<PAGE>
                                  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

<TABLE>
<S>                          <C>                                     <C>                        <C>
     Seller:                 Redwood Trust                           Cut-Off Date:              April 1, 2002
     Certificate Insurer:                                            Closing Date:              April 26, 2002
     Servicer(s):            Cendant Mortgage Corporation            First Payment Date:        May 20, 2002
                             Morgan Stanley Dean Witter

     Underwriter(s):         Greenwich Capital Markets, Inc.         Distribution Date:         January 21, 2003
                             Bear, Stearns & Co. Inc.                Record Date:               January 20, 2003
                                                                                                December 31, 2002
</TABLE>
<PAGE>
                            SEQUOIA MORTGAGE TRUST 6

                          COLLATERALIZED MORTGAGE BONDS
              BOND PAYMENT REPORT FOR JANUARY 21, 2002 DISTRIBUTION

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                      Prior                                                                              Current
        Class       Original        Principal                                      Total       Realized   Deferred       Principal
 Class   Type      Face Value        Balance      Interest        Principal     Distribution    Losses    Interest       Balance
                                       (1)          (2)             (3)         (4)=(2)+(3)      (5)        (6)       (7)=(1)-(3)-
                                                                                                                         (5)+(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>     <C>              <C>              <C>            <C>            <C>            <C>        <C>        <C>
LT-A            496,378,000.00   461,786,510.54   1,225,195.76   3,969,478.28   5,194,674.04        --         --    457,817,032.26
LT-A2                   100.00               --             --             --             --        --         --                --
LT-X                    100.00               --             --             --             --        --         --                --
LT-B-1            5,915,000.00     5,915,000.00      15,693.47             --      15,693.47        --         --      5,915,000.00
LT-B-2            5,143,000.00     5,143,000.00      13,645.23             --      13,645.23        --         --      5,143,000.00
-----------------------------------------------------------------------------------------------------------------------------------
LT-B-3            2,315,000.00     2,315,000.00       6,142.08             --       6,142.08        --         --      2,315,000.00
LT-B-4            1,534,000.00     1,534,000.00       4,069.95             --       4,069.95        --         --      1,534,000.00
LT-B-5            1,028,000.00     1,028,000.00       2,727.45             --       2,727.45        --         --      1,028,000.00
LT-B-6            2,068,996.83     2,068,996.83       5,489.39             --       5,489.39        --         --      2,068,996.83
LT-R                        --               --             --             --             --        --         --                --
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Total           514,382,196.83   479,790,507.37   1,272,963.33   3,969,478.28   5,242,441.61        --         --    475,821,029.09
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                   <C>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                             Orig. Principal        Prior                                         Current
          Period    Period                   (with Notional)      Principal                            Total      Principal
Class    Starting  Ending  Method    Cusip    Balance            Balance    Interest   Principal  Distribution    Balance
-----------------------------------------------------------------------------------------------------------------------------
                                                                   (1)         (2)        (3)     (4)=(2)+(3)      (5)
-----------------------------------------------------------------------------------------------------------------------------
<S>                        <C>               <C>              <C>            <C>        <C>           <C>        <C>
LT-A                       A-30/360          496,378,000.00     930.312203   2.468272   7.996886      10.465158    922.315317
LT-A2                      A-30/360                  100.00             --         --         --             --            --
LT-X                       A-30/360                  100.00             --         --         --             --            --
LT-B-1                     A-30/360            5,915,000.00   1,000.000000   2.653165         --       2.653165  1,000.000000
LT-B-2                     A-30/360            5,143,000.00   1,000.000000   2.653165         --       2.653165  1,000.000000
LT-B-3                     A-30/360            2,315,000.00   1,000.000000   2.653166         --       2.653166  1,000.000000
LT-B-4                     A-30/360            1,534,000.00   1,000.000000   2.653162         --       2.653162  1,000.000000
LT-B-5                     A-30/360            1,028,000.00   1,000.000000   2.653161         --       2.653161  1,000.000000
LT-B-6                     A-30/360            2,068,996.83   1,000.000000   2.653165         --       2.653165  1,000.000000
LT-R                       A-30/360                      --             --         --         --             --            --
</TABLE>


Distribution in Dollars - to Date

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          Current
           Original                      Unscheduled    Scheduled     Total           Total       Realized   Deferred    Principal
Class    Face Value        Interest       Principal     Principal   Principal     Distribution    Losses    Interest     Balance
             (1)             (2)           (3)          (4)        (5)=(3)+(4)    (6)=(2)+(5)      (7)         (8)     (9)=(1)-(5)-
                                                                                                                         (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>             <C>       <C>             <C>            <C>        <C>      <C>
LT-A    496,378,000.00  11,735,706.26   38,560,967.74        --   38,560,967.74   50,296,674.00        --        --  457,817,032.26
LT-A2           100.00           0.27          100.00        --          100.00          100.27        --        --              --
LT-X            100.00                             --        --          100.00          100.00        --        --              --
                                                                                                                             100.00

LT-B-1    5,915,000.00     144,948.39              --        --              --      144,948.39        --        --    5,915,000.00
LT-B-2    5,143,000.00     126,030.37              --        --              --      126,030.37        --        --    5,143,000.00
LT-B-3    2,315,000.00      56,729.60              --        --              --       56,729.60        --        --    2,315,000.00
LT-B-4    1,534,000.00      37,591.00              --        --              --       37,591.00        --        --    1,534,000.00
LT-B-5    1,028,000.00      25,191.38              --        --              --       25,191.38        --        --    1,028,000.00
LT-B-6    2,068,996.83      50,701.24              --        --              --       50,701.24        --        --    2,068,996.83
LT-R                --             --              --        --              --              --        --        --              --
------------------------------------------------------------------------------------------------------------------------------------
Total   514,382,196.83  12,176,898.51   38,561,167.74        --   38,561,167.74   50,738,066.25        --        --  475,821,029.09
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Interest Detail
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
            Pass-    Prior Principal                  Non-         Prior      Unscheduled                  Paid or         Current
           Through   (with Notional)    Accrued     Supported     Unpaid        Interest     Optimal       Deferred         Unpaid
 Class       Rate        Balance        Interest   Interest SF   Interest     Adjustments    Interest      Interest        Interest
------------------------------------------------------------------------------------------------------------------------------------
                                          (1)          (2)          (3)           (4)        (5)=(1)-         (6)        (7)=(5)-(6)
                                                                                            (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>               <C>           <C>           <C>          <C>          <C>             <C>            <C>
LT-A     3.18380%  461,786,510.54    1,225,195.76           --         --            --    1,225,195.76    1,225,195.76          --
LT-A2    3.18380%              --              --           --         --            --              --              --          --
LT-X          --               --              --           --         --            --              --              --          --
LT-B-1   3.18380%    5,915,000.00       15,693.47           --         --            --       15,693.47       15,693.47          --
LT-B-2   3.18380%    5,143,000.00       13,645.23           --         --            --       13,645.23       13,645.23          --
LT-B-3   3.18380%    2,315,000.00        6,142.08           --         --            --        6,142.08        6,142.08          --
LT-B-4   3.18380%    1,534,000.00        4,069.95           --         --            --        4,069.95        4,069.95          --
LT-B-5   3.18380%    1,028,000.00              --           --         --            --        2,727.45        2,727.45          --
LT-B-6   3.18380%    2,068,996.83        5,489.39           --         --            --        5,489.39        5,489.39          --
LT-R          --               --              --           --         --            --              --              --          --
------------------------------------------------------------------------------------------------------------------------------------
Total         --   479,790,507.37    1,272,963.33           --         --            --    1,272,963.33    1,272,963.33          --
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Distribution in Dollars - Current Period
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                         Prior                                                                             Current
        Class       Original         Principal                                    Total        Realized   Deferred        Principal
Class   Type      Face Value         Balance       Interest      Principal      Distribution     Losses   Interest         Balance
------------------------------------------------------------------------------------------------------------------------------------
                                          (1)        (2)           (3)          (4)=(2)+(3)       (5)       (6)       (7)=(1)-(3)-
                                                                                                                         (5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>    <C>               <C>                <C>          <C>             <C>            <C>        <C>        <C>
A        FLT  496,378,000.00    461,786,510.54     669,590.44   3,969,478.28    4,639,068.72       --        --      457,817,032.26
X       CSTR          100.00                --     567,470.36             --      567,470.36       --        --                  --
A-R        R          100.00                --             --             --              --       --        --                  --
B-1      SUB    5,915,000.00      5,915,000.00      10,449.83             --       10,449.83       --        --        5,915,000.00
B-2      SUB    5,143,000.00      5,143,000.00       9,085.97             --        9,085.97       --        --        5,143,000.00
B-3      SUB    2,315,000.00      2,315,000.00       4,089.83             --        4,089.83       --        --        2,315,000.00
B-4      SUB    1,534,000.00      1,534,000.00       4,069.95             --        4,069.95       --        --        1,534,000.00
B-5      SUB    1,028,000.00      1,028,000.00       2,727.45             --        2,727.45       --        --        1,028,000.00
B-6      SUB    2,068,996.00      2,068,996.00       5,489.39             --        5,489.39       --        --        2,068,996.00
------------------------------------------------------------------------------------------------------------------------------------
Total         514,382,196.00    479,790,506.54   1,272,973.22   3,969,478.28    5,242,451.50       --        --      475,821,028.26
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


Definitive Bond Record Date: 12/31/02

<TABLE>
<CAPTION>
<S>                             <C>
Interest Accrual Detail         Current Period Factor Information per $1,000 of Original Face
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                                                Orig. Principal       Prior
         Period       Period                                    (with Notional)     Principal
Class   Starting      Ending           Method        Cusip          Balance          Balance              Interest
------------------------------------------------------------------------------------------------------------------
                                                                     (1)               (2)
------------------------------------------------------------------------------------------------------------------
<S>     <C>          <C>               <C>           <C>         <C>               <C>             <C>
A       12/19/02       01/18/03         A-30/360     81743XAA7   496,378,000.00      930.312203            1.348953
X                                       A-30/360     SQ0201UPX           100.00             --     5,674,703.600000
A-R                                     A-30/360     81743XAC3           100.00             --                   --
B-1     12/19/02       01/18/03         A-30/360     81743XAB5     5,915,000.00    1,000.000000            1.766666
B-2     12/19/02       01/18/03         A-30/360     81743XAD1     5,143,000.00    1,000.000000            1.766667
B-3     12/19/02       01/18/03         A-30/360     81743XAE9     2,315,000.00    1,000.000000            1.766665
B-4                                     A-30/360     SQ0201UB4     1,534,000.00    1,000.000000            2.653162
B-5                                     A-30/360     SQ0201UB5     1,028,000.00    1,000.000000            2.653161
B-6                                     A-30/360     SQ0201UB6     2,068,996.00    1,000.000000            2.653166
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------
                                 Current
              Total             Principal
Principal    Distribution        Balance
--------------------------------------------
    (3)       (4)=(2)+(3)          (5)
--------------------------------------------
<S>         <C>                 <C>
7.996886            9.345839      922.315317
       -    5,674,703.600000               -
       -                   -               -
       -            1.766666    1,000.000000
       -            1.766667    1,000.000000
       -            1.766665    1,000.000000
       -            2.653162    1,000.000000
       -            2.653161    1,000.000000
       -            2.653166    1,000.000000
--------------------------------------------
</TABLE>

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.
<PAGE>
Distribution in Dollars - to Date

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          Current
           Original                     Unscheduled   Scheduled       Total          Total        Realized   Deferred    Principal
Class    Face Value     Interest        Principal     Principal     Principal     Distribution     Losses    Interest     Balance
------------------------------------------------------------------------------------------------------------------------------------
             (1)            (2)             (3)         (4)       (5)=(3)+(4)    (6)=(2)+(5)         (7)      (8)    (9)=(1)-(5)-
                                                                                                                        (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>            <C>            <C>        <C>             <C>              <C>        <C>     <C>
 A     496,378,000.00   7,187,757.68   38,560,967.74        --   38,560,967.74   45,748,725.42       --         --   457,817,032.26
 X             100.00   4,637,943.01          100.00        --          100.00    4,638,043.01       --         --               --
A-R            100.00           0.27          100.00        --          100.00          100.27       --         --               --
B-1      5,915,000.00     105,173.85              --        --              --      105,173.85       --         --     5,915,000.00
B-2      5,143,000.00      91,447.04              --        --              --       91,447.04       --         --     5,143,000.00
B-3      2,315,000.00      41,162.71              --        --              --       41,162.71       --         --     2,315,000.00
B-4      1,534,000.00      37,591.00              --        --              --       37,591.00       --         --     1,534,000.00
B-5      1,028,000.00      25,191.38              --        --              --       25,191.38       --         --     1,028,000.00
B-6      2,068,996.00      50,701.21              --        --              --       50,701.21       --         --     2,068,996.00
------------------------------------------------------------------------------------------------------------------------------------
Total  514,382,196.00  12,176,968.15   38,561,167.74        --   38,561,167.74   50,738,135.89       --         --   475,821,028.26
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
         Pass-       Prior Principal                     Non-          Prior    Unscheduled                   Paid or       Current
        Through      (with Notional)     Accrued       Supported      Unpaid      Interest      Optimal      Deferred        Unpaid
 Class   Rate            Balance         Interest     Interest SF    Interest   Adjustments     Interest     Interest      Interest
-----------------------------------------------------------------------------------------------------------------------------------
                                            (1)            (2)           (3)         (4)       (5)=(1)-                  (7)=(5)-(6)
                                                                                               (2)+(3)+(4(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>            <C>            <C>        <C>             <C>         <C>            <C>          <C>
 A      1.74000%      461,786,510.54     669,590.44        --           --            --       669,590.44     669,590.44         --
 X      1.43310%                  --     567,470.36        --           --            --       567,470.36     567,470.36         --
A-R     3.18380%                  --             --        --           --            --               --             --         --
B-1     2.12000%        5,915,000.00      10,449.83        --           --            --        10,449.83      10,449.83         --
B-2     2.12000%        5,143,000.00       9,085.97        --           --            --         9,085.97       9,085.97         --
B-3     2.12000%        2,315,000.00       4,089.83        --           --            --         4,089.83       4,089.83         --
B-4     3.18380%        1,534,000.00       4,069.95        --           --            --         4,069.95       4,069.95         --
B-5     3.18380%        1,028,000.00       2,727.45        --           --            --         2,727.45       2,727.45         --
B-6     3.18380%        2,068,996.00       5,489.39        --           --            --         5,489.39       5,489.39         --
-----------------------------------------------------------------------------------------------------------------------------------
Total                 479,790,506.54   1,272,973.22        --           --            --     1,272,973.22   1,272,973.22         --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                                   TOTAL
--------------------------------------------------------------------------------
<S>                                                                <C>
    Principal Collections                                          3,969,478.28
    Principal Withdrawals                                                  0.00
    Principal Other Accounts                                               0.00
    TOTAL PRINCIPAL                                                3,969,478.28

    Interest                                                       1,292,067.40
    Collected
    Interest Withdrawals                                                   0.00
    Interest Other Accounts                                                9.90
    Fees                                                            (19,104.08)
    TOTAL INTEREST                                                 1,272,973.22


    TOTAL AVAILABLE TO CERTIFICATEHOLDERS                          5,242,451.50
--------------------------------------------------------------------------------
</TABLE>




<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                   TOTAL
--------------------------------------------------------------------------------
<S>                                                                <C>
     Scheduled Principal                                                   0.00
     Curtailments                                                    496,314.92
     Prepayments In Full                                           3,473,163.36
     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                                     3,969,478.28
--------------------------------------------------------------------------------

PRINCIPAL - WITHDRAWALS                                                  TOTAL
--------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK
--------------------------------------------------------------------------------

PRINCIPAL - OTHER ACCOUNTS                                               TOTAL
--------------------------------------------------------------------------------
    Amounts remaining in Pre-Funding Account                              0.00
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                                    TOTAL
-------------------------------------------------------------------------------
<S>                                                              <C>
    Scheduled Interest                                             1,425,090.36
    Repurchased Interest                                                   0.00
    Substitution Interest Amount                                           0.00
    Liquidation Interest                                                   0.00
    Insurance Interest                                                     0.00
    Other Interest                                                         0.00

    Delinquent Interest                                          (1,257,700.42)
    Interest Advanced                                              1,124,677.46
    Prepayment Interest Shortfalls                                   (1,955.37)
    Compensating Interest                                              1,955.37
    Civil Relief Act Shortfalls                                            0.00

    TOTAL INTEREST COLLECTED                                       1,292,067.40
-------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                                    TOTAL
-------------------------------------------------------------------------------
<S>                                                                  <C>
    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                              9.90

    TOTAL INTEREST OTHER ACCOUNTS                                          9.90
-------------------------------------------------------------------------------

INTEREST - FEES                                                           TOTAL
-------------------------------------------------------------------------------
    Current Servicing Fees                                            17,504.78
    Trustee Fee                                                        1,599.30

    TOTAL FEES                                                       19,104.08
-------------------------------------------------------------------------------
</TABLE>
<PAGE>
                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
ACCOUNTS                                                                TOTAL
-------------------------------------------------------------------------------
<S>                                                                 <C>
    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            9.90
    Ending Balance                                                  10,000.00
-------------------------------------------------------------------------------
</TABLE>

INSURANCE                                                               TOTAL
-------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                     TOTAL
-------------------------------------------------------------------------------
<S>                                                              <C>
    Pro Rata Senior Percentage                                     96.247530%
    Senior Percentage                                             100.000000%
    Subordinate Percentage                                          0.000000%
    Senior Prepayment Percentage                                  100.000000%
    Subordinate Percentage                                          0.000000%
-------------------------------------------------------------------------------
</TABLE>
<PAGE>
                                COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                                TOTAL
-------------------------------------------------------------------------------
<S>                                                              <C>
      Loan Count:
    ORIGINAL                                                               1254
    Prior                                                                 1,183
    Prefunding                                                                -
    Scheduled Paid Offs                                                       -
    Full Voluntary Prepayments                                             (11)
    Repurchases                                                               -
    Liquidations                                                              -
-------------------------------------------------------------------------------
    Current                                                               1,172

    PRINCIPAL BALANCE:
    Original                                                     514,382,196.83
    Prior                                                        479,790,507.37
    Prefunding                                                                -
    Scheduled Principal                                                       -
    Partial and Full Voluntary Prepayments                       (3,969,478.28)
    Repurchases                                                               -
    Liquidations                                                              -
-------------------------------------------------------------------------------
    Current                                                      475,821,029.09
-------------------------------------------------------------------------------
</TABLE>

PREFUNDING                                                                TOTAL
-------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK
-------------------------------------------------------------------------------

<TABLE>
<CAPTION>
CHARACTERISTICS                                                           TOTAL
-------------------------------------------------------------------------------
<S>                                                                   <C>
    Weighted Average Coupon Original                                  3.667751%
    Weighted Average Coupon Prior                                     3.604061%
    Weighted Average Coupon Current                                   3.564282%
-------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                            297
    Weighted Average Months to Maturity Prior                               290
    Weighted Average Months to Maturity Current                             289
-------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                       296
    Weighted Avg Remaining Amortization Term Prior                          289
    Weighted Avg Remaining Amortization Term Current                        288
-------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                    3.66
    Weighted Average Seasoning Prior                                      10.64
    Weighted Average Seasoning Current                                    11.64
-------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.
<PAGE>
<Table>
<Caption>
ARM CHARACTERISTICS                                                       TOTAL
-------------------------------------------------------------------------------
<S>                                                                    <C>
    Weighted Average Margin Original                                     1.652%
    Weighted Average Margin Prior                                        1.648%
    Weighted Average Margin Current                                      1.646%
-------------------------------------------------------------------------------
    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                                      1.648%
    Weighted Average Min Rate Current                                    1.646%
-------------------------------------------------------------------------------
    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%
-------------------------------------------------------------------------------
</Table>

Note:  Original information refers to deal issue.

<Table>
<Caption>
SERVICING FEES / ADVANCES                                                TOTAL
-------------------------------------------------------------------------------
<S>                                                              <C>
    Current Servicing Fees                                           17,504.78
    Delinquent Servicing Fees                                       133,022.95
    TOTAL SERVICING FEES                                            150,527.73

    Total Servicing Fees                                            150,527.73
    Compensating Interest                                           (1,955.37)
    Delinquent Servicing Fees                                     (133,022.95)
    COLLECTED SERVICING FEES                                         15,549.41

    Prepayment Interest Shortfall                                     1,955.37

    Total Advanced Interest                                       1,124,677.46

    Current Nonrecoverable Advances                                       0.00
-------------------------------------------------------------------------------
</Table>

<Table>
<Caption>
ADDITIONAL COLLATERAL INFORMATION                                        TOTAL
-------------------------------------------------------------------------------
<S>                                                             <C>
    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                                   15,431,466.00
    Current Fraud Losses                                                  0.00
    Cumulative Fraud Losses                                               0.00
-------------------------------------------------------------------------------
</Table>
<PAGE>
                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                                        CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                  <C>                <C>          <C>              <C>            <C>              <C>
DELINQUENT           Balance                         759,652.67               -               -       759,652.67
                     % Balance                            0.16%           0.00%           0.00%            0.16%
                     # Loans                                 2               -               -                2
                     % # Loans                            0.17%           0.00%           0.00%            0.17%
----------------------------------------------------------------------------------------------------------------
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                  -      759,652.67               -               -       759,652.67
                     % Balance            0.00%           0.16%           0.00%           0.00%            0.16%
                     # Loans                  -               2               -               -                2
                     % # Loans            0.00%           0.17%           0.00%           0.00%            0.17%
----------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+
Payments = 90+
<PAGE>
     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                          LOAN GROUP
---------------------------------------------------------------------------------------------------------
<S>                                              <C>
Total Loan Count =   0                           Loan Group 1  =  MSDW Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
REO Book Value =   000.00
---------------------------------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number    Original     Stated                     Current     State &
   &           Principal    Principal      Paid to     Note         LTV at       Original     Origination
Loan Group     Balance      Balance        Date        Rate       Origination      Term           Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>            <C>         <C>        <C>            <C>          <C>



</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK
<PAGE>
   FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING CURRENT
                                  DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                LOAN GROUP
<S>                                                    <C>
Total Loan Count =   0                                  Loan Group 1  =  MSDW Group
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number    Original     Stated                     Current     State &
   &           Principal    Principal      Paid to     Note         LTV at       Original     Origination
Loan Group     Balance      Balance        Date        Rate       Origination      Term           Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>            <C>         <C>        <C>            <C>          <C>
</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK
<PAGE>
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                               TOTAL
--------------------------------------------------------------------------------
<S>                                                         <C>
    CURRENT
    Number of Paid in Full Loans                                       11
    Number of Repurchased Loans                                         -
--------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                              11
    Paid in Full Balance                                     3,473,163.36
    Repurchased Loans Balance                                           -
    Curtailments Amount                                        496,314.92
--------------------------------------------------------------------------------
    Total Prepayment Amount                                  3,969,478.28

    CUMULATIVE
    Number of Paid in Full Loans                                       82
    Number of Repurchased Loans                                         -
--------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                              82

    Paid in Full Balance                                    32,339,645.55
    Repurchased Loans Balance                                           -
    Curtailments Amount                                      6,221,522.19
--------------------------------------------------------------------------------
    Total Prepayment Amount                                 38,561,167.74
--------------------------------------------------------------------------------
</TABLE>
                         SPACE INTENTIONALLY LEFT BLANK

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
VOLUNTARY PREPAYMENT RATES                                          TOTAL
--------------------------------------------------------------------------------
<S>                                                               <C>
    SMM                                                             0.83%
    3 Months Avg SMM                                                0.91%
    12 Months Avg SMM
    Avg SMM Since Cut-off                                           0.86%

    CPR                                                             9.49%
    3 Months Avg CPR                                               10.41%
    12 Months Avg CPR
    Avg CPR Since Cut-off                                           9.87%

    PSA                                                           407.58%
    3 Months Avg  PSA Approximation                               489.30%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation                           645.18%
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
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.
--------------------------------------------------------------------------------


<PAGE>
  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                LOAN GROUP
<S>                                                    <C>
Total Loan Count =   11                                Loan Group 1    =    MSDW Group
Total Original Principal Balance =   3,586,200.01
Total Prepayment Amount =   3,473,163.36
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
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
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>     <C>            <C>               <C>            <C>         <C>              <C>                <C>
390436374 1                91,000.00      89,986.50      Dec-13-02       3.875%     NJ  -  78.45%     Paid Off  - 300     Nov-14-01
390441582 1               549,000.00     549,000.00      Dec-27-02       3.500%     NJ  -  90.00%     Paid Off  - 300     Oct-04-01
390441631 1               447,500.00     435,450.96      Dec-31-02       3.500%     CA  -  100.00%    Paid Off  - 300     Oct-16-01
390442096 1               103,500.00     102,525.89      Dec-24-02       3.875%     CA  -  60.17%     Paid Off  - 300     Nov-21-01
390444019 1               625,000.00     625,000.00      Dec-20-02       3.750%     FL  -  58.14%     Paid Off  - 300     Dec-28-01
390444683 1             1,000,000.00   1,000,000.00      Dec-31-02       3.750%     MI  -  28.78%     Paid Off  - 300     Nov-26-01
390446248 1                95,200.00      95,200.00      Dec-26-02       3.625%     IL  -  80.00%     Paid Off  - 300     Jan-30-02
390446751 1               150,000.01     150,000.01      Dec-23-02       3.625%     MA  -  78.95%     Paid Off  - 300     Jan-09-02
390448219 1               200,000.00     200,000.00      Dec-27-02       3.500%     NJ  -  80.00%     Paid Off  - 300     Jan-29-02
390448441 1               110,000.00     110,000.00      Dec-23-02       3.500%     CA  -  70.06%     Paid Off  - 300     Feb-06-02
390449491 1               215,000.00     116,000.00      Dec-23-02       3.500%     GA  -  51.31%     Paid Off  - 300     Feb-19-02
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                          TOTAL
<S>                                                                 <C>
    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                                            --
</TABLE>

Note: Collateral realized losses may include adjustments to loans liquidated in
prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
DEFAULT SPEEDS                                                       TOTAL
--------------------------------------------------------------------------------
<S>                                                                 <C>
    MDR                                                             0.00%
    3 Months Avg MDR                                                0.00%
    12 Months Avg MDR
    Avg MDR Since Cut-off                                           0.00%

    CDR                                                             0.00%
    3 Months Avg CDR                                                0.00%
    12 Months Avg CDR
    Avg CDR Since Cut-off                                           0.00%

    SDA                                                             0.00%
    3 Months Avg  SDA Approximation                                 0.00%
    12 Months Avg SDA Approximation
    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
--------------------------------------------------------------------------------
</TABLE>
<PAGE>
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.
<PAGE>
   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                        LOAN GROUP
<S>                                            <C>
Total Loan Count =   0                         Loan Group 1    =    MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance =   0.00
Total Realized Loss Amount =   0.00
Total Net Liquidation Proceeds =   0.00
</TABLE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
Loan Number            Original     Prior                     Current    State &
    &         Loan     Principal    Principal    Realized     Note       LTV at        Original   Origination
Loan Group    Status   Balance      Balance      Loss/(Gain)  Rate       Origination   Term       Date
-------------------------------------------------------------------------------------------------------------
<S>           <C>      <C>          <C>          <C>          <C>        <C>           <C>        <C>



                      SPACE INTENTIONALLY LEFT BLANK
-------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

<TABLE>
<CAPTION>
TRIGGER EVENTS                                                       TOTAL
--------------------------------------------------------------------------------
<S>                                                                  <C>

                         SPACE INTENTIONALLY LEFT BLANK
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                              TOTAL
--------------------------------------------------------------------------------
<S>                                                                  <C>
                         SPACE INTENTIONALLY LEFT BLANK

--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
ADDITIONAL INFORMATION                                               TOTAL
--------------------------------------------------------------------------------
<S>                                                                  <C>
    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
--------------------------------------------------------------------------------
</TABLE>