EXHIBIT 10.1

CONTACTS

     
Administrator:
  Kumar X. Khambhaita
Direct Phone No:
  (714) 247-6327
Address:
  Deutsche Bank
1761 E. St. Andrew Place
Santa Ana, CA 92705  
Web Site:
  http://www-apps.gis.deutsche-bank.com/invr
Factor Information:
  (800) 735-7777
Main Phone No:
  (714) 247-6000

ISSUANCE INFORMATION

                 

  Seller:
Certificate Insurer:
Servicer(s):   Redwood Trust

Cendant Mortgage Corporation
Morgan Stanley Dean Witter   Cut-Off Date:
Closing Date:
First Payment Date:   April 1, 2002
April 26, 2002
May 20, 2002
 
               

  Underwriter(s):   Greenwich Capital Markets, Inc.
Bear, Stearns & Co. Inc.   Distribution Date:
Record Date:   March 19, 2004
March 18, 2004
February 27, 2004

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

 

SEQUOIA MORTGAGE TRUST 6
Collateralized Mortgage Bonds
Bond Payment Report for March 19, 2004 Distribution

          Distribution in Dollars - Current Period

                                                              Prior            
Class   Original   Principal         Class

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

  Type

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

  Face Value

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

  Balance

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

  Interest

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

  Principal

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

                    (1)   (2)   (3)
LT-A
            496,378,000.00       391,063,128.63       797,304.43      
5,448,487.24  
LT-A2
            100.00       —       —       —  
LT-X
            100.00       —       —       —  
LT-B-1
            5,915,000.00       5,915,000.00       12,059.58       —  
LT-B-2
            5,143,000.00       5,143,000.00       10,485.61       —  
 
         

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

       

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

       

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

       

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

   
LT-B-3
            2,315,000.00       2,315,000.00       4,719.85       —  
LT-B-4
            1,534,000.00       1,534,000.00       3,127.54       —  
LT-B-5
            1,028,000.00       1,028,000.00       2,095.90       —  
LT-B-6
            2,068,996.83       2,068,996.83       4,218.30       —  
LT-R
            —       —       —       —  
 
         

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

       

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

       

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

       

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

   
Total
            514,382,196.83       409,067,125.46       834,011.21      
5,448,487.24  
 
         

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                                              Current     Total
  Realized   Deferred   Principal Class

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

  Distribution

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

  Losses

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

  Interest

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

  Balance

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

    (4)=(2)+(3)   (5)   (6)   (7)=(1)-(3)-(5)+(6)
LT-A
    6,245,791.67       —       —       385,614,641.39  
LT-A2
    —       —       —       —  
LT-X
    —       —       —       —  
LT-B-1
    12,059.58       —       —       5,915,000.00  
LT-B-2
    10,485.61       —       —       5,143,000.00  
 
   

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

       

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

       

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

       

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

   
LT-B-3
    4,719.85       —       —       2,315,000.00  
LT-B-4
    3,127.54       —       —       1,534,000.00  
LT-B-5
    2,095.90       —       —       1,028,000.00  
LT-B-6
    4,218.30       —       —       2,068,996.83  
LT-R
    —       —       —       —  
 
   

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

       

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

       

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

       

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

   
Total
    6,282,498.45       —       —       403,618,638.22  
 
   

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

       

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

       

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

       

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

   

          Interest Accrual Detail                  Current Period Factor
Information per $1,000 of Original Face

                                                                             
Orig. Principal     Period   Period                   (with Notional) Class

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

  Starting

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

  Ending

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

  Method

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

  Cusip

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

  Balance

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

LT-A
                    A-30/360               496,378,000.00  
LT-A2
                    A-30/360               100.00  
LT-X
                    A-30/360               100.00  
LT-B-1
                    A-30/360               5,915,000.00  
LT-B-2
                    A-30/360               5,143,000.00  
 
               

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

             

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

   
LT-B-3
                    A-30/360               2,315,000.00  
LT-B-4
                    A-30/360               1,534,000.00  
LT-B-5
                    A-30/360               1,028,000.00  
LT-B-6
                    A-30/360               2,068,996.83  
LT-R
                    A-30/360               —  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Prior                          
Current     Principal                   Total   Principal Class

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

  Balance

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

  Interest

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

  Principal

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

  Distribution

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

  Balance

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

    (1)   (2)   (3)   (4)=(2)+(3)   (5)
LT-A
    787.833322       1.606244       10.976488       12.582733       776.856834  
LT-A2
    —       —       —       —       —  
LT-X
    —       —       —       —       —  
LT-B-1
    1,000.000000       2.038813       —       2.038813       1,000.000000  
LT-B-2
    1,000.000000       2.038812       —       2.038812       1,000.000000  
 
   

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

       

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

       

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

       

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

       

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

   
LT-B-3
    1,000.000000       2.038812       —       2.038812       1,000.000000  
LT-B-4
    1,000.000000       2.038814       —       2.038814       1,000.000000  
LT-B-5
    1,000.000000       2.038813       —       2.038813       1,000.000000  
LT-B-6
    1,000.000000       2.038814       —       2.038814       1,000.000000  
LT-R
    —       —       —       —       —  

 

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

 

          Distribution in Dollars - to Date

                                              Original           Unscheduled  
Scheduled   Total Class

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

  Face Value

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

  Interest

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

  Principal

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

  Principal

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

  Principal

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

    (1)   (2)   (3)   (4)   (5)=(3)+(4)
LT-A
    496,378,000.00       24,605,843.23       110,763,358.61       —      
110,763,358.61  
LT-A2  
    100.00       0.27       100.00       —       100.00  
LT-X
    100.00       —       100.00       —       100.00  
LT-B-1
    5,915,000.00       323,386.04       —       —       —  
LT-B-2
    5,143,000.00       281,179.10       —       —       —  
LT-B-3
    2,315,000.00       126,566.12       —       —       —  
LT-B-4
    1,534,000.00       83,867.12       —       —       —  
LT-B-5
    1,028,000.00       56,203.03       —       —       —  
LT-B-6
    2,068,996.83       113,116.62       —       —       —  
LT-R
    —       —       —       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
Total
    514,382,196.83       25,590,161.53       110,763,558.61       —      
110,763,558.61  
 
   

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

       

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                                              Current     Total
  Realized   Deferred   Principal Class

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

  Distribution

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

  Losses

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

  Interest

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

  Balance

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

    (6)=(2)+(5)   (7)   (8)   (9)=(1)-(5)-(7)+(8)
LT-A
    135,369,201.84       —       —       385,614,641.39  
LT-A2  
    100.27       —       —       —  
LT-X
    100.00       —       —       —  
LT-B-1
    323,386.04       —       —       5,915,000.00  
LT-B-2
    281,179.10       —       —       5,143,000.00  
LT-B-3
    126,566.12       —       —       2,315,000.00  
LT-B-4
    83,867.12       —       —       1,534,000.00  
LT-B-5
    56,203.03       —       —       1,028,000.00  
LT-B-6
    113,116.62       —       —       2,068,996.83  
LT-R
    —       —       —       —  
 
   

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

       

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

       

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

       

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

   
Total
    136,353,720.14       —       —       403,618,638.22  
 
   

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

       

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

       

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

       

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

   

          Interest Detail

                                              Pass-   Prior Principal          
Non-   Prior     Through   (with Notional)   Accrued   Supported   Unpaid Class

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

  Rate

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

  Balance

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

  Interest

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

  Interest SF

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

  Interest

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

                    (1)   (2)   (3)
LT-A
    2.44658 %     391,063,128.63       797,304.43       —       —  
LT-A2  
    2.44658 %     —       —       —       —  
LT-X
            —       —       —       —  
LT-B-1
    2.44658 %     5,915,000.00       12,059.58       —       —  
LT-B-2
    2.44658 %     5,143,000.00       10,485.61       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
LT-B-3
    2.44658 %     2,315,000.00       4,719.85       —       —  
LT-B-4
    2.44658 %     1,534,000.00       3,127.54       —       —  
LT-B-5
    2.44658 %     1,028,000.00       2,095.90       —       —  
LT-B-6
    2.44658 %     2,068,996.83       4,218.30       —       —  
LT-R
            —       —       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
Total
            409,067,125.46       834,011.21       —       —  
 
   

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

       

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                      Unscheduled           Paid or   Current  
  Interest   Optimal   Deferred   Unpaid Class

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

  Adjustments

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

  Interest

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

  Interest

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

  Interest

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

    (4)   (5)=(1)-(2)-(3)+(4)   (6)   (7)=(5)-(6)
LT-A
    —       797,304.43       797,304.43       —  
LT-A2  
    —       —       —       —  
LT-X
    —       —       —       —  
LT-B-1
    —       12,059.58       12,059.58       —  
LT-B-2
    —       10,485.61       10,485.61       —  
 
   

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

       

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

       

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

       

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

   
LT-B-3
    —       4,719.85       4,719.85       —  
LT-B-4
    —       3,127.54       3,127.54       —  
LT-B-5
    —       2,095.90       2,095.90       —  
LT-B-6
    —       4,218.30       4,218.30       —  
LT-R
    —       —       —       —  
 
   

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

       

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

       

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

       

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

   
Total
    —       834,011.21       834,011.21       —  
 
   

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

       

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

       

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

       

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

   

 

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

 

          Distribution in Dollars - Current Period

                                                              Prior            
Class   Original   Principal         Class

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

  Type

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

  Face Value

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

  Balance

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

  Interest

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

  Principal

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

                    (1)   (2)   (3)
A
  FLT     496,378,000.00       391,063,128.63       459,906.53      
5,448,487.24  
X
  CSTR     100.00       —       344,707.16       —  
A-R
    R       100.00       —       —       —  
B-1
  SUB     5,915,000.00       5,915,000.00       8,829.37       —  
B-2
  SUB     5,143,000.00       5,143,000.00       7,677.00       —  
 
         

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

       

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

       

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

       

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

   
B-3
  SUB     2,315,000.00       2,315,000.00       3,455.62       —  
B-4
  SUB     1,534,000.00       1,534,000.00       3,127.54       —  
B-5
  SUB     1,028,000.00       1,028,000.00       2,095.90       —  
B-6
  SUB     2,068,996.00       2,068,996.00       4,218.30       —  
 
         

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

       

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

       

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

       

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

   
Total
            514,382,196.00       409,067,124.63       834,017.42      
5,448,487.24  
 
         

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                                              Current     Total
  Realized   Deferred   Principal Class

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

  Distribution

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

  Losses

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

  Interest

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

  Balance

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

    (4)=(2)+(3)   (5)   (6)   (7)=(1)-(3)-(5)+(6)
A
    5,908,393.77       —       —       385,614,641.39  
X
    344,707.16       —       —       —  
A-R
    —       —       —       —  
B-1
    8,829.37       —       —       5,915,000.00  
B-2
    7,677.00       —       —       5,143,000.00  
 
   

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

       

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

       

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

       

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

   
B-3
    3,455.62       —       —       2,315,000.00  
B-4
    3,127.54       —       —       1,534,000.00  
B-5
    2,095.90       —       —       1,028,000.00  
B-6
    4,218.30       —       —       2,068,996.00  
 
   

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

       

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

       

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

       

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

   
Total
    6,282,504.66       —       —       403,618,637.39  
 
   

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

       

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

       

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

       

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

   

Definitive Bond Record Date: 2/27/04

          Interest Accrual Detail                  Current Period Factor
Information per $1,000 of Original Face

                                                                             
Orig. Principal     Period   Period                   (with Notional) Class

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

  Starting

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

  Ending

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

  Method

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

  Cusip

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

  Balance

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

A
    02/19/04       03/18/04       A-30/360       81743XAA7       496,378,000.00
 
X
                    A-30/360       SQ0201UPX       100.00  
A-R
                    A-30/360       81743XAC3       100.00  
B-1
    02/19/04       03/18/04       A-30/360       81743XAB5       5,915,000.00  
B-2
    02/19/04       03/18/04       A-30/360       81743XAD1       5,143,000.00  
 
   

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

       

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

       

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

       

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

       

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

   
B-3
    02/19/04       03/18/04       A-30/360       81743XAE9       2,315,000.00  
B-4
                    A-30/360       SQ0201UB4       1,534,000.00  
B-5
                    A-30/360       SQ0201UB5       1,028,000.00  
B-6
                    A-30/360       SQ0201UB6       2,068,996.00  

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                              Prior                          
Current     Principal                   Total   Principal Class

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

  Balance

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

  Interest

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

  Principal

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

  Distribution

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

  Balance

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

    (1)   (2)   (3)   (4)=(2)+(3)   (5)
A
    787.833322       0.926525       10.976488       11.903013       776.856834  
X
    —       3,447,071.600000       —       3,447,071.600000       —  
A-R
    —       —       —       —       —  
B-1
    1,000.000000       1.492708       —       1.492708       1,000.000000  
B-2
    1,000.000000       1.492709       —       1.492709       1,000.000000  
 
   

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

       

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

       

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

       

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

       

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

   
B-3
    1,000.000000       1.492708       —       1.492708       1,000.000000  
B-4
    1,000.000000       2.038814       —       2.038814       1,000.000000  
B-5
    1,000.000000       2.038813       —       2.038813       1,000.000000  
B-6
    1,000.000000       2.038815       —       2.038815       1,000.000000  

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.

 

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

 

          Distribution in Dollars - to Date

                                              Original           Unscheduled  
Scheduled   Total Class

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

  Face Value

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

  Interest

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

  Principal

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

  Principal

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

  Principal

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

    (1)   (2)   (3)   (4)   (5)=(3)+(4)
A
    496,378,000.00       14,685,022.27       110,763,358.61       —      
110,763,358.61  
X
    100.00       10,119,883.24       100.00       —       100.00  
A-R
    100.00       0.27       100.00       —       100.00  
B-1
    5,915,000.00       235,414.74       —       —       —  
B-2
    5,143,000.00       204,689.48       —       —       —  
B-3
    2,315,000.00       92,136.10       —       —       —  
B-4
    1,534,000.00       83,867.12       —       —       —  
B-5
    1,028,000.00       56,203.03       —       —       —  
B-6
    2,068,996.00       113,116.58       —       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
Total
    514,382,196.00       25,590,332.83       110,763,558.61       —      
110,763,558.61  
 
   

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

       

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                                              Current     Total
  Realized   Deferred   Principal Class

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

  Distribution

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

  Losses

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

  Interest

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

  Balance

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

    (6)=(2)+(5)   (7)   (8)   (9)=(1)-(5)-(7)+(8)
A
    125,448,380.88       —       —       385,614,641.39  
X
    10,119,983.24       —       —       —  
A-R
    100.27       —       —       —  
B-1
    235,414.74       —       —       5,915,000.00  
B-2
    204,689.48       —       —       5,143,000.00  
B-3
    92,136.10       —       —       2,315,000.00  
B-4
    83,867.12       —       —       1,534,000.00  
B-5
    56,203.03       —       —       1,028,000.00  
B-6
    113,116.58       —       —       2,068,996.00  
 
   

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

       

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

       

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

       

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

   
Total
    136,353,891.44       —       —       403,618,637.39  
 
   

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

       

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

       

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

       

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

   

          Interest Detail

                                              Pass-   Prior Principal          
Non-   Prior     Through   (with Notional)   Accrued   Supported   Unpaid Class

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

  Rate

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

  Balance

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

  Interest

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

  Interest SF

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

  Interest

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

                    (1)   (2)   (3)
A
    1.41125 %     391,063,128.63       459,906.53       —       —  
X
    1.02276 %     —       344,707.16       —       —  
A-R
    2.44658 %     —       —       —       —  
B-1
    1.79125 %     5,915,000.00       8,829.37       —       —  
B-2
    1.79125 %     5,143,000.00       7,677.00       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
B-3
    1.79125 %     2,315,000.00       3,455.62       —       —  
B-4
    2.44658 %     1,534,000.00       3,127.54       —       —  
B-5
    2.44658 %     1,028,000.00       2,095.90       —       —  
B-6
    2.44658 %     2,068,996.00       4,218.30       —       —  
 
   

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

       

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

       

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

       

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

       

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

   
Total
            409,067,124.63       834,017.42       —       —  
 
   

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

       

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

       

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

       

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

       

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

   

     

[Additional columns below]

[Continued from above table, first column(s) repeated]

                                      Unscheduled           Paid or   Current  
  Interest   Optimal   Deferred   Unpaid Class

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

  Adjustments

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

  Interest

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

  Interest

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

  Interest

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

    (4)   (5)=(1)-(2)+(3)+(4)   (6)   (7)=(5)-(6)
A
    —       459,906.53       459,906.53       —  
X
    —       344,707.16       344,707.16       —  
A-R
    —       —       —       —  
B-1
    —       8,829.37       8,829.37       —  
B-2
    —       7,677.00       7,677.00       —  
 
   

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

       

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

       

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

       

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

   
B-3
    —       3,455.62       3,455.62       —  
B-4
    —       3,127.54       3,127.54       —  
B-5
    —       2,095.90       2,095.90       —  
B-6
    —       4,218.30       4,218.30       —  
 
   

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

       

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

       

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

       

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

   
Total
    —       834,017.42       834,017.42       —  
 
   

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

       

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

       

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

       

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

   

 

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

 

Collection Account Report

          SUMMARY

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

  TOTAL

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

Principal Collections
    5,448,487.24  
Principal Withdrawals
    0.00  
Principal Other Accounts
    0.00  
TOTAL PRINCIPAL
    5,448,487.24  
Interest Collected
    843,200.81  
Interest Withdrawals
    0.00  
Interest Other Accounts
    6.21  
Fees
    (9,189.59 )
TOTAL INTEREST
    834,017.43  
TOTAL AVAILABLE TO CERTIFICATEHOLDERS
    6,282,504.67  

          PRINCIPAL - COLLECTIONS

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

  TOTAL

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

Scheduled Principal
    0.00  
Curtailments
    490,931.88  
Prepayments In Full
    4,957,555.36  
Repurchased Principal Amounts
    0.00  
Substitution Principal Amount
    0.00  
Liquidations
    0.00  
Insurance Principal
    0.00  
Other Principal
    0.00  
Total Realized Loss Of Principal
    0.00  
TOTAL PRINCIPAL COLLECTED
    5,448,487.24  

 

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

 

                  PRINCIPAL - WITHDRAWALS

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

          TOTAL

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

 
  SPACE INTENTIONALLY LEFT BLANK        

          PRINCIPAL - OTHER ACCOUNTS

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

  TOTAL

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

Amounts remaining in Pre-Funding Account
    0.00  

          INTEREST - COLLECTIONS

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

  TOTAL

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

Scheduled Interest
    963,729.62  
Repurchased Interest
    0.00  
Substitution Interest Amount
    0.00  
Liquidation Interest
    0.00  
Insurance Interest
    0.00  
Other Interest
    0.00  
Delinquent Interest
    (904,809.38 )
Interest Advanced
    784,280.57  
Prepayment Interest Shortfalls
    (5,405.15 )
Compensating Interest
    5,405.15  
Civil Relief Act Shortfalls
    0.00  
TOTAL INTEREST COLLECTED
    843,200.81  

          INTEREST - WITHDRAWALS

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

  TOTAL

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

Current Nonrecoverable Advances
    0.00  
TOTAL INTEREST WITHDRAWALS
    0.00  

 

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

 

          INTEREST - OTHER ACCOUNTS

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

  TOTAL

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

Basis Risk Shortfall
    0.00  
Basis Risk Reserve Fund Interest Earnings
    6.21  
TOTAL INTEREST OTHER ACCOUNTS
    6.21  

          INTEREST - FEES

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

  TOTAL

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

Current Servicing Fees
    7,826.03  
Trustee Fee
    1,363.56  
TOTAL FEES
    9,189.59  

 

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

 

Credit Enhancement Report

          ACCOUNTS

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

  TOTAL

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

BASIS RISK RESERVE FUND
       
Beginning Balance
    10,000.00  
Basis Risk Deposit
    0.00  
Basis Risk Shortfall paid
    0.00  
Investment Earnings distributed to the Class X Bondholder
    6.21  
Ending Balance
    10,000.00  

                  INSURANCE

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

          TOTAL

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

 
  SPACE INTENTIONALLY LEFT BLANK        

          STRUCTURAL FEATURES

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

  TOTAL

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

Pro Rata Senior Percentage
    95.598767 %
Senior Percentage
    100.000000 %
Subordinate Percentage
    0.000000 %
Senior Prepayment Percentage
    100.000000 %
Subordinate Percentage
    0.000000 %

 

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

 

Collateral Report

          COLLATERAL

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

  TOTAL

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

Loan Count:
       
Original
    1254  
Prior
    1,004  
Prefunding
    —  
Scheduled Paid Offs
    —  
Full Voluntary Prepayments
    (8 )
Repurchases
    —  
Liquidations
    —  
 
   

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

   
Current
    996  
Principal Balance:
       
Original
    514,382,196.83  
Prior
    409,067,125.46  
Prefunding
    —  
Scheduled Principal
    —  
Partial and Full Voluntary Prepayments
    (5,448,487.24 )
Repurchases
    —  
Liquidations
    —  
 
   

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

   
Current
    403,618,638.22  

                      PREFUNDING

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

  TOTAL

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

  SPACE INTENTIONALLY LEFT BLANK        

 

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

 

          CHARACTERISTICS

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

  TOTAL

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

Weighted Average Coupon Original
    3.667751 %
Weighted Average Coupon Prior
    2.767223 %
Weighted Average Coupon Current
    2.827105 %
 
   

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

   
Weighted Average Months to Maturity Original
    297  
Weighted Average Months to Maturity Prior
    276  
Weighted Average Months to Maturity Current
    275  
 
   

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

   
Weighted Avg Remaining Amortization Term Original
    296  
Weighted Avg Remaining Amortization Term Prior
    275  
Weighted Avg Remaining Amortization Term Current
    274  
 
   

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

   
Weighted Average Seasoning Original
    3.66  
Weighted Average Seasoning Prior
    24.63  
Weighted Average Seasoning Current
    25.63  

Note: Original information refers to deal issue.

          ARM CHARACTERISTICS

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

  TOTAL

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

Weighted Average Margin Original
    1.652 %
Weighted Average Margin Prior
    1.642 %
Weighted Average Margin Current
    1.642 %
 
   

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

   
Weighted Average Max Rate Original
    12.000 %
Weighted Average Max Rate Prior
    12.000 %
Weighted Average Max Rate Current
    12.000 %
 
   

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

   
Weighted Average Min Rate Original
    1.652 %
Weighted Average Min Rate Prior
    1.642 %
Weighted Average Min Rate Current
    1.642 %
 
   

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

   
Weighted Average Cap Up Original
    0.000 %
Weighted Average Cap Up Prior
    0.000 %
Weighted Average Cap Up Current
    0.000 %
 
   

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

   
Weighted Average Cap Down Original
    0.000 %
Weighted Average Cap Down Prior
    0.000 %
Weighted Average Cap Down Current
    0.000 %

Note: Original information refers to deal issue.

 

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

 

          SERVICING FEES / ADVANCES

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

  TOTAL

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

Current Servicing Fees
    7,826.03  
Delinquent Servicing Fees
    120,528.82  
TOTAL SERVICING FEES
    128,354.85  
Total Servicing Fees
    128,354.85  
Compensating Interest
    (5,405.15 )
Delinquent Servicing Fees
    (120,528.82 )
COLLECTED SERVICING FEES
    2,420.88  
Prepayment Interest Shortfall
    5,405.15  
Total Advanced Interest
    784,280.57  
 
   

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

   
Current Nonrecoverable Advances
    0.00  

          ADDITIONAL COLLATERAL INFORMATION

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

  TOTAL

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

Mortgage Loans which adjust based on One-Month LIBOR
    0.00  
Mortgage Loans which adjust based on Six-Month LIBOR
    0.00  
Special Hazard Loss Coverage Amount
    5,800,000.00  
Current Special Hazard Losses
    0.00  
Cumulative Special Hazard Losses
    0.00  
Bankruptcy Loss Coverage Amount
    100,000.00  
Current Bankruptcy Losses
    0.00  
Cumulative Bankruptcy Losses
    0.00  
Fraud Loss Coverage Amount
    9,267,516.97  
Current Fraud Losses
    0.00  
Cumulative Fraud Losses
    0.00  

 

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

 

Delinquency Report - Total

                                                              <1 PAYMENT

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

  1 PAYMENT

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

  2 PAYMENTS

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

  3+ PAYMENTS

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

  TOTAL

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

DELINQUENT
  Balance             1,234,243.85       —       —       1,234,243.85  
 
  % Balance             0.31 %     0.00 %     0.00 %     0.31 %
 
  # Loans             3       —       —       3  
 
  % # Loans             0.30 %     0.00 %     0.00 %     0.30 %
FORECLOSURE
  Balance     —       —       —       —       —  
 
  % Balance     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
 
  # Loans     —       —       —       —       —  
 
  % # Loans     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
BANKRUPTCY
  Balance     —       —       —       —       —  
 
  % Balance     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
 
  # Loans     —       —       —       —       —  
 
  % # Loans     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
REO
  Balance     —       —       —       —       —  
 
  % Balance     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
 
  # Loans     —       —       —       —       —  
 
  % # Loans     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
TOTAL
  Balance     —       1,234,243.85       —       —       1,234,243.85  
 
  % Balance     0.00 %     0.31 %     0.00 %     0.00 %     0.31 %
 
  # Loans     —       3       —       —       3  
 
  % # Loans     0.00 %     0.30 %     0.00 %     0.00 %     0.30 %

     Note: <1 Payment = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89
days, 3+ Payments = 90+

 

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

 

REO Report - Mortgage Loans that Become REO During Current Distribution

      SUMMARY   LOAN GROUP

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

 

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

Total Loan Count = 0
  Loan Group 1 = MSDW; REO Book Value = 000.00
Total Original Principal Balance = 000.00
   
Total Current Balance = 000.00
   
REO Book Value = 000.00
   

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

                                  Loan Number   Original   Stated       Current
  State &         &   Principal   Principal   Paid to   Note   LTV at   Original
  Origination Loan Group

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

  Balance

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

  Balance

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

  Date

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

  Rate

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

  Origination

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

  Term

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

  Date

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

SPACE INTENTIONALLY LEFT BLANK

 

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

 

Foreclosure Report - Mortgage Loans that Become Foreclosure During Current
Distribution

      SUMMARY   LOAN GROUP

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

 

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

Total Loan Count = 0
  Loan Group 1 = MSDW
Total Original Principal Balance = 000.00
   
Total Current Balance = 000.00
   

                                  Loan Number   Original   Stated       Current
  State &         &   Principal   Principal   Paid to   Note   LTV at   Original
  Origination Loan Group

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

  Balance

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

  Balance

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

  Date

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

  Rate

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

  Origination

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

  Term

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

  Date

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

SPACE INTENTIONALLY LEFT BLANK

 

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

 

Prepayment Report - Voluntary Prepayments

          VOLUNTARY PREPAYMENTS

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

  TOTAL

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

Current
       
Number of Paid in Full Loans
    8  
Number of Repurchased Loans
    —  
 
   

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

 
Total Number of Loans Prepaid in Full
    8  
Paid in Full Balance
    4,957,555.36  
Repurchased Loans Balance
    —  
Curtailments Amount
    490,931.88  
 
   

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

 
Total Prepayment Amount
    5,448,487.24  
Cumulative
       
Number of Paid in Full Loans
    257  
Number of Repurchased Loans
    —  
Total Number of Loans Prepaid in Full
    257  
 
   

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

 
Paid in Full Balance
    95,831,535.23  
Repurchased Loans Balance
    —  
Curtailments Amount
    14,932,023.38  
 
   

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

 
Total Prepayment Amount
    110,763,558.61  

SPACE INTENTIONALLY LEFT BLANK

 

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

 

          VOLUNTARY PREPAYMENT RATES

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

  TOTAL

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

SMM
    1.33 %
3 Months Avg SMM
    1.29 %
12 Months Avg SMM
    1.22 %
Avg SMM Since Cut-off
    1.05 %
CPR
    14.86 %
3 Months Avg CPR
    14.45 %
12 Months Avg CPR
    13.69 %
Avg CPR Since Cut-off
    11.88 %
PSA
    289.95 %
3 Months Avg PSA Approximation
    293.37 %
12 Months Avg PSA Approximation
    339.89 %
Avg PSA Since Cut-off Approximation
    405.93 %

PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
Repurchases)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)^12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) *
(1-SMMn+1) *.......*(1-SMMm)]^(1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m)^12)

Average PSA Approximation over period between the nth month and mth month:
AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of
months in the period n,m)

Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial
and full voluntary prepayments and repurchases.Dates correspond to distribution
dates.

 

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

 

Prepayment Detail Report - Loans Prepaid in Full During Current Distribution

SUMMARY

Total Loan Count = 8

Total Original Principal Balance = 4,997,083.20
Total Prepayment Amount = 4,957,555.36

LOAN GROUP

Loan Group 1 = MSDW

                                                                  Loan Number  
        Original                   Current   State &   Type Prepayment     &  
Loan   Principal   Prepayment   Prepayment   Note   LTV at   &   Origination
Loan Group

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

  Status

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

  Balance

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

  Amount

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

  Date

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

  Rate

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

  Origination

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

  Original Term

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

  Date

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

390439059 1
            432,000.00       431,882.73     Feb-20-04     2.875 %   MO - 67.40%
  Paid Off - 300   Dec-11-01
390442058 1
            935,000.00       935,000.00     Feb-19-04     3.375 %   WA - 79.24%
  Paid Off - 300   Nov-21-01
390442197 1
            480,000.00       474,528.64     Feb-09-04     2.875 %   CO - 80.00%
  Paid Off - 300   Oct-01-01
390443991 1
            244,000.00       241,196.00     Feb-18-04     2.875 %   FL - 80.00%
  Paid Off - 300   Dec-31-01
390444746 1
            704,083.20       689,324.01     Feb-12-04     3.125 %   CA - 80.00%
  Paid Off - 300   Nov-28-01
390446290 1
            152,000.00       135,623.98     Feb-25-04     2.625 %   MT - 80.00%
  Paid Off - 300   Jan-30-02
390446328 1
            1,450,000.00       1,450,000.00     Feb-17-04     3.125 %   MI -
45.31%   Paid Off - 300   Jan-31-02
390446503 1
            600,000.00       600,000.00     Feb-23-04     2.625 %   CA - 37.27%
  Paid Off - 300   Jan-29-02

 

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

 

Realized Loss Report - Collateral

          COLLATERAL REALIZED LOSSES

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

  TOTAL

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

Current
       
Number of Loans Liquidated
    —  
Collateral Realized Loss/(Gain) Amount
    —  
Net Liquidation Proceeds
    —  
Cumulative
       
Number of Loans Liquidated
    —  
Collateral Realized Loss/(Gain) Amount
    —  
Net Liquidation Proceeds
    —  

Note: Collateral Realized Loss Amount may include adjustments to loans
liquidated in prior periods.

SPACE INTENTIONALLY LEFT BLANK

 

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

 

          DEFAULT SPEEDS

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

  TOTAL

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

MDR
    0.00 %
3 Months Avg MDR
    0.00 %
12 Months Avg MDR
    0.00 %
Avg MDR Since Cut-off
    0.00 %
CDR
    0.00 %
3 Months Avg CDR
    0.00 %
12 Months Avg CDR
    0.00 %
Avg CDR Since Cut-off
    0.00 %
SDA
    0.00 %
3 Months Avg SDA Approximation
    0.00 %
12 Months Avg SDA Approximation
    0.00 %
Avg SDA Since Cut-off Approximation
    0.00 %
Loss Severity Approximation for Current Period
       
3 Months Avg Loss Severity Approximation
       
12 Months Avg Loss Severity Approximation
       
Avg Loss Severity Approximation Since Cut-off
       

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY

 
Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total
Beg Principal Balance)
Conditional Default Rate (CDR): 1-((1-MDR)^12)
SDA Standard Default Assumption:
CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))
Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) *
(1-MDRn+1) *.......*(1-MDRm)]^(1/months in period n,m)
Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m)^12)
Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
WASn,m)*0.02-0.0095*(Avg WASn,m-60)))
Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period
n,m)
Loss Severity Approximation for current period: sum(Realized Loss
Amount)/sum(Beg Principal Balance of Liquidated Loans)
Average Loss Severity Approximation over period between nth month and mth month:
Avg(Loss Severityn,m)
Note: Default rates are calculated since deal issue date and include realized
gains and additional realized losses and gains from prior periods.
           Dates correspond to distribution dates.

 

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

 

Realized Loss Detail Report - Loans Liquidated During Current Distribution

SUMMARY
Total Loan Count Current Losses = 0
Total Loan Count Revisions = 0
Total Prior Principal Balance = 0.00
Total Current Realized Loss Amount = 0.00
Total Revisions Amount = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00

Note: Total Realized Loss Amount may include adjustments to loans liquidated in
prior periods.

LOAN GROUP

Loan Group 1 = MSDW

  Loan Number     Current     State &           Prior     Realized          
Cumulative           &   Loan     Note     LTV at     Original     Principal    
Loss/(Gain)     Realized     Realized Loan Group

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  Status

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    Rate

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    Origination

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    Term

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    Balance

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    Revisions

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    Loss/(Gain)

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    Loss/(Gain)

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SPACE INTENTIONALLY LEFT BLANK

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Triggers, Adj. Rate Cert. and Miscellaneous Report

  TRIGGER EVENTS

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    TOTAL

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SPACE INTENTIONALLY LEFT BLANK

  ADJUSTABLE RATE CERTIFICATE INFORMATION

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    TOTAL

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SPACE INTENTIONALLY LEFT BLANK

          ADDITIONAL INFORMATION

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  TOTAL

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Basis Risk Shortfall

       
Class A
    0.00  
Class B-1
    0.00  
Class B-2
    0.00  
Class B-3
    0.00  
Unpaid Basis Risk Shortfall

       
Class A
    0.00  
Class B-1
    0.00  
Class B-2
    0.00  
Class B-3
    0.00