<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

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


<TABLE>
<CAPTION>
ISSUANCE INFORMATION
------------------------------------------------------------------------------------------------------------------------------------
<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:   July 16, 2001
                                                                                        Record Date:         July 13, 2001

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

                   GreenPoint Home Equity Loan Trust 2001-1
                  Home Equity Loan Asset-Backed Certificates
                                 Series 2001-1
           Certificate Payment Report for July 16, 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
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>         <C>             <C>             <C>           <C>          <C>             <C>           <C>       <C>
                                         (1)            (2)            (3)        (4)=(2)+(3)      (5)           (6)    (7)=(1)-(3)
                                                                                                                          -(5)+(6)
------------------------------------------------------------------------------------------------------------------------------------

  A-1    FLT,STEP   196,178,000.00  188,122,357.67     680,375.86   4,172,445.60  4,852,821.46          -           - 183,949,912.07
  A-2    FLT,STEP   106,801,000.00  104,807,989.75     379,958.08   3,915,928.16  4,295,886.24          -           - 100,892,061.59
   R        R                    -               -              -              -             -          -           -              -
------------------------------------------------------------------------------------------------------------------------------------
 Total              302,979,000.00   92,930,347.42   1,060,333.94   8,088,373.76  9,148,707.70          -           - 284,841,973.66
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                                   Orig.Principal      Prior                                                Current
         Period    Period                          (with Notional)   Principal                                  Total      Principal
 Class  Starting   Ending    Method      Cusip         Balance        Balance        Interest     Principal   Distribution  Balance
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>         <C>       <C>         <C>       <C>               <C>             <C>          <C>         <C>          <C>
                                                                       (1)            (2)          (3)       (4)=(2)+(3)       (5)
------------------------------------------------------------------------------------------------------------------------------------
  A-1   06/15/01  07/15/01 A-Act/360     395385AJ6 196,178,000.00     958.937076       3.468156   21.268672   24.736828   937.668404
  A-2   06/15/01  07/15/01 A-Act/360     395385AK3 106,801,000.00     981.339030       3.557627   36.665651   40.223277   944.673379
   R                          -                                 -              -              -           -           -            -

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

<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
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>              <C>        <C>             <C>           <C>           <C>            <C>          <C>         <C>
              (1)           (2)           (3)           (4)        (5)=(3)+(4)    (6)=(2)+(5)      (7)           (8)   (9)=(1)-(5)-
                                                                                                                          (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------

  A-1    196,178,000.00  2,344,209.28 11,586,030.14  642,057.80  12,228,087.94   14,572,297.22         -            - 183,949,912.07
  A-2    106,801,000.00  1,290,271.25  5,566,714.07  342,224.34   5,908,938.41    7,199,209.66         -            - 100,892,061.59
   R                  -             -             -           -              -               -         -            -              -
------------------------------------------------------------------------------------------------------------------------------------
 Total   302,979,000.00  3,634,480.53 17,152,744.21  984,282.14  18,137,026.35   21,771,506.88         -            - 284,841,973.66
------------------------------------------------------------------------------------------------------------------------------------

<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
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>                 <C>          <C>             <C>           <C>          <C>            <C>        <C>
                                          (1)           (2)            (3)            (4)        (5)=(1)-     (6)        (7)=(5)-(6)
                                                                                               (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------

  A-1    4.20000%   188,122,357.67      680,375.86            -             -              -     680,375.86   680,375.86          -
  A-2    4.21000%   104,807,989.75      379,958.08            -             -              -     379,958.08   379,958.08          -
   R                             -               -            -             -              -              -            -          -
------------------------------------------------------------------------------------------------------------------------------------
 Total              292,930,347.42    1,060,333.94            -             -              -   1,060,333.94 1,060,333.94          -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

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


SUMMARY                                                                            POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                         <C>             <C>             <C>
  Net Principal Collections                                                  3,677,175.64     3,756,214.12     7,433,389.76

  TOTAL PRINCIPAL                                                            3,677,175.64     3,756,214.12     7,433,389.76

  Interest Collections                                                         873,299.77     1,541,693.37     2,414,993.14
  Interest Fees                                                                (16,015.55)      (29,175.65)      (45,191.20)

  TOTAL INTEREST                                                               857,284.22     1,512,517.72     2,369,801.94

  TOTAL AVAILABLE FUNDS                                                      4,534,459.86     5,268,731.84     9,803,191.70

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

<CAPTION>
PRINCIPAL - COLLECTIONS                                                           POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                          <C>            <C>             <C>
  Principal Collections                                                      5,996,020.31     6,856,284.06    12,852,304.37
  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                                                       (2,318,844.67)   (3,100,069.94)   (5,418,914.61)

  TOTAL PRINCIPAL COLLECTED                                                  3,677,175.64     3,756,214.12     7,433,389.76

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

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


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

<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                                                        POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>             <C>               <C>
                                                  SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
INTEREST - COLLECTIONS                                                             POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>            <C>             <C>
  Interest Collections                                                         917,227.29     1,620,571.81     2,537,799.10
  Repurchases/Substitutions                                                          0.00             0.00             0.00
  Liquidations                                                                       0.00             0.00             0.00
  Insurance                                                                          0.00             0.00             0.00
  Interest
  Other Additional Interest                                                          0.00             0.00             0.00
  Current Servicing Fee                                                        (43,927.52)      (78,878.44)     (122,805.96)

  TOTAL INTEREST                                                               873,299.77     1,541,693.37     2,414,993.14

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

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

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

<CAPTION>
INTEREST - OTHER ACCOUNTS                                                          POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                <C>            <C>                <C>
                                                  SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
INTEREST - FEES                                                                    POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                            <C>             <C>              <C>
  Trustee Fee                                                                       702.84        1,262.06         1,964.90
  Certificate Insurer Premium                                                    15,133.81       27,592.49        42,726.30
  Management Fee                                                                    178.90          321.10           500.00

  TOTAL INTEREST  FEES                                                           16,015.55       29,175.65        45,191.20

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     Credit Enhancement Report
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>              <C>             <C>

ACCOUNTS                                                                           POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------

    Beginning Reserve Fund Balance                                                                            1,803,458.29
    Curr Period Amounts Dep to Res Fund                                                                         654,984.00
    Curr Withdrawal from Reserve Fund                                                                                 0.00
    Reserve Fund Balance                                                                                      2,458,442.29

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

<CAPTION>
INSURANCE                                                                          POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                            <C>              <C>               <C>
    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

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

<CAPTION>
STRUCTURAL FEATURES                                                                POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                        <C>             <C>              <C>
    Three Month Average Net Excess Spread Amount                                    14.4559%         1.8568%
    Rolling Six-month Pool Delinquency Rate                                          0.0000%         0.0000%

    Prior Overcollateralization Amount                                           618,069.11    1,185,899.17     1,803,968.28
    Specified Overcollateralization Amount                                     2,657,926.29    4,028,876.52     6,686,802.81
    Overcollateralization Amount                                                 856,821.63    1,602,130.65     2,458,952.28
    Overcollateralization Deficiency Amount                                    1,801,104.66    2,426,745.87     4,227,850.53

    Overcollateralization Deficit                                                      0.00            0.00             0.00
    Overcollateralization Reduction Amount                                             0.00            0.00             0.00
    Step-Up Overcollateralization Amount                                               0.00    4,028,876.52     4,028,876.52

    Current Accelerated Principal Payment                                        238,752.52      416,231.48       654,984.00
    Cumulative Accelerated Principal Payment                                     856,639.23    1,601,803.06     2,458,442.29

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

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


COLLATERAL                                                                         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                              <C>              <C>               <C>
      Loan Count:
    Original                                                                         1191            4428             5619
    Prior                                                                           1,097           4,154            5,251
    Prefunding                                                                          -               -                -
    Scheduled Paid Offs                                                                 -               -                -
    Full Voluntary Prepayments                                                        (41)           (101)            (142)
    Repurchases                                                                         -               -                -
    Liquidations                                                                        -               -                -
    --------------------------------------------------------------------------------------------------------------------------------
    Current                                                                         1,056           4,053            5,109

    Principal Balance:
    Original                                                               106,801,182.40  196,178,327.60   302,979,510.00
    Prior                                                                  105,426,058.86  189,308,256.84   294,734,315.70
    Prefunding                                                               2,318,844.67    3,100,069.94     5,418,914.61
    Scheduled Principal                                                       (109,031.86)    (226,195.31)     (335,227.17)
    Partial and Full Voluntary Prepayments                                  (5,886,988.45)  (6,630,088.75)  (12,517,077.20)
    Repurchases                                                                         -               -                -
    Liquidations                                                                        -               -                -
    --------------------------------------------------------------------------------------------------------------------------------
    Current                                                                101,748,883.22  185,552,042.72   287,300,925.94
------------------------------------------------------------------------------------------------------------------------------------

<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                                               10.479307%      10.572115%       10.539263%
    Weighted Average Coupon Current                                             10.582822%      10.598763%       10.593061%
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                                      189             195              193
    Weighted Average Months to Maturity Prior                                         188             194              192
    Weighted Average Months to Maturity Current                                       187             192              190
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                                 196             213              207
    Weighted Avg Remaining Amortization Term Prior                                    194             211              205
    Weighted Avg Remaining Amortization Term Current                                  193             210              204
    --------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                              2.92            3.09             3.03
    Weighted Average Seasoning Prior                                                 3.93            4.07             4.02
    Weighted Average Seasoning Current                                               4.92            5.06             5.01

------------------------------------------------------------------------------------------------------------------------------------
Note:  Original information refers to deal issue.

<CAPTION>
ARM CHARACTERISTICS                                                                POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                               <C>             <C>
    Weighted Average Margin Original                                              293.006%        228.112%
    Weighted Average Margin Prior                                                 292.855%        228.156%
    Weighted Average Margin Current                                               294.074%        229.007%
------------------------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Prior Original                                       17.033%         14.638%
    Weighted Average Max Rate Prior                                                17.056%         14.796%
    Weighted Average Max Rate Current                                              17.060%         14.850%
</TABLE>
<PAGE>

<TABLE>
<S>                                                          <C>             <C>
    -------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                       2.930%          2.281%
    Weighted Average Min Rate Prior                          2.929%          2.282%
    Weighted Average Min Rate Current                        2.941%          2.291%
    -------------------------------------------------------------------------------------------
    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

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

Note:  Original information refers to deal issue.


<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                    POOL II        POOL I        TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                         <C>            <C>       <C>
    TOTAL SERVICING FEE                                    43,927.52     78,878.44   122,805.96

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


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



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

--------------------------------------------------------------------------------
                          Delinquency Report - Total
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                      CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                          <C>           <C>             <C>             <C>              <C>
DELINQUENT           Balance                                    3,075,554.22      338,031.01               -     3,413,585.23
                     % Balance                                          1.07%           0.12%           0.00%            1.19%
                     # Loans                                              51               7               -               58
                     % # Loans                                          1.00%           0.14%           0.00%            1.14%
------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                               -               -    1,312,639.51    1,045,310.46     2,357,949.97
                     % Balance                          0.00%           0.00%           0.46%           0.36%            0.82%
                     # Loans                               -               -              20              11               31
                     % # Loans                          0.00%           0.00%           0.39%           0.22%            0.61%
------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                      128,445.30               -               -      140,633.34       269,078.64
                     % Balance                          0.04%           0.00%           0.00%           0.05%            0.09%
                     # Loans                               4               -               -               1                5
                     % # Loans                          0.08%           0.00%           0.00%           0.02%            0.10%
------------------------------------------------------------------------------------------------------------------------------
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                      128,445.30    3,075,554.22    1,650,670.52    1,185,943.80     6,040,613.84
                     % Balance                          0.04%           1.07%           0.57%           0.41%            2.10%
                     # Loans                               4              51              27              12               94
                     % # Loans                          0.08%           1.00%           0.53%           0.23%            1.84%
------------------------------------------------------------------------------------------------------------------------------
</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>
DELINQUENT           Balance                                    1,897,525.67      338,031.01               -     2,235,556.68
                     % Balance                                          1.02%           0.18%           0.00%            1.20%
                     # Loans                                              42               7               -               49
                     % # Loans                                          1.04%           0.17%           0.00%            1.21%
------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                               -               -      633,288.21      483,031.66     1,116,319.87
                     % Balance                          0.00%           0.00%           0.34%           0.26%            0.60%
                     # Loans                               -               -              16               9               25
                     % # Loans                          0.00%           0.00%           0.39%           0.22%            0.62%
------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                      128,445.30               -               -               -       128,445.30
                     % Balance                          0.07%           0.00%           0.00%           0.00%            0.07%
                     # Loans                               4               -               -               -                4
                     % # Loans                          0.10%           0.00%           0.00%           0.00%            0.10%
------------------------------------------------------------------------------------------------------------------------------
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                      128,445.30    1,897,525.67      971,319.22      483,031.66     3,480,321.85
                     % Balance                          0.07%           1.02%           0.52%           0.26%            1.88%
                     # Loans                               4              42              23               9               78
                     % # Loans                          0.10%           1.04%           0.57%           0.22%            1.92%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

--------------------------------------------------------------------------------
                      Delinquency Report - Pool II Group
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                      CURRENT       1 PAYMENT       2  PAYMTS      3+  PAYMTS            TOTAL
-------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                              <C>        <C>              <C>              <C>            <C>
DELINQUENT           Balance                                     1,178,028.55               -               -     1,178,028.55
                     % Balance                                           1.16%           0.00%           0.00%            1.16%
                     # Loans                                                9               -               -                9
                     % # Loans                                           0.85%           0.00%           0.00%            0.85%
-------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                               -               -      679,351.30       562,278.80     1,241,630.10
                     % Balance                          0.00%           0.00%           0.67%            0.55%            1.22%
                     # Loans                               -               -               4                2                6
                     % # Loans                          0.00%           0.00%           0.38%            0.19%            0.57%
-------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                               -               -               -       140,633.34       140,633.34
                     % Balance                          0.00%           0.00%           0.00%            0.14%            0.14%
                     # Loans                               -               -               -                1                1
                     % # Loans                          0.00%           0.00%           0.00%            0.09%            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                               -    1,178,028.55      679,351.30       702,912.14     2,560,291.99
                     % Balance                          0.00%           1.16%           0.67%            0.69%            2.52%
                     # Loans                               -               9               4                3               16
                     % # Loans                          0.00%           0.85%           0.38%            0.28%            1.52%
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

--------------------------------------------------------------------------------
    REO Report - Mortgage Loans that Become REO During Current Distribution
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
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

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

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<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>

--------------------------------------------------------------------------------
                    Prepayment Report - Voluntary Prepayments
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                                                POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                         <C>             <C>               <C>
    Current
    Number of Paid in Full Loans                                                          41             101              142
    Number of Repurchased Loans                                                            -               -                -
    --------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                 41             101              142

    Paid in Full Balance                                                        4,039,186.91    5,338,732.24     9,377,919.15
    Repurchased Loans Balance                                                              -               -                -
    Curtailments Amount                                                         1,847,801.54    1,291,356.51     3,139,158.05
    --------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                     5,886,988.45    6,630,088.75    12,517,077.20

    Cumulative
    Number of Paid in Full Loans                                                         135             375              510
    Number of Repurchased Loans                                                            -               -                -
    --------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                                135             375              510

    Paid in Full Balance                                                       12,276,209.60   19,498,722.92    31,774,932.52
    Repurchased Loans Balance                                                              -               -                -
    Curtailments Amount                                                         7,921,139.45    9,330,426.89    17,251,566.34
    --------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                                    20,197,349.05   28,829,149.81    49,026,498.86

                                            SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                                           POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                             <C>            <C>               <C>
    SMM                                                                                5.59%           3.51%            4.25%
    3 Months Avg SMM                                                                   6.37%           4.98%            5.47%
    12 Months Avg SMM
    Avg SMM Since Cut-off                                                              6.37%           4.98%            5.47%

    CPR                                                                               49.85%          34.84%           40.63%
    3 Months Avg CPR                                                                  54.61%          45.80%           49.08%
    12 Months Avg CPR
    Avg CPR Since Cut-off                                                             54.61%          45.80%           49.08%

    PSA                                                                             5065.29%        3443.68%         4054.88%
    3 Months Avg  PSA Approximation                                                 6955.88%        5620.15%         6102.38%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation                                             6955.88%        5620.15%         6102.38%

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




PREPAYMENT CALCULATION METHODOLOGY
--------------------------------------------------------------------------------

    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)
<PAGE>

    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.
--------------------------------------------------------------------------------
<PAGE>

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


COLLATERAL REALIZED LOSSES                              POOL II  POOL I   TOTAL
--------------------------------------------------------------------------------

    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%

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


DEFAULT SPEEDS                                          POOL II  POOL I   TOTAL
--------------------------------------------------------------------------------

    MDR                                                    0.00%   0.00%   0.00%
    3 Months Avg MDR                                       0.00%   0.00%   0.00%
    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                                       0.00%   0.00%   0.00%
    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                         0.00%   0.00%   0.00%
    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

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

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
--------------------------------------------------------------------------------
    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:

# denotes less than
<PAGE>

    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.
--------------------------------------------------------------------------------

# denotes less than
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                            Realized Loss Detail Report - Loans Liquidated During Current Distribution
------------------------------------------------------------------------------------------------------------------------------------

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

<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>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                        Triggers, Adj. Rate Cert. and Miscellaneous Report
------------------------------------------------------------------------------------------------------------------------------------


TRIGGER EVENTS                                                                       POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>              <C>                <C>
    Servicer Event of Default                                                             No              No               No

    Insurer Default                                                                       No              No               No

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

<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                              POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>              <C>               <C>
                                                  SPACE INTENTIONALLY LEFT BLANK


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

<CAPTION>
ADDITIONAL INFORMATION                                                               POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                  <C>              <C>               <C>
    Detail Delinq. Breakdown to Supplement pages 11-13
    Number of Mort. Loans Delinq. 90 -119 days                                             -               -                -
    Balance of Mort. Loans Delinq. 90 -119 days                                         0.00            0.00             0.00
    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                                                 536.69          963.31         1,500.00


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