<PAGE>

                                 Exhibit 10.1

CONTACTS
---------------------------------------------------------------------------

     Administrator:          Barbara A Campbell
     Direct Phone No:        (714) 247-6278
     Address:                Deutsche Bank
                             1761 E. St. Andrew Place
                             Santa Ana, CA 92705

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

---------------------------------------------------------------------------


ISSUANCE INFORMATION

<TABLE>
     <S>                     <C>                                                      <C>                        <C>
------------------------------------------------------------------------------------------------------------------------------------
     Seller:                 GreenPoint Mortgage                                      Cut-Off Date:              February 28, 2001
     Certificate Insurer:    Financial Guaranty Insurance Corporation                 Closing Date:              April 12, 2001
     Servicer(s):            GreenPoint Mortgage - Master Servicer                    First Payment Date:        May 15, 2001

     Underwriter(s):         Lehman Brothers Securities Corporation - Underwriter     Distribution Date:         May 15, 2001

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                   GreenPoint Home Equity Loan Trust 2001-1
                  Home Equity Loan Asset-Backed Certificates
                                 Series 2001-1
           Certificate Payment Report for May 15, 2001 Distribution

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                       Prior                                                                              Current
          Class       Original       Principal                                    Total       Realized     Deferred      Principal
Class     Type       Face Value       Balance       Interest      Principal     Distribution    Losses      Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
                                        (1)            (2)           (3)        (4)=(2)+(3)       (5)          (6)      (7)=(1)-(3)
                                                                                                                          -(5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>             <C>           <C>            <C>           <C>           <C>          <C>           <C>
 A-1    FLT,STEP   196,178,000.00  196,178,000.00    942,308.33   3,224,607.03  4,166,915.36        -           -    192,953,392.98
 A-2    FLT,STEP   106,801,000.00  106,801,000.00    513,979.81   1,055,314.75  1,569,294.56        -           -    105,745,685.25
  R         R                   -               -             -              -             -        -           -                 -

------------------------------------------------------------------------------------------------------------------------------------
 Total             302,979,000.00  302,979,000.00  1,456,288.14   4,279,921.78  5,736,209.92        -           -    298,699,078.23
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail              Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                                      Orig.
                                                    Principal
                                                      (with            Prior                                              Current
         Period    Period                           Notional)        Principal                                Total      Principal
Class   Starting   Ending   Method      Cusip        Balance          Balance      Interest     Principal  Distribution   Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                                      (1)            (2)           (3)      (4)=(2)+(3)       (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>        <C>       <C>         <C>         <C>            <C>             <C>          <C>        <C>              <C>
 A-1    04/12/01  05/14/01 A-Act/360    395385AJ6  196,178,000.00   1,000.000000    4.803333   16.437149    21.240482     983.562851
 A-2    04/12/01  05/14/01 A-Act/360    395385AK3  106,801,000.00   1,000.000000    4.812500    9.881132    14.693632     990.118868
  R                                -                            -              -           -           -            -              -

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                Distribution in Dollars - to Date
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                            Current
          Original                  Unscheduled     Scheduled        Total          Total       Realized     Deferred      Principal
Class    Face Value     Interest     Principal      Principal      Principal     Distribution    Losses      Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
            (1)           (2)           (3)            (4)        (5)=(3)+(4)    (6)=(2)+(5)       (7)          (8)     (9)=(1)-(5)
                                                                                                                          -(7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>           <C>           <C>           <C>           <C>            <C>          <C>           <C>
 A-1   196,178,000.00    942,308.33   3,130,900.88     93,706.15  3,224,607.03   4,166,915.36        -           -    192,953,392.98
 A-2   106,801,000.00    513,979.81     993,154.37     62,160.38  1,055,314.75   1,569,294.56        -           -    105,745,685.25
  R                 -             -              -             -             -              -        -           -                 -

------------------------------------------------------------------------------------------------------------------------------------
Total  302,979,000.00  1,456,288.14   4,124,055.25    155,866.53  4,279,921.78   5,736,209.92        -           -    298,699,078.23
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
       Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                    Non-            Prior      Unscheduled                  Paid or      Current
         Through   (with Notional)     Accrued      Supported        Unpaid       Interest       Optimal     Deferred       Unpaid
Class      Rate        Balance        Interest     Interest SF      Interest     Adjustments    Interest     Interest      Interest
------------------------------------------------------------------------------------------------------------------------------------
                                        (1)            (2)            (3)            (4)         (5)=(1)-       (6)      (7)=(5)-(6)
                                                                                               (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>      <C>               <C>            <C>              <C>          <C>        <C>             <C>          <C>
 A-1     5.24000%  196,178,000.00    942,308.33           -           -              -        942,308.33      942,308.33         -
 A-2     5.25000%  106,801,000.00    513,979.81           -           -              -        513,979.81      513,979.81         -
  R                             -             -           -           -              -                 -               -         -

------------------------------------------------------------------------------------------------------------------------------------
Total              302,979,000.00  1,456,288.14           -           -              -      1,456,288.14    1,456,288.14         -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
                           Collection Account Report
---------------------------------------------------------------------------------------


SUMMARY                                      POOL II           POOL I            TOTAL
---------------------------------------------------------------------------------------
<S>                                     <C>              <C>              <C>
   Net Principal Collections              649,169.11     2,451,027.88     3,100,196.99

   TOTAL PRINCIPAL                        649,169.11     2,451,027.88     3,100,196.99

   Interest Collections                 1,342,844.95     2,519,717.49     3,862,562.44
   Interest Fees                          (16,750.11)      (30,574.62)      (47,324.73)

   TOTAL INTEREST                       1,326,094.84     2,489,142.87     3,815,237.71

   TOTAL AVAILABLE FUNDS                1,975,263.95     4,940,170.75     6,915,434.70

---------------------------------------------------------------------------------------


PRINCIPAL - COLLECTIONS                      POOL II           POOL I            TOTAL
---------------------------------------------------------------------------------------

   Principal Collections               10,192,514.71    14,298,138.24    24,490,652.95
   Repurchases/Substitutions                    0.00             0.00             0.00
   Liquidations                                 0.00             0.00             0.00
   Insurance Principal                          0.00             0.00             0.00
   Liquidation Loss Amounts                     0.00             0.00             0.00
   Additional Balances                 (9,543,345.60)  (11,847,110.36)  (21,390,455.96)

   TOTAL PRINCIPAL COLLECTED              649,169.11     2,451,027.88     3,100,196.99
---------------------------------------------------------------------------------------


PRINCIPAL - WITHDRAWALS                      POOL II           POOL I            TOTAL
---------------------------------------------------------------------------------------
                             SPACE INTENTIONALLY LEFT BLANK


---------------------------------------------------------------------------------------


PRINCIPAL - OTHER ACCOUNTS                   POOL II           POOL I            TOTAL
---------------------------------------------------------------------------------------
                             SPACE INTENTIONALLY LEFT BLANK


---------------------------------------------------------------------------------------


INTEREST - COLLECTIONS                       POOL II           POOL I            TOTAL
---------------------------------------------------------------------------------------

   Interest Collections                 1,481,185.48     2,739,836.12     4,221,021.60
   Repurchases/Substitutions                    0.00             0.00             0.00
   Liquidations                                 0.00             0.00             0.00
   Insurance Interest                           0.00             0.00             0.00
   Other Additional Interest              (49,873.92)      (57,104.39)     (106,978.31)
   Current Servicing Fee                  (88,466.61)     (163,014.24)     (251,480.85)

   TOTAL INTEREST                       1,342,844.95     2,519,717.49     3,862,562.44

---------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                               POOL II           POOL I            TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                <C>              <C>              <C>
                   SPACE INTENTIONALLY LEFT BLANK


-----------------------------------------------------------------------------------------------


INTEREST - OTHER ACCOUNTS                            POOL II           POOL I            TOTAL
-----------------------------------------------------------------------------------------------
                   SPACE INTENTIONALLY LEFT BLANK


-----------------------------------------------------------------------------------------------


INTEREST - FEES                                      POOL II           POOL I            TOTAL
-----------------------------------------------------------------------------------------------
   Trustee Fee                                        712.01         1,307.86         2,019.87
   Certificate Insurer Premium                     15,861.85        28,943.01        44,804.86
   Management Fee                                     176.25           323.75           500.00

   TOTAL INTEREST FEES                             16,750.11        30,574.62        47,324.73

-----------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
                                                  Credit Enhancement Report
--------------------------------------------------------------------------------------------------------------------------
ACCOUNTS                                                                          POOL II        POOL I            TOTAL
-------------------------------------------------------------------------------------------------------------------------

<S>                                                                        <C>             <C>              <C>
   Beginning Reserve Fund Balance                                                                                    0.00
   Curr Period Amounts Dep to Res Fund                                                                       1,179,724.79
   Curr Withdrawal from Reserve Fund                                                                                 0.00
   Reserve Fund Balance                                                                                      1,179,724.79

--------------------------------------------------------------------------------------------------------------------------


INSURANCE                                                                         POOL II        POOL I            TOTAL
--------------------------------------------------------------------------------------------------------------------------

   Insured Amount                                                                  0.00            0.00              0.00
   Reimbursements to the Insurer                                                   0.00            0.00              0.00
   Cumulative Insurance Payment                                                    0.00            0.00              0.00

   Draws on the Policy                                                             0.00            0.00              0.00
   Draws on the Demand Note                                                        0.00            0.00              0.00

   Interest portion of Guarantee Payment                                           0.00            0.00              0.00
   Principal portion of Guarantee Payment                                          0.00            0.00              0.00
   Guarantee Payment for this date                                                 0.00            0.00              0.00
   Cumulative Guaranty Payments                                                    0.00            0.00              0.00

--------------------------------------------------------------------------------------------------------------------------


STRUCTURAL FEATURES                                                               POOL II        POOL I            TOTAL
--------------------------------------------------------------------------------------------------------------------------

   Three Month Average Net Excess Spread Amount                                  0.0000%         0.0000%
   Rolling Six-month Pool Delinquency Rate                                       0.0000%         0.0000%

   Prior Overcollateralization Amount                                              0.00            0.00              0.00
   Specified Overcollateralization Amount                                  3,866,074.60    4,028,876.52      7,894,951.12
   Overcollateralization Amount                                                  182.40          327.60            510.00
   Overcollateralization Deficiency Amount                                 3,865,892.20    4,028,548.92      7,894,441.12

   Overcollateralization Deficit                                                   0.00            0.00              0.00
   Overcollateralization Reduction Amount                                          0.00            0.00              0.00
   Step-Up Overcollateralization Amount                                    3,866,074.60    4,028,876.52      7,894,951.12

   Current Accelerated Principal Payment                                     406,145.64      773,579.15      1,179,724.79
   Cumulative Accelerated Principal Payment                                  406,145.64      773,579.15      1,179,724.79

--------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                         Collateral Report
------------------------------------------------------------------------------------------------------------------------------------


COLLATERAL                                                                        POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>              <C>              <C>
       Loan Count:
   Original                                                                             1191             4428             5619
   Prior                                                                                   -                -                -
   Prefunding                                                                              -                -                -
   Scheduled                                                                               -                -                -
   Paid Offs
   Full                                                                                  (59)            (161)            (220)
   Voluntary
   Prepayments
   Repurchases                                                                             -                -                -
   Liquidations                                                                            -                -                -
   ---------------------------------------------------------------------------------------------------------------------------------
   Current                                                                             1,132            4,267            5,399
   Principal Balance:
   Original                                                                   106,801,182.40   196,178,327.60   302,979,510.00
   Prior                                                                                   -                -                -
   Prefunding                                                                   9,543,345.60    11,847,110.36    21,390,455.96
   Scheduled                                                                      (62,160.38)      (93,706.15)     (155,866.53)
   Principal
   Partial and                                                                (10,130,354.33)  (14,204,432.09)  (24,334,786.42)
   Full
   Voluntary
   Prepayments
   Repurchases                                                                             -                -                -
   ---------------------------------------------------------------------------------------------------------------------------------
   Liquidations                                                                            -                -                -
   Current                                                                    106,152,013.29   193,727,299.72   299,879,313.01
------------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
PREFUNDING                                                                        POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>              <C>              <C>
                                                  SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------


<CAPTION>
CHARACTERISTICS                                                                   POOL II          POOL I           TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>              <C>              <C>
   Weighted Average Coupon Original                                                9.879188%      10.019075%        9.969764%
   Weighted Average Coupon Prior
   Weighted Average Coupon Current                                                 9.879188%      10.019075%        9.969764%
   ---------------------------------------------------------------------------------------------------------------------------------
   Weighted Average Months to Maturity Original                                         189             195              193
   Weighted Average Months to Maturity Prior                                              -               -                -
   Weighted Average Months to Maturity Current                                          189             195              193
   ---------------------------------------------------------------------------------------------------------------------------------
   Weighted Avg Remaining Amortization Term Original                                    196             213              207
   Weighted Avg Remaining Amortization Term Prior                                         -               -                -
   Weighted Avg Remaining Amortization Term Current                                     196             213              207
   ---------------------------------------------------------------------------------------------------------------------------------
   Weighted Average Seasoning Original                                                 2.92            3.09             3.03
   Weighted Average Seasoning Prior                                                       -               -                -
   Weighted Average Seasoning Current                                                  2.92            3.09             3.03

------------------------------------------------------------------------------------------------------------------------------------
Note: Original information refers to deal issue.
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                        POOL II              POOL I               TOTAL
----------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>                   <C>                 <C>
    Weighted Average Margin Original                                         293.006%            228.112%
    Weighted Average Margin Prior
    Weighted Average Margin Current                                          293.006%            228.112%
    ------------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Original                                        17.033%             14.638%
    Weighted Average Max Rate Prior
    Weighted Average Max Rate Current                                         17.033%             14.638%
    ------------------------------------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                                         2.930%              2.281%
    Weighted Average Min Rate Prior
    Weighted Average Min Rate Current                                          2.930%              2.281%
    ------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Up Original
    Weighted Average Cap Up Prior
    Weighted Average Cap Up Current
    ------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Down Original
    Weighted Average Cap Down Prior
    Weighted Average Cap Down Current
----------------------------------------------------------------------------------------------------------------------------
Note:  Original information refers to deal issue.


<CAPTION>
SERVICING FEES / ADVANCES                                                  POOL II              POOL I               TOTAL
----------------------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>                   <C>                 <C>
   TOTAL SERVICING FEE                                                     88,466.61          163,014.24      251,480.85


----------------------------------------------------------------------------------------------------------------------------

<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                          POOL II              POOL I               TOTAL
----------------------------------------------------------------------------------------------------------------------------
                                                  SPACE INTENTIONALLY LEFT BLANK
<S>                                                                     <C>                   <C>                 <C>


----------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                          Delinquency Report  - Total
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                 CURRENT          1 PAYMENT            2  PAYMTS       3+  PAYMTS          TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>       <C>                 <C>              <C>                  <C>              <C>           <C>
DELINQUENT  Balance                               3,231,848.05        951,805.60       119,800.00   4,303,453.65
            % Balance                                     1.08%             0.32%            0.04%          1.44%
            # Loans                                         62                 9                2             73
            % # Loans                                     1.15%             0.17%            0.04%          1.35%
-----------------------------------------------------------------------------------------------------------------
FORECLOSURE Balance                    -                     -                 -       250,000.00     250,000.00
            % Balance               0.00%                 0.00%             0.00%            0.08%          0.08%
            # Loans                    -                     -                 -                1              1
            % # Loans               0.00%                 0.00%             0.00%            0.02%          0.02%
-----------------------------------------------------------------------------------------------------------------
BANKRUPTCY  Balance            44,876.56                     -        140,633.34                -     185,509.90
            % Balance               0.01%                 0.00%             0.05%            0.00%          0.06%
            # Loans                    1                     -                 1                -              2
            % # Loans               0.02%                 0.00%             0.02%            0.00%          0.04%
-----------------------------------------------------------------------------------------------------------------
REO         Balance                    -                     -                 -                -              -
            % Balance               0.00%                 0.00%             0.00%            0.00%          0.00%
            # Loans                    -                     -                 -                -              -
            % # Loans               0.00%                 0.00%             0.00%            0.00%          0.00%
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL       Balance            44,876.56          3,231,848.05      1,092,438.94       369,800.00   4,738,963.55
            % Balance               0.01%                 1.08%             0.36%            0.12%          1.58%
            # Loans                    1                    62                10                3             76
            % # Loans               0.02%                 1.15%             0.19%            0.06%          1.41%
-----------------------------------------------------------------------------------------------------------------
</TABLE>

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


--------------------------------------------------------------------------------
                      Delinquency Report  -  Pool I Group
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                 CURRENT           1 PAYMENT          2  PAYMTS      3+  PAYMTS          TOTAL
-------------------------------------------------------------------------------------------------------------------
<S>         <C>                <C>               <C>                 <C>            <C>           <C>
DELINQUENT   Balance                               2,546,814.28        321,926.80     119,800.00     2,988,541.08
             % Balance                                     1.31%             0.17%          0.06%            1.54%
             # Loans                                         50                 7              2               59
             % # Loans                                     1.17%             0.16%          0.05%            1.38%
-------------------------------------------------------------------------------------------------------------------
FORECLOSURE  Balance                   -                      -                 -              -                -
             % Balance              0.00%                  0.00%             0.00%          0.00%            0.00%
             # Loans                   -                      -                 -              -                -
             % # Loans              0.00%                  0.00%             0.00%          0.00%            0.00%
-------------------------------------------------------------------------------------------------------------------
BANKRUPTCY   Balance           44,876.56                      -                 -              -        44,876.56
             % Balance              0.02%                  0.00%             0.00%          0.00%            0.02%
             # Loans                   1                      -                 -              -                1
             % # Loans              0.02%                  0.00%             0.00%          0.00%            0.02%
-------------------------------------------------------------------------------------------------------------------
REO          Balance                   -                      -                 -              -                -
             % Balance              0.00%                  0.00%             0.00%          0.00%            0.00%
             # Loans                   -                      -                 -              -                -
             % # Loans              0.00%                  0.00%             0.00%          0.00%            0.00%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
TOTAL        Balance           44,876.56           2,546,814.28        321,926.80     119,800.00     3,033,417.64
             % Balance              0.02%                  1.31%             0.17%          0.06%            1.57%
             # Loans                   1                     50                 7              2               60
             % # Loans              0.02%                  1.17%             0.16%          0.05%            1.41%
-------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                         Delinquency Report  -  Pool II Group
--------------------------------------------------------------------------------------------------------------------



                                  CURRENT          1 PAYMENT          2  PAYMTS         3+  PAYMTS         TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>            <C>              <C>                <C>                <C>                 <C>
DELINQUENT       Balance                             685,033.77         629,878.80             -         1,314,912.57
                 % Balance                                 0.65%              0.59%         0.00%                1.24%
                 # Loans                                     12                  2             -                   14
                 % # Loans                                 1.06%              0.18%         0.00%                1.24%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE      Balance                   -                  -                  -    250,000.00           250,000.00
                 % Balance              0.00%              0.00%              0.00%         0.24%                0.24%
                 # Loans                   -                  -                  -             1                    1
                 % # Loans              0.00%              0.00%              0.00%         0.09%                0.09%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY       Balance                   -                  -         140,633.34             -           140,633.34
                 % Balance              0.00%              0.00%              0.13%        0.00%                 0.13%
                 # Loans                   -                  -                  1            -                     1
                 % # Loans              0.00%              0.00%              0.09%        0.00%                 0.09%
---------------------------------------------------------------------------------------------------------------------
REO              Balance                   -                  -                  -            -                     -
                 % Balance              0.00%              0.00%              0.00%        0.00%                 0.00%
                 # Loans                   -                  -                  -            -                     -
                 % # Loans              0.00%              0.00%              0.00%        0.00%                 0.00%
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
TOTAL            Balance                   -         685,033.77         770,512.14   250,000.00          1,705,545.91
                 % Balance              0.00%              0.65%              0.73%        0.24%                 1.61%
                 # Loans                   -                 12                  3            1                    16
                 % # Loans              0.00%              1.06%              0.27%        0.09%                 1.41%
---------------------------------------------------------------------------------------------------------------------
 Note Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
                          REO Report - Mortgage Loans that Become REO During Current Distribution
-----------------------------------------------------------------------------------------------------------------------



SUMMARY                                                          LOAN GROUP
-----------------------------------------------------------------------------------------------------------------------
<S>                                                           <C>

Total Loan Count =   0                                        Loan Group 1  = Pool I Group; REO Book Value =  000.00
Total Original Principal Balance =   000.00                   Loan Group 2 =   Pool II Group;  REO Book Value  = 000.00
Total Current Balance =   000.00
REO Book Value =   000.00
-----------------------------------------------------------------------------------------------------------------------
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.

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

                                                  SPACE INTENTIONALLY LEFT BLANK

-------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                             Prepayment Report - Voluntary Prepayments
------------------------------------------------------------------------------------------------------------------------------------

VOLUNTARY PREPAYMENTS                                                            POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                        <C>             <C>              <C>
   Current
   Number of Paid in Full Loans                                                       59             161              220
   Number of Repurchased Loans                                                         -               -                -
   ---------------------------------------------------------------------------------------------------------------------------------
   Total Number of Loans Prepaid in Full                                              59             161              220


   Paid in Full Balance                                                     5,464,567.10    8,137,163.89    13,601,730.99
   Repurchased Loans Balance                                                           -               -                -
   Curtailments Amount                                                      4,665,787.23    6,067,268.20    10,733,055.43
   ---------------------------------------------------------------------------------------------------------------------------------
   Total Prepayment Amount                                                 10,130,354.33   14,204,432.09    24,334,786.42


   Cumulative
   Number of Paid in Full Loans                                                       59             161              220
   Number of Repurchased Loans                                                         -               -                -
   ---------------------------------------------------------------------------------------------------------------------------------
   Total Number of Loans Prepaid in Full                                              59             161              220


   Paid in Full Balance                                                     5,464,567.10    8,137,163.89    13,601,730.99
   Repurchased Loans Balance                                                           -               -                -
   Curtailments Amount                                                      4,665,787.23    6,067,268.20    10,733,055.43
   ---------------------------------------------------------------------------------------------------------------------------------
   Total Prepayment Amount                                                 10,130,354.33   14,204,432.09    24,334,786.42


                                                  SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>

VOLUNTARY PREPAYMENT RATES                                                       POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>            <C>               <C>
   SMM                                                                              9.49%           7.24%            8.04%
   3 Months Avg SMM
   12 Months Avg SMM
   Avg SMM Since Cut-off                                                            9.49%           7.24%            8.04%


   CPR                                                                             69.78%          59.44%           63.41%
   3 Months Avg CPR
   12 Months Avg CPR
   Avg CPR Since Cut-off                                                           69.78%          59.44%           63.41%


   PSA                                                                          11939.00%        9617.49%        10460.35%
   3 Months Avg PSA Approximation
   12 Months Avg PSA Approximation
   Avg PSA Since Cut-off Approximation                                          11939.00%        9617.49%        10460.35%

------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
PREPAYMENT CALCULATION METHODOLOGY
------------------------------------------------------------------------------------------------------------------------------------
<S>                                <C>
   Single Monthly Mortality (SMM):  (Voluntary partial and full prepayments + Repurchases)/(Beg Principal Balance - Sched Principal)

   Conditional Prepayment Rate (CPR): 1-((1-SMM)/\12)

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

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

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

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

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

   Weighted Average Seasoning (WAS)

   Note: Prepayment rates are calculated since deal issue date and include partial and full voluntary prepayments and repurchases.
         Dates correspond to distribution dates.
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

--------------------------------------------------------------------------------
                       Realized Loss Report - Collateral
--------------------------------------------------------------------------------

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

   Cumulative
   Number of Loans Liquidated                                                                             -         -          -
   Collateral Realized Loss/(Gain) Amount                                                                 -         -          -
   Net Liquidation Proceeds                                                                               -         -          -

   Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.


   Cumulative Losses as % of Original Balance                                                       0.0000%   0.0000%    0.0000%

   Cumulative Losses as % of Current Balance                                                        0.0000%   0.0000%    0.0000%

----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


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

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

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

   Loss Severity Approximation for Current Period
   3 Months Avg Loss Severity Approximation
   12 Months Avg Loss Severity Approximation
   Avg Loss Severity Approximation Since Cut-off

----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                                                <C>
   Monthly Default Rate (MDR):    (Beg Principal Balance of Liquidated Loans)/(Total Beg Principal Balance)

   Conditional Default Rate (CDR):    1-((1-MDR)/\12)

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

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

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

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

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

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

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

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

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

          Dates correspond to distribution dates.
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

  ** Less than.
<PAGE>

--------------------------------------------------------------------------------
   Realized Loss Detail Report -Loans Liquidated During Current Distribution
--------------------------------------------------------------------------------


SUMMARY                                       LOAN GROUP
------------------------------------------    ----------------------------------
Total Loan Count =                    0       Loan Group 1 =   Pool I Group
Total Original Principal Balance = 0.00       Loan Group 2 =   Pool II Group
Total Prior Principal Balance =    0.00
Total Realized Loss Amount =       0.00
Total Net Liquidation Proceeds =   0.00
------------------------------------------    ----------------------------------

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------

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

------------------------------------------------------------------------------
              Triggers, Adj. Rate Cert. and Miscellaneous Report
------------------------------------------------------------------------------

TRIGGER EVENTS                           POOL II          POOL I         TOTAL
------------------------------------------------------------------------------

  Servicer Event of Default                   No             No             No

  Insurer Default                             No             No             No

------------------------------------------------------------------------------


ADJUSTABLE RATE CERTIFICATE INFORMATION  POOL II         POOL I          TOTAL
------------------------------------------------------------------------------
                        SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------


ADDITIONAL INFORMATION                   POOL II         POOL I          TOTAL
------------------------------------------------------------------------------
  Detail Delinq. Breakdown to
   Supplement pages 11-13
  Number of Mort. Loans Delinq.
   90-119 days                                -              2               2
  Balance of Mort. Loans Delinq.
   90-119 days                             0.00     119,800.00      119,800.00
  Number of Mort. Loans Delinq.
   120-149 days                               -              -               -
  Balance of  Mort. Loans
   Delinq. 120-149 days                    0.00           0.00            0.00
  Number of Mort. Loans
   Delinq. 150-179 days                       -              -               -
  Balance of Mort. Loans
   Delinq. 150  -179 days                  0.00           0.00            0.00
  Number of Mort. Loans
   Delinq. 180 days or more                   -              -               -
  Balance of Mort. Loans
   Delinq. 180 days or more                0.00           0.00            0.00
  Count of ALL Loans 180
   day plus bucket                            -              -               -
  Balance of ALL Loans
   180 day plus bucket                     0.00           0.00            0.00
  Management Fee Accrued and Unpaid      176.25         323.75          500.00

------------------------------------------------------------------------------