<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 2003-6
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 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         81743PCX2         SEN               1.40125%       439,601,283.15      513,326.08     4,020,349.70
    X-1         81743PCZ7          IO               0.80000%                 0.00      366,601.75             0.00
    A-2         81743PCY0         SEN               1.55125%       174,964,157.36      226,177.62     2,274,477.04
    X-2         81743PDA1          IO               0.50005%                 0.00      256,091.85             0.00
    B-1         81743PDD5         SUB               1.67125%        11,287,000.00       15,719.50             0.00
    X-B         81743PDB9          IO               0.98851%                 0.00        9,297.79             0.00
    B-2         81743PDE3         SUB               2.65976%         5,643,000.00       12,507.54             0.00
    B-3         81743PDF0         SUB               2.65976%         3,320,000.00        7,358.68             0.00
    B-4         81743PDG8         SUB               2.65976%         1,660,000.00        3,679.34             0.00
    B-5         81743PDH6         SUB               2.65976%           996,000.00        2,207.60             0.00
    B-6         81743PDJ2         SUB               2.65976%         2,323,950.00        5,150.96             0.00
    A-R         81743PDC7         RES               2.62771%                 0.00            0.00             0.00
------------------------------------------------------------------------------------------------------------------
Totals                                                             639,795,390.51    1,418,118.71     6,294,826.74
------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                Current       Ending Certificate      Total          Cumulative
   Class          CUSIP       Realized Loss        Balance         Distribution     Realized Loss
-------------------------------------------------------------------------------------------------
<S>             <C>           <C>             <C>                  <C>              <C>
    A-1         81743PCX2          0.00        435,580,933.45      4,533,675.78         0.00
    X-1         81743PCZ7          0.00                  0.00        366,601.75         0.00
    A-2         81743PCY0          0.00        172,689,680.32      2,500,654.66         0.00
    X-2         81743PDA1          0.00                  0.00        256,091.85         0.00
    B-1         81743PDD5          0.00         11,287,000.00         15,719.50         0.00
    X-B         81743PDB9          0.00                  0.00          9,297.79         0.00
    B-2         81743PDE3          0.00          5,643,000.00         12,507.54         0.00
    B-3         81743PDF0          0.00          3,320,000.00          7,358.68         0.00
    B-4         81743PDG8          0.00          1,660,000.00          3,679.34         0.00
    B-5         81743PDH6          0.00            996,000.00          2,207.60         0.00
    B-6         81743PDJ2          0.00          2,323,950.00          5,150.96         0.00
    A-R         81743PDC7          0.00                  0.00              0.00         0.00
--------------------------------------------------------------------------------------------
Totals                             0.00        633,500,563.77      7,712,945.45         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
   Class           Amount            Balance       Distribution      Distribution     Accretion
-----------------------------------------------------------------------------------------------
<S>            <C>                <C>              <C>              <C>               <C>
    A-1        458,238,000.00     439,601,283.15         223.22      4,020,126.48        0.00
    X-1                  0.00               0.00           0.00              0.00        0.00
    A-2        180,474,000.00     174,964,157.36         364.62      2,274,112.42        0.00
    X-2                  0.00               0.00           0.00              0.00        0.00
    B-1         11,287,000.00      11,287,000.00           0.00              0.00        0.00
    B-2          5,643,000.00       5,643,000.00           0.00              0.00        0.00
    B-3          3,320,000.00       3,320,000.00           0.00              0.00        0.00
    B-4          1,660,000.00       1,660,000.00           0.00              0.00        0.00
    B-5            996,000.00         996,000.00           0.00              0.00        0.00
    B-6          2,323,950.00       2,323,950.00           0.00              0.00        0.00
    A-R                100.00               0.00           0.00              0.00        0.00
---------------------------------------------------------------------------------------------
Totals         663,942,050.00     639,795,390.51         587.84      6,294,238.90        0.00
---------------------------------------------------------------------------------------------

<CAPTION>
               Realized   Total Principal   Ending Certificate   Ending Certificate  Total Principal
   Class       Loss (1)      Reduction           Balance             Percentage        Distribution
----------------------------------------------------------------------------------------------------
<S>            <C>        <C>               <C>                  <C>                 <C>
    A-1           0.00     4,020,349.70      435,580,933.45          0.95055612       4,020,349.70
    X-1           0.00             0.00                0.00          0.00000000               0.00
    A-2           0.00     2,274,477.04      172,689,680.32          0.95686736       2,274,477.04
    X-2           0.00             0.00                0.00          0.00000000               0.00
    B-1           0.00             0.00       11,287,000.00          1.00000000               0.00
    B-2           0.00             0.00        5,643,000.00          1.00000000               0.00
    B-3           0.00             0.00        3,320,000.00          1.00000000               0.00
    B-4           0.00             0.00        1,660,000.00          1.00000000               0.00
    B-5           0.00             0.00          996,000.00          1.00000000               0.00
    B-6           0.00             0.00        2,323,950.00          1.00000000               0.00
    A-R           0.00             0.00                0.00          0.00000000               0.00
--------------------------------------------------------------------------------------------------
Totals            0.00     6,294,826.74      633,500,563.77          0.95415039       6,294,826.74
--------------------------------------------------------------------------------------------------
</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
Class         Amount             Balance      Distribution     Distribution    Accretion
----------------------------------------------------------------------------------------
<S>        <C>                <C>              <C>             <C>            <C>
 A-1       458,238,000.00      959.32961289    0.00048713       8.77300983    0.00000000
 X-1                 0.00        0.00000000    0.00000000       0.00000000    0.00000000
 A-2       180,474,000.00      969.47015836    0.00202035       0.00202035    0.00000000
 X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000
 B-1        11,287,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000
 B-2         5,643,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-3         3,320,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-4         1,660,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-5           996,000.00     1000.00000000    0.00000000       0.00000000    0.00000000
 B-6         2,323,950.00     1000.00000000    0.00000000       0.00000000    0.00000000
 A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000

<CAPTION>
            Realized     Total Principal   Ending Certificate   Ending Certificate  Total Principal
Class       Loss (3)        Reduction           Balance             Percentage        Distribution
---------------------------------------------------------------------------------------------------
<S>        <C>           <C>               <C>                  <C>                 <C>
 A-1       0.00000000       8.77349696        950.55611593          0.95055612         8.77349696
 X-1       0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
 A-2       0.00000000      12.60279619        956.86736217          0.95686736        12.60279619
 X-2       0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
 B-1       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 X-B       0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
 B-2       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-3       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-4       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-5       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 B-6       0.00000000       0.00000000       1000.00000000          1.00000000         0.00000000
 A-R       0.00000000       0.00000000          0.00000000          0.00000000         0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                      Beginning                        Payment of
                                                    Certificate/        Current          Unpaid
               Original Face        Current           Notional          Accrued         Interest
   Class          Amount        Certificate Rate      Balance         Interest        Shortfall
--------------------------------------------------------------------------------------------------
<S>            <C>              <C>                <C>                <C>             <C>
    A-1        458,238,000.00         1.40125%     439,601,283.15     513,326.08          0.00
    X-1                  0.00         0.80000%     549,902,617.37     366,601.74          0.00
    A-2        180,474,000.00         1.55125%     174,964,157.36     226,177.62          0.00
    X-2                  0.00         0.50005%     614,565,440.51     256,091.85          0.00
    B-1         11,287,000.00         1.67125%      11,287,000.00      15,719.50          0.00
    X-B                  0.00         0.98851%      11,287,000.00       9,297.79          0.00
    B-2          5,643,000.00         2.65976%       5,643,000.00      12,507.54          0.00
    B-3          3,320,000.00         2.65976%       3,320,000.00       7,358.68          0.00
    B-4          1,660,000.00         2.65976%       1,660,000.00       3,679.34          0.00
    B-5            996,000.00         2.65976%         996,000.00       2,207.60          0.00
    B-6          2,323,950.00         2.65976%       2,323,950.00       5,150.96          0.00
    A-R                100.00         2.62771%               0.00           0.00          0.00
----------------------------------------------------------------------------------------------
  Totals       663,942,050.00                                       1,418,118.70          0.00
----------------------------------------------------------------------------------------------

<CAPTION>
                                                                         Remaining        Ending
                 Current    Non-Supported                                  Unpaid      Certificate/
                 Interest     Interest    Realized    Total Interest      Interest      Notational
   Class       Shortfall      Shortfall   Loss (4)    Distribution       Shortfall        Balance
---------------------------------------------------------------------------------------------------
<S>            <C>          <C>           <C>         <C>               <C>          <C>
    A-1            0.00         0.00         0.00       513,326.08          0.00     435,580,933.45
    X-1            0.00         0.00         0.00       366,601.75          0.00     529,622,370.86
    A-2            0.00         0.00         0.00       226,177.62          0.00     172,689,680.32
    X-2            0.00         0.00         0.00       256,091.85          0.00     608,270,613.77
    B-1            0.00         0.00         0.00        15,719.50          0.00      11,287,000.00
    X-B            0.00         0.00         0.00         9,297.79          0.00      11,287,000.00
    B-2            0.00         0.00         0.00        12,507.54          0.00       5,643,000.00
    B-3            0.00         0.00         0.00         7,358.68          0.00       3,320,000.00
    B-4            0.00         0.00         0.00         3,679.34          0.00       1,660,000.00
    B-5            0.00         0.00         0.00         2,207.60          0.00         996,000.00
    B-6            0.00         0.00         0.00         5,150.96          0.00       2,323,950.00
    A-R            0.00         0.00         0.00             0.00          0.00               0.00
---------------------------------------------------------------------------------------------------
  Totals           0.00         0.00         0.00     1,418,118.71          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
                                Current        Beginning                             Unpaid       Current
 Class (5)     Original Face     Certificate   Certificate/      Current Accrued    Interest     Interest
                  Amount          Rate        Notional Balance      Interest        Shortfall    Shortfall
----------------------------------------------------------------------------------------------------------
<S>            <C>              <C>           <C>                <C>               <C>          <C>
    A-1        458,238,000.00    1.40125%       959.32961289        1.12021718     0.00000000   0.00000000
    X-1                  0.00    0.80000%       860.95551261        0.57397033     0.00000000   0.00000000
    A-2        180,474,000.00    1.55125%       969.47015836        1.25324213     0.00000000   0.00000000
    X-2                  0.00    0.50005%       962.19491807        0.40095043     0.00000000   0.00000000
    B-1         11,287,000.00    1.67125%      1000.00000000        1.39270843     0.00000000   0.00000000
    X-B                  0.00    0.98851%      1000.00000000        0.82376096     0.00000000   0.00000000
    B-2          5,643,000.00    2.65976%      1000.00000000        2.21646996     0.00000000   0.00000000
    B-3          3,320,000.00    2.65976%      1000.00000000        2.21646988     0.00000000   0.00000000
    B-4          1,660,000.00    2.65976%      1000.00000000        2.21646988     0.00000000   0.00000000
    B-5            996,000.00    2.65976%      1000.00000000        2.21646586     0.00000000   0.00000000
    B-6          2,323,950.00    2.65976%      1000.00000000        2.21646765     0.00000000   0.00000000
    A-R                100.00    2.62771%         0.00000000        0.00000000     0.00000000   0.00000000

<CAPTION>
                 Non-                                        Remaining
              Supported                                       Unpaid
 Class (5)     Interest       Realized      Total Interest    Interest      Ending Certificate/
              Shortfall       Loss (6)       Distribution    Shortfall      Notational Balance
---------------------------------------------------------------------------------------------
<S>           <C>            <C>            <C>             <C>             <C>
    A-1       0.00000000     0.00000000       1.12021718    0.00000000         950.55611593
    X-1       0.00000000     0.00000000       0.57397035    0.00000000         829.20372697
    A-2       0.00000000     0.00000000       1.25324213    0.00000000         956.86736217
    X-2       0.00000000     0.00000000       0.40095043    0.00000000         952.33941709
    B-1       0.00000000     0.00000000       1.39270843    0.00000000        1000.00000000
    X-B       0.00000000     0.00000000       0.82376096    0.00000000        1000.00000000
    B-2       0.00000000     0.00000000       2.21646996    0.00000000        1000.00000000
    B-3       0.00000000     0.00000000       2.21646988    0.00000000        1000.00000000
    B-4       0.00000000     0.00000000       2.21646988    0.00000000        1000.00000000
    B-5       0.00000000     0.00000000       2.21646586    0.00000000        1000.00000000
    B-6       0.00000000     0.00000000       2.21646765    0.00000000        1000.00000000
    A-R       0.00000000     0.00000000       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                                        7,907,360.93
         Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
         Proceeds from Repurchased Loans                                                   0.00
         Other Amounts (Servicer Advances)                                            16,853.29
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
         Prepayment Penalties                                                              0.00
                                                                                   ------------
Total Deposits                                                                     7,924,214.22

Withdrawals
         Reimbursement for Servicer Advances                                          17,938.73
         Payment of Service Fee                                                      193,330.04
         Payment of Interest and Principal                                         7,712,945.45
                                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                                       7,924,214.22

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                                                    187,998.38
Master Servicing Fee                                                     5,331.66
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      193,330.04
                                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                              Beginning          Current          Current       Ending
             Account Type                      Balance         Withdrawals       Deposits       Balance
--------------------------------------------------------------------------------------------------------
<S>                                           <C>              <C>               <C>           <C>
Class A-1 Companion Sub Account               4,000.00            0.00             0.00        4,000.00
Class A-1 NAS Sub Account                     1,000.00            0.00             0.00        1,000.00
Class A-2 Companion Sub Account                 500.00            0.00             0.00          500.00
Class A-2 NAS Sub Account                     2,000.00            0.00             0.00        2,000.00
Class B-1 Sub Account                         2,500.00            0.00             0.00        2,500.00
</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           18       6,898,610.72  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            1         165,484.00  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          1         162,241.99  180+ Days       0             0.00  180+ Days       0             0.00
               ------------------------              ----------------------             -----------------------
                  20       7,226,336.71                  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        0.979858%    1.088965%    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        0.054437%    0.026122%    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      0.054437%    0.025610%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               ---------------------                 --------------------               ---------------------
               1.088732%    1.140698%                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        18       6,898,610.72
60 Days            0             0.00  60 Days         0               0.00
90 Days            0             0.00  90 Days         1         165,484.00
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       1         162,241.99
               ----------------------              ------------------------
                   0             0.00                 20       7,226,336.71

                 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     0.979858%    1.088965%
60 Days        0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%   0.000000%   90 Days     0.054437%    0.026122%
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   0.054437%    0.025610%
               --------------------                ---------------------
               0.000000%   0.000000%               1.088732%    1.140698%
</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  16,853.29
</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         25,229,950.00     3.80002806%     25,229,950.00     3.98262471%        96.017375%          0.000000%
Class X-1       25,229,950.00     3.80002806%     25,229,950.00     3.98262471%         0.000000%          0.000000%
Class X-2       25,229,950.00     3.80002806%     25,229,950.00     3.98262471%         0.000000%          0.000000%
Class B-1       13,942,950.00     2.10002799%     13,942,950.00     2.20093727%         1.781687%         44.736514%
Class B-2        8,299,950.00     1.25010327%      8,299,950.00     1.31017247%         0.890765%         22.366275%
Class B-3        4,979,950.00     0.75005895%      4,979,950.00     0.78610033%         0.524072%         13.158964%
Class B-4        3,319,950.00     0.50003679%      3,319,950.00     0.52406425%         0.262036%          6.579482%
Class B-5        2,323,950.00     0.35002349%      2,323,950.00     0.36684261%         0.157222%          3.947689%
Class B-6                0.00     0.00000000%              0.00     0.00000000%         0.366843%          9.211077%
</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 MONTH
                 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            1         172,414.04  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
               ------------------------              ----------------------              ----------------------
                   1         172,414.04                  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        0.568182%    0.247796%    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%
               ------------------------              ----------------------              ----------------------
               0.568182%    0.247796%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                        REO                         TOTAL
---------------------------------------------------------------------------
POOL 1 - 1 MONTH
                 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         1         172,414.04
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                  1         172,414.04

                 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     0.568182%    0.247796%
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%               0.568182%    0.247796%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
---------------------------------------------------------------------------------------------------------------
POOL 1 - 6 MONTH
                 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            9       2,892,279.45  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            1         165,484.00  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       3,057,763.45                  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        0.790861%    0.752995%    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        0.087873%    0.043083%    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%
               ---------------------                 --------------------                --------------------
               0.878735%    0.796078%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                        REO                           TOTAL
---------------------------------------------------------------------------
POOL 1 - 6 MONTH
                 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         9       2,892,279.45
60 Days            0             0.00  60 Days         0               0.00
90 Days            0             0.00  90 Days         1         165,484.00
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       3,057,763.45

                 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     0.790861%    0.752995%
60 Days        0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%   0.000000%   90 Days     0.087873%    0.043083%
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%               0.878735%    0.796078%
</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            8       3,833,917.23  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          1         162,241.99  180+ Days       0             0.00  180+ Days       0             0.00
               ------------------------              ----------------------              ----------------------
                   9       3,996,159.22                  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        1.529637%    2.132098%    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      0.191205%    0.090225%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               ---------------------                 --------------------                --------------------
               1.720841%    2.222323%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                         REO                         TOTAL
---------------------------------------------------------------------------
POOL 2
                 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         8       3,833,917.23
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       1         162,241.99
               ----------------------              ------------------------
                   0             0.00                  9       3,996,159.22

                 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     1.529637%    2.132098%
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   0.191205%    0.090225%
               --------------------                ---------------------
               0.000000%   0.000000%               1.720841%    2.222323%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                       Mixed Arm
<S>                                                                      <C>
Weighted Average Gross Coupon                                                  3.022433%
Weighted Average Net Coupon                                                    2.669823%
Weighted Average Pass-Through Rate                                             2.659823%
Weighted Average Maturity (Stepdown Calculation)                                    324

Beginning Scheduled Collateral Loan Count                                         1,853
Number of Loans Paid in Full                                                         16
Ending Scheduled Collateral Loan Count                                            1,837

Beginning Scheduled Collateral Balance                                   639,795,390.70
Ending Scheduled Collateral Balance                                      633,500,563.96
Ending Actual Collateral Balance at 27-Feb-2004                          633,501,413.88

Monthly P&I Constant                                                       1,612,036.57
Special Servicing Fee                                                              0.00
Prepayment Penalties                                                               0.00
Realized Loss Amount                                                               0.00
Cumulative Realized Loss                                                           0.00

Class A Optimal Amount                                                     7,657,024.04

Ending Scheduled Balance for Premium Loans                               633,500,563.96

Scheduled Principal                                                              587.84
Unscheduled Principal                                                      6,294,238.90
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP              POOL 1 - 1 MONTH           POOL 1 - 6 MONTH               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                   2.856967                  3.041375                  3.045494                3.022433
Weighted Average Net Rate                      2.515832                  2.687766                  2.690614                2.669823
Pass-Through Rate                              2.505832                  2.677766                  2.680614                2.659823
Weighted Average Maturity                           309                       325                       330                     324
Record Date                                  02/27/2004                02/27/2004                02/27/2004              02/27/2004
Principal and Interest Constant              166,251.65                983,284.27                462,500.65            1,612,036.57
Beginning Loan Count                                177                     1,148                       528                   1,853
Loans Paid in Full                                    1                        10                         5                      16
Ending Loan Count                                   176                     1,138                       523                   1,837
Beginning Scheduled Balance               69,786,303.53            387,916,044.48            182,093,042.69          639,795,390.70
Ending Scheduled Balance                  69,578,988.91            384,103,009.40            179,818,565.65          633,500,563.96
Scheduled Principal                              104.03                    119.19                    364.62                  587.84
Unscheduled Principal                        207,210.59              3,812,915.89              2,274,112.42            6,294,238.90
Scheduled Interest                           166,147.62                983,165.08                462,136.03            1,611,448.73
Servicing Fee                                 19,838.75                114,308.68                 53,850.95              187,998.38
Master Servicing Fee                             581.56                  3,232.65                  1,517.45                5,331.66
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                                 145,727.31                865,623.75                406,767.63            1,418,118.69
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>
<CAPTION>
Group Pool 1 - 1 Month
<S>                                                <C>
1 Month LIBOR Loan Balance                          69,578,988.91
6 Month LIBOR Loan Balance                         384,103,009.40
Interest Transfer Amount                                     0.00
Principal Transfer Amount                                    0.00
Pro-Rata Pct                                            96.045232%
Senior Pct                                             100.000000%
Senior Prepay Pct                                      100.000000%
Subordinate Pct                                          0.000000%
Subordinate Prepay Pct                                   0.000000%

Group 1 - 6 Month

6 Month LIBOR Loan Balance                         179,818,565.65
Interest Transfer Amount                                     0.00
Principal Transfer Amount                                    0.00
Pro-Rata Pct                                            96.085031%
Senior Pct                                             100.000000%
Senior Prepay Pct                                      100.000000%
Subordinate Pct                                          0.000000%
Subordinate Prepay Pct                                   0.000000%
</TABLE>