<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 2003-3
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                             Certificate      Certificate         Beginning
                                Class         Pass-Through       Certificate        Interest        Principal        Current
  Class          CUSIP       Description          Rate             Balance        Distribution    Distribution    Realized Loss
-------------------------------------------------------------------------------------------------------------------------------
<S>            <C>           <C>              <C>               <C>               <C>             <C>             <C>
   A-1         81743PAT3         SEN            1.42125%        350,600,044.96      415,241.93     5,047,659.73       0.00
   A-2         81743PAU0         SEN            1.57000%        138,891,570.48      181,716.47     1,024,382.57       0.00
  X-1A         81743PAV8          IO            0.96042%                  0.00       77,234.15             0.00       0.00
  X-1B         81743PAW6          IO            1.22769%                  0.00      259,962.66             0.00       0.00
   X-2         81743PAX4          IO            1.06981%                  0.00      123,823.28             0.00       0.00
   X-B         81743PAY2          IO            0.85238%                  0.00        6,446.09             0.00       0.00
   A-R         81743PBA3          R             2.42091%                  0.00            0.00             0.00       0.00
   B-1         81743PBB1         SUB            1.74125%          9,075,000.00       13,168.20             0.00       0.00
   B-2         81743PBC9         SUB            2.59363%          4,675,000.00       10,104.33             0.00       0.00
   B-3         81743PBD7         SUB            2.59363%          2,475,000.00        5,349.35             0.00       0.00
   B-4         81743PBE5         SUB            2.59363%          1,650,000.00        3,566.23             0.00       0.00
   B-5         81743PBF2         SUB            2.59363%            825,000.00        1,783.12             0.00       0.00
   B-6         81743PBG0         SUB            2.59363%          1,925,608.17        4,161.92             0.00       0.00
--------------------------------------------------------------------------------------------------------------------------
Totals                                                          510,117,223.61    1,102,557.73     6,072,042.30       0.00
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                Ending
                             Certificate          Total          Cumulative
  Class          CUSIP         Balance         Distribution     Realized Loss
  -----          -----         -------         ------------     -------------
<S>            <C>          <C>                <C>              <C>
   A-1         81743PAT3    345,552,385.23      5,462,901.66         0.00
   A-2         81743PAU0    137,867,187.91      1,206,099.04         0.00
  X-1A         81743PAV8              0.00         77,234.15         0.00
  X-1B         81743PAW6              0.00        259,962.66         0.00
   X-2         81743PAX4              0.00        123,823.28         0.00
   X-B         81743PAY2              0.00          6,446.09         0.00
   A-R         81743PBA3              0.00              0.00         0.00
   B-1         81743PBB1      9,075,000.00         13,168.20         0.00
   B-2         81743PBC9      4,675,000.00         10,104.33         0.00
   B-3         81743PBD7      2,475,000.00          5,349.35         0.00
   B-4         81743PBE5      1,650,000.00          3,566.23         0.00
   B-5         81743PBF2        825,000.00          1,783.12         0.00
   B-6         81743PBG0      1,925,608.17          4,161.92         0.00
-------------------------------------------------------------------------
Totals                      504,045,181.31      7,174,600.03         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                                Total
               Original Face      Certificate        Principal        Principal                   Realized     Principal
  Class            Amount            Balance        Distribution    Distribution    Accretion     Loss (1)     Reduction
--------------------------------------------------------------------------------------------------------------------------
<S>           <C>                <C>                <C>             <C>             <C>           <C>         <C>
   A-1        379,455,000.00     350,600,044.96         209.83      5,047,449.90        0.00         0.00     5,047,659.73
   A-2        149,922,000.00     138,891,570.48          88.02      1,024,294.55        0.00         0.00     1,024,382.57
  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-2                  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          9,075,000.00       9,075,000.00           0.00              0.00        0.00         0.00             0.00
   B-2          4,675,000.00       4,675,000.00           0.00              0.00        0.00         0.00             0.00
   B-3          2,475,000.00       2,475,000.00           0.00              0.00        0.00         0.00             0.00
   B-4          1,650,000.00       1,650,000.00           0.00              0.00        0.00         0.00             0.00
   B-5            825,000.00         825,000.00           0.00              0.00        0.00         0.00             0.00
   B-6          1,925,608.17       1,925,608.17           0.00              0.00        0.00         0.00             0.00
--------------------------------------------------------------------------------------------------------------------------
Totals        550,002,708.17     510,117,223.61         297.85      6,071,744.45        0.00         0.00     6,072,042.30
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                 Ending                Ending
              Certificate            Certificate     Total Principal
  Class          Balance              Percentage       Distribution
-------------------------------------------------------------------
<S>           <C>                    <C>             <C>
   A-1        345,552,385.23          0.91065445       5,047,659.73
   A-2        137,867,187.91          0.91959277       1,024,382.57
  X-1A                  0.00          0.00000000               0.00
  X-1B                  0.00          0.00000000               0.00
   X-2                  0.00          0.00000000               0.00
   X-B                  0.00          0.00000000               0.00
   A-R                  0.00          0.00000000               0.00
   B-1          9,075,000.00          1.00000000               0.00
   B-2          4,675,000.00          1.00000000               0.00
   B-3          2,475,000.00          1.00000000               0.00
   B-4          1,650,000.00          1.00000000               0.00
   B-5            825,000.00          1.00000000               0.00
   B-6          1,925,608.17          1.00000000               0.00
-------------------------------------------------------------------
Totals        504,045,181.31          0.91644127       6,072,042.30
-------------------------------------------------------------------
</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                                       Total
           Original Face       Certificate      Principal      Principal                     Realized         Principal
Class         Amount             Balance      Distribution    Distribution    Accretion      Loss (3)         Reduction
------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>             <C>             <C>             <C>            <C>             <C>
 A-1       379,455,000.00      923.95684590    0.00055298      13.30184053    0.00000000     0.00000000      13.30239351
 A-2       149,922,000.00      926.42554448    0.00058711       6.83218307    0.00000000     0.00000000       6.83277017
X-1A                 0.00        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
 X-2                 0.00        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
 A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-1         9,075,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-2         4,675,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3         2,475,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4         1,650,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5           825,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6         1,925,608.17     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                  Ending               Ending
               Certificate           Certificate     Total Principal
Class             Balance             Percentage       Distribution
--------------------------------------------------------------------
<S>            <C>                   <C>             <C>
 A-1            910.65445239          0.91065445        13.30239351
 A-2            919.59277431          0.91959277         6.83277017
X-1A              0.00000000          0.00000000         0.00000000
X-1B              0.00000000          0.00000000         0.00000000
 X-2              0.00000000          0.00000000         0.00000000
 X-B              0.00000000          0.00000000         0.00000000
 A-R              0.00000000          0.00000000         0.00000000
 B-1           1000.00000000          1.00000000         0.00000000
 B-2           1000.00000000          1.00000000         0.00000000
 B-3           1000.00000000          1.00000000         0.00000000
 B-4           1000.00000000          1.00000000         0.00000000
 B-5           1000.00000000          1.00000000         0.00000000
 B-6           1000.00000000          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-
                                     Current     Certificate/      Current          Unpaid        Current     Supported
               Original Face       Certificate     Notional        Accrued         Interest       Interest     Interest
 Class            Amount               Rate        Balance         Interest        Shortfall      Shortfall    Shortfall
------------------------------------------------------------------------------------------------------------------------
<S>           <C>                  <C>          <C>              <C>              <C>             <C>         <C>
  A-1         379,455,000.00         1.42125%   350,600,044.96     415,241.93          0.00          0.00         0.00
  A-2         149,922,000.00         1.57000%   138,891,570.48     181,716.47          0.00          0.00         0.00
 X-1A                   0.00         0.96042%    96,500,415.41      77,234.15          0.00          0.00         0.00
 X-1B                   0.00         1.22769%   254,099,629.55     259,962.66          0.00          0.00         0.00
  X-2                   0.00         1.06981%   138,891,570.48     123,823.28          0.00          0.00         0.00
  X-B                   0.00         0.85238%     9,075,000.00       6,446.09          0.00          0.00         0.00
  A-R                 100.00         2.42091%             0.00           0.00          0.00          0.00         0.00
  B-1           9,075,000.00         1.74125%     9,075,000.00      13,168.20          0.00          0.00         0.00
  B-2           4,675,000.00         2.59363%     4,675,000.00      10,104.33          0.00          0.00         0.00
  B-3           2,475,000.00         2.59363%     2,475,000.00       5,349.35          0.00          0.00         0.00
  B-4           1,650,000.00         2.59363%     1,650,000.00       3,566.23          0.00          0.00         0.00
  B-5             825,000.00         2.59363%       825,000.00       1,783.12          0.00          0.00         0.00
  B-6           1,925,608.17         2.59363%     1,925,608.17       4,161.92          0.00          0.00         0.00
------------------------------------------------------------------------------------------------------------------------
Totals        550,002,708.17                                     1,102,557.73          0.00          0.00         0.00
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                               Remaining        Ending
                                                Unpaid       Certificate/
                 Realized   Total Interest     Interest       Notational
 Class            Loss (4)    Distribution     Shortfall        Balance
--------------------------------------------------------------------------
<S>              <C>        <C>                <C>          <C>
  A-1               0.00       415,241.93          0.00     345,552,385.23
  A-2               0.00       181,716.47          0.00     137,867,187.91
 X-1A               0.00        77,234.15          0.00      94,403,720.57
 X-1B               0.00       259,962.66          0.00     251,148,664.66
  X-2               0.00       123,823.28          0.00     137,867,187.91
  X-B               0.00         6,446.09          0.00       9,075,000.00
  A-R               0.00             0.00          0.00               0.00
  B-1               0.00        13,168.20          0.00       9,075,000.00
  B-2               0.00        10,104.33          0.00       4,675,000.00
  B-3               0.00         5,349.35          0.00       2,475,000.00
  B-4               0.00         3,566.23          0.00       1,650,000.00
  B-5               0.00         1,783.12          0.00         825,000.00
  B-6               0.00         4,161.92          0.00       1,925,608.17
--------------------------------------------------------------------------
Totals              0.00     1,102,557.73          0.00
--------------------------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of                   Non-
                               Current        Beginning                          Unpaid       Current      Supported
             Original Face   Certificate     Certificate/     Current Accrued   Interest     Interest      Interest
Class (5)        Amount          Rate      Notional Balance      Interest       Shortfall    Shortfall     Shortfall
---------------------------------------------------------------------------------------------------------------------
<S>          <C>             <C>           <C>                <C>               <C>          <C>           <C>
   A-1       379,455,000.00    1.42125%      923.95684590        1.09431139     0.00000000   0.00000000    0.00000000
   A-2       149,922,000.00    1.57000%      926.42554448        1.21207341     0.00000000   0.00000000    0.00000000
  X-1A                 0.00    0.96042%      957.04521165        0.76597156     0.00000000   0.00000000    0.00000000
  X-1B                 0.00    1.22769%      911.98242599        0.93302528     0.00000000   0.00000000    0.00000000
   X-2                 0.00    1.06981%      926.42554448        0.82591801     0.00000000   0.00000000    0.00000000
   X-B                 0.00    0.85238%     1000.00000000        0.71031295     0.00000000   0.00000000    0.00000000
   A-R               100.00    2.42091%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000
   B-1         9,075,000.00    1.74125%     1000.00000000        1.45104132     0.00000000   0.00000000    0.00000000
   B-2         4,675,000.00    2.59363%     1000.00000000        2.16135401     0.00000000   0.00000000    0.00000000
   B-3         2,475,000.00    2.59363%     1000.00000000        2.16135354     0.00000000   0.00000000    0.00000000
   B-4         1,650,000.00    2.59363%     1000.00000000        2.16135152     0.00000000   0.00000000    0.00000000
   B-5           825,000.00    2.59363%     1000.00000000        2.16135758     0.00000000   0.00000000    0.00000000
   B-6         1,925,608.17    2.59363%     1000.00000000        2.16135352     0.00000000   0.00000000    0.00000000
---------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                                                  Remaining
                                                                   Unpaid
                 Realized     Total Interest   Interest      Ending Certificate/
Class (5)        Loss (6)      Distribution    Shortfall     Notational Balance
--------------------------------------------------------------------------------
<S>             <C>           <C>              <C>           <C>
   A-1          0.00000000       1.09431139    0.00000000         910.65445239
   A-2          0.00000000       1.21207341    0.00000000         919.59277431
  X-1A          0.00000000       0.76597156    0.00000000         936.25118970
  X-1B          0.00000000       0.93302528    0.00000000         901.39119402
   X-2          0.00000000       0.82591801    0.00000000         919.59277431
   X-B          0.00000000       0.71031295    0.00000000        1000.00000000
   A-R          0.00000000       0.00000000    0.00000000           0.00000000
   B-1          0.00000000       1.45104132    0.00000000        1000.00000000
   B-2          0.00000000       2.16135401    0.00000000        1000.00000000
   B-3          0.00000000       2.16135354    0.00000000        1000.00000000
   B-4          0.00000000       2.16135152    0.00000000        1000.00000000
   B-5          0.00000000       2.16135758    0.00000000        1000.00000000
   B-6          0.00000000       2.16135352    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                                        7,332,661.26
         Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
         Proceeds from Repurchased Loans                                                   0.00
         Other Amounts (Servicer Advances)                                            11,190.70
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
         Prepayment Penalties                                                              0.00
                                                                                   ------------
Total Deposits                                                                     7,343,851.96

Withdrawals
         Reimbursement for Servicer Advances                                           5,266.76
         Payment of Service Fee                                                      163,985.15
         Payment of Interest and Principal                                         7,174,600.05
                                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                                       7,343,851.96

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                                                    159,734.18
Master Servicing Fee                                                     4,250.97
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      163,985.15
                                                                       ==========
</TABLE>

<TABLE>
<CAPTION>
                                 Beginning          Current          Current       Ending
Account Type                      Balance         Withdrawals       Deposits       Balance
------------------------------------------------------------------------------------------
<S>                              <C>              <C>               <C>           <C>
Reserve Fund                     5,000.00            0.00             0.00        5,000.00
Reserve Fund                     2,500.00            0.00             0.00        2,500.00
Reserve Fund                     2,500.00            0.00             0.00        2,500.00
</TABLE>

<PAGE>

             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               15       4,538,756.96      30 Days              0               0.00     30 Days             0          0.00
60 Days                1         239,960.78      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               1         332,848.86      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
                    -----------------------                         ----------------------                       -----------------
                      17       5,111,566.60                           0               0.00                         0          0.00
                    -----------------------                         ----------------------                       -----------------

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

0-29 Days       0.000000%          0.000000%     0-29 Days     0.000000%          0.000000%    0-29 Days    0.000000%     0.000000%
30 Days         1.001335%          0.900465%     30 Days       0.000000%          0.000000%    30 Days      0.000000%     0.000000%
60 Days         0.066756%          0.047607%     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         0.66756%          0.066035%     120 Days      0.000000%          0.000000%    120 Days     0.000000%     0.000000%
150 Days        0.000000%          0.000000%     150 Days      0.000000%          0.000000%    150 Days     0.000000%     0.000000%
180+ Days       0.000000%          0.000000%     180+ Days     0.000000%          0.000000%    180+ Days    0.000000%     0.000000%
                ---------------------------                    ---------------------------                  ----------------------
                1.134846%          1.014107%                   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                15       4,538,756.96
60 Days                0               0.00      60 Days                 1         239,960.78
90 Days                0               0.00      90 Days                 0               0.00
120 Days               0               0.00      120 Days                1         332,848.86
150 Days               0               0.00      150 Days                0               0.00
180+ Days              0               0.00      180+ Days               0               0.00
                    -----------------------                            ----------------------
                       0               0.00                             17       5,111,566.60
                    -----------------------                            ----------------------

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

0-29 Days       0.000000%          0.000000%     0-29 Days         0.000000%         0.000000%
30 Days         0.000000%          0.000000%     30 Days           1.001335%         0.900465%
60 Days         0.000000%          0.000000%     60 Days           0.066756%         0.047607%
90 Days         0.000000%          0.000000%     90 Days           0.000000%         0.000000%
120 Days        0.000000%          0.000000%     120 Days          0.066756%         0.066035%
150 Days        0.000000%          0.000000%     150 Days          0.000000%         0.000000%
180+ Days       0.000000%          0.000000%     180+ Days         0.000000%         0.000000%
                ---------------------------                        --------------------------
                0.000000%          0.000000%                       1.134846%         1.014107%
                ---------------------------                        --------------------------
</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  11,190.70
</TABLE>

<PAGE>

Subordinated 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      20,625,608.17      3.75009211%   20,625,608.17   4.09201574%      95.907984%       0.000000%
Class X-1-A    20,625,608.17      3.75009211%   20,625,608.17   4.09201574%       0.000000%       0.000000%
Class X-1-B    20,625,608.17      3.75009211%   20,625,608.17   4.09201574%       0.000000%       0.000000%
 Class X-2     20,625,608.17      3.75009211%   20,625,608.17   4.09201574%       0.000000%       0.000000%
 Class B-1     11,550,608.17      2.10010024%   11,550,608.17   2.29158191%       1.800434%      43.998703%
 Class B-2      6,875,608.17      1.25010442%    6,875,608.17   1.36408569%       0.927496%      22.665998%
 Class B-3      4,400,608.17      0.80010664%    4,400,608.17   0.87305828%       0.491027%      11.999646%
 Class B-4      2,750,608.17      0.50010811%    2,750,608.17   0.54570667%       0.327352%       7.999764%
 Class B-5      1,925,608.17      0.35010885%    1,925,608.00   0.38203087%       0.163676%       3.999882%
 Class B-6              0.00      0.00000000%            0.00   0.00000000%       0.382031%       9.336007%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<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         11       3,078,540.24    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         1         332,848.86    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
             ------------------------                  ----------------------                   -----------------------
                12       3,411,389.10                      0           0.00                         0            0.00

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

0-29 Days    0.000000%       0.000000%   0-29 Days     0.000000%     0.000000%    0-29 Days     0.000000%      0.000000%
30 Days      1.036758%       0.854351%   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     0.094251%       0.092372%   120 Days      0.000000%     0.000000%    120 Days      0.000000%      0.000000%
150 Days     0.000000%       0.000000%   150 Days      0.000000%     0.000000%    150 Days      0.000000%      0.000000%
180+ Days    0.000000%       0.000000%   180+ Days     0.000000%     0.000000%    180+ Days     0.000000%      0.000000%
             ------------------------                  ----------------------                   -----------------------
             1.131008%       0.946722%                 0.000000%     0.000000%                  0.000000%      0.000000%

<CAPTION>
               REO                                     TOTAL
----------------------------------     ---------------------------------------
               No. of    Principal                   No. of        Principal
               Loans      Balance                     Loans         Balance
<C>          <C>         <C>           <C>          <C>           <C>
0-29 Days        0          0.00       0-29 Days        0                 0.00
30 Days          0.         0.00       30 Days         11         3,078,540.24
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         1           332,848.86
150 Days         0          0.00       150 Days         0                 0.00
180+ Days        0          0.00       180+ Days        0                 0.00
             ---------------------                  --------------------------
                 0          0.00                       12         3,411,389.10

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

0-29 Days    0.000000%    0.000000%    0-29 Days    0.000000%         0.000000%
30 Days      0.000000%    0.000000%    30 Days      1.036758%         0.854351%
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     0.094251%         0.092372%
150 Days     0.000000%    0.000000%    150 Days     0.000000%         0.000000%
180+ Days    0.000000%    0.000000%    180+ Days    0.000000%         0.000000%
             ---------------------                  --------------------------
             0.000000%    0.000000%                 1.131008%         0.946722%
</TABLE>

                                     GROUP 2

<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          4       1,460,216.72    30 Days           0           0.00       30 Days           0            0.00
60 Days          1         239,960.78    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
             ------------------------                  ----------------------                   -----------------------
                 5       1,700,177.50                      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      0.915332%       1.016091%   30 Days       0.000000%     0.000000%    30 Days       0.000000%      0.000000%
60 Days      0.228833%       0.166977%   60 Days       0.000000%     0.000000%    60 Days       0.000000%      0.000000%
90 Days      0.000000%       0.000000%   90 Days       0.000000%     0.000000%    90 Days       0.000000%      0.000000%
120 Days     0.000000%       0.000000%   120 Days      0.000000%     0.000000%    120 Days      0.000000%      0.000000%
150 Days     0.000000%       0.000000%   150 Days      0.000000%     0.000000%    150 Days      0.000000%      0.000000%
180+ Days    0.000000%       0.000000%   180+ Days     0.000000%     0.000000%    180+ Days     0.000000%      0.000000%
             ------------------------                  ----------------------                   -----------------------
             1.144165%       1.183068%                 0.000000%     0.000000%                  0.000000%      0.000000%

<CAPTION>
                REO                                    TOTAL
----------------------------------     ---------------------------------------
              No. of     Principal                   No. of        Principal
              Loans      Balance                     Loans          Balance
<C>          <C>         <C>           <C>          <C>           <C>
0-29 Days        0          0.00       0-29 Days        0                 0.00
30 Days          0          0.00       30 Days          4         1,460,216.72
60 Days          0          0.00       60 Days          1           239,960.78
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                        5         1,700,177.50

              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      0.915332%         1.016091%
60 Days      0.000000%    0.000000%    60 Days      0.228833%         0.166977%
90 Days      0.000000%    0.000000%    90 Days      0.000000%         0.000000%
120 Days     0.000000%    0.000000%    120 Days     0.000000%         0.000000%
150 Days     0.000000%    0.000000%    150 Days     0.000000%         0.000000%
180+ Days    0.000000%    0.000000%    180+ Days    0.000000%         0.000000%
             ---------------------                  --------------------------
             0.000000%    0.000000%                 1.144165%         1.183068%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                          Mixed Arm
<S>                                                                           <C>
Weighted Average Gross Coupon                                                       2.979416%
Weighted Average Net Coupon                                                         2.603657%
Weighted Average Pass-Through Rate                                                  2.593657%
Weighted Average Maturity (Stepdown Calculation)                                         349

Beginning Scheduled Collateral Loan Count                                              1,510
Number of Loans Paid in Full                                                              12
Ending Scheduled Collateral Loan Count                                                 1,498

Beginning Scheduled Collateral Balance                                        510,117,223.61
Ending Scheduled Collateral Balance                                           504,045,181.31
Ending Actual Collateral Balance at 27-Feb-2004                               504,046,105.73

Monthly P&I Constant                                                            1,266,840.75
Special Servicing Fee                                                                   0.00
Prepayment Penalties                                                                    0.00
Realized Loss Amount                                                                    0.00
Cumulative Realized Loss                                                                0.00

Class A Optimal Amount                                                          7,130,020.79

Ending Scheduled Balance for Premium Loans                                    504,045,181.31

Scheduled Principal                                                                   297.85
Unscheduled Principal                                                           6,071,744.45
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                               <C>
Group 1 One Month Libor Loan Balance                               98,442,628.33
Group 1 Six Month Libor Loan Balance                              261,893,646.77
Group 2 Six Month Libor Loan Balance                              143,708,906.21

Pro-Rata Senior Percent                                                95.956692%
Group 1 Senior Percent                                                100.000000%
Group 2 Senior Percent                                                100.000000%
Group 1 Senior Prepayment Percent                                     100.000000%
Group 2 Senior Prepayment Percent                                     100.000000%
</TABLE>

<TABLE>
<CAPTION>
            GROUP                                               1                        2                           TOTAL

Collateral Description                                      Mixed ARM                 Mixed ARM                     Mixed ARM
<S>                                                       <C>                      <C>                           <C>
Weighted Average Coupon Rate                                    2.961434                 3.024812                      2.979416
Weighted Average Net Rate                                       2.585375                 2.649812                      2.603657
Pass-Through Rate                                               2.575375                 2.639812                      2.593657
Weighted Average Maturity                                            324                      328                           349
Record Date                                                   02/27/2004               02/27/2004                    02/27/2004
Principal and Interest Constant                               901,926.85               364,913.90                  1,266,840.75
Beginning Loan Count                                               1,071                      439                         1,510
Loans Paid in Full                                                    10                        2                            12
Ending Loan Count                                                  1,061                      437                         1,498
Beginning Scheduled Balance                               365,383,934.83           144,733,288.78                510,117,223.61
Ending Scheduled Balance                                  360,336,275.10           143,708,906.21                504,045,181.31
Scheduled Principal                                               209.83                    88.02                        297.85
Unscheduled Principal                                       5,047,449.90             1,024,294.55                  6,071,744.45
Scheduled Interest                                            901,717.02               364,825.88                  1,266,542.90
Servicing Fee                                                 114,505.02               364,825.88                  1,266,542.90
Master Servicing Fee                                            3,044.86                 1,206.11                      4,250.97
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                                                  784,167.14               318,390.61                  1,102,557.75
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>