<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 2002-7
                          RECORD DATE: JANUARY 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate    Beginning                               Current    Ending                   Cumulative
                    Class    Pass-Through  Certificate     Interest    Principal   Realized  Certificate      Total      Realized
Class    CUSIP   Description     Rate        Balance     Distribution Distribution   Loss      Balance     Distribution    Loss
----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>         <C>          <C>            <C>          <C>          <C>      <C>            <C>          <C>
  A    81743YAA5     SEN       1.44000%   426,645,507.29  511,974.61  4,805,555.34   0.00   421,839,951.95 5,317,529.95    0.00
 A-R   SMT0207AR     SEN       3.50743%             0.00        0.00          0.00   0.00             0.00         0.00    0.00
 B-1   81743YAE7     SUB       1.85000%     8,080,000.00   12,456.67          0.00   0.00     8,080,000.00    12,456.67    0.00
 B-2   81743YAF4     SUB       2.63982%     5,771,000.00   12,695.33          0.00   0.00     5,771,000.00    12,695.53    0.00
 B-3   81743YAG2     SUB       2.63982%     3,463,000.00    7,618.08          0.00   0.00     3,463,000.00     7,618.08    0.00
 B-4   SMT0207B4     SUB       2.63982%     1,442,000.00    3,172.18          0.00   0.00     1,442,000.00     3,172.18    0.00
 B-5   SMT0207B5     SUB       2.63982%     1,154,000.00    2,538.63          0.00   0.00     1,154,000.00     2,538.63    0.00
 B-6   SMT0207B6     SUB       2.63982%     2,600,498.71    5,720.71          0.00   0.00     2,600,498.71     5,720.71    0.00
 X-1   81743YAC1     SEN       1.02400%             0.00   64,692.07          0.00   0.00             0.00    64,692.07    0.00
 X-2   81743YAD9     SEN       1.22773%             0.00  367,207.36          0.00   0.00             0.00   367,207.36    0.00
----------------------------------------------------------------------------------------------------------------------------------
Totals                                    449,156,006.00  988,075.64  4,805,555.34   0.00   444,350,450.66 5,793,630.98    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
Class          Amount            Balance         Distribution     Distribution     Accretion     Loss (1)
---------------------------------------------------------------------------------------------------------
<S>        <C>                <C>                <C>              <C>              <C>           <C>
  A        554,686,000.00     426,645,507.29         2.09         4,805,553.25       0.00          0.00
 A-R               100.00               0.00         0.00                 0.00       0.00          0.00
 B-1         8,080,000.00       8,080,000.00         0.00                 0.00       0.00          0.00
 B-2         5,771,000.00       5,771,000.00         0.00                 0.00       0.00          0.00
 B-3         3,463,000.00       3,463,000.00         0.00                 0.00       0.00          0.00
 B-4         1,442,000.00       1,442,000.00         0.00                 0.00       0.00          0.00
 B-5         1,154,000.00       1,154,000.00         0.00                 0.00       0.00          0.00
 B-6         2,600,498.71       2,600,498.71         0.00                 0.00       0.00          0.00
 X-1                50.00               0.00         0.00                 0.00       0.00          0.00
 X-2                50.00               0.00         0.00                 0.00       0.00          0.00
---------------------------------------------------------------------------------------------------------
Totals     577,196,698.71     449,156,006.00         2.09         4,805,553.25       0.00          0.00
---------------------------------------------------------------------------------------------------------

<CAPTION>
           Total Principal       Ending Certificate     Ending Certificate     Total Principal
Class         Reduction               Balance               Percentage           Distribution
----------------------------------------------------------------------------------------------
<S>        <C>                   <C>                    <C>                    <C>
  A          4,805,555.34          421,839,951.95           0.76050225          4,805,555.34
 A-R                 0.00                    0.00           0.00000000                  0.00
 B-1                 0.00            8,080,000.00           1.00000000                  0.00
 B-2                 0.00            5,771,000.00           1.00000000                  0.00
 B-3                 0.00            3,463,000.00           1.00000000                  0.00
 B-4                 0.00            1,442,000.00           1.00000000                  0.00
 B-5                 0.00            1,154,000.00           1.00000000                  0.00
 B-6                 0.00            2,600,498.71           1.00000000                  0.00
 X-1                 0.00                    0.00           0.00000000                  0.00
 X-2                 0.00                    0.00           0.00000000                  0.00
----------------------------------------------------------------------------------------------
Totals       4,805,555.34          444,350,450.66           0.76984233          4,805,555.34
----------------------------------------------------------------------------------------------
</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.

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                       Beginning     Scheduled  Unscheduled                          Total       Ending       Ending       Total
       Original Face  Certificate    Principal    Principal              Realized  Principal   Certificate  Certificate   Principal
Class     Amount        Balance    Distribution Distribution Accretion   Loss (3)  Reduction     Balance    Percentage  Distribution
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>            <C>           <C>          <C>          <C>        <C>        <C>        <C>           <C>         <C>
  A   554,686,000.00  769.16581145  0.00000377   8.66355605  0.00000000 0.00000000 8.66355982  760.50225163 0.76050225   8.66355982
 A-R          100.00    0.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000    0.00000000 0.00000000   0.00000000
 B-1    8,080,000.00 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 B-2    5,771,000.00 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 B-3    3,463,000.00 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 B-4    1,442,000.00 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 B-5    1,154,000.00 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 B-6    2,600,498.71 1000.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000 1000.00000000 1.00000000   0.00000000
 X-1           50.00    0.00000000  0.00000000   0.00000000  0.00000000 0.00000000 0.00000000    0.00000000 0.00000000   0.00000000
 X-2           50.00    0.00000000  0.00000000   0.00000000  0.00000000 0.00000000 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         554,686,000.00        1.44000%        426,645,507.29    511,974.61       0.00         0.00         0.00         0.00
 A-R                100.00        3.50743%                  0.00          0.00       0.00         0.00         0.00         0.00
 B-1          8,080,000.00        1.85000%          8,080,000.00     12,456.67       0.00         0.00         0.00         0.00
 B-2          5,771,000.00        2.63982%          5,771,000.00     12,695.33       0.00         0.00         0.00         0.00
 B-3          3,463,000.00        2.63982%          3,463,000.00      7,618.08       0.00         0.00         0.00         0.00
 B-4          1,442,000.00        2.63982%          1,442,000.00      3,172.18       0.00         0.00         0.00         0.00
 B-5          1,154,000.00        2.63982%          1,154,000.00      2,538.63       0.00         0.00         0.00         0.00
 B-6          2,600,498.71        2.63982%          2,600,498.71      5,720.71       0.00         0.00         0.00         0.00
 X-1                 50.00        1.02400%         75,811,259.13     64,692.07       0.00         0.00         0.00         0.00
 X-2                 50.00        1.22773%        358,914,248.16    367,207.36       0.00         0.00         0.00         0.00
----------------------------------------------------------------------------------------------------------------------------------
Totals      577,196,698.71                                          988,075.64       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           511,974.61        0.00       421,839,951.95
 A-R                0.00        0.00                 0.00
 B-1           12,456.67        0.00         8,080,000.00
 B-2           12,695.33        0.00         5,771,000.00
 B-3            7,618.08        0.00         3,463,000.00
 B-4            3,172.18        0.00         1,442,000.00
 B-5            2,538.63        0.00         1,154,000.00
 B-6            5,720.71        0.00         2,600,498.71
 X-1           64,692.07        0.00        75,057,870.07
 X-2          367,207.36        0.00       354,862,081.88
---------------------------------------------------------
Totals        988,075.64        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
Class     Original Face    Certificate      Certificate/      Current Accrued     Interest      Interest      Interest     Realized
 (5)         Amount           Rate        Notional Balance        Interest       Shortfall     Shortfall     Shortfall     Loss (6)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>               <C>            <C>                 <C>                <C>           <C>           <C>          <C>
  A      554,686,000.00      1.44000%         769.16581145        0.92299898     0.00000000    0.00000000    0.00000000   0.00000000
 A-R             100.00      3.50743%           0.00000000        0.00000000     0.00000000    0.00000000    0.00000000   0.00000000
 B-1       8,080,000.00      1.85000%        1000.00000000        1.54166708     0.00000000    0.00000000    0.00000000   0.00000000
 B-2       5,771,000.00      2.63982%        1000.00000000        2.19984925     0.00000000    0.00000000    0.00000000   0.00000000
 B-3       3,463,000.00      2.63982%        1000.00000000        2.19984984     0.00000000    0.00000000    0.00000000   0.00000000
 B-4       1,442,000.00      2.63982%        1000.00000000        2.19984743     0.00000000    0.00000000    0.00000000   0.00000000
 B-5       1,154,000.00      2.63982%        1000.00000000        2.19985269     0.00000000    0.00000000    0.00000000   0.00000000
 B-6       2,600,498.71      2.63982%        1000.00000000        2.19985112     0.00000000    0.00000000    0.00000000   0.00000000
 X-1              50.00      1.02400%     1516225.18260000     1293.84140000     0.00000000    0.00000000    0.00000000   0.00000000
 X-2              50.00      1.22773%     7178284.96320000     7344.14720000     0.00000000    0.00000000    0.00000000   0.00000000
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                           Remaining
                             Unpaid
Class    Total Interest     Interest     Ending Certificate/
 (5)      Distribution     Shortfall     Notational Balance
------------------------------------------------------------
<S>      <C>               <C>           <C>
  A         0.92299898     0.00000000         760.50225163
 A-R        0.00000000     0.00000000           0.00000000
 B-1        1.54166708     0.00000000        1000.00000000
 B-2        2.19984925     0.00000000        1000.00000000
 B-3        2.19984984     0.00000000        1000.00000000
 B-4        2.19984743     0.00000000        1000.00000000
 B-5        2.19985269     0.00000000        1000.00000000
 B-6        2.19985112     0.00000000        1000.00000000
 X-1     1293.84140000     0.00000000     1501157.40140000
 X-2     7344.14720000     0.00000000     7097241.63760000
----------------------------------------------------------
</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.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
       Payments of Interest and Principal                         5,937,404.06
       Liquidations, Insurance Proceeds, Reserve Funds                    0.00
       Proceeds from Repurchased Loans                                    0.00
       Other Amounts (Servicer Advances)                              1,422.92
       Realized Losses                                                    0.00
       Prepayment Penalties                                               0.00
                                                                  ------------
Total Deposits                                                    5,938,826.98

Withdrawals
       Reimbursement for Servicer Advances                              952.24
       Payment of Service Fee                                       144,243.76
       Payment of Interest and Principal                          5,793,630.98
                                                                  ------------
Total Withdrawals (Pool Distribution Amount)                      5,938,826.98

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

<PAGE>

                    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                                               140,500.81
Master Servicing Fee                                                3,742.95
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------
Net Servicing Fee                                                 144,243.76
                                                                  ==========
</TABLE>

<TABLE>
<CAPTION>
                                Beginning     Current     Current     Ending
         Account Type            Balance    Withdrawals   Deposits    Balance
-----------------------------------------------------------------------------
<S>                             <C>         <C>           <C>        <C>
Basis Risk Reserve Fund - X-1   1,512.56       0.00         0.00     1,512.56
Basis Risk Reserve Fund - X-2   8,487.44       0.00         0.00     8,487.44
</TABLE>

<PAGE>

             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

30 Days        1      320,000.00  30 Days        0        0.00     30 Days        0        0.00
60 Days        1      300,000.00  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
           ---------  ----------             ---------  ---------             ---------  ---------
               2      620,000.00                 0        0.00                    0        0.00

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

30 Days    0.080515%   0.072016%  30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.080515%   0.067515%  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%
           ---------  ----------             ---------  ---------             ---------  ---------
           0.161031%   0.139530%             0.000000%  0.000000%             0.000000%  0.000000%
</TABLE>

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

30 Days        0        0.00     30 Days        1      320,000.00
60 Days        0        0.00     60 Days        1      300,000.00
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                    2      620,000.00

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

30 Days    0.000000%  0.000000%  30 Days    0.080515%   0.072016%
60 Days    0.000000%  0.000000%  60 Days    0.080515%   0.067515%
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%             0.161031%   0.139530%
</TABLE>

<TABLE>
<S>                                                   <C>
Current Period Class A Insufficient Funds:                0.00
Principal Balance of Contaminated Properties              0.00
Periodic Advance                                      1,422.92
</TABLE>

<TABLE>
<CAPTION>
                   Original $     Original %     Current $      Current %
<S>              <C>             <C>           <C>             <C>
    Bankruptcy      100,261.00   0.01737033%      100,261.00   0.02256350%
         Fraud   17,315,901.00   3.00000001%   10,161,109.97   2.28673336%
Special Hazard    5,771,967.00   1.00000000%    5,006,000.00   1.12658826%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<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

30 Days         0             0.00   30 Days         0          0.00     30 Days         0          0.00
60 Days         1       300,000.00   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
            ---------   ----------               ---------   ---------               ---------   ---------
                1       300,000.00                   0          0.00                     0          0.00

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

30 Days     0.000000%   0.000000%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.497512%   0.386710%    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%
            ---------   ----------               ---------   ---------               ---------   ---------
            0.497512%   0.386710%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

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

30 Days         0          0.00     30 Days         0             0.00
60 Days         0          0.00     60 Days         1       300,000.00
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                     1       300,000.00

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

30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%   60 Days     0.497512%   0.386710%
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%               0.497512%   0.386710%
</TABLE>

                                 SIX-MONTH LIBOR

<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

30 Days         1       320,000.00   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
            ---------   ----------               ---------   ---------               ---------   ---------
                1       320,000.00                   0          0.00                     0          0.00

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

30 Days     0.096061%   0.087248%    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%
            ---------   ----------               ---------   ---------               ---------   ---------
            0.096061%   0.087248%                0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

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

30 Days         0         0.00      30 Days         1       320,000.00
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                      1       320,000.00

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

30 Days     0.000000%   0.000000%   30 Days     0.096061%   0.087248%
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%               0.096061%   0.087248%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                      Mixed Fixed & Arm
<S>                                                                         <C>
Weighted Average Gross Coupon                                                     3.025192%
Weighted Average Net Coupon                                                       2.649819%
Weighted Average Pass-Through Rate                                                2.639819%
Weighted Average Maturity (Stepdown Calculation)                                        339

Beginning Scheduled Collateral Loan Count                                             1,253
Number of Loans Paid in Full                                                             11
Ending Scheduled Collateral Loan Count                                                1,242

Beginning Scheduled Collateral Balance                                       449,156,006.00
Ending Scheduled Collateral Balance                                          444,350,450.66
Ending Actual Collateral Balance at 30-Jan-2004                              444,347,655.79

Monthly P&I Constant                                                           1,132,321.50
Special Servicing Fee                                                                  0.00
Prepayment Penalties                                                                   0.00
Realization Loss Amount                                                                0.00
Cumulative Realized Loss                                                               0.00
Scheduled Principal                                                                    2.09
Unscheduled Principal                                                          4,805,553.25
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                <C>
Pro Rata Senior Percent                                             94.988267%
Senior Percent                                                     100.000000%
Senior Prepay Percent                                              100.000000%
Subordinate Percent                                                  0.000000%
Subordinate Prepay Percent                                           0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            GROUP                         ONE MONTH LIBOR               SIX MONTH LIBOR                TOTAL

<S>                                       <C>                           <C>                      <C>
Collateral Description                           Monthly                   6 Month Arm           Mixed Fixed & Arm
Weighted Average Coupon Rate                    2.856617                      3.060799                    3.025192
Weighted Average Net Rate                       2.481617                      2.685348                    2.649819
Pass-Through Rate                               2.471617                      2.675348                    2.639819
Weighted Average Maturity                            299                           300                         339
Record Date                                   01/30/2004                    01/30/2004                  01/30/2004
Principal and Interest Constant               186,460.40                    945,861.10                1,132,321.50
Beginning Loan Count                                 202                         1,051                       1,253
Loans Paid in Full                                     1                            10                          11
Ending Loan Count                                    201                         1,041                       1,242
Beginning Scheduled Balance                78,327,776.47                370,828,229.53              449,156,006.00
Ending Scheduled Balance                   77,577,228.60                366,773,222.06              444,350,450.66
Scheduled Principal                                 0.00                          2.09                        2.09
Unscheduled Principal                         750,547.87                  4,055,005.38                4,805,553.25
Scheduled Interest                            186,460.40                    945,859.01                1,132,319.41
Servicing Fee                                  24,477.43                    116,023.38                  140,500.81
Master Servicing Fee                              652.73                      3,090.22                    3,742.95
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                                  161,330.24                    826,745.41                  988,075.65
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>