<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: AUGUST 29, 2003
                      DISTRIBUTION DATE: SEPTEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                                                                            Beginning
                               Certificate Class     Certificate           Certificate           Interest          Principal
 Class           CUSIP            Description      Pass-Through Rate         Balance           Distribution       Distribution
--------   -----------------   -----------------   -----------------    -----------------   -----------------   -----------------
<S>        <C>                 <C>                 <C>                  <C>                 <C>                 <C>
  A-1              81743PAP1                 SEN             1.44000%      487,498,613.07          584,998.34        8,954,872.63
  A-2              81743PAQ9                 SEN             1.63313%      290,799,042.70          395,760.53        4,172,625.16
  M-1              81743PAR7                 SUB             1.76000%       11,480,000.00           16,837.33                0.00
  M-2              81743PAS5                 SUB             2.54000%        4,920,000.00           10,414.00                0.00
   X               SMT03002X                  IO             0.00000%                0.00          784,581.26                0.00
   R               SMT03002R                 SUB             0.00000%                0.00                0.00                0.00
           -----------------   -----------------   -----------------    -----------------   -----------------   -----------------
Totals                                                                     794,697,655.77        1,792,591.46       13,127,497.79
                                                                        -----------------   -----------------   -----------------

<Caption>
                                    Ending                                Cumulative
           Current Realized       Certificate           Total              Realized
 Class           Loss               Balance          Distribution            Loss
--------   -----------------   -----------------   -----------------   -----------------
<S>        <C>                 <C>                 <C>                 <C>
  A-1                   0.00      478,543,740.44        9,539,870.97                0.00
  A-2                   0.00      286,626,417.54        4,568,385.69                0.00
  M-1                   0.00       11,480,000.00           16,837.33                0.00
  M-2                   0.00        4,920,000.00           10,414.00                0.00
   X                    0.00                0.00          784,581.26                0.00
   R                    0.00                0.00                0.00                0.00
           -----------------   -----------------   -----------------   -----------------
Totals                  0.00      781,570,157.98       14,920,089.25                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                                          Total
           Original Face     Certificate       Principal         Principal                         Realized        Principal
  Class        Amount          Balance        Distribution     Distribution       Accretion         Loss (1)       Reduction
--------   --------------   --------------   --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>              <C>              <C>              <C>              <C>              <C>
  A-1      500,000,000.00   487,498,613.07             0.00     8,954,872.63             0.00             0.00     8,954,872.63
  A-2      303,600,000.00   290,799,042.70             0.00     4,172,625.16             0.00             0.00     4,172,625.16
  M-1       11,480,000.00    11,480,000.00             0.00             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             0.00
   X                 0.00             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             0.00
           --------------   --------------   --------------   --------------   --------------   --------------   --------------
Totals     820,000,000.00   794,697,655.77             0.00    13,127,497.79             0.00             0.00    13,127,497.79
           --------------   --------------   --------------   --------------   --------------   --------------   --------------

<Caption>
              Ending           Ending            Total
            Certificate      Certificate       Principal
  Class       Balance         Percentage      Distribution
--------   --------------   --------------   --------------
<S>        <C>              <C>              <C>
  A-1      478,543,740.44       0.95708748     8,954,872.63
  A-2      286,626,417.54       0.94409228     4,172,625.16
  M-1       11,480,000.00       1.00000000             0.00
  M-2        4,920,000.00       1.00000000             0.00
   X                 0.00       0.00000000             0.00
   R                 0.00       0.00000000             0.00
           --------------   --------------   --------------
Totals     781,570,157.98       0.95313434    13,127,497.79
           --------------   --------------   --------------
</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                                          Total
           Original Face      Certificate      Principal         Principal                        Realized         Principal
  Class        Amount           Balance       Distribution     Distribution      Accretion         Loss (3)        Reduction
--------   --------------   --------------   --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>              <C>              <C>              <C>              <C>              <C>
     A-1   500,000,000.00     974.99722614       0.00000000      17.90974526       0.00000000       0.00000000      17.90974526
     A-2   303,600,000.00     957.83610903       0.00000000      13.74382464       0.00000000       0.00000000      13.74382464
     M-1    11,480,000.00    1000.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
     M-2     4,920,000.00    1000.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
      X              0.00       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
      R              0.00       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000

<Caption>
              Ending          Ending            Total
           Certificate      Certificate       Principal
  Class       Balance        Percentage      Distribution
--------  --------------   --------------   --------------
<S>       <C>              <C>              <C>
     A-1    957.08748088       0.95708748      17.90974526
     A-2    944.09228439       0.94409228      13.74382464
     M-1   1000.00000000       1.00000000       0.00000000
     M-2   1000.00000000       1.00000000       0.00000000
      X       0.00000000       0.00000000       0.00000000
      R       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
                                 Current           Certificate/       Current           Unpaid            Current
             Original Face      Certificate         Notional          Accrued          Interest           Interest
  Class          Amount            Rate              Balance          Interest         Shortfall          Shortfall
---------   ---------------   ---------------    ---------------   ---------------   ---------------   ---------------
<S>         <C>               <C>                <C>               <C>               <C>               <C>
     A-1     500,000,000.00           1.44000%    487,498,613.07        584,998.34              0.00              0.00
     A-2     303,600,000.00           1.63313%    290,799,042.70        395,760.53              0.00              0.00
     M-1      11,480,000.00           1.76000%     11,480,000.00         16,837.33              0.00              0.00
     M-2       4,920,000.00           2.54000%      4,920,000.00         10,414.00              0.00              0.00
      X                0.00           0.00000%    794,697,655.77              0.00              0.00              0.00
      R                0.00           0.00000%              0.00              0.00              0.00              0.00
            ---------------                                        ---------------   ---------------   ---------------
   Totals    820,000,000.00                                           1,008,010.20              0.00              0.00
            ---------------                                        ---------------   ---------------   ---------------

<Caption>

                                                                    Remaining            Ending
            Non-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        584,998.34              0.00    478,543,740.44
     A-2               0.00              0.00        395,760.53              0.00    286,626,417.54
     M-1               0.00              0.00         16,837.33              0.00     11,480,000.00
     M-2               0.00              0.00         10,414.00              0.00      4,920,000.00
      X                0.00              0.00        784,581.26              0.00    781,570,157.98
      R                0.00              0.00              0.00              0.00              0.00
            ---------------   ---------------   ---------------   ---------------
   Totals              0.00              0.00      1,792,591.46              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>
                                                Beginning                       Payment of
                                Current        Certificate/       Current          Unpaid           Current       Non-Supported
  Class    Original Face      Certificate        Notional         Accrued         Interest          Interest         Interest
   (5)         Amount            Rate            Balance          Interest        Shortfall         Shortfall        Shortfall
--------   --------------   --------------    --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>               <C>              <C>              <C>              <C>              <C>
     A-1   500,000,000.00          1.44000%     974.99722614       1.16999668       0.00000000       0.00000000       0.00000000
     A-2   303,600,000.00          1.63313%     957.83610903       1.30355906       0.00000000       0.00000000       0.00000000
     M-1    11,480,000.00          1.76000%    1000.00000000       1.46666638       0.00000000       0.00000000       0.00000000
     M-2     4,920,000.00          2.54000%    1000.00000000       2.11666667       0.00000000       0.00000000       0.00000000
      X              0.00          0.00000%     969.14348265       0.00000000       0.00000000       0.00000000       0.00000000
      R              0.00          0.00000%       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000

<Caption>
                                              Remaining          Ending
                                                Unpaid        Certificate/
  Class      Realized      Total Interest      Interest        Notational
   (5)       Loss (6)       Distribution       Shortfall         Balance
--------  --------------   --------------   --------------   --------------
<S>       <C>              <C>              <C>              <C>
     A-1      0.00000000       1.16999668       0.00000000     957.08748088
     A-2      0.00000000       1.30355906       0.00000000     944.09228439
     M-1      0.00000000       1.46666638       0.00000000    1000.00000000
     M-2      0.00000000       2.11666667       0.00000000    1000.00000000
      X       0.00000000       0.95680641       0.00000000     953.13433900
      R       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                15,170,812.83
            Liquidations, Insurance Proceeds, Reserve Funds            0.00
            Proceeds from Repurchased Loans                            0.00
            Other Amounts (Servicer Advances)                     13,269.61
            Realized Losses                                            0.00
            Prepayment Penalties                                       0.00
                                                              -------------
Total Deposits                                                15,184,082.44

Withdrawals
            Reimbursement for Servicer Advances                    9,027.67
            Payment of Service Fee                               254,965.52
            Payment of Interest and Principal                 14,920,089.25
                                                              -------------
Total Withdrawals (Pool Distribution Amount)                  15,184,082.44

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                                     250,317.80
Master Servicing Fee                                      4,647.72
Supported Prepayment/Curtailment Interest Shortfall           0.00
                                                      ------------

Net Servicing Fee                                       254,965.52
                                                      ============
</Table>



<PAGE>



<Table>
<Caption>
    Account Type         Beginning Balance      Current Withdrawals     Current Deposits     Ending 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          13     6,066,754.99         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
             --------     ------------                    --------       --------                    --------     --------
                   13     6,066,754.99                           0           0.00                           0        0.00

<Caption>

              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    0.000000%        0.000000%      0-29 Days    0.000000%      0.000000%     0-29 Days     0.000000%    0.000000%
  30 Days    0.601017%        0.774193%        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%
             --------     ------------                    --------       --------                    --------     --------
             0.601017%        0.774193%                   0.000000%      0.000000%                   0.000000%    0.000000%

<Caption>

                  REO                                               TOTAL
-------------------------------------        -----------------------------------------
               No. of       Principal                       No. of         Principal
                Loans        Balance                         Loans          Balance
<S>            <C>          <C>              <C>            <C>          <C>
0-29 Days            0           0.00        0-29 Days             0             0.00
  30 Days            0           0.00          30 Days            13     6,066,754.99
  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                             13     6,066,754.99

<Caption>

               No. of       Principal                       No. of         Principal
                Loans        Balance                         Loans          Balance
<S>            <C>          <C>              <C>            <C>          <C>
0-29 Days     0.000000%      0.000000%       0-29 Days      0.000000%        0.000000%
  30 Days     0.000000%      0.000000%         30 Days      0.601017%        0.774193%
  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%                      0.601017%        0.774193%
</Table>



<Table>
<S>                                        <C>    <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds: 0.00   Principal Balance of Contaminated Properties  0.00  Periodic Advance  13,269.61
</Table>


<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          12    5,848,754.99         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
             --------    ------------                    --------        --------                     --------        --------
                   12    5,848,754.99                           0            0.00                            0            0.00

<Caption>

               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    0.000000%       0.000000%      0-29 Days    0.000000%       0.000000%      0-29 Days     0.000000%       0.000000%
  30 Days    0.918836%       1.194091%        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%
             --------    ------------                    --------        --------                     --------        --------
             0.918836%       1.194091%                   0.000000%       0.000000%                    0.000000%       0.000000%

<Caption>

                  REO                                               TOTAL
----------------------------------------      ---------------------------------------------
                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days              0            0.00       0-29 Days              0                0.00
  30 Days              0            0.00         30 Days             12        5,848,754.99
  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                             12        5,848,754.99

<Caption>

                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days       0.000000%       0.000000%      0-29 Days       0.000000%           0.000000%
  30 Days       0.000000%       0.000000%        30 Days       0.918836%           1.194091%
  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%                      0.918836%           1.194091%
</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           1      218,000.00         30 Days           0            0.00         30 Days            0            0.00
  60 Days           0            0.00         60 Days           0            0.00         60 Days            0            0.00
  90 Days           0            0.00         90 Days           0            0.00         90 Days            0            0.00
 120 Days           0            0.00        120 Days           0            0.00        120 Days            0            0.00
 150 Days           0            0.00        150 Days           0            0.00        150 Days            0            0.00
180+ Days           0            0.00       180+ Days           0            0.00       180+ Days            0            0.00
             --------    ------------                    --------        --------                     --------        --------
                    1      218,000.00                           0            0.00                            0            0.00

<Caption>

               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    0.000000%       0.000000%      0-29 Days    0.000000%       0.000000%      0-29 Days     0.000000%       0.000000%
  30 Days    0.116686%       0.074196%        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%
             --------    ------------                    --------        --------                     --------        --------
             0.116686%       0.074196%                   0.000000%       0.000000%                    0.000000%       0.000000%

<Caption>

                  REO                                               TOTAL
----------------------------------------      ---------------------------------------------
                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days              0            0.00       0-29 Days              0                0.00
  30 Days              0            0.00         30 Days              1          218,000.00
  60 Days              0            0.00         60 Days              0                0.00
  90 Days              0            0.00         90 Days              0                0.00
 120 Days              0            0.00        120 Days              0                0.00
 150 Days              0            0.00        150 Days              0                0.00
180+ Days              0            0.00       180+ Days              0                0.00
                --------        --------                       --------        ------------
                       0            0.00                              1          218,000.00

<Caption>

                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days       0.000000%       0.000000%      0-29 Days       0.000000%           0.000000%
  30 Days       0.000000%       0.000000%        30 Days       0.116686%           0.074196%
  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%                      0.116686%           0.074196%
</Table>


<PAGE>


                              COLLATERAL STATEMENT

<Table>
<S>                                                                           <C>
Collateral Description                                                             Mixed Arm
Weighted Average Gross Coupon                                                      3.083873%
Weighted Average Net Coupon                                                        2.706863%
Weighted Average Pass-Through Rate                                                 2.699863%
Weighted Average Maturity (Stepdown Calculation)                                         328

Beginning Scheduled Collateral Loan Count                                              2,188
Number of Loans Paid in Full                                                              25
Ending Scheduled Collateral Loan Count                                                 2,163

Beginning Scheduled Collateral Balance                                        796,747,655.77
Ending Scheduled Collateral Balance                                           783,620,157.98
Ending Actual Collateral Balance at 29-Aug-2003                               783,622,819.53

Monthly P&I Constant                                                            2,047,556.95
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                                    783,620,157.98

Scheduled Principal                                                                     0.00
Unscheduled Principal                                                          13,127,497.79

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                                               784,581.26
Excess Cash Amount                                                                      0.00
</Table>


<PAGE>


<Table>
<S>                                                             <C>
MISCELLANEOUS REPORTING

M-1 Target Amount                                               770,298,615.29
M-2 Target Amount                                               779,702,057.19
Senior Target Amount                                            748,357,250.87

Group 1 - One-Month LIBOR Loans                                 142,618,748.35
Group 1 - Six-Month LIBOR Loans                                 347,187,125.49
Group 2 - Six Month LIBOR Loans                                 293,814,284.14

Applied Loss Amount                                                          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                      3.045587                 3.147953                  3.083873
Weighted Average Net Rate                         2.668829                 2.770524                  2.706863
Pass-Through Rate                                 2.661829                 2.763524                  2.699863
Weighted Average Maturity                              322                      335                       328
Record Date                                     08/29/2003               08/29/2003                08/29/2003
Principal and Interest Constant               1,265,849.54               781,707.41              2,047,556.95
Beginning Loan Count                                 1,322                      866                     2,188
Loans Paid in Full                                      16                        9                        25
Ending Loan Count                                    1,306                      857                     2,163
Beginning Scheduled Balance                 498,760,746.47           297,986,909.30            796,747,655.77
Ending Scheduled Balance                    489,805,873.84           293,814,284.14            783,620,157.98
Scheduled Principal                                   0.00                     0.00                      0.00
Unscheduled Principal                         8,954,872.63             4,172,625.16             13,127,497.79
Scheduled Interest                            1,265,849.54               781,707.41              2,047,556.95
Servicing Fee                                   156,593.72                93,724.08                250,317.80
Master Servicing Fee                              2,909.46                 1,738.26                  4,647.72
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                                  1,106,346.36                686,245.07             1,792,591.43
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>