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 2003-2
Record Date: March 31, 2004
Distribution Date: April 20, 2004

Certificateholder Distribution Summary

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

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

  CUSIP

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

  Description

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

  Through Rate

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

  Balance

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  Distribution

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  Distribution

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  Realized Loss

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  Balance

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

  Distribution

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

  Realized Loss

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A-1
  81743PAP1   SEN     1.42000 %     449,547,243.65       531,964.24      
8,425,054.20       0.00       441,122,189.45       8,957,018.44       0.00  
A-2
  81743PAQ9   SEN     1.54625 %     269,551,677.77       347,328.57      
5,436,786.67       0.00       264,114,891.10       5,784,115.24       0.00  
M-1
  81743PAR7   SUB     1.74000 %     11,480,000.00       16,646.00       0.00    
  0.00       11,480,000.00       16,646.00       0.00  
M-2
  81743PAS5   SUB     2.52000 %     4,920,000.00       10,332.00       0.00    
  0.00       4,920,000.00       10,332.00       0.00  
X
  SMT03002X   IO     0.00000 %     0.00       719,747.81       0.00       0.00  
    0.00       719,747.81       0.00  
R
  SMT03002R   SUB     0.00000 %     0.00       0.00       0.00       0.00      
0.00       0.00       0.00  
 
 

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Totals
                    735,498,921.42       1,626,018.62       13,861,840.87      
0.00       721,637,080.55       15,487,859.49       0.00  
 
 

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

Principal Distribution Statement

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

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

  Amount

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

  Balance

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

  Distribution

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

  Distribution

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

  Accretion

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

  Loss (1)

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  Reduction

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

  Balance

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

  Percentage

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

  Distribution

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

A-1
    500,000,000.00       449,547,243.65       0.00       8,425,054.20       0.00
      0.00       8,425,054.20       441,122,189.45       0.88224438      
8,425,054.20  
A-2
    303,600,000.00       269,551,677.77       0.00       5,436,786.67       0.00
      0.00       5,436,786.67       264,114,891.10       0.86994365      
5,436,786.67  
M-1
    11,480,000.00       11,480,000.00       0.00       0.00       0.00      
0.00       0.00       11,480,000.00       1.00000000       0.00  
M-2
    4,920,000.00       4,920,000.00       0.00       0.00       0.00       0.00
      0.00       4,920,000.00       1.00000000       0.00  
X
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
R
    0.00       0.00       0.00       0.00       0.00       0.00       0.00      
0.00       0.00000000       0.00  
 
   

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Totals
    820,000,000.00       735,498,921.42       0.00       13,861,840.87      
0.00       0.00       13,861,840.87       721,637,080.55       0.88004522      
13,861,840.87  
 
   

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(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.

 

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Principal Distribution Factors Statement

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

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  Amount

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

  Balance

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  Distribution

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  Distribution

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  Accretion

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  Loss (1)

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  Reduction

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  Balance

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  Percentage

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  Distribution

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A-1
    500,000,000.00       899.09448730       0.00000000       16.85010840      
0.00000000       0.00000000       16.85010840       882.24437890      
0.88224438       16.85010840  
A-2
    303,600,000.00       887.85137605       0.00000000       17.90772948      
0.00000000       0.00000000       17.90772948       869.94364657      
0.86994365       17.90772948  
M-1
    11,480,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
M-2
    4,920,000.00       1000.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       1000.00000000      
1.00000000       0.00000000  
X
    0.00       0.00000000       0.00000000       0.00000000       0.00000000    
  0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
 
R
    0.00       0.00000000       0.00000000       0.00000000       0.00000000    
  0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
 
 
   

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(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

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

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  Amount

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  Certificate Rate

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  Balance

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

  Interest

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

  Shortfall

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  Shortfall

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  Shortfall

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  Loss (4)

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  Distribution

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  Shortfall

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  Balance

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A-1
    500,000,000.00       1.42000 %     449,547,243.65       531,964.24      
0.00       0.00       0.00       0.00       531,964.24       0.00      
441,122,189.45  
A-2
    303,600,000.00       1.54625 %     269,551,677.77       347,328.57      
0.00       0.00       0.00       0.00       347,328.57       0.00      
264,114,891.10  
M-1
    11,480,000.00       1.74000 %     11,480,000.00       16,646.00       0.00  
    0.00       0.00       0.00       16,646.00       0.00       11,480,000.00  
M-2
    4,920,000.00       2.52000 %     4,920,000.00       10,332.00       0.00    
  0.00       0.00       0.00       10,332.00       0.00       4,920,000.00  
X
    0.00       0.00000 %     735,498,921.42       0.00       0.00       0.00    
  0.00       0.00       719,747.81       0.00       721,637,080.55  
R
    0.00       0.00000 %     0.00       0.00       0.00       0.00       0.00  
    0.00       0.00       0.00       0.00  
 
   

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Totals
    820,000,000.00                       906,270.81       0.00       0.00      
0.00       0.00       1,626,018.62       0.00          
 
   

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

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  Amount

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  Rate

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  Notional Balance

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  Interest

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  Shortfall

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  Shortfall

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  Shortfall

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  Loss (6)

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  Distribution

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  Shortfall

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  Notational Balance

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A-1
    500,000,000.00       1.42000 %     899.09448730       1.06392848      
0.00000000       0.00000000       0.00000000       0.00000000       1.06392848  
    0.00000000       882.24437890  
A-2
    303,600,000.00       1.54625 %     887.85137605       1.14403350      
0.00000000       0.00000000       0.00000000       0.00000000       1.14403350  
    0.00000000       869.94364657  
M-1
    11,480,000.00       1.74000 %     1000.00000000       1.45000000      
0.00000000       0.00000000       0.00000000       0.00000000       1.45000000  
    0.00000000       1000.00000000  
M-2
    4,920,000.00       2.52000 %     1000.00000000       2.10000000      
0.00000000       0.00000000       0.00000000       0.00000000       2.10000000  
    0.00000000       1000.00000000  
X
    0.00       0.00000 %     896.94990417       0.00000000       0.00000000    
  0.00000000       0.00000000       0.00000000       0.87774123       0.00000000
      880.4522018  
R
    0.00       0.00000 %     0.00000000       0.00000000       0.00000000      
0.00000000       0.00000000       0.00000000       0.00000000       0.00000000  
    0.00000000  

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(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.

 

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Certificateholder Account Statement

Certificate Account

         
Beginning Balance
    0.00  
Deposits
       
Payments of Interest and Principal
    15,727,857.81  
Liquidations, Insurance Proceeds, Reserve Funds
    0.00  
Proceeds from Repurchased Loans
    0.00  
Other Amounts (Servicer Advances)
    10,628.24  
Realized Losses
    0.00  
Prepayment Penalties
    0.00  
 
   

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Total Deposits
    15,738,486.05  
Withdrawals
       
Reimbursement for Servicer Advances
    14,535.21  
Payment of Service Fee
    236,091.35  
Payment of Interest and Principal
    15,487,859.49  
 
   

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Total Withdrawals (Pool Distribution Amount)
    15,738,486.05  
Ending Balance
    0.00  
 
   

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Prepayment/Curtailment Interest Shortfall

         
Total Prepayment/Curtailment Interest Shortfall
    0.00  
Servicing Fee Support
    0.00  
 
   

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Non-Supported Prepayment Curtailment Interest Shortfall
    0.00  
 
   

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Servicing Fees

         
Gross Servicing Fee
    231,788.96  
Master Servicing Fee
    4,302.39  
Supported Prepayment/Curtailment Interest Shortfall
    0.00  
 
   

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Net Servicing Fee
    236,091.35  
 
   

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                                      Beginning   Current   Current   Ending
Account Type

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  Balance

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  Withdrawals

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  Deposits

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  Balance

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Reserve Fund
    10,000.00       0.00       0.00       10,000.00  

 

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Loan Status Stratification/Credit Enhancement Statement

                                                                             
DELINQUENT

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  BANKRUPTCY

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  FORECLOSURE

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  REO

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  TOTAL

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    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
  8     3,895,601.90     30 Days   1     152,768.00     30 Days   0     0.00    
30 Days   0     0.00     30 Days   9     4,048,369.90  
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
  1     247,195.14     90 Days   0     0.00     90 Days   0     0.00     90 Days
  0     0.00     90 Days   1     247,195.14  
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     199,400.00     180+ Days   0     0.00     180+ Days   0     0.00    
180+ Days   0     0.00     180+ Days   1     199,400.00  
 
 

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  10     4,342,197.04         1     152,768.00         0     0.00         0    
0.00         11     4,494,965.04    
 
  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
  0.396040%     0.538298 %   30 Days   0.049505%     0.021110 %   30 Days  
0.000000%     0.000000 %   30 Days   0.000000%     0.000000 %   30 Days  
0.445545%     0.559408 %
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
  0.049505%     0.034158 %   90 Days   0.000000%     0.000000 %   90 Days  
0.000000%     0.000000 %   90 Days   0.000000%     0.000000 %   90 Days  
0.049505%     0.034158 %
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
  0.049505%     0.027553 %   180+ Days   0.000000%     0.000000 %   180+ Days  
0.000000%     0.000000 %   180+ Days   0.000000%     0.000000 %   180+ Days  
0.049505%     0.027553 %
 
 

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  0.495050%     0.600009 %       0.049505%     0.021110 %       0.000000%    
0.000000 %       0.000000%     0.000000 %       0.544554%     0.621119 %

                                 
Current Period Class A Insufficient Funds:
    0.00     Principal Balance of Contaminated Properties     0.00     Periodic
Advance     10,628.24  

 

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Delinquency Status By Group

Group 1

                                                                             
DELINQUENT

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  BANKRUPTCY

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  FORECLOSURE

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  REO

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  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
  2     405,268.97     30 Days   0     0.00     30 Days   0     0.00     30 Days
  0.     0.00     30 Days   2     405,268.97  
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
  1     247,195.14     90 Days   0     0.00     90 Days   0     0.00     90 Days
  0     0.00     90 Days   1     247,195.14  
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     199,400.00     180+ Days   0     0.00     180+ Days   0     0.00    
180+ Days   0     0.00     180+ Days   1     199,400.00  
 
 

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  4     851,864.11         0     0.00         0     0.00         0     0.00    
    4     851,864.11    
 
  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
  0.164609%     0.089585 %   30 Days   0.000000%     0.000000 %   30 Days  
0.000000%     0.000000 %   30 Days   0.000000%     0.000000 %   30 Days  
0.164609%     0.089585 %
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
  0.082305%     0.054643 %   90 Days   0.000000%     0.000000 %   90 Days  
0.000000%     0.000000 %   90 Days   0.000000%     0.000000 %   90 Days  
0.082305%     0.054643 %
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
  0.082305%     0.044077 %   180+ Days   0.000000%     0.000000 %   180+ Days  
0.000000%     0.000000 %   180+ Days   0.000000%     0.000000 %   180+ Days  
0.082305%     0.044077 %
 
 

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

   
 
  0.329218%     0.188305 %       0.000000%     0.000000 %       0.000000%    
0.000000 %       0.000000%     0.000000 %       0.329218%     0.188305 %
 
 

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

   

Group 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
  6     3,490,332.93     30 Days   1     152,768.00     30 Days   0     0.00    
30 Days   0     0.00     30 Days   7     3,643,100.93  
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  
 
 

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

   
 
  6     3,490,332.93         1     152,768.00         0     0.00         0    
0.00         7     3,643,100.93    
 
  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
  0.745342%     1.286507 %   30 Days   0.124224%     0.056309 %   30 Days  
0.000000%     0.000000 %   30 Days   0.000000%     0.000000 %   30 Days  
0.869565%     1.342815 %
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 %
 
 

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

   
 
  0.745342%     1.286507 %       0.124224%     0.056309 %       0.000000%    
0.000000 %       0.000000%     0.000000 %       0.869565%     1.342815 %
 
 

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

     

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

         

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

     

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

         

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

     

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

         

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

     

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

         

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

   

 

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Collateral Statement

          Collateral Description

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

  Mixed Arm

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

Weighted Average Gross Coupon
    3.029673 %
Weighted Average Net Coupon
    2.652550 %
Weighted Average Pass-Through Rate
    2.645550 %
Weighted Average Maturity (Stepdown Calculation)
    321  
Beginning Scheduled Collateral Loan Count
    2,047  
Number of Loans Paid in Full
    27  
Ending Scheduled Collateral Loan Count
    2,020  
Beginning Scheduled Collateral Balance
    737,548,921.42  
Ending Scheduled Collateral Balance
    723,687,080.55  
Ending Actual Collateral Balance at 31-Mar-2004
    723,688,214.08  
Monthly P&I Constant
    1,862,109.95  
Special Servicing Fee
    0.00  
Prepayment Penalties
    0.00  
Realized Loss Amount
    0.00  
Cumulative Realized Loss
    0.00  
Ending Scheduled Balance for Premium Loans
    723,687,080.55  
Scheduled Principal
    0.00  
Unscheduled Principal
    13,861,840.87  
Required Overcollateralized Amount
    0.00  
Overcollateralized Increase Amount
    0.00  
Overcollateralized Reduction Amount
    0.00  
Specified O/C Amount
    2,050,000.00  
Overcollateralized Amount
    2,050,000.00  
Overcollateralized Deficiency Amount
    0.00  
Base Overcollateralization Amount
    0.00  
Extra Principal Distribution Amount
    0.00  
Excess Cash Amount
    719,747.82  

 

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

 

         
Miscellaneous Reporting
       
Applied Loss Amount
    0.00  
Group 1 – One-Month LIBOR Loans
    133,771,201.85  
Group 1 – Six-Month LIBOR Loans
    318,613,121.00  
Group 2 – Six Month LIBOR Loans
    271,302,757.70  
M-1 Target Amount
    711,384,400.18  
M-2 Target Amount
    720,068,645.15  
Senior Target Amount
    691,121,161.93  

                          Group

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

  1

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

  2

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

  Total

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

Collateral Description   Mixed ARM   6 Month ARM   Mixed ARM
Weighted Average Coupon Rate
    2.991970       3.092454       3.029673  
Weighted Average Net Rate
    2.615089       2.714928       2.652550  
Pass-Through Rate
    2.608089       2.707928       2.645550  
Weighted Average Maturity
    315       328       321  
Record Date
    03/31/2004       03/31/2004       03/31/2004  
Principal and Interest Constant
    1,148,939.71       713,170.24       1,862,109.95  
Beginning Loan Count
    1,232       815       2,047  
Loans Paid in Full
    17       10       27  
Ending Loan Count
    1,215       805       2,020  
Beginning Scheduled Balance
    460,809,377.05       276,739,544.37       737,548,921.42  
Ending Scheduled Balance
    452,384,322.85       271,302,757.70       723,687,080.55  
Scheduled Principal
    0.00       0.00       0.00  
Unscheduled Principal
    8,425,054.20       5,436,786.67       13,861,840.87  
Scheduled Interest
    1,148,939.71       713,170.24       1,862,109.95  
Servicing Fee
    144,725.26       87,063.70       231,788.96  
Master Servicing Fee
    2,688.08       1,614.31       4,302.39  
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
    1,001,526.37       624,492.23       1,626,018.60  
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