<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 10.1

CONTACTS

<TABLE>
---------------------------------------------------------------------
<S>                        <C>
Administrator:             Kumar X. Khambhaita
Direct Phone No:           (714) 247-6327
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>

ISSUANCE INFORMATION

<TABLE>
--------------------------------------------------------------------------------------------------
<S>                     <C>                                 <C>                     <C>
Seller:                 Redwood Trust                       Cut-Off Date:           April 1, 2002
Certificate Insurer:                                        Closing Date:           April 26, 2002
Servicer(s):            Cendant Mortgage Corporation        First Payment Date:     May 20, 2002
                        Morgan Stanley Dean Witter

Underwriter(s):         Greenwich Capital Markets, Inc.     Distribution Date:      June 19, 2003
                        Bear, Stearns & Co. Inc.            Record Date:            June 18, 2003
                                                                                    May 30, 2003

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

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
               BOND PAYMENT REPORT FOR JUNE 19, 2003 DISTRIBUTION

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                     Prior                                                                            Current
         Class     Original        Principal                                     Total       Realized    Deferred    Principal
Class    Type     Face Value        Balance         Interest     Principal    Distribution    Losses     Interest     Balance
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    (7)=(1)-(3)-
                                      (1)             (2)           (3)       (4)=(2)+(3)       (5)        (6)        (5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>      <C>    <C>              <C>              <C>           <C>           <C>            <C>         <C>       <C>
LT-A            496,378,000.00   438,350,721.63     969,333.11  5,313,324.77  6,282,657.88       -          -      433,037,396.86
LT-A2                   100.00                -              -             -             -       -          -                   -
LT-X                    100.00                -              -             -             -       -          -                   -
LT-B-1            5,915,000.00     5,915,000.00      13,079.95             -     13,079.95       -          -        5,915,000.00

LT-B-2            5,143,000.00     5,143,000.00      11,372.81             -     11,372.81       -          -        5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
LT-B-3            2,315,000.00     2,315,000.00       5,119.20             -      5,119.20       -          -        2,315,000.00
LT-B-4            1,534,000.00     1,534,000.00       3,392.16             -      3,392.16       -          -        1,534,000.00
LT-B-5            1,028,000.00     1,028,000.00       2,273.24             -      2,273.24       -          -        1,028,000.00
LT-B-6            2,068,996.83     2,068,996.83       4,575.21             -      4,575.21       -          -        2,068,996.83
LT-R                         -                -              -             -             -       -          -                   -
---------------------------------------------------------------------------------------------------------------------------------
  Total         514,382,196.83   456,354,718.46   1,009,145.68  5,313,324.77  6,322,470.45       -          -      451,041,393.69
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Accrual Detail          Current Period Factor Information
                                    per $1,000 of Original Face

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                           Current
         Period   Period                   (with Notional)   Principal                            Total       Principal
Class   Starting  Ending  Method    Cusip      Balance        Balance     Interest  Principal  Distribution    Balance
-------------------------------------------------------------------------------------------------------------------------
                                                                (1)          (2)       (3)     (4)=(2)+(3)     (5)
-------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>     <C>       <C>    <C>              <C>           <C>       <C>        <C>           <C>
LT-A                      A-30/360          496,378,000.00    883.098610  1.952812  10.704191    12.657003     872.394419
LT-A2                     A-30/360                  100.00             -         -          -            -              -
LT-X                      A-30/360                  100.00             -         -          -            -              -
LT-B-1                    A-30/360            5,915,000.00  1,000.000000  2.211319          -     2.211319   1,000.000000
LT-B-2                    A-30/360            5,143,000.00  1,000.000000  2.211318          -     2.211318   1,000.000000
-------------------------------------------------------------------------------------------------------------------------
LT-B-3                    A-30/360           2,315,000.00   1,000.000000  2.211317          -     2.211317   1,000.000000
LT-B-4                    A-30/360            1,534,000.00  1,000.000000  2.211317          -     2.211317   1,000.000000
LT-B-5                    A-30/360            1,028,000.00  1,000.000000  2.211323          -     2.211323   1,000.000000
LT-B-6                    A-30/360            2,068,996.83  1,000.000000  2.211318          -     2.211318   1,000.000000
LT-R                      A-30/360                       -             -         -          -            -              -
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Current
             Original                     Unscheduled   Scheduled      Total         Total       Realized  Deferred    Principal
Class       Face Value      Interest       Principal    Principal    Principal    Distribution    Losses   Interest     Balance
-----------------------------------------------------------------------------------------------------------------------------------
               (1)            (2)             (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)     (7)       (8)      (9)=(1)-(5)-
                                                                                                                        (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>       <C>
LT-A      496,378,000.00  16,989,612.41  63,340,603.14      -      63,340,603.14  80,330,215.55     -         -      433,037,396.86
LT-A2             100.00           0.27         100.00      -             100.00         100.27     -         -                   -
LT-X              100.00              -         100.00      -             100.00         100.00     -         -                   -
LT-B-1      5,915,000.00     214,171.81              -      -                  -     214,171.81     -         -        5,915,000.00
LT-B-2      5,143,000.00     186,219.05              -      -                  -     186,219.05     -         -        5,143,000.00
LT-B-3      2,315,000.00      83,822.11              -      -                  -      83,822.11     -         -        2,315,000.00
LT-B-4      1,534,000.00      55,543.43              -      -                  -      55,543.43     -         -        1,534,000.00
LT-B-5      1,028,000.00      37,222.10              -      -                  -      37,222.10     -         -        1,028,000.00
LT-B-6      2,068,996.83      74,914.77              -      -                  -      74,914.77     -         -        2,068,996.83
LT-R                   -              -              -      -                  -              -     -         -                   -
-----------------------------------------------------------------------------------------------------------------------------------
  Total   514,382,196.83  17,641,505.95  63,340,803.14      -      63,340,803.14  80,982,309.09     -         -      451,041,393.69
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
           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
-------------------------------------------------------------------------------------------------------------------------------
                                                                                          (5)=(1)-
                                          (1)           (2)        (3)         (4)      (2)+(3)+(4)        (6)      (7)=(5)-(6)
-------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>              <C>           <C>          <C>       <C>          <C>           <C>           <C>
LT-A      2.65358%    438,350,721.63    969,333.11       -          -           -         969,333.11    969,333.11       -
LT-A2     2.65358%                 -             -       -          -           -                  -             -       -
LT-X                               -             -       -          -           -                  -             -       -
LT-B-1    2.65358%      5,915,000.00     13,079.95       -          -           -          13,079.95     13,079.95       -
LT-B-2    2.65358%      5,143,000.00     11,372.81       -          -           -          11,372.81     11,372.81       -
-------------------------------------------------------------------------------------------------------------------------------
LT-B-3    2.65358%      2,315,000.00      5,119.20       -          -           -           5,119.20      5,119.20       -
LT-B-4    2.65358%      1,534,000.00      3,392.16       -          -           -           3,392.16      3,392.16       -
LT-B-5    2.65358%      1,028,000.00      2,273.24       -          -           -           2,273.24      2,273.24       -
LT-B-6    2.65358%      2,068,996.83      4,575.21       -          -           -           4,575.21      4,575.21       -
LT-R                               -             -       -          -           -                  -             -       -
-------------------------------------------------------------------------------------------------------------------------------
  Total               456,354,718.46  1,009,145.68       -          -           -       1,009,145.68  1,009,145.68       -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                    Prior                                                                          Current
         Class     Original       Principal                                     Total     Realized  Deferred      Principal
Class    Type     Face Value       Balance        Interest      Principal   Distribution   Losses   Interest       Balance
---------------------------------------------------------------------------------------------------------------------------------
                                     (1)            (2)           (3)       (4)=(2)+(3)     (5)       (6)     (7)=(1)-(3)-(5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>      <C>    <C>             <C>             <C>           <C>           <C>           <C>       <C>       <C>
A         FLT   496,378,000.00  438,350,721.63    598,166.09  5,313,324.77  5,911,490.86     -         -         433,037,396.86
X        CSTR           100.00               -    378,263.93             -    378,263.93     -         -                      -
A-R        R            100.00               -             -             -             -     -         -                      -
B-1       SUB     5,915,000.00    5,915,000.00      9,944.59             -      9,944.59     -         -           5,915,000.00
B-2       SUB     5,143,000.00    5,143,000.00      8,646.67             -      8,646.67     -         -           5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
B-3       SUB     2,315,000.00    2,315,000.00      3,892.09             -      3,892.09     -         -           2,315,000.00
B-4       SUB     1,534,000.00    1,534,000.00      3,392.16             -      3,392.16     -         -           1,534,000.00
B-5       SUB     1,028,000.00    1,028,000.00      2,273.24             -      2,273.24     -         -           1,028,000.00
B-6       SUB     2,068,996.00    2,068,996.00      4,575.21             -      4,575.21     -         -           2,068,996.00
---------------------------------------------------------------------------------------------------------------------------------
  Total         514,382,196.00  456,354,717.63  1,009,153.98  5,313,324.77  6,322,478.75     -         -         451,041,392.86
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 5/30/03

Interest Accrual Detail              Current Period Factor Information
                                       per $1,000 of Original Face

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
                                                Orig. Principal     Prior
        Period    Period                        (with Notional)   Principal
Class  Starting   Ending    Method     Cusip        Balance        Balance
-----------------------------------------------------------------------------
                                                                     (1)
-----------------------------------------------------------------------------
<S>    <C>       <C>       <C>       <C>        <C>              <C>
A      05/19/03  06/18/03  A-30/360  81743XAA7   496,378,000.00    883.098610
X                          A-30/360  SQ0201UPX           100.00             -
A-R                        A-30/360  81743XAC3           100.00             -
B-1    05/19/03  06/18/03  A-30/360  81743XAB5     5,915,000.00  1,000.000000
B-2    05/19/03  06/18/03  A-30/360  81743XAD1     5,143,000.00  1,000.000000
-----------------------------------------------------------------------------
B-3    05/19/03  06/18/03  A-30/360  81743XAE9     2,315,000.00  1,000.000000
B-4                        A-30/360  SQ0201UB4     1,534,000.00  1,000.000000
B-5                        A-30/360  SQ0201UB5     1,028,000.00  1,000.000000
B-6                        A-30/360  SQ0201UB6     2,068,996.00  1,000.000000
-----------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------
                                                        Current
                                          Total        Principal
Class       Interest     Principal    Distribution      Balance
------------------------------------------------------------------
              (2)           (3)       (4)=(2)+(3)         (5)
------------------------------------------------------------------
<S>    <C>               <C>        <C>               <C>
A              1.205062  10.704191         11.909252    872.394419
X      3,782,639.300000          -  3,782,639.300000             -
A-R                   -          -                 -             -
B-1            1.681249          -          1.681249  1,000.000000
B-2            1.681250          -          1.681250  1,000.000000
------------------------------------------------------------------
B-3            1.681248          -          1.681248  1,000.000000
B-4            2.211317          -          2.211317  1,000.000000
B-5            2.211323          -          2.211323  1,000.000000
B-6            2.211319          -          2.211319  1,000.000000
------------------------------------------------------------------
</TABLE>

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
----------------------------------------------------------------
            Original                     Unscheduled   Scheduled
Class      Face Value       Interest      Principal    Principal
----------------------------------------------------------------
              (1)             (2)            (3)          (4)
----------------------------------------------------------------
<S>      <C>             <C>            <C>            <C>
A        496,378,000.00  10,260,911.63  63,340,603.14      -
X                100.00   6,862,477.34         100.00      -
A-R              100.00           0.27         100.00      -
B-1        5,915,000.00     155,050.85              -      -
B-2        5,143,000.00     134,814.31              -      -
B-3        2,315,000.00      60,683.46              -      -
B-4        1,534,000.00      55,543.43              -      -
B-5        1,028,000.00      37,222.10              -      -
B-6        2,068,996.00      74,914.74              -      -
----------------------------------------------------------------
  Total  514,382,196.00  17,641,618.13  63,340,803.14      -
----------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------------------
                                                                Current
             Total         Total       Realized  Deferred      Principal
Class      Principal    Distribution    Losses   Interest       Balance
------------------------------------------------------------------------------
          (5)=(3)+(4)    (6)=(2)+(5)     (7)       (8)     (9)=(1)-(5)-(7)+(8)
------------------------------------------------------------------------------
<S>      <C>            <C>            <C>       <C>       <C>
A        63,340,603.14  73,601,514.77     -         -        433,037,396.86
X               100.00   6,862,577.34     -         -                     -
A-R             100.00         100.27     -         -                     -
B-1                  -     155,050.85     -         -          5,915,000.00
B-2                  -     134,814.31     -         -          5,143,000.00
B-3                  -      60,683.46     -         -          2,315,000.00
B-4                  -      55,543.43     -         -          1,534,000.00
B-5                  -      37,222.10     -         -          1,028,000.00
B-6                  -      74,914.74     -         -          2,068,996.00
------------------------------------------------------------------------------
  Total  63,340,803.14  80,982,421.27     -         -        451,041,392.86
------------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
          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
-----------------------------------------------------------------------------------------------------------------------------
                                                                                        (5)=(1)-
                                         (1)          (2)        (3)         (4)       (2)+(3)+(4)      (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>              <C>           <C>          <C>       <C>          <C>           <C>           <C>
A        1.63750%   438,350,721.63    598,166.09       -          -           -         598,166.09    598,166.09       -
X        1.00483%                -    378,263.93       -          -           -         378,263.93    378,263.93       -
A-R      2.65358%                -             -       -          -           -                  -             -       -
B-1      2.01750%     5,915,000.00      9,944.59       -          -           -           9,944.59      9,944.59       -
B-2      2.01750%     5,143,000.00      8,646.67       -          -           -           8,646.67      8,646.67       -
-----------------------------------------------------------------------------------------------------------------------------
B-3      2.01750%     2,315,000.00      3,892.09       -          -           -           3,892.09      3,892.09       -
B-4      2.65358%     1,534,000.00      3,392.16       -          -           -           3,392.16      3,392.16       -
B-5      2.65358%     1,028,000.00      2,273.24       -          -           -           2,273.24      2,273.24       -
B-6      2.65358%     2,068,996.00      4,575.21       -          -           -           4,575.21      4,575.21       -
-----------------------------------------------------------------------------------------------------------------------------
  Total             456,354,717.63  1,009,153.98       -          -           -       1,009,153.98  1,009,153.98       -
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                                        TOTAL
----------------------------------------------------------------------------------------
<S>                                                                         <C>
   Principal Collections                                                    5,313,324.77
   Principal Withdrawals                                                            0.00
   Principal Other Accounts                                                         0.00
   TOTAL PRINCIPAL                                                          5,313,324.77

   Interest Collected                                                       1,023,305.12
   Interest Withdrawals                                                             0.00
   Interest Other Accounts                                                          8.30
   Fees                                                                       (14,159.44)
   TOTAL INTEREST                                                           1,009,153.98

   TOTAL AVAILABLE TO CERTIFICATEHOLDERS                                    6,322,478.75
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                        TOTAL
----------------------------------------------------------------------------------------
<S>                                                                         <C>
   Scheduled Principal                                                              0.00
   Curtailments                                                               820,538.22
   Prepayments In Full                                                      4,492,786.55
   Repurchased Principal Amounts                                                    0.00
   Substitution Principal Amount                                                    0.00
   Liquidations                                                                     0.00
   Insurance Principal                                                              0.00
   Other Principal                                                                  0.00
   Total Realized Loss Of Principal                                                 0.00

   TOTAL PRINCIPAL COLLECTED                                                5,313,324.77
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                                            TOTAL
-----------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>
                              SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                                                                                <C>
   Amounts remaining in Pre-Funding Account                                         0.00
</TABLE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                                                                        <C>
   Scheduled Interest                                                       1,153,870.65
   Repurchased Interest                                                             0.00
   Substitution Interest Amount                                                     0.00
   Liquidation Interest                                                             0.00
   Insurance Interest                                                               0.00
   Other Interest                                                                   0.00

   Delinquent Interest                                                     (1,051,585.68)
   Interest Advanced                                                          921,020.15
   Prepayment Interest Shortfalls                                              (4,941.95)
   Compensating Interest                                                        4,941.95
   Civil Relief Act Shortfalls                                                      0.00

   TOTAL INTEREST COLLECTED                                                 1,023,305.12
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                                             TOTAL
----------------------------------------------------------------------------------------
<S>                                                                                <C>
   Current Nonrecoverable Advances                                                  0.00

   TOTAL INTEREST WITHDRAWALS                                                       0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                                                          TOTAL
----------------------------------------------------------------------------------------
<S>                                                                                <C>
   Basis Risk Shortfall                                                             0.00
   Basis Risk Reserve Fund Interest Earnings                                        8.30

   TOTAL INTEREST OTHER ACCOUNTS                                                    8.30
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                                  TOTAL
----------------------------------------------------------------------------------------
<S>                                                                            <C>
   Current Servicing Fees                                                      12,638.26
   Trustee Fee                                                                  1,521.18

   TOTAL FEES                                                                  14,159.44
</TABLE>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
ACCOUNTS                                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                                                                            <C>
   BASIS RISK RESERVE FUND

   Beginning Balance                                                           10,000.00
   Basis Risk Deposit                                                               0.00
   Basis Risk Shortfall paid                                                        0.00
   Investment Earnings distributed to the Class X Bondholder                        8.30
   Ending Balance                                                              10,000.00
</TABLE>

<TABLE>
<CAPTION>
INSURANCE                                                                          TOTAL
----------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>
                              SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                             TOTAL
----------------------------------------------------------------------------------------
<S>                                                                          <C>
   Pro Rata Senior Percentage                                                 96.054824%
   Senior Percentage                                                         100.000000%
   Subordinate Percentage                                                      0.000000%
   Senior Prepayment Percentage                                              100.000000%
   Subordinate Percentage                                                      0.000000%
</TABLE>

<PAGE>

                                     COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                                     TOTAL
----------------------------------------------------------------------------------------
<S>                              <C>                                      <C>
                                 Loan Count:
ORIGINAL                                                                            1254
Prior                                                                              1,125
Prefunding                                                                             -
Scheduled Paid Offs                                                                    -
Full Voluntary Prepayments                                                           (14)
Repurchases                                                                            -
Liquidations                                                                           -
                                                                          --------------
Current                                                                            1,111

PRINCIPAL BALANCE:
Original                                                                  514,382,196.83
Prior                                                                     456,354,718.46
Prefunding                                                                             -
Scheduled Principal                                                                    -
Partial and Full Voluntary Prepayments                                     (5,313,324.77)
Repurchases                                                                            -
Liquidations                                                                           -
                                                                          --------------
Current                                                                   451,041,393.69
</TABLE>

<TABLE>
PREFUNDING                                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>
                              SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                                         TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                   <C>
Weighted Average Coupon Original                                                      3.667751%
Weighted Average Coupon Prior                                                         3.121279%
Weighted Average Coupon Current                                                       3.034141%
                                                              ---------------------------------
Weighted Average Months to Maturity Original                                               297
Weighted Average Months to Maturity Prior                                                  285
Weighted Average Months to Maturity Current                                                284
                                                              ---------------------------------
Weighted Avg Remaining Amortization Term Original                                          296
Weighted Avg Remaining Amortization Term Prior                                             284
Weighted Avg Remaining Amortization Term Current                                           283
                                                              ---------------------------------
Weighted Average Seasoning Original                                                       3.66
Weighted Average Seasoning Prior                                                         15.63
Weighted Average Seasoning Current                                                       16.63
</TABLE>

Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                                      TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                     <C>
Weighted Average Margin Original                                                         1.652%
Weighted Average Margin Prior                                                            1.644%
Weighted Average Margin Current                                                          1.643%
                                                              ---------------------------------
Weighted Average Max Rate Original                                                      12.000%
Weighted Average Max Rate Prior                                                         12.000%
Weighted Average Max Rate Current                                                       12.000%
                                                              ---------------------------------
Weighted Average Min Rate Original                                                       1.652%
Weighted Average Min Rate Prior                                                          1.644%
Weighted Average Min Rate Current                                                        1.643%
                                                              ---------------------------------
Weighted Average Cap Up Original                                                         0.000%
Weighted Average Cap Up Prior                                                            0.000%
Weighted Average Cap Up Current                                                          0.000%
                                                              ---------------------------------
Weighted Average Cap Down Original                                                       0.000%
Weighted Average Cap Down Prior                                                          0.000%
Weighted Average Cap Down Current                                                        0.000%
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                                             TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                <C>
Current Servicing Fees                                                               12,638.26
Delinquent Servicing Fees                                                           130,565.53
TOTAL SERVICING FEES                                                                143,203.79

Total Servicing Fees                                                                143,203.79
Compensating Interest                                                                (4,941.95)
Delinquent Servicing Fees                                                          (130,565.53)
COLLECTED SERVICING FEES                                                              7,696.31

Prepayment Interest Shortfall                                                         4,941.95

Total Advanced Interest                                                             921,020.15

Current Nonrecoverable Advances                                                           0.00
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                                     TOTAL
----------------------------------------------------------------------------------------------
<S>                                                                               <C>
Mortgage Loans which adjust based on One-Month LIBOR                                      0.00
Mortgage Loans which adjust based on Six-Month LIBOR                                      0.00

Special Hazard Loss Coverage Amount                                               5,800,000.00
Current Special Hazard Losses                                                             0.00
Cumulative Special Hazard Losses                                                          0.00
Bankruptcy Loss Coverage Amount                                                     100,000.00
Current Bankruptcy Losses                                                                 0.00
Cumulative Bankruptcy Losses                                                              0.00
Fraud Loss Coverage Amount                                                        9,267,516.97
Current Fraud Losses                                                                      0.00
Cumulative Fraud Losses                                                                   0.00
</TABLE>

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                        <1 PAYMENT  1 PAYMENT     2 PAYMENTS   3+ PAYMENTS        TOTAL
------------------------------------------------------------------------------------------
<S>          <C>        <C>         <C>           <C>          <C>             <C>
DELINQUENT   Balance                914,234.50          -             -        914,234.50
             % Balance                    0.20%      0.00%         0.00%             0.20%
             # Loans                         3          -             -                 3
             % # Loans                    0.27%      0.00%         0.00%             0.27%
-----------------------------------------------------------------------------------------
FORECLOSURE  Balance           -             -          -             -                 -
             % Balance     0.00%         0.00%       0.00%         0.00%             0.00%
             # Loans           -             -          -             -                 -
             % # Loans     0.00%         0.00%       0.00%         0.00%             0.00%
-----------------------------------------------------------------------------------------
BANKRUPTCY   Balance           -             -          -             -                 -
             % Balance     0.00%         0.00%       0.00%         0.00%             0.00%
             # Loans           -             -          -             -                 -
             % # Loans     0.00%         0.00%       0.00%         0.00%             0.00%
-----------------------------------------------------------------------------------------
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           -    914,234.50          -             -        914,234.50
             % Balance     0.00%         0.20%       0.00%         0.00%             0.20%
             # Loans           -             3          -             -                 3
             % # Loans     0.00%         0.27%       0.00%         0.00%             0.27%
-----------------------------------------------------------------------------------------
</TABLE>

Note: <1 Payment = 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 = MSDW Group; REO Book Value = 000.00
Total Original Principal Balance = 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>

                 FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME
                     FORECLOSURE DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                                LOAN GROUP
----------------------------------------------------------------------------------
<S>                                                    <C>
Total Loan Count =   0                                 Loan Group 1  =  MSDW Group
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
----------------------------------------------------------------------------------
</TABLE>

<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                                                         TOTAL
----------------------------------------------------------------------------------------------------
<S>                                                                                    <C>
CURRENT

Number of Paid in Full Loans                                                                      14
Number of Repurchased Loans                                                                        -
----------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                             14

Paid in Full Balance                                                                    4,492,786.55
Repurchased Loans Balance                                                                          -
Curtailments Amount                                                                       820,538.22
----------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                                 5,313,324.77

CUMULATIVE

Number of Paid in Full Loans                                                                     143
Number of Repurchased Loans                                                                        -
----------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                            143

Paid in Full Balance                                                                   54,185,484.42
Repurchased Loans Balance                                                                          -
Curtailments Amount                                                                     9,155,318.72
----------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                                63,340,803.14
</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<TABLE>
<CAPTION>
          VOLUNTARY PREPAYMENT RATES                                                           TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                                                                           <C>
SMM                                                                                             1.16%
3 Months Avg SMM                                                                                1.20%
12 Months Avg SMM                                                                               0.92%
Avg SMM Since Cut-off                                                                           0.93%

CPR                                                                                            13.11%
3 Months Avg CPR                                                                               13.44%
12 Months Avg CPR                                                                              10.54%
Avg CPR Since Cut-off                                                                          10.65%

PSA                                                                                           394.19%
3 Months Avg PSA Approximation                                                                429.95%
12 Months Avg PSA Approximation                                                               473.32%
Avg PSA Since Cut-off Approximation                                                           525.19%
</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)

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>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                    SUMMARY                                LOAN GROUP
                    -------                                ----------
<S>                                                <C>
Total Loan Count = 14                              Loan Group 1 = MSDW Group
Total Original Principal Balance = 4,501,200.00
Total Prepayment Amount = 4,492,786.55
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Loan Number             Original                              Current     State &     Type Prepayment
    &          Loan     Principal   Prepayment   Prepayment     Note       LTV at            &          Origination
Loan Group    Status    Balance       Amount        Date        Rate    Origination    Original Term       Date
-------------------------------------------------------------------------------------------------------------------
<S>           <C>      <C>          <C>          <C>          <C>       <C>           <C>               <C>
390440186 1            221,600.00   221,600.00   May-27-03    3.000%    NY -  80.00%   Paid Off - 300     Jan-18-02
390441031 1            355,000.00   354,812.05   May-22-03    3.500%    HI -  69.61%   Paid Off - 300     Oct-09-01
390441692 1            251,500.00   247,689.82   May-14-03    3.500%    FL -  75.07%   Paid Off - 300     Oct-19-01
390442227 1            650,000.00   649,874.74   May-16-03    4.000%    SC -  78.79%   Paid Off - 300     Oct-09-01
390444530 1            220,000.00   219,931.25   May-28-03    3.500%    ID -  73.33%   Paid Off - 300     Nov-14-01
390444980 1            487,000.00   487,000.00   May-08-03    3.000%    CA -  77.92%   Paid Off - 300     Jan-03-02
390445713 1            120,000.00   117,993.96   May-28-03    3.000%    MN -  80.00%   Paid Off - 300     Dec-31-01
390446638 1            329,000.00   329,000.00   May-21-03    3.000%    CA -  39.88%   Paid Off - 300     Jan-15-02
390446779 1            665,000.00   662,877.54   May-20-03    3.000%    NY -  78.24%   Paid Off - 300     Jan-17-02
390447540 1            293,100.00   293,100.00   May-27-03    3.000%    UT -  54.58%   Paid Off - 300     Feb-15-02
390447649 1            336,000.00   336,000.00   May-22-03    3.000%    MI -  80.00%   Paid Off - 300     Feb-20-02
390447724 1            160,000.00   160,000.00   May-23-03    3.000%    MA - 100.00%   Paid Off - 300     Dec-07-01
390447919 1             83,000.00    82,987.47   May-20-03    3.000%    CA - 100.00%   Paid Off - 300     Jan-30-02
390447938 1            330,000.00   329,919.72   May-23-03    3.000%    CA -  62.86%   Paid Off - 300     Jan-31-02
-------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
      COLLATERAL REALIZED LOSSES                                                               TOTAL
      --------------------------                                                               -----
<S>                                                                                            <C>
CURRENT

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

CUMULATIVE

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

Note: Collateral Realized Loss Amount may include adjustments to loans
      liquidated in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

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

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

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

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
</TABLE>

<PAGE>

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:

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.

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                 SUMMARY                                 LOAN GROUP
<S>                                              <C>
Total Loan Count = 0                             Loan Group 1 = MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
</TABLE>

Note: Total Realized Loss Amount may include adjustments to loans liquidated in
prior periods.

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

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

<TABLE>
<CAPTION>
TRIGGER EVENTS                                                                                           TOTAL
--------------------------------------------------------------------------------------------------------------
<S>                                                                                                      <C>
                                         SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                                                                  TOTAL
--------------------------------------------------------------------------------------------------------------
<S>                                                                                                      <C>
                                         SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
  ADDITIONAL INFORMATION                                                                                 TOTAL
--------------------------------------------------------------------------------------------------------------
<S>                                                                                                      <C>
Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
Unpaid Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
</TABLE>