<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 2003-2
                          RECORD DATE: JANUARY 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                      Certificate                          Beginning
                         Class        Certificate Pass-   Certificate        Interest        Principal
Class     CUSIP       Description        Through Rate       Balance        Distribution     Distribution
--------------------------------------------------------------------------------------------------------
<S>     <C>           <C>             <C>                <C>               <C>             <C>
  A-1   81743PAP1         SEN             1.43000%       457,190,618.58      544,818.82    3,700,716.05
  A-2   81743PAQ9         SEN             1.54625%       273,673,819.64      352,640.12    2,028,964.04
  M-1   81743PAR7         SUB             1.75000%        11,480,000.00       16,741.67            0.00
  M-2   81743PAS5         SUB             2.53000%         4,920,000.00       10,373.00            0.00
   X    SMT03002X          IO             0.00000%                 0.00      700,005.17            0.00
   R    SMT03002R         SUB             0.00000%                 0.00            0.00            0.00
        ------------------------------------------------------------------------------------------------
Totals                                                   747,264,438.22    1,624,578.78    5,729,680.09
--------------------------------------------------------------------------------------------------------

<CAPTION>
                      Current      Ending Certificate        Total        Cumulative
Class     CUSIP    Realized Loss         Balance          Distribution   Realized Loss
--------------------------------------------------------------------------------------
<S>     <C>        <C>             <C>                    <C>            <C>
  A-1   81743PAP1      0.00           453,489,902.53      4,245,534.87       0.00
  A-2   81743PAQ9      0.00           271,644,855.60      2,381,604.16       0.00
  M-1   81743PAR7      0.00            11,480,000.00         16,741.67       0.00
  M-2   81743PAS5      0.00             4,920,000.00         10,373.00       0.00
   X    SMT03002X      0.00                     0.00        700,005.17       0.00
   R    SMT03002R      0.00                     0.00              0.00       0.00
        ------------------------------------------------------------------------------
Totals                 0.00          741,534,758.13       7,354,258.87       0.00
--------------------------------------------------------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                              Beginning        Scheduled   Unscheduled
         Original Face       Certificate       Principal    Principal                     Realized  Total Principal
Class        Amount            Balance       Distribution  Distribution     Accretion     Loss (1)    Reduction
-------------------------------------------------------------------------------------------------------------------
<S>      <C>                <C>              <C>           <C>              <C>           <C>       <C>
 A-1     500,000,000.00     457,190,618.58       0.00      3,700,716.05        0.00         0.00     3,700,716.05
 A-2     303,600,000.00     273,673,819.64       0.00      2,028,964.04        0.00         0.00     2,028,964.04
 M-1      11,480,000.00      11,480,000.00       0.00              0.00        0.00         0.00             0.00
 M-2       4,920,000.00       4,920,000.00       0.00              0.00        0.00         0.00             0.00
  X                0.00               0.00       0.00              0.00        0.00         0.00             0.00
  R                0.00               0.00       0.00              0.00        0.00         0.00             0.00
         ----------------------------------------------------------------------------------------------------------
Totals   820,000,000.00     747,264,438.22       0.00      5,729,680.09        0.00         0.00     5,729,680.09
-------------------------------------------------------------------------------------------------------------------

<CAPTION>
         Ending Certificate   Ending Certificate   Total Principal
Class          Balance            Percentage        Distribution
------------------------------------------------------------------
<S>      <C>                  <C>                  <C>
 A-1       453,489,902.53          0.90697981        3,700,716.05
 A-2       271,644,855.60          0.89474590        2,028,964.04
 M-1        11,480,000.00          1.00000000                0.00
 M-2         4,920,000.00          1.00000000                0.00
  X                  0.00          0.00000000                0.00
  R                  0.00          0.00000000                0.00
         ---------------------------------------------------------
Totals     741,534,758.13          0.90431068        5,729,680.09
------------------------------------------------------------------
</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.

<PAGE>

                    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     500,000,000.00      914.38123716    0.00000000       7.40143210    0.00000000     0.00000000
 A-2     303,600,000.00      901.42891845    0.00000000       6.68301726    0.00000000     0.00000000
 M-1      11,480,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
 M-2       4,920,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000
  X                0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000
  R                0.00        0.00000000    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        7.40143210        906.97980506          0.90697981         7.40143210
 A-2        6.68301726        894.74590119          0.89474590         6.68301726
 M-1        0.00000000       1000.00000000          1.00000000         0.00000000
 M-2        0.00000000       1000.00000000          1.00000000         0.00000000
  X         0.00000000          0.00000000          0.00000000         0.00000000
  R         0.00000000          0.00000000          0.00000000         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.

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                  Beginning                     Payment of                    Non-
                                                Certificate/        Current       Unpaid       Current      Supported
         Original Face        Current             Notional          Accrued      Interest      Interest     Interest     Realized
  Class      Amount         Certificate Rate      Balance          Interest      Shortfall     Shortfall    Shortfall    Loss (4)
---------------------------------------------------------------------------------------------------------------------------------
<S>      <C>                <C>                <C>                <C>           <C>            <C>          <C>          <C>
   A-1   500,000,000.00         1.43000%       457,190,618.58     544,818.82       0.00          0.00         0.00         0.00
   A-2   303,600,000.00         1.54625%       273,673,819.64     352,640.12       0.00          0.00         0.00         0.00
   M-1    11,480,000.00         1.75000%        11,480,000.00      16,741.67       0.00          0.00         0.00         0.00
   M-2     4,920,000.00         2.53000%         4,920,000.00      10,373.00       0.00          0.00         0.00         0.00
    X              0.00         0.00000%       747,264,438.22           0.00       0.00          0.00         0.00         0.00
    R              0.00         0.00000%                 0.00           0.00       0.00          0.00         0.00         0.00
         ------------------------------------------------------------------------------------------------------------------------
 Totals  820,000,000.00                                           924,573.61       0.00          0.00         0.00         0.00
---------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                             Remaining      Ending
                              Unpaid      Certificate/
         Total Interest      Interest      Notational
  Class   Distribution       Shortfall      Balance
-------------------------------------------------------
<S>      <C>                 <C>         <C>
   A-1      544,818.82         0.00      453,489,902.53
   A-2      352,640.12         0.00      271,644,855.60
   M-1       16,741.67         0.00       11,480,000.00
   M-2       10,373.00         0.00        4,920,000.00
    X       700,005.17         0.00      741,534,758.13
    R             0.00         0.00                0.00
         ----------------------------------------------
 Totals   1,624,578.78         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                   Non-
                            Current       Beginning                          Unpaid       Current     Supported
Class    Original Face    Certificate    Certificate/    Current Accrued    Interest     Interest     Interest
 (5)        Amount           Rate      Notional Balance     Interest        Shortfall    Shortfall    Shortfall
---------------------------------------------------------------------------------------------------------------
<S>      <C>              <C>          <C>               <C>               <C>          <C>          <C>
 A-1     500,000,000.00    1.43000%      914.38123716      1.08963764      0.00000000   0.00000000   0.00000000
 A-2     303,600,000.00    1.54625%      901.42891845      1.16152872      0.00000000   0.00000000   0.00000000
 M-1      11,480,000.00    1.75000%     1000.00000000      1.45833362      0.00000000   0.00000000   0.00000000
 M-2       4,920,000.00    2.53000%     1000.00000000      2.10833333      0.00000000   0.00000000   0.00000000
  X                0.00    0.00000%      911.29809539      0.00000000      0.00000000   0.00000000   0.00000000
  R                0.00    0.00000%        0.00000000      0.00000000      0.00000000   0.00000000   0.00000000
---------------------------------------------------------------------------------------------------------------

<CAPTION>
                                     Remaining
                                      Unpaid
Class     Realized   Total Interest   Interest    Ending Certificate/
 (5)      Loss (6)    Distribution   Shortfall    Notational Balance
---------------------------------------------------------------------
<S>      <C>         <C>             <C>          <C>
 A-1     0.00000000    1.08963764    0.00000000       906.97980506
 A-2     0.00000000    1.16152872    0.00000000       894.74590119
 M-1     0.00000000    1.45833362    0.00000000      1000.00000000
 M-2     0.00000000    2.10833333    0.00000000      1000.00000000
  X      0.00000000    0.85366484    0.00000000       904.31068065
  R      0.00000000    0.00000000    0.00000000         0.00000000
---------------------------------------------------------------------
</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                    7,599,330.62
         Liquidations, Insurance Proceeds, Reserve Funds               0.00
         Proceeds from Repurchased Loans                               0.00
         Other Amounts (Servicer Advances)                        10,863.09
         Realized Losses                                               0.00
         Prepayment Penalties                                          0.00
                                                               ------------
Total Deposits                                                 7,610,193.71

Withdrawals
         Reimbursement for Servicer Advances                      16,095.03
         Payment of Service Fee                                  239,839.80
         Payment of Interest and Principal                     7,354,258.88
                                                               ------------
Total Withdrawals (Pool Distribution Amount)                   7,610,193.71

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                                              235,468.77
Master Servicing Fee                                               4,371.03
Supported Prepayment/Curtailment Interest Shortfall                    0.00
                                                               ------------

Net Servicing Fee                                                239,839.80
                                                               ============
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                  Beginning        Current      Current       Ending
Account Type       Balance       Withdrawals    Deposits      Balance
------------      ---------      -----------    --------     ---------
<S>               <C>            <C>            <C>          <C>
Reserve Fund      10,000.00         0.00          0.00       10,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                           BANKRUPTCY                         FORECLOSURE
-----------------------------------  ----------------------------------- ---------------------------------
<S>        <C>            <C>        <C>         <C>           <C>       <C>         <C>         <C>
             No. of     Principal                  No. of    Principal                 No. of    Principal
             Loans       Balance                   Loans      Balance                  Loans      Balance

0-29 Days      0              0.00   0-29 Days       1       152,768.00  0-29 Days       0         0.00
30 Days       12      4,433,030.53   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       1        199,400.00   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
           --------   ------------               --------    ----------              --------    --------
              13      4,632,430.53                   1       152,768.00                  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   0.048403%     0.020545% 0-29 Days   0.000000%   0.000000%
30 Days    0.580833%      0.596170%  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   0.048403%      0.026816%  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%
           --------   ------------               --------      --------              --------    --------
           0.629235%      0.622986%              0.048403%     0.020545%             0.000000%   0.000000%

Current Period Class A Insufficient Funds:       0.00      Principal Balance of Contaminated Properties 0.00

<CAPTION>
               REO                                 TOTAL
----------------------------------   -------------------------------------
<S>          <C>         <C>         <C>         <C>            <C>
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance

0-29 Days        0           0.00    0-29 Days       1         152,768.00
30 Days          0           0.00    30 Days         12      4,433,030.53
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        1         199,400.00
180+ Days        0           0.00    180+ Days       0               0.00
             --------    --------                ----------- ------------
                 0           0.00                    14      4,785,198.53

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.048403%      0.020545%
30 Days      0.000000%   0.000000%   30 Days     0.580833%      0.596170%
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    0.048403%      0.026816%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%      0.000000%
             --------    --------                --------    -----------
             0.000000%   0.000000%               0.677638%      0.643530%

           Periodic Advance                            10,863.09
</TABLE>

<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     1,194,063.97   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            1       199,400.00   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
                --------  ------------               --------    --------                --------    --------
                    6     1,393,463.97                   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         0.401929%     0.256925%  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        0.080386%     0.042905%  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%
                --------  ------------               --------    --------                --------    --------
                0.482315%     0.299829%              0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                 TOTAL
----------------------------------   ------------------------------------
              No. of     Principal                 No. of     Principal
              Loans       Balance                  Loans       Balance

<C>          <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       1,194,063.97
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        1         199,400.00
180+ Days        0           0.00    180+ Days       0               0.00
             --------    --------                ---------   ------------
                 0           0.00                    6       1,393,463.97

              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     0.401929%       0.256925%
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    0.080386%       0.042905%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
             --------    --------                --------    ------------
             0.000000%   0.000000%               0.482315%       0.299829%
</TABLE>

<TABLE>
<CAPTION>
                                                      GROUP 2

             DELINQUENT                              BANKRUPTCY                          FORECLOSURE
--------------------------------------   ----------------------------------  ----------------------------------
<S>             <C>           <C>        <C>         <C>           <C>       <C>         <C>          <C>
                 No. of    Principal                  No. of     Principal                No. of      Principal
                 Loans      Balance                   Loans       Balance                 Loans        Balance
0-29 Days         0               0.00   0-29 Days       1       152,768.00  0-29 Days       0            0.00
30 Days           7       3,238,966.56   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
                --------  ------------               --------    ----------              --------     --------
                  7       3,238,966.56                   1       152,768.00                  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   0.121655%     0.054788% 0-29 Days   0.000000%    0.000000%
30 Days         0.851582%     1.161615%  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%
                --------  ------------               --------    ----------              --------    ---------
                0.851582%     1.161615%              0.121655%     0.054788%             0.000000%    0.000000%

<CAPTION>

               REO                                 TOTAL
---------------------------------   ------------------------------------
<C>         <C>          <C>        <C>         <C>         <C>
             No. of     Principal                 No. of     Principal
             Loans       Balance                  Loans       Balance
0-29 Days       0            0.00   0-29 Days       1         152,768.00
30 Days         0            0.00   30 Days         7       3,238,966.56
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                   8       3,391,734.56

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

0-29 Days   0.000000%    0.000000%  0-29 Days   0.121655%       0.054788%
30 Days     0.000000%    0.000000%  30 Days     0.851582%       1.161615%
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%              0.973236%       1.216403%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
            Collateral Description                                Mixed Arm
<S>                                                            <C>
Weighted Average Gross Coupon                                       2.985799%
Weighted Average Net Coupon                                         2.608704%
Weighted Average Pass-Through Rate                                  2.601704%
Weighted Average Maturity (Stepdown Calculation)                          323

Beginning Scheduled Collateral Loan Count                               2,081
Number of Loans Paid in Full                                               15
Ending Scheduled Collateral Loan Count                                  2,066

Beginning Scheduled Collateral Balance                         749,314,438.22
Ending Scheduled Collateral Balance                            743,584,758.13
Ending Actual Collateral Balance at 30-Jan-2004                743,585,530.62

Monthly P&I Constant                                             1,864,418.56
Special Servicing Fee                                                    0.00
Prepayment Penalties                                                     0.00
Realized Loss Amount                                                     0.00
Cumulative Realized Loss                                                 0.00

Ending Scheduled Balance for Premium Loans                     743,584,758.13

Scheduled Principal                                                      0.00
Unscheduled Principal                                            5,729,680.09

Required Overcollateralized Amount                                       0.00
Overcollateralized Increase Amount                                       0.00
Overcollateralized Reduction Amount                                      0.00
Specified O/C Amount                                             2,050,000.00
Overcollateralized Amount                                        2,050,000.00
Overcollateralized Deficiency Amount                                     0.00
Base Overcollateralization Amount                                        0.00

Extra Principal Distribution Amount                                      0.00
Excess Cash Amount                                                 700,005.18
</TABLE>

<PAGE>

<TABLE>
<S>                                                            <C>
MISCELLANEOUS REPORTING

Applied Loss Amount                                                     0.00
Group 1 - One-Month LIBOR Loans                                138,389,351.91
Group 1 - Six-Month LIBOR Loans                                326,362,684.02
Group 2 - Six Month LIBOR Loans                                278,832,722.20

M-1 Target Amount                                              730,943,817.24
M-2 Target Amount                                              739,866,834.34
Senior Target Amount                                           710,123,444.01
</TABLE>

<TABLE>
<CAPTION>
              GROUP                              1                    2                 TOTAL
<S>                                        <C>                <C>                  <C>
Collateral Description                       Mixed ARM          6 Month ARM           Mixed ARM
Weighted Average Coupon Rate                     2.955695           3.036010             2.985799
Weighted Average Net Rate                        2.578837           2.658520             2.608704
Pass-Through Rate                                2.571837           2.651520             2.601704
Weighted Average Maturity                             317                330                  323
Record Date                                    01/30/2004         01/30/2004           01/30/2004
Principal and Interest Constant              1,153,836.14         710,582.42         1,864,418.56
Beginning Loan Count                                1,254                827                2,081
Loans Paid in Full                                     10                  5                   15
Ending Loan Count                                   1,244                822                2,066
Beginning Scheduled Balance                468,452,751.98     280,861,686.24       749,314,438.22
Ending Scheduled Balance                   464,752,035.93     278,832,722.20       743,584,758.13
Scheduled Principal                                  0.00               0.00                 0.00
Unscheduled Principal                        3,700,716.05       2,028,964.04         5,729,680.09
Scheduled Interest                           1,153,836.14         710,582.42         1,864,418.56
Servicing Fee                                  147,116.60          88,352.17           235,468.77
Master Servicing Fee                             2,732.66           1,638.37             4,371.03
Trustee Fee                                          0.00               0.00                 0.00
FRY Amount                                           0.00               0.00                 0.00
Special Hazard Fee                                   0.00               0.00                 0.00
Other Fee                                            0.00               0.00                 0.00
Pool Insurance Fee                                   0.00               0.00                 0.00
Spread 1                                             0.00               0.00                 0.00
Spread 2                                             0.00               0.00                 0.00
Spread 3                                             0.00               0.00                 0.00
Net Interest                                 1,003,986.88         620,591.88         1,624,578.76
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>