<PAGE>
                                  EXHIBIT 10.1

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

                               SMT SERIES 2003-2
                           RECORD DATE: JULY 31, 2003
                       DISTRIBUTION DATE: AUGUST 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                   Certificate                               Beginning
                                      Class        Certificate Pass-        Certificate            Interest           Principal
 Class             CUSIP           Description        Through Rate            Balance            Distribution        Distribution
---------------------------------------------------------------------------------------------------------------------------------
<S>              <C>               <C>             <C>                      <C>                  <C>                 <C>
  A-1            81743PAP1             SEN                  1.43000%        490,327,498.63         584,306.94        2,828,885.56
  A-2            81743PAQ9             SEN                  1.63313%        293,082,521.43         398,868.22        2,283,478.73
  M-1            81743PAR7             SUB                  1.75000%         11,480,000.00          16,741.67                0.00
  M-2            81743PAS5             SUB                  2.53000%          4,920,000.00          10,373.00                0.00
   X             SMT03002X             IO                   0.00000%                  0.00         853,763.39                0.00
   R             SMT03002R             SUB                  0.00000%                  0.00               0.00                0.00
---------------------------------------------------------------------------------------------------------------------------------
Totals                                                                      799,810,020.06       1,864,053.22        5,112,364.29
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
                Current        Ending Certificate            Total            Cumulative
 Class       Realized Loss           Balance              Distribution       Realized Loss
------------------------------------------------------------------------------------------
<S>          <C>               <C>                        <C>                <C>
  A-1                 0.00         487,498,613.07         3,413,192.50                0.00
  A-2                 0.00         290,799,042.70         2,682,346.95                0.00
  M-1                 0.00          11,480,000.00            16,741.67                0.00
  M-2                 0.00           4,920,000.00            10,373.00                0.00
   X                  0.00                   0.00           853,763.39                0.00
   R                  0.00                   0.00                 0.00                0.00
------------------------------------------------------------------------------------------
Totals                0.00         794,697,655.77         6,976,417.51                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-1             500,000,000.00        490,327,498.63              0.00         2,828,885.56          0.00           0.00
    A-2             303,600,000.00        293,082,521.43              0.00         2,283,478.73          0.00           0.00
    M-1              11,480,000.00         11,480,000.00              0.00                 0.00          0.00           0.00
    M-2               4,920,000.00          4,920,000.00              0.00                 0.00          0.00           0.00
     X                        0.00                  0.00              0.00                 0.00          0.00           0.00
     R                        0.00                  0.00              0.00                 0.00          0.00           0.00
----------------------------------------------------------------------------------------------------------------------------
Totals              820,000,000.00        799,810,020.06              0.00         5,112,364.29          0.00           0.00
----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
            Total Principal    Ending Certificate     Ending Certificate        Total Principal
   Class       Reduction            Balance               Percentage             Distribution
-----------------------------------------------------------------------------------------------
<S>         <C>                <C>                    <C>                       <C>
    A-1        2,828,885.56        487,498,613.07             0.97499723           2,828,885.56
    A-2        2,283,478.73        290,799,042.70             0.95783611           2,283,478.73
    M-1                0.00         11,480,000.00             1.00000000                   0.00
    M-2                0.00          4,920,000.00             1.00000000                   0.00
     X                 0.00                  0.00             0.00000000                   0.00
     R                 0.00                  0.00             0.00000000                   0.00
-----------------------------------------------------------------------------------------------
Totals         5,112,364.29        794,697,655.77             0.96914348           5,112,364.29
-----------------------------------------------------------------------------------------------
</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-1        500,000,000.00        980.65499726       0.00000000           5.65777112     0.00000000        0.00000000
  A-2        303,600,000.00        965.35744872       0.00000000           7.52133969     0.00000000        0.00000000
  M-1         11,480,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
  M-2          4,920,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
   X                   0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
   R                   0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
             Total Principal    Ending Certificate     Ending Certificate        Total Principal
 Class          Reduction             Balance              Percentage             Distribution
------------------------------------------------------------------------------------------------
<S>          <C>                <C>                    <C>                       <C>
  A-1             5.65777112          974.99722614             0.97499723             5.65777112
  A-2             7.52133969          957.83610903             0.95783611             7.52133969
  M-1             0.00000000         1000.00000000             1.00000000             0.00000000
  M-2             0.00000000         1000.00000000             1.00000000             0.00000000
   X              0.00000000            0.00000000             0.00000000             0.00000000
   R              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
                                                     Certificate/          Current           Unpaid           Current
              Original Face         Current            Notional            Accrued          Interest          Interest
 Class           Amount         Certificate Rate        Balance            Interest         Shortfall         Shortfall
-----------------------------------------------------------------------------------------------------------------------
<S>           <C>               <C>                  <C>                 <C>               <C>                <C>
  A-1         500,000,000.00            1.43000%     490,327,498.63        584,306.94            0.00             0.00
  A-2         303,600,000.00            1.63313%     293,082,521.43        398,868.22            0.00             0.00
  M-1          11,480,000.00            1.75000%      11,480,000.00         16,741.67            0.00             0.00
  M-2           4,920,000.00            2.53000%       4,920,000.00         10,373.00            0.00             0.00
   X                    0.00            0.00000%     799,810,020.06              0.00            0.00             0.00
   R                    0.00            0.00000%               0.00              0.00            0.00             0.00
-----------------------------------------------------------------------------------------------------------------------
Totals        820,000,000.00                                             1,010,289.83            0.00             0.00
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                 Non-                                            Remaining            Ending
              Supported                                           Unpaid           Certificate/
               Interest       Realized     Total Interest        Interest           Notational
 Class        Shortfall       Loss (4)      Distribution         Shortfall           Balance
------------------------------------------------------------------------------------------------
<S>           <C>             <C>          <C>                   <C>              <C>
  A-1              0.00           0.00         584,306.94             0.00        487,498,613.07
  A-2              0.00           0.00         398,868.22             0.00        290,799,042.70
  M-1              0.00           0.00          16,741.67             0.00         11,480,000.00
  M-2              0.00           0.00          10,373.00             0.00          4,920,000.00
   X               0.00           0.00         853,763.39             0.00        794,697,655.77
   R               0.00           0.00               0.00             0.00                  0.00
------------------------------------------------------------------------------------------------
Totals             0.00           0.00       1,864,053.22             0.00
------------------------------------------------------------------------------------------------
</TABLE>

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

                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                                            Payment of
                                     Current        Beginning                                 Unpaid        Current
                  Original Face    Certificate     Certificate/       Current Accrued        Interest      Interest
Class (5)            Amount           Rate       Notional Balance         Interest           Shortfall     Shortfall
---------------------------------------------------------------------------------------------------------------------
<S>              <C>               <C>           <C>                  <C>                   <C>            <C>
   A-1           500,000,000.00      1.43000%        980.65499726          1.16861388       0.00000000     0.00000000
   A-2           303,600,000.00      1.63313%        965.35744872          1.31379519       0.00000000     0.00000000
   M-1            11,480,000.00      1.75000%       1000.00000000          1.45833362       0.00000000     0.00000000
   M-2             4,920,000.00      2.53000%       1000.00000000          2.10833333       0.00000000     0.00000000
    X                      0.00      0.00000%        975.37807324          0.00000000       0.00000000     0.00000000
    R                      0.00      0.00000%          0.00000000          0.00000000       0.00000000     0.00000000
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
                    Non-                                               Remaining
                 Supported                                              Unpaid
                 Interest           Realized      Total Interest       Interest       Ending Certificate/
Class (5)        Shortfall          Loss (6)       Distribution        Shortfall       Notational Balance
---------------------------------------------------------------------------------------------------------
<S>              <C>               <C>            <C>                  <C>            <C>
   A-1           0.00000000        0.00000000         1.16861388       0.00000000            974.99722614
   A-2           0.00000000        0.00000000         1.31379519       0.00000000            957.83610903
   M-1           0.00000000        0.00000000         1.45833362       0.00000000           1000.00000000
   M-2           0.00000000        0.00000000         2.10833333       0.00000000           1000.00000000
    X            0.00000000        0.00000000         1.04117487       0.00000000            969.14348265
    R            0.00000000        0.00000000         0.00000000       0.00000000              0.00000000
---------------------------------------------------------------------------------------------------------
</TABLE>

(5) Per $1 denomination

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

                              CERTIFICATE ACCOUNT

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

Deposits

           Payments of Interest and Principal                       7,249,330.66
           Liquidations, Insurance Proceeds, Reserve Funds                  0.00
           Proceeds from Repurchased Loans                                  0.00
           Other Amounts (Servicer Advances)                            9,027.67
           Realized Losses                                                  0.00
           Prepayment Penalties                                             0.00
                                                                ----------------
Total Deposits                                                      7,258,358.33

Withdrawals
           Reimbursement for Servicer Advances                         25,344.94
           Payment of Service Fee                                     256,595.89
           Payment of Interest and Principal                        6,976,417.50
                                                                ----------------
Total Withdrawals (Pool Distribution Amount)                        7,258,358.33

Ending Balance                                                              0.00
                                                                ================
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                             <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                ----------------

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                ================
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                             <C>
Gross Servicing Fee                                                   251,918.36
Master Servicing Fee                                                    4,677.53
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                ----------------

Net Servicing Fee                                                     256,595.89
                                                                ================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                        Beginning        Current        Current        Ending
Account Type             Balance       Withdrawals      Deposits       Balance
--------------------------------------------------------------------------------
<S>                     <C>            <C>              <C>           <C>
Reserve Fund            10,000.00         0.00            0.00        10,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                 DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
-----------------------------------------------------------------------------------------------------------------------------------
                    No. of       Principal                       No. of      Principal                     No. of       Principal
                    Loans         Balance                        Loans        Balance                      Loans         Balance
<S>               <C>            <C>           <C>             <C>           <C>          <C>            <C>            <C>
0-29 Days             0                  0.00  0-29 Days           0                0.00  0-29 Days          0                 0.00
30 Days               10         3,660,534.75  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
                  ---------------------------                  -------------------------                 --------------------------
                      10         3,660,534.75                      0                0.00                     0                 0.00

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

0-29 Days         0.000000%      0.000000%     0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days           0.457038%      0.459435%     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%
                  ---------------------------                  -------------------------                 --------------------------
                  0.457038%      0.459435%                     0.000000%     0.000000%                   0.000000%      0.000000%
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                    REO                                         TOTAL
----------------------------------------------------------------------------------------
                    No. of      Principal                     No. of        Principal
                    Loans        Balance                      Loans          Balance
<S>               <C>           <C>          <C>            <C>             <C>
0-29 Days             0                0.00  0-29 Days          0                   0.00
30 Days               0                0.00  30 Days            10          3,660,534.75
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                     10          3,660,534.75

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

0-29 Days         0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
30 Days           0.000000%     0.000000%    30 Days        0.457038%       0.459435%
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%                   0.457038%       0.459435%
</TABLE>

Current Period Class A Insufficient Funds:                                  0.00

Principal Balance of Contaminated Properties                                0.00

Periodic Advance                                                        9,027.67
<PAGE>
                          DELINQUENCY STATUS BY GROUP

                                    GROUP 1

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                 DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
-----------------------------------------------------------------------------------------------------------------------------------
                    No. of        Principal                      No. of      Principal                     No. of       Principal
                     Loans         Balance                       Loans        Balance                      Loans         Balance
<S>                <C>           <C>           <C>             <C>           <C>          <C>            <C>            <C>
0-29 Days              0                 0.00  0-29 Days           0                0.00  0-29 Days          0                 0.00
30 Days                6         1,787,985.98  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
                   --------------------------                  -------------------------                 --------------------------
                       6         1,787,985.98                      0                0.00                     0                 0.00

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

0-29 Days          0.000000%      0.000000%    0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days            0.453858%      0.358486%    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%
                   --------------------------                  -------------------------                 --------------------------
                   0.453858%      0.358486%                    0.000000%     0.000000%                   0.000000%      0.000000%
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                    REO                                         TOTAL
----------------------------------------------------------------------------------------
                    No. of      Principal                     No. of        Principal
                    Loans        Balance                      Loans          Balance
<S>               <C>           <C>          <C>            <C>             <C>
0-29 Days             0                0.00  0-29 Days          0                   0.00
30 Days               0.               0.00  30 Days            6           1,787,985.98
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                     6           1,787,985.98

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

0-29 Days         0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
30 Days           0.000000%     0.000000%    30 Days        0.453858%       0.358486%
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%                   0.453858%       0.358486%
</TABLE>

                                    GROUP 2

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                DELINQUENT                                  BANKRUPTCY                                FORECLOSURE
--------------------------------------------------------------------------------------------------------------------------------
                   No. of       Principal                     No. of       Principal                     No. of      Principal
                   Loans         Balance                      Loans         Balance                      Loans        Balance
<S>              <C>           <C>           <C>            <C>            <C>          <C>            <C>           <C>
0-29 Days            0                 0.00  0-29 Days          0                 0.00  0-29 Days          0                0.00
30 Days              4         1,872,548.77  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
                 --------------------------                 --------------------------                 -------------------------
                     4         1,872,548.77                     0                 0.00                     0                0.00

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

0-29 Days        0.000000%      0.000000%    0-29 Days      0.000000%      0.000000%    0-29 Days      0.000000%     0.000000%
30 Days          0.461894%      0.628399%    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%
                 --------------------------                 --------------------------                 -------------------------
                 0.461894%      0.628399%                   0.000000%      0.000000%                   0.000000%     0.000000%
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                    REO                                         TOTAL
----------------------------------------------------------------------------------------
                    No. of      Principal                     No. of        Principal
                    Loans        Balance                      Loans          Balance
<S>               <C>           <C>          <C>             <C>            <C>
0-29 Days             0                0.00  0-29 Days          0                   0.00
30 Days               0                0.00  30 Days            4           1,872,548.77
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                     4           1,872,548.77

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

0-29 Days         0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
30 Days           0.000000%     0.000000%    30 Days        0.461894%       0.628399%
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%                   0.461894%       0.628399%
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<S>                                                               <C>
Collateral Description                                                 Mixed Arm

Weighted Average Gross Coupon                                          3.173595%
Weighted Average Net Coupon                                            2.796594%
Weighted Average Pass-Through Rate                                     2.789594%
Weighted Average Maturity (Stepdown Calculation)                             329

Beginning Scheduled Collateral Loan Count                                  2,199
Number of Loans Paid in Full                                                  11
Ending Scheduled Collateral Loan Count                                     2,188

Beginning Scheduled Collateral Balance                            801,860,020.06
Ending Scheduled Collateral Balance                               796,747,655.77
Ending Actual Collateral Balance at 31-July-2003                  796,747,713.16

Monthly P&I Constant                                                2,120,649.09
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realized Loss Amount                                                        0.00
Cumulative Realized Loss                                                    0.00

Ending Scheduled Balance for Premium Loans                        796,747,655.77

Scheduled Principal                                                         0.00
Unscheduled Principal                                               5,112,364.29

Required Overcollateralized Amount                                          0.00
Overcollateralized Increase Amount                                          0.00
Overcollateralized Reduction Amount                                         0.00
Specified O/C Amount                                                2,050,000.00
Overcollateralized Amount                                           2,050,000.00
Overcollateralized Deficiency Amount                                        0.00
Base Overcollateralization Amount                                           0.00

Extra Principal Distribution Amount                                         0.00

Excess Cash Amount                                                          0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
M-1 Target Amount                                                 783,202,945.62
M-2 Target Amount                                                 792,763,917.49
Senior Target Amount                                              760,894,011.26

Group 1 - One-Month LIBOR Loans                                   143,434,376.89
Group 1 - Six-Month LIBOR Loans                                   355,326,369.58
Group 2 - Six Month LIBOR Loans                                   297,986,909.30

Applied Loss Amountn                                                           0
</TABLE>

<TABLE>
<CAPTION>
                    GROUP                   1                  2               TOTAL
<S>                                   <C>                <C>               <C>
Collateral Description                  Mixed ARM          6 Month ARM        Mixed ARM
Weighted Average Coupon Rate                3.153953           3.206406          3.173595
Weighted Average Net Rate                   2.777199           2.828993          2.796594
Pass-Through Rate                           2.770199           2.821993          2.789594
Weighted Average Maturity                        323                336               329
Record Date                               07/31/2003          7/31/2003        07/31/2003
Principal and Interest Constant         1,318,325.06         802,324.03      2,120,649.90
Beginning Loan Count                           1,328                871             2,199
Loans Paid in Full                                 6                  5                11
Ending Loan Count                              1,322                866             2,188
Beginning Scheduled Balance           501,589,632.03     300,270,388.03    801,860,020.06
Ending Scheduled Balance              498,760,746.47     297,986,909.30    796,747,655.77
Scheduled Principal                             0.00               0.00              0.00
Unscheduled Principal                   2,828,885.56       2,283,478.73      5,112,364.29
Scheduled Interest                      1,318,325.06         802,324.03      2,120,649.09
Servicing Fee                             157,479.99          94,438.37        251,918.36
Master Servicing Fee                        2,925.94           1,751.59          4,677.53
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                            1,157,919.13         706,134.07      1,864,053.20
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>