<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD 21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2003-2
                            RECORD DATE: MAY 30, 2003
                        DISTRIBUTION DATE: JUNE 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
                          Certificate                                Beginning
                             Class             Certificate          Certificate          Interest
Class        CUSIP        Description       Pass-Through Rate         Balance          Distribution
-----------------------------------------------------------------------------------------------------
<S>        <C>            <C>               <C>                   <C>                 <C>
 A-1       81743PAP1          SEN               1.64813%          497,793,843.48        683,690.80
 A-2       81743PAQ9          SEN               1.63313%          301,780,578.13        410,705.76
 M-1       81743PAR7          SUB               1.96813%           11,480,000.00         18,828.44
 M-2       81743PAS5          SUB               2.74813%            4,920,000.00         11,267.33
  X        SMT03002X           IO               0.00000%                    0.00              0.00
  R        SMT03002R          SUB               0.00000%                    0.00              0.00
-----------------------------------------------------------------------------------------------------
Totals                                                            815,974,421.61      1,124,492.33
-----------------------------------------------------------------------------------------------------
</TABLE>

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

             Principal          Current       Ending Certificate        Total          Cumulative
Class      Distribution      Realized Loss          Balance           Distribution    Realized Loss
-----------------------------------------------------------------------------------------------------
<S>        <C>               <C>              <C>                    <C>              <C>
 A-1       3,190,986.30          0.00           494,602,857.18       3,874,677.10         0.00
 A-2       3,429,539.76          0.00           298,351,038.37       3,840,245.52         0.00
 M-1               0.00          0.00            11,480,000.00          18,828.44         0.00
 M-2               0.00          0.00             4,920,000.00          11,267.33         0.00
  X                0.00          0.00                     0.00               0.00         0.00
  R                0.00          0.00                     0.00               0.00         0.00
-----------------------------------------------------------------------------------------------------
Totals     6,620,526.06          0.00           809,353,895.55       7,745,018.39         0.00
-----------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------
                               Beginning        Scheduled     Unscheduled
           Original Face      Certificate       Principal      Principal
Class         Amount            Balance       Distribution    Distribution    Accretion
---------------------------------------------------------------------------------------
<S>       <C>               <C>               <C>             <C>             <C>
 A-1      500,000,000.00    497,793,843.48        0.00        3,190,986.30       0.00
 A-2      303,600,000.00    301,780,578.13        0.00        3,429,539.76       0.00
 M-1       11,480,000.00     11,480,000.00        0.00                0.00       0.00
 M-2        4,920,000.00      4,920,000.00        0.00                0.00       0.00
  X                 0.00              0.00        0.00                0.00       0.00
  R                 0.00              0.00        0.00                0.00       0.00
          -----------------------------------------------------------------------------
Totals    820,000,000.00    815,974,421.61        0.00        6,620,526.06       0.00
---------------------------------------------------------------------------------------

<CAPTION>

--------------------------------------------------------------------------------------
                          Total          Ending            Ending
          Realized      Principal      Certificate      Certificate    Total Principal
Class     Loss (1)      Reduction        Balance         Percentage      Distribution
--------------------------------------------------------------------------------------
<S>       <C>         <C>             <C>               <C>            <C>
 A-1        0.00      3,190,986.30    494,602,857.18     0.98920571      3,190,986.30
 A-2        0.00      3,429,539.76    298,351,038.37     0.98271093      3,429,539.76
 M-1        0.00              0.00     11,480,000.00     1.00000000              0.00
 M-2        0.00              0.00      4,920,000.00     1.00000000              0.00
  X         0.00              0.00              0.00     0.00000000              0.00
  R         0.00              0.00              0.00     0.00000000              0.00
          ----------------------------------------------------------------------------
Totals      0.00      6,620,526.06    809,353,895.55     0.98701695      6,620,626.06
--------------------------------------------------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------
                               Beginning        Scheduled     Unscheduled
           Original Face      Certificate       Principal      Principal
Class         Amount            Balance       Distribution    Distribution    Accretion
----------------------------------------------------------------------------------------
<S>       <C>                <C>              <C>             <C>             <C>
 A-1      500,000,000.00      995.58768696     0.00000000       6.38197260    0.00000000
 A-2      303,600,000.00      994.00717434     0.00000000      11.29624427    0.00000000
 M-1       11,480,000.00     1000.00000000     0.00000000       0.00000000    0.00000000
 M-2        4,920,000.00     1000.00000000     0.00000000       0.00000000    0.00000000
  X                 0.00        0.00000000     0.00000000       0.00000000    0.00000000
  R                 0.00        0.00000000     0.00000000       0.00000000    0.00000000
----------------------------------------------------------------------------------------

<CAPTION>

-----------------------------------------------------------------------------------------
                           Total             Ending           Ending
           Realized      Principal         Certificate     Certificate    Total Principal
Class      Loss (3)      Reduction           Balance        Percentage      Distribution
-----------------------------------------------------------------------------------------
<S>       <C>           <C>               <C>              <C>            <C>
 A-1      0.00000000     6.38197260        989.20571436     0.98920571       6.38197260
 A-2      0.00000000    11.29624427        982.71093007     0.98271093      11.29624427
 M-1      0.00000000     0.00000000       1000.00000000     1.00000000       0.00000000
 M-2      0.00000000     0.00000000       1000.00000000     1.00000000       0.00000000
  X       0.00000000     0.00000000          0.00000000     0.00000000       0.00000000
  R       0.00000000     0.00000000          0.00000000     0.00000000       0.00000000
----------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                     Beginning                        Payment of
                                                    Certificate/        Current         Unpaid
              Original Face          Current          Notional          Accrued        Interest
Class            Amount         Certificate Rate      Balance          Interest        Shortfall
------------------------------------------------------------------------------------------------
<S>          <C>                <C>                <C>                <C>             <C>
 A-1         500,000,000.00         1.64813%       497,793,843.48     683,690.81         0.00
 A-2         303,600,000.00         1.63313%       301,780,578.13     410,705.76         0.00
 M-1          11,480,000.00         1.96813%        11,480,000.00      18,828.44         0.00
 M-2           4,920,000.00         2.74813%         4,920,000.00      11,267.33         0.00
  X                    0.00         0.00000%       815,974,421.61           0.00         0.00
  R                    0.00         0.00000%                 0.00           0.00         0.00
             --------------------------------------------------------------------------------
Totals       820,000,000.00                                         1,124,492.34         0.00
---------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------------------------------------
                           Non-                                      Remaining        Ending
           Current      Supported                                      Unpaid      Certificate/
           Interest      Interest     Realized    Total Interest      Interest      Notational
Class     Shortfall     Shortfall     Loss (4)     Distribution      Shortfall        Balance
------------------------------------------------------------------------------------------------
<S>       <C>           <C>           <C>         <C>                <C>          <C>
 A-1         0.00          0.00         0.00        683,690.80          0.00      494,602,857.18
 A-2         0.00          0.00         0.00        410,705.76          0.00      298,351,038.37
 M-1         0.00          0.00         0.00         18,828.44          0.00       11,480,000.00
 M-2         0.00          0.00         0.00         11,267.33          0.00        4,920,000.00
  X          0.00          0.00         0.00              0.00          0.00      809,353,895.55
  R          0.00          0.00         0.00              0.00          0.00                0.00
          --------------------------------------------------------------------------------------
Totals       0.00          0.00         0.00      1,124,492.33          0.00
------------------------------------------------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                                                                      Payment of
                                Current          Beginning                              Unpaid        Current
Class     Original Face       Certificate       Certificate/      Current Accrued      Interest       Interest
 (5)          Amount              Rate        Notional Balance        Interest         Shortfall     Shortfall
---------------------------------------------------------------------------------------------------------------
<S>       <C>                 <C>             <C>                 <C>                 <C>            <C>
 A-1      500,000,000.00        1.64813%         995.58768696        1.36738162       0.00000000     0.00000000
 A-2      303,600,000.00        1.63313%         994.00717434        1.35278577       0.00000000     0.00000000
 M-1       11,480,000.00        1.96813%        1000.00000000        1.64010801       0.00000000     0.00000000
 M-2        4,920,000.00        2.74813%        1000.00000000        2.29010772       0.00000000     0.00000000
  X                 0.00        0.00000%         995.09075806        0.00000000       0.00000000     0.00000000
  R                 0.00        0.00000%           0.00000000        0.00000000       0.00000000     0.00000000
---------------------------------------------------------------------------------------------------------------

<CAPTION>

-------------------------------------------------------------------------------------
          Non-                                       Remaining
        Supported                                      Unpaid
Class    Interest       Realized    Total Interest    Interest    Ending Certificate/
 (5)    Shortfall       Loss (6)     Distribution    Shortfall    Notational Balance
-------------------------------------------------------------------------------------
<S>     <C>            <C>          <C>              <C>          <C>
 A-1    0.00000000     0.00000000     1.36738160     0.00000000       989.20571436
 A-2    0.00000000     0.00000000     1.35278577     0.00000000       982.71093007
 M-1    0.00000000     0.00000000     1.64010801     0.00000000      1000.00000000
 M-2    0.00000000     0.00000000     2.29010772     0.00000000      1000.00000000
  X     0.00000000     0.00000000     0.00000000     0.00000000       987.01694579
  R     0.00000000     0.00000000     0.00000000     0.00000000         0.00000000
----------------------------------------------------------------------------------
</TABLE>

(5)  Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                      <C>
Beginning Balance                                                                0.00

Deposits
         Payments of Interest and Principal                              8,001,183.88
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                   9,173.64
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                         ------------
Total Deposits                                                           8,010,357.52

Withdrawals
         Reimbursement for Servicer Advances                                 3,869.36
         Payment of Service Fee                                            261,469.75
         Payment of Interest and Principal                               7,745,018.41
                                                                         ------------
Total Withdrawals (Pool Distribution Amount)                             8,010,357.52

Ending Balance                                                                   0.00
                                                                         ============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                              <C>
Total Prepayment/Curtailment Interest Shortfall                                  0.00
Servicing Fee Support                                                            0.00
                                                                                 ----

Non-Supported Prepayment Curtailment Interest Shortfall                          0.00
                                                                                 ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                        <C>
Gross Servicing Fee                                                        256,703.30
Master Servicing Fee                                                         4,766.45
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                           ----------

Net Servicing Fee                                                          261,469.75
                                                                           ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                Beginning          Current          Current       Ending
Account Type     Balance         Withdrawals       Deposits       Balance
--------------------------------------------------------------------------
<S>             <C>              <C>               <C>           <C>
Reserve Fund    10,000.00           0.00             0.00        10,000.00
--------------------------------------------------------------------------
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
              DELINQUENT                            BANKRUPTCY                          FORECLOSURE
---------------------------------------------------------------------------------------------------------------
                No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>             <C>       <C>             <C>         <C>       <C>           <C>         <C>       <C>
0-29 Days          0              0.00    0-29 Days      0         0.00       0-29 Days      0         0.00
30 Days            7      3,686,891.22    30 Days        0         0.00       30 Days        0         0.00
60 Days            0              0.00    60 Days        0         0.00       60 Days        0         0.00
90 Days            0              0.00    90 Days        0         0.00       90 Days        0         0.00
120 Days           0              0.00    120 Days       0         0.00       120 Days       0         0.00
150 Days           0              0.00    150 Days       0         0.00       150 Days       0         0.00
180+ Days          0              0.00    180+ Days      0         0.00       180+ Days      0         0.00
                   -------------------                   --------------                      --------------
                   7      3,686,891.22                   0         0.00                      0         0.00

                No. of      Principal                   No. of    Principal                 No. of    Principal
                 Loans       Balance                    Loans      Balance                  Loans      Balance

0-29 Days       0.000000%   0.000000%     0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days         0.315457%   0.454460%     30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days         0.000000%   0.000000%     60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days         0.000000%   0.000000%     90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days        0.000000%   0.000000%     120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days        0.000000%   0.000000%     150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days       0.000000%   0.000000%     180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
                --------------------                  --------------------                --------------------
                0.315457%   0.454460%                 0.000000%   0.000000%               0.000000%   0.000000%
--------------------------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------------
               REO                                  TOTAL
------------------------------------------------------------------------
             No. of     Principal                 No. of     Principal
              Loans      Balance                  Loans       Balance
<S>          <C>        <C>          <C>          <C>       <C>
0-29 Days       0          0.00      0-29 Days      0               0.00
30 Days         0          0.00      30 Days        7       3,686,891.22
60 Days         0          0.00      60 Days        0               0.00
90 Days         0          0.00      90 Days        0               0.00
120 Days        0          0.00      120 Days       0               0.00
150 Days        0          0.00      150 Days       0               0.00
180+ Days       0          0.00      180+ Days      0               0.00
                ---------------                     --------------------
                0          0.00                     7       3,686,891.22

              No. of     Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance

0-29 Days    0.000000%   0.000000%   0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%   30 Days      0.315457%   0.454460%
60 Days      0.000000%   0.000000%   60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%   90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%   120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%   150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%   180+ Days    0.000000%   0.000000%
             --------------------                 --------------------
             0.000000%   0.000000%                0.315457%   0.454460%
----------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                         <C>     <C>                                           <C>     <C>               <C>
Current Period Class A Insufficient Funds:  0.00    Principal Balance of Contaminated Properties  0.00    Periodic Advance  9,173.64
</TABLE>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
            DELINQUENT                            BANKRUPTCY                          FORECLOSURE
-------------------------------------------------------------------------------------------------------------
               No. of     Principal                  No. of    Principal                 No. of    Principal
               Loans       Balance                   Loans      Balance                  Loans      Balance
<S>          <C>        <C>             <C>         <C>        <C>          <C>         <C>        <C>
0-29 Days        0              0.00    0-29 Days      0          0.00      0-29 Days       0         0.00
30 Days          6      3,202,891.22    30 Days        0          0.00      30 Days         0         0.00
60 Days          0              0.00    60 Days        0          0.00      60 Days         0         0.00
90 Days          0              0.00    90 Days        0          0.00      90 Days         0         0.00
120 Days         0              0.00    120 Days       0          0.00      120 Days        0         0.00
150 Days         0              0.00    150 Days       0          0.00      150 Days        0         0.00
180+ Days        0              0.00    180+ Days      0          0.00      180+ Days       0         0.00
                 -------------------                   ---------------                      --------------
                 6      3,202,891.22                   0          0.00                      0         0.00

              No. of      Principal                  No. of     Principal                No. of     Principal
               Loans       Balance                   Loans       Balance                 Loans       Balance

0-29 Days    0.000000%    0.000000%     0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days      0.448430%    0.633229%     30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days      0.000000%    0.000000%     60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days      0.000000%    0.000000%     90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days     0.000000%    0.000000%     120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days     0.000000%    0.000000%     150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days    0.000000%    0.000000%     180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
             ---------------------                  --------------------                --------------------
             0.448430%    0.633229%                 0.000000%   0.000000%               0.000000%   0.000000%
------------------------------------------------------------------------------------------------------------

<CAPTION>

-------------------------------------------------------------------------
              REO                                 TOTAL
-------------------------------------------------------------------------
              No. of    Principal                No. of       Principal
              Loans      Balance                 Loans         Balance
<S>          <C>        <C>          <C>         <C>         <C>
0-29 Days       0          0.00      0-29 Days     0                 0.00
30 Days         0          0.00      30 Days       6         3,202,891.22
60 Days         0          0.00      60 Days       0                 0.00
90 Days         0          0.00      90 Days       0                 0.00
120 Days        0          0.00      120 Days      0                 0.00
150 Days        0          0.00      150 Days      0                 0.00
180+ Days       0          0.00      180+ Days     0                 0.00
                ---------------                    ----------------------
                0          0.00                    6         3,202,891.22

              No. of     Principal                 No. of       Principal
              Loans       Balance                  Loans         Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%      0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.448430%      0.633229%
60 Days      0.000000%   0.000000%   60 Days     0.000000%      0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%      0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%      0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%      0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%      0.000000%
             --------------------                -----------------------
             0.000000%   0.000000%               0.448430%      0.633229%
------------------------------------------------------------------------
</TABLE>

                                     GROUP 2

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
              DELINQUENT                            BANKRUPTCY                          FORECLOSURE
---------------------------------------------------------------------------------------------------------------
                 No. of     Principal                 No. of    Principal                 No. of     Principal
                 Loans       Balance                  Loans      Balance                  Loans       Balance
<S>            <C>         <C>           <C>         <C>        <C>          <C>         <C>         <C>
0-29 Days          0             0.00    0-29 Days       0         0.00      0-29 Days       0          0.00
30 Days            1       484,000.00    30 Days         0         0.00      30 Days         0          0.00
60 Days            0             0.00    60 Days         0         0.00      60 Days         0          0.00
90 Days            0             0.00    90 Days         0         0.00      90 Days         0          0.00
120 Days           0             0.00    120 Days        0         0.00      120 Days        0          0.00
150 Days           0             0.00    150 Days        0         0.00      150 Days        0          0.00
180+ Days          0             0.00    180+ Days       0         0.00      180+ Days       0          0.00
                   ------------------                    --------------                      ---------------
                   1       484,000.00                    0         0.00                      0          0.00

                 No. of    Principal                   No. of    Principal                No. of      Principal
                 Loans      Balance                    Loans      Balance                 Loans        Balance

0-29 Days      0.000000%   0.000000%     0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
30 Days        0.113507%   0.158447%     30 Days     0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days        0.000000%   0.000000%     60 Days     0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%   0.000000%     90 Days     0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days       0.000000%   0.000000%     120 Days    0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days       0.000000%   0.000000%     150 Days    0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days      0.000000%   0.000000%     180+ Days   0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
               --------------------                  --------------------                ---------------------
               0.113507%   0.158447%                 0.000000%   0.000000%               0.000000%    0.000000%
--------------------------------------------------------------------------------------------------------------

<CAPTION>

---------------------------------------------------------------------
              REO                                TOTAL
---------------------------------------------------------------------
             No. of    Principal                 No. of    Principal
             Loans      Balance                  Loans      Balance
<S>          <C>       <C>          <C>          <C>       <C>
0-29 Days       0         0.00      0-29 Days       0           0.00
30 Days         0         0.00      30 Days         1     484,000.00
60 Days         0         0.00      60 Days         0           0.00
90 Days         0         0.00      90 Days         0           0.00
120 Days        0         0.00      120 Days        0           0.00
150 Days        0         0.00      150 Days        0           0.00
180+ Days       0         0.00      180+ Days       0           0.00
                --------------                      ----------------
                0         0.00                      1     484,000.00

             No. of     Principal                 No. of    Principal
             Loans       Balance                  Loans      Balance

0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%   30 Days     0.113507%   0.158447%
60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
            --------------------                --------------------
            0.000000%   0.000000%               0.113507%   0.158447%
--------------------------------------------------------------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                                  <C>
Collateral Description                                                   Mixed Arm

Weighted Average Gross Coupon                                             3.193293%
Weighted Average Net Coupon                                               2.746380%
Weighted Average Pass-Through Rate                                        2.809297%
Weighted Average Maturity (Stepdown Calculation)                                331

Beginning Scheduled Collateral Loan Count                                     1,852
Number of Loans Paid in Full                                                  (367)
Ending Scheduled Collateral Loan Count                                        2,219

Beginning Scheduled Collateral Balance                               689,271,692.68
Ending Scheduled Collateral Balance                                  811,270,274.17
Ending Actual Collateral Balance at 30-May-2003                      811,268,163.10

Monthly P&I Constant                                                   2,174,372.60
Special Servicing Fee                                                          0.00
Prepayment Penalties                                                           0.00
Realized Loss Amount                                                           0.00
Cumulative Realized Loss                                                       0.00

Ending Scheduled Balance for Premium Loans                           811,270,274.17

Scheduled Principal                                                            0.00
Unscheduled Principal                                                  5,832,115.55

Required Overcollateralized Amount                                             0.00
Overcollateralized Increase Amount                                       788,410.51
Overcollateralized Reduction Amount                                            0.00
Specified O/C Amount                                                   2,050,000.00
Overcollateralized Amount                                              1,916,378.62
Overcollateralized Deficiency Amount                                     922,031.89
Base Overcollateralization Amount                                              0.00

Extra Principal Distribution Amount                                      788,410.51

Excess Cash Amount                                                             0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                              <C>
M-1 Target Amount                                                797,478,679.51
M-2 Target Amount                                                807,213,922.80
Senior Target Amount                                             774,763,111.83

Group 1 - One-Month LIBOR Loans                                  144,131,163.35
Group 1 - Six-Month LIBOR Loans                                  361,673,969.02
Group 2 - Six Month LIBOR Loans                                  305,465,141.80

Applied Loss Amountn                                                          0
</TABLE>

<TABLE>
<CAPTION>
             GROUP                                1                 2                  TOTAL
<S>                                        <C>               <C>                   <C>
Collateral Description                          Mixed ARM       6 Month ARM             Mixed ARM
Weighted Average Coupon Rate                     3.159423          3.249135              3.193293
Weighted Average Net Rate                        2.712800          2.801746              2.746380
Pass-Through Rate                                2.775642          2.864785              2.809297
Weighted Average Maturity                             325               338                   331
Record Date                                    05/30/2003        05/30/2003            05/30/2003
Principal and Interest Constant              1,339,111.30        835,261.30          2,174,372.60
Beginning Loan Count                                1,128               724                 1,852
Loans Paid in Full                                   (210)             (157)                 (367)
Ending Loan Count                                   1,338               881                 2,219
Beginning Scheduled Balance                429,079,305.42    260,192,387.26        689,271,692.68
Ending Scheduled Balance                   505,805,132.37    305,465,141.80        811,270,274.17
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        2,810,985.21      3,021,130.34          5,832,115.55
Scheduled Interest                           1,339,111.30        835,261.30          2,174,372.60
Servicing Fee                                  159,697.29         97,006.01            256,703.30
Master Servicing Fee                             2,966.94          1,799.51              4,766.45
Trustee Fee                                          0.00              0.00                  0.00
FRY Amount                                           0.00              0.00                  0.00
Special Hazard Fee                                   0.00              0.00                  0.00
Other Fee                                            0.00              0.00                  0.00
Pool Insurance Fee                                   0.00              0.00                  0.00
Spread 1                                             0.00              0.00                  0.00
Spread 2                                             0.00              0.00                  0.00
Spread 3                                             0.00              0.00                  0.00
Net Interest                                 1,176,447.07        736,455.78          1,912,902.85
Realized Loss Amount                                 0.00              0.00                  0.00
Cumulative Realized Loss                             0.00              0.00                  0.00
Percentage of Cumulative Losses                      0.00              0.00                  0.00
Prepayment Penalties                                 0.00              0.00                  0.00
Special Servicing Fee                                0.00              0.00                  0.00
</TABLE>