<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 2003-8
                          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         81743PDX1          SEN               1.42000%           789,071,210.45             933,734.26        5,471,234.27
 X-1         81743PDZ6           IO               0.80000%                     0.00             604,879.62                0.00
 A-2         81743PDY9          SEN               1.56000%           148,866,568.41             193,526.54          474,149.97
 X-2         81743PEA0           IO               0.33707%                     0.00             263,455.74                0.00
 B-1         81743PED4          SUB               1.69000%            14,166,000.00              19,950.45                0.00
 X-B         81743PEB8           IO               0.61925%                     0.00              11,595.53                0.00
 B-2         81743PEE2          SUB               2.35000%             8,304,000.00              16,262.00                0.00
 B-3         81743PEF9          SUB               2.55316%             4,884,000.00              10,391.37                0.00
 B-4         81743PEG7          SUB               2.55316%             2,443,000.00               5,197.81                0.00
 B-5         81743PEH5          SUB               2.55316%             1,465,000.00               3,116.99                0.00
 B-6         81743PEJ1          SUB               2.55316%             3,908,267.00               8,315.37                0.00
 A-R         81743PEC6          RES               2.55789%                     0.00                   0.00                0.00
------------------------------------------------------------------------------------------------------------------------------
Totals                                                               973,108,045.86           2,070,425.68        5,945,384.24
------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                     Current            Ending Certificate          Total                 Cumulative
Class          CUSIP              Realized Loss               Balance           Distribution            Realized Loss
---------------------------------------------------------------------------------------------------------------------
<S>          <C>                  <C>                   <C>                      <C>                    <C>
 A-1         81743PDX1                0.00               783,599,976.18          6,404,968.53                0.00
 X-1         81743PDZ6                0.00                         0.00            604,879.62                0.00
 A-2         81743PDY9                0.00               148,392,418.44            667,676.51                0.00
 X-2         81743PEA0                0.00                         0.00            263,455.74                0.00
 B-1         81743PED4                0.00                14,166,000.00             19,950.45                0.00
 X-B         81743PEB8                0.00                         0.00             11,595.53                0.00
 B-2         81743PEE2                0.00                 8,304,000.00             16,262.00                0.00
 B-3         81743PEF9                0.00                 4,884,000.00             10,391.37                0.00
 B-4         81743PEG7                0.00                 2,443,000.00              5,197.81                0.00
 B-5         81743PEH5                0.00                 1,465,000.00              3,116.99                0.00
 B-6         81743PEJ1                0.00                 3,908,267.00              8,315.37                0.00
 A-R         81743PEC6                0.00                         0.00                  0.00                0.00
-----------------------------------------------------------------------------------------------------------------
Totals                                0.00               967,162,661.62          8,015,809.92                0.00
-----------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                     Beginning             Scheduled          Unscheduled
                Original Face       Certificate            Principal           Principal                           Realized
Class              Amount             Balance            Distribution         Distribution         Accretion       Loss (1)
--------------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>                   <C>                 <C>                   <C>             <C>
 A-1           791,768,000.00      789,071,210.45            0.00            5,471,234.27            0.00            0.00
 X-1                     0.00                0.00            0.00                    0.00            0.00            0.00
 A-2           150,000,000.00      148,866,568.41            0.00              474,149.97            0.00            0.00
 X-2                     0.00                0.00            0.00                    0.00            0.00            0.00
 B-1            14,166,000.00       14,166,000.00            0.00                    0.00            0.00            0.00
 X-B                     0.00                0.00            0.00                    0.00            0.00            0.00
 B-2             8,304,000.00        8,304,000.00            0.00                    0.00            0.00            0.00
 B-3             4,884,000.00        4,884,000.00            0.00                    0.00            0.00            0.00
 B-4             2,443,000.00        2,443,000.00            0.00                    0.00            0.00            0.00
 B-5             1,465,000.00        1,465,000.00            0.00                    0.00            0.00            0.00
 B-6             3,908,267.00        3,908,267.00            0.00                    0.00            0.00            0.00
 A-R                   100.00                0.00            0.00                    0.00            0.00            0.00
-------------------------------------------------------------------------------------------------------------------------
Totals         976,938,367.00      973,108,045.86            0.00            5,945,384,24            0.00            0.00
-------------------------------------------------------------------------------------------------------------------------

<CAPTION>
             Total Principal         Ending Certificate           Ending Certificate          Total Principal
Class           Reduction                 Balance                     Percentage                Distribution
-------------------------------------------------------------------------------------------------------------
<S>          <C>                     <C>                          <C>                         <C>
 A-1          5,471,234.27            783,599,976.18                 0.98968382               5,471,234.27
 X-1                  0.00                      0.00                 0.00000000                       0.00
 A-2            474,149.97            148,392,418.44                 0.98928279                 474,149.97
 X-2                  0.00                      0.00                 0.00000000                       0.00
 B-1                  0.00             14,166,000.00                 1.00000000                       0.00
 X-B                  0.00                      0.00                 0.00000000                       0.00
 B-2                  0.00              8,304,000.00                 1.00000000                       0.00
 B-3                  0.00              4,884,000.00                 1.00000000                       0.00
 B-4                  0.00              2,443,000.00                 1.00000000                       0.00
 B-5                  0.00              1,465,000.00                 1.00000000                       0.00
 B-6                  0.00              3,908,267.00                 1.00000000                       0.00
 A-R                  0.00                      0.00                 0.00000000                       0.00
----------------------------------------------------------------------------------------------------------
Totals        5,945,384.24            967,162,661.62                 0.98999353               5,945,384.24
----------------------------------------------------------------------------------------------------------
</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           791,768,000.00        996.59396496       0.00000000           6.91014826      0.00000000        0.00000000
 X-1                     0.00          0.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 A-2           150,000,000.00        992.44378940       0.00000000           3.16099980      0.00000000        0.00000000
 X-2                     0.00          0.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-1            14,166,000.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 X-B                     0.00          0.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-2             8,304,000.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-3             4,884,000.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-4             2,443,000.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-5             1,465,000.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 B-6             3,908,267.00       1000.00000000       0.00000000           0.00000000      0.00000000        0.00000000
 A-R                   100.00          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           6.91014826          989.68381670              0.98968382              6.91014826
 X-1           0.00000000            0.00000000              0.00000000              0.00000000
 A-2           3.16099980          989.28278960              0.98928279              3.16099980
 X-2           0.00000000            0.00000000              0.00000000              0.00000000
 B-1           0.00000000         1000.00000000              1.00000000              0.00000000
 X-B           0.00000000            0.00000000              0.00000000              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
 A-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.

<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          791,768,000.00           1.42000%        789,071,210.45        933,734.27            0.00              0.00
 X-1                    0.00           0.80000%        907,319,431.93        604,879.62            0.00              0.00
 A-2          150,000,000.00           1.56000%        148,866,568.41        193,526.54            0.00              0.00
 X-2                    0.00           0.33707%        937,937,778.86        263,455.75            0.00              0.00
 B-1           14,166,000.00           1.69000%         14,166,000.00         19,950.45            0.00              0.00
 X-B                    0.00           0.61925%         22,470,000.00         11,595.53            0.00              0.00
 B-2            8,304,000.00           2.35000%          8,304,000.00         16,262.00            0.00              0.00
 B-3            4,884,000.00           2.55316%          4,884,000.00         10,391.37            0.00              0.00
 B-4            2,443,000.00           2.55316%          2,443,000.00          5,197.81            0.00              0.00
 B-5            1,465,000.00           2.55316%          1,465,000.00          3,116.99            0.00              0.00
 B-6            3,908,267.00           2.55316%          3,908,267.00          8,315.37            0.00              0.00
 A-R                  100.00           2.55789%                  0.00              0.00            0.00              0.00
-------------------------------------------------------------------------------------------------------------------------
Totals        976,938,367.00                                               2,070,425.70            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             933,734.26               0.00           783,599,976.18
 X-1           0.00              0.00             604,879.62               0.00           874,085,488.12
 A-2           0.00              0.00             193,526.54               0.00           148,392,418.44
 X-2           0.00              0.00             263,455.74               0.00           931,992,394.62
 B-1           0.00              0.00              19,950.45               0.00            14,166,000.00
 X-B           0.00              0.00              11,595.53               0.00            22,470,000.00
 B-2           0.00              0.00              16,262.00               0.00             8,304,000.00
 B-3           0.00              0.00              10,391.37               0.00             4,884,000.00
 B-4           0.00              0.00               5,197.81               0.00             2,443,000.00
 B-5           0.00              0.00               3,116.99               0.00             1,465,000.00
 B-6           0.00              0.00               8,315.37               0.00             3,908,267.00
 A-R           0.00              0.00                   0.00               0.00                     0.00
---------------------------------------------------------------------------------------------------------
Totals         0.00              0.00           2,070,425.68               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 (5)   Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest    Interest    Realized
                Amount        Rate      Notional Balance     Interest      Shortfall    Shortfall   Shortfall   Loss (6)
-------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
   A-1     791,768,000.00    1.42000%     996.59396496      1.17930286     0.00000000  0.00000000  0.00000000  0.00000000
   X-1               0.00    0.80000%     963.42138608      0.64228092     0.00000000  0.00000000  0.00000000  0.00000000
   A-2     150,000,000.00    1.56000%     992.44378940      1.29017693     0.00000000  0.00000000  0.00000000  0.00000000
   X-2               0.00    0.33707%     995.93294618      0.27974591     0.00000000  0.00000000  0.00000000  0.00000000
   B-1      14,166,000.00    1.69000%    1000.00000000      1.40833333     0.00000000  0.00000000  0.00000000  0.00000000
   X-B               0.00    0.61925%    1000.00000000      0.51604495     0.00000000  0.00000000  0.00000000  0.00000000
   B-2       8,304,000.00    2.35000%    1000.00000000      1.95833333     0.00000000  0.00000000  0.00000000  0.00000000
   B-3       4,884,000.00    2.55316%    1000.00000000      2.12763514     0.00000000  0.00000000  0.00000000  0.00000000
   B-4       2,443,000.00    2.55316%    1000.00000000      2.12763406     0.00000000  0.00000000  0.00000000  0.00000000
   B-5       1,465,000.00    2.55316%    1000.00000000      2.12763823     0.00000000  0.00000000  0.00000000  0.00000000
   B-6       3,908,267.00    2.55316%    1000.00000000      2.12763611     0.00000000  0.00000000  0.00000000  0.00000000
   A-R             100.00    2.55789%       0.00000000      0.00000000     0.00000000  0.00000000  0.00000000  0.00000000
-------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                              Remaining
                               Unpaid
Class (5)   Total Interest    Interest       Ending Certificate/
             Distribution     Shortfall       Notational Balance
----------------------------------------------------------------
<S>         <C>               <C>            <C>
   A-1        1.17930285      0.00000000         989.68381670
   X-1        0.64228092      0.00000000         928.13249985
   A-2        1.29017693      0.00000000         989.28278960
   X-2        0.27974590      0.00000000         989.61994315
   B-1        1.40833333      0.00000000        1000.00000000
   X-B        0.51604495      0.00000000        1000.00000000
   B-2        1.95833333      0.00000000        1000.00000000
   B-3        2.12763514      0.00000000        1000.00000000
   B-4        2.12763406      0.00000000        1000.00000000
   B-5        2.12763823      0.00000000        1000.00000000
   B-6        2.12763611      0.00000000        1000.00000000
   A-R        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                                        8,320,698.82
            Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
            Proceeds from Repurchased Loans                                                   0.00
            Other Amounts (Servicer Advances)                                             6,596.68
            Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
            Prepayment Penalties                                                              0.00
                                                                                      ------------
Total Deposits                                                                        8,327,295.50

Withdrawals
            Reimbursement for Servicer Advances                                             806.25
            Payment of Service Fee                                                      310,679.33
            Payment of Interest and Principal                                         8,015,809.92
                                                                                      ------------
Total Withdrawals (Pool Distribution Amount)                                          8,327,295.50

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                                                       306,219.26
Master Servicing Fee                                                        4,460.07
Supported Prepayment/Curtailment Interest Shortfall                             0.00
                                                                          ----------
Net Servicing Fee                                                         310,679.33
                                                                          ==========
</TABLE>
<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning    Current     Current    Ending
          Account Type               Balance   Withdrawals   Deposits   Balance
--------------------------------------------------------------------------------
<S>                                 <C>        <C>           <C>       <C>
Class 1-A Companion Sub Account     4,000.00       0.00        0.00    4,000.00
Class 1-A NAS Sub Account           1,000.00       0.00        0.00    1,000.00
Class 2-A Companion Sub Account     2,000.00       0.00        0.00    2,000.00
Class 2-A NAS Sub Account             500.00       0.00        0.00      500.00
Class X-B Sub Account               2,000.00       0.00        0.00    2,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                          BANKRUPTCY                      FORECLOSURE
----------------------------------------------------------------------------------------------------
             No. of     Principal                No. of   Principal               No. of   Principal
             Loans      Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0           0.00  0-29 Days       0          0.00
30 Days       10      3,107,823.04  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
           -----------------------             --------------------             --------------------
              10      3,107,823.04                 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    0.358166%     0.321334%  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%
           -----------------------             --------------------             --------------------
           0.358166%     0.321334%             0.000000%  0.000000%             0.000000%  0.000000%

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

<CAPTION>
              REO                             TOTAL
-------------------------------------------------------------------
             No. of   Principal               No. of     Principal
             Loans     Balance                Loans       Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0          0.00   0-29 Days      0              0.00
30 Days        0          0.00   30 Days       10      3,107,823.04
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                 10      3,107,823.04

             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    0.358166%     0.321334%
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%             0.358166%     0.321334%

            0.00           Periodic Advance               6,596.68
</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    35,170,267.00  3.60004973%  35,170,267.00  3.63643763%    96.363562%       0.000000%
Class X-1  35,170,267.00  3.60004973%  35,170,267.00  3.63643763%     0.000000%       0.000000%
Class X-2  35,170,267.00  3.60004973%  35,170,267.00  3.63643763%     0.000000%       0.000000%
Class B-1  21,004,267.00  2.15000943%  21,004,267.00  2.17174089%     1.464697%      40.278341%
Class B-2  12,700,267.00  1.30000698%  12,700,267.00  1.31314695%     0.858594%      23.610853%
Class B-3   7,816,267.00  0.80007780%   7,816,267.00  0.80816468%     0.504982%      13.886730%
Class B-4   5,373,267.00  0.55001085%   5,373,267.00  0.55557014%     0.252295%       6.946208%
Class B-5   3,908,267.00  0.40005257%   3,908,267.00  0.40409614%     0.151474%       4.165450%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.404096%      11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
           DELINQUENT                       BANKRUPTCY                      FORECLOSURE
-------------------------------------------------------------------------------------------------
POOL 1 -- 1 MO LIBOR
             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        0           0.00  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
           --------------------             --------------------             --------------------
               0           0.00                 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    0.000000%  0.000000%  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%
           --------------------             --------------------             --------------------
           0.000000%  0.000000%             0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
----------------------------------------------------------------
             No. of   Principal               No. of   Principal
             Loans     Balance                Loans     Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0           0.00  0-29 Days      0           0.00
30 Days        0           0.00  30 Days        0           0.00
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                 0           0.00

             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    0.000000%  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%
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%             0.000000%  0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           DELINQUENT                          BANKRUPTCY                      FORECLOSURE
------------------------------------------------------------------------------------------------------
POOL 1 -- 6 MO LIBOR
             No. of    Principal                 No. of   Principal               No. of   Principal
             Loans      Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0           0.00  0-29 Days      0           0.00
30 Days        7      2,522,823.04  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      2,522,823.04                 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    0.336862%     0.363181%  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%
           -----------------------             --------------------             --------------------
           0.336862%     0.363181%             0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
                REO                               TOTAL
---------------------------------------------------------------------

                 No. of  Principal               No. of     Principal
                 Loans    Balance                Loans       Balance
<S>             <C>      <C>        <C>          <C>     <C>
0-29 Days         0           0.00  0-29 Days      0            0.00
30 Days           0           0.00  30 Days        7    2,522,823.04
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                 7    2,522,823.04

              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    0.336862%     0.363181%
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%             0.336862%     0.363181%
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                        BANKRUPTCY                      FORECLOSURE
--------------------------------------------------------------------------------------------------
POOL 2
             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        3      585,000.00  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
           ---------------------             --------------------             --------------------
               3      585,000.00                 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    0.634249%   0.379882%  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%
           ---------------------             --------------------             --------------------
           0.634249%   0.379882%             0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
-----------------------------------------------------------------

             No. of   Principal               No. of   Principal
             Loans     Balance                Loans     Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0           0.00  0-29 Days      0            0.00
30 Days        0           0.00  30 Days        3      585,000.00
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                 3      585,000.00

             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    0.634249%   0.379882%
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%             0.634249%   0.379882%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                 Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                          2.936289%
Weighted Average Net Coupon                                            2.558671%
Weighted Average Pass-Through Rate                                     2.553171%
Weighted Average Maturity (Stepdown Calculation)                            321

Beginning Scheduled Collateral Loan Count                                 2,801
Number of Loans Paid in Full                                                  9
Ending Scheduled Collateral Loan Count                                    2,792

Beginning Scheduled Collateral Balance                           973,108,046.81
Ending Scheduled Collateral Balance                              967,162,662.57
Ending Actual Collateral Balance at 30-Jan-2004                  967,163,259.08

Monthly P&I Constant                                               2,381,105.04
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                             7,940,980.41

Ending Scheduled Balance for Premium Loans                       967,162,662.57

Scheduled Principal                                                        0.00
Unscheduled Principal                                              5,945,384.24
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP               POOL 1--1 MO LIBOR    POOL 1--6 MO LIBOR         POOL 2           TOTAL
<S>                              <C>                   <C>                  <C>                <C>
Collateral Description             1 Month LIBOR ARM     6 Month LIBOR ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate                2.791136              2.963752           2.924243        2.936289
Weighted Average Net Rate                   2.400808              2.588076           2.547664        2.558671
Pass-Through Rate                           2.395308              2.582576           2.542164        2.553171
Weighted Average Maturity                        306                   323                322             321
Record Date                               01/30/2004            01/30/2004         01/30/2004      01/30/2004
Principal and Interest Constant           277,872.82          1,726,810.96         376,421.26    2,381,105.04
Beginning Loan Count                             243                 2,084                474           2,801
Loans Paid in Full                                 2                     6                  1               9
Ending Loan Count                                241                 2,078                473           2,792
Beginning Scheduled Balance           119,466,562.00        699,172,255.38     154,469,229.43  973,108,046.81
Ending Scheduled Balance              118,521,767.85        694,645,815.26     153,995,079.46  967,162,662.57
Scheduled Principal                             0.00                  0.00               0.00            0.00
Unscheduled Principal                     944,794.15          4,526,440.12         474,149.97    5,945,384.24
Scheduled Interest                        277,872.82          1,726,810.96         376,421.26    2,381,105.04
Servicing Fee                              38,859.29            218,885.09          48,474.88      306,219.26
Master Servicing Fee                          547.55              3,204.53             707.99        4,460.07
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                              238,465.98          1,504,721.34         327,238.39    2,070,425.71
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 Pool 1--1 Mo LIBOR
     Interest Transfer Amount                                              0.00
     Principal Transfer Amount                                             0.00
     Prorata Senior Percent                                           96.388199%
     Senior Percentage                                               100.000000%
     Senior Prepayment Percentage                                    100.000000%
     Subordinate Percentage                                            0.000000%
     Subordinate Prepayment Percentage                                 0.000000%

Group Pool 1--6 Mo LIBOR
     Interest Transfer Amount                                              0.00
     Principal Transfer Amount                                             0.00
     Prorata Senior Percent                                           96.372960%
     Senior Percentage                                               100.000000%
     Senior Prepayment Percentage                                    100.000000%
     Subordinate Percentage                                            0.000000%
     Subordinate Prepayment Percentage                                 0.000000%
</TABLE>