<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 2002-9
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning
                      Class     Certificate Pass-   Certificate      Interest     Principal       Current
Class     CUSIP    Description    Through Rate        Balance      Distribution  Distribution  Realized Loss
------  ---------  -----------  -----------------  --------------  ------------  ------------  -------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>           <C>
 1A     81743SAA8      SEN                1.44125% 328,905,997.89    395,029.80  7,618,792.64           0.00
 2A     81743SAB6      SEN                2.79826% 118,772,561.78    276,964.12  2,197,146.68           0.00
X-1A    81743SAC4       IO                0.99932%           0.00    145,656.55          0.00           0.00
X-1B    81743SAD2       IO                1.12392%           0.00    144,236.48          0.00           0.00
 X-B    81743SAE0       IO                0.74948%           0.00      4,810.42          0.00           0.00
 A-R    81743SAF7      SEN                3.15936%           0.00          0.00          0.00           0.00
 B-1    81743SAG5      SUB                1.84125%   7,702,000.00     11,817.76          0.00           0.00
 B-2    81743SAH3      SUB                2.59073%   4,564,000.00      9,853.41          0.00           0.00
 B-3    81743SAJ9      SUB                2.59073%   3,424,000.00      7,392.22          0.00           0.00
 B-4    SMT0209B4      SUB                2.59073%   1,426,000.00      3,078.65          0.00           0.00
 B-5    SMR0209B5      SUB                2.59073%     856,000.00      1,848.05          0.00           0.00
 B-6    SMT0209B6      SUB                2.59073%   1,997,086.78      4,311.60          0.00           0.00
------  ---------  -----------  -----------------  --------------  ------------  ------------  -------------
Totals                                             467,647,646.45  1,004,999.06  9,815,939.32           0.00
------  ---------  -----------  -----------------  --------------  ------------  ------------  -------------
</TABLE>

<TABLE>
<CAPTION>
                   Certificate      Ending
                      Class      Certificate        Total       Cumulative
Class     CUSIP    Description     Balance      Distribution   Realized Loss
------  ---------  -----------  --------------  -------------  -------------
<S>     <C>        <C>          <C>             <C>            <C>
 1A     81743SAA8      SEN      321,287,205.25   8,013,822.44           0.00
 2A     81743SAB6      SEN      116,575,415.10   2,474,110.80           0.00
X-1A    81743SAC4       IO                0.00     145,656.55           0.00
X-1B    81743SAD2       IO                0.00     144,236.48           0.00
 X-B    81743SAE0       IO                0.00       4,810.42           0.00
 A-R    81743SAF7      SEN                0.00           0.00           0.00
 B-1    81743SAG5      SUB        7,702,000.00      11,817.76           0.00
 B-2    81743SAH3      SUB        4,564,000.00       9,853.41           0.00
 B-3    81743SAJ9      SUB        3,424,000.00       7,392.22           0.00
 B-4    SMT0209B4      SUB        1,426,000.00       3,078.65           0.00
 B-5    SMR0209B5      SUB          856,000.00       1,848.05           0.00
 B-6    SMT0209B6      SUB        1,997,086.78       4,311.60           0.00
------  ---------  -----------  --------------  -------------  -------------
Totals                          457,831,707.13  10,820,938.38           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>
 1A     381,698,000.00  328,905,997.89          0.01  7,618,792.63       0.00      0.00     7,618,792.64
 2A     168,875,000.00  118,772,561.78          0.05  2,197,146.63       0.00      0.00     2,197,146.68
X-1A              0.00            0.00          0.00          0.00       0.00      0.00             0.00
X-1B              0.00            0.00          0.00          0.00       0.00      0.00             0.00
 X-B              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      7,702,000.00    7,702,000.00          0.00          0.00       0.00      0.00             0.00
 B-2      4,564,000.00    4,564,000.00          0.00          0.00       0.00      0.00             0.00
 B-3      3,424,000.00    3,424,000.00          0.00          0.00       0.00      0.00             0.00
 B-4      1,426,000.00    1,426,000.00          0.00          0.00       0.00      0.00             0.00
 B-5        856,000.00      856,000.00          0.00          0.00       0.00      0.00             0.00
 B-6      1,997,086.78    1,997,086.78          0.00          0.00       0.00      0.00             0.00
------  --------------  --------------  ------------  ------------  ---------  --------  ---------------
Totals  570,533,186.78  467,647,646.45          0.06  9,815,939.26       0.00      0.00     9,815,939.32
------  --------------  --------------  ------------  ------------  ---------  --------  ---------------
</TABLE>

<TABLE>
<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class        Balance            Percentage       Distribution
------  ------------------  ------------------  ---------------
<S>     <C>                 <C>                 <C>
 1A         321,287,205.25          0.84175128     7,618,792.64
 2A         116,575,415.10          0.69030594     2,197,146.68
X-1A                  0.00          0.00000000             0.00
X-1B                  0.00          0.00000000             0.00
 X-B                  0.00          0.00000000             0.00
 A-R                  0.00          0.00000000             0.00
 B-1          7,702,000.00          1.00000000             0.00
 B-2          4,564,000.00          1.00000000             0.00
 B-3          3,424,000.00          1.00000000             0.00
 B-4          1,426,000.00          1.00000000             0.00
 B-5            856,000.00          1.00000000             0.00
 B-6          1,997,086.78          1.00000000             0.00
------  ------------------  ------------------  ---------------
Totals      457,831,707.13          0.80246289     9,815,939.32
------  ------------------  ------------------  ---------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning    Scheduled    Unscheduled
       Original Face    Certificate    Principal     Principal                 Realized   Total Principal  Ending Certificate
Class      Amount         Balance     Distribution  Distribution  Accretion    Loss (3)      Reduction          Balance
-----  --------------  -------------  ------------  ------------  ----------  ----------  ---------------  ------------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>              <C>
 1A    381,698,000.00   861.71201656    0.00000003   19.96073408  0.00000000  0.00000000      19.96073411        841.75128246
 2A    168,875,000.00   703.31642801    0.00000030   13.01049078  0.00000000  0.00000000      13.01049107        690.30593694
X-1A             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
X-1B             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 X-B             0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 A-R           100.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000          0.00000000
 B-1     7,702,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-2     4,564,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-3     3,424,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-4     1,426,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-5       856,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
 B-6     1,997,086.78  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000       0.00000000       1000.00000000
</TABLE>

<TABLE>
<CAPTION>
       Ending Certificate  Total Principal
Class      Percentage       Distribution
-----  ------------------  ---------------
<S>    <C>                 <C>
 1A            0.84175128      19.96073411
 2A            0.69030594      13.01049107
X-1A           0.00000000       0.00000000
X-1B           0.00000000       0.00000000
 X-B           0.00000000       0.00000000
 A-R           0.00000000       0.00000000
 B-1           1.00000000       0.00000000
 B-2           1.00000000       0.00000000
 B-3           1.00000000       0.00000000
 B-4           1.00000000       0.00000000
 B-5           1.00000000       0.00000000
 B-6           1.00000000       0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of                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>
  1A    381,698,000.00           1.44125% 328,905,997.89    395,029.81        0.00       0.00       0.01      0.00
  2A    168,875,000.00           2.79826% 118,772,561.78    276,964.13        0.00       0.00       0.00      0.00
 X-1A             0.00           0.99932% 174,906,169.20    145,656.56        0.00       0.00       0.00      0.00
 X-1B             0.00           1.12392% 153,999,828.69    144,236.48        0.00       0.00       0.00      0.00
  X-B             0.00           0.74948%   7,702,000.00      4,810.42        0.00       0.00       0.00      0.00
  A-R           100.00           3.15936%           0.00          0.00        0.00       0.00       0.00      0.00
  B-1     7,702,000.00           1.84125%   7,702,000.00     11,817.76        0.00       0.00       0.00      0.00
  B-2     4,564,000.00           2.59073%   4,564,000.00      9,853.41        0.00       0.00       0.00      0.00
  B-3     3,424,000.00           2.59073%   3,424,000.00      7,392.22        0.00       0.00       0.00      0.00
  B-4     1,426,000.00           2.59073%   1,426,000.00      3,078.65        0.00       0.00       0.00      0.00
  B-5       856,000.00           2.59073%     856,000.00      1,848.05        0.00       0.00       0.00      0.00
  B-6     1,997,086.78           2.59073%   1,997,086.78      4,311.60        0.00       0.00       0.00      0.00
------  --------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------
Totals  570,533,186.78                                    1,004,999.09        0.00       0.00       0.01      0.00
------  --------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------
</TABLE>

<TABLE>
<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
Class    Distribution   Shortfall     Balance
------  --------------  ---------  --------------
<S>     <C>             <C>        <C>
  1A        395,029.80       0.00  321,287,205.25
  2A        276,964.12       0.00  116,575,415.10
 X-1A       145,656.55       0.00  168,983,601.44
 X-1B       144,236.48       0.00  152,303,603.81
  X-B         4,810.42       0.00    7,702,000.00
  A-R             0.00       0.00            0.00
  B-1        11,817.76       0.00    7,702,000.00
  B-2         9,853.41       0.00    4,564,000.00
  B-3         7,392.22       0.00    3,424,000.00
  B-4         3,078.65       0.00    1,426,000.00
  B-5         1,848.05       0.00      856,000.00
  B-6         4,311.60       0.00    1,997,086.78
------  --------------  ---------  --------------
Totals    1,004,999.06       0.00
------  --------------  ---------  --------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                  Payment of                 Non-
                         Current        Beginning      Current      Unpaid     Current    Supported
Class  Original Face   Certificate    Certificate/     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>
 1A    381,698,000.00      1.44125%     861.71201656  1.03495204  0.00000000  0.00000000  0.00000000  0.00000000
 2A    168,875,000.00      2.79826%     703.31642801  1.64005406  0.00000000  0.00000000  0.00000000  0.00000000
X-1A             0.00      0.99932%     858.36588312  0.71482111  0.00000000  0.00000000  0.00000000  0.00000000
X-1B             0.00      1.12392%     865.54418812  0.81067004  0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00      0.74948%    1000.00000000  0.62456764  0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00      3.15936%       0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000
 B-1     7,702,000.00      1.84125%    1000.00000000  1.53437549  0.00000000  0.00000000  0.00000000  0.00000000
 B-2     4,564,000.00      2.59073%    1000.00000000  2.15894172  0.00000000  0.00000000  0.00000000  0.00000000
 B-3     3,424,000.00      2.59073%    1000.00000000  2.15894276  0.00000000  0.00000000  0.00000000  0.00000000
 B-4     1,426,000.00      2.59073%    1000.00000000  2.15894109  0.00000000  0.00000000  0.00000000  0.00000000
 B-5       856,000.00      2.59073%    1000.00000000  2.15893692  0.00000000  0.00000000  0.00000000  0.00000000
 B-6     1,997,086.78      2.59073%    1000.00000000  2.15894474  0.00000000  0.00000000  0.00000000  0.00000000
</TABLE>

<TABLE>
<CAPTION>
                        Remaining
                          Unpaid
Class  Total Interest   Interest    Ending Certificate/
 (5)    Distribution    Shortfall   Notational Balance
-----  --------------  -----------  -------------------
<S>    <C>             <C>          <C>
 1A        1.03495202   0.00000000        841.75128246
 2A        1.64005400   0.00000000        690.30593694
X-1A       0.71482106   0.00000000        829.30041260
X-1B       0.81067004   0.00000000        856.01068669
 X-B       0.62456764   0.00000000       1000.00000000
 A-R       0.00000000   0.00000000          0.00000000
 B-1       1.53437549   0.00000000       1000.00000000
 B-2       2.15894172   0.00000000       1000.00000000
 B-3       2.15894276   0.00000000       1000.00000000
 B-4       2.15894109   0.00000000       1000.00000000
 B-5       2.15893692   0.00000000       1000.00000000
 B-6       2.15894474   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               10,970,804.38
         Liquidations, Insurance Proceeds, Reserve Funds           0.00
         Proceeds from Repurchased Loans                           0.00
         Other Amounts (Servicer Advances)                         0.00
         Realized Losses                                           0.00
         Prepayment Penalties                                      0.00
                                                          -------------
Total Deposits                                            10,970,804.38

Withdrawals
         Reimbursement for Servicer Advances                       0.00
         Payment of Service Fee                              149,865.99
         Payment of Interest and Principal                10,820,938.39
                                                          -------------
Total Withdrawals (Pool Distribution Amount)              10,970,804.38

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                                   146,358.63
Master Servicing Fee                                    3,507.36
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     149,865.99
                                                      ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                             Beginning    Current    Current    Ending
        Account Type          Balance   Withdrawals  Deposits  Balance
---------------------------  ---------  -----------  --------  --------
<S>                          <C>        <C>          <C>       <C>
X-1 Basis Risk Reserve Fund   5,000.00         0.00      0.00  5,000.00
X-2 Basis Risk Reserve Fund   5,000.00         0.00      0.00  5,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                     FORECLOSURE                         REO
------------------------------  ------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
            Loans     Balance               Loans     Balance               Loans     Balance               Loans     Balance
<S>        <C>       <C>        <C>        <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  0-29 Days     0           0.00
30 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  60 Days       0           0.00
90 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  120 Days      0           0.00
150 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  180+ Days     0           0.00
           -------------------             -------------------             -------------------             -------------------
              0           0.00                0           0.00                0           0.00                0           0.00

            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
            Loans    Balance                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% 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% 30 Days    0.000000%  0.000000%
60 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% 90 Days    0.000000%  0.000000%
120 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% 150 Days   0.000000%  0.000000%
180+ 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%            0.000000%  0.000000%
</TABLE>

<TABLE>
<CAPTION>
             TOTAL
-------------------------------
             No. of   Principal
             Loans     Balance
<S>        <C>        <C>
0-29 Days      0           0.00
30 Days        0           0.00
60 Days        0           0.00
90 Days        0           0.00
120 Days       0           0.00
150 Days       0           0.00
180+ Days      0           0.00
           --------------------
               0           0.00

             No. of   Principal
             Loans     Balance

0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%
60 Days     0.000000%  0.000000%
90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%
           --------------------
            0.000000%  0.000000%
</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  0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               Original $     Original %     Current $      Current %   Current Class %  Prepayment %
             --------------  -----------  --------------  ------------  --------------  ------------
<S>          <C>             <C>          <C>             <C>           <C>             <C>
  Class A    570,533,086.78  99.99998247% 457,831,707.13  100.00000000%      95.638335%     0.000000%
 Class 1A    188,844,086.78  33.09957968% 136,544,501.88   29.82416896%      70.175831% 1,608.922876%
 Class 2A     19,969,086.78   3.50007453%  19,969,086.78    4.36166532%      25.462504%   583.779401%
Class X-1-A   19,969,086.78   3.50007453%  19,969,086.78    4.36166532%       0.000000%     0.000000%
Class X-1-B   19,969,086.78   3.50007453%  19,969,086.78    4.36166532%       0.000000%     0.000000%
 Class B-1    12,267,086.78   2.15010924%  12,267,086.78    2.67938777%       1.682278%    38.569616%
 Class B-2     7,703,086.78   1.35015578%   7,703,086.78    1.68251492%       0.996873%    22.855327%
 Class B-3     4,279,086.78   0.75001540%   4,279,086.78    0.93464186%       0.747873%    17.146503%
 Class B-4     2,853,086.78   0.50007376%   2,853,086.78    0.62317370%       0.311468%     7.141038%
 Class B-5     1,997,086.78   0.35003867%   1,997,086.78    0.43620543%       0.186968%     4.286626%
 Class B-6             0.00   0.00000000%           0.00    0.00000000%       0.436205%    10.000892%
</TABLE>

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

<TABLE>
<CAPTION>
                  Original $   Original %   Current $     Current %
                -------------  ----------  ------------  ----------
<S>             <C>            <C>         <C>           <C>
    Bankruptcy     100,000.00  0.01752746%   100,000.00  0.02184209%
         Fraud  17,115,996.00  3.00000007% 9,879,946.13  2.15798643%
Special Hazard   6,000,000.00  1.05164785% 5,997,358.90  1.30994835%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                     FORECLOSURE                          REO
------------------------------  ------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance               Loans     Balance               Loans     Balance               Loans     Balance
<S>        <C>       <C>        <C>        <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  0-29 Days     0           0.00
30 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  60 Days       0           0.00
90 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  120 Days      0           0.00
150 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  180+ Days     0           0.00
           -------------------             -------------------             -------------------             -------------------
              0           0.00                0           0.00                0           0.00                0           0.00

            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
             Loans   Balance                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% 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% 30 Days    0.000000%  0.000000%
60 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% 90 Days    0.000000%  0.000000%
120 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% 150 Days   0.000000%  0.000000%
180+ 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%            0.000000%  0.000000%
</TABLE>

<TABLE>
<CAPTION>
            TOTAL
------------------------------
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days     0           0.00
30 Days       0           0.00
60 Days       0           0.00
90 Days       0           0.00
120 Days      0           0.00
150 Days      0           0.00
180+ Days     0           0.00
           -------------------
              0           0.00

            No. of   Principal
            Loans     Balance

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

                                     GROUP 2

<TABLE>
<CAPTION>
          DELINQUENT                      BANKRUPTCY                     FORECLOSURE                         REO
------------------------------  ------------------------------  ------------------------------  ------------------------------
            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance               Loans     Balance               Loans     Balance               Loans     Balance
<S>        <C>       <C>        <C>        <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  0-29 Days     0           0.00
30 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  60 Days       0           0.00
90 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  120 Days      0           0.00
150 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  180+ Days     0           0.00
           -------------------             -------------------             -------------------             -------------------
              0           0.00                0           0.00                0           0.00                0           0.00

            No. of   Principal              No. of   Principal              No. of   Principal              No. of   Principal
             Loans    Balance               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% 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% 30 Days    0.000000%  0.000000%
60 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% 90 Days    0.000000%  0.000000%
120 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% 150 Days   0.000000%  0.000000%
180+ 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%            0.000000%  0.000000%
</TABLE>

<TABLE>
<CAPTION>
            TOTAL
------------------------------
            No. of   Principal
            Loans     Balance
<S>        <C>       <C>
0-29 Days     0           0.00
30 Days       0           0.00
60 Days       0           0.00
90 Days       0           0.00
120 Days      0           0.00
150 Days      0           0.00
180+ Days     0           0.00
           -------------------
              0           0.00

            No. of   Principal
            Loans     Balance

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                  Mixed Arm
<S>                                                <C>
Weighted Average Gross Coupon                            2.963424%
Weighted Average Net Coupon                              2.587862%
Weighted Average Pass-Through Rate                       2.578862%
Weighted Average Maturity (Stepdown Calculation)              314

Beginning Scheduled Collateral Loan Count                   1,288
Number of Loans Paid in Full                                   20
Ending Scheduled Collateral Loan Count                      1,268

Beginning Scheduled Collateral Balance             467,647,646.46
Ending Scheduled Collateral Balance                457,831,707.14
Ending Actual Collateral Balance at 27-Feb-2004    457,831,709.57

Monthly P&I Constant                                 1,154,865.14
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              10,777,826.29

Ending Scheduled Balance for Premium Loans         457,831,707.14

Scheduled Principal                                          0.06
Unscheduled Principal                                9,815,939.26
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                <C>
Pro Rata Senior Percent             95.729886%
Senior Percentage                  100.000000%
Senior Prepay Percentage           100.000000%
Subordinate Percentage               0.000000%
Subordinate Prepayment Percentage    0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                       1               2              TOTAL
Collateral Description                Mixed ARM     6 Month ARM       Mixed ARM
<S>                              <C>             <C>             <C>
Weighted Average Coupon Rate           2.883679        3.182264        2.963424
Weighted Average Net Rate              2.507913        2.807264        2.587862
Pass-Through Rate                      2.498913        2.798264        2.578862
Weighted Average Maturity                   298             340             314
Record Date                          02/27/2004      02/27/2004      02/27/2004
Principal and Interest Constant      823,650.94      331,214.20    1,154,865.14
Beginning Loan Count                        911             377           1,288
Loans Paid in Full                           14               6              20
Ending Loan Count                           897             371           1,268
Beginning Scheduled Balance      342,750,084.68  124,897,561.78  467,647,646.46
Ending Scheduled Balance         335,131,292.04  122,700,415.10  457,831,707.14
Scheduled Principal                        0.01            0.05            0.06
Unscheduled Principal              7,618,792.63    2,197,146.63    9,815,939.26
Scheduled Interest                   823,650.93      331,214.15    1,154,865.08
Servicing Fee                        107,328.14       39,030.49      146,358.63
Master Servicing Fee                   2,570.63          936.73        3,507.36
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                         713,752.16      291,246.93    1,004,999.09
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>

                             MISCELLANEOUS REPORTING

<TABLE>
<CAPTION>
        Group 1
<S>                    <C>
One Month LIBOR Loans  176,265,010.74
Six Month LIBOR Loans  158,866,281.30
</TABLE>