<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 2003-1
                            RECORD DATE: MAY 30, 2003
                        DISTRIBUTION DATE: JUNE 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
                     Certificate                        Beginning
                        Class     Certificate Pass-    Certificate       Interest
 Class      CUSIP    Description     Through Rate        Balance       Distribution
-----------------------------------------------------------------------------------
<S>       <C>        <C>          <C>                <C>               <C>
  1A      81743PAA4      SEN           1.69813%        784,525,106.02  1,110,188.01
  2A      81743PAB2      SEN           1.74000%        187,118,196.74    271,321.38
 X-1A     81743PAC0       IO           0.83751%                  0.00    125,219.17
 X-1B     81743PAD8       IO           1.19178%                  0.00    600,965.01
 X-2      81743PAE6       IO           1.13421%                  0.00    176,859.39
 X-B      81743PAF3       IO           0.62332%                  0.00      8,261.59
 A-R      81743PAG1       R            2.81578%                  0.00          0.00
 B-1      81743PAH9      SUB           2.19813%         15,905,000.00     29,134.38
 B-2      81743PAJ5      SUB           2.82145%          8,210,000.00     19,303.42
 B-3      81743PAK2      SUB           2.82145%          5,644,000.00     13,270.22
 B-4      SEQ0301B4      SUB           2.82145%          2,565,000.00      6,030.85
 B-5      SEQ0301B5      SUB           2.82145%          1,539,000.00      3,618.51
 B-6      SEQ0301B6      SUB           2.82145%          4,105,618.00      9,653.16
-----------------------------------------------------------------------------------
Totals                                               1,009,611,920.76  2,373,825.09
-----------------------------------------------------------------------------------

<CAPTION>

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

          Principal       Current     Ending Certificate      Total        Cumulative
 Class   Distribution  Realized Loss       Balance        Distribution   Realized Loss
--------------------------------------------------------------------------------------
<S>      <C>           <C>            <C>                 <C>            <C>
  1A     8,911,918.40       0.00        775,613,187.62    10,022,106.41       0.00
  2A     2,298,946.62       0.00        184,819,250.12     2,570,268.00       0.00
 X-1A            0.00       0.00                  0.00       125,219.17       0.00
 X-1B            0.00       0.00                  0.00       600,965.01       0.00
 X-2             0.00       0.00                  0.00       176,859.39       0.00
 X-B             0.00       0.00                  0.00         8,261.59       0.00
 A-R             0.00       0.00                  0.00             0.00       0.00
 B-1             0.00       0.00         15,905,000.00        29,134.38       0.00
 B-2             0.00       0.00          8,210,000.00        19,303.42       0.00
 B-3             0.00       0.00          5,644,000.00        13,270.22       0.00
 B-4             0.00       0.00          2,565,000.00         6,030.85       0.00
 B-5             0.00       0.00          1,539,000.00         3,618.51       0.00
 B-6             0.00       0.00          4,105,618.00         9,653.16       0.00
--------------------------------------------------------------------------------------
Totals  11,210,865.02       0.00        998,401,055.74    13,584,690.11      00.00
--------------------------------------------------------------------------------------
</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               Realized
 Class       Amount            Balance      Distribution   Distribution  Accretion  Loss (1)
--------------------------------------------------------------------------------------------
<S>       <C>             <C>               <C>           <C>            <C>        <C>
   1A     798,206,000.00    784,525,106.02      0.00       8,911,918.40     0.00      0.00
   2A     190,000,000.00    187,118,196.74      0.00       2,298,946.62     0.00      0.00
  X-1A              0.00              0.00      0.00               0.00     0.00      0.00
  X-1B              0.00              0.00      0.00               0.00     0.00      0.00
  X-2               0.00              0.00      0.00               0.00     0.00      0.00
  X-B               0.00              0.00      0.00               0.00     0.00      0.00
  A-R             100.00              0.00      0.00               0.00     0.00      0.00
  B-1      15,905,000.00     15,905,000.00      0.00               0.00     0.00      0.00
  B-2       8,210,000.00      8,210,000.00      0.00               0.00     0.00      0.00
  B-3       5,644,000.00      5,644,000.00      0.00               0.00     0.00      0.00
  B-4       2,565,000.00      2,565,000.00      0.00               0.00     0.00      0.00
  B-5       1,539,000.00      1,539,000.00      0.00               0.00     0.00      0.00
  B-6       4,105,618.00      4,105,618.00      0.00               0.00     0.00      0.00
------------------------------------------------------------------------------------------
Totals  1,026,174,718.00  1,009,611,920.76      0.00      11,210,865.02     0.00      0.00
------------------------------------------------------------------------------------------

<CAPTION>

---------------------------------------------------------------------------------
         Total Principal  Ending Certificate  Ending Certificate  Total Principal
 Class      Reduction          Balance            Percentage        Distribution
---------------------------------------------------------------------------------
<S>      <C>              <C>                 <C>                 <C>
   1A      8,911,918.40     775,613,187.62        0.97169551        8,911,918.40
   2A      2,298,946.62     184,819,250.12        0.97273290        2,298,946.62
  X-1A             0.00               0.00        0.00000000                0.00
  X-1B             0.00               0.00        0.00000000                0.00
  X-2              0.00               0.00        0.00000000                0.00
  X-B              0.00               0.00        0.00000000                0.00
  A-R              0.00               0.00        0.00000000                0.00
  B-1              0.00      15,905,000.00        1.00000000                0.00
  B-2              0.00       8,210,000.00        1.00000000                0.00
  B-3              0.00       5,644,000.00        1.00000000                0.00
  B-4              0.00       2,565,000.00        1.00000000                0.00
  B-5              0.00       1,539,000.00        1.00000000                0.00
  B-6              0.00       4,105,618.00        1.00000000                0.00
--------------------------------------------------------------------------------
Totals    11,210,865.02     998,401,055.74        0.97293476       11,210,865.02
--------------------------------------------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
                          Beginning     Scheduled    Unscheduled
         Original Face   Certificate    Principal     Principal                 Realized
Class       Amount         Balance     Distribution  Distribution  Accretion    Loss (3)
-----------------------------------------------------------------------------------------
<S>     <C>             <C>            <C>           <C>           <C>         <C>
  1A    798,206,000.00   982.86044708   0.00000000    11.16493537  0.00000000  0.00000000
  2A    190,000,000.00   984.83261442   0.00000000    12.09971905  0.00000000  0.00000000
 X-1A             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-1B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-2              0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-B              0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-R            100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-1     15,905,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2      8,210,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3      5,644,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4      2,565,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5      1,539,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6      4,105,618.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
-----------------------------------------------------------------------------------------

<CAPTION>

----------------------------------------------------------------------------------
          Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class        Reduction          Balance            Percentage       Distribution
----------------------------------------------------------------------------------
<S>       <C>              <C>                 <C>                 <C>
  1A        11.16493537        971.69551171        0.97169551        11.16493537
  2A        12.09971905        972.73289537        0.97273290        12.09971905
 X-1A        0.00000000          0.00000000        0.00000000         0.00000000
 X-1B        0.00000000          0.00000000        0.00000000         0.00000000
 X-2         0.00000000          0.00000000        0.00000000         0.00000000
 X-B         0.00000000          0.00000000        0.00000000         0.00000000
 A-R         0.00000000          0.00000000        0.00000000         0.00000000
 B-1         0.00000000       1000.00000000        1.00000000         0.00000000
 B-2         0.00000000       1000.00000000        1.00000000         0.00000000
 B-3         0.00000000       1000.00000000        1.00000000         0.00000000
 B-4         0.00000000       1000.00000000        1.00000000         0.00000000
 B-5         0.00000000       1000.00000000        1.00000000         0.00000000
 B-6         0.00000000       1000.00000000        1.00000000         0.00000000
--------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                              Beginning                   Payment of                Non-
                                             Certificate/     Current       Unpaid     Current   Supported
          Original Face       Current          Notional       Accrued      Interest   Interest   Interest   Realized
 Class       Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall  Shortfall   Loss (4)
---------------------------------------------------------------------------------------------------------------------
<S>     <C>               <C>               <C>             <C>           <C>         <C>        <C>        <C>
  1A      798,206,000.00      1.69813%      784,525,106.02  1,110,188.02     0.00        0.00       0.00       0.00
  2A      190,000,000.00      1.74000%      187,118,196.74    271,321.39     0.00        0.00       0.00       0.00
 X-1A               0.00      0.83751%      179,416,941.90    126,219.17     0.00        0.00       0.00       0.00
 X-1B               0.00      1.19178%      605,108,165.11    600,965.01     0.00        0.00       0.00       0.00
  X-2               0.00      1.13421%      187,118,196.74    176,859.39     0.00        0.00       0.00       0.00
  X-B               0.00      0.62332%       15,905,000.00      8,261.59     0.00        0.00       0.00       0.00
  A-R             100.00      2.81578%                0.00          0.00     0.00        0.00       0.00       0.00
  B-1      15,905,000.00      2.19813%       15,905,000.00     29,134.38     0.00        0.00       0.00       0.00
  B-2       8,210,000.00      2.82145%        8,210,000.00     19,303.42     0.00        0.00       0.00       0.00
  B-3       5,644,000.00      2.82145%        5,644,000.00     13,270.22     0.00        0.00       0.00       0.00
  B-4       2,565,000.00      2.82145%        2,565,000.00      6,030.85     0.00        0.00       0.00       0.00
  B-5       1,539,000.00      2.82145%        1,539,000.00      3,618.51     0.00        0.00       0.00       0.00
  B-6       4,105,618.00      2.82145%        4,105,618.00      9,653.16     0.00        0.00       0.00       0.00
---------------------------------------------------------------------------------------------------------------------
Totals  1,026,174,718.00                                    2,373,825.11     0.00        0.00       0.00       0.00
---------------------------------------------------------------------------------------------------------------------

<CAPTION>

---------------------------------------------------------
                          Remaining          Ending
                            Unpaid        Certificate/
          Total Interest   Interest        Notational
 Class     Distribution    Shortfall        Balance
---------------------------------------------------------
<S>       <C>             <C>         <C>
  1A       1,110,188.01      0.00       775,613,187.62
  2A         271,321.38      0.00       184,819,250.12
 X-1A        125,219.17      0.00       178,286,393.89
 X-1B        600,965.01      0.00       597,326,794.72
  X-2        176,859.39      0.00       184,819,250.12
  X-B          8,261.59      0.00        15,905,000.00
  A-R              0.00      0.00                 0.00
  B-1         29,134.38      0.00        15,905,000.00
  B-2         19,303.42      0.00         8,210,000.00
  B-3         13,270.22      0.00         5,644,000.00
  B-4          6,030.85      0.00         2,565,000.00
  B-5          3,618.51      0.00         1,539,000.00
  B-6          9,653.16      0.00         4,105,618.00
---------------------------------------------------------
Totals     2,373,825.09      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                Non-
                         Current      Beginning                          Unpaid      Current   Supported
Class   Original Face  Certificate   Certificate/     Current Accrued   Interest    Interest    Interest    Realized
 (5)       Amount         Rate      Notional Balance      Interest      Shortfall   Shortfall  Shortfall    Loss (6)
---------------------------------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
 1A    798,206,000.00    1.69813%      982.86044708      1.39085402    0.00000000  0.00000000  0.00000000  0.00000000
 2A    190,000,000.00    1.74000%      984.83261442      1.42800732    0.00000000  0.00000000  0.00000000  0.00000000
X-1A             0.00    0.83751%      979.46696343      0.68359230    0.00000000  0.00000000  0.00000000  0.00000000
X-1B             0.00    1.19178%      983.87115420      0.97713462    0.00000000  0.00000000  0.00000000  0.00000000
 X-2             0.00    1.13421%      984.83261442      0.93083889    0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.62332%     1000.00000000      0.51943351    0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    2.81578%        0.00000000      0.00000000    0.00000000  0.00000000  0.00000000  0.00000000
 B-1    15,905,000.00    2.19813%     1000.00000000      1.83177491    0.00000000  0.00000000  0.00000000  0.00000000
 B-2     8,210,000.00    2.82145%     1000.00000000      2.35120828    0.00000000  0.00000000  0.00000000  0.00000000
 B-3     5,644,000.00    2.82145%     1000.00000000      2.35120836    0.00000000  0.00000000  0.00000000  0.00000000
 B-4     2,565,000.00    2.82145%     1000.00000000      2.35120858    0.00000000  0.00000000  0.00000000  0.00000000
 B-5     1,539,000.00    2.82145%     1000.00000000      2.35120858    0.00000000  0.00000000  0.00000000  0.00000000
 B-6     4,105,618.00    2.82145%     1000.00000000      2.35120754    0.00000000  0.00000000  0.00000000  0.00000000
---------------------------------------------------------------------------------------------------------------------

<CAPTION>

--------------------------------------------------------
                         Remaining
                           Unpaid
Class    Total Interest   Interest   Ending Certificate/
 (5)      Distribution    Shortfall  Notational Balance
--------------------------------------------------------
<S>      <C>             <C>         <C>
 1A        1.39085400    0.00000000      971.69551171
 2A        1.42800726    0.00000000      972.73289537
X-1A       0.68359230    0.00000000      973.29511358
X-1B       0.97713462    0.00000000      971.21909245
 X-2       0.93083889    0.00000000      972.73289537
 X-B       0.51943351    0.00000000     1000.00000000
 A-R       0.00000000    0.00000000       0.000000000
 B-1       1.83177491    0.00000000     1000.00000000
 B-2       2.35120828    0.00000000     1000.00000000
 B-3       2.35120836    0.00000000     1000.00000000
 B-4       2.35120858    0.00000000     1000.00000000
 B-5       2.35120858    0.00000000     1000.00000000
 B-6       2.35120754    0.00000000     1000.00000000
--------------------------------------------------------
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                             <C>
Beginning Balance                                                                        0.00
Deposits
       Payments of Interest and Principal                                       13,906,157.71
       Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
       Proceeds from Repurchased Loans                                                   0.00
       Other Amounts (Servicer Advances)                                             4,796.47
       Realized Losses                                                                   0.00
       Prepayment Penalties                                                              0.00
                                                                                -------------
Total Deposits                                                                  13,910,954.18

Withdrawals
       Reimbursement for Servicer Advances                                               0.00
       Payment of Service Fee                                                      326,264.04
       Payment of Interest and Principal                                        13,584,690.14
                                                                                -------------
Total Withdrawals (Pool Distribution Amount)                                    13,910,954.18

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                                                                317,850.63
Master Servicing Fee                                                                 8,413.41
Supported Prepayment/Curtailment Interest Shortfall                                      0.00
                                                                                   ----------

Net Servicing Fee                                                                  326,264.04
                                                                                   ==========
</TABLE>

<PAGE>

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

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
             DELINQUENT                            BANKRUPTCY                       FORECLOSURE
-----------------------------------------------------------------------------------------------------------
<S>          <C>          <C>           <C>         <C>        <C>        <C>         <C>         <C>
               No. of      Principal                  No. of   Principal                No. of    Principal
               Loans        Balance                   Loans     Balance                 Loans      Balance

0-29 Days        0                0.00  0-29 Days       0           0.00  0-29 Days       0            0.00
30 Days          3        1,839,496.67  30 Days         0           0.00  30 Days         0            0.00
60 Days          0                0.00  60 Days         0           0.00  60 Days         0            0.00
90 Days          0                0.00  90 Days         0           0.00  90 Days         0            0.00
120 Days         0                0.00  120 Days        0           0.00  120 Days        0            0.00
150 Days         0                0.00  150 Days        0           0.00  150 Days        0            0.00
180+ Days        0                0.00  180+ Days       0           0.00  180+ Days       0            0.00
             ---------   -------------              ---------  ---------              ---------   ---------
                 3        1,839,496.67                  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      0.107105%       0.184245%  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%
             --------    ------------               --------   --------               --------    --------
             0.107105%       0.184245%              0.000000%  0.000000%              0.000000%   0.000000%
----------------------------------------------------------------------------------------------------------

<CAPTION>

----------------------------------------------------------------------
              REO                                 TOTAL
----------------------------------------------------------------------
<S>         <C>         <C>        <C>         <C>        <C>
              No. of    Principal                No. of    Principal
              Loans      Balance                 Loans      Balance

0-29 Days       0            0.00  0-29 Days       0              0.00
30 Days         0            0.00  30 Days         3      1,839,496.67
60 Days         0            0.00  60 Days         0              0.00
90 Days         0            0.00  90 Days         0              0.00
120 Days        0            0.00  120 Days        0              0.00
150 Days        0            0.00  150 Days        0              0.00
180+ Days       0            0.00  180+ Days       0              0.00
            ---------   ---------              ---------  ------------
                0            0.00                  3      1,839,496.67

              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     0.107105%     0.184245%
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%              0.107105%     0.184245%
---------------------------------------------------------------------
</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  4,796.47
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              Original $      Original%      Current $       Current %    Current Class %    Prepayment %
           ----------------  ------------  --------------  -------------  ---------------   -------------
<S>        <C>               <C>           <C>             <C>            <C>               <C>
Class A    1,026,174,618.00  99.99999026%  998,401,055.74  100.00000000%    96.197058%          0.000000%
Class 1A     227,968,618.00  22.21538048%  222,787,868.12   22.31446640%    77.685534%      2,042.774345%
Class 2A      37,968,618.00   3.70001495%   37,968,618.00    3.80294249%    18.511524%        486.768442%
Class X-2     37,968,618.00   3.70001495%   37,968,618.00    3.80294249%     0.000000%          0.000000%
Class B-1     22,063,618.00   2.15008396%   22,063.618.00    2.20989530%     1.593047%         41.889858%
Class B-2     13,853,618.00   1.35002527%   13,853,618.00    1.38758046%     0.822315%         21.623120%
Class B-3      8,209,618.00   0.80002146%    8,209,618.00    0.82227657%     0.565304%         14.864908%
Class B-4      5,644,618.00   0.55006403%    5,644,618.00    0.56536579%     0.256911%          6.755579%
Class B-5      4,105,618.00   0.40008957%    4,105,618.00    0.41121932%     0.154146%          4.053347%
Class B-6              0.00   0.00000000%            0.00    0.00000000%     0.411219%         10.813188%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
                                                             POOL 1
------------------------------------------------------------------------------------------------------------------------------
                DELINQUENT                                 BANKRUPTCY                                 FORECLOSURE
------------------------------------------------------------------------------------------------------------------------------
                 No. of        Principal                    No. of       Principal                      No. of       Principal
                  Loans         Balance                      Loans        Balance                        Loans        Balance

<S>             <C>          <C>               <C>         <C>           <C>            <C>            <C>           <C>
0-29 Days           0                0.00      0-29 Days       0           0.00         0-29 Days          0           0.00
30 Days             3        1,839,496.67      30 Days         0           0.00         30 Days            0           0.00
60 Days             0                0.00      60 Days         0           0.00         60 Days            0           0.00
90 Days             0                0.00      90 Days         0           0.00         90 Days            0           0.00
120 Days            0                0.00      120 Days        0           0.00         120 Days           0           0.00
150 Days            0                0.00      150 Days        0           0.00         150 Days           0           0.00
180+ Days           0                0.00      180+ Days       0           0.00         180+ Days          0           0.00
                -------------------------                  ----------------------                      ---------------------
                    3        1,839,496.67                      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         0.134288%      0.228146%       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%
                -----------------------                    ----------------------                      ----------------------
                0.134288%      0.228146%                   0.000000%     0.000000%                     0.000000%     0.000000%
                -----------------------                    ----------------------                      ----------------------
</TABLE>

<TABLE>
<CAPTION>
                                     POOL 1
--------------------------------------------------------------------------------
                REO                                      TOTAL
--------------------------------------------------------------------------------
              No. of       Principal                    No. of        Principal
               Loans        Balance                      Loans         Balance

<S>          <C>           <C>           <C>           <C>          <C>
0-29 Days        0           0.00        0-29 Days         0                0.00
30 Days          0.          0.00        30 Days           3        1,839,496.67
60 Days          0           0.00        60 Days           0                0.00
90 Days          0           0.00        90 Days           0                0.00
120 Days         0           0.00        120 Days          0                0.00
150 Days         0           0.00        150 Days          0                0.00
180+ Days        0           0.00        180+ Days         0                0.00
             ---------------------                     -------------------------
                 0           0.00                          3        1,839,496.67

              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       0.134288%      0.228146%
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%                   0.134288%      0.228146%
             ----------------------                    -----------------------
</TABLE>

<TABLE>
<CAPTION>
                                                             POOL 2
------------------------------------------------------------------------------------------------------------------------------
                DELINQUENT                                 BANKRUPTCY                                 FORECLOSURE
------------------------------------------------------------------------------------------------------------------------------
                 No. of        Principal                    No. of       Principal                      No. of       Principal
                  Loans         Balance                      Loans        Balance                        Loans        Balance

<S>             <C>            <C>             <C>         <C>           <C>            <C>            <C>           <C>
0-29 Days           0            0.00          0-29 Days       0           0.00         0-29 Days          0           0.00
30 Days             0            0.00          30 Days         0           0.00         30 Days            0           0.00
60 Days             0            0.00          60 Days         0           0.00         60 Days            0           0.00
90 Days             0            0.00          90 Days         0           0.00         90 Days            0           0.00
120 Days            0            0.00          120 Days        0           0.00         120 Days           0           0.00
150 Days            0            0.00          150 Days        0           0.00         150 Days           0           0.00
180+ Days           0            0.00          180+ Days       0           0.00         180+ Days          0           0.00
                -----------------------                    ----------------------                      ---------------------
                    0            0.00                          0           0.00                            0           0.00

                 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         0.000000%      0.000000%       30 Days     0.000000%     0.000000%      30 Days        0.000000%     0.000000%
60 Days         0.000000%      0.000000%       60 Days     0.000000%     0.000000%      60 Days        0.000000%     0.000000%
90 Days         0.000000%      0.000000%       90 Days     0.000000%     0.000000%      90 Days        0.000000%     0.000000%
120 Days        0.000000%      0.000000%       120 Days    0.000000%     0.000000%      120 Days       0.000000%     0.000000%
150 Days        0.000000%      0.000000%       150 Days    0.000000%     0.000000%      150 Days       0.000000%     0.000000%
180+ Days       0.000000%      0.000000%       180+ Days   0.000000%     0.000000%      180+ Days      0.000000%     0.000000%
                -----------------------                    ----------------------                      ----------------------
                0.000000%      0.000000%                   0.000000%     0.000000%                     0.000000%     0.000000%
                -----------------------                    ----------------------                      ----------------------
</TABLE>

<TABLE>
<CAPTION>
                                     POOL 2
--------------------------------------------------------------------------------
                REO                                      TOTAL
--------------------------------------------------------------------------------
              No. of       Principal                    No. of        Principal
               Loans        Balance                      Loans         Balance

<S>          <C>           <C>           <C>           <C>            <C>
0-29 Days        0           0.00        0-29 Days         0              0.00
30 Days          0.          0.00        30 Days           0              0.00
60 Days          0           0.00        60 Days           0              0.00
90 Days          0           0.00        90 Days           0              0.00
120 Days         0           0.00        120 Days          0              0.00
150 Days         0           0.00        150 Days          0              0.00
180+ Days        0           0.00        180+ Days         0              0.00
             ---------------------                     -----------------------
                 0           0.00                          0              0.00

              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       0.000000%      0.000000%
60 Days      0.000000%     0.000000%     60 Days       0.000000%      0.000000%
90 Days      0.000000%     0.000000%     90 Days       0.000000%      0.000000%
120 Days     0.000000%     0.000000%     120 Days      0.000000%      0.000000%
150 Days     0.000000%     0.000000%     150 Days      0.000000%      0.000000%
180+ Days    0.000000%     0.000000%     180+ Days     0.000000%      0.000000%
             ----------------------                    -----------------------
             0.000000%     0.000000%                   0.000000%      0.000000%
             ----------------------                    -----------------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                 Mixed Arm

<S>                                                               <C>
Weighted Average Gross Coupon                                             3.209260%
Weighted Average Net Coupon                                               2.831470%
Weighted Average Pass-Through Rate                                        2.821470%
Weighted Average Maturity (Stepdown Calculation)                               323

Beginning Scheduled Collateral Loan Count                                    2,838
Number of Loans Paid in Full                                                    37
Ending Scheduled Collateral Loan Count                                       2,801

Beginning Scheduled Collateral Balance                            1,009,611,920.76
Ending Scheduled Collateral Balance                                 998,401,055.74
Ending Actual Collateral Balance at 30-May-2003                     998,398,519.85

Monthly P&I Constant                                                  2,700,089.18
Special Servicing Fee                                                         0.00
Prepayment Penalties                                                          0.00
Realization Loss Amount                                                       0.00
Cumulative Realized Loss                                                      0.00

Class A Optimal Amount                                               13,495,418.00

Ending Scheduled Balance for Premium Loans                          998,401,055.74

Scheduled Principal                                                           0.00
Unscheduled Principal                                                11,210,865.02
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                           <C>
Cap Agreement Deposit - 1 month Libor Loan                                    0
Cap Agreement Deposit - 6 month Libor Loan                                    0
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                                   1                 2                   TOTAL
<S>                                        <C>               <C>                 <C>
                                                                    6 Month
Collateral Description                          Mixed ARM         LIBOR ARM             Mixed ARM

Weighted Average Coupon Rate                     3.197347          3.259210              3.209260
Weighted Average Net Rate                        2.818892          2.884210              2.831470
Pass-Through Rate                                2.808892          2.874210              2.821470
Weighted Average Maturity                             321               329                   323
Record Date                                    05/30/2003        05/30/2003            05/30/2003
Principal and Interest Constant              2,172,048.22        528,040.96          2,700,089.18
Beginning Loan Count                                2,263               575                 2,838
Loans Paid in Full                                     29                 8                    37
Ending Loan Count                                   2,234               567                 2,801
Beginning Scheduled Balance                815,193,882.02    194,418,038.74      1,009,611,920.76
Ending Scheduled Balance                   806,281,963.62    192,119,092.12        998,401,055.74
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        8,911,918.40      2,298,946.62         11,210,865.02
Scheduled Interest                           2,172,048.22        528,040.96          2,700,089.18
Servicing Fee                                  257,095.00         60,755.63            317,850.63
Master Servicing Fee                             6,793.28          1,620.13              8,413.41
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                                 1,908,159.94        465,665.20          2,373,825.14
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>

<PAGE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
Group Pool 1
One Month Libor Loan Balance                                    185,336,074.56
Six Month Libor Loan Balance                                    620,945,889.06
Senior Percent                                                      100.000000%
Senior Prepayment Percent                                           100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepayment Percent                                        0.000000%

Group Pool 2
Six Month Libor Loan Balance                                    192,119,092.12
Senior Percent                                                      100.000000%
Senior Prepayment Percent                                           100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepayment Percent                                        0.000000%
</TABLE>