<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 2003-3
                         RECORD DATE: DECEMBER 31, 2003
                       DISTRIBUTION DATE: JANUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                        Beginning
                      Class     Certificate Pass-    Certificate     Interest     Principal       Current
Class     CUSIP    Description     Through Rate        Balance     Distribution  Distribution  Realized Loss
------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>           <C>
 A-1    81743PAT3      SEN          1.47875%       357,534,416.61    440,586.68  4,897,150.44      0.00
 A-2    81743PAU0      SEN          1.57000%       141,088,672.77    184,591.01  1,653,764.16      0.00
X-1A    81743PAV8       IO          0.90369%                 0.00     73,037.39          0.00      0.00
X-1B    81743PAW6       IO          1.17179%                 0.00    254,439.32          0.00      0.00
 X-2    81743PAX4       IO          1.06843%                 0.00    125,626.04          0.00      0.00
 X-B    81743PAY2       IO          0.79624%                 0.00      6,028.60          0.00      0.00
 A-R    81743PBA3       R           2.42075%                 0.00          0.00          0.00      0.00
 B-1    81743PBB1      SUB          1.79875%         9,075,000.00     13,603.05          0.00      0.00
 B-2    81743PBC9      SUB          2.59499%         4,675,000.00     10,109.63          0.00      0.00
 B-3    81743PBD7      SUB          2.59499%         2,475,000.00      5,352.16          0.00      0.00
 B-4    81743PBE5      SUB          2.59499%         1,650,000.00      3,568.10          0.00      0.00
 B-5    81743PBF2      SUB          2.59499%           825,000.00      1,784.05          0.00      0.00
 B-6    81743PBG0      SUB          2.59499%         1,925,608.17      4,164.10          0.00      0.00
-------------------------------------------------------------------------------------------------------
Totals                                             519,248,697.55  1,122,890.13  6,550,914.60      0.00
-------------------------------------------------------------------------------------------------------

<CAPTION>
                   Ending Certificate      Total       Cumulative
Class     CUSIP          Balance       Distribution  Realized Loss
------------------------------------------------------------------
<S>     <C>        <C>                 <C>           <C>
 A-1    81743PAT3    352,637,266.17    5,337,737.12      0.00
 A-2    81743PAU0    139,434,908.61    1,838,355.17      0.00
X-1A    81743PAV8              0.00       73,037.39      0.00
X-1B    81743PAW6              0.00      254,439.32      0.00
 X-2    81743PAX4              0.00      125,626.04      0.00
 X-B    81743PAY2              0.00        6,028.60      0.00
 A-R    81743PBA3              0.00            0.00      0.00
 B-1    81743PBB1      9,075,000.00       13,603.05      0.00
 B-2    81743PBC9      4,675,000.00       10,109.63      0.00
 B-3    81743PBD7      2,475,000.00        5,352.16      0.00
 B-4    81743PBE5      1,650,000.00        3,568.10      0.00
 B-5    81743PBF2        825,000.00        1,784.05      0.00
 B-6    81743PBG0      1,925,608.17        4,164.10      0.00
-------------------------------------------------------------
Totals               512,697,782.95    7,673,804.73      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    379,455,000.00  357,534,416.61      0.00      4,897,150.44    0.00       0.00      4,897,150.44
 A-2    149,922,000.00  141,088,672.77      0.00      1,653,764.16    0.00       0.00      1,653,764.16
X-1A              0.00            0.00      0.00              0.00    0.00       0.00              0.00
X-1B              0.00            0.00      0.00              0.00    0.00       0.00              0.00
 X-2              0.00            0.00      0.00              0.00    0.00       0.00              0.00
 X-B              0.00            0.00      0.00              0.00    0.00       0.00              0.00
 A-R            100.00            0.00      0.00              0.00    0.00       0.00              0.00
 B-1      9,075,000.00    9,075,000.00      0.00              0.00    0.00       0.00              0.00
 B-2      4,675,000.00    4,675,000.00      0.00              0.00    0.00       0.00              0.00
 B-3      2,475,000.00    2,475,000.00      0.00              0.00    0.00       0.00              0.00
 B-4      1,650,000.00    1,650,000.00      0.00              0.00    0.00       0.00              0.00
 B-5        825,000.00      825,000.00      0.00              0.00    0.00       0.00              0.00
 B-6      1,925,608.17    1,925,608.17      0.00              0.00    0.00       0.00              0.00
-------------------------------------------------------------------------------------------------------
Totals  550,002,708.17  519,248,697.55      0.00      6,550,914.60    0.00       0.00      6,550,914.60
-------------------------------------------------------------------------------------------------------

<CAPTION>
               Ending Certificate  Ending Certificate  Total Principal
Class                Balance           Percentage       Distribution
----------------------------------------------------------------------
<S>            <C>                 <C>                 <C>
 A-1             352,637,266.17        0.92932565       4,897,150.44
 A-2             139,434,908.61        0.93004968       1,653,764.16
X-1A                       0.00        0.00000000               0.00
X-1B                       0.00        0.00000000               0.00
 X-2                       0.00        0.00000000               0.00
 X-B                       0.00        0.00000000               0.00
 A-R                       0.00        0.00000000               0.00
 B-1               9,075,000.00        1.00000000               0.00
 B-2               4,675,000.00        1.00000000               0.00
 B-3               2,475,000.00        1.00000000               0.00
 B-4               1,650,000.00        1.00000000               0.00
 B-5                 825,000.00        1.00000000               0.00
 B-6               1,925,608.17        1.00000000               0.00
--------------------------------------------------------------------
Totals           512,697,782.95        0.93217320       6,550,914.60
--------------------------------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled     Unscheduled
         Original Face   Certificate     Principal     Principal                 Realized   Total Principal
Class        Amount        Balance      Distribution  Distribution  Accretion    Loss (3)      Reduction
-----------------------------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>           <C>         <C>         <C>
 A-1    379,455,000.00   942.23140191    0.00000000   12.90574756   0.00000000  0.00000000    12.90574756
 A-2    149,922,000.00   941.08051367    0.00000000   11.03083043   0.00000000  0.00000000    11.03083043
X-1A              0.00     0.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
X-1B              0.00     0.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 X-2              0.00     0.00000000    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
 A-R            100.00     0.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-1      9,075,000.00  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-2      4,675,000.00  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-3      2,475,000.00  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-4      1,650,000.00  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-5        825,000.00  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000
 B-6      1,925,608.17  1000.00000000    0.00000000    0.00000000   0.00000000  0.00000000     0.00000000

<CAPTION>

          Ending Certificate  Ending Certificate  Total Principal
Class           Balance           Percentage       Distribution
-----------------------------------------------------------------
<S>       <C>                 <C>                 <C>
 A-1          929.32565435          0.92932565     12.90574756
 A-2          930.04968324          0.93004968     11.03083043
X-1A            0.00000000          0.00000000      0.00000000
X-1B            0.00000000          0.00000000      0.00000000
 X-2            0.00000000          0.00000000      0.00000000
 X-B            0.00000000          0.00000000      0.00000000
 A-R            0.00000000          0.00000000      0.00000000
 B-1         1000.00000000          1.00000000      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
</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   379,455,000.00       1.47875%     357,534,416.61    440,586.68     0.00        0.00      0.00
  A-2   149,922,000.00       1.57000%     141,088,672.77    184,591.01     0.00        0.00      0.00
 X-1A             0.00       0.90369%      96,981,099.84     73,034.23     0.00        0.00      0.00
 X-1B             0.00       1.17179%     260,553,316.77    254,428.31     0.00        0.00      0.00
  X-2             0.00       1.06843%     141,088,672.77    125,618.96     0.00        0.00      0.00
  X-B             0.00       0.79624%       9,075,000.00      6,021.52     0.00        0.00      0.00
  A-R           100.00       2.42075%               0.00          0.00     0.00        0.00      0.00
  B-1     9,075,000.00       1.79875%       9,075,000.00     13,603.05     0.00        0.00      0.00
  B-2     4,675,000.00       2.59499%       4,675,000.00     10,109.63     0.00        0.00      0.00
  B-3     2,475,000.00       2.59499%       2,475,000.00      5,352.16     0.00        0.00      0.00
  B-4     1,650,000.00       2.59499%       1,650,000.00      3,568.10     0.00        0.00      0.00
  B-5       825,000.00       2.59499%         825,000.00      1,784.05     0.00        0.00      0.00
  B-6     1,925,608.17       2.59499%       1,925,608.17      4,164.10     0.00        0.00      0.00
-----------------------------------------------------------------------------------------------------
Totals  550,002,708.17                                    1,122,861.80     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       440,586.68      0.00    352,637,266.17
  A-2       0.00       184,591.01      0.00    139,434,908.61
 X-1A       0.00        73,037.39      0.00     96,827,908.54
 X-1B       0.00       254,439.32      0.00    255,809,357.63
  X-2       0.00       125,626.04      0.00    139,434,908.61
  X-B       0.00         6,028.60      0.00      9,075,000.00
  A-R       0.00             0.00      0.00              0.00
  B-1       0.00        13,603.05      0.00      9,075,000.00
  B-2       0.00        10,109.63      0.00      4,675,000.00
  B-3       0.00         5,352.16      0.00      2,475,000.00
  B-4       0.00         3,568.10      0.00      1,650,000.00
  B-5       0.00         1,784.05      0.00        825,000.00
  B-6       0.00         4,164.10      0.00      1,925,608.17
-------------------------------------------------------------
Totals      0.00     1,122,890.13      0.00
-------------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                Non-
                         Current       Beginning                         Unpaid     Current    Supported
Class  Original Face   Certificate    Certificate/    Current Accrued   Interest    Interest   Interest
 (5)       Amount         Rate      Notional Balance     Interest       Shortfall  Shortfall   Shortfall
---------------------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>
 A-1   379,455,000.00    1.47875%      942.23140191     1.16110390     0.00000000  0.00000000  0.00000000
 A-2   149,922,000.00    1.57000%      941.08051367     1.23124698     0.00000000  0.00000000  0.00000000
X-1A             0.00    0.90369%      961.81241115     0.72431875     0.00000000  0.00000000  0.00000000
X-1B             0.00    1.17179%      935.14518832     0.91316208     0.00000000  0.00000000  0.00000000
 X-2             0.00    1.06843%      941.08051367     0.83789544     0.00000000  0.00000000  0.00000000
 X-B             0.00    0.79624%     1000.00000000     0.66352837     0.00000000  0.00000000  0.00000000
 A-R           100.00    2.42075%        0.00000000     0.00000000     0.00000000  0.00000000  0.00000000
 B-1     9,075,000.00    1.79875%     1000.00000000     1.49895868     0.00000000  0.00000000  0.00000000
 B-2     4,675,000.00    2.59499%     1000.00000000     2.16248770     0.00000000  0.00000000  0.00000000
 B-3     2,475,000.00    2.59499%     1000.00000000     2.16248889     0.00000000  0.00000000  0.00000000
 B-4     1,650,000.00    2.59499%     1000.00000000     2.16248485     0.00000000  0.00000000  0.00000000
 B-5       825,000.00    2.59499%     1000.00000000     2.16248485     0.00000000  0.00000000  0.00000000
 B-6     1,925,608.17    2.59499%     1000.00000000     2.16248563     0.00000000  0.00000000  0.00000000

<CAPTION>
                                       Remaining
                                        Unpaid
Class    Realized    Total Interest    Interest  Ending Certificate/
 (5)     Loss (6)     Distribution    Shortfall  Notational Balance
--------------------------------------------------------------------
<S>      <C>         <C>             <C>         <C>
 A-1     0.00000000    1.16110390    0.00000000      929.32565435
 A-2     0.00000000    1.23124698    0.00000000      930.04968324
X-1A     0.00000000    0.72435009    0.00000000      960.29313272
X-1B     0.00000000    0.91320160    0.00000000      918.11876694
 X-2     0.00000000    0.83794266    0.00000000      930.04968324
 X-B     0.00000000    0.66430854    0.00000000     1000.00000000
 A-R     0.00000000    0.00000000    0.00000000        0.00000000
 B-1     0.00000000    1.49895868    0.00000000     1000.00000000
 B-2     0.00000000    2.16248770    0.00000000     1000.00000000
 B-3     0.00000000    2.16248889    0.00000000     1000.00000000
 B-4     0.00000000    2.16248485    0.00000000     1000.00000000
 B-5     0.00000000    2.16248485    0.00000000     1000.00000000
 B-6     0.00000000    2.16248563    0.00000000     1000.00000000
</TABLE>

(5)  Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

               Payments of Interest and Principal                          7,840,126.10
               Liquidations, Insurance Proceeds, Reserve Funds                    28.33
               Proceeds from Repurchased Loans                                     0.00
               Other Amounts (Servicer Advances)                               8,158.18
               Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
               Prepayment Penalties                                                0.00
                                                                           ------------
Total Deposits                                                             7,848,312.61

Withdrawals

               Reimbursement for Servicer Advances                             7,592.67
               Payment of Service Fee                                        166,915.21
               Payment of Interest and Principal                           7,673,804.73
                                                                           ------------
Total Withdrawals (Pool Distribution Amount)                               7,848,312.61

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                                  162,588.14
Master Servicing Fee                                   4,327.07
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------
Net Servicing Fee                                    166,915.21
                                                     ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              Beginning    Current    Current    Ending
Account Type   Balance   Withdrawals  Deposits   Balance
------------  ---------  -----------  --------  --------
<S>           <C>        <C>          <C>       <C>
Reserve Fund   5,000.00     14.17      14.17    5,000.00
Reserve Fund   2,500.00      7.08       7.08    2,500.00
Reserve Fund   2,500.00      7.08       7.08    2,500.00
</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         8      3,404,426.38  30 Days         0         0.00    30 Days         0         0.00
60 Days         1        332,848.86  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
           ------------------------             ---------------------             ----------------------
                9      3,737,275.24                  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     0.527357%    0.664021%   30 Days    0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.065920%    0.064921%   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%
           ------------------------             ---------------------             ----------------------
            0.593276%    0.728942%              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        8      3,404,426.38
60 Days        0         0.00    60 Days        1        332,848.86
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                   9      3,737,275.24

            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    0.527357%    0.664021%
60 Days    0.000000%  0.000000%  60 Days    0.065920%    0.064921%
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%             0.593276%    0.728942%
</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   8,158.18
</TABLE>

<PAGE>

Subordinated 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    20,625,608.17  3.75009211%  20,625,608.17  4.02295638%    95.977044%       0.000000%
Class X-1-A  20,625,608.17  3.75009211%  20,625,608.17  4.02295638%     0.000000%       0.000000%
Class X-1-B  20,625,608.17  3.75009211%  20,625,608.17  4.02295638%     0.000000%       0.000000%
 Class X-2   20,625,608.17  3.75009211%  20,625,608.17  4.02295638%     0.000000%       0.000000%
 Class B-1   11,550,608.17  2.10010024%  11,550,608.17  2.25290777%     1.770049%      43.998703%
 Class B-2    6,875,608.17  1.25010442%   6,875,608.17  1.34106454%     0.911843%      22.665998%
 Class B-3    4,400,608.17  0.80010664%   4,400,608.17  0.85832401%     0.482741%      11.999646%
 Class B-4    2,750,608.17  0.50010811%   2,750,608.17  0.53649699%     0.321827%       7.999764%
 Class B-5    1,925,608.17  0.35010885%   1,925,608.17  0.37558348%     0.160914%       3.999882%
 Class B-6            0.00  0.00000000%           0.00  0.00000000%     0.375583%       9.336007%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<TABLE>
<CAPTION>
           DELINQUENT                           BANKRUPTCY                        FORECLOSURE
--------------------------------------------------------------------------------------------------------
              No. of    Principal                 No. of    Principal               No. of     Principal
               Loans     Balance                   Loans     Balance                 Loans      Balance
<S>         <C>        <C>           <C>        <C>         <C>        <C>        <C>          <C>
0-29 Days        0             0.00  0-29 Days       0        0.00     0-29 Days       0          0.00
30 Days          5     1,597,229.28  30 Days         0        0.00     30 Days         0          0.00
60 Days          1       332,848.86  60 Days         0        0.00     60 Days         0          0.00
90 Days          0             0.00  90 Days         0        0.00     90 Days         0          0.00
120 Days         0             0.00  120 Days        0        0.00     120 Days        0          0.00
150 Days         0             0.00  150 Days        0        0.00     150 Days        0          0.00
180+ Days        0             0.00  180+ Days       0        0.00     180+ Days       0          0.00
            -----------------------             ---------------------             ----------------------
                 6     1,930,078.14                  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     0.464253%   0.434712%    30 Days    0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.092851%   0.090590%    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%
            -----------------------             ---------------------             ----------------------
            0.557103%   0.525303%               0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
              REO                              TOTAL
--------------------------------------------------------------------
             No. of    Principal               No. of     Principal
             Loans     Balance                  Loans      Balance
<C>        <C>        <C>         <C>        <C>        <C>
0-29 Days      0         0.00     0-29 Days      0              0.00
30 Days        0         0.00     30 Days        5      1,597,229.28
60 Days        0         0.00     60 Days        1        332,848.86
90 Days        0         0.00     90 Days        0              0.00
120 Days       0         0.00     120 Days       0              0.00
150 Days       0         0.00     150 Days       0              0.00
180+ Days      0         0.00     180+ Days      0              0.00
           ---------------------             -----------------------
               0         0.00                    6      1,930,078.14

             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    0.464253%    0.434712%
60 Days    0.000000%  0.000000%   60 Days    0.092851%    0.090590%
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%              0.557103%    0.525303%
</TABLE>

                                     GROUP 2

<TABLE>
<CAPTION>

           DELINQUENT                                       BANKRUPTCY            FORECLOSURE
--------------------------------------------------------------------------------------------------------
             No. of      Principal                No. of    Principal               No. of     Principal
              Loans       Balance                  Loans     Balance                 Loans      Balance
<S>         <C>        <C>           <C>         <C>        <C>        <C>         <C>         <C>
0-29 Days       0              0.00  0-29 Days       0         0.00    0-29 Days       0          0.00
30 Days         3      1,807,197.10  30 Days         0         0.00    30 Days         0          0.00
60 Days         0              0.00  60 Days         0         0.00    60 Days         0          0.00
90 Days         0              0.00  90 Days         0         0.00    90 Days         0          0.00
120 Days        0              0.00  120 Days        0         0.00    120 Days        0          0.00
150 Days        0              0.00  150 Days        0         0.00    150 Days        0          0.00
180+ Days       0              0.00  180+ Days       0         0.00    180+ Days       0          0.00
            -----------------------              --------------------              --------------------
                3      1,807,197.10                  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     0.681818%    1.243969%   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%
            -----------------------              --------------------              --------------------
            0.681818%    1.243969%               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        3      1,807,197.10
60 Days        0         0.00     60 Days        0              0.00
90 Days        0         0.00     90 Days        0              0.00
120 Days       0         0.00     120 Days       0              0.00
150 Days       0         0.00     150 Days       0              0.00
180+ Days      0         0.00     180+ Days      0              0.00
           --------------------              -----------------------
               0         0.00                    3      1,807,197.10

            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    0.681818%    1.243969%
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%              0.681818%    1.243969%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT


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

Weighted Average Gross Coupon                           2.980715%
Weighted Average Net Coupon                             2.604969%
Weighted Average Pass-Through Rate                      2.594969%
Weighted Average Maturity (Stepdown Calculation)             351

Beginning Scheduled Collateral Loan Count                  1,526
Number of Loans Paid in Full                                   9
Ending Scheduled Collateral Loan Count                     1,517

Beginning Scheduled Collateral Balance            519,248,697.55
Ending Scheduled Collateral Balance               512,697,782.95
Ending Actual Collateral Balance at 31-Dec-2003   512,698,917.85

Monthly P&I Constant                                1,289,777.02
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realized Loss Amount                                        0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                              7,629,173.80

Ending Scheduled Balance for Premium Loans        512,697,782.95

Scheduled Principal                                         0.00
Unscheduled Principal                               6,550,914.60
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                    <C>
Group 1 One Month Libor Loan Balance   00,887,301.22
Group 1 Six Month Libor Loan Balance   66,533,854.82
Group 2 Six Month Libor Loan Balance   45,276,626.91

Pro-Rata Senior Percent                    96.027798%
Group 1 Senior Percent                    100.000000%
Group 2 Senior Percent                    100.000000%
Group 1 Senior Prepayment Percent         100.000000%
Group 2 Senior Prepayment Percent         100.000000%
</TABLE>

<TABLE>
<CAPTION>
            GROUP                       1               2             TOTAL
Collateral Description             Mixed ARM       Mixed ARM       Mixed ARM
<S>                              <C>             <C>             <C>
Weighted Average Coupon Rate           2.963860        3.023426        2.980715
Weighted Average Net Rate              2.587819        2.648426        2.604969
Pass-Through Rate                      2.577819        2.638426        2.594969
Weighted Average Maturity                   326             330             351
Record Date                          12/31/2003      12/31/2003      12/31/2003
Principal and Interest Constant      919,582.76      370,194.26    1,289,777.02
Beginning Loan Count                      1,083             443           1.526
Loans Paid in Full                            6               3               9
Ending Loan Count                         1,077             440           1,517
Beginning Scheduled Balance      372,318,306.48  146,930,391.07  519,248,697.55
Ending Scheduled Balance         367,421,156.04  145,276,626.91  512,697,782.95
Scheduled Principal                        0.00            0.00            0.00
Unscheduled Principal              4,897,150.44    1,653,764.16    6,550,914.60
Scheduled Interest                   919,582.76      370,194.26    1,289,777.02
Servicing Fee                        116,672.39       45,915.75      162,588.14
Master Servicing Fee                   3,102.66        1,224.41        4,327.07
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                         799,807.71      323,054.10    1,122,861.81
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>