<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 2003-2
                         RECORD DATE: DECEMBER 31, 2003
                       DISTRIBUTION DATE: JANUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY


<TABLE>
<CAPTION>
                              Certificate                           Beginning
                                 Class        Certificate Pass-    Certificate       Interest         Principal
   Class          CUSIP       Description        Through Rate        Balance       Distribution     Distribution
----------------------------------------------------------------------------------------------------------------
<S>             <C>           <C>             <C>                <C>               <C>              <C>
    A-1         81743PAP1         SEN              1.47875%      460,106,784.90      566,985.76     2,916,166.32
    A-2         81743PAQ9         SEN              1.54625%      276,172,803.76      355,860.16     2,498,984.12
    M-1         81743PAR7         SUB              1.79875%       11,480,000.00       17,208.04             0.00
    M-2         81743PAS5         SUB              2.57875%        4,920,000.00       10,572.88             0.00
     X          SMT03002X          IO              0.00000%                0.00      686,038.20             0.00
     R          SMT03002R         SUB              0.00000%                0.00            0.00             0.00
                ------------------------------------------------------------------------------------------------
Totals                                                           752,679,588.66    1,636,665.04     5,415,150.44

<CAPTION>
                                                   Ending
                                Current         Certificate            Total          Cumulative
   Class          CUSIP       Realized Loss        Balance         Distribution     Realized Loss
-------------------------------------------------------------------------------------------------
<S>             <C>           <C>              <C>                 <C>              <C>
    A-1         81743PAP1         0.00         457,190,618.58      3,483,152.08         0.00
    A-2         81743PAQ9         0.00         273,673,819.64      2,854,844.28         0.00
    M-1         81743PAR7         0.00          11,480,000.00         17,208.04         0.00
    M-2         81743PAS5         0.00           4,920,000.00         10,572.88         0.00
     X          SMT03002X         0.00                   0.00        686,038.20         0.00
     R          SMT03002R         0.00                   0.00              0.00         0.00
             -------------------------------------------------------------------------------
Totals                            0.00         747,264,438.22      7,051,815.48         0.00
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT


<TABLE>
<CAPTION>
                                     Beginning       Scheduled    Unscheduled
                Original Face       Certificate      Principal      Principal                   Realized   Total Principal
   Class            Amount            Balance       Distribution  Distribution     Accretion     Loss (1)     Reduction
--------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>               <C>           <C>              <C>          <C>        <C>
    A-1        500,000,000.00     460,106,784.90        0.00      2,916,166.32        0.00         0.00     2,916,166.32
    A-2        303,600,000.00     276,172,803.76        0.00      2,498,984.12        0.00         0.00     2,498,984.12
    M-1         11,480,000.00      11,480,000.00        0.00              0.00        0.00         0.00             0.00
    M-2          4,920,000.00       4,920,000.00        0.00              0.00        0.00         0.00             0.00
     X                   0.00               0.00        0.00              0.00        0.00         0.00             0.00
     R                   0.00               0.00        0.00              0.00        0.00         0.00             0.00
               ---------------------------------------------------------------------------------------------------------
Totals         820,000,000.00     752,679,588.66        0.00      5,415,150.44        0.00         0.00     5,415,150.44

<CAPTION>
               Ending Certificate   Ending Certificate  Total Principal
   Class             Balance             Percentage       Distribution
-----------------------------------------------------------------------
<S>            <C>                  <C>                 <C>
    A-1          457,190,618.58          0.91438124       2,916,166.32
    A-2          273,673,819.64          0.90142892       2,498,984.12
    M-1           11,480,000.00          1.00000000               0.00
    M-2            4,920,000.00          1.00000000               0.00
     X                     0.00          0.00000000               0.00
     R                     0.00          0.00000000               0.00
               -------------------------------------------------------
Totals           747,264,438.22          0.91129810       5,415,150.44
</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       500,000,000.00      920.21356980    0.00000000       5.83233264    0.00000000     0.00000000       5.83233264
 A-2       303,600,000.00      909.66009144    0.00000000       8.23117299    0.00000000     0.00000000       8.23117299
 M-1        11,480,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 M-2         4,920,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  X                  0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  R                  0.00        0.00000000    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       914.38123716          0.91438124         5.83233264
 A-2       901.42891845          0.90142892         8.23117299
 M-1      1000.00000000          1.00000000         0.00000000
 M-2      1000.00000000          1.00000000         0.00000000
  X          0.00000000          0.00000000         0.00000000
  R          0.00000000          0.00000000         0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                    Beginning                      Payment of                     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     500,000,000.00         1.47875%       460,106,784.90     566,985.76          0.00          0.00         0.00
  A-2     303,600,000.00         1.54625%       276,172,803.76     355,860.16          0.00          0.00         0.00
  M-1      11,480,000.00         1.79875%        11,480,000.00      17,208.04          0.00          0.00         0.00
  M-2       4,920,000.00         2.57875%         4,920,000.00      10,572.88          0.00          0.00         0.00
   X                0.00         0.00000%       752,679,588.66           0.00          0.00          0.00         0.00
   R                0.00         0.00000%                 0.00           0.00          0.00          0.00         0.00
          ------------------------------------------------------------------------------------------------------------
Totals    820,000,000.00                                           950,626.84          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       566,985.76          0.00     457,190,618.58
  A-2        0.00       355,860.16          0.00     273,673,819.64
  M-1        0.00        17,208.04          0.00      11,480,000.00
  M-2        0.00        10,572.88          0.00       4,920,000.00
   X         0.00       686,038.20          0.00     747,264,438.22
   R         0.00             0.00          0.00               0.00
          ---------------------------------------------------------
Totals       0.00     1,636,665.04          0.00
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                             Payment of                     Non-
                             Current       Beginning                           Unpaid       Current      Supported
Class       Original Face  Certificate    Certificate/      Current Accrued   Interest     Interest      Interest        Realized
 (5)            Amount         Rate     Notional Balance        Interest      Shortfall    Shortfall     Shortfall       Loss (6)
----------------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>                 <C>              <C>           <C>           <C>            <C>
 A-1       500,000,000.00    1.47875%      920.21356980        1.13397152     0.00000000   0.00000000    0.00000000     0.00000000
 A-2       303,600,000.00    1.54625%      909.66009144        1.17213491     0.00000000   0.00000000    0.00000000     0.00000000
 M-1        11,480,000.00    1.79875%     1000.00000000        1.49895819     0.00000000   0.00000000    0.00000000     0.00000000
 M-2         4,920,000.00    2.57875%     1000.00000000        2.14895935     0.00000000   0.00000000    0.00000000     0.00000000
  X                  0.00    0.00000%      917.90193739        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000
  R                  0.00    0.00000%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                            Remaining
                             Unpaid
Class      Total Interest   Interest     Ending Certificate/
 (5)        Distribution    Shortfall    Notational Balance
------------------------------------------------------------
<S>        <C>              <C>          <C>
 A-1          1.13397152    0.00000000       914.38123716
 A-2          1.17213491    0.00000000       901.42891845
 M-1          1.49895819    0.00000000      1000.00000000
 M-2          2.14895935    0.00000000      1000.00000000
  X           0.83663195    0.00000000       911.29809539
  R           0.00000000    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                              7,297,158.45
         Liquidations, Insurance Proceeds, Reserve Funds                        30.20
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  16,095.03
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                         ------------
Total Deposits                                                           7,313,283.68

Withdrawals
         Reimbursement for Servicer Advances                                19,902.64
         Payment of Service Fee                                            241,565.56
         Payment of Interest and Principal                               7,051,815.48
                                                                         ------------
Total Withdrawals (Pool Distribution Amount)                             7,313,283.68

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                                                    237,162.95
Master Servicing Fee                                                     4,402.61
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      241,565.56
                                                                       ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                  Beginning          Current          Current       Ending
Account Type       Balance         Withdrawals       Deposits       Balance
----------------------------------------------------------------------------
<S>               <C>              <C>               <C>           <C>
Reserve Fund      10,000.00           30.20            30.20       10,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

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

0-29 Days          0               0.00  0-29 Days       1       152,768.00  0-29 Days       0          0.00
30 Days           11       4,825,810.98  30 Days         0             0.00  30 Days         0          0.00
60 Days            2       1,794,999.99  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           1         199,400.00  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
               ------------------------              ----------------------              --------------------
                  14       6,820,210.97                  1       152,768.00                  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   0.048054%   0.020388%   0-29 Days   0.000000%   0.000000%
30 Days        0.528592%    0.644030%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.096108%    0.239552%    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       0.048054%    0.026611%    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%
               ---------------------                 --------------------                --------------------
               0.672753%    0.910193%                0.048054%   0.020388%               0.000000%   0.000000%

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

0-29 Days        0          0.00      0-29 Days       1         152,768.00
30 Days          0          0.00      30 Days        11       4,825,810.98
60 Days          0          0.00      60 Days         2       1,794,999.99
90 Days          0          0.00      90 Days         0               0.00
120 Days         0          0.00      120 Days        1         199,400.00
150 Days         0          0.00      150 Days        0               0.00
180+ Days        0          0.00      180+ Days       0               0.00
             --------------------                 ------------------------
                 0          0.00                     15       6,972,978.97

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

0-29 Days    0.000000%   0.000000%    0-29 Days   0.048054%    0.020388%
30 Days      0.000000%   0.000000%    30 Days     0.528592%    0.644030%
60 Days      0.000000%   0.000000%    60 Days     0.096108%    0.239552%
90 Days      0.000000%   0.000000%    90 Days     0.000000%    0.000000%
120 Days     0.000000%   0.000000%    120 Days    0.048054%    0.026611%
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%                0.720807%    0.930581%
</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  16,095.03
</TABLE>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

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

0-29 Days           0              0.00  0-29 Days       0          0.00     0-29 Days       0          0.00
30 Days             7      3,284,349.61  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            1        199,400.00  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
                -----------------------              --------------------                --------------------
                    8      3,483,749.61                  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         0.558214%    0.701106%   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        0.079745%    0.042566%   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%
                ---------------------                --------------------                --------------------
                0.637959%    0.743672%               0.000000%   0.000000%               0.000000%   0.000000%

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

0-29 Days        0         0.00      0-29 Days       0               0.00
30 Days          0.        0.00      30 Days         7       3,284,349.61
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        1         199,400.00
150 Days         0         0.00      150 Days        0               0.00
180+ Days        0         0.00      180+ Days       0               0.00
             --------------------                ------------------------
                 0         0.00                      8       3,483,749.61


               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     0.558214%    0.701106%
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    0.079745%    0.042566%
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%               0.637959%    0.743672%
</TABLE>

                                     GROUP 2

<TABLE>
<CAPTION>
             DELINQUENT                            BANKRUPTCY                          FORECLOSURE
-------------------------------------------------------------------------------------------------------------
<S>           <C>        <C>           <C>         <C>        <C>          <C>         <C>          <C>
                No. of     Principal                 No. of    Principal                 No. of     Principal
                Loans       Balance                  Loans      Balance                  Loans       Balance
0-29 Days         0              0.00  0-29 Days       1      152,768.00   0-29 Days       0          0.00
30 Days           4      1,541,461.37  30 Days         0            0.00   30 Days         0          0.00
60 Days           2      1,794,999.99  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      3,336,461.36                  1      152,768.00                   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   0.120919%   0.054393%   0-29 Days   0.000000%    0.000000%
30 Days       0.483676%    0.548832%   30 Days     0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days       0.241838%    0.639104%   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%
              ---------------------                --------------------                ---------------------
              0.725514%    1.187936%               0.120919%   0.054393%               0.000000%    0.000000%

<CAPTION>
               REO                                 TOTAL
------------------------------------------------------------------------
<S>         <C>         <C>         <C>         <C>         <C>
              No. of    Principal                 No. of      Principal
              Loans      Balance                  Loans        Balance
0-29 Days       0         0.00      0-29 Days       1         152,768.00
30 Days         0         0.00      30 Days         4       1,541,461.37
60 Days         0         0.00      60 Days         2       1,794,999.99
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                      7       3,489,229.36

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

0-29 Days   0.000000%   0.000000%   0-29 Days   0.120919%    0.054393%
30 Days     0.000000%   0.000000%   30 Days     0.483676%    0.548832%
60 Days     0.000000%   0.000000%   60 Days     0.241838%    0.639104%
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%               0.846433%    1.242328%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                                                                 <C>
        Collateral Description                                                                          Mixed Arm
Weighted Average Gross Coupon                                                                             2.986289%
Weighted Average Net Coupon                                                                               2.609206%
Weighted Average Pass-Through Rate                                                                        2.602206%
Weighted Average Maturity (Stepdown Calculation)                                                               324

Beginning Scheduled Collateral Loan Count                                                                    2,097
Number of Loans Paid in Full                                                                                    16
Ending Scheduled Collateral Loan Count                                                                       2,081

Beginning Scheduled Collateral Balance                                                              754,729,588.66
Ending Scheduled Collateral Balance                                                                 749,314,438.22
Ending Actual Collateral Balance at 31-Dec-2003                                                     749,314,819.84

Monthly P&I Constant                                                                                  1,878,200.39
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00

Ending Scheduled Balance for Premium Loans                                                          749,314,438.22

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                 5,415,150.44

Required Overcollateralized Amount                                                                            0.00
Overcollateralized Increase Amount                                                                            0.00
Overcollateralized Reduction Amount                                                                           0.00
Specified O/C Amount                                                                                  2,050,000.00
Overcollateralized Amount                                                                             2,050,000.00
Overcollateralized Deficiency Amount                                                                          0.00
Base Overcollateralization Amount                                                                             0.00

Extra Principal Distribution Amount                                                                           0.00
Excess Cash Amount                                                                                      686,008.00
</TABLE>

<PAGE>

<TABLE>
<S>                                                              <C>
MISCELLANEOUS REPORTING

M-1 Target Amount                                                736,576,092.77
M-2 Target Amount                                                745,567,866.03
Senior Target Amount                                             715,595,288.50

Group 1 - One-Month LIBOR Loans                                  138,528,817.13
Group 1 - Six-Month LIBOR Loans                                  329,923,934.85
Group 2 - Six Month LIBOR Loans                                  280,861,686.24
Applied Loss Amountn                                                          0
</TABLE>


<TABLE>
<CAPTION>
                 GROUP                            1                   2                 TOTAL
<S>                                        <C>               <C>                   <C>
Collateral Description                        Mixed ARM         6 Month ARM           Mixed ARM
Weighted Average Coupon Rate                     2.956381          3.036040             2.9862889
Weighted Average Net Rate                        2.579531          2.658570              2.609206
Pass-Through Rate                                2.572531          2.651570              2.602206
Weighted Average Maturity                             318               331                   324
Record Date                                    12/31/2003        12/31/2003            12/31/2003
Principal and Interest Constant              1,161,288.46        716,911.93          1,878,200.39
Beginning Loan Count                                1,262               835                 2,097
Loans Paid in Full                                      8                 8                    16
Ending Loan Count                                   1,254               827                 2,081
Beginning Scheduled Balance                471,368,918.30    283,360,670.36        754,729,588.66
Ending Scheduled Balance                   468,452,751.98    280,861,686.24        749,314,438.22
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        2,916,166.32      2,498,984.12          5,415,150.44
Scheduled Interest                           1,161,288.46        716,911.93          1,878,200.39
Servicing Fee                                  148,029.51         89,133.44            237,162.95
Master Servicing Fee                             2,749.67          1,652.94              4,402.61
Trustee Fee                                          0.00              0.00                  0.00
FRY Amount                                           0.00              0.00                  0.00
Special Hazard Fee                                   0.00              0.00                  0.00
Other Fee                                            0.00              0.00                  0.00
Pool Insurance Fee                                   0.00              0.00                  0.00
Spread 1                                             0.00              0.00                  0.00
Spread 2                                             0.00              0.00                  0.00
Spread 3                                             0.00              0.00                  0.00
Net Interest                                 1,010,509.28        626,125.55          1,636,634.83
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>