<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 2003-7
                          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         81743PDK9         SEN            1.42000%       286,039,508.41      338,480.08     3,261,226.43
  A-2         81743PDL7         SEN            1.57375%       498,119,150.17      653,262.51     2,865,417.44
  X-1         81743PDM5          IO            0.80000%                 0.00      494,125.32             0.00
  X-2         81743PDN3          IO            0.40019%                 0.00      261,507.44             0.00
  A-R         81743PDQ6         RES            2.62966%                 0.00            0.00             0.00
  B-1         81743PDR4         SUB            1.65000%        16,607,000.00       22,834.62             0.00
  B-2         81743PDS2         SUB            2.67402%         6,642,000.00       14,800.68             0.00
  B-3         81743PDT0         SUB            2.67402%         4,982,000.00       11,101.62             0.00
  B-4         SMT0307B4         SUB            2.67402%         2,490,000.00        5,548.58             0.00
  B-5         SMT0307B5         SUB            2.67402%         1,660,000.00        3,699.06             0.00
  B-6         SMT0307B6         SUB            2.67402%         2,910,544.86        6,485.70             0.00
  X-B         81743PDP8          IO            1.02402%                 0.00       14,171.52             0.00
-------------------------------------------------------------------------------------------------------------
Totals                                                        819,450,203.44    1,826,017.13     6,126,643.87
-------------------------------------------------------------------------------------------------------------

<CAPTION>
                              Current       Ending Certificate      Total           Cumulative
Class           CUSIP       Realized Loss        Balance          Distribution     Realized Loss
------------------------------------------------------------------------------------------------
<S>           <C>           <C>             <C>                   <C>              <C>
  A-1         81743PDK9         0.00          282,778,281.98      3,599,706.51          0.00
  A-2         81743PDL7         0.00          495,253,732.73      3,518,679.95          0.00
  X-1         81743PDM5         0.00                    0.00        494,125.32          0.00
  X-2         81743PDN3         0.00                    0.00        261,507.44          0.00
  A-R         81743PDQ6         0.00                    0.00              0.00          0.00
  B-1         81743PDR4         0.00           16,607,000.00         22,834.62          0.00
  B-2         81743PDS2         0.00            6,642,000.00         14,800.68          0.00
  B-3         81743PDT0         0.00            4,982,000.00         11,101.62          0.00
  B-4         SMT0307B4         0.00            2,490,000.00          5,548.58          0.00
  B-5         SMT0307B5         0.00            1,660,000.00          3,699.06          0.00
  B-6         SMT0307B6         0.00            2,910,544.86          6,485.70          0.00
  X-B         81743PDP8         0.00                    0.00         14,171.52          0.00
--------------------------------------------------------------------------------------------
Totals                          0.00          813,323,559.57      7,952,661.00          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  Total Principal
Class         Amount            Balance       Distribution  Distribution  Accretion  Loss (1)     Reduction
--------------------------------------------------------------------------------------------------------------
<S>       <C>                <C>              <C>           <C>           <C>        <C>       <C>
 A-1      290,000,000.00     286,039,508.41       0.00      3,261,226.43    0.00       0.00     3,261,226.43
 A-2      505,100,000.00     498,119,150.17       0.00      2,865,417.44    0.00       0.00     2,865,417.44
 X-1                0.00               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             0.00
 A-R              100.00               0.00       0.00              0.00    0.00       0.00             0.00
 B-1       16,607,000.00      16,607,000.00       0.00              0.00    0.00       0.00             0.00
 B-2        6,642,000.00       6,642,000.00       0.00              0.00    0.00       0.00             0.00
 B-3        4,982,000.00       4,982,000.00       0.00              0.00    0.00       0.00             0.00
 B-4        2,490,000.00       2,490,000.00       0.00              0.00    0.00       0.00             0.00
 B-5        1,660,000.00       1,660,000.00       0.00              0.00    0.00       0.00             0.00
 B-6        2,910,544.86       2,910,544.86       0.00              0.00    0.00       0.00             0.00
 X-B                0.00               0.00       0.00              0.00    0.00       0.00             0.00
--------------------------------------------------------------------------------------------------------------
Totals    830,391,644.86     819,450,203.44       0.00      6,126,643.87    0.00       0.00     6,126,643.87
--------------------------------------------------------------------------------------------------------------

<CAPTION>
          Ending Certificate  Ending Certificate  Total Principal
Class          Balance            Percentage        Distribution
-----------------------------------------------------------------
<S>       <C>                 <C>                 <C>
 A-1        282,778,281.98        0.97509752        3,261,226.43
 A-2        495,253,732.73        0.98050630        2,865,417.44
 X-1                  0.00        0.00000000                0.00
 X-2                  0.00        0.00000000                0.00
 A-R                  0.00        0.00000000                0.00
 B-1         16,607,000.00        1.00000000                0.00
 B-2          6,642,000.00        1.00000000                0.00
 B-3          4,982,000.00        1.00000000                0.00
 B-4          2,490,000.00        1.00000000                0.00
 B-5          1,660,000.00        1.00000000                0.00
 B-6          2,910,544.86        1.00000000                0.00
 X-B                  0.00        0.00000000                0.00
-----------------------------------------------------------------
Totals      813,323,559.57        0.97944574        6,126,643.87
-----------------------------------------------------------------
</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      290,000,000.00      986.34313245     0.00000000    11.24560838  0.00000000     0.00000000
 A-2      505,100,000.00      986.17927177     0.00000000     5.67297058  0.00000000     0.00000000
 X-1                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
 A-R              100.00        0.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-1       16,607,000.00        0.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-2        6,642,000.00     1000.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-3        4,982,000.00     1000.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-4        2,490,000.00     1000.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-5        1,660,000.00     1000.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 B-6        2,910,544.86     1000.00000000     0.00000000     0.00000000  0.00000000     0.00000000
 X-B                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        11.24560838        975.09752407         0.97509752         11.24560838
 A-2         5.67297058        980.50630119         0.98050630          5.67297058
 X-1         0.00000000          0.00000000         0.00000000          0.00000000
 X-2         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
 X-B         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.

<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        290,000,000.00      1.42000%      286,039,508.41     338,480.08       0.00          0.00
  A-2        505,100,000.00      1.57375%      498,119,150.17     653,262.51       0.00          0.00
  X-1                  0.00      0.80000%      741,187,985.51     494,125.32       0.00          0.00
  X-2                  0.00      0.40019%      784,158,658.58     261,507.44       0.00          0.00
  A-R                100.00      2.62966%                0.00           0.00       0.00          0.00
  B-1         16,607,000.00      1.65000%       16,607,000.00      22,834.63       0.00          0.00
  B-2          6,642,000.00      2.67402%        6,642,000.00      14,800.68       0.00          0.00
  B-3          4,982,000.00      2.67402%        4,982,000.00      11,101.62       0.00          0.00
  B-4          2,490,000.00      2.67402%        2,490,000.00       5,548.58       0.00          0.00
  B-5          1,660,000.00      2.67402%        1,660,000.00       3,699.06       0.00          0.00
  B-6          2,910,544.86      2.67402%        2,910,544.86       6,485.70       0.00          0.00
  X-B                  0.00      1.02402%       16,607,000.00      14,171.52       0.00          0.00
-------------------------------------------------------------------------------------------------------
Totals       830,391,644.86                                     1,826,017.14       0.00          0.00
-------------------------------------------------------------------------------------------------------

<CAPTION>
                Non-                                  Remaining      Ending
             Supported                                 Unpaid      Certificate/
             Interest     Realized  Total Interest     Interest     Notational
 Class       Shortfall    Loss (4)   Distribution     Shortfall      Balance
--------------------------------------------------------------------------------
<S>          <C>          <C>       <C>               <C>         <C>
  A-1          0.00         0.00       338,480.08        0.00     282,778,281.98
  A-2          0.00         0.00       653,262.51        0.00     495,253,732.73
  X-1          0.00         0.00       494,125.32        0.00     713,807,869.75
  X-2          0.00         0.00       261,507.44        0.00     778,032,014.71
  A-R          0.00         0.00             0.00        0.00               0.00
  B-1          0.00         0.00        22,834.62        0.00      16,607,000.00
  B-2          0.00         0.00        14,800.68        0.00       6,642,000.00
  B-3          0.00         0.00        11,101.62        0.00       4,982,000.00
  B-4          0.00         0.00         5,548.58        0.00       2,490,000.00
  B-5          0.00         0.00         3,699.06        0.00       1,660,000.00
  B-6          0.00         0.00         6,485.70        0.00       2,910,544.86
  X-B          0.00         0.00        14,171.52        0.00      16,607,000.00
--------------------------------------------------------------------------------
Totals         0.00         0.00     1,826,017.13        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.

<PAGE>

                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of                    Non-
                                 Current       Beginning                         Unpaid      Current      Supported
              Original Face    Certificate   Certificate/    Current Accrued    Interest     Interest      Interest       Realized
Class (5)         Amount          Rate     Notional Balance      Interest       Shortfall   Shortfall     Shortfall       Loss (6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>           <C>              <C>         <C>               <C>               <C>          <C>           <C>            <C>
   A-1        290,000,000.00     1.42000%    986.34313245       1.16717269     0.00000000   0.00000000    0.00000000     0.00000000
   A-2        505,100,000.00     1.57375%    986.17927177       1.29333302     0.00000000   0.00000000    0.00000000     0.00000000
   X-1                  0.00     0.80000%    932.19467427       0.62146311     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                  0.00     0.40019%    986.23903733       0.32889881     0.00000000   0.00000000    0.00000000     0.00000000
   A-R                100.00     2.62966%      0.00000000       0.00000000     0.00000000   0.00000000    0.00000000     0.00000000
   B-1         16,607,000.00     1.65000%   1000.00000000       1.37500030     0.00000000   0.00000000    0.00000000     0.00000000
   B-2          6,642,000.00     2.67402%   1000.00000000       2.22834688     0.00000000   0.00000000    0.00000000     0.00000000
   B-3          4,982,000.00     2.67402%   1000.00000000       2.22834605     0.00000000   0.00000000    0.00000000     0.00000000
   B-4          2,490,000.00     2.67402%   1000.00000000       2.22834538     0.00000000   0.00000000    0.00000000     0.00000000
   B-5          1,660,000.00     2.67402%   1000.00000000       2.22834940     0.00000000   0.00000000    0.00000000     0.00000000
   B-6          2,910,544.86     2.67402%   1000.00000000       2.22834566     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                  0.00     1.02402%   1000.00000000       0.85334618     0.00000000   0.00000000    0.00000000     0.00000000
-----------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                              Remaining
                                Unpaid
              Total Interest   Interest    Ending Certificate/
Class (5)      Distribution   Shortfall    Notational Balance
--------------------------------------------------------------
<S>           <C>             <C>          <C>
   A-1          1.16717269    0.00000000       975.09752407
   A-2          1.29333302    0.00000000       980.50630119
   X-1          0.62146311    0.00000000       897.75860867
   X-2          0.32889881    0.00000000       978.53353630
   A-R          0.00000000    0.00000000         0.00000000
   B-1          1.37499970    0.00000000      1000.00000000
   B-2          2.22834688    0.00000000      1000.00000000
   B-3          2.22834605    0.00000000      1000.00000000
   B-4          2.22834538    0.00000000      1000.00000000
   B-5          2.22834940    0.00000000      1000.00000000
   B-6          2.22834566    0.00000000      1000.00000000
   X-B          0.85334618    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                              8,217,837.47
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  19,946.48
         Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
         Prepayment Penalties                                                    0.00
                                                                         ------------
Total Deposits                                                           8,237,783.95

Withdrawals
         Reimbursement for Servicer Advances                                24,606.08
         Payment of Service Fee                                            260,516.87
         Payment of Interest and Principal                               7,952,661.00
                                                                         ------------
Total Withdrawals (Pool Distribution Amount)                             8,237,783.95

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                                             256,078.18
Master Servicing Fee                                              4,438.69
Supported Prepayment/Curtailment Interest Shortfall                   0.00
                                                                ----------

Net Servicing Fee                                               260,516.87
                                                                ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning          Current         Current        Ending
        Account Type                 Balance         Withdrawals       Deposits       Balance
----------------------------------------------------------------------------------------------
<S>                                 <C>              <C>               <C>           <C>
Pool 1 Companion Reserve Fund       4,000.00            0.00             0.00        4,000.00
Pool 1 NAS Reserve Fund             1,000.00            0.00             0.00        1,000.00
Pool 2 Companion Reserve Fund         500.00            0.00             0.00          500.00
Pool 2 NAS Reserve Fund             2,000.00            0.00             0.00        2,000.00
Class X-B Reserve Fund              2,500.00            0.00             0.00        2,500.00
</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       0             0.00  0-29 Days       0             0.00
30 Days           20       8,286,073.14  30 Days         0             0.00  30 Days         0             0.00
60 Days            3         485,300.00  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
               ------------------------              ----------------------              ----------------------
                  23       8,771,373.14                  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        0.826105%    1.018789%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.123916%    0.059669%    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%
               ---------------------                 --------------------                --------------------
               0.950021%    1.078457%                0.000000%   0.000000%               0.000000%   0.000000%

<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       0                0.00
30 Days          0             0.00  30 Days        20        8,286,073.14
60 Days          0             0.00  60 Days         3          485,300.00
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                 23        8,771,373.14

               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     0.826105%     1.018789%
60 Days      0.000000%   0.000000%   60 Days     0.123916%     0.059669%
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%               0.950021%     1.078457%
</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    19,946.48
</TABLE>

<PAGE>

     SUBORDINATION 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       35,291,544.86    4.24998795%    35,291,544.86     4.33917651%    95.660823%          0.000000%
Class X-1     35,291,544.86    4.24998795%    35,291,544.86     4.33917651%     0.000000%          0.000000%
Class X-2     35,291,544.86    4.24998795%    35,291,544.86     4.33917651%     0.000000%          0.000000%
Class B-1     18,684,544.86    2.25008825%    18,684,544.68     2.29730771%     2.041869%         47.056597%
Class B-2     12,042,544.86    1.45022471%    12,042,544.68     1.48065855%     0.816649%         18.820372%
Class B-3      7,060,544.86    0.85026685%     7,060,544.86     0.86811021%     0.612548%         14.116696%
Class B-4      4,750,544.86    0.55040834%     4,570,544.86     0.56195899%     0.306151%          7.055514%
Class B-5      2,910,544.86    0.35050267%     2,910,544.86     0.35785818%     0.204101%          4.703676%
Class B-6              0.00    0.00000000%             0.00     0.00000000%     0.357858%          8.247145%
</TABLE>

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

                          DELINQUENCY STATUS BY GROUP

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

0-29 Days          0               0.00  0-29 Days       0             0.00  0-29 Days       0             0.00
30 Days            2       1,149,200.00  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       1,149,200.00                  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        0.833333%    1.244851%    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%
               ---------------------                 --------------------                --------------------
               0.833333%    1.244851%                0.000000%   0.000000%               0.000000%   0.000000%

<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       0               0.00
30 Days          0             0.00  30 Days         2       1,149,200.00
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       1,149,200.00

               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     0.833333%    1.244851%
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%               0.833333%    1.244851%
</TABLE>

<PAGE>

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

0-29 Days          0               0.00  0-29 Days       0             0.00  0-29 Days       0             0.00
30 Days            7       2,706,073.83  30 Days         0             0.00  30 Days         0             0.00
60 Days            1         108,000.00  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
               ------------------------              ----------------------              ----------------------
                   8       2,814,073.83                  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        1.121795%    1.330840%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.160256%    0.053114%    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%
               ---------------------                 --------------------                --------------------
               1.282051%    1.383954%                0.000000%   0.000000%               0.000000%   0.000000%

<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       0               0.00
30 Days          0             0.00  30 Days         7       2,706,073.83
60 Days          0             0.00  60 Days         1         108,000.00
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       2,814,073.83

               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     1.121795%    1.330840%
60 Days      0.000000%   0.000000%   60 Days     0.160256%    0.053114%
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%               1.282051%    1.383954%
</TABLE>

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

0-29 Days          0               0.00  0-29 Days       0             0.00  0-29 Days       0             0.00
30 Days           11       4,430,799.31  30 Days         0             0.00  30 Days         0             0.00
60 Days            2         377,300.00  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
               ------------------------              ----------------------              ----------------------
                  13       4,808,099.31                  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        0.706487%    0.855905%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.128452%    0.072884%    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%
               ---------------------                 --------------------                --------------------
               0.834939%    0.928789%                0.000000%   0.000000%               0.000000%   0.000000%

<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       0               0.00
30 Days          0             0.00  30 Days        11       4,430,799.31
60 Days          0             0.00  60 Days         2         377,300.00
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                 13       4,808,099.31

               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     0.706487%    0.855905%
60 Days      0.000000%   0.000000%   60 Days     0.128452%    0.072884%
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%               0.834939%    0.928789%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                              Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                          3.055513%
Weighted Average Net Coupon                                            2.680513%
Weighted Average Pass-Through Rate                                     2.674013%
Weighted Average Maturity (Stepdown Calculation)                            349

Beginning Scheduled Collateral Loan Count                                 2,434
Number of Loans Paid in Full                                                 13
Ending Scheduled Collateral Loan Count                                    2,421

Beginning Scheduled Collateral Balance                           819,450,203.48
Ending Scheduled Collateral Balance                              813,323,559.61
Ending Actual Collateral Balance at 30-Jan-2004                  813,325,949.32

Monthly P&I Constant                                               2,086,534.02
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                             7,874,019.23

Ending Scheduled Balance for Premium Loans                       813,323,559.61

Scheduled Principal                                                        0.00
Unscheduled Principal                                              6,126,643.87
</TABLE>

<TABLE>
<S>                                                                        <C>
MISCELLANEOUS REPORTING

Capitalized Interest Account Balance                                       0.00
Subsequent Mortgage Acquisition                                            0.00
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
           GROUP                          GROUP ONE - A         GROUP ONE - B             GROUP TWO           TOTAL
Collateral Description                  1 Month LIBOR ARM     6 Month LIBOR ARM      6 Month LIBOR ARM       Mixed ARM
<S>                                     <C>                   <C>                    <C>                   <C>
Weighted Average Coupon Rate                   2.849712               3.086038               3.080077            3.055513
Weighted Average Net Rate                      2.474712               2.711038               2.705077            2.680513
Pass-Through Rate                              2.468212               2.704538               2.698577            2.674013
Weighted Average Maturity                           325                    352                    352                 349
Record Date                                  01/30/2004             01/30/2004             01/30/2004          01/30/2004
Principal and Interest Constant              220,174.81             530,276.30           1,336,082.91        2,086,534.02
Beginning Loan Count                                242                    629                  1,563               2,434
Loans Paid in Full                                    2                      5                      6                  13
Ending Loan Count                                   240                    624                  1,557               2,421
Beginning Scheduled Balance               92,714,547.27         206,196,923.80         520,538,732.41      819,450,203.48
Ending Scheduled Balance                  92,315,962.14         203,334,282.50         517,673,314.97      813,323,559.61
Scheduled Principal                                0.00                   0.00                   0.00                0.00
Unscheduled Principal                        398,585.13           2,862,641.30           2,865,417.44        6,126,643.87
Scheduled Interest                           220,174.81             530,276.30           1,336,082.91        2,086,534.02
Servicing Fee                                 28,973.29              64,436.54             162,668.35          256,078.18
Master Servicing Fee                             502.20               1,116.90               2,819.59            4,438.69
Trustee Fee                                        0.00                   0.00                   0.00                0.00
FRY Amount                                         0.00                   0.00                   0.00                0.00
Special Hazard Fee                                 0.00                   0.00                   0.00                0.00
Other Fee                                          0.00                   0.00                   0.00                0.00
Pool Insurance Fee                                 0.00                   0.00                   0.00                0.00
Spread 1                                           0.00                   0.00                   0.00                0.00
Spread 2                                           0.00                   0.00                   0.00                0.00
Spread 3                                           0.00                   0.00                   0.00                0.00
Net Interest                                 190,699.32             464,722.86           1,170,594.97        1,826,017.15
Realized Loss Amount                               0.00                   0.00                   0.00                0.00
Cumulative Realized Loss                           0.00                   0.00                   0.00                0.00
Percentage of Cumulative Losses                    0.00                   0.00                   0.00                0.00
Prepayment Penalties                               0.00                   0.00                   0.00                0.00
Special Servicing Fee                              0.00                   0.00                   0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                    <C>
Group One - A
      Interest Transfer Amount                               0.00
      Principal Transfer Amount                              0.00
      Prorata Senior Percent                            95.693721%
      Senior Percentage                                100.000000%
      Senior Prepayment Percentage                     100.000000%
      Subordinate Percentage                             0.000000%
      Subordinate Prepayment Percentage                  0.000000%
      Prefunding Balance                                     0.00

Group One - B
      Interest Transfer Amount                               0.00
      Principal Transfer Amount                              0.00
      Prorata Senior Percent                            95.693004%
      Senior Percentage                                100.000000%
      Senior Prepayment Percentage                     100.000000%
      Subordinate Percentage                             0.000000%
      Subordinate Prepayment Percentage                  0.000000%
      Prefunding Balance                                     0.00
</TABLE>