<PAGE>

                                  EXHIBIT 10.1

CONTACTS

          Administrator:             Kumar X. Khambhaita
          Direct Phone No:           (714) 247-6327
          Address:                   Deutsche Bank
                                     1761 E. St. Andrew Place
                                     Santa Ana, CA 92705

          Web Site:                  http://www-apps.gis.deutsche-bank.com/invr
          Factor Information:        (800) 735-7777
          Main Phone No:             (714) 247-6000

ISSUANCE INFORMATION

<TABLE>
<S>                     <C>                                 <C>                        <C>
Seller:                 Redwood Trust                       Cut-Off Date:              April 1, 2002
Certificate Insurer:                                        Closing Date:              April 26, 2002
Servicer(s):            Cendant Mortgage Corporation        First Payment Date:        May 20, 2002
                        Morgan Stanley Dean Witter

Underwriter(s):         Greenwich Capital Markets, Inc.     Distribution Date:         August 19, 2003
                        Bear, Stearns & Co. Inc.            Record Date:               August 18, 2003
                                                                                       July 31, 2003
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
              BOND PAYMENT REPORT FOR AUGUST 19, 2003 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
-------------------------------------------------------------------------------------------------------------------------
                                   Prior                                                                      Current
        Class     Original       Principal                                  Total      Realized  Deferred    Principal
Class    Type    Face Value       Balance       Interest    Principal    Distribution   Losses   Interest     Balance
------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------
                                                                                                            (7)=(1)-(3)-
                                    (1)           (2)          (3)        (4)=(2)+(3)     (5)       (6)        (5)+(6)
------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------
<S>     <C>    <C>             <C>             <C>         <C>           <C>           <C>       <C>       <C>
 LT-A          496,378,000.00  429,818,661.37  933,797.10  6,201,983.85  7,135,780.95      -         -     423,616,677.52
 LT-A2                 100.00               -           -             -             -      -         -                  -
 LT-X                  100.00               -           -             -             -      -         -                  -
LT-B-1           5,915,000.00    5,915,000.00   12,850.56             -     12,850.56      -         -       5,915,000.00
LT-B-2           5,143,000.00    5,143,000.00   11,173.36             -     11,173.36      -         -       5,143,000.00
------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------
LT-B-3           2,315,000.00    2,315,000.00    5,029.42             -      5,029.42      -         -       2,315,000.00
LT-B-4           1,534,000.00    1,534,000.00    3,332.67             -      3,332.67      -         -       1,534,000.00
LT-B-5           1,028,000.00    1,028,000.00    2,233.37             -      2,233.37      -         -       1,028,000.00
LT-B-6           2,068,996.83    2,068,996.83    4,494.97             -      4,494.97      -         -       2,068,996.83
 LT-R                       -               -           -             -             -      -         -                  -
------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------

------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------
 Total         514,382,196.83  447,822,658.20  972,911.45  6,201,983.85  7,174,895.30      -         -     441,620,674.35
------  -----  --------------  --------------  ----------  ------------  ------------  --------  --------  --------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail             Current Period Factor Information per $1,000 of Original Face
-------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal      Prior                                          Current
         Period   Period                   (with Notional)    Principal                            Total      Principal
Class   Starting  Ending   Method   Cusip      Balance         Balance    Interest  Principal  Distribution    Balance
------  --------  ------  --------  -----  ---------------  ------------  --------  ---------  ------------  ------------
                                                                 (1)        (2)        (3)     (4)=(2)+(3)       (5)
------  --------  ------  --------  -----  ---------------  ------------  --------  ---------  ------------  ------------
<S>     <C>       <C>     <C>       <C>    <C>              <C>           <C>       <C>        <C>           <C>
 LT-A                     A-30/360          496,378,000.00    865.909975  1.881222  12.494478    14.375699     853.415497
LT-A2                     A-30/360                  100.00             -         -      -                -              -
 LT-X                     A-30/360                  100.00             -         -      -                -              -
LT-B-1                    A-30/360            5,915,000.00  1,000.000000  2.172538      -         2.172538   1,000.000000
LT-B-2                    A-30/360            5,143,000.00  1,000.000000  2.172537      -         2.172537   1,000.000000
------  --------  ------  --------  -----  ---------------  ------------  --------  ---------  ------------  ------------
LT-B-3                    A-30/360            2,315,000.00  1,000.000000  2.172536      -         2.172536   1,000.000000
LT-B-4                    A-30/360            1,534,000.00  1,000.000000  2.172536      -         2.172536   1,000.000000
LT-B-5                    A-30/360            1,028,000.00  1,000.000000  2.172539      -         2.172539   1,000.000000
LT-B-6                    A-30/360            2,068,996.83  1,000.000000  2.172536      -         2.172536   1,000.000000
 LT-R                     A-30/360                       -             -         -      -                -              -
------  --------  ------  --------  -----  ---------------  ------------  --------  ---------  ------------  ------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
           Original                     Unscheduled   Scheduled      Total          Total      Realized  Deferred     Principal
Class     Face Value       Interest      Principal    Principal    Principal    Distribution    Losses   Interest      Balance
------  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
                                                                                                                    (9)=(1)-(5)-
             (1)             (2)            (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)      (8)         (7)+(8)
------  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
<S>     <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>       <C>
 LT-A   496,378,000.00  18,870,187.94  72,761,322.48      -      72,761,322.48  91,631,510.42      -         -     423,616,677.52
 LT-A2          100.00           0.27         100.00      -             100.00         100.27      -         -                  -
 LT-X           100.00              -         100.00      -             100.00         100.00      -         -                  -
LT-B-1    5,915,000.00     239,954.73              -      -                  -     239,954.73      -         -       5,915,000.00
LT-B-2    5,143,000.00     208,636.89              -      -                  -     208,636.89      -         -       5,143,000.00
LT-B-3    2,315,000.00      93,912.97              -      -                  -      93,912.97      -         -       2,315,000.00
LT-B-4    1,534,000.00      62,229.99              -      -                  -      62,229.99      -         -       1,534,000.00
LT-B-5    1,028,000.00      41,703.05              -      -                  -      41,703.05      -         -       1,028,000.00
LT-B-6    2,068,996.83      83,933.33              -      -                  -      83,933.33      -         -       2,068,996.83
 LT-R                -              -              -      -                  -              -      -         -                  -
------  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
Total   514,382,196.83  19,600,559.17  72,761,522.48      -      72,761,522.48  92,362,081.65      -         -     441,620,674.35
------  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
----------------------------------------------------------------------------------------------------------------------
         Pass-    Prior Principal                  Non-      Prior    Unscheduled               Paid or      Current
        Through   (with Notional)   Accrued     Supported    Unpaid    Interest     Optimal     Deferred     Unpaid
 Class   Rate         Balance       Interest   Interest SF  Interest  Adjustments   Interest    Interest    Interest
------  -------   ---------------  ----------  -----------  --------  -----------  ----------  ----------  -----------
                                                                                    (5)=(1)-
                                      (1)          (2)        (3)         (4)     (2)+(3)+(4)     (6)      (7)=(5)-(6)
------  -------   ---------------  ----------  -----------  --------  -----------  ----------  ----------  -----------
<S>     <C>       <C>              <C>         <C>          <C>       <C>          <C>         <C>         <C>
 LT-A   2.60704%  429,818,661.37   933,797.10      -           -           -       933,797.10  933,797.10        -
 LT-A2  2.60704%               -            -      -           -           -                -           -        -
 LT-X                          -            -      -           -           -                -           -        -
LT-B-1  2.60704%    5,915,000.00    12,850.56      -           -           -        12,850.56   12,850.56        -
LT-B-2  2.60704%    5,143,000.00    11,173.36      -           -           -        11,173.36   11,173.36        -
------  -------   ---------------  ----------  -----------  --------  -----------  ----------  ----------  -----------
LT-B-3  2.60704%    2,315,000.00     5,029.42      -           -           -         5,029.42    5,029.42        -
LT-B-4  2.60704%    1,534,000.00     3,332.67      -           -           -         3,332.67    3,332.67        -
LT-B-5  2.60704%    1,028,000.00     2,233.37      -           -           -         2,233.37    2,233.37        -
LT-B-6  2.60704%    2,068,996.83     4,494.97      -           -           -         4,494.97    4,494.97        -
 LT-R                          -            -      -           -           -                -           -        -
------  -------   ---------------  ----------  -----------  --------  -----------  ----------  ----------  -----------
 Total            447,822,658.20   972,911.45      -           -           -       972,911.45  972,911.45        -
------  -------   ---------------  ----------  -----------  --------  -----------  ----------  ----------  -----------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
-------------------------------------------------------------------------------------------------------------------------
                                   Prior                                                                       Current
       Class     Original        Principal                                  Total      Realized  Deferred     Principal
Class   Type    Face Value        Balance      Interest    Principal    Distribution    Losses   Interest      Balance
-----  -----  --------------  --------------  ----------  ------------  -------------  --------  --------  --------------
                                                                                                           (7)=(1)-(3)-
                                   (1)           (2)           (3)       (4)=(2)+(3)      (5)       (6)       (5)+(6)
-----  -----  --------------  --------------  ----------  ------------  -------------  --------  --------  --------------
<S>    <C>    <C>             <C>             <C>         <C>           <C>            <C>       <C>       <C>
  A     FLT   496,378,000.00  429,818,661.37  508,618.75  6,201,983.85  6,710,602.60       -         -     423,616,677.52
  X     CSTR          100.00               -  434,178.82             -    434,178.82       -         -                  -
 A-R     R            100.00               -           -             -             -       -         -                  -
 B-1    SUB     5,915,000.00    5,915,000.00    8,872.50             -      8,872.50       -         -       5,915,000.00
 B-2    SUB     5,143,000.00    5,143,000.00    7,714.50             -      7,714.50       -         -       5,143,000.00
-----  -----  --------------  --------------  ----------  ------------  -------------  --------  --------  --------------
 B-3    SUB     2,315,000.00    2,315,000.00    3,472.50             -      3,472.50       -         -       2,315,000.00
 B-4    SUB     1,534,000.00    1,534,000.00    3,332.67             -      3,332.67       -         -       1,534,000.00
 B-5    SUB     1,028,000.00    1,028,000.00    2,233.37             -      2,233.37       -         -       1,028,000.00
 B-6    SUB     2,068,996.00    2,068,996.00    4,494.98             -      4,494.98       -         -       2,068,996.00
-----  -----  --------------  --------------  ----------  ------------  -------------  --------  --------  --------------
Total         514,382,196.00  447,822,657.37  972,918.09  6,201,983.85  7,174,901.94       -         -     441,620,673.52
-----  -----  --------------  --------------  ----------  ------------  -------------  --------  --------  --------------
</TABLE>

Definitive Bond Record Date: 7/31/03

<TABLE>
<CAPTION>
Interest Accrual Detail          Current Period Factor Information per $1,000 of Original Face
--------------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal    Prior                                                   Current
       Period   Period                     (with Notional)  Principal                                    Total       Principal
Class Starting  Ending   Method    Cusip       Balance       Balance        Interest     Principal   Distribution     Balance
----- -------- -------- -------- --------- --------------- ------------ ---------------- --------- ---------------- ------------
                                                               (1)            (2)           (3)       (4)=(2)+(3)        (5)
----- -------- -------- -------- --------- --------------- ------------ ---------------- --------- ---------------- ------------
<S>   <C>      <C>      <C>      <C>       <C>             <C>          <C>              <C>       <C>              <C>
  A   07/21/03 08/18/03 A-30/360 81743XAA7 496,378,000.00    865.909975         1.024660 12.494478        13.519138   853.415497
  X                     A-30/360 SQ0201UPX         100.00             - 4,341,788.200000         - 4,341,788.200000            -
 A-R                    A-30/360 81743XAC3         100.00             -                -         -                -            -
 B-1  07/21/03 08/18/03 A-30/360 81743XAB5   5,915,000.00  1,000.000000         1.500000         -         1.500000 1,000.000000
 B-2  07/21/03 08/18/03 A-30/360 81743XAD1   5,143,000.00  1,000.000000         1.500000         -         1.500000 1,000.000000
----- -------- -------- -------- --------- --------------- ------------ ---------------- --------- ---------------- ------------
 B-3  07/21/03 08/18/03 A-30/360 81743XAE9   2,315,000.00  1,000.000000         1.500000         -         1.500000 1,000.000000
 B-4                    A-30/360 SQ0201UB4   1,534,000.00  1,000.000000         2.172536         -         2.172536 1,000.000000
 B-5                    A-30/360 SQ0201UB5   1,028,000.00  1,000.000000         2.172539         -         2.172539 1,000.000000
 B-6                    A-30/360 SQ0201UB6   2,068,996.00  1,000.000000         2.172542         -         2.172542 1,000.000000
----- -------- -------- -------- --------- --------------- ------------ ---------------- --------- ---------------- ------------
</TABLE>

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
--------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      Current
          Original                     Unscheduled   Scheduled      Total         Total       Realized  Deferred     Principal
Class    Face Value       Interest      Principal    Principal    Principal    Distribution    Losses   Interest      Balance
-----  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
                                                                                                                    (9)=(1)-(5)-
            (1)             (2)            (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)       (8)        (7)+(8)
-----  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
<S>    <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>       <C>
  A    496,378,000.00  11,279,251.48  72,761,322.48      -      72,761,322.48  84,040,573.96      -         -     423,616,677.52
  X            100.00   7,742,983.41         100.00      -             100.00   7,743,083.41      -         -                  -
 A-R           100.00           0.27         100.00      -             100.00         100.27      -         -                  -
 B-1     5,915,000.00     172,758.88              -      -                  -     172,758.88      -         -       5,915,000.00
 B-2     5,143,000.00     150,211.17              -      -                  -     150,211.17      -         -       5,143,000.00
 B-3     2,315,000.00      67,613.99              -      -                  -      67,613.99      -         -       2,315,000.00
 B-4     1,534,000.00      62,229.99              -      -                  -      62,229.99      -         -       1,534,000.00
 B-5     1,028,000.00      41,703.05              -      -                  -      41,703.05      -         -       1,028,000.00
 B-6     2,068,996.00      83,933.30              -      -                  -      83,933.30      -         -       2,068,996.00
-----  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
Total  514,382,196.00  19,600,685.54  72,761,522.48      -      72,761,522.48  92,362,208.02      -         -     441,620,673.52
-----  --------------  -------------  -------------  ---------  -------------  -------------  --------  --------  --------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------
        Pass-    Prior Principal                  Non-      Prior    Unscheduled                 Paid or      Current
       Through   (with Notional)    Accrued    Supported    Unpaid     Interest     Optimal      Deferred     Unpaid
Class   Rate         Balance       Interest   Interest SF  Interest  Adjustments   Interest      Interest    Interest
-----  -------   ---------------  ----------  -----------  --------  -----------  ------------  ----------  -----------
                                                                                   (5)=(1)-
                                     (1)          (2)         (3)        (4)       (2)+(3)+(4)     (6)      (7)=(5)-(6)
-----  -------   ---------------  ----------  -----------  --------  -----------  ------------  ----------  -----------
<S>    <C>       <C>              <C>         <C>          <C>       <C>          <C>           <C>         <C>
  A    1.42000%   429,818,661.37  508,618.75       -           -          -       508,618.75    508,618.75       -
  X    1.17558%                -  434,178.82       -           -          -       434,178.82    434,178.82       -
 A-R   2.60704%                -           -       -           -          -                -             -       -
 B-1   1.80000%     5,915,000.00    8,872.50       -           -          -         8,872.50      8,872.50       -
 B-2   1.80000%     5,143,000.00    7,714.50       -           -          -         7,714.50      7,714.50       -
-----  -------   ---------------  ----------  -----------  --------  -----------  ------------  ----------  -----------
 B-3   1.80000%     2,315,000.00    3,472.50       -           -          -         3,472.50      3,472.50       -
 B-4   2.60704%     1,534,000.00    3,332.67       -           -          -         3,332.67      3,332.67       -
 B-5   2.60704%     1,028,000.00    2,233.37       -           -          -         2,233.37      2,233.37       -
 B-6   2.60704%     2,068,996.00    4,494.98       -           -          -         4,494.98      4,494.98       -
-----  -------   ---------------  ----------  -----------  --------  -----------  ------------  ----------  -----------
Total             447,822,657.37  972,918.09       -           -          -       972,918.09    972,918.09       -
-----  -------   ---------------  ----------  -----------  --------  -----------  ------------  ----------  -----------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                       TOTAL
-------                                                       -----
<S>                                                       <C>
Principal Collections                                     6,201,983.85
Principal Withdrawals                                             0.00
Principal Other Accounts                                          0.00
TOTAL PRINCIPAL                                           6,201,983.85

Interest Collected                                          996,124.40
Interest Withdrawals                                              0.00
Interest Other Accounts                                           6.63
Fees                                                        (23,212.94)
TOTAL INTEREST                                              972,918.09

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                     7,174,901.94
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                       TOTAL
-----------------------                                       -----
<S>                                                       <C>
Scheduled Principal                                               0.00
Curtailments                                                590,805.54
Prepayments In Full                                       5,611,178.31
Repurchased Principal Amounts                                     0.00
Substitution Principal Amount                                     0.00
Liquidations                                                      0.00
Insurance Principal                                               0.00
Other Principal                                                   0.00
Total Realized Loss Of Principal                                  0.00

TOTAL PRINCIPAL COLLECTED                                 6,201,983.85
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                      TOTAL
-----------------------                                      -----
<S>                                                          <C>
                      SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                                    TOTAL
--------------------------                                    -----
<S>                                                           <C>
Amounts remaining in Pre-Funding Account                      0.00
</TABLE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                        TOTAL
----------------------                                        -----
<S>                                                       <C>
Scheduled Interest                                        1,114,907.73
Repurchased Interest                                              0.00
Substitution Interest Amount                                      0.00
Liquidation Interest                                              0.00
Insurance Interest                                                0.00
Other Interest                                                    0.00

Delinquent Interest                                        (943,147.54)
Interest Advanced                                           824,364.21
Prepayment Interest Shortfalls                               (4,105.44)
Compensating Interest                                         4,105.44
Civil Relief Act Shortfalls                                       0.00

TOTAL INTEREST COLLECTED                                    996,124.40
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                        TOTAL
----------------------                                        -----
<S>                                                           <C>
Current Nonrecoverable Advances                               0.00

TOTAL INTEREST WITHDRAWALS                                    0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                                      TOTAL
-------------------------                                      -----
<S>                                                            <C>
Basis Risk Shortfall                                           0.00
Basis Risk Reserve Fund Interest Earnings                      6.63

TOTAL INTEREST OTHER ACCOUNTS                                  6.63
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                TOTAL
---------------                                                -----
<S>                                                          <C>
Current Servicing Fees                                       21,720.20
Trustee Fee                                                   1,492.74

TOTAL FEES                                                   23,212.94
</TABLE>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
ACCOUNTS                                                       TOTAL
--------                                                       -----
<S>                                                          <C>
BASIS RISK RESERVE FUND

Beginning Balance                                            10,000.00
Basis Risk Deposit                                                0.00
Basis Risk Shortfall paid                                         0.00
Investment Earnings distributed to the Class X Bondholder         6.63
Ending Balance                                               10,000.00
</TABLE>

<TABLE>
<CAPTION>
INSURANCE                                                     TOTAL
---------                                                     -----
<S>                                                           <C>
                         SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                            TOTAL
-------------------                                            -----
<S>                                                         <C>
Pro Rata Senior Percentage                                   95.979659%
Senior Percentage                                           100.000000%
Subordinate Percentage                                        0.000000%
Senior Prepayment Percentage                                100.000000%
Subordinate Percentage                                        0.000000%
</TABLE>
<PAGE>

                                COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                            TOTAL
-------------------------------------------------------------------------------
<S>                                                              <C>
               Loan Count:
ORIGINAL                                                                   1254
Prior                                                                     1,105
Prefunding                                                                    -
Scheduled Paid Offs                                                           -
Full Voluntary Prepayments                                                  (19)
Repurchases                                                                   -
Liquidations                                                                  -
-------------------------------------------------------------------------------
Current                                                                   1,086

PRINCIPAL BALANCE:
Original                                                         514,382,196.83
Prior                                                            447,822,658.20
Prefunding                                                                    -
Scheduled Principal                                                           -
Partial and Full Voluntary Prepayments                            (6,201,983.85)
Repurchases                                                                   -
Liquidations                                                                  -
-------------------------------------------------------------------------------
Current                                                          441,620,674.35
-------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                               TOTAL
-------------------------------------------------------------------------------
<S>                                                      <C>
                SPACE INTENTIONALLY LEFT BLANK
-------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                         TOTAL
-------------------------------------------------------------------------------
<S>                                                                    <C>
Weighted Average Coupon Original                                       3.667751%
Weighted Average Coupon Prior                                          3.004127%
Weighted Average Coupon Current                                        2.987543%
-------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                                297
Weighted Average Months to Maturity Prior                                   283
Weighted Average Months to Maturity Current                                 282
-------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                           296
Weighted Avg Remaining Amortization Term Prior                              282
Weighted Avg Remaining Amortization Term Current                            281
-------------------------------------------------------------------------------
Weighted Average Seasoning Original                                        3.66
Weighted Average Seasoning Prior                                          17.62
Weighted Average Seasoning Current                                        18.63
-------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                      TOTAL
-------------------------------------------------------------------------------
<S>                                                                      <C>
Weighted Average Margin Original                                          1.652%
Weighted Average Margin Prior                                             1.643%
Weighted Average Margin Current                                           1.643%
-------------------------------------------------------------------------------
Weighted Average Max Rate Original                                       12.000%
Weighted Average Max Rate Prior                                          12.000%
Weighted Average Max Rate Current                                        12.000%
-------------------------------------------------------------------------------
Weighted Average Min Rate Original                                        1.652%
Weighted Average Min Rate Prior                                           1.643%
Weighted Average Min Rate Current                                         1.643%
-------------------------------------------------------------------------------
Weighted Average Cap Up Original                                          0.000%
Weighted Average Cap Up Prior                                             0.000%
Weighted Average Cap Up Current                                           0.000%
-------------------------------------------------------------------------------
Weighted Average Cap Down Original                                        0.000%
Weighted Average Cap Down Prior                                           0.000%
Weighted Average Cap Down Current                                         0.000%
-------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                              TOTAL
--------------------------------------------------------------------------------
<S>                                                                  <C>
Current Servicing Fees                                                 21,720.20
Delinquent Servicing Fees                                             118,783.33
TOTAL SERVICING FEES                                                  140,503.53

Total Servicing Fees                                                  140,503.53
Compensating Interest                                                  (4,105.44)
Delinquent Servicing Fees                                            (118,783.33)
COLLECTED SERVICING FEES                                               17,614.76

Prepayment Interest Shortfall                                           4,105.44

Total Advanced Interest                                               824,364.21

Current Nonrecoverable Advances                                             0.00
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                      TOTAL
--------------------------------------------------------------------------------
<S>                                                                 <C>
Mortgage Loans which adjust based on One-Month LIBOR                        0.00
Mortgage Loans which adjust based on Six-Month LIBOR                        0.00

Special Hazard Loss Coverage Amount                                 5,800,000.00
Current Special Hazard Losses                                               0.00
Cumulative Special Hazard Losses                                            0.00
Bankruptcy Loss Coverage Amount                                       100,000.00
Current Bankruptcy Losses                                                   0.00
Cumulative Bankruptcy Losses                                                0.00
Fraud Loss Coverage Amount                                          9,267,516.97
Current Fraud Losses                                                        0.00
Cumulative Fraud Losses                                                     0.00
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                          <1 PAYMENT   1 PAYMENT   2 PAYMENTS    3+PAYMENTS   TOTAL
-----------------------------------------------------------------------------------
<S>           <C>         <C>          <C>         <C>          <C>           <C>
DELINQUENT    Balance                       -           -             -          -
              % Balance                  0.00%       0.00%         0.00%      0.00%
              # Loans                       -           -             -          -
              % # Loans                  0.00%       0.00%         0.00%      0.00%
----------------------------------------------------------------------------------
FORECLOSURE   Balance          -            -           -             -          -
              % Balance     0.00%        0.00%       0.00%         0.00%      0.00%
              # Loans          -            -           -             -          -
              % # Loans     0.00%        0.00%       0.00%         0.00%      0.00%
----------------------------------------------------------------------------------
BANKRUPTCY    Balance          -            -           -             -          -
              % Balance     0.00%        0.00%       0.00%         0.00%      0.00%
              # Loans          -            -           -             -          -
              % # Loans     0.00%        0.00%       0.00%         0.00%      0.00%
----------------------------------------------------------------------------------
REO           Balance          -            -           -             -          -
              % Balance     0.00%        0.00%       0.00%         0.00%      0.00%
              # Loans          -            -           -             -          -
              % # Loans     0.00%        0.00%       0.00%         0.00%      0.00%
----------------------------------------------------------------------------------
TOTAL         Balance          -            -           -             -          -
              % Balance     0.00%        0.00%       0.00%         0.00%      0.00%
              # Loans          -            -           -             -          -
              % # Loans     0.00%        0.00%       0.00%         0.00%      0.00%
----------------------------------------------------------------------------------
</TABLE>

Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+
Payments = 90+

<PAGE>

     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                 LOAN GROUP
----------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Total Loan Count = 0                                    Loan Group 1 = MSDW Group; REO Book Value = 000.00
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00
----------------------------------------------------------------------------------------------------------
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Loan Number    Original     Stated              Current     State &
     &        Principal   Principal   Paid to     Note       LTV at     Original   Origination
 Loan Group    Balance     Balance     Date      Rate     Origination     Term        Date
----------------------------------------------------------------------------------------------
<S>           <C>         <C>         <C>       <C>       <C>           <C>        <C>
                                 SPACE INTENTIONALLY LEFT BLANK
----------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

   FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING CURRENT
                                  DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                 LOAN GROUP
---------------------------------------------------------------------------------
<S>                                                     <C>
Total Loan Count = 0                                    Loan Group 1 = MSDW Group
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
---------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
Loan Number    Original     Stated              Current     State &
     &        Principal   Principal   Paid to     Note       LTV at     Original   Origination
 Loan Group    Balance     Balance     Date      Rate     Origination     Term        Date
----------------------------------------------------------------------------------------------
<S>           <C>         <C>         <C>       <C>       <C>           <C>        <C>
                             SPACE INTENTIONALLY LEFT BLANK
----------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                                  TOTAL
--------------------------------------------------------------------------------
<S>                                                                <C>
CURRENT
Number of Paid in Full Loans                                                  19
Number of Repurchased Loans                                                    -
--------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                         19

Paid in Full Balance                                                5,611,178.31
Repurchased Loans Balance                                                      -
Curtailments Amount                                                   590,805.54
--------------------------------------------------------------------------------
Total Prepayment Amount                                             6,201,983.85

CUMULATIVE
Number of Paid in Full Loans                                                 168
Number of Repurchased Loans                                                    -
--------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                        168

Paid in Full Balance                                               62,513,739.45
Repurchased Loans Balance                                                      -
Curtailments Amount                                                10,247,783.03
--------------------------------------------------------------------------------
Total Prepayment Amount                                            72,761,522.48
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                         TOTAL
------------------------------------------------------------------------
<S>                                                               <C>
SMM                                                                 1.38%
3 Months Avg SMM                                                    1.09%
12 Months Avg SMM                                                   0.97%
Avg SMM Since Cut-off                                               0.95%

CPR                                                                15.41%
3 Months Avg CPR                                                   12.30%
12 Months Avg CPR                                                  11.05%
Avg CPR Since Cut-off                                              10.81%

PSA                                                               413.58%
3 Months Avg PSA Approximation                                    348.97%
12 Months Avg PSA Approximation                                   420.78%
Avg PSA Since Cut-off Approximation                               485.16%
------------------------------------------------------------------------
</TABLE>

PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
Repurchases)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM) to the power of 12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) *
(1-SMMn+1) *.......*(1-SMMm)] to the power of (1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m) to the power of 12)

Average PSA Approximation over period between the nth month and mth month:
AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of
months in the period n,m)

Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include partial
      and full voluntary prepayments and repurchases.
      Dates correspond to distribution dates.

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                      LOAN GROUP
--------------------------------------------------------------------------------------
<S>                                                          <C>
Total Loan Count = 19                                        Loan Group 1 = MSDW Group
Total Original Principal Balance = 5,660,834.17
Total Prepayment Amount = 5,611,178.31
--------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Loan Number             Original                              Current      State &     Type Prepayment
     &         Loan    Principal    Prepayment   Prepayment    Note        LTV at             &          Origination
Loan Group    Status    Balance       Amount        Date       Rate     Origination     Original Term       Date
--------------------------------------------------------------------------------------------------------------------
<S>           <C>      <C>          <C>          <C>          <C>       <C>            <C>               <C>
390442265 1            481,034.16   478,031.33   Jul-31-03     2.875%   CA  -  69.72%  Paid Off  -  300   Oct-19-01
390443556 1            278,200.00   278,200.00   Jul-24-03     3.125%   CA  -  79.94%  Paid Off  -  300   Nov-08-01
390443787 1            194,900.00   186,400.00   Jul-25-03     3.000%   CA  -  24.36%  Paid Off  -  300   Dec-11-01
390444296 1            530,000.00   530,000.00   Jul-30-03     3.000%   CO  -  55.79%  Paid Off  -  300   Jan-09-02
390444930 1            530,000.00   530,000.00   Jul-10-03     2.875%   MN  -  57.92%  Paid Off  -  300   Dec-20-01
390444979 1            234,000.00   234,000.00   Jul-31-03     3.000%   WA  -  70.91%  Paid Off  -  300   Dec-14-01
390445632 1            583,900.00   573,823.00   Jul-28-03     2.875%   IL  -  80.00%  Paid Off  -  300   Jan-08-02
390445962 1            296,000.00   296,000.00   Jul-17-03     3.000%   PA  -  80.00%  Paid Off  -  300   Feb-07-02
390446076 1            103,000.00   103,000.00   Jul-17-03     3.000%   IN  -  57.22%  Paid Off  -  300   Jan-24-02
390446834 1            452,000.00   442,154.63   Jul-30-03     3.000%   MO  -  78.61%  Paid Off  -  300   Jan-22-02
390446836 1            149,600.00   149,600.00   Jul-25-03     3.000%   NJ  -  80.00%  Paid Off  -  300   Jan-25-02
390446910 1            339,750.00   339,652.67   Jul-28-03     3.500%   MD  -  79.57%  Paid Off  -  300   Feb-14-02
390447533 1            246,000.01   246,000.00   Jul-21-03     3.000%   CA  -  39.36%  Paid Off  -  300   Feb-22-02
390447700 1            350,000.00   349,936.49   Jul-14-03     3.000%   UT  -  79.37%  Paid Off  -  300   Feb-15-02
390447838 1            220,000.00   220,000.00   Jul-23-03     3.000%   GA  -  37.93%  Paid Off  -  300   Feb-23-02
390448037 1            265,000.00   248,200.00   Jul-03-03     3.000%   NC  -  70.48%  Paid Off  -  300   Feb-08-02
390448122 1            156,450.00   155,589.22   Jul-29-03     3.000%   AZ  -  69.26%  Paid Off  -  300   Feb-13-02
390448267 1            143,800.00   143,390.97   Jul-17-03     3.000%   CA  -  99.17%  Paid Off  -  300   Feb-05-02
390448353 1            107,200.00   107,200.00   Jul-30-03     3.000%   MI  -  80.00%  Paid Off  -  300   Jan-31-02
--------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                           TOTAL
--------------------------------------------------------------------------
<S>                                                                  <C>
CURRENT
Number of Loans Liquidated                                             -
Collateral Realized Loss/(Gain) Amount                                 -
Net Liquidation Proceeds                                               -

CUMULATIVE
Number of Loans Liquidated                                             -
Collateral Realized Loss/(Gain) Amount                                 -
Net Liquidation Proceeds                                               -
--------------------------------------------------------------------------
</TABLE>

Note: Collateral Realized Loss Amount may include adjustments to loans
      liquidated in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<TABLE>
<CAPTION>
DEFAULT SPEEDS                                                              TOTAL
<S>                                                                         <C>
MDR                                                                         0.00%
3 Months Avg MDR                                                            0.00%
12 Months Avg MDR                                                           0.00%
Avg MDR Since Cut-off                                                       0.00%

CDR                                                                         0.00%
3 Months Avg CDR                                                            0.00%
12 Months Avg CDR                                                           0.00%
Avg CDR Since Cut-off                                                       0.00%

SDA                                                                         0.00%
3 Months Avg SDA Approximation                                              0.00%
12 Months Avg SDA Approximation                                             0.00%
Avg SDA Since Cut-off Approximation                                         0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
</TABLE>

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY

Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total
Beg Principal Balance)

Conditional Default Rate (CDR): 1-((1-MDR) to the power of 12)

SDA Standard Default Assumption:
CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) *
(1-MDRn+1) *.......*(1-MDRm)] to the power of (1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m) to the power of 12)

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period
n,m)

Loss Severity Approximation for current period: sum(Realized Loss
Amount)/sum(Beg Principal Balance of Liquidated Loans)

Average Loss Severity Approximation over period between nth month and mth month:
Avg(Loss Severityn,m)

Note:    Default rates are calculated since deal issue date and include realized
         gains and additional realized losses and gains from prior periods.
         Dates correspond to distribution dates.

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                  LOAN GROUP
----------------------------------------------------------------------------------
<S>                                                      <C>
Total Loan Count = 0                                     Loan Group 1 = MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
----------------------------------------------------------------------------------
</TABLE>

Note: Total Realized Loss Amount may include adjustments to loans liquidated in
      prior periods.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
Loan Number             Original      Prior                   Current     State &
    &          Loan     Principal   Principal    Realized      Note        LTV at     Original   Origination
Loan Group    Status     Balance     Balance    Loss/(Gain)    Rate     Origination     Term        Date
------------------------------------------------------------------------------------------------------------
<S>          <C>        <C>         <C>         <C>           <C>       <C>           <C>        <C>
                                 SPACE INTENTIONALLY LEFT BLANK
------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

<TABLE>
<CAPTION>
TRIGGER EVENTS                                                             TOTAL
--------------------------------------------------------------------------------
<S>                                                                        <C>
                         SPACE INTENTIONALLY LEFT BLANK
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                    TOTAL
--------------------------------------------------------------------------------
<S>                                                                        <C>
                         SPACE INTENTIONALLY LEFT BLANK
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL                                                      TOTAL
--------------------------------------------------------------------------------
<S>                                                                        <C>
Basic Risk Shortfall                                                        0.00
Class A                                                                     0.00
Class B-1                                                                   0.00
Class B-2                                                                   0.00
Class B-3                                                                   0.00
Unpaid Basic Risk Shortfall                                                 0.00
Class A                                                                     0.00
Class B-1                                                                   0.00
Class B-2                                                                   0.00
Class B-3                                                                   0.00
--------------------------------------------------------------------------------
</TABLE>