<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 2002-7
                            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>
  A              81743YAA5                SEN                      1.65813%               494,196,889.81              682,868.90
 A-R             SMT0207AR                SEN                      3.51715%                         0.00                    0.00
 B-1             81743YAE7                SUB                      2.06813%                 8,080,000.00               13,925.41
 B-2             81743YAF4                SUB                      2.80029%                 5,771,000.00               13,467.05
 B-3             81743YAG2                SUB                      2.80029%                 3,463,000.00                8,081.16
 B-4             SMT0207B4                SUB                      2.80029%                 1,442,000.00                3,365.01
 B-5             SMT0207B5                SUB                      2.80029%                 1,154,000.00                2,692.94
 B-6             SMT0207B6                SUB                      2.80029%                 2,600,498.71                6,068.45
 X-1             81743YAC1                SEN                      0.95300%                         0.00               68,043.11
 X-2             81743YAD9                SEN                      1.17311%                         0.00              407,262.17
--------------------------------------------------------------------------------------------------------------------------------
Totals                                                                                    516,707,388.52            1,205,774.20
--------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------------------------------------------------------------------
                                                                 Ending
              Principal                  Current               Certificate                  Total                 Cumulative
Class        Distribution             Realized Loss              Balance                 Distribution            Realized Loss
------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                      <C>                     <C>                        <C>                     <C>
  A          8,651,890.02                  0.00               485,544,999.79             9,334,759.92                 0.00
 A-R                 0.00                  0.00                         0.00                     0.00                 0.00
 B-1                 0.00                  0.00                 8,080,000.00                13,925.41                 0.00
 B-2                 0.00                  0.00                 5,771,000.00                13,467.05                 0.00
 B-3                 0.00                  0.00                 3,463,000.00                 8,081.16                 0.00
 B-4                 0.00                  0.00                 1,442,000.00                 3,365.01                 0.00
 B-5                 0.00                  0.00                 1,154,000.00                 2,692.94                 0.00
 B-6                 0.00                  0.00                 2,600,498.71                 6,068.45                 0.00
 X-1                 0.00                  0.00                         0.00                68,043.11                 0.00
 X-2                 0.00                  0.00                         0.00               407,262.17                 0.00
--------------------------------------------------------------------------------------------------------------------------
Totals       8,651,890.02                  0.00               508,055,498.50             9,857,664.22                 0.00
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

                        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>
  A             554,686,000.00         494,196,889.81          1,394.00             8,650,496.02           0.00              0.00
 A-R                    100.00                   0.00              0.00                     0.00           0.00              0.00
 B-1              8,080,000.00           8,080,000.00              0.00                     0.00           0.00              0.00
 B-2              5,771,000.00           5,771,000.00              0.00                     0.00           0.00              0.00
 B-3              3,463,000.00           3,463,000.00              0.00                     0.00           0.00              0.00
 B-4              1,442,000.00           1,442,000.00              0.00                     0.00           0.00              0.00
 B-5              1,154,000.00           1,154,000.00              0.00                     0.00           0.00              0.00
 B-6              2,600,498.71           2,600,498.71              0.00                     0.00           0.00              0.00
 X-1                     50.00                   0.00              0.00                     0.00           0.00              0.00
 X-2                     50.00                   0.00              0.00                     0.00           0.00              0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals          577,196,698.71         516,707,388.52          1,394.00             8,650,496.02           0.00              0.00
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

---------------------------------------------------------------------------------------------------------
                         Total                  Ending                    Ending               Total
                       Principal              Certificate               Certificate          Principal
Class                  Reduction                Balance                 Percentage          Distribution
---------------------------------------------------------------------------------------------------------
<S>                   <C>                   <C>                         <C>                 <C>
  A                   8,651,890.02          485,544,999.79              0.87535110          8,651,890.02
 A-R                          0.00                    0.00              0.00000000                  0.00
 B-1                          0.00            8,080,000.00              1.00000000                  0.00
 B-2                          0.00            5,771,000.00              1.00000000                  0.00
 B-3                          0.00            3,463,000.00              1.00000000                  0.00
 B-4                          0.00            1,442,000.00              1.00000000                  0.00
 B-5                          0.00            1,154,000.00              1.00000000                  0.00
 B-6                          0.00            2,600,498.71              1.00000000                  0.00
 X-1                          0.00                    0.00              0.00000000                  0.00
 X-2                          0.00                    0.00              0.00000000                  0.00
--------------------------------------------------------------------------------------------------------
Totals                8,651,890.02          508,055,498.50              0.88021207          8,651,890.02
--------------------------------------------------------------------------------------------------------
</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.

<PAGE>

                    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>
 A         554,686,000.00        890.94891490        0.00251313          15.59530260        0.00000000            0.00000000
A-R                100.00          0.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-1          8,080,000.00       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-2          5,771,000.00       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-3          3,463,000.00       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-4          1,442,000.00       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-5          1,154,000.00       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
B-6          2,600,498.71       1000.00000000        0.00000000           0.00000000        0.00000000            0.00000000
X-1                 50.00          0.00000000        0.00000000           0.00000000        0.00000000            0.00000000
X-2                 50.00          0.00000000        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>
 A            15.59781574               875.35109916                0.87535110              15.59781574
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
X-1            0.00000000                 0.00000000                0.00000000               0.00000000
X-2            0.00000000                 0.00000000                0.00000000               0.00000000
-------------------------------------------------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
                                                                Beginning                                   Payment of
                                                               Certificate/            Current               Unpaid
                Original Face              Current               Notional              Accrued              Interest
 Class             Amount              Certificate Rate          Balance               Interest             Shortfall
---------------------------------------------------------------------------------------------------------------------------
<S>             <C>                    <C>                    <C>                    <C>                    <C>
   A            554,686,000.00             1.65813%           494,196,889.81           682,868.91             0.00
  A-R                   100.00             3.51715%                     0.00                 0.00             0.00
  B-1             8,080,000.00             2.06813%             8,080,000.00            13,925.41             0.00
  B-2             5,771,000.00             2.80029%             5,771,000.00            13,467.05             0.00
  B-3             3,463,000.00             2.80029%             3,463,000.00             8,081.16             0.00
  B-4             1,442,000.00             2.80029%             1,442,000.00             3,365.01             0.00
  B-5             1,154,000.00             2.80029%             1,154,000.00             2,692.94             0.00
  B-6             2,600,498.71             2.80029%             2,600,498.71             6,068.45             0.00
  X-1                    50.00             0.95300%            85,678,418.94            68,043.11             0.00
  X-2                    50.00             1.17311%           416,598,470.87           407,262.18             0.00
------------------------------------------------------------------------------------------------------------------
Totals          577,196,698.71                                                       1,205,774.22             0.00
------------------------------------------------------------------------------------------------------------------

<CAPTION>

-------------------------------------------------------------------------------------------------------------------------
                             Non-                                                       Remaining            Ending
            Current        Supported                                                     Unpaid            Certificate/
            Interest       Interest          Realized         Total Interest            Interest            Notational
 Class     Shortfall       Shortfall         Loss (4)          Distribution             Shortfall            Balance
-------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>               <C>              <C>                       <C>               <C>
   A         0.00            0.00              0.00              682,868.90               0.00            485,544,999.79
  A-R        0.00            0.00              0.00                    0.00               0.00                      0.00
  B-1        0.00            0.00              0.00               13,925.41               0.00              8,080,000.00
  B-2        0.00            0.00              0.00               13,467.05               0.00              5,771,000.00
  B-3        0.00            0.00              0.00                8,081.16               0.00              3,463,000.00
  B-4        0.00            0.00              0.00                3,365.01               0.00              1,442,000.00
  B-5        0.00            0.00              0.00                2,692.94               0.00              1,154,000.00
  B-6        0.00            0.00              0.00                6,068.45               0.00              2,600,498.71
  X-1        0.00            0.00              0.00               68,043.11               0.00             84,958,359.34
  X-2        0.00            0.00              0.00              407,262.17               0.00            408,666,640.45
------------------------------------------------------------------------------------------------------------------------
Totals       0.00            0.00              0.00            1,205,774.20               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.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                                       Payment of
                                      Current            Beginning                                       Unpaid            Current
               Original Face        Certificate         Certificate/             Current Accrued        Interest          Interest
Class (5)          Amount              Rate           Notional Balance               Interest          Shortfall          Shortfall
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                  <C>               <C>                        <C>                   <C>               <C>
    A          554,686,000.00         1.65813%            890.94891490               1.23109094        0.00000000        0.00000000
   A-R                 100.00         3.51715%              0.00000000               0.00000000        0.00000000        0.00000000
   B-1           8,080,000.00         2.06813%           1000.00000000               1.72344183        0.00000000        0.00000000
   B-2           5,771,000.00         2.80029%           1000.00000000               2.33357304        0.00000000        0.00000000
   B-3           3,463,000.00         2.80029%           1000.00000000               2.33357205        0.00000000        0.00000000
   B-4           1,442,000.00         2.80029%           1000.00000000               2.33357143        0.00000000        0.00000000
   B-5           1,154,000.00         2.80029%           1000.00000000               2.33357019        0.00000000        0.00000000
   B-6           2,600,498.71         2.80029%           1000.00000000               2.33357162        0.00000000        0.00000000
   X-1                  50.00         0.95300%        1713568.37880000            1360.86220000        0.00000000        0.00000000
   X-2                  50.00         1.17311%        8331969.41740000            8145.24360000        0.00000000        0.00000000
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                       Non-                                                     Remaining
                    Supported                                                    Unpaid
                    Interest             Realized           Total Interest      Interest           Ending Certificate/
Class (5)           Shortfall            Loss (6)            Distribution       Shortfall          Notational Balance
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>                 <C>                 <C>                 <C>                <C>
    A               0.00000000          0.00000000             1.23109092       0.00000000              875.35109916
   A-R              0.00000000          0.00000000             0.00000000       0.00000000                0.00000000
   B-1              0.00000000          0.00000000             1.72344183       0.00000000             1000.00000000
   B-2              0.00000000          0.00000000             2.33357304       0.00000000             1000.00000000
   B-3              0.00000000          0.00000000             2.33357205       0.00000000             1000.00000000
   B-4              0.00000000          0.00000000             2.33357143       0.00000000             1000.00000000
   B-5              0.00000000          0.00000000             2.33357019       0.00000000             1000.00000000
   B-6              0.00000000          0.00000000             2.33357162       0.00000000             1000.00000000
   X-1              0.00000000          0.00000000          1360.86220000       0.00000000          1699167.18680000
   X-2              0.00000000          0.00000000          8145.24340000       0.00000000          8173332.80900000
--------------------------------------------------------------------------------------------------------------------
</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.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
       Payments of Interest and Principal                               10,023,021.33
       Liquidations, Insurance Proceeds, Reserve Funds                           0.00
       Proceeds from Repurchased Loans                                           0.00
       Other Amounts (Servicer Advances)                                       967.60
       Realized Losses                                                           0.00
       Prepayment Penalties                                                      0.00
                                                                        -------------

Total Deposits                                                          10,023,988.93

Withdrawals
       Reimbursement for Servicer Advances                                     342.73
       Payment of Service Fee                                              165,981.98
       Payment of Interest and Principal                                 9,857,664.22
                                                                        -------------

Total Withdrawals (Pool Distribution Amount)                            10,023,988.93

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

<PAGE>

                    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                  0.01
                                                                         ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                     <C>
Gross Servicing Fee                                                     161,676.11
Master Servicing Fee                                                      4,305.87
Supported Prepayment/Curtailment Interest Shortfall                           0.00
                                                                        ----------

Net Servicing Fee                                                       165,981.98
                                                                        ==========
</TABLE>

<TABLE>
<CAPTION>
                                       Beginning               Current          Current          Ending
         Account Type                   Balance              Withdrawals        Deposits         Balance
--------------------------------------------------------------------------------------------------------
<S>                                    <C>                   <C>                <C>             <C>
Basis Risk Reserve Fund - X-1           1,512.84                0.00              0.00          1,512.84
Basis Risk Reserve Fund - X-2           8,487.16                0.00              0.00          8,487.16
--------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

             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

30 Days           2       389,504.17    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
               --------   ----------                 --------    --------                --------     --------
                  2       389,504.17                    0            0.00                    0            0.00

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

30 Days        0.143062%    0.076666%   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%
               --------   ----------                 --------    --------                --------     --------
               0.143062%    0.076666%                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

30 Days            0            0.00    30 Days         2       389,504.17
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                    2       389,504.17

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

30 Days        0.000000%    0.000000%   30 Days      0.143062%    0.076666%
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%                0.143062%    0.076666%
--------------------------------------------------------------------------
</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   967.60
</TABLE>

<TABLE>
<CAPTION>
                   Original $      Original %       Current $        Current %
<S>              <C>              <C>            <C>                <C>
Bankruptcy          100,261.00    0.01737033%       100,261.00      0.01973426%
Fraud            17,315,901.00    3.00000001%    17,315,901.00      3.40826958%
Special Hazard    5,771,967.00    1.00000000%     5,080,554.99      1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<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

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

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%
--------------------------------------------------------------------------------------------------------------

<CAPTION>

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

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

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>

                                 SIX-MONTH LIBOR

<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

30 Days           2       389,504.17    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
               --------   ----------                 --------    --------                --------     --------
                  2       389,504.17                    0            0.00                   0             0.00

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

30 Days        0.169779%    0.092604%   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%
               --------   ----------                 --------    --------                --------     --------
               0.169779%    0.092604%                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

30 Days            0           0.00     30 Days         2       389,504.17
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                     2       389,504.17

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

30 Days        0.000000%   0.000000%    30 Days      0.169779%    0.092604%
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%                 0.169779%    0.092604%
--------------------------------------------------------------------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                            Mixed Fixed & Arm
<S>                                                                                               <C>
Weighted Average Gross Coupon                                                                            3.185763%
Weighted Average Net Coupon                                                                              2.810287%
Weighted Average Pass-Through Rate                                                                       2.800287%
Weighted Average Maturity (Stepdown Calculation)                                                              347

Beginning Scheduled Collateral Loan Count                                                                   1,420
Number of Loans Paid in Full                                                                                   22
Ending Scheduled Collateral Loan Count                                                                      1,398

Beginning Scheduled Collateral Balance                                                             516,707,388.52
Ending Scheduled Collateral Balance                                                                508,055,498.50
Ending Actual Collateral Balance at 30-May-2003                                                    508,052,909.55

Monthly P&I Constant                                                                                 1,373,150.24
Special Servicing Fee                                                                                        0.00
Prepayment Penalties                                                                                         0.00
Realization Loss Amount                                                                                      0.00
Cumulative Realized Loss                                                                                     0.00
Scheduled Principal                                                                                      1,394.00
Unscheduled Principal                                                                                8,650,496.02
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                 <C>
Pro Rata Senior Percent                                              95.643473%
Senior Percent                                                      100.000000%
Senior Prepay Percent                                               100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepay Percent                                            0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           GROUP                           ONE MONTH LIBOR      SIX MONTH LIBOR               TOTAL
<S>                                        <C>                  <C>                     <C>
Collateral Description                            Monthly          6 Month Arm          Mixed Fixed & Arm
Weighted Average Coupon Rate                     3.002728             3.223407                   3.185763
Weighted Average Net Rate                        2.627728             2.847833                   2.810287
Pass-Through Rate                                2.617728             2.837833                   2.800287
Weighted Average Maturity                             307                  308                        347
Record Date                                    05/30/2003           05/30/2003                 05/30/2003
Principal and Interest Constant                220,550.30         1,152,599.94               1,373,150.24
Beginning Loan Count                                  222                1,198                      1,420
Loans Paid in Full                                      2                   20                         22
Ending Loan Count                                     220                1,178                      1,398
Beginning Scheduled Balance                 88,139,974.19       428,567,414.33             516,707,388.52
Ending Scheduled Balance                    87,442,008.86       420,613,489.64             508,055,498.50
Scheduled Principal                                  0.00             1,394.00                   1,394.00
Unscheduled Principal                          697,965.33         7,952,530.69               8,650,496.02
Scheduled Interest                             220,550.30         1,151,205.94               1,371,756.24
Servicing Fee                                   27,543.74           134,132.37                 161,676.11
Master Servicing Fee                               734.49             3,571.38                   4,305.87
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                                   192,272.07         1,013,502.19               1,205,774.26
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>