<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 2003-3
                          RECORD DATE: AUGUST 29, 2003
                      DISTRIBUTION DATE: SEPTEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY


<Table>
<Caption>
                                       Certificate
                                          Class            Certificate           Beginning             Interest         Principal
   Class             CUSIP             Description      Pass-Through Rate   Certificate Balance      Distribution      Distribution
-------------  --------------------  ----------------  -------------------  ---------------------  ------------------  -------------
<S>            <C>                   <C>               <C>                  <C>                    <C>                 <C>
    A-1            81743PAT3             SEN                  1.44000%        375,651,375.74           450,781.65      2,361,976.75
    A-2            81743PAU0             SEN                  1.34000%        148,517,454.61           165,844.49        862,458.49
    X-1A           81743PAV8             IO                   0.94990%                  0.00            78,912.36              0.00
    X-1B           81743PAW6             IO                   1.31510%                  0.00           302,432.15              0.00
    X-2            81743PAX4             IO                   1.40895%                  0.00           174,378.40              0.00
    X-B            81743PAY2             IO                   0.92389%                  0.00             6,986.95              0.00
    A-R            81743PBA3              R                   2.63682%                  0.00                 0.00              0.00
    B-1            81743PBB1             SUB                  1.76000%          9,075,000.00            13,310.00              0.00
    B-2            81743PBC9             SUB                  2.68389%          4,675,000.00            10,456.00              0.00
    B-3            81743PBD7             SUB                  2.68389%          2,475,000.00             5,535.53              0.00
    B-4            81743PBE5             SUB                  2.68389%          1,650,000.00             3,690.35              0.00
    B-5            81743PBF2             SUB                  2.68389%            825,000.00             1,845.18              0.00
    B-6            81743PBG0             SUB                  2.68389%          1,925,608.17             4,306.77              0.00
-------------                                                               ---------------------  ------------------  ------------
Totals                                                                        544,794,438.52         1,218,479.83      3,224,435.24
-------------                                                               ---------------------  ------------------  -------------

<Caption>

                     Current         Ending Certificate                            Cumulative
   Class          Realized Loss           Balance         Total Distribution     Realized Loss
-------------  --------------------  ------------------   -------------------  ---------------------
<S>            <C>                   <C>                  <C>                  <C>
    A-1                   0.00         373,289,398.99         2,812,758.40                0.00
    A-2                   0.00         147,654,996.12         1,028,302.98                0.00
    X-1A                  0.00                   0.00            78,912.36                0.00
    X-1B                  0.00                   0.00           302,432.15                0.00
    X-2                   0.00                   0.00           174,378.40                0.00
    X-B                   0.00                   0.00             6,986.95                0.00
    A-R                   0.00                   0.00                 0.00                0.00
    B-1                   0.00           9,075,000.00            13,310.00                0.00
    B-2                   0.00           4,675,000.00            10,456.00                0.00
    B-3                   0.00           2,475,000.00             5,535.53                0.00
    B-4                   0.00           1,650,000.00             3,690.35                0.00
    B-5                   0.00             825,000.00             1,845.18                0.00
    B-6                   0.00           1,925,608.17             4,306.77                0.00
-------------  --------------------  ------------------   -------------------  ---------------------
Totals                    0.00         541,570,003.28         4,442,916.07                0.00
-------------  --------------------  ------------------   -------------------  ---------------------
</Table>

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



<PAGE>



                        PRINCIPAL DISTRIBUTION STATEMENT

<Table>
<Caption>
                                                             Scheduled          Unscheduled
                                         Beginning           Principal           Principal                             Realized
   Class       Original Face Amount  Certificate Balance    Distribution       Distribution          Accretion         Loss (1)
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------
<S>            <C>                   <C>                   <C>               <C>                 <C>                 <C>
    A-1             379,455,000.00        375,651,375.74              0.00         2,361,976.75          0.00           0.00
    A-2             149,922,000.00        148,517,454.61              0.00           862,458.49          0.00           0.00
    X-1A                      0.00                  0.00              0.00                 0.00          0.00           0.00
    X-1B                      0.00                  0.00              0.00                 0.00          0.00           0.00
    X-2                       0.00                  0.00              0.00                 0.00          0.00           0.00
    X-B                       0.00                  0.00              0.00                 0.00          0.00           0.00
    A-R                     100.00                  0.00              0.00                 0.00          0.00           0.00
    B-1               9,075,000.00          9,075,000.00              0.00                 0.00          0.00           0.00
    B-2               4,675,000.00          4,675,000.00              0.00                 0.00          0.00           0.00
    B-3               2,475,000.00          2,475,000.00              0.00                 0.00          0.00           0.00
    B-4               1,650,000.00          1,650,000.00              0.00                 0.00          0.00           0.00
    B-5                 825,000.00            825,000.00              0.00                 0.00          0.00           0.00
    B-6               1,925,608.17          1,925,608.17              0.00                 0.00          0.00           0.00
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------
Totals              550,002,708.17        544,794,438.52              0.00         3,224,435.24          0.00           0.00
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------

<Caption>

                 Total Principal      Ending Certificate      Ending Certificate      Total Principal
   Class            Reduction               Balance               Percentage           Distribution
-------------  --------------------  ---------------------  ----------------------  ------------------
<S>            <C>                   <C>                    <C>                     <C>
    A-1              2,361,976.75        373,289,398.99             0.98375143           2,361,976.75
    A-2                862,458.49        147,654,996.12             0.98487878             862,458.49
    X-1A                     0.00                  0.00             0.00000000                   0.00
    X-1B                     0.00                  0.00             0.00000000                   0.00
    X-2                      0.00                  0.00             0.00000000                   0.00
    X-B                      0.00                  0.00             0.00000000                   0.00
    A-R                      0.00                  0.00             0.00000000                   0.00
    B-1                      0.00          9,075,000.00             1.00000000                   0.00
    B-2                      0.00          4,675,000.00             1.00000000                   0.00
    B-3                      0.00          2,475,000.00             1.00000000                   0.00
    B-4                      0.00          1,650,000.00             1.00000000                   0.00
    B-5                      0.00            825,000.00             1.00000000                   0.00
    B-6                      0.00          1,925,608.17             1.00000000                   0.00
-------------  --------------------  ---------------------  ----------------------  ------------------
Totals               3,224,435.24        541,570,003.28             0.98466788           3,224,435.24
-------------  --------------------  ---------------------  ----------------------  ------------------
</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.



                    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            379,455,000.00        989.97608607       0.00000000           6.22465576     0.00000000        0.00000000
    A-2            149,922,000.00        990.63149244       0.00000000           5.75271468     0.00000000        0.00000000
    X-1A                     0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-1B                     0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-2                      0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-B                      0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    A-R                    100.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-1              9,075,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-2              4,675,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-3              2,475,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-4              1,650,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-5                825,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-6              1,925,608.17       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
------------- -------------------- ------------------- ---------------- -------------------- -------------- -----------------

<Caption>

                  Total Principal      Ending Certificate      Ending Certificate         Total Principal
   Class            Reduction               Balance                Percentage              Distribution
-------------  --------------------  ---------------------  ----------------------  ----------------------
<S>            <C>                   <C>                    <C>                     <C>
    A-1                 6.22465576          983.75143031             0.98375143             6.22465576
    A-2                 5.75271468          984.87877776             0.98487878             5.75271468
    X-1A                0.00000000            0.00000000             0.00000000             0.00000000
    X-1B                0.00000000            0.00000000             0.00000000             0.00000000
    X-2                 0.00000000            0.00000000             0.00000000             0.00000000
    X-B                 0.00000000            0.00000000             0.00000000             0.00000000
    A-R                 0.00000000            0.00000000             0.00000000             0.00000000
    B-1                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-2                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-3                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-4                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-5                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-6                 0.00000000         1000.00000000             1.00000000             0.00000000
-------------  --------------------  --------------------- ---------------------- ----------------------
</Table>

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




<PAGE>
                         INTEREST DISTRIBUTION STATEMENT
<Table>
<Caption>
                                                                                                Payment of
                                                           Beginning                             Unpaid          Current
                                         Current          Certificate/      Current Accrued      Interest        Interest
   Class      Original Face Amount   Certificate Rate    Notional Balance       Interest        Shortfall        Shortfall
------------  --------------------  ------------------  -----------------  ----------------  --------------  --------------
<S>           <C>                   <C>                 <C>                <C>               <C>             <C>
    A-1             379,455,000.00            1.44000%     375,651,375.74        450,781.65            0.00             0.00
    A-2             149,922,000.00            1.34000%     148,517,454.61        165,844.49            0.00             0.00
   X-1A                       0.00            0.94990%      99,688,859.70         78,912.36            0.00             0.00
   X-1B                       0.00            1.31510%     275,962,516.04        302,432.15            0.00             0.00
    X-2                       0.00            1.40895%     148,517,454.61        174,378.40            0.00             0.00
    X-B                       0.00            0.92389%       9,075,000.00          6,986.95            0.00             0.00
    A-R                     100.00            2.63682%               0.00              0.00            0.00             0.00
    B-1               9,075,000.00            1.76000%       9,075,000.00         13,310.00            0.00             0.00
    B-2               4,675,000.00            2.68389%       4,675,000.00         10,456.00            0.00             0.00
    B-3               2,475,000.00            2.68389%       2,475,000.00          5,535.53            0.00             0.00
    B-4               1,650,000.00            2.68389%       1,650,000.00          3,690.35            0.00             0.00
    B-5                 825,000.00            2.68389%         825,000.00          1,845.18            0.00             0.00
    B-6               1,925,608.17            2.68389%       1,925,608.17          4,306.77            0.00             0.00
------------ ----------------------                                        ----------------- --------------- ----------------
  Totals            550,002,708.17                                             1,218,479.83            0.00             0.00
------------ ----------------------                                        ----------------- --------------- ----------------

<Caption>

                                                                   Remaining
               Non-Supported                                        Unpaid
                 Interest       Realized      Total Interest       Interest      Ending Certificate/
   Class        Shortfall        Loss(4)       Distribution        Shortfall      Notational Balance
------------  --------------  -------------  -----------------  ---------------  ---------------------
<S>            <C>             <C>            <C>                <C>                    <C>
    A-1                  0.00           0.00         450,781.65             0.00        373,289,398.99
    A-2                  0.00           0.00         165,844.49             0.00        147,654,996.12
   X-1A                  0.00           0.00          78,912.36             0.00         99,458,019.30
   X-1B                  0.00           0.00         302,432.15             0.00        273,831,379.69
    X-2                  0.00           0.00         174,378.40             0.00        147,654,996.12
    X-B                  0.00           0.00           6,986.95             0.00          9,075,000.00
    A-R                  0.00           0.00               0.00             0.00                  0.00
    B-1                  0.00           0.00          13,310.00             0.00          9,075,000.00
    B-2                  0.00           0.00          10,456.00             0.00          4,675,000.00
    B-3                  0.00           0.00           5,535.53             0.00          2,475,000.00
    B-4                  0.00           0.00           3,690.35             0.00          1,650,000.00
    B-5                  0.00           0.00           1,845.18             0.00            825,000.00
    B-6                  0.00           0.00           4,306.77             0.00          1,925,608.17
------------  --------------- -------------- ------------------ ----------------
  Totals                 0.00           0.00       1,218,479.83             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           379,455,000.00      1.44000%        989.97608607            1.18797130       0.00000000     0.00000000
    A-2           149,922,000.00      1.34000%        990.63149244            1.10620516       0.00000000     0.00000000
   X-1A                     0.00      0.94990%        988.66668527            0.78261525       0.00000000     0.00000000
   X-1B                     0.00      1.31510%        990.44994794            1.08545143       0.00000000     0.00000000
    X-2                     0.00      1.40895%        990.63149244            1.16312749       0.00000000     0.00000000
    X-B                     0.00      0.92389%       1000.00000000            0.76991185       0.00000000     0.00000000
    A-R                   100.00      2.63682%          0.00000000            0.00000000       0.00000000     0.00000000
    B-1             9,075,000.00      1.76000%       1000.00000000            1.46666667       0.00000000     0.00000000
    B-2             4,675,000.00      2.68389%       1000.00000000            2.23657754       0.00000000     0.00000000
    B-3             2,475,000.00      2.68389%       1000.00000000            2.23657778       0.00000000     0.00000000
    B-4             1,650,000.00      2.68389%       1000.00000000            2.23657576       0.00000000     0.00000000
    B-5               825,000.00      2.68389%       1000.00000000            2.23658182       0.00000000     0.00000000
    B-6             1,925,608.17      2.68389%       1000.00000000            2.23657651       0.00000000     0.00000000
-----------  -------------------  ------------  ------------------  --------------------  ---------------  -------------

<Caption>
                                                                       Remaining
               Non-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         1.18797130       0.00000000            983.75143031
    A-2            0.00000000        0.00000000         1.10620516       0.00000000            984.87877776
   X-1A            0.00000000        0.00000000         0.78261525       0.00000000            986.37732001
   X-1B            0.00000000        0.00000000         1.08545143       0.00000000            982.80114144
    X-2            0.00000000        0.00000000         1.16312749       0.00000000            984.87877776
    X-B            0.00000000        0.00000000         0.76991185       0.00000000           1000.00000000
    A-R            0.00000000        0.00000000         0.00000000       0.00000000              0.00000000
    B-1            0.00000000        0.00000000         1.46666667       0.00000000           1000.00000000
    B-2            0.00000000        0.00000000         2.23657754       0.00000000           1000.00000000
    B-3            0.00000000        0.00000000         2.23657778       0.00000000           1000.00000000
    B-4            0.00000000        0.00000000         2.23657576       0.00000000           1000.00000000
    B-5            0.00000000        0.00000000         2.23658182       0.00000000           1000.00000000
    B-6            0.00000000        0.00000000         2.23657651       0.00000000           1000.00000000
-----------   ---------------  ----------------  -----------------  ---------------  -----------------------
</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                               4,618,111.99
           Liquidations, Insurance Proceeds, Reserve Funds                          0.00
           Proceeds from Repurchased Loans                                          0.00
           Other Amounts (Servicer Advances)                                    5,794.17
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
           Prepayment Penalties                                                     0.00
                                                                            ------------
Total Deposits                                                              4,623,906.16

Withdrawals
           Reimbursement for Servicer Advances                                  5,736.71
           Payment of Service Fee                                             175,254.37
           Payment of Interest and Principal                                4,442,915.08
                                                                            ------------
Total Withdrawals (Pool Distribution Amount)                                4,623,906.16

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                                       170,714.41
Master Servicing Fee                                        4,539.96
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         175,254.37
                                                          ==========
</Table>




<PAGE>




<Table>
<Caption>
                                                                                   Ending
Account Type         Beginning Balance  Current Withdrawals   Current Deposits     Balance
------------         -----------------  -------------------   ----------------    --------
<S>                  <C>                <C>                   <C>                 <C>
Reserve Fund             5,000.00               0.00                0.00          5,000.00
Reserve Fund             2,500.00               0.00                0.00          2,500.00
Reserve Fund             2,500.00               0.00                0.00          2,500.00
</Table>


             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
                   DELINQUENT                                   BANKRUPTCY                             FORECLOSURE
--------------------------------------------       -------------------------------------    -------------------------------------
               No. of           Principal                      No. of        Principal                    No. of       Principal
               Loans             Balance                       Loans          Balance                      Loans        Balance

<S>         <C>               <C>                  <C>         <C>           <C>            <C>          <C>          <C>
0-29 Days             0                 0.00       0-29 Days          0             0.00    0-29 Days            0           0.00
30 Days               6         1,524,959.38         30 Days          0             0.00      30 Days            0           0.00
60 Days               2           987,589.01         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
            -----------      ---------------                  ---------    -------------                 ---------    -----------
                      8         2,512,548.39                          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        0.381922%            0.281581%        30 Days   0.000000%        0.000000%     30 Days     0.000000%      0.000000%
60 Days        0.127307%            0.182357%        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%
            -----------      ---------------                  ---------    -------------                 ---------    -----------
               0.509230%            0.463938%                  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                   6         1,524,959.38
            60 Days                   0                 0.00              60 Days                   2           987,589.01
            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                                        8         2,512,548.39

<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            0.381922%            0.281581%
            60 Days            0.000000%            0.000000%             60 Days            0.127307%            0.182357%
            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%                                0.509230%            0.463938%




Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance     5,794.17
</Table>





<PAGE>


Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage


<Table>
<Caption>
              Original $        Original %        Current $        Current %      Current Class %     Prepayment %
             -------------    -------------     -------------    -------------    ---------------     -------------
<S>          <C>              <C>               <C>              <C>              <C>                 <C>
 Class A     20,625,608.17       3.75009211%    20,625,608.17       3.80848423%        96.191516%         0.000000%
Class X-2    20,625,608.17       3.75009211%    20,625,608.17       3.80848423%         0.000000%         0.000000%
Class B-1    11,550,608.17       2.10010024%    11,550,608.17       2.13280058%         1.675684%        43.998703%
Class B-2     6,875,608.17       1.25010442%     6,875,608.17       1.26956961%         0.863231%        22.665998%
Class B-3     4,400,608.17       0.80010664%     4,400,608.17       0.81256498%         0.457005%        11.999646%
Class B-4     2,750,608.17       0.50010811%     2,750,608.17       0.50789522%         0.304670%         7.999764%
Class B-5     1,925,608.17       0.35010885%     1,925,608.17       0.35556034%         0.152335%         3.999882%
Class B-6             0.00       0.00000000%             0.00       0.00000000%         0.355560%         9.336007%
</Table>


Please refer to the prospectus supplement for a full description of loss
exposure




<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                       5   1,211,501.94  30 Days                   0          0.00  30 Days                  0          0.00
60 Days                       1     187,589.01  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   1,399,090.95                            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             0.448833%       0.312184%    30 Days         0.000000%     0.000000%    30 Days        0.000000%      0.000000%
60 Days             0.089767%       0.048339%    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%
              --------------  --------------                ------------- -------------               ------------- --------------
                    0.538600%       0.360522%                    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            5           1,211,501.94
 60 Days            0                0.00  60 Days            1             187,589.01
 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           1,399,090.95

<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        0.448833%       0.312184%
 60 Days        0.000000%     0.000000%    60 Days        0.089767%       0.048339%
 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%                   0.538600%       0.360522%
 ------------- ------------- ------------- ------------- ------------- ----------------
</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           313,457.44  30 Days            0                 0.00  30 Days            0                0.00
60 Days              1           800,000.00  60 Days            0                 0.00  60 Days            0                0.00
90 Days              0                 0.00  90 Days            0                 0.00  90 Days            0                0.00
120 Days             0                 0.00  120 Days           0                 0.00  120 Days           0                0.00
150 Days             0                 0.00  150 Days           0                 0.00  150 Days           0                0.00
180+ Days            0                 0.00  180+ Days          0                 0.00  180+ Days          0                0.00
                ------------- --------------               ------------- --------------               ------------- -------------
                     2         1,113,457.44                     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          0.218818%      0.204211%    30 Days        0.000000%      0.000000%    30 Days        0.000000%     0.000000%
60 Days          0.218818%      0.521184%    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%
                ------------- --------------               ------------- --------------               ------------- -------------
                 0.437637%      0.725395%                   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            313,457.44
60 Days             0                0.00  60 Days            1            800,000.00
90 Days             0                0.00  90 Days            0                  0.00
120 Days            0                0.00  120 Days           0                  0.00
150 Days            0                0.00  150 Days           0                  0.00
180+ Days           0                0.00  180+ Days          0                  0.00
             -------------- -------------               ------------- ---------------
                    0                0.00                     2          1,113,457.44

<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        0.218818%      0.204211%
60 Days         0.000000%     0.000000%    60 Days        0.218818%      0.521184%
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%                   0.437637%      0.725395%
------------- ----------     ---------     ------------- ---------     ----------
</Table>



<PAGE>
                              COLLATERAL STATEMENT


<Table>
<Caption>
<S>                                                         <C>
Collateral Description                                            Mixed Arm

Weighted Average Gross Coupon                                     3.069930%
Weighted Average Net Coupon                                       2.693904%
Weighted Average Pass-Through Rate                                2.683904%
Weighted Average Maturity (Stepdown Calculation)                       355

Beginning Scheduled Collateral Loan Count                            1,579
Number of Loans Paid in Full                                             8
Ending Scheduled Collateral Loan Count                               1,571

Beginning Scheduled Collateral Balance                      544,794,438.52
Ending Scheduled Collateral Balance                         541,570,003.28
Ending Actual Collateral Balance at 29-Aug-2003             541,570,144.87

Monthly P&I Constant                                          1,393,734.20
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realized Loss Amount                                                  0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                        4,396,784.29

Ending Scheduled Balance for Premium Loans                  541,570,003.28

Scheduled Principal                                                   0.00
Unscheduled Principal                                         3,224,435.24
</Table>




<PAGE>



MISCELLANEOUS REPORTING

<Table>
<Caption>
<S>                                         <C>
Group 1 One Month Libor Loan Balance        103,396,991.07
Group 1 Six Month Libor Loan Balance        284,676,297.79
Group 2 Six Month Libor Loan Balance        153,496,714.42

Pro-Rata Senior Percent                          96.214057%
Group 1 Senior Percent                          100.000000%
Group 2 Senior Percent                          100.000000%
Group 1 Senior Prepayment Percent               100.000000%
Group 2 Senior Prepayment Percent               100.000000%
</Table>


<Table>
<Caption>
                    GROUP                          1                      2                   TOTAL
<S>                                        <C>                   <C>                   <C>
Collateral Description                          Mixed ARM             Mixed ARM             Mixed ARM
Weighted Average Coupon Rate                     3.044619              3.133953              3.069930
Weighted Average Net Rate                        2.668186              2.758953              2.693904
Pass-Through Rate                                2.658186              2.748953              2.683904
Weighted Average Maturity                             330                   334                   355
Record Date                                    08/29/2003            08/29/2003            08/29/2003
Principal and Interest Constant                990,605.57            403,128.63          1,393,734.20
Beginning Loan Count                                1,121                   458                 1,579
Loans Paid in Full                                      7                     1                     8
Ending Loan Count                                   1,114                   457                 1,571
Beginning Scheduled Balance                390,435,265.61        154,359,172.91        544,794,438.52
Ending Scheduled Balance                   388,073,288.86        153,496,714.42        541,570,003.28
Scheduled Principal                                  0.00                  0.00                  0.00
Unscheduled Principal                        2,361,976.75            862,458.49          3,224,435.24
Scheduled Interest                             990,605.57            403,128.63          1,393,734.20
Servicing Fee                                  122,477.17             48,237.24            170,714.41
Master Servicing Fee                             3,253.62              1,286.34              4,539.96
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                                   864,874.78            353,605.05          1,218,479.83
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>