
    0.00000000       1000.00000000  
B-6
    4,105,618.00       2.61503 %     1000.00000000       2.17918715      
0.00000000       0.00000000       0.00000000       0.00000000       2.17918715  
    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
    0.00  
Deposits
       
Payments of Interest and Principal
    16,284,694.04  
Liquidations, Insurance Proceeds, Reserve Funds
    0.00  
Proceeds from Repurchased Loans
    0.00  
Other Amounts (Servicer Advances)
    1,868.97  
Realized Losses
    0.00  
Prepayment Penalties
    0.00  
 
   

--------------------------------------------------------------------------------

   
Total Deposits
    16,286,563.01  
Withdrawals
       
Reimbursement for Servicer Advances
    1,868.97  
Payment of Service Fee
    287,633.65  
Payment of Interest and Principal
    15,997,060.39  
 
   

--------------------------------------------------------------------------------

   
Total Withdrawals (Pool Distribution Amount)
    16,286,563.01  
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
    280,205.14  
Master Servicing Fee
    7,428.51  
Supported Prepayment/Curtailment Interest Shortfall
    0.00  
 
   

--------------------------------------------------------------------------------

   
Net Servicing Fee
    287,633.65  
 
   

--------------------------------------------------------------------------------

   

 

--------------------------------------------------------------------------------

 

                                  Account Type

--------------------------------------------------------------------------------

  Beginning Balance

--------------------------------------------------------------------------------

  Current Withdrawals

--------------------------------------------------------------------------------

  Current Deposits

--------------------------------------------------------------------------------

  Ending Balance

--------------------------------------------------------------------------------

Class X-1 Reserve Fund Sub Account
    5,000.00       0.00       0.00       5,000.00  
Class X-2 Reserve Fund Sub Account
    2,500.00       0.00       0.00       2,500.00  
Class X-B Reserve Fund Sub Account
    2,500.00       0.00       0.00       2,500.00  

Loan Status Stratification/Credit Enhancement Statement

                                                                               
                  DELINQUENT

--------------------------------------------------------------------------------

  BANKRUPTCY

--------------------------------------------------------------------------------

  FORECLOSURE

--------------------------------------------------------------------------------

  REO

--------------------------------------------------------------------------------

  TOTAL

--------------------------------------------------------------------------------

    No. of   Principal       No. of   Principal       No. of   Principal      
No. of   Principal       No. of   Principal     Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

0-29 Days
    0       0.00     0-29 Days     0       0.00     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    
30 Days     0       0.00     30 Days     0       0.00  
60 Days
    1       499,843.75     60 Days     0       0.00     60 Days     0       0.00
    60 Days     0       0.00     60 Days     1       499,843.75  
90 Days
    0       0.00     90 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    
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    
150 Days     0       0.00     150 Days     0       0.00  
180+ Days
    1       280,250.00     180+ Days     0       0.00     180+ Days     0      
0.00     180+ Days     0       0.00     180+ Days     1       280,250.00  

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    2       780,093.75           0       0.00           0       0.00           0
      0.00           2       780,093.75  
 
                                                                               
               

  No. of   Principal       No. of   Principal       No. of   Principal       No.
of   Principal       No. of   Principal

  Loans   Balance       Loans   Balance       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 %   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 %   30 Days     0.000000 %     0.000000 %   30 Days
    0.000000 %     0.000000 %
60 Days
    0.039651 %     0.056971 %   60 Days     0.000000 %     0.000000 %   60 Days
    0.000000 %     0.000000 %   60 Days     0.000000 %     0.000000 %   60 Days
    0.039651 %     0.056971 %
90 Days
    0.000000 %     0.000000 %   90 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 %   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 %   150 Days     0.000000 %     0.000000 %  
150 Days     0.000000 %     0.000000 %
180+ Days
    0.039651 %     0.031942 %   180+ Days     0.000000 %     0.000000 %  
180+ Days     0.000000 %     0.000000 %   180+ Days     0.000000 %     0.000000
%   180+ Days     0.039651 %     0.031942 %

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    0.079302 %     0.088913 %         0.000000 %     0.000000 %         0.000000
%     0.000000 %         0.000000 %     0.000000 %         0.079302 %    
0.088913 %

                                 
Current Period Class A Insufficient Funds:
    0.00     Principal Balance of Contaminated Properties     0.00     Periodic
Advance     1,868.97  

 

--------------------------------------------------------------------------------

 

                                                      Original $

--------------------------------------------------------------------------------

  Original%

--------------------------------------------------------------------------------

  Current $

--------------------------------------------------------------------------------

  Current %

--------------------------------------------------------------------------------

  Current Class %

--------------------------------------------------------------------------------

  Prepayment %

--------------------------------------------------------------------------------

Class A
    1,026,174,618.00       99.99999026 %     877,366,560.16       100.00000000 %
    95.672434 %     0.000000 %
Class 1A
    227,968,618.00       22.21538048 %     198,578,648.23       22.63348722 %  
  77.366513 %     1,787.760387 %
Class 2A
    37,968,618.00       3.70001495 %     37,968,618.00       4.32756612 %    
18.305921 %     423.007312 %
Class X-1-A
    37,968,618.00       3.70001495 %     37,968,618.00       4.32756612 %    
0.000000 %     0.000000 %
Class X-1-B
    37,968,618.00       3.70001495 %     37,968,618.00       4.32756612 %    
0.000000 %     0.000000 %
Class X-2
    37,968,618.00       3.70001495 %     37,968,618.00       4.32756612 %    
0.000000 %     0.000000 %
Class B-1
    22,063,618.00       2.15008396 %     22,063,618.00       2.51475484 %    
1.812811 %     41.889858 %
Class B-2
    13,853,618.00       1.35002527 %     13,853,618.00       1.57900000 %    
0.935755 %     21.623120 %
Class B-3
    8,209,618.00       0.80002146 %     8,209,618.00       0.93571129 %    
0.643289 %     14.864908 %
Class B-4
    5,644,618.00       0.55006403 %     5,644,618.00       0.64335915 %    
0.292352 %     6.755579 %
Class B-5
    4,105,618.00       0.40008957 %     4,105,618.00       0.46794786 %    
0.175411 %     4.053347 %
Class B-6
    0.00       0.00000000 %     0.00       0.00000000 %     0.467948 %    
10.813188 %

Please refer to the prospectus supplement for a full description of loss
exposure

 

--------------------------------------------------------------------------------

 

Delinquency Status By Group

Pool 1

                                                                               
                  DELINQUENT

--------------------------------------------------------------------------------

  BANKRUPTCY

--------------------------------------------------------------------------------

  FORECLOSURE

--------------------------------------------------------------------------------

  REO

--------------------------------------------------------------------------------

  TOTAL

--------------------------------------------------------------------------------

    No. of   Principal       No. of   Principal       No. of   Principal      
No. of   Principal       No. of   Principal     Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

0-29 Days
    0       0.00     0-29 Days     0       0.00     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    
30 Days     0.       0.00     30 Days     0       0.00  
60 Days
    1       499,843.75     60 Days     0       0.00     60 Days     0       0.00
    60 Days     0       0.00     60 Days     1       499,843.75  
90 Days
    0       0.00     90 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    
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    
150 Days     0       0.00     150 Days     0       0.00  
180+ Days
    1       280,250.00     180+ Days     0       0.00     180+ Days     0      
0.00     180+ Days     0       0.00     180+ Days     1       280,250.00  

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    2       780,093.75           0       0.00           0       0.00           0
      0.00           2       780,093.75  
 
                                                                               
               

  No. of   Principal       No. of   Principal       No. of   Principal       No.
of   Principal       No. of   Principal

  Loans   Balance       Loans   Balance       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 %   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 %   30 Days     0.000000 %     0.000000 %   30 Days
    0.000000 %     0.000000 %
60 Days
    0.049529 %     0.070454 %   60 Days     0.000000 %     0.000000 %   60 Days
    0.000000 %     0.000000 %   60 Days     0.000000 %     0.000000 %   60 Days
    0.049529 %     0.070454 %
90 Days
    0.000000 %     0.000000 %   90 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 %   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 %   150 Days     0.000000 %     0.000000 %  
150 Days     0.000000 %     0.000000 %
180+ Days
    0.049529 %     0.039502 %   180+ Days     0.000000 %     0.000000 %   180+
Days     0.000000 %     0.000000 %   180+ Days     0.000000 %     0.000000 %  
180+ Days     0.049529 %     0.039502 %

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    0.099059 %     0.109956 %         0.000000 %     0.000000 %         0.000000
%     0.000000 %         0.000000 %     0.000000 %         0.099059 %    
0.109956 %

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

Pool 2

                                                                               
                  DELINQUENT

--------------------------------------------------------------------------------

  BANKRUPTCY

--------------------------------------------------------------------------------

  FORECLOSURE

--------------------------------------------------------------------------------

  REO

--------------------------------------------------------------------------------

  TOTAL

--------------------------------------------------------------------------------

    No. of   Principal       No. of   Principal       No. of   Principal      
No. of   Principal       No. of   Principal     Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

      Loans

--------------------------------------------------------------------------------

  Balance

--------------------------------------------------------------------------------

0-29 Days
    0       0.00     0-29 Days     0       0.00     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    
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    
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    
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    
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    
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  
  180+ Days     0       0.00     180+ Days     0       0.00  

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    0       0.00           0       0.00           0       0.00           0      
0.00           0       0.00  
 
                                                                               
               

  No. of   Principal       No. of   Principal       No. of   Principal       No.
of   Principal       No. of   Principal

  Loans   Balance       Loans   Balance       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 %   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 %   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 %   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 %   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 %   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 %   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 %   180+ Days     0.000000 %     0.000000 %  
180+ Days     0.000000 %     0.000000 %

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

    0.000000 %     0.000000 %         0.000000 %     0.000000 %         0.000000
%     0.000000 %         0.000000 %     0.000000 %         0.000000 %    
0.000000 %

   

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

           

--------------------------------------------------------------------------------

       

--------------------------------------------------------------------------------

   

 

--------------------------------------------------------------------------------

 

Collateral Statement

          Collateral Description   Mixed Arm
Weighted Average Gross Coupon
    3.002269 %
Weighted Average Net Coupon
    2.625066 %
Weighted Average Pass-Through Rate
    2.615066 %
Weighted Average Maturity (Stepdown Calculation)
    313  
Beginning Scheduled Collateral Loan Count
    2,555  
Number of Loans Paid in Full
    33  
Ending Scheduled Collateral Loan Count
    2,522  
Beginning Scheduled Collateral Balance
    891,421,016.29  
Ending Scheduled Collateral Balance
    877,366,560.16  
Ending Actual Collateral Balance at 31-Mar-2004
    877,372,378.37  
Monthly P&I Constant
    2,230,558.62  
Special Servicing Fee
    0.00  
Prepayment Penalties
    0.00  
Realization Loss Amount
    0.00  
Cumulative Realized Loss
    0.00  
Class A Optimal Amount
    15,914,319.60  
Ending Scheduled Balance for Premium Loans
    877,366,560.16  
Scheduled Principal
    320.75  
Unscheduled Principal
    14,054,135.38  

Miscellaneous Reporting

         
Cap Agreement Deposit – 1 month Libor Loan
    0  
Cap Agreement Deposit – 6 month Libor Loan
    0  

 

--------------------------------------------------------------------------------

 

                          Group   1   2   Total Collateral Description   Mixed
ARM   6 Month LIBOR ARM   Mixed ARM
Weighted Average Coupon Rate
    2.989199       3.056975       3.002269  
Weighted Average Net Rate
    2.611471       2.681975       2.625066  
Pass-Through Rate
    2.601471       2.671975       2.615066  
Weighted Average Maturity
    311       319       313  
Record Date
    03/31/2004       03/31/2004       03/31/2004  
Principal and Interest Constant
    1,792,627.30       437,931.32       2,230,558.62  
Beginning Loan Count
    2,041       514       2,555  
Loans Paid in Full
    22       11       33  
Ending Loan Count
    2,019       503       2,522  
Beginning Scheduled Balance
    719,524,589.54       171,896,426.75       891,421,016.29  
Ending Scheduled Balance
    709,456,687.93       167,909,872.23       877,366,560.16  
Scheduled Principal
    291.95       28.80       320.75  
Unscheduled Principal
    10,067,609.66       3,986,525.72       14,054,135.38  
Scheduled Interest
    1,792,335.35       437,902.52       2,230,237.87  
Servicing Fee
    226,487.51       53,717.63       280,205.14  
Master Servicing Fee
    5,996.04       1,432.47       7,428.51  
Trustee Fee
    0.00       0.00       0.00  
FRY Amount
    0.00       0.00       0.00  
Special Hazard Fee
    0.00       0.00       0.00  
Other Fee
    0.00       0.00       0.00  
Pool Insurance Fee
    0.00       0.00       0.00  
Spread 1
    0.00       0.00       0.00  
Spread 2
    0.00       0.00       0.00  
Spread 3
    0.00       0.00       0.00  
Net Interest
    1,559,851.80       382,752.42       1,942,604.22  
Realized Loss Amount
    0.00       0.00       0.00  
Cumulative Realized Loss
    0.00       0.00       0.00  
Percentage of Cumulative Losses
    0.00       0.00       0.00  
Prepayment Penalties
    0.00       0.00       0.00  
Special Servicing Fee
    0.00       0.00       0.00  

 

--------------------------------------------------------------------------------

 

Miscellaneous Reporting

         
Group Pool 1
       
One Month Libor Loan Balance
    163,488,089.99  
Six Month Libor Loan Balance
    545,968,597.94  
Senior Percent
    100.000000 %
Senior Prepayment Percent
    100.000000 %
Subordinate Percent
    0.000000 %
Subordinate Prepayment Percent
    0.000000 %
Group Pool 2
       
Six Month Libor Loan Balance
    167,909,872.23  
Senior Percent
    100.000000 %
Senior Prepayment Percent
    100.000000 %
Subordinate Percent
    0.000000 %
Subordinate Prepayment Percent
    0.000000 %