<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 2003-5

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

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                              Certificate                         Beginning
                                 Class      Certificate Pass-    Certificate         Interest        Principal        Current
   Class          CUSIP       Description     Through Rate         Balance         Distribution    Distribution    Realized Loss
------------ ---------------  ------------  -----------------  -----------------  -------------  ---------------- --------------
<S>          <C>              <C>           <C>                <C>                <C>            <C>              <C>
    A-1         81743PCJ3         SEN               1.42000%     675,596,000.00      612,915.70     3,974,349.10            0.00
    A-2         81743PCK0         SEN               1.53125%     149,609,000.00      146,362.28        51,408.36            0.00
   X-1A         81743PCL8          IO               1.39469%               0.00      104,493.90             0.00            0.00
   X-1B         81743PCM6          IO               1.64746%               0.00      804,083.14             0.00            0.00
    X-2         81743PCN4          IO               1.54577%               0.00      192,717.61             0.00            0.00
    X-B         81743PCP9          IO               1.39462%               0.00       17,482.67             0.00            0.00
    A-R         81743PCQ7          R                2.70249%             100.00            0.23           100.00            0.00
    B-1         81743PCR5         SUB               1.71000%      15,043,000.00       16,434.48             0.00            0.00
    B-2         81743PCS3         SUB               2.70562%       6,447,000.00       14,535.92             0.00            0.00
    B-3         81743PCT1         SUB               2.70562%       6,017,000.00       13,566.41             0.00            0.00
    B-4         SEQ0305B4         SUB               2.70562%       2,149,000.00        4,845.31             0.00            0.00
    B-5         SEQ0305B5         SUB               2.70562%       1,289,000.00        2,906.28             0.00            0.00
    B-6         SEQ0305B6         SUB               2.70562%       3,439,209.40        7,754.32             0.00            0.00
------------ ---------------  ------------  -----------------  -----------------  -------------  ---------------- --------------
Totals                                                           859,589,309.40    1,938,098.25     4,025,857.46            0.00
------------ ---------------  ------------  -----------------  -----------------  -------------  ---------------- --------------
<Caption>
             Ending Certificate       Total          Cumulative
   Class          Balance          Distribution    Realized Loss
------------ ------------------   --------------   --------------
<S>          <C>                  <C>              <C>
    A-1         671,621,650.90      4,587,264.80             0.00
    A-2         149,557,591.64        197,770.64             0.00
   X-1A                   0.00        104,493.90             0.00
   X-1B                   0.00        804,083.14             0.00
    X-2                   0.00        192,717.61             0.00
    X-B                   0.00         17,482.67             0.00
    A-R                   0.00            100.23             0.00
    B-1          15,043,000.00         16,434.48             0.00
    B-2           6,447,000.00         14,535.92             0.00
    B-3           6,017,000.00         13,566.41             0.00
    B-4           2,149,000.00          4,845.31             0.00
    B-5           1,289,000.00          2,906.28             0.00
    B-6           3,439,209.40          7,754.32             0.00
------------ ------------------   --------------   --------------
Totals          855,563,451.94      5,963,955.71             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>
                                   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        675,596,000.00     675,596,000.00           0.00      3,974,349.10        0.00         0.00     3,974,349.10
    A-2        149,609,000.00     149,609,000.00           0.00         51,408.36        0.00         0.00        51,408.36
   X-1A                  0.00               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             0.00
    X-2                  0.00               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             0.00
    A-R                100.00             100.00           0.00            100.00        0.00         0.00           100.00
    B-1         15,043,000.00      15,043,000.00           0.00              0.00        0.00         0.00             0.00
    B-2          6,447,000.00       6,447,000.00           0.00              0.00        0.00         0.00             0.00
    B-3          6,017,000.00       6,017,000.00           0.00              0.00        0.00         0.00             0.00
    B-4          2,149,000.00       2,149,000.00           0.00              0.00        0.00         0.00             0.00
    B-5          1,289,000.00       1,289,000.00           0.00              0.00        0.00         0.00             0.00
    B-6          3,439,209.40       3,439,209.40           0.00              0.00        0.00         0.00             0.00
------------  ---------------   ----------------   ------------    --------------   ---------   ----------    -------------
Totals         859,589,309.40     859,589,309.40           0.00      4,025,857.46        0.00         0.00     4,025,857.46
------------  ---------------   ----------------   ------------    --------------   ---------   ----------    -------------
<Caption>
                       Ending               Ending
                    Certificate           Certificate     Total Principal
   Class              Balance             Percentage       Distribution
------------       ---------------      --------------    ---------------
<S>                <C>                  <C>               <C>
    A-1             671,621,650.90          0.99411727       3,974,349.10
    A-2             149,557,591.64          0.99965638          51,408.36
   X-1A                       0.00          0.00000000               0.00
   X-1B                       0.00          0.00000000               0.00
    X-2                       0.00          0.00000000               0.00
    X-B                       0.00          0.00000000               0.00
    A-R                       0.00          0.00000000             100.00
    B-1              15,043,000.00          1.00000000               0.00
    B-2               6,447,000.00          1.00000000               0.00
    B-3               6,017,000.00          1.00000000               0.00
    B-4               2,149,000.00          1.00000000               0.00
    B-5               1,289,000.00          1.00000000               0.00
    B-6               3,439,209.40          1.00000000               0.00
------------       ---------------      --------------    ---------------
Totals              855,563,451.94          0.99531653       4,025,857.46
------------       ---------------      --------------    ---------------
</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       675,596,000.00     1000.00000000    0.00000000       5.88273036    0.00000000     0.00000000       5.88273036
    A-2       149,609,000.00     1000.00000000    0.00000000       0.34361810    0.00000000     0.00000000       0.34361810
   X-1A                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
   X-1B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    A-R               100.00     1000.00000000    0.00000000    1000.00000000    0.00000000     0.00000000    1000.00000000
    B-1        15,043,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-2         6,447,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-3         6,017,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-4         2,149,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-5         1,289,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-6         3,439,209.40     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
<Caption>
                 Ending              Ending
               Certificate         Certificate      Total Principal
   Class         Balance            Percentage        Distribution
-----------  ----------------     ---------------  -----------------
<S>          <C>                  <C>              <C>
    A-1          994.11726964          0.99411727         5.88273036
    A-2          999.65638190          0.99965638         0.34361810
   X-1A            0.00000000          0.00000000         0.00000000
   X-1B            0.00000000          0.00000000         0.00000000
    X-2            0.00000000          0.00000000         0.00000000
    X-B            0.00000000          0.00000000         0.00000000
    A-R            0.00000000          0.00000000      1000.00000000
    B-1         1000.00000000          1.00000000         0.00000000
    B-2         1000.00000000          1.00000000         0.00000000
    B-3         1000.00000000          1.00000000         0.00000000
    B-4         1000.00000000          1.00000000         0.00000000
    B-5         1000.00000000          1.00000000         0.00000000
    B-6         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>
                                                     Beginning                     Payment of
                                                   Certificate/       Current        Unpaid       Current     Non-Supported
               Original Face        Current          Notional         Accrued       Interest      Interest      Interest
   Class          Amount       Certificate Rate       Balance         Interest      Shortfall     Shortfall     Shortfall
------------  ---------------  ----------------   ---------------  -------------  ------------  ------------  --------------
<S>           <C>              <C>                <C>              <C>            <C>           <C>           <C>
    A-1        675,596,000.00           1.42000%   675,596,000.00     612,915.70          0.00          0.00            0.00
    A-2        149,609,000.00           1.53125%   149,609,000.00     146,362.28          0.00          0.00            0.00
   X-1A                  0.00           1.39469%    89,907,098.46     104,493.90          0.00          0.00            0.00
   X-1B                  0.00           1.64746%   585,688,901.54     804,083.14          0.00          0.00            0.00
    X-2                  0.00           1.54577%   149,609,000.00     192,717.61          0.00          0.00            0.00
    X-B                  0.00           1.39462%    15,043,000.00      17,482.67          0.00          0.00            0.00
    A-R                100.00           2.70249%           100.00           0.23          0.00          0.00            0.00
    B-1         15,043,000.00           1.71000%    15,043,000.00      16,434.48          0.00          0.00            0.00
    B-2          6,447,000.00           2.70562%     6,447,000.00      14,535.92          0.00          0.00            0.00
    B-3          6,017,000.00           2.70562%     6,017,000.00      13,566.41          0.00          0.00            0.00
    B-4          2,149,000.00           2.70562%     2,149,000.00       4,845.31          0.00          0.00            0.00
    B-5          1,289,000.00           2.70562%     1,289,000.00       2,906.28          0.00          0.00            0.00
    B-6          3,439,209.40           2.70562%     3,439,209.40       7,754.32          0.00          0.00            0.00
------------  ---------------  ----------------   ---------------  -------------  ------------  ------------  --------------
  Totals       859,589,309.40                                       1,938,098.25          0.00          0.00            0.00
------------  ---------------  ----------------   ---------------  -------------  ------------  ------------  --------------

<Caption>

                                            Remaining         Ending
                                             Unpaid         Certificate/
               Realized    Total Interest    Interest        Notational
   Class       Loss (4)     Distribution    Shortfall         Balance
------------  ----------   --------------  ------------   ----------------
<S>           <C>          <C>             <C>            <C>
    A-1             0.00       612,915.70          0.00     671,621,650.90
    A-2             0.00       146,362.28          0.00     149,557,591.64
   X-1A             0.00       104,493.90          0.00      89,858,034.77
   X-1B             0.00       804,083.14          0.00     581,763,616.13
    X-2             0.00       192,717.61          0.00     149,557,591.64
    X-B             0.00        17,482.67          0.00      15,043,000.00
    A-R             0.00             0.23          0.00               0.00
    B-1             0.00        16,434.48          0.00      15,043,000.00
    B-2             0.00        14,535.92          0.00       6,447,000.00
    B-3             0.00        13,566.41          0.00       6,017,000.00
    B-4             0.00         4,845.31          0.00       2,149,000.00
    B-5             0.00         2,906.28          0.00       1,289,000.00
    B-6             0.00         7,754.32          0.00       3,439,209.40
------------  ----------   --------------  ------------   ----------------
  Totals            0.00     1,938,098.25          0.00
------------  ----------   --------------  ------------   ----------------
</Table>

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


<PAGE>



                     INTEREST DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                                                                                  Payment of
                                 Current        Beginning                           Unpaid        Current     Non-Supported
               Original Face   Certificate     Certificate/     Current Accrued    Interest      Interest       Interest
 Class (5)        Amount          Rate       Notional Balance      Interest        Shortfall     Shortfall      Shortfall
------------  ---------------  -----------   ----------------   ---------------  -------------  ------------  -------------
<S>           <C>              <C>           <C>                <C>              <C>            <C>           <C>
    A-1        675,596,000.00      1.42000%     1000.00000000        0.90722222     0.00000000    0.00000000     0.00000000
    A-2        149,609,000.00      1.53125%     1000.00000000        0.97829863     0.00000000    0.00000000     0.00000000
   X-1A                  0.00      1.39469%     1000.00000000        1.16224305     0.00000000    0.00000000     0.00000000
   X-1B                  0.00      1.64746%     1000.00000000        1.37288437     0.00000000    0.00000000     0.00000000
    X-2                  0.00      1.54577%     1000.00000000        1.28814182     0.00000000    0.00000000     0.00000000
    X-B                  0.00      1.39462%     1000.00000000        1.16217975     0.00000000    0.00000000     0.00000000
    A-R                100.00      2.70249%     1000.00000000        2.30000000     0.00000000    0.00000000     0.00000000
    B-1         15,043,000.00      1.71000%     1000.00000000        1.09250017     0.00000000    0.00000000     0.00000000
    B-2          6,447,000.00      2.70562%     1000.00000000        2.25467970     0.00000000    0.00000000     0.00000000
    B-3          6,017,000.00      2.70562%     1000.00000000        2.25468007     0.00000000    0.00000000     0.00000000
    B-4          2,149,000.00      2.70562%     1000.00000000        2.25468125     0.00000000    0.00000000     0.00000000
    B-5          1,289,000.00      2.70562%     1000.00000000        2.25467804     0.00000000    0.00000000     0.00000000
    B-6          3,439,209.40      2.70562%     1000.00000000        2.25468097     0.00000000    0.00000000     0.00000000

<Caption>

                                               Remaining
                                                Unpaid
                Realized     Total Interest     Interest    Ending Certificate/
 Class (5)      Loss (6)      Distribution     Shortfall    Notational Balance
------------  -------------  ---------------  ------------  -------------------
<S>           <C>            <C>              <C>           <C>
    A-1          0.00000000       0.90722222    0.00000000         994.11726964
    A-2          0.00000000       0.97829863    0.00000000         999.65638190
   X-1A          0.00000000       1.16224305    0.00000000         999.45428458
   X-1B          0.00000000       1.37288437    0.00000000         993.29800275
    X-2          0.00000000       1.28814182    0.00000000         999.65638190
    X-B          0.00000000       1.16217975    0.00000000        1000.00000000
    A-R          0.00000000       2.30000000    0.00000000           0.00000000
    B-1          0.00000000       1.09250017    0.00000000        1000.00000000
    B-2          0.00000000       2.25467970    0.00000000        1000.00000000
    B-3          0.00000000       2.25468007    0.00000000        1000.00000000
    B-4          0.00000000       2.25468125    0.00000000        1000.00000000
    B-5          0.00000000       2.25467804    0.00000000        1000.00000000
    B-6          0.00000000       2.25468097    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


<Table>
<S>                                                                         <C>
                               CERTIFICATE ACCOUNT
Beginning Balance                                                                          0.00

Deposits

         Payments of Interest and Principal                                        6,227,032.39
         Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
         Proceeds from Repurchased Loans                                                   0.00
         Other Amounts (Servicer Advances)                                            11,129.75
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
         Prepayment Penalties                                                              0.00
                                                                            -------------------
Total Deposits                                                                     6,238,162.14

Withdrawals

         Reimbursement for Servicer Advances                                               0.00
         Payment of Service Fee                                                      274,206.44
         Payment of Interest and Principal                                         5,963,955.70
                                                                            -------------------
Total Withdrawals (Pool Distribution Amount)                                       6,238,162.14

Ending Balance                                                                             0.00
                                                                            ===================
</Table>

<Table>
<S>                                                                         <C>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

         Total Prepayment/Curtailment Interest Shortfall                                   0.00
         Servicing Fee Support                                                             0.00
                                                                            -------------------

         Non-Supported Prepayment Curtailment Interest Shortfall                           0.00
                                                                            ===================


                           SERVICING FEES

         Gross Servicing Fee                                                         268,834.01
         Master Servicing Fee                                                          5,372.43
         Supported Prepayment/Curtailment Interest Shortfall                               0.00
                                                                            -------------------

         Net Servicing Fee                                                           274,206.44
                                                                            ===================
</Table>




<PAGE>
<Table>
<Caption>

                                                Beginning      Current     Current     Ending
                Account Type                     Balance     Withdrawals   Deposits    Balance
--------------------------------------------    ---------    -----------   --------   ---------
<S>                                             <C>          <C>           <C>        <C>
           Class X-1 Reserve Fund                5,000.00           0.00       0.00    5,000.00
           Class X-2 Reserve Fund                2,500.00           0.00       0.00    2,500.00
           Class X-B Reserve Fund                2,500.00           0.00       0.00    2,500.00
</Table>


             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                            One-Month LIBOR - 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            0             0.00     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
               ---------   ----------                ---------   ---------               ---------   ---------
                   0             0.00                     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         0.000000%    0.000000%    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%
               ---------   ----------                ---------   ---------               ---------   ---------
                0.000000%    0.000000%                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         0            0.00
   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                    0            0.00
<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     0.000000%    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%
   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%               0.000000%    0.000000%
</Table>



<PAGE>


                            SIX-MONTH LIBOR - GROUP 1


<Table>
<Caption>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
----------------------------------------  --------------------------------   --------------------------------
                 No. of     Principal                  No. of    Principal               No. of     Principal
                 Loans       Balance                   Loans      Balance                Loans       Balance
<S>           <C>         <C>             <C>        <C>         <C>         <C>        <C>         <C>
0-29 Days          0               0.00   0-29 Days       0           0.00   0-29 Days       0           0.00
30 Days            6       2,887,550.00   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
              ---------   -------------              ---------   ---------              ---------   ---------
                   6       2,887,550.00                   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        0.357782%       0.476378%  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%
              ---------    ------------              ---------   ---------              ---------   ---------
               0.357782%       0.476378%              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       2,887,550.00
   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                    6       2,887,550.00

<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     0.357782%      0.476378%
   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%               0.357782%      0.476378%
</Table>


                            Six-Month LIBOR - 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            3       1,590,651.98   30 Days         0           0.00   30 Days         0           0.00
60 Days            0               0.00   60 Days         0           0.00   60 Days         0           0.00
90 Days            0               0.00   90 Days         0           0.00   90 Days         0           0.00
120 Days           0               0.00   120 Days        0           0.00   120 Days        0           0.00
150 Days           0               0.00   150 Days        0           0.00   150 Days        0           0.00
180+ Days          0               0.00   180+ Days       0           0.00   180+ Days       0           0.00
               --------   -------------              ---------   ---------              ---------   ---------
                   3       1,590,651.98                  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        0.738916%       1.021008%  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%
              ---------   -------------              ---------   ---------              ---------   ---------
               0.738916%       1.021008%              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         3       1,590,651.98
60 Days          0           0.00    60 Days         0               0.00
90 Days          0           0.00    90 Days         0               0.00
120 Days         0           0.00    120 Days        0               0.00
150 Days         0           0.00    150 Days        0               0.00
180+ Days        0           0.00    180+ Days       0               0.00
            ---------   ---------               ---------   -------------
                 0           0.00                    3       1,590,651.98

<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     0.738916%       1.021008%
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%               0.738916%       1.021008%
</Table>



<PAGE>



                              COLLATERAL STATEMENT

<Table>
<S>                                                                                                 <C>
Collateral Description                                                                                  Mixed Arm
Weighted Average Gross Coupon                                                                            3.088412%
Weighted Average Net Coupon                                                                              2.713115%
Weighted Average Pass-Through Rate                                                                       2.705615%
Weighted Average Maturity (Stepdown Calculation)                                                               336

Beginning Scheduled Collateral Loan Count                                                                    2,290
Number of Loans Paid in Full                                                                                     5
Ending Scheduled Collateral Loan Count                                                                       2,285

Beginning Scheduled Collateral Balance                                                              859,589,309.40
Ending Scheduled Collateral Balance                                                                 855,563,451.94
Ending Actual Collateral Balance at 29-Aug-2003                                                     855,563,184.51

Monthly P&I Constant                                                                                  2,212,304.69
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                                5,886,430.33

Ending Scheduled Balance for Premium Loans                                                          855,563,451.94

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                 4,025,857.46
</Table>


<PAGE>



MISCELLANEOUS REPORTING

<Table>
<S>                                                                          <C>
Pro Rata Senior Percent - Group 1                                              96.00
Pro Rata Senior Percent - Group 2                                              95.10

Senior Percent - Group 1                                                      100.00
Senior Percent - Group 2                                                      100.00

Senior Prepayment Percent - Group 1                                           100.00
Senior Prepayment Percent - Group 2                                           100.00

Subordinate Percent - Group 1                                                   0.00
Subordinate Percent - Group 2                                                   0.00

Subordinate Prepayment Percent - Group 1                                        0.00
Subordinate Prepayment Percent - Group 2                                        0.00

Principal Transfer Amount - Group 1                                             0.00
Principal Transfer Amount - Group 2                                             0.00

Interest Transfer Amount - Group 1                                              0.00
Interest Transfer Amount - Group 2                                              0.00
</Table>



<PAGE>




<Table>
<Caption>
            GROUP                    1 MO. LIBOR - GR 1       6 MO LIBOR - GR 1          6 MO LIBOR - GR 2             TOTAL
<S>                                  <C>                      <C>                        <C>                       <C>
Collateral Description                1 Month LIBOR ARM       6 Month LIBOR ARM         6 Month LIBOR ARM               Mixed ARM
Weighted Average Coupon Rate                   2.865858                3.119008                  3.102377                3.088412
Weighted Average Net Rate                      2.490858                2.743628                  2.727229                2.713115
Pass-Through Rate                              2.483358                2.736128                  2.719729                2.705615
Weighted Average Maturity                           321                     339                       336                     336
Record Date                                  08/29/2003              08/29/2003                08/29/2003              08/29/2003
Principal and Interest Constant              223,664.03            1,585,735.98                402,904.68            2,212,304.69
Beginning Loan Count                                202                   1,682                       406                   2,290
Loans Paid in Full                                    0                       5                         0                       5
Ending Loan Count                                   202                   1,677                       406                   2,285
Beginning Scheduled Balance               93,653,209.88          610,092,490.61            155,843,608.91          859,589,309.40
Ending Scheduled Balance                  93,624,244.17          606,147,007.22            155,792,200.55          855,563,451.94
Scheduled Principal                                0.00                    0.00                      0.00                    0.00
Unscheduled Principal                         28,965.71            3,945,483.39                 51,408.36            4,025,857.46
Scheduled Interest                           223,664.03            1,585,735.98                402,904.68            2,212,304.69
Servicing Fee                                 29,266.63              190,846.98                 48,720.40              268,834.01
Master Servicing Fee                             585.33                3,813.07                    974.03                5,372.43
Trustee Fee                                        0.00                    0.00                      0.00                    0.00
FRY Amount                                         0.00                    0.00                      0.00                    0.00
Special Hazard Fee                                 0.00                    0.00                      0.00                    0.00
Other Fee                                          0.00                    0.00                      0.00                    0.00
Pool Insurance Fee                                 0.00                    0.00                      0.00                    0.00
Spread 1                                           0.00                    0.00                      0.00                    0.00
Spread 2                                           0.00                    0.00                      0.00                    0.00
Spread 3                                           0.00                    0.00                      0.00                    0.00
Net Interest                                 193,812.07            1,391,075.93                353,210.25            1,938,098.25
Realized Loss Amount                               0.00                    0.00                      0.00                    0.00
Cumulative Realized Loss                           0.00                    0.00                      0.00                    0.00
Percentage of Cumulative Losses                    0.00                    0.00                      0.00                    0.00
Prepayment Penalties                               0.00                    0.00                      0.00                    0.00
Special Servicing Fee                              0.00                    0.00                      0.00                    0.00
</Table>