<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:      (301) 815-6600
         FAX:            (301) 315-6660

                                SMT SERIES 2003-3
                          RECORD DATE: JANUARY 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                         Beginning
                              Class       Certificate Pass-    Certificate        Interest
Class          CUSIP       Description      Through Rate         Balance        Distribution
--------------------------------------------------------------------------------------------
<S>          <C>           <C>            <C>                 <C>              <C>
 A-1         81743PAT3         SEN             1.43000%       352,637,266.17     420,226.08
 A-2         81743PAU0         SEN             1.57000%       139,434,908.61     182,427.34
X-1A         81743PAV8          IO             0.95251%                 0.00      76,857.68
X-1B         81743PAW6          IO             1.21929%                 0.00     259,922.09
 X-2         81743PAX4          IO             1.06807%                 0.00     124,105.19
 X-B         81743PAY2          IO             0.84361%                 0.00       6,379.78
 A-R         81743PBA3          R              2.42054%                 0.00           0.00
 B-1         81743PBB1         SUB             1.75000%         9,075,000.00      13,234.37
 B-2         81743PBC9         SUB             2.59361%         4,675,000.00      10,104.26
 B-3         81743PBD7         SUB             2.59361%         2,475,000.00       5,349.31
 B-4         81743PBE5         SUB             2.59361%         1,650,000.00       3,566.21
 B-5         81743PBF2         SUB             2.59361%           825,000.00       1,783.10
 B-6         81743PBG0         SUB             2.59361%         1,925,608.17       4,161.89
-------------------------------------------------------------------------------------------
Totals                                                        512,697,782.95   1,108,117.30
-------------------------------------------------------------------------------------------

<CAPTION>

                             Principal        Current       Ending Certificate          Total          Cumulative
Class          CUSIP       Distribution    Realized Loss         Balance             Distribution     Realized Loss
-------------------------------------------------------------------------------------------------------------------
<S>          <C>           <C>             <C>              <C>                      <C>              <C>
 A-1         81743PAT3     2,037,221.21        0.00            350,600,044.96        2,457,447.29          0.00
 A-2         81743PAU0       543,338.13        0.00            138,891,570.48          725,765.47          0.00
X-1A         81743PAV8             0.00        0.00                      0.00           76,857.68          0.00
X-1B         81743PAW6             0.00        0.00                      0.00          259,922.09          0.00
 X-2         81743PAX4             0.00        0.00                      0.00          124,105.19          0.00
 X-B         81743PAY2             0.00        0.00                      0.00            6,379.78          0.00
 A-R         81743PBA3             0.00        0.00                      0.00                0.00          0.00
 B-1         81743PBB1             0.00        0.00              9,075,000.00           13,234.37          0.00
 B-2         81743PBC9             0.00        0.00              4,675,000.00           10,104.26          0.00
 B-3         81743PBD7             0.00        0.00              2,475,000.00            5,349.31          0.00
 B-4         81743PBE5             0.00        0.00              1,650,000.00            3,566.21          0.00
 B-5         81743PBF2             0.00        0.00                825,000.00            1,783.10          0.00
 B-6         81743PBG0             0.00        0.00              1,925,608.17            4,161.89          0.00
---------------------------------------------------------------------------------------------------------------
Totals                     2,580,559.34        0.00            510,117,223.61        3,688,676.64          0.00
---------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                            Beginning        Scheduled    Unscheduled
        Original Face       Certificate       Principal     Principal               Realized
Class       Amount            Balance       Distribution  Distribution   Accretion  Loss (1)
--------------------------------------------------------------------------------------------
<S>     <C>                <C>              <C>           <C>            <C>        <C>
 A-1    379,455,000.00     352,637,266.17       0.00       2,037,221.21     0.00      0.00
 A-2    149,922,000.00     139,434,908.61       0.00         543,338.13     0.00      0.00
X-1A              0.00               0.00       0.00               0.00     0.00      0.00
X-1B              0.00               0.00       0.00               0.00     0.00      0.00
 X-2              0.00               0.00       0.00               0.00     0.00      0.00
 X-B              0.00               0.00       0.00               0.00     0.00      0.00
 A-R            100.00               0.00       0.00               0.00     0.00      0.00
 B-1      9,075,000.00       9,075,000.00       0.00               0.00     0.00      0.00
 B-2      4,675,000.00       4,675,000.00       0.00               0.00     0.00      0.00
 B-3      2,475,000.00       2,475,000.00       0.00               0.00     0.00      0.00
 B-4      1,650,000.00       1,650,000.00       0.00               0.00     0.00      0.00
 B-5        825,000.00         825,000.00       0.00               0.00     0.00      0.00
 B-6      1,925,608.17       1,925,608.17       0.00               0.00     0.00      0.00
        --------------     --------------       ----       ------------     ----      ----
Totals  550,002,708.17     512,697,782.95       0.00       2,580,559.34     0.00      0.00
        --------------     --------------       ----       ------------     ----      ----

<CAPTION>
        Total Principal  Ending Certificate   Ending Certificate  Total Principal
Class       Reduction          Balance            Percentage        Distribution
---------------------------------------------------------------------------------
<S>     <C>              <C>                  <C>                 <C>
 A-1     2,037,221.21      350,600,044.96        0.92395685       2,037,221.21
 A-2       543,338.13      138,891,570.48        0.92642554         543,338.13
X-1A             0.00                0.00        0.00000000               0.00
X-1B             0.00                0.00        0.00000000               0.00
 X-2             0.00                0.00        0.00000000               0.00
 X-B             0.00                0.00        0.00000000               0.00
 A-R             0.00                0.00        0.00000000               0.00
 B-1             0.00        9,075,000.00        1.00000000               0.00
 B-2             0.00        4,675,000.00        1.00000000               0.00
 B-3             0.00        2,475,000.00        1.00000000               0.00
 B-4             0.00        1,650,000.00        1.00000000               0.00
 B-5             0.00          825,000.00        1.00000000               0.00
 B-6             0.00        1,925,608.17        1.00000000               0.00
         ------------      --------------        ----------       ------------
Totals   2,580,559.34      510,117,223.61        0.92748129       2,580,559.34
         ------------      --------------        ----------       ------------
</TABLE>

(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning       Scheduled    Unscheduled
        Original Face      Certificate      Principal     Principal                Realized
Class       Amount           Balance      Distribution  Distribution   Accretion   Loss (3)
--------------------------------------------------------------------------------------------
<S>     <C>               <C>             <C>           <C>            <C>        <C>
 A-1    379,455,000.00     929.32565435   0.00000000     5.36880845   0.00000000  0.00000000
 A-2    149,922,000.00     930.04968324   0.00000000     3.62413875   0.00000000  0.00000000
X-1A              0.00       0.00000000   0.00000000     0.00000000   0.00000000  0.00000000
X-1B              0.00       0.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 X-2              0.00       0.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 X-B              0.00       0.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 A-R            100.00       0.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-1      9,075,000.00    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-2      4,675,000.00    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-3      2,475,000.00    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-4      1,650,000.00    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-5        825,000.00    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000
 B-6      1,925,608.17    1000.00000000   0.00000000     0.00000000   0.00000000  0.00000000

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance            Percentage        Distribution
-------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
 A-1      5.36880845        923.95684590         0.92395685        5.36880845
 A-2      3.62413875        926.42554448         0.92642554        3.62413875
X-1A      0.00000000          0.00000000         0.00000000        0.00000000
X-1B      0.00000000          0.00000000         0.00000000        0.00000000
 X-2      0.00000000          0.00000000         0.00000000        0.00000000
 X-B      0.00000000          0.00000000         0.00000000        0.00000000
 A-R      0.00000000          0.00000000         0.00000000        0.00000000
 B-1      0.00000000       1000.00000000         1.00000000        0.00000000
 B-2      0.00000000       1000.00000000         1.00000000        0.00000000
 B-3      0.00000000       1000.00000000         1.00000000        0.00000000
 B-4      0.00000000       1000.00000000         1.00000000        0.00000000
 B-5      0.00000000       1000.00000000         1.00000000        0.00000000
 B-6      0.00000000       1000.00000000         1.00000000        0.00000000
</TABLE>

(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>

                                              Beginning                  Payment of
                                            Certificate/     Current       Unpaid     Current
         Original Face        Current         Notional       Accrued      Interest    Interest
Class        Amount      Certificate Rate     Balance       Interest     Shortfall   Shortfall
----------------------------------------------------------------------------------------------
<S>      <C>             <C>               <C>             <C>           <C>         <C>
 A-1     379,455,000.00     1.43000%       352,637,266.17    420,226.08     0.00       0.00
 A-2     149,922,000.00     1.57000%       139,434,908.61    182,427.34     0.00       0.00
X-1A               0.00     0.95251%        96,827,908.54     76,857.68     0.00       0.00
X-1B               0.00     1.21929%       255,809,357.63    259,922.09     0.00       0.00
 X-2               0.00     1.06807%       139,434,908.61    124,105.19     0.00       0.00
 X-B               0.00     0.84361%         9,075,000.00      6,379.78     0.00       0.00
 A-R             100.00     2.42054%                 0.00          0.00     0.00       0.00
 B-1       9,075,000.00     1.75000%         9,075,000.00     13,234.38     0.00       0.00
 B-2       4,675,000.00     2.59361%         4,675,000.00     10,104.26     0.00       0.00
 B-3       2,475,000.00     2.59361%         2,475,000.00      5,349.31     0.00       0.00
 B-4       1,650,000.00     2.59361%         1,650,000.00      3,566.21     0.00       0.00
 B-5         825,000.00     2.59361%           825,000.00      1,783.10     0.00       0.00
 B-6       1,925,608.17     2.59361%         1,925,608.17      4,161.89     0.00       0.00
----------------------------------------------------------------------------------------------
 Totals  550,002,708.17                                    1,108,117.31     0.00       0.00
----------------------------------------------------------------------------------------------

<CAPTION>
           Non-
         Supported                             Remaining       Ending
         Interest                               Unpaid      Certificate/
         Shortfall  Realized  Total Interest   Interest      Notational
Class               Loss (4)   Distribution    Shortfall      Balance
------------------------------------------------------------------------
<S>      <C>        <C>       <C>              <C>      <C>
 A-1       0.00       0.00      420,226.08       0.00     350,600,044.96
 A-2       0.00       0.00      182,427.34       0.00     138,891,570.48
X-1A       0.00       0.00       76,857.68       0.00      96,500,415.41
X-1B       0.00       0.00      259,922.09       0.00     254,099,629.55
 X-2       0.00       0.00      124,105.19       0.00     138,891,570.48
 X-B       0.00       0.00        6,379.78       0.00       9,075,000.00
 A-R       0.00       0.00            0.00       0.00               0.00
 B-1       0.00       0.00       13,234.37       0.00       9,075,000.00
 B-2       0.00       0.00       10,104.26       0.00       4,675,000.00
 B-3       0.00       0.00        5,349.31       0.00       2,475,000.00
 B-4       0.00       0.00        3,566.21       0.00       1,650,000.00
 B-5       0.00       0.00        1,783.10       0.00         825,000.00
 B-6       0.00       0.00        4,161.89       0.00       1,925,608.17
------------------------------------------------------------------------
 Totals    0.00       0.00    1,108,117.30       0.00
------------------------------------------------------------------------
</TABLE>

(4) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>

                                                                          Payment of
                             Current      Beginning                         Unpaid
Class    Original Face    Certificate    Certificate/    Current Accrued   Interest
 (5)        Amount          Rate       Notional Balance      Interest     Shortfall
------------------------------------------------------------------------------------
<S>      <C>              <C>          <C>               <C>              <C>
 A-1     379,455,000.00    1.43000%      929.32565435      1.10744642     0.00000000
 A-2     149,922,000.00    1.57000%      930.04968324      1.21681501     0.00000000
X-1A               0.00    0.95251%      960.29313272      0.76223791     0.00000000
X-1B               0.00    1.21929%      918.11876694      0.93287967     0.00000000
 X-2               0.00    1.06807%      930.04968324      0.82779839     0.00000000
 X-B               0.00    0.84361%     1000.00000000      0.70300606     0.00000000
 A-R             100.00    2.42054%        0.00000000      0.00000000     0.00000000
 B-1       9,075,000.00    1.75000%     1000.00000000      1.45833388     0.00000000
 B-2       4,675,000.00    2.59361%     1000.00000000      2.16133904     0.00000000
 B-3       2,475,000.00    2.59361%     1000.00000000      2.16133737     0.00000000
 B-4       1,650,000.00    2.59361%     1000.00000000      2.16133939     0.00000000
 B-5         825,000.00    2.59361%     1000.00000000      2.16133333     0.00000000
 B-6       1,925,608.17    2.59361%     1000.00000000      2.16133794     0.00000000

<CAPTION>
                       Non-
                     Supported                               Remaining     Ending
          Current     Interest                                Unpaid     Certificate/
Class    Interest    Shortfall    Realized   Total Interest  Interest     Notational
 (5)     Shortfall                Loss (6)    Distribution   Shortfall      Balance
---------------------------------------------------------------------------------------
<S>      <C>         <C>         <C>         <C>             <C>         <C>
 A-1     0.00000000  0.00000000  0.00000000     1.10744642   0.00000000   923.95684590
 A-2     0.00000000  0.00000000  0.00000000     1.21681501   0.00000000   926.42554448
X-1A     0.00000000  0.00000000  0.00000000     0.76223791   0.00000000   957.04521165
X-1B     0.00000000  0.00000000  0.00000000     0.93287967   0.00000000   911.98242599
 X-2     0.00000000  0.00000000  0.00000000     0.82779839   0.00000000   926.42554448
 X-B     0.00000000  0.00000000  0.00000000     0.70300606   0.00000000  1000.00000000
 A-R     0.00000000  0.00000000  0.00000000     0.00000000   0.00000000     0.00000000
 B-1     0.00000000  0.00000000  0.00000000     1.45833278   0.00000000  1000.00000000
 B-2     0.00000000  0.00000000  0.00000000     2.16133904   0.00000000  1000.00000000
 B-3     0.00000000  0.00000000  0.00000000     2.16133737   0.00000000  1000.00000000
 B-4     0.00000000  0.00000000  0.00000000     2.16133939   0.00000000  1000.00000000
 B-5     0.00000000  0.00000000  0.00000000     2.16133333   0.00000000  1000.00000000
 B-6     0.00000000  0.00000000  0.00000000     2.16133794   0.00000000  1000.00000000
</TABLE>

(5) Per $1 denomination

(6) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                   <C>
Beginning Balance                                                             0.00

Deposits
         Payments of Interest and Principal                           3,856,381.15
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                                5,266.76
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                      ------------
Total Deposits                                                        3,861,647.91

Withdrawals
         Reimbursement for Servicer Advances                              8,158.18
         Payment of Service Fee                                         164,813.08
         Payment of Interest and Principal                            3,688,676.65
                                                                      ------------
Total Withdrawals (Pool Distribution Amount)                          3,861,647.91

Ending Balance                                                                0.00
                                                                      ============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                       <C>
Gross Servicing Fee                                       160,540.60
Master Servicing Fee                                        4,272.48
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         164,813.08
                                                          ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              Beginning    Current     Current    Ending
Account Type   Balance   Withdrawals  Deposits    Balance
---------------------------------------------------------
<S>           <C>        <C>          <C>        <C>
Reserve Fund  5,000.00      0.00        0.00     5,000.00
Reserve Fund  2,500.00      0.00        0.00     2,500.00
Reserve Fund  2,500.00      0.00        0.00     2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                      FORECLOSURE
--------------------------------------------------------------------------------------------------------
             No. of    Principal                  No. of  Principal                 No. of    Principal
             Loans      Balance                   Loans    Balance                  Loans      Balance
<S>        <C>        <C>           <C>        <C>        <C>         <C>          <C>        <C>
0-29 Days      0              0.00  0-29 Days       0           0.00  0-29 Days       0            0.00
30 Days        7      1,457,046.71  30 Days         0           0.00  30 Days         0            0.00
60 Days        2        522,000.00  60 Days         0           0.00  60 Days         0            0.00
90 Days        1        332,848.86  90 Days         0           0.00  90 Days         0            0.00
120 Days       0              0.00  120 Days        0           0.00  120 Days        0            0.00
150 Days       0              0.00  150 Days        0           0.00  150 Days        0            0.00
180+ Days      0              0.00  180+ Days       0           0.00  180+ Days       0            0.00
           -----------------------             --------------------               ---------------------
               10     2,311,895.57                  0           0.00                  0            0.00

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

0-29 Days  0.000000%   0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days    0.463576%   0.285629%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.132450%   0.102329%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days    0.066225%   0.065249%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days   0.000000%   0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days   0.000000%   0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days  0.000000%   0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
           ---------  ------------             ---------   ---------               ---------  ----------
           0.662252%   0.453208%               0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                 REO                          TOTAL
-----------------------------------------------------------------------
             No. of    Principal                 No. of     Principal
             Loans      Balance                  Loans       Balance
<S>         <C>        <C>         <C>          <C>        <C>
0-29 Days      0             0.00  0-29 Days       0               0.00
30 Days        0             0.00  30 Days         7       1,457,046.71
60 Days        0             0.00  60 Days         2         522,000.00
90 Days        0             0.00  90 Days         1         332,848.86
120 Days       0             0.00  120 Days        0               0.00
150 Days       0             0.00  150 Days        0               0.00
180+ Days      0             0.00  180+ Days       0               0.00
            ---------------------               -----------------------
               0             0.00                  10      2,311,895.57

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

 0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
 30 Days    0.000000%   0.000000%   30 Days     0.463576%    0.285629%
 60 Days    0.000000%   0.000000%   60 Days     0.132450%    0.102329%
 90 Days    0.000000%   0.000000%   90 Days     0.066225%    0.065249%
 120 Days   0.000000%   0.000000%   120 Days    0.000000%    0.000000%
 150 Days   0.000000%   0.000000%   150 Days    0.000000%    0.000000%
 180+ Days  0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
            ---------  ----------               --------- -------------
            0.000000%   0.000000%               0.662252%    0.453208%
</TABLE>

<TABLE>
<S>                                        <C>    <C>                                           <C>   <C>                   <C>
Current Period Class A Insufficient Funds: 0.00   Principal Balance of Contaminated Properties  0.00  Periodic Advance      5,266.76
</TABLE>

<PAGE>

Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage

<TABLE>
<CAPTION>
               Original $     Original %    Current $     Current %   Current Class %  Prepayment %
              -------------  -----------  -------------  -----------  ---------------  ------------
<S>           <C>            <C>          <C>            <C>          <C>              <C>
  Class A     20,625,608.17  3.75009211%  20,625,608.17  4.04330754%     95.956692%      0.000000%
Class X-1-A   20,625,608.17  3.75009211%  20,625,608.17  4.04330754%      0.000000%      0.000000%
Class X-1-B   20,625,608.17  3.75009211%  20,625,608.17  4.04330754%      0.000000%      0.000000%
 Class X-2    20,625,608.17  3.75009211%  20,625,608.17  4.04330754%      0.000000%      0.000000%
 Class B-1    11,550,608.17  2.10010024%  11,550,608.17  2.26430468%      1.779003%     43.998703%
 Class B-2     6,875,608.17  1.25010442%   6,875,608.17  1.34784866%      0.916456%     22.665998%
 Class B-3     4,400,608.17  0.80010664%   4,400,608.17  0.86266606%      0.485183%     11.999646%
 Class B-4     2,750,608.17  0.50010811%   2,750,608.17  0.53921100%      0.323455%      7.999764%
 Class B-5     1,925,608.17  0.35010885%   1,925,608.00  0.37748346%      0.161728%      3.999882%
 Class B-6             0.00  0.00000000%           0.00  0.00000000%      0.377483%      9.336007%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
                                        GROUP 1
-------------------------------------------------------------------------------------------------------
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
-------------------------------------------------------------------------------------------------------
            No. of      Principal                  No. of    Principal                No. of   Principal
             Loans       Balance                   Loans      Balance                 Loans     Balance
<S>        <C>       <C>            <C>         <C>         <C>        <C>         <C>        <C>
0-29 Days         0          0.00   0-29 Days          0        0.00   0-29 Days          0        0.00
30 Days           5    880,151.71   30 Days            0        0.00   30 Days            0        0.00
60 Days           2    522,000.00   60 Days            0        0.00   60 Days            0        0.00
90 Days           1    332,848.86   90 Days            0        0.00   90 Days            0        0.00
120 Days          0          0.00   120 Days           0        0.00   120 Days           0        0.00
150 Days          0          0.00   150 Days           0        0.00   150 Days           0        0.00
180+ Days         0          0.00   180+ Days          0        0.00   180+ Days          0        0.00
           ----------------------               --------------------                   ----------------
                  8  1,735,000.57                      0        0.00                      0        0.00


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

0-29 Days  0.000000%     0.000000%  0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days    0.466853%     0.240883%  30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days    0.186741%     0.142863%  60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days    0.093371%     0.091095%  90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days   0.000000%     0.000000%  120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days   0.000000%     0.000000%  150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days  0.000000%     0.000000%  180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
           -----------------------            -----------------------              ---------------------
           0.746965%     0.474842%              0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
                         GROUP 1
----------------------------------------------------------------------
               REO                                 TOTAL
----------------------------------------------------------------------
             No. of     Principal                 No. of     Principal
              Loans      Balance                  Loans       Balance
<S>        <C>          <C>       <C>         <C>        <C>
0-29 Days         0        0.00   0-29 Days          0           0.00
30 Days           0        0.00   30 Days            5     880,151.71
60 Days           0        0.00   60 Days            2     522,000.00
90 Days           0        0.00   90 Days            1     332,848.86
120 Days          0        0.00   120 Days           0           0.00
150 Days          0        0.00   150 Days           0           0.00
180+ Days         0        0.00   180+ Days          0           0.00
           --------------------               -----------------------
                  0        0.00                      8   1,735,000.57

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

0-29 Days  0.000000%   0.000000%  0-29 Days   0.000000%      0.000000%
30 Days    0.000000%   0.000000%  30 Days     0.466853%      0.240883%
60 Days    0.000000%   0.000000%  60 Days     0.186741%      0.142863%
90 Days    0.000000%   0.000000%  90 Days     0.093371%      0.091095%
120 Days   0.000000%   0.000000%  120 Days    0.000000%      0.000000%
150 Days   0.000000%   0.000000%  150 Days    0.000000%      0.000000%
180+ Days  0.000000%   0.000000%  180+ Days   0.000000%      0.000000%
           ---------------------              -------------------------
           0.000000%   0.000000%              0.746965%      0.474842%
</TABLE>

<TABLE>
<CAPTION>
                                        GROUP 1
------------------------------------------------------------------------------------------------------
            DELINQUENT                         BANKRUPTCY                        FORECLOSURE
------------------------------------------------------------------------------------------------------
            No. of    Principal                 No. of     Principal                No. of   Principal
             Loans     Balance                  Loans       Balance                 Loans     Balance
<S>        <C>       <C>          <C>          <C>         <C>        <C>         <C>        <C>
0-29 Days         0        0.00   0-29 Days          0         0.00   0-29 Days          0       0.00
30 Days           2  576,895.00   30 Days            0         0.00   30 Days            0       0.00
60 Days           0        0.00   60 Days            0         0.00   60 Days            0       0.00
90 Days           0        0.00   90 Days            0         0.00   90 Days            0       0.00
120 Days          0        0.00   120 Days           0         0.00   120 Days           0       0.00
150 Days          0        0.00   150 Days           0         0.00   150 Days           0       0.00
180+ Days         0        0.00   180+ Days          0         0.00   180+ Days          0       0.00
           --------------------               ---------------------               -------------------
                  2  576,895.00                      0         0.00                      0       0.00

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

0-29 Days  0.000000%   0.000000%  0-29 Days   0.000000%    0.000000%  0-29 Days   0.000000%  0.000000%
30 Days    0.455581%   0.398591%  30 Days     0.000000%    0.000000%  30 Days     0.000000%  0.000000%
60 Days    0.000000%   0.000000%  60 Days     0.000000%    0.000000%  60 Days     0.000000%  0.000000%
90 Days    0.000000%   0.000000%  90 Days     0.000000%    0.000000%  90 Days     0.000000%  0.000000%
120 Days   0.000000%   0.000000%  120 Days    0.000000%    0.000000%  120 Days    0.000000%  0.000000%
150 Days   0.000000%   0.000000%  150 Days    0.000000%    0.000000%  150 Days    0.000000%  0.000000%
180+ Days  0.000000%   0.000000%  180+ Days   0.000000%    0.000000%  180+ Days   0.000000%  0.000000%
           ---------------------              ----------------------              --------------------
           0.455581%   0.398591%              0.000000%    0.000000%              0.000000%  0.000000%

<CAPTION>
                           GROUP 2
--------------------------------------------------------------------
            REO                               TOTAL
--------------------------------------------------------------------
             No. of   Principal                 No. of     Principal
             Loans     Balance                  Loans       Balance
<S>        <C>          <C>       <C>          <C>       <C>
0-29 Days         0        0.00   0-29 Days          0         0.00
30 Days           0        0.00   30 Days            2   576,895.00
60 Days           0        0.00   60 Days            0         0.00
90 Days           0        0.00   90 Days            0         0.00
120 Days          0        0.00   120 Days           0         0.00
150 Days          0        0.00   150 Days           0         0.00
180+ Days         0        0.00   180+ Days          0         0.00
          ---------------------               ---------------------
                  0        0.00                      2   576,895.00

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

0-29 Days  0.000000%   0.000000%  0-29 Days   0.000000%    0.000000%
30 Days    0.000000%   0.000000%  30 Days     0.455581%    0.398591%
60 Days    0.000000%   0.000000%  60 Days     0.000000%    0.000000%
90 Days    0.000000%   0.000000%  90 Days     0.000000%    0.000000%
120 Days   0.000000%   0.000000%  120 Days    0.000000%    0.000000%
150 Days   0.000000%   0.000000%  150 Days    0.000000%    0.000000%
180+ Days  0.000000%   0.000000%  180+ Days   0.000000%    0.000000%
           ---------------------              ----------------------
           0.000000%   0.000000%              0.455581%    0.398591%
</TABLE>
<PAGE>

                                               COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                                 Mixed Arm
<S>                                                                                                 <C>
Weighted Average Gross Coupon                                                                             2.979370%
Weighted Average Net Coupon                                                                               2.603615%
Weighted Average Pass-Through Rate                                                                        2.593615%
Weighted Average Maturity (Stepdown Calculation)                                                               350

Beginning Scheduled Collateral Loan Count                                                                    1,517
Number of Loans Paid in Full                                                                                     7
Ending Scheduled Collateral Loan Count                                                                       1,510

Beginning Scheduled Collateral Balance                                                              512,697,782.95
Ending Scheduled Collateral Balance                                                                 510,117,223.61
Ending Actual Collateral Balance at 30-Jan-2004                                                     510,118,406.58

Monthly P&I Constant                                                                                  1,272,930.39
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                                3,644,097.71

Ending Scheduled Balance for Premium Loans                                                          510,117,223.61

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                 2,580,559.34
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
<S>                                                                   <C>
MISCELLANEOUS REPORTING

Group 1 One Month Libor Loan Balance                                  100,569,586.35
Group 1 Six Month Libor Loan Balance                                  264,814,348.48
Group 2 Six Month Libor Loan Balance                                  144,733,288.78

Pro-Rata Senior Percent                                                    95.977044%
Group 1 Senior Percent                                                    100.000000%
Group 2 Senior Percent                                                    100.000000%
Group 1 Senior Prepayment Percent                                         100.000000%
Group 2 Senior Prepayment Percent                                         100.000000%
</TABLE>

<TABLE>
<CAPTION>
                 GROUP                           1                   2                  TOTAL
<S>                                        <C>               <C>                   <C>
Collateral Description                       Mixed ARM          Mixed ARM            Mixed ARM
Weighted Average Coupon Rate                     2.962091          3.023070              2.979370
Weighted Average Net Rate                        2.586038          2.648070              2.603615
Pass-Through Rate                                2.576038          2.638070              2.593615
Weighted Average Maturity                             325               329                   350
Record Date                                    01/30/2004        01/30/2004            01/30/2004
Principal and Interest Constant                906,945.89        365,984.50          1,272,930.39
Beginning Loan Count                                1,077               440                 1,517
Loans Paid in Full                                      6                 1                     7
Ending Loan Count                                   1,071               439                 1,510
Beginning Scheduled Balance                367,421,156.04    145,276,626.91        512,697,782.95
Ending Scheduled Balance                   365,383,934.83    144,733,288.78        510,117,223.61
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        2,037,221.21        543,338.13          2,580,559.34
Scheduled Interest                             906,945.89        365,984.50          1,272,930.39
Servicing Fee                                  115,141.65         45,398.95            160,540.60
Master Servicing Fee                             3,061.84          1,210.64              4,272.48
Trustee Fee                                          0.00              0.00                  0.00
FRY Amount                                           0.00              0.00                  0.00
Special Hazard Fee                                   0.00              0.00                  0.00
Other Fee                                            0.00              0.00                  0.00
Pool Insurance Fee                                   0.00              0.00                  0.00
Spread 1                                             0.00              0.00                  0.00
Spread 2                                             0.00              0.00                  0.00
Spread 3                                             0.00              0.00                  0.00
Net Interest                                   788,742.40        319,374.91          1,108,117.31
Realized Loss Amount                                 0.00              0.00                  0.00
Cumulative Realized Loss                             0.00              0.00                  0.00
Percentage of Cumulative Losses                      0.00              0.00                  0.00
Prepayment Penalties                                 0.00              0.00                  0.00
Special Servicing Fee                                0.00              0.00                  0.00
</TABLE>