<PAGE>

                                                                    EXHIBIT 10.1

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

                                SMT SERIES 2003-8
                         RECORD DATE: DECEMBER 31, 2003
                       DISTRIBUTION DATE: JANUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                         Certificate                          Beginning
                            Class          Certificate       Certificate        Interest         Principal        Current
 Class       CUSIP       Description    Pass-Through Rate      Balance        Distribution     Distribution    Realized Loss
------     ---------     -----------    -----------------   --------------    ------------     ------------    -------------
<S>        <C>           <C>            <C>                 <C>               <C>              <C>             <C>
  A-1      81743PDX1         SEN            1.46625%        791,768,000.00      870,697.37     2,696,789.55         0.00
  X-1      81743PDZ6          IO            0.80000%                  0.00      627,845.33             0.00         0.00
  A-2      81743PDY9         SEN            1.56000%        150,000,000.00      175,500.00     1,133,431.59         0.00
  X-2      81743PEA0          IO            0.42114%                  0.00      330,515.57             0.00         0.00
  B-1      81743PED4         SUB            1.73625%         14,166,000.00       18,446.79             0.00         0.00
  X-B      81743PEB8          IO            0.77206%                  0.00       14,456.88             0.00         0.00
  B-2      81743PEE2         SUB            2.39625%          8,304,000.00       14,923.84             0.00         0.00
  B-3      81743PEF9         SUB            2.55421%          4,884,000.00       10,395.62             0.00         0.00
  B-4      81743PEG7         SUB            2.55421%          2,443,000.00        5,199.94             0.00         0.00
  B-5      81743PEH5         SUB            2.55421%          1,465,000.00        3,118.26             0.00         0.00
  B-6      81743PEJ1         SUB            2.55421%          3,908,267.00        8,318.77             0.00         0.00
  A-R      81743PEC6         RES            2.55607%                100.00            0.21           100.00         0.00
------     ---------     -----------    -----------------   --------------    ------------     ------------    -------------
Totals                                                      976,938,367.00    2,079,418.58     3,830,321.14         0.00
------     ---------     -----------    -----------------   --------------    ------------     ------------    -------------

<CAPTION>
                        Ending Certificate       Total         Cumulative
 Class       CUSIP            Balance         Distribution    Realized Loss
------     ---------    ------------------    ------------    -------------
<S>        <C>          <C>                   <C>             <C>
  A-1      81743PDX1      789,071,210.45      3,567,486.92         0.00
  X-1      81743PDZ6                0.00        627,845.33         0.00
  A-2      81743PDY9      148,866,568.41      1,308,931.59         0.00
  X-2      81743PEA0                0.00        330,515.57         0.00
  B-1      81743PED4       14,166,000.00         18,446.79         0.00
  X-B      81743PEB8                0.00         14,456.88         0.00
  B-2      81743PEE2        8,304,000.00         14,923.84         0.00
  B-3      81743PEF9        4,884,000.00         10,395.62         0.00
  B-4      81743PEG7        2,443,000.00          5,199.94         0.00
  B-5      81743PEH5        1,465,000.00          3,118.26         0.00
  B-6      81743PEJ1        3,908,267.00          8,318.77         0.00
  A-R      81743PEC6                0.00            100.21         0.00
------     ---------    ------------------    ------------    -------------
Totals                    973,108,045.86      5,909,739.72         0.00
------     ---------    ------------------    ------------    -------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                 Beginning        Scheduled      Unscheduled
           Original Face        Certificate       Principal       Principal                   Realized    Total Principal
 Class         Amount             Balance       Distribution     Distribution    Accretion    Loss (1)       Reduction
------     --------------     --------------    ------------     ------------    ---------    --------    ---------------
<S>        <C>                <C>               <C>              <C>             <C>          <C>         <C>
  A-1      791,768,000.00     791,768,000.00        0.00         2,696,789.55      0.00         0.00       2,696,789.55
  X-1                0.00               0.00        0.00                 0.00      0.00         0.00               0.00
  A-2      150,000,000.00     150,000,000.00        0.00         1,133,431.59      0.00         0.00       1,133,431.59
  X-2                0.00               0.00        0.00                 0.00      0.00         0.00               0.00
  B-1       14,166,000.00      14,166,000.00        0.00                 0.00      0.00         0.00               0.00
  X-B                0.00               0.00        0.00                 0.00      0.00         0.00               0.00
  B-2        8,304,000.00       8,304,000.00        0.00                 0.00      0.00         0.00               0.00
  B-3        4,884,000.00       4,884,000.00        0.00                 0.00      0.00         0.00               0.00
  B-4        2,443,000.00       2,443,000.00        0.00                 0.00      0.00         0.00               0.00
  B-5        1,465,000.00       1,465,000.00        0.00                 0.00      0.00         0.00               0.00
  B-6        3,908,267.00       3,908,267.00        0.00                 0.00      0.00         0.00               0.00
  A-R              100.00             100.00        0.00               100.00      0.00         0.00               0.00
------     --------------     --------------    ------------     ------------    ---------    --------    ---------------
Totals     976,938,367.00     976,938,367.00        0.00         3,830,321.14      0.00         0.00       3,830,321.14
------     --------------     --------------    ------------     ------------    ---------    --------    ---------------

<CAPTION>
             Ending Certificate   Ending Certificate     Total Principal
 Class             Balance            Percentage           Distribution
------       ------------------   ------------------     ---------------
<S>          <C>                  <C>                    <C>
  A-1          789,071,210.45         0.99659396          2,696,789.55
  X-1                    0.00         0.00000000                  0.00
  A-2          148,866,568.41         0.99244379          1,133,431.59
  X-2                    0.00         0.00000000                  0.00
  B-1           14,166,000.00         1.00000000                  0.00
  X-B                    0.00         0.00000000                  0.00
  B-2            8,304,000.00         1.00000000                  0.00
  B-3            4,884,000.00         1.00000000                  0.00
  B-4            2,443,000.00         1.00000000                  0.00
  B-5            1,465,000.00         1.00000000                  0.00
  B-6            3,908,267.00         1.00000000                  0.00
  A-R                    0.00         0.00000000                100.00
------       ------------------   ------------------     ---------------
Totals         973,108,045.86         0.99607926          3,830,321.14
------       ------------------   ------------------     ---------------
</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    Total Principal
Class          Amount            Balance      Distribution    Distribution     Accretion      Loss (3)        Reduction
-----      --------------     -------------   ------------   -------------    ----------     ----------   ---------------
<S>        <C>                <C>             <C>            <C>              <C>            <C>          <C>
 A-1       791,768,000.00     1000.00000000    0.00000000       3.40603504    0.00000000     0.00000000       3.40603504
 X-1                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-2       150,000,000.00     1000.00000000    0.00000000       7.55621060    0.00000000     0.00000000       7.55621060
 X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-1        14,166,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-2         8,304,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3         4,884,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4         2,443,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,465,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6         3,908,267.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-R               100.00     1000.00000000    0.00000000    1000.00000000    0.00000000     0.00000000    1000.00000000

<CAPTION>
             Ending Certificate   Ending Certificate   Total Principal
Class              Balance             Percentage        Distribution
-----        ------------------   ------------------   ---------------
<S>          <C>                  <C>                  <C>
 A-1             996.59396496          0.99659396         3.40603504
 X-1               0.00000000          0.00000000         0.00000000
 A-2             992.44378940          0.99244379         7.55621060
 X-2               0.00000000          0.00000000         0.00000000
 B-1            1000.00000000          1.00000000         0.00000000
 X-B               0.00000000          0.00000000         0.00000000
 B-2            1000.00000000          1.00000000         0.00000000
 B-3            1000.00000000          1.00000000         0.00000000
 B-4            1000.00000000          1.00000000         0.00000000
 B-5            1000.00000000          1.00000000         0.00000000
 B-6            1000.00000000          1.00000000         0.00000000
 A-R               0.00000000          0.00000000      1000.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                       Payment of                     Non-
                                                 Certificate/        Current        Unpaid        Current      Supported
              Original Face        Current          Notional         Accrued       Interest       Interest     Interest
 Class           Amount       Certificate Rate      Balance          Interest      Shortfall     Shortfall     Shortfall
------       --------------   ----------------   --------------   ------------     ----------    ---------     ---------
<S>          <C>              <C>                <C>              <C>              <C>           <C>           <C>
  A-1        791,768,000.00        1.46625%      791,768,000.00     870,697.37        0.00          0.00         0.00
  X-1                  0.00        0.80000%      941,768,000.00     627,845.33        0.00          0.00         0.00
  A-2        150,000,000.00        1.56000%      150,000,000.00     175,500.00        0.00          0.00         0.00
  X-2                  0.00        0.42114%      941,768,000.00     330,515.57        0.00          0.00         0.00
  B-1         14,166,000.00        1.73625%       14,166,000.00      18,446.79        0.00          0.00         0.00
  X-B                  0.00        0.77206%       22,470,000.00      14,456.88        0.00          0.00         0.00
  B-2          8,304,000.00        2.39625%        8,304,000.00      14,923.85        0.00          0.00         0.00
  B-3          4,884,000.00        2.55421%        4,884,000.00      10,395.62        0.00          0.00         0.00
  B-4          2,443,000.00        2.55421%        2,443,000.00       5,199.94        0.00          0.00         0.00
  B-5          1,465,000.00        2.55421%        1,465,000.00       3,118.26        0.00          0.00         0.00
  B-6          3,908,267.00        2.55421%        3,908,267.00       8,318.77        0.00          0.00         0.00
  A-R                100.00        2.55607%              100.00           0.21        0.00          0.00         0.00
------       --------------   ----------------   --------------   ------------     ----------    ---------     ---------
Totals       976,938,367.00                                       2,079,418.59        0.00          0.00         0.00
------       --------------   ----------------   --------------   ------------     ----------    ---------     ---------

<CAPTION>
                                             Remaining      Ending
                                               Unpaid     Certificate/
               Realized  Total Interest       Interest     Notational
 Class         Loss (4)   Distribution       Shortfall       Balance
------         --------  --------------      ---------   --------------
<S>            <C>       <C>                 <C>         <C>
  A-1            0.00       870,697.37          0.00     789,071,210.45
  X-1            0.00       627,845.33          0.00     907,319,431.93
  A-2            0.00       175,500.00          0.00     148,866,568.41
  X-2            0.00       330,515.57          0.00     937,937,778.86
  B-1            0.00        18,446.79          0.00      14,166,000.00
  X-B            0.00        14,456.88          0.00      22,470,000.00
  B-2            0.00        14,923.84          0.00       8,304,000.00
  B-3            0.00        10,395.62          0.00       4,884,000.00
  B-4            0.00         5,199.94          0.00       2,443,000.00
  B-5            0.00         3,118.26          0.00       1,465,000.00
  B-6            0.00         8,318.77          0.00       3,908,267.00
  A-R            0.00             0.21          0.00               0.00
------         --------  --------------      ---------   --------------
Totals           0.00     2,079,418.58          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                    Non-
                                   Current         Beginning                           Unpaid       Current     Supported
                Original Face    Certificate     Certificate/      Current Accrued    Interest     Interest      Interest
 Class (5)         Amount           Rate       Notional Balance       Interest        Shortfall    Shortfall    Shortfall
----------     --------------    -----------   ----------------    ---------------   ----------   ----------    ----------
<S>            <C>               <C>           <C>                 <C>               <C>          <C>           <C>
    A-1        791,768,000.00     1.46625%       1000.00000000       1.09968750      0.00000000   0.00000000    0.00000000
    X-1                  0.00     0.80000%       1000.00000000       0.66666666      0.00000000   0.00000000    0.00000000
    A-2        150,000,000.00     1.56000%       1000.00000000       1.17000000      0.00000000   0.00000000    0.00000000
    X-2                  0.00     0.42114%       1000.00000000       0.35095222      0.00000000   0.00000000    0.00000000
    B-1         14,166,000.00     1.73625%       1000.00000000       1.30218763      0.00000000   0.00000000    0.00000000
    X-B                  0.00     0.77206%       1000.00000000       0.64338585      0.00000000   0.00000000    0.00000000
    B-2          8,304,000.00     2.39625%       1000.00000000       1.79718810      0.00000000   0.00000000    0.00000000
    B-3          4,884,000.00     2.55421%       1000.00000000       2.12850532      0.00000000   0.00000000    0.00000000
    B-4          2,443,000.00     2.55421%       1000.00000000       2.12850594      0.00000000   0.00000000    0.00000000
    B-5          1,465,000.00     2.55421%       1000.00000000       2.12850512      0.00000000   0.00000000    0.00000000
    B-6          3,908,267.00     2.55421%       1000.00000000       2.12850606      0.00000000   0.00000000    0.00000000
    A-R                100.00     2.55607%       1000.00000000       2.10000000      0.00000000   0.00000000    0.00000000

<CAPTION>
                                                Remaining
                                                  Unpaid
                Realized      Total Interest     Interest       Ending Certificate/
 Class (5)      Loss (6)       Distribution      Shortfall      Notational Balance
----------     ----------     --------------    ----------      -------------------
<S>            <C>            <C>               <C>             <C>
    A-1        0.00000000       1.09968750      0.00000000         996.59396496
    X-1        0.00000000       0.66666666      0.00000000         963.42138608
    A-2        0.00000000       1.17000000      0.00000000         992.44378940
    X-2        0.00000000       0.35095222      0.00000000         995.93294618
    B-1        0.00000000       1.30218763      0.00000000        1000.00000000
    X-B        0.00000000       0.64338585      0.00000000        1000.00000000
    B-2        0.00000000       1.79718690      0.00000000        1000.00000000
    B-3        0.00000000       2.12850532      0.00000000        1000.00000000
    B-4        0.00000000       2.12850594      0.00000000        1000.00000000
    B-5        0.00000000       2.12850512      0.00000000        1000.00000000
    B-6        0.00000000       2.12850606      0.00000000        1000.00000000
    A-R        0.00000000       2.10000000      0.00000000           0.00000000
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                        5,262,466.94
         Liquidations, Insurance Proceeds, Reserve Funds                                   0.00
         Proceeds from Repurchased Loans                                                   0.00
         Other Amounts (Servicer Advances)                                               806.25
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
         Prepayment Penalties                                                              0.00
                                                                                   ------------
Total Deposits                                                                     5,263,273.19

Withdrawals
         Reimbursement for Servicer Advances                                               0.00
         Payment of Service Fee                                                      311,894.37
         Payment of Interest and Principal                                         4,951,378.82
                                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                                       5,263,273.19

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

                                 SERVICING FEES

<TABLE>
<S>                                                                   <C>
Gross Servicing Fee                                                   307,416.75
Master Servicing Fee                                                    4,477.62
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     311,894.37
                                                                      ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                              Beginning          Current          Current      Ending
         Account Type                          Balance         Withdrawals       Deposits      Balance
         ------------                         ---------        -----------       --------     --------
<S>                                           <C>              <C>               <C>          <C>
Class 1-A Companion Sub Account                4,000.00           0.00             0.00       4,000.00
Class 1-A NAS Sub Account                      1,000.00           0.00             0.00       1,000.00
Class 2-A Companion Sub Account                2,000.00           0.00             0.00       2,000.00
Class 2-A NAS Sub Account                        500.00           0.00             0.00         500.00
Class X-B Sub Account                          2,000.00           0.00             0.00       2,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
--------------------------------------   ---------------------------------   ---------------------------------
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0              0.00   0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days            1        322,500.00   30 Days         0          0.00     30 Days         0          0.00
60 Days            0              0.00   60 Days         0          0.00     60 Days         0          0.00
90 Days            0              0.00   90 Days         0          0.00     90 Days         0          0.00
120 Days           0              0.00   120 Days        0          0.00     120 Days        0          0.00
150 Days           0              0.00   150 Days        0          0.00     150 Days        0          0.00
180+ Days          0              0.00   180+ Days       0          0.00     180+ Days       0          0.00
               -----------------------               ---------------------               ---------------------
                   1        322,500.00                   0          0.00                     0          0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.035702%    0.033141%    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%
               -----------------------               ---------------------               ---------------------
               0.035702%    0.033141%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
----------------------------------   ------------------------------------
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>           <C>
0-29 Days        0          0.00     0-29 Days       0               0.00
30 Days          0          0.00     30 Days         1         322,500.00
60 Days          0          0.00     60 Days         0               0.00
90 Days          0          0.00     90 Days         0               0.00
120 Days         0          0.00     120 Days        0               0.00
150 Days         0          0.00     150 Days        0               0.00
180+ Days        0          0.00     180+ Days       0               0.00
             ---------------------               ------------------------
                 0          0.00                     1         322,500.00

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.035702%     0.033141%
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%               0.035702%     0.033141%
</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   806.25
</TABLE>

<PAGE>

                  SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS
                      PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
                  Original $           Original%         Current $        Current %      Current Class %    Prepayment %
                  ----------           ---------         ---------        ---------      ---------------    ------------
<S>             <C>                   <C>              <C>               <C>             <C>                <C>
Class A         35,170,267.00         3.60004973%      35,170,267.00     3.61422014%        96.385780%        0.000000%
Class X-1       35,170,267.00         3.60004973%      35,170,267.00     3.61422014%         0.000000%        0.000000%
Class X-2       35,170,267.00         3.60004973%      35,170,267.00     3.61422014%         0.000000%        0.000000%
Class B-1       21,004,267.00         2.15000943%      21,004,267.00     2.15847223%         1.455748%       40.278341%
Class B-2       12,700,267.00         1.30000698%      12,700,267.00     1.30512403%         0.853348%       23.610853%
Class B-3        7,816,267.00         0.80007780%       7,816,267.00     0.80322704%         0.501897%       13.886730%
Class B-4        5,373,267.00         0.55001085%       5,373,267.00     0.55217579%         0.251051%        6.946208%
Class B-5        3,908,267.00         0.40005257%       3,908,267.00     0.40162724%         0.150549%        4.165450%
Class B-6                0.00         0.00000000%               0.00     0.00000000%         0.401627%       11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

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

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

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

<CAPTION>
                REO                                 TOTAL
----------------------------------   ----------------------------------
POOL 1 -- 1 MO LIBOR
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days        0          0.00     0-29 Days       0           0.00
30 Days          0          0.00     30 Days         0           0.00
60 Days          0          0.00     60 Days         0           0.00
90 Days          0          0.00     90 Days         0           0.00
120 Days         0          0.00     120 Days        0           0.00
150 Days         0          0.00     150 Days        0           0.00
180+ Days        0          0.00     180+ Days       0           0.00
             ---------------------               ----------------------
                 0          0.00                     0           0.00

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

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

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
--------------------------------------   ---------------------------------   ---------------------------------
POOL 1 -- 6 MO LIBOR
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0              0.00   0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days            1        322,500.00   30 Days         0          0.00     30 Days         0          0.00
60 Days            0              0.00   60 Days         0          0.00     60 Days         0          0.00
90 Days            0              0.00   90 Days         0          0.00     90 Days         0          0.00
120 Days           0              0.00   120 Days        0          0.00     120 Days        0          0.00
150 Days           0              0.00   150 Days        0          0.00     150 Days        0          0.00
180+ Days          0              0.00   180+ Days       0          0.00     180+ Days       0          0.00
               -----------------------               ---------------------               ---------------------
                   1        322,500.00                   0          0.00                     0          0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.047985%    0.046126%    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%
               -----------------------               ---------------------               ---------------------
               0.047985%    0.046126%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                 TOTAL
----------------------------------   -----------------------------------
POOL 1 -- 6 MO LIBOR
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days        0          0.00     0-29 Days       0              0.00
30 Days          0          0.00     30 Days         1        322,500.00
60 Days          0          0.00     60 Days         0              0.00
90 Days          0          0.00     90 Days         0              0.00
120 Days         0          0.00     120 Days        0              0.00
150 Days         0          0.00     150 Days        0              0.00
180+ Days        0          0.00     180+ Days       0              0.00
             ---------------------               -----------------------
                 0          0.00                     1        322,500.00

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.047985%    0.046126%
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%               0.047985%    0.046126%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
-------------------------------------    ---------------------------------   ---------------------------------
POOL 2
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0           0.00      0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days            0           0.00      30 Days         0          0.00     30 Days         0          0.00
60 Days            0           0.00      60 Days         0          0.00     60 Days         0          0.00
90 Days            0           0.00      90 Days         0          0.00     90 Days         0          0.00
120 Days           0           0.00      120 Days        0          0.00     120 Days        0          0.00
150 Days           0           0.00      150 Days        0          0.00     150 Days        0          0.00
180+ Days          0           0.00      180+ Days       0          0.00     180+ Days       0          0.00
               ----------------------                ---------------------               ---------------------
                   0           0.00                      0          0.00                     0          0.00

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

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

<CAPTION>
                REO                                 TOTAL
----------------------------------   ----------------------------------
POOL 2
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days        0          0.00     0-29 Days       0           0.00
30 Days          0          0.00     30 Days         0           0.00
60 Days          0          0.00     60 Days         0           0.00
90 Days          0          0.00     90 Days         0           0.00
120 Days         0          0.00     120 Days        0           0.00
150 Days         0          0.00     150 Days        0           0.00
180+ Days        0          0.00     180+ Days       0           0.00
             ---------------------               ----------------------
                 0          0.00                     0           0.00

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

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
          Collateral Description                                 Mixed Arm
<S>                                                            <C>
Weighted Average Gross Coupon                                       2.937315%
Weighted Average Net Coupon                                         2.559706%
Weighted Average Pass-Through Rate                                  2.554206%
Weighted Average Maturity (Stepdown Calculation)                         322

Beginning Scheduled Collateral Loan Count                              2,805
Number of Loans Paid in Full                                               4
Ending Scheduled Collateral Loan Count                                 2,801

Beginning Scheduled Collateral Balance                        976,938,367.00
Ending Scheduled Collateral Balance                           973,108,046.81
Ending Actual Collateral Balance at 31-Dec-2003               973,108,438.42

Monthly P&I Constant                                            2,391,312.96
Special Servicing Fee                                                   0.00
Prepayment Penalties                                                    0.00
Realized Loss Amount                                                    0.00
Cumulative Realized Loss                                                0.00

Class A Optimal Amount                                          5,834,879.63

Ending Scheduled Balance for Premium Loans                    973,108,046.81

Scheduled Principal                                                     0.00
Unscheduled Principal                                           3,830,321.14
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                          POOL 1 -- 1 MO LIBOR   POOL 1 -- 6 MO LIBOR         POOL 2                TOTAL
Collateral Description                     1 Month LIBOR ARM      6 Month LIBOR ARM     6 MonthLIBOR ARM         Mixed ARM
<S>                                      <C>                    <C>                     <C>                 <C>
Weighted Average Coupon Rate                        2.800697               2.963000             2.926419          2.937315
Weighted Average Net Rate                           2.410377               2.587326             2.549852          2.559706
Pass-Through Rate                                   2.404877               2.581826             2.544352          2.554206
Weighted Average Maturity                                307                    324                  323               322
Record Date                                       12/31/2003             12/31/2003           12/31/2003        12/31/2003
Principal and Interest Constant                   278,985.49           1,732,861.95           379,465.52      2,391,312.96
Beginning Loan Count                                     243                  2,087                  475             2,805
Loans Paid in Full                                         0                      3                    1                 4
Ending Loan Count                                        243                  2,804                  474             2,801
Beginning Scheduled Balance                   119,535,472.03         701,800,234.90       155,602,661.02    976,938,367.95
Ending Scheduled Balance                      119,466,562.00         699,172,255.38       154,469,229.43    973,108,046.81
Scheduled Principal                                     0.00                   0.00                 0.00              0.00
Unscheduled Principal                              68,910.03           2,627,979.52         1,133,431.59      3,830,321.14
Scheduled Interest                                278,985.49           1,732,861.95           379,465.52      2,391,312.96
Servicing Fee                                      38,880.88             219,706.79            48,829.08        307,416.75
Master Servicing Fee                                  547.87               3,216.57               713.18          4,477.62
Trustee Fee                                             0.00                   0.00                 0.00              0.00
FRY Amount                                              0.00                   0.00                 0.00              0.00
Special Hazard Fee                                      0.00                   0.00                 0.00              0.00
Other Fee                                               0.00                   0.00                 0.00              0.00
Pool Insurance Fee                                      0.00                   0.00                 0.00              0.00
Spread 1                                                0.00                   0.00                 0.00              0.00
Spread 2                                                0.00                   0.00                 0.00              0.00
Spread 3                                                0.00                   0.00                 0.00              0.00
Net Interest                                      239,556.74           1,509,938.59           329,923.26      2,079,418.59
Realized Loss Amount                                    0.00                   0.00                 0.00              0.00
Cumulative Realized Loss                                0.00                   0.00                 0.00              0.00
Percentage of Cumulative Losses                         0.00                   0.00                 0.00              0.00
Prepayment Penalties                                    0.00                   0.00                 0.00              0.00
Special Servicing Fee                                   0.00                   0.00                 0.00              0.00
</TABLE>

<PAGE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
Group Pool 1 -- 1 Mo LIBOR
                       Interest Transfer Amount                         0.00
                       Principal Transfer Amount                        0.00
                       Prorata Senior Percent                      96.400058%
                       Senior Percentage                           96.400058%
                       Senior Prepayment Percentage               100.000000%
                       Subordinate Percentage                       3.599942%
                       Subordinate Prepayment Percentage            0.000000%

 Group Pool 1 -- 6 Mo LIBOR
                       Interest Transfer Amount                         0.00
                       Principal Transfer Amount                        0.00
                       Prorata Senior Percent                      96.399380%
                       Senior Percentage                           96.399380%
                       Senior Prepayment Percentage               100.000000%
                       Subordinate Percentage                       3.600620%
                       Subordinate Prepayment Percentage            0.000000%
</TABLE>