<PAGE>

                                                                    EXHIBIT 10.1
CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2002-7
                         RECORD DATE: 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          81743YAA5         SEN               1.48875%   433,146,509.34        537,372.39     6,501,002.05              0.00
    A-R         SMT0207AR         SEN               3.50779%             0.00              0.00             0.00              0.00
    B-1         81743YAE7         SUB               1.89875%     8,080,000.00         12,784.92             0.00              0.00
    B-2         81743YAF4         SUB               2.64245%     5,771,000.00         12,707.99             0.00              0.00
    B-3         81743YAG2         SUB               2.64245%     3,463,000.00          7,625.67             0.00              0.00
    B-4         SMT0207B4         SUB               2.64245%     1,442,000.00          3,175.34             0.00              0.00
    B-5         SMT0207B5         SUB               2.64245%     1,154,000.00          2,541.16             0.00              0.00
    B-6         SMT0207B6         SUB               2.64245%     2,600,498.71          5,726.41             0.00              0.00
    X-1         81743YAC1         SEN               0.97645%             0.00         61,964.92             0.00              0.00
    X-2         81743YAD9         SEN               1.18160%             0.00        359,504.82             0.00              0.00
                                                               --------------      ------------     ------------           -------
Totals                                                         455,657,008.05      1,003,403.62     6,501,002.05              0.00
                                                               ==============      ============     ============           =======
<Caption>

                Ending
              Certificate         Total           Cumulative
   Class         Balance        Distribution     Realized Loss
----------   --------------   ---------------   --------------
<S>          <C>              <C>               <C>
     A       426,645,507.29      7,038,374.44             0.00
    A-R                0.00              0.00             0.00
    B-1        8,080,000.00         12,784.92             0.00
    B-2        5,771,000.00         12,707.99             0.00
    B-3        3,463,000.00          7,625.67             0.00
    B-4        1,442,000.00          3,175.34             0.00
    B-5        1,154,000.00          2,541.16             0.00
    B-6        2,600,498.71          5,726.41             0.00
    X-1                0.00         61,964.92             0.00
    X-2                0.00        359,504.82             0.00
             --------------     -------------        ---------
Totals       449,156,006.00      7,504,405.67             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        554,686,000.00    433,146,509.34          0.84     6,501,001.21         0.00          0.00       6,501,002.05
    A-R               100.00              0.00          0.00             0.00         0.00          0.00               0.00
    B-1         8,080,000.00      8,080,000.00          0.00             0.00         0.00          0.00               0.00
    B-2         5,771,000.00      5,771,000.00          0.00             0.00         0.00          0.00               0.00
    B-3         3,463,000.00      3,463,000.00          0.00             0.00         0.00          0.00               0.00
    B-4         1,442,000.00      1,442,000.00          0.00             0.00         0.00          0.00               0.00
    B-5         1,154,000.00      1,154,000.00          0.00             0.00         0.00          0.00               0.00
    B-6         2,600,498.71      2,600,498.71          0.00             0.00         0.00          0.00               0.00
    X-1                50.00              0.00          0.00             0.00         0.00          0.00               0.00
    X-2                50.00              0.00          0.00             0.00         0.00          0.00               0.00
              --------------    --------------      --------     ------------      -------        ------      -------------
Totals        577,196,698.71    455,657,008.05          0.84     6,501,001.21         0.00          0.00       6,501,002.05
              ==============    ==============      ========     ============      =======        ======      =============
<Caption>


              Ending Certificate  Ending Certificate   Total Principal
   Class             Balance           Percentage        Distribution
------------  ------------------  -----------------    ---------------
<S>           <C>                 <C>                  <C>

     A            426,645,507.29         0.76916581       6,501,002.05
    A-R                     0.00         0.00000000               0.00
    B-1             8,080,000.00         1.00000000               0.00
    B-2             5,771,000.00         1.00000000               0.00
    B-3             3,463,000.00         1.00000000               0.00
    B-4             1,442,000.00         1.00000000               0.00
    B-5             1,154,000.00         1.00000000               0.00
    B-6             2,600,498.71         1.00000000               0.00
    X-1                     0.00         0.00000000               0.00
    X-2                     0.00         0.00000000               0.00
               -----------------     --------------      -------------
Totals            449,156,006.00         0.77816801       6,501,002.05
               =================     ==============      =============
</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        554,686,000.00      780.88595952    0.00000151      11.72014655    0.00000000     0.00000000      11.72014807
    A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-1         8,080,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-2         5,771,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-3         3,463,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-4         1,442,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-5         1,154,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-6         2,600,498.71     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-1                50.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-2                50.00        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            769.16581145          0.76916581        11.72014807
    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
    X-1             0.00000000          0.00000000         0.00000000
    X-2             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         554,686,000.00         1.48875%    433,146,509.34     537,372.39          0.00          0.00         0.00
   A-R                100.00         3.50779%              0.00           0.00          0.00          0.00         0.00
   B-1          8,080,000.00         1.89875%      8,080,000.00      12,784.92          0.00          0.00         0.00
   B-2          5,771,000.00         2.64245%      5,771,000.00      12,707.99          0.00          0.00         0.00
   B-3          3,463,000.00         2.64245%      3,463,000.00       7,625.67          0.00          0.00         0.00
   B-4          1,442,000.00         2.64245%      1,442,000.00       3,175.34          0.00          0.00         0.00
   B-5          1,154,000.00         2.64245%      1,154,000.00       2,541.16          0.00          0.00         0.00
   B-6          2,600,498.71         2.64245%      2,600,498.71       5,726.41          0.00          0.00         0.00
   X-1                 50.00         0.97645%     76,146,218.89      61,960.86          0.00          0.00         0.00
   X-2                 50.00         1.18160%    365,080,290.45     359,481.24          0.00          0.00         0.00
              --------------                                      ------------        ------         -----       ------
 Totals       577,196,698.71                                      1,003,375.98          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          0.00       537,372.39          0.00     426,645,507.29
   A-R         0.00             0.00          0.00               0.00
   B-1         0.00        12,784.92          0.00       8,080,000.00
   B-2         0.00        12,707.99          0.00       5,771,000.00
   B-3         0.00         7,625.67          0.00       3,463,000.00
   B-4         0.00         3,175.34          0.00       1,442,000.00
   B-5         0.00         2,541.16          0.00       1,154,000.00
   B-6         0.00         5,726.41          0.00       2,600,498.71
   X-1         0.00        61,964.92          0.00      75,811,259.13
   X-2         0.00       359,504.82          0.00     358,914,248.16
              -----     ------------         -----
 Totals        0.00     1,003,403.62          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
  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       554,686,000.00    1.48875%        780.88595952        0.96878665    0.00000000   0.00000000    0.00000000    0.00000000
   A-R              100.00    3.50779%          0.00000000        0.00000000    0.00000000   0.00000000    0.00000000    0.00000000
   B-1        8,080,000.00    1.89875%       1000.00000000        1.58229208    0.00000000   0.00000000    0.00000000    0.00000000
   B-2        5,771,000.00    2.64245%       1000.00000000        2.20204297    0.00000000   0.00000000    0.00000000    0.00000000
   B-3        3,463,000.00    2.64245%       1000.00000000        2.20204158    0.00000000   0.00000000    0.00000000    0.00000000
   B-4        1,442,000.00    2.64245%       1000.00000000        2.20203883    0.00000000   0.00000000    0.00000000    0.00000000
   B-5        1,154,000.00    2.64245%       1000.00000000        2.20204506    0.00000000   0.00000000    0.00000000    0.00000000
   B-6        2,600,498.71    2.64245%       1000.00000000        2.20204301    0.00000000   0.00000000    0.00000000    0.00000000
   X-1               50.00    0.97645%    1522924.37780000     1239.21720000    0.00000000   0.00000000    0.00000000    0.00000000
   X-2               50.00    1.18160%    7301605.80900000     7189.62480000    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           0.96878665   0.00000000        769.16581145
   A-R          0.00000000   0.00000000          0.00000000
   B-1          1.58229208   0.00000000       1000.00000000
   B-2          2.20204297   0.00000000       1000.00000000
   B-3          2.20204158   0.00000000       1000.00000000
   B-4          2.20203883   0.00000000       1000.00000000
   B-5          2.20204506   0.00000000       1000.00000000
   B-6          2.20204301   0.00000000       1000.00000000
   X-1       1239.29840000   0.00000000    1516225.18260000
   X-2       7190.09640000   0.00000000    7178284.96320000
</Table>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT


                               CERTIFICATE ACCOUNT
<Table>
<S>                                                               <C>
Beginning Balance                                                                0.00

Deposits
         Payments of Interest and Principal                              7,650,051.31
         Liquidations, Insurance Proceeds, Reserve Funds                        27.64
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                     952.24
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                  -------------------

Total Deposits                                                           7,651,031.19

Withdrawals
         Reimbursement for Servicer Advances                                   295.99
         Payment of Service Fee                                            146,329.53
         Payment of Interest and Principal                               7,504,405.67
                                                                  -------------------

Total Withdrawals (Pool Distribution Amount)                             7,651,031.19

Ending Balance                                                                   0.00
                                                                  ===================
</Table>



<PAGE>




                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

   Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                   ================

</Table>

                                 SERVICING FEES

<Table>
<S>                                                                <C>
   Gross Servicing Fee                                                    142,532.38
   Master Servicing Fee                                                     3,797.15
   Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                   -----------------

   Net Servicing Fee                                                      146,329.53
                                                                   =================
</Table>




<Table>
<Caption>
                                                 Beginning          Current         Current       Ending
                Account Type                      Balance         Withdrawals      Deposits       Balance
     ---------------------------------         ------------       -----------      --------      --------
<S>                                            <C>                <C>              <C>           <C>
       Basis Risk Reserve Fund - X-1             1,512.56             4.06            4.18       1,512.56
       Basis Risk Reserve Fund - X-2             8,487.44            23.58           23.46       8,487.44

</Table>



<PAGE>


             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>
30 Days             2        449,550.97  30 Days         0             0.00  30 Days         0             0.00
60 Days             0              0.00  60 Days         0             0.00  60 Days         0             0.00
90 Days             0              0.00  90 Days         0             0.00  90 Days         0             0.00
120 Days            0              0.00  120 Days        0             0.00  120 Days        0             0.00
150 Days            0              0.00  150 Days        0             0.00  150 Days        0             0.00
180+ Days           0              0.00  180+ Days       0             0.00  180+ Days       0             0.00
               ------       -----------              -----        ---------              -----        ---------
                    2        449,550.97                  0             0.00                  0             0.00

<Caption>
                REO                                 TOTAL
-----------------------------------  -------------------------------------

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

<S>         <C>           <C>        <C>          <C>         <C>
30 Days          0             0.00  30 Days          2        449,550.97
60 Days          0             0.00  60 Days          0              0.00
90 Days          0             0.00  90 Days          0              0.00
120 Days         0             0.00  120 Days         0              0.00
150 Days         0             0.00  150 Days         0              0.00
180+ Days        0             0.00  180+ Days        0              0.00
             -----        ---------               -----       -----------
                 0             0.00                   2        449,550.97
</Table>

<Table>
<Caption>
                 No. of      Principal                No. of     Principal                No. of     Principal
                  Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>        <C>         <C>          <C>        <C>         <C>
30 Days         0.159617%    0.100089%   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%
               ---------    ---------               ---------   ---------               ---------   ---------
                0.159617%    0.100089%               0.000000%   0.000000%               0.000000%   0.000000%

<Caption>

                 No. of     Principal                 No. of      Principal
                  Loans      Balance                   Loans       Balance
<S>            <C>         <C>          <C>         <C>          <C>
30 Days         0.000000%   0.000000%   30 Days      0.159617%    0.100089%
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%                0.159617%    0.100089%
</Table>


<Table>
<Caption>
<S>                                                      <C>     <C>                                                  <C>
Current Period Class A Insufficient Funds:               0.00    Principal Balance of Contaminated Properties         0.00

<Caption>

<S>                                           <C>
Periodic Advance                              952.24

</Table>


<Table>
<Caption>
                              Original $     Original %        Current $       Current %
<S>                        <C>              <C>            <C>                <C>
              Bankruptcy      100,261.00    0.01737033%       100,261.00      0.02232209%
                   Fraud   17,315,901.00    3.00000001%    10,161,109.97      2.26226742%
          Special Hazard    5,771,967.00    1.00000000%     4,700,000.00      1.04640703%
</Table>

Limit of subordinate's exposure to certain types of losses



<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<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>
30 Days           1        300,000.00  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        300,000.00                  0             0.00                  0              0.00

<Caption>

               REO                                 TOTAL
----------------------------------  ------------------------------------

           No. of        Principal             No. of         Principal
            Loans         Balance               Loans          Balance
<S>        <C>          <C>         <C>        <C>           <C>
30 Days         0             0.00  30 Days         1         300,000.00
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         300,000.00
</Table>

<Table>
<Caption>
                No. of     Principal                 No. of    Principal                 No. of     Principal
                Loans       Balance                  Loans      Balance                  Loans       Balance
<S>           <C>          <C>         <C>         <C>         <C>         <C>         <C>          <C>
30 Days       0.495050%    0.383005%   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%
             ---------    ---------               ---------   ---------               ---------    ---------
              0.495050%    0.383005%               0.000000%   0.000000%               0.000000%    0.000000%

<Caption>

              No. of    Principal                 No. of     Principal
              Loans      Balance                  Loans       Balance
<S>         <C>         <C>         <C>         <C>          <C>
30 Days     0.000000%   0.000000%   30 Days     0.495050%    0.383005%
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%               0.495050%    0.383005%
</Table>

                                 SIX-MONTH LIBOR

<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>
30 Days             1        149,550.97  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        149,550.97                  0             0.00                  0             0.00

<Caption>

                REO                                 TOTAL
------------------------------------ -------------------------------------

             No. of      Principal                No. of      Principal
              Loans       Balance                  Loans        Balance
<S>          <C>         <C>         <C>          <C>         <C>
30 Days          0             0.00  30 Days         1         149,550.97
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         149,550.97
</Table>

<Table>
<Caption>
                 No. of      Principal                 No. of    Principal                 No. of    Principal
                  Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>        <C>         <C>          <C>        <C>         <C>          <C>
30 Days         0.095147%    0.040329%   30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%   30 Days
60 Days         0.000000%    0.000000%   60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%   60 Days
90 Days         0.000000%    0.000000%   90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%   90 Days
120 Days        0.000000%    0.000000%   120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%   120 Days
150 Days        0.000000%    0.000000%   150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%   150 Days
180+ Days       0.000000%    0.000000%   180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%   180+ Days
               ---------   ----------               ---------   ---------               ---------   ---------
                0.095147%    0.040329%               0.000000%   0.000000%               0.000000%   0.000000%

<Caption>

                  No. of    Principal                 No. of     Principal
                  Loans      Balance                  Loans       Balance
<S>            <C>         <C>          <C>        <C>          <C>
30 Days         0.000000%   0.000000%   30 Days     0.095147%    0.040329%
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%               0.095147%    0.040329%
</Table>





<PAGE>


                              COLLATERAL STATEMENT

<Table>
<S>                                                                     <C>
Collateral Description                                                  Mixed Fixed & Arm

Weighted Average Gross Coupon                                                   3.027818%
Weighted Average Net Coupon                                                     2.652451%
Weighted Average Pass-Through Rate                                              2.642451%
Weighted Average Maturity (Stepdown Calculation)                                      340

Beginning Scheduled Collateral Loan Count                                           1,269
Number of Loans Paid in Full                                                           16
Ending Scheduled Collateral Loan Count                                              1,253

Beginning Scheduled Collateral Balance                                     455,657,008.05
Ending Scheduled Collateral Balance                                        449,156,006.00
Ending Actual Collateral Balance at 31-Dec-2003                            449,152,846.17

Monthly P&I Constant                                                         1,149,706.32
Special Servicing Fee                                                                0.00
Prepayment Penalties                                                                 0.00
Realization Loss Amount                                                              0.00
Cumulative Realized Loss                                                             0.00
Scheduled Principal                                                                  0.84
Unscheduled Principal                                                        6,501,001.21

</Table>


                             MISCELLANEOUS REPORTING

<Table>
<S>                                                                 <C>
Pro Rata Senior Percent                                              95.059771%
Senior Percent                                                      100.000000%
Senior Prepay Percent                                               100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepay Percent                                            0.000000%
</Table>



<PAGE>



<Table>
<Caption>
            GROUP                           ONE MONTH LIBOR  SIX MONTH LIBOR             TOTAL
<S>                                         <C>              <C>                    <C>
Collateral Description                            Monthly        6 Month Arm        Mixed Fixed & Arm
Weighted Average Coupon Rate                     2.857709           3.063299                 3.027818
Weighted Average Net Rate                        2.482709           2.687854                 2.652451
Pass-Through Rate                                2.472709           2.677854                 2.642451
Weighted Average Maturity                             300                301                      340
Record Date                                    12/31/2003         12/31/2003                12/31/203
Principal and Interest Constant                187,267.12         962,439.20             1,149,706.32
Beginning Loan Count                                  204              1,065                    1,269
Loans Paid in Full                                      2                 14                       16
Ending Loan Count                                     202              1,051                    1,253
Beginning Scheduled Balance                 78,636,613.03     377,020,395.02           455,657,008.05
Ending Scheduled Balance                    78,327,776.47     370,828,229.53           449,156,006.00
Scheduled Principal                                  0.00               0.84                     0.84
Unscheduled Principal                          308,836.56       6,192,164.65             6,501,001.21
Scheduled Interest                             187,267.12         962,438.36             1,149,705.48
Servicing Fee                                   24,573.94         117,958.44               142,532.38
Master Servicing Fee                               655.32           3,141.83                 3,797.15
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                                   162,037.86         841,338.09             1,003,375.95
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>