<PAGE>

                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2002-7
                           RECORD DATE: JULY 31, 2003
                       DISTRIBUTION DATE: AUGUST 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                              Beginning
                              Class         Certificate Pass-      Certificate            Interest
Class          CUSIP       Description         Through Rate          Balance            Distribution
----------------------------------------------------------------------------------------------------
<S>          <C>           <C>              <C>                   <C>                   <C>
  A          81743YAA5         SEN               1.44000%         475,100,276.56          570,120.33
 A-R         SMT0207AR         SEN               3.51358%                   0.00                0.00
 B-1         81743YAE7         SUB               1.85000%           8,080,000.00           12,456.67
 B-2         81743YAF4         SUB               2.78507%           5,771,000.00           13,393.86
 B-3         81743YAG2         SUB               2.78507%           3,463,000.00            8,037.24
 B-4         SMT0207B4         SUB               2.78507%           1,442,000.00            3,346.72
 B-5         SMT0207B5         SUB               2.78507%           1,154,000.00            2,678.31
 B-6         SMT0207B6         SUB               2.78507%           2,600,498.71            6,035.47
 X-1         81743YAC1         SEN               1.26527%                   0.00           88,606.97
 X-2         81743YAD9         SEN               1.35357%                   0.00          450,224.25
----------------------------------------------------------------------------------------------------
Totals                                                            497,610,775.27        1,154,899.82
----------------------------------------------------------------------------------------------------

<CAPTION>
                                                     Ending
                   Principal          Current     Certificate          Total               Cumulative
Class            Distribution      Realized Loss     Balance        Distribution          Realized Loss
-------------------------------------------------------------------------------------------------------
<S>              <C>               <C>           <C>                <C>                   <C>
  A              11,610,359.40         0.00      463,489,917.16     12,180,479.73             0.00
 A-R                      0.00         0.00                0.00              0.00             0.00
 B-1                      0.00         0.00        8,080,000.00         12,456.67             0.00
 B-2                      0.00         0.00        5,771,000.00         13,393.86             0.00
 B-3                      0.00         0.00        3,463,000.00          8,037.24             0.00
 B-4                      0.00         0.00        1,442,000.00          3,346.72             0.00
 B-5                      0.00         0.00        1,154,000.00          2,678.31             0.00
 B-6                      0.00         0.00        2,600,498.71          6,035.47             0.00
 X-1                      0.00         0.00                0.00         88,606.97             0.00
 X-2                      0.00         0.00                0.00        450,224.25             0.00
--------------------------------------------------------------------------------------------------
Totals           11,610,359.40         0.00      486,000,415.87     12,765,259.22             0.00
--------------------------------------------------------------------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning              Scheduled       Unscheduled
           Original Face          Certificate             Principal        Principal                          Realized
Class          Amount               Balance             Distribution     Distribution         Accretion       Loss (1)
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>                   <C>                    <C>              <C>                  <C>             <C>
  A        554,686,000.00        475,100,276.56            153.10        11,610,206.30           0.00           0.00
 A-R               100.00                  0.00              0.00                 0.00           0.00           0.00
 B-1         8,080,000.00          8,080,000.00              0.00                 0.00           0.00           0.00
 B-2         5,771,000.00          5,771,000.00              0.00                 0.00           0.00           0.00
 B-3         3,463,000.00          3,463,000.00              0.00                 0.00           0.00           0.00
 B-4         1,442,000.00          1,442,000.00              0.00                 0.00           0.00           0.00
 B-5         1,154,000.00          1,154,000.00              0.00                 0.00           0.00           0.00
 B-6         2,600,498.71          2,600,498.71              0.00                 0.00           0.00           0.00
 X-1                50.00                  0.00              0.00                 0.00           0.00           0.00
 X-2                50.00                  0.00              0.00                 0.00           0.00           0.00
--------------------------------------------------------------------------------------------------------------------
Totals     577,196,698.71        497,610,775.27            153.10        11,610,206.30           0.00           0.00
--------------------------------------------------------------------------------------------------------------------

<CAPTION>
            Total Principal     Ending Certificate      Ending Certificate   Total Principal
Class          Reduction              Balance               Percentage         Distribution
--------------------------------------------------------------------------------------------
<S>         <C>                 <C>                     <C>                  <C>
  A          11,610,359.40        463,489,917.16            0.83558972        11,610,359.40
 A-R                  0.00                  0.00            0.00000000                 0.00
 B-1                  0.00          8,080,000.00            1.00000000                 0.00
 B-2                  0.00          5,771,000.00            1.00000000                 0.00
 B-3                  0.00          3,463,000.00            1.00000000                 0.00
 B-4                  0.00          1,442,000.00            1.00000000                 0.00
 B-5                  0.00          1,154,000.00            1.00000000                 0.00
 B-6                  0.00          2,600,498.71            1.00000000                 0.00
 X-1                  0.00                  0.00            0.00000000                 0.00
 X-2                  0.00                  0.00            0.00000000                 0.00
--------------------------------------------------------------------------------------------
Totals       11,610,359.40        486,000,415.87            0.84200138        11,610,359.40
--------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                Beginning        Scheduled         Unscheduled
           Original Face       Certificate       Principal          Principal                         Realized
Class          Amount            Balance        Distribution      Distribution      Accretion         Loss (3)
---------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>               <C>               <C>               <C>              <C>
  A        554,686,000.00      856.52112467      0.00027601        20.93113275      0.00000000       0.00000000
 A-R               100.00        0.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-1         8,080,000.00     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-2         5,771,000.00     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-3         3,463,000.00     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-4         1,442,000.00     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-5         1,154,000.00     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 B-6         2,600,498.71     1000.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 X-1                50.00        0.00000000      0.00000000         0.00000000      0.00000000       0.00000000
 X-2                50.00        0.00000000      0.00000000         0.00000000      0.00000000       0.00000000
---------------------------------------------------------------------------------------------------------------

<CAPTION>

              Total Principal    Ending Certificate       Ending Certificate     Total Principal
Class            Reduction             Balance                Percentage           Distribution
------------------------------------------------------------------------------------------------
<S>           <C>                <C>                      <C>                    <C>
  A             20.93140876          835.58971591              0.83558972          20.93140876
 A-R             0.00000000            0.00000000              0.00000000           0.00000000
 B-1             0.00000000         1000.00000000              1.00000000           0.00000000
 B-2             0.00000000         1000.00000000              1.00000000           0.00000000
 B-3             0.00000000         1000.00000000              1.00000000           0.00000000
 B-4             0.00000000         1000.00000000              1.00000000           0.00000000
 B-5             0.00000000         1000.00000000              1.00000000           0.00000000
 B-6             0.00000000         1000.00000000              1.00000000           0.00000000
 X-1             0.00000000            0.00000000              0.00000000           0.00000000
 X-2             0.00000000            0.00000000              0.00000000           0.00000000
----------------------------------------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                     Beginning                        Payment of                        Non-
                                                   Certificate/      Current            Unpaid           Current      Supported
            Original Face          Current           Notional        Accrued           Interest          Interest     Interest
 Class         Amount         Certificate Rate        Balance        Interest         Shortfall         Shortfall     Shortfall
--------------------------------------------------------------------------------------------------------------------------------
<S>         <C>               <C>                 <C>              <C>                <C>               <C>           <C>
   A        554,686,000.00         1.44000%       475,100,276.56     570,120.33          0.00              0.00         0.00
  A-R               100.00         3.51358%                 0.00           0.00          0.00              0.00         0.00
  B-1         8,080,000.00         1.85000%         8,080,000.00      12,456.67          0.00              0.00         0.00
  B-2         5,771,000.00         2.78507%         5,771,000.00      13,393.86          0.00              0.00         0.00
  B-3         3,463,000.00         2.78507%         3,463,000.00       8,037.24          0.00              0.00         0.00
  B-4         1,442,000.00         2.78507%         1,442,000.00       3,346.72          0.00              0.00         0.00
  B-5         1,154,000.00         2.78507%         1,154,000.00       2,678.31          0.00              0.00         0.00
  B-6         2,600,498.71         2.78507%         2,600,498.71       6,035.47          0.00              0.00         0.00
  X-1                50.00         1.26527%        84,036,413.86      88,606.97          0.00              0.00         0.00
  X-2                50.00         1.35357%       399,143,862.70     450,224.25          0.00              0.00         0.00
----------------------------------------------------------------------------------------------------------------------------
 Totals     577,196,698.71                                         1,154,899.82          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            0.00         570,120.33          0.00        463,489,917.16
  A-R           0.00               0.00          0.00                  0.00
  B-1           0.00          12,456.67          0.00          8,080,000.00
  B-2           0.00          13,393.86          0.00          5,771,000.00
  B-3           0.00           8,037.24          0.00          3,463,000.00
  B-4           0.00           3,346.72          0.00          1,442,000.00
  B-5           0.00           2,678.31          0.00          1,154,000.00
  B-6           0.00           6,035.47          0.00          2,600,498.71
  X-1           0.00          88,606.97          0.00         82,846,135.50
  X-2           0.00         450,224.25          0.00        388,723,781.66
---------------------------------------------------------------------------
 Totals         0.00       1,154,899.82          0.00
---------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                          Payment of                         Non-
                              Current             Beginning                                 Unpaid          Current       Supported
Class     Original Face     Certificate         Certificate/        Current Accrued        Interest         Interest      Interest
 (5)         Amount            Rate           Notional Balance          Interest          Shortfall        Shortfall      Shortfall
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>               <C>               <C>                   <C>                   <C>              <C>            <C>
  A       554,686,000.00      1.44000%            856.52112467          1.02782535        0.00000000       0.00000000     0.00000000
 A-R              100.00      3.51358%              0.00000000          0.00000000        0.00000000       0.00000000     0.00000000
 B-1        8,080,000.00      1.85000%           1000.00000000          1.54166708        0.00000000       0.00000000     0.00000000
 B-2        5,771,000.00      2.78507%           1000.00000000          2.32089066        0.00000000       0.00000000     0.00000000
 B-3        3,463,000.00      2.78507%           1000.00000000          2.32088940        0.00000000       0.00000000     0.00000000
 B-4        1,442,000.00      2.78507%           1000.00000000          2.32088766        0.00000000       0.00000000     0.00000000
 B-5        1,154,000.00      2.78507%           1000.00000000          2.32089255        0.00000000       0.00000000     0.00000000
 B-6        2,600,498.71      2.78507%           1000.00000000          2.32088944        0.00000000       0.00000000     0.00000000
 X-1               50.00      1.26527%        1680728.27720000       1772.13940000        0.00000000       0.00000000     0.00000000
 X-2               50.00      1.35357%        7982877.25400000       9004.48500000        0.00000000       0.00000000     0.00000000
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                             Remaining
                                              Unpaid
Class      Realized      Total Interest      Interest       Ending  Certificate/
 (5)       Loss (6)       Distribution       Shortfall       Notational Balance
---------------------------------------------------------------------------------
<S>       <C>            <C>                 <C>            <C>
  A       0.00000000        1.02782535       0.00000000            835.58971591
 A-R      0.00000000        0.00000000       0.00000000              0.00000000
 B-1      0.00000000        1.54166708       0.00000000           1000.00000000
 B-2      0.00000000        2.32089066       0.00000000           1000.00000000
 B-3      0.00000000        2.32088940       0.00000000           1000.00000000
 B-4      0.00000000        2.32088766       0.00000000           1000.00000000
 B-5      0.00000000        2.32089255       0.00000000           1000.00000000
 B-6      0.00000000        2.32088944       0.00000000           1000.00000000
 X-1      0.00000000     1772.13940000       0.00000000        1656922.71000000
 X-2      0.00000000     9004.48500000       0.00000000        7774475.63320000
-------------------------------------------------------------------------------
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                             12,910,490.93
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  15,423.60
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------

Total Deposits                                                          12,925,914.53

Withdrawals

         Reimbursement for Servicer Advances                                   800.15
         Payment of Service Fee                                            159,855.16
         Payment of Interest and Principal                              12,765,259.22
                                                                        -------------

Total Withdrawals (Pool Distribution Amount)                            12,925,914.53

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                                         155,708.39
Master Servicing Fee                                          4,146.77
Supported Prepayment/Curtailment Interest Shortfall               0.00
                                                            ----------
Net Servicing Fee                                           159,855.16
                                                            ==========
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------
                                Beginning    Current      Current    Ending
         Account Type            Balance   Withdrawals   Deposits    Balance
----------------------------------------------------------------------------
<S>                             <C>        <C>           <C>        <C>
Basis Risk Reserve Fund - X-1   1,512.84      0.00         0.00     1,512.56
Basis Risk Reserve Fund - X-2   8,487.16      0.00         0.00     8,487.44
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
              DELINQUENT                      BANKRUPTCY                      FORECLOSURE
-------------------------------------------------------------------------------------------------------
<S>        <C>        <C>           <C>        <C>        <C>        <C>         <C>        <C>
           No. of       Principal               No. of    Principal               No. of    Principal
            Loans        Balance                Loans      Balance                Loans      Balance

30 Days      11       6,017,392.46  30 Days       0         0.00     30 Days        0          0.00
60 Days       1         182,968.22  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
             ---------------------             -------------------               ------------------
             12       6,200,360.68                0         0.00                    0          0.00

            No. of      Principal               No. of    Principal               No. of    Principal
            Loans        Balance                Loans      Balance                 Loans     Balance
30 Days    0.815419%    1.238152%   30 Days    0.000000%  0.000000%  30 Days     0.000000%  0.000000%
60 Days    0.074129%    0.037648%   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%
           ---------------------               -------------------               -------------------
           0.889548%    1.275799%              0.000000%  0.000000%              0.000000%  0.000000%

<CAPTION>

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

30 Days        0        0.00      30 Days     11       6,017,392.46
60 Days        0        0.00      60 Days      1         182,968.22
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                  12       6,200,360.68

             No. of   Principal              No. of     Principal
              Loans    Balance               Loans       Balance
30 Days    0.000000%  0.000000%  30 Days    0.815419%    1.238152%
60 Days    0.000000%  0.000000%  60 Days    0.074129%    0.037648%
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%             0.889548%    1.275799%

</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    15,423.60
</TABLE>

<TABLE>
<CAPTION>
                  Original $     Original %    Current $      Current %
<S>              <C>            <C>          <C>             <C>
Bankruptcy          100,261.00  0.01737033%     100,261.00   0.02062982%
Fraud            17,315,901.00  3.00000001%  17,315,901.00   3.56293954%
Special Hazard    5,771,967.00  1.00000000%   4,860,004.16   1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
           DELINQUENT                          BANKRUPTCY                      FORECLOSURE
--------------------------------------------------------------------------------------------------------
<S>        <C>        <C>           <C>        <C>         <C>        <C>      <C>          <C>
            No. of     Principal                 No. of    Principal              No. of    Principal
            Loans       Balance                  Loans      Balance               Loans      Balance
30 Days       2       1,860,753.71  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
           -----------------------             ------------------                -----------------
              2       1,860,753.71                 0         0.00                   0         0.00

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

30 Days    0.925926%    2.179348%   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%
           ---------------------               --------------------              -------------------
           0.925926%    2.179348%               0.000000%  0.000000%             0.000000%  0.000000%


<CAPTION>
-------------------------------------------------------------------
            REO                              TOTAL
-------------------------------------------------------------------
<S>        <C>        <C>        <C>        <C>        <C>
            No. of    Principal               No. of    Principal
            Loans      Balance                Loans      Balance
30 Days      0          0.00     30 Days        2      1,860,753.71
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                    2      1,860,753.71

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

30 Days    0.000000%  0.000000%  30 Days    0.925926%    2.179348%
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%             0.925926%    2.179348%
</TABLE>


                                SIX-MONTH LIBOR
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
           DELINQUENT                           BANKRUPTCY                        FORECLOSURE
--------------------------------------------------------------------------------------------------------
<S>        <C>        <C>           <C>        <C>         <C>        <C>        <C>        <C>
            No. of     Principal                No. of     Principal              No. of    Principal
             Loans      Balance                  Loans      Balance                Loans     Balance

30 Days        9      4,156,638.75  30 Days        0          0.00    30 Days       0          0.00
60 Days        1        182,968.22  60 Days        0          0.00    60 Days       0          0.00
90 Days        0              0.00  90 Days        0          0.00    90 Days       0          0.00
120 Days       0              0.00  120 Days       0          0.00    120 Days      0          0.00
150 Days       0              0.00  150 Days       0          0.00    150 Days      0          0.00
180+ Days      0              0.00  180+ Days      0          0.00    180+ Days     0          0.00
           -----------------------             -------------------               ----------- ------
              10      4,339,606.97                 0          0.00                  0          0.00

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

30 Days    0.794351%    1.037560%   30 Days    0.000000%   0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.088261%    0.045672%   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%
           ---------------------               --------------------              -------------------
           0.882613%    1.083231%              0.000000%   0.000000%             0.000000%  0.000000%

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

30 Days        0        0.00     30 Days       9       4,156,638.75
60 Days        0        0.00     60 Days       1         182,968.22
90 Days        0        0.00     90 Days       0               0.00
120 Days       0        0.00     120 Days      0               0.00
150 Days       0        0.00     150 Days      0               0.00
180+ Days      0        0.00     180+ Days     0               0.00
           ----------- -----                -----------------------
               0        0.00                  10       4,339,606.97

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

30 Days    0.000000%  0.000000%  30 Days    0.794351%   1.037560%
60 Days    0.000000%  0.000000%  60 Days    0.088261%   0.045672%
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%             0.882613%   1.083231%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                 Mixed Fixed & Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                 3.170562%
Weighted Average Net Coupon                                   2.795068%
Weighted Average Pass-Through Rate                            2.785068%
Weighted Average Maturity (Stepdown Calculation)                   345

Beginning Scheduled Collateral Loan Count                        1,374
Number of Loans Paid in Full                                        25
Ending Scheduled Collateral Loan Count                           1,349

Beginning Scheduled Collateral Balance                  497,610,775.27
Ending Scheduled Collateral Balance                     486,000,415.87
Ending Actual Collateral Balance at 31-July-2003        485,998,056.92

Monthly P&I Constant                                      1,314,908.07
Special Servicing Fee                                             0.00
Prepayment Penalties                                              0.00
Realization Loss Amount                                           0.00
Cumulative Realized Loss                                          0.00
Scheduled Principal                                             153.10
Unscheduled Principal                                    11,610,206.30
</TABLE>

                             MISCELLANEOUS REPORTING
<TABLE>
<S>                            <C>
Pro Rata Senior Percent         95.476284%
Senior Percent                 100.000000%
Senior Prepay Percent          100.000000%
Subordinate Percent              0.000000%
Subordinate Prepay Percent       0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                   ONE MONTH LIBOR   SIX MONTH LIBOR         TOTAL
<S>                               <C>               <C>               <C>
Collateral Description                   Monthly        6 Month Arm   Mixed Fixed & Arm
Weighted Average Coupon Rate            3.097122           3.186025            3.170562
Weighted Average Net Rate               2.722121           2.810426            2.795068
Pass-Through Rate                       2.712122           2.800426            2.785068
Weighted Average Maturity                    305                306                 345
Record Date                           07/31/2003         07/31/2003          07/31/2003
Principal and Interest Constant       223,523.05       1,091,385.02        1,314,908.07
Beginning Loan Count                         218              1,156               1,374
Loans Paid in Full                             2                 23                  25
Ending Loan Count                            216              1,133               1,349
Beginning Scheduled Balance        86,546,216.97     411,064,558.30      497,610,775.27
Ending Scheduled Balance           85,381,307.93     400,619,107.94      486,000,415.87
Scheduled Principal                       152.92               0.18              153.10
Unscheduled Principal               1,164,756.12      10,445,450.18       11,610,206.30
Scheduled Interest                    223,370.13       1,091,384.84        1,314,754.97
Servicing Fee                          27,045.70         128,662.69          155,708.39
Master Servicing Fee                      721.23           3,425.54            4,146.77
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                          195,603.20         959,296.61        1,154,899.81
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>