<PAGE>

                                  EXHIBIT 10.1

CONTACTS

    Administrator:             Kumar X. Khambhaita
    Direct Phone No:           (714) 247-6327
    Address:                   Deutsche Bank
                               1761 E. St. Andrew Place
                               Santa Ana, CA 92705

    Web Site:           http://www-apps.gis.deutsche-bank.com/invr
    Factor Information:        (800) 735-7777
    Main Phone No:             (714) 247-6000

ISSUANCE INFORMATION

<TABLE>
<S>                           <C>                                          <C>                              <C>
Seller:                       Redwood Trust                                Cut-Off Date:                    April 1, 2002
Certificate Insurer:                                                       Closing Date:                    April 26, 2002
Servicer(s):                  Cendant Mortgage Corporation                 First Payment Date:              May 20, 2002
                              Morgan Stanley Dean Witter

Underwriter(s):               Greenwich Capital Markets, Inc.              Distribution Date:               December 19, 2003
                              Bear, Stearns & Co. Inc.                     Record Date:                     December 18, 2003
                                                                                                            November 28, 2003
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
             BOND PAYMENT REPORT FOR DECEMBER 19, 2003 DISTRIBUTION

         Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
                                       Prior                                                                            Current
         Class      Original         Principal                                    Total       Realized   Deferred      Principal
 Class    Type     Face Value         Balance       Interest      Principal    Distribution    Losses    Interest       Balance
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (7)=(1)-(3)-
                                        (1)           (2)           (3)        (4)=(2)+(3)      (5)        (6)          (5)+(6)
----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>     <C>              <C>              <C>          <C>            <C>            <C>        <C>        <C>
 LT-A            496,378,000.00   404,839,721.48   809,209.82   3,161,331.18   3,970,541.00       -          -      401,678,390.30
 LT-A2                   100.00                -            -              -              -       -          -                   -
 LT-X                    100.00                -            -              -              -       -          -                   -
LT-B-1             5,915,000.00     5,915,000.00    11,823.14              -      11,823.14       -          -        5,915,000.00
LT-B-2             5,143,000.00     5,143,000.00    10,280.03              -      10,280.03       -          -        5,143,000.00
----------------------------------------------------------------------------------------------------------------------------------
LT-B-3             2,315,000.00     2,315,000.00     4,627.31              -       4,627.31       -          -        2,315,000.00
LT-B-4             1,534,000.00     1,534,000.00     3,066.22              -       3,066.22       -          -        1,534,000.00
LT-B-5             1,028,000.00     1,028,000.00     2,054.81              -       2,054.81       -          -        1,028,000.00
LT-B-6             2,068,996.83     2,068,996.83     4,135.59              -       4,135.59       -          -        2,068,996.83
 LT-R                         -                -            -              -              -       -          -                   -
----------------------------------------------------------------------------------------------------------------------------------
 Total           514,382,196.83   422,843,718.31   845,196.92   3,161,331.18   4,006,528.10       -          -      419,682,387.13
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

         Interest Accrual Detail        Current Period Factor Information per
                                        $1,000 of Original Face

<TABLE>
<CAPTION>
                                                Orig. Principal      Prior                                                Current
          Period    Period                      (with Notional)    Principal                               Total         Principal
 Class   Starting   Ending    Method    Cusip       Balance         Balance      Interest    Principal  Distribution      Balance
-----------------------------------------------------------------------------------------------------------------------------------
                                                                      (1)           (2)         (3)     (4)=(2)+(3)         (5)
-----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>        <C>      <C>        <C>     <C>              <C>             <C>         <C>        <C>            <C>
 LT-A                        A-30/360           496,378,000.00     815.587559     1.630229   6.368798     7.999027       809.218761
 LT-A2                       A-30/360                   100.00              -            -          -            -                -
 LT-X                        A-30/360                   100.00              -            -          -            -                -
LT-B-1                       A-30/360             5,915,000.00   1,000.000000     1.998840          -     1.998840     1,000.000000
LT-B-2                       A-30/360             5,143,000.00   1,000.000000     1.998839          -     1.998839     1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
LT-B-3                       A-30/360             2,315,000.00   1,000.000000     1.998838          -     1.998838     1,000.000000
LT-B-4                       A-30/360             1,534,000.00   1,000.000000     1.998840          -     1.998840     1,000.000000
LT-B-5                       A-30/360             1,028,000.00   1,000.000000     1.998842          -     1.998842     1,000.000000
LT-B-6                       A-30/360             2,068,996.83   1,000.000000     1.998838          -     1.998838     1,000.000000
 LT-R                        A-30/360                        -              -            -          -            -                -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

         Distribution in Dollars - to Date

<TABLE>
<CAPTION>
                                                                                                                       Current
           Original                    Unscheduled  Scheduled      Total         Total        Realized  Deferred      Principal
 Class    Face Value       Interest     Principal   Principal    Principal    Distribution     Losses   Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
             (1)             (2)           (3)         (4)      (5)=(3)+(4)   (6)=(2)+(5)       (7)       (8)    (9)=(1)-(5)-(7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>           <C>           <C>        <C>            <C>             <C>       <C>      <C>
 LT-A   496,378,000.00  22,223,742.36 94,699,609.70     -      94,699,609.70  116,923,352.06     -         -       401,678,390.30
 LT-A2          100.00           0.27        100.00     -             100.00          100.27     -         -                    -
 LT-X           100.00              -        100.00     -             100.00          100.00     -         -                    -
LT-B-1    5,915,000.00     287,798.38             -     -                  -      287,798.38     -         -         5,915,000.00
LT-B-2    5,143,000.00     250,236.19             -     -                  -      250,236.19     -         -         5,143,000.00
LT-B-3    2,315,000.00     112,637.90             -     -                  -      112,637.90     -         -         2,315,000.00
LT-B-4    1,534,000.00      74,637.79             -     -                  -       74,637.79     -         -         1,534,000.00
LT-B-5    1,028,000.00      50,018.06             -     -                  -       50,018.06     -         -         1,028,000.00
LT-B-6    2,068,996.83     100,668.47             -     -                  -      100,668.47     -         -         2,068,996.83
 LT-R                -              -             -     -                  -               -     -         -                    -

------------------------------------------------------------------------------------------------------------------------------------
 Total  514,382,196.83  23,099,739.42 94,699,809.70     -      94,699,809.70  117,799,549.12     -         -       419,682,387.13
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

         Interest Detail

<TABLE>
<CAPTION>
           Pass-    Prior Principal                   Non-         Prior    Unscheduled                  Paid or     Current
         Through    (with Notional)     Accrued     Supported     Unpaid      Interest     Optimal      Deferred      Unpaid
 Class     Rate         Balance        Interest    Interest SF   Interest   Adjustments    Interest     Interest     Interest
-------------------------------------------------------------------------------------------------------------------------------
                                                                                           (5)=(1)-
                                         (1)          (2)          (3)         (4)        (2)+(3)+(4)     (6)       (7)=(5)-(6)
-------------------------------------------------------------------------------------------------------------------------------
<S>      <C>         <C>              <C>          <C>           <C>        <C>           <C>          <C>          <C>
 LT-A    2.39861%    404,839,721.48   809,209.82        -            -           -        809,209.82   809,209.82        -
 LT-A2   2.39861%                 -            -        -            -           -                 -            -        -
 LT-X                             -            -        -            -           -                 -            -        -
LT-B-1   2.39861%      5,915,000.00    11,823.14        -            -           -         11,823.14    11,823.14        -
LT-B-2   2.39861%      5,143,000.00    10,280.03        -            -           -         10,280.03    10,280.03        -
-------------------------------------------------------------------------------------------------------------------------------
LT-B-3   2.39861%      2,315,000.00     4,627.31        -            -           -          4,627.31     4,627.31        -
LT-B-4   2.39861%      1,534,000.00     3,066.22        -            -           -          3,066.22     3,066.22        -
LT-B-5   2.39861%      1,028,000.00     2,054.81        -            -           -          2,054.81     2,054.81        -
LT-B-6   2.39861%      2,068,996.83     4,135.59        -            -           -          4,135.59     4,135.59        -
 LT-R                             -            -        -            -           -                 -            -        -
-------------------------------------------------------------------------------------------------------------------------------
 Total               422,843,718.31   845,196.92        -            -           -        845,196.92   845,196.92        -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

         Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
                                      Prior                                                                           Current
        Class      Original         Principal                                     Total      Realized   Deferred     Principal
Class    Type     Face Value         Balance       Interest     Principal     Distribution    Losses    Interest      Balance
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   (7)=(1)-(3)-
                                      (1)            (2)           (3)        (4)=(2)+(3)      (5)        (6)         (5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>     <C>              <C>              <C>          <C>            <C>            <C>        <C>        <C>
  A      FLT    496,378,000.00   404,839,721.48   485,807.67   3,161,331.18   3,647,138.85      -          -       401,678,390.30
  X      CSTR           100.00                -   329,856.59              -     329,856.59      -          -                    -
 A-R      R             100.00                -            -              -              -      -          -                    -
 B-1     SUB      5,915,000.00     5,915,000.00     8,971.08              -       8,971.08      -          -         5,915,000.00
 B-2     SUB      5,143,000.00     5,143,000.00     7,800.22              -       7,800.22      -          -         5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
 B-3     SUB      2,315,000.00     2,315,000.00     3,511.08              -       3,511.08      -          -         2,315,000.00
 B-4     SUB      1,534,000.00     1,534,000.00     3,066.22              -       3,066.22      -          -         1,534,000.00
 B-5     SUB      1,028,000.00     1,028,000.00     2,054.81              -       2,054.81      -          -         1,028,000.00
 B-6     SUB      2,068,996.00     2,068,996.00     4,135.58              -       4,135.58      -          -         2,068,996.00

---------------------------------------------------------------------------------------------------------------------------------
Total           514,382,196.00   422,843,717.48   845,203.25   3,161,331.18   4,006,534.43      -          -       419,682,386.30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 11/28/03

         Interest Accrual Detail                 Current Period Factor
                                                  Information per $1,000 of
                                                  Original Face

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                                     Current
       Period   Period                     (with Notional)   Principal                                      Total       Principal
Class Starting  Ending   Method    Cusip       Balance        Balance        Interest       Principal   Distribution     Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                               (1)             (2)             (3)       (4)=(2)+(3)        (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>      <C>      <C>      <C>       <C>             <C>           <C>                <C>       <C>              <C>
  A   11/19/03 12/18/03 A-30/360 81743XAA7 496,378,000.00    815.587559          0.978705    6.368798         7.347503   809.218761
  X                     A-30/360 SQ0201UPX         100.00             -  3,298,565.900000           - 3,298,565.900000            -
 A-R                    A-30/360 81743XAC3         100.00             -                 -           -                -            -
 B-1  11/19/03 12/18/03 A-30/360 81743XAB5   5,915,000.00  1,000.000000          1.516666           -         1.516666 1,000.000000
 B-2  11/19/03 12/18/03 A-30/360 81743XAD1   5,143,000.00  1,000.000000          1.516667           -         1.516667 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
 B-3  11/19/03 12/18/03 A-30/360 81743XAE9   2,315,000.00  1,000.000000          1.516665           -         1.516665 1,000.000000
 B-4                    A-30/360 SQ0201UB4   1,534,000.00  1,000.000000          1.998840           -         1.998840 1,000.000000
 B-5                    A-30/360 SQ0201UB5   1,028,000.00  1,000.000000          1.998842           -         1.998842 1,000.000000
 B-6                    A-30/360 SQ0201UB6   2,068,996.00  1,000.000000          1.998834           -         1.998834 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.

<PAGE>

         Distribution in Dollars - to Date

<TABLE>
<CAPTION>
                                                                                                                         Current
        Original                         Unscheduled   Scheduled      Total          Total       Realized  Deferred     Principal
Class  Face Value          Interest       Principal    Principal    Principal     Distribution    Losses   Interest      Balance
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (9)=(1)-(5)-
           (1)               (2)            (3)          (4)       (5)=(3)+(4)    (6)=(2)+(5)      (7)       (8)         (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>             <C>            <C>        <C>            <C>             <C>       <C>       <C>
  A     496,378,000.00  13,265,450.50   94,699,609.70      -      94,699,609.70  107,965,060.20     -         -      401,678,390.30
  X             100.00   9,137,513.87          100.00      -             100.00    9,137,613.87     -         -                   -
 A-R            100.00           0.27          100.00      -             100.00          100.27     -         -                   -
 B-1      5,915,000.00     208,593.91               -      -                  -      208,593.91     -         -        5,915,000.00
 B-2      5,143,000.00     181,369.19               -      -                  -      181,369.19     -         -        5,143,000.00
 B-3      2,315,000.00      81,639.02               -      -                  -       81,639.02     -         -        2,315,000.00
 B-4      1,534,000.00      74,637.79               -      -                  -       74,637.79     -         -        1,534,000.00
 B-5      1,028,000.00      50,018.06               -      -                  -       50,018.06     -         -        1,028,000.00
 B-6      2,068,996.00     100,668.42               -      -                  -      100,668.42     -         -        2,068,996.00

-----------------------------------------------------------------------------------------------------------------------------------
Total   514,382,196.00  23,099,891.03   94,699,809.70      -      94,699,809.70  117,799,700.73     -         -      419,682,386.30
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

         Interest Detail

<TABLE>
<CAPTION>
        Pass-    Prior Principal                  Non-       Prior   Unscheduled                  Paid or     Current
       Through   (with Notional)    Accrued    Supported    Unpaid     Interest      Optimal     Deferred     Unpaid
Class    Rate        Balance       Interest   Interest SF  Interest  Adjustments     Interest    Interest    Interest
-----------------------------------------------------------------------------------------------------------------------
                                                                                    (5)=(1)-
                                      (1)         (2)        (3)         (4)       (2)+(3)+(4)     (6)      (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>              <C>         <C>          <C>       <C>           <C>          <C>         <C>
  A    1.44000%   404,839,721.48  485,807.67       -          -           -         485,807.67  485,807.67       -
  X    0.94646%                -  329,856.59       -          -           -         329,856.59  329,856.59       -
 A-R   2.39861%                -           -       -          -           -                  -           -       -
 B-1   1.82000%     5,915,000.00    8,971.08       -          -           -           8,971.08    8,971.08       -
 B-2   1.82000%     5,143,000.00    7,800.22       -          -           -           7,800.22    7,800.22       -
-----------------------------------------------------------------------------------------------------------------------
 B-3   1.82000%     2,315,000.00    3,511.08       -          -           -           3,511.08    3,511.08       -
 B-4   2.39861%     1,534,000.00    3,066.22       -          -           -           3,066.22    3,066.22       -
 B-5   2.39861%     1,028,000.00    2,054.81       -          -           -           2,054.81    2,054.81       -
 B-6   2.39861%     2,068,996.00    4,135.58       -          -           -           4,135.58    4,135.58       -

-----------------------------------------------------------------------------------------------------------------------
Total             422,843,717.48  845,203.25       -          -           -         845,203.25  845,203.25       -
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
    SUMMARY                                                                        TOTAL
    -------                                                                        -----
<S>                                                                            <C>
Principal Collections                                                          3,161,331.18
Principal Withdrawals                                                                  0.00
Principal Other Accounts                                                               0.00
TOTAL PRINCIPAL                                                                3,161,331.18

Interest Collected                                                               854,635.24
Interest Withdrawals                                                                   0.00
Interest Other Accounts                                                                6.33
Fees                                                                              (9,438.32)
TOTAL INTEREST                                                                   845,203.25

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                                          4,006,534.43
</TABLE>

<TABLE>
<CAPTION>
     PRINCIPAL - COLLECTIONS                                                       TOTAL
     -----------------------                                                       -----
<S>                                                                            <C>
Scheduled Principal                                                                    0.00
Curtailments                                                                     572,698.60
Prepayments In Full                                                            2,588,632.58
Repurchased Principal Amounts                                                          0.00
Substitution Principal Amount                                                          0.00
Liquidations                                                                           0.00
Insurance Principal                                                                    0.00
Other Principal                                                                        0.00
Total Realized Loss Of Principal                                                       0.00

TOTAL PRINCIPAL COLLECTED                                                      3,161,331.18
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                                         TOTAL
-----------------------                                                         -----
<S>                                                                             <C>
</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<TABLE>
<CAPTION>
     PRINCIPAL - OTHER ACCOUNTS                                                 TOTAL
     --------------------------                                                 -----
<S>                                                                             <C>
Amounts remaining in Pre-Funding Account                                        0.00
</TABLE>

<TABLE>
<CAPTION>
  INTEREST - COLLECTIONS                                                             TOTAL
  ----------------------                                                             -----
<S>                                                                              <C>
Scheduled Interest                                                                979,266.71
Repurchased Interest                                                                    0.00
Substitution Interest Amount                                                            0.00
Liquidation Interest                                                                    0.00
Insurance Interest                                                                      0.00
Other Interest                                                                          0.00

Delinquent Interest                                                              (919,891.15)
Interest Advanced                                                                 795,259.68
Prepayment Interest Shortfalls                                                     (2,161.75)
Compensating Interest                                                               2,161.75
Civil Relief Act Shortfalls                                                             0.00

TOTAL INTEREST COLLECTED                                                          854,635.24
</TABLE>

<TABLE>
<CAPTION>
    INTEREST - WITHDRAWALS                                                     TOTAL
    ----------------------                                                     -----
<S>                                                                            <C>
Current Nonrecoverable Advances                                                0.00

TOTAL INTEREST WITHDRAWALS                                                     0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
    INTEREST - OTHER ACCOUNTS                                                   TOTAL
    -------------------------                                                   -----
<S>                                                                             <C>
Basis Risk Shortfall                                                            0.00
Basis Risk Reserve Fund Interest Earnings                                       6.33

TOTAL INTEREST OTHER ACCOUNTS                                                   6.33
</TABLE>

<TABLE>
<CAPTION>
   INTEREST - FEES                                                      TOTAL
   ---------------                                                      -----
<S>                                                                   <C>
Current Servicing Fees                                                8,028.84
Trustee Fee                                                           1,409.48

TOTAL FEES                                                            9,438.32
</TABLE>
<PAGE>

                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
                        ACCOUNTS                                                       TOTAL
                        --------                                                       -----
<S>                                                                                  <C>
BASIS RISK RESERVE FUND

Beginning Balance                                                                    10,000.00
Basis Risk Deposit                                                                        0.00
Basis Risk Shortfall paid                                                                 0.00
Investment Earnings distributed to the Class X Bondholder                                 6.33
Ending Balance                                                                       10,000.00
</TABLE>

<TABLE>
<CAPTION>
INSURANCE                                                                              TOTAL
---------                                                                              -----
<S>                                                                                    <C>
                         SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
                          STRUCTURAL FEATURES                                          TOTAL
                          -------------------                                          -----
<S>                                                                                 <C>
Pro Rata Senior Percentage                                                           95.742163%
Senior Percentage                                                                   100.000000%
Subordinate Percentage                                                                0.000000%
Senior Prepayment Percentage                                                        100.000000%
Subordinate Percentage                                                                0.000000%
</TABLE>

<PAGE>

                                COLLATERAL REPORT

<TABLE>
<CAPTION>
                               COLLATERAL                                         TOTAL
                               ----------                                         -----
<S>                                                                           <C>
                  Loan Count:
ORIGINAL                                                                                1254
Prior                                                                                  1,039
Prefunding                                                                                 -
Scheduled Paid Offs                                                                        -
Full Voluntary Prepayments                                                                (9)
Repurchases                                                                                -
Liquidations                                                                               -
                                                                              --------------
Current                                                                                1,030

PRINCIPAL BALANCE:

Original                                                                      514,382,196.83
Prior                                                                         422,843,718.31
Prefunding                                                                                 -
Scheduled Principal                                                                        -
Partial and Full Voluntary Prepayments                                         (3,161,331.18)
Repurchases                                                                                -
Liquidations                                                                               -
                                                                              --------------
Current                                                                       419,682,387.13
                                                                              --------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                                                       TOTAL
----------                                                                       -----
<S>                                                                              <C>
                                 SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                 CHARACTERISTICS                                                   TOTAL
                 ---------------                                                   ------
<S>                                                                               <C>
Weighted Average Coupon Original                                                  3.667751%
Weighted Average Coupon Prior                                                     2.791461%
Weighted Average Coupon Current                                                   2.779088%
                                                                                  --------
Weighted Average Months to Maturity Original                                           297
Weighted Average Months to Maturity Prior                                              279
Weighted Average Months to Maturity Current                                            278
                                                                                  --------
Weighted Avg Remaining Amortization Term Original                                      296
Weighted Avg Remaining Amortization Term Prior                                         278
Weighted Avg Remaining Amortization Term Current                                       277
                                                                                  --------
Weighted Average Seasoning Original                                                   3.66
Weighted Average Seasoning Prior                                                     21.64
Weighted Average Seasoning Current                                                   22.64
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                          <1 PAYMENT   1 PAYMENT    2  PAYMENTS   3+ PAYMENTS      TOTAL
                          ----------   ----------   -----------   -----------      -----
<S>                       <C>          <C>          <C>           <C>            <C>
DELINQUENT    Balance                  355,000.00             -             -    355,000.00
              % Balance                      0.08%         0.00%         0.00%         0.08%
              # Loans                           1             -             -             1
              % # Loans                      0.10%         0.00%         0.00%         0.10%
                          ----------   ----------   -----------   -----------    ----------
FORECLOSURE   Balance              -            -             -             -             -
              % Balance         0.00%        0.00%         0.00%         0.00%         0.00%
              # Loans              -            -             -             -             -
              % # Loans         0.00%        0.00%         0.00%         0.00%         0.00%
                          ----------   ----------   -----------   -----------    ----------
BANKRUPTCY    Balance              -            -             -             -             -
              % Balance         0.00%        0.00%         0.00%         0.00%         0.00%
              # Loans              -            -             -             -             -
              % # Loans         0.00%        0.00%         0.00%         0.00%         0.00%
                          ----------   ----------   -----------   -----------    ----------
REO           Balance              -            -             -             -             -
              % Balance         0.00%        0.00%         0.00%         0.00%         0.00%
              # Loans              -            -             -             -             -
              % # Loans         0.00%        0.00%         0.00%         0.00%         0.00%
                          ----------   ----------   -----------   -----------    ----------
TOTAL         Balance              -   355,000.00             -             -    355,000.00
              % Balance         0.00%        0.08%         0.00%         0.00%         0.08%
              # Loans              -            1             -             -             1
              % # Loans         0.00%        0.10%         0.00%         0.00%         0.10%
                          ----------   ----------   -----------   -----------    ----------
</TABLE>

Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+
Payments = 90+

<PAGE>

     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                   SUMMARY                                                      LOAN GROUP
                   -------                                                      ----------
<S>                                                       <C>
Total Loan Count =   0                                    Loan Group 1  =  MSDW Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
REO Book Value =   000.00
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.

<TABLE>
<CAPTION>
Loan Number    Original     Stated            Current     State &
    &         Principal   Principal  Paid to   Note       LTV at      Original   Origination
Loan Group     Balance     Balance    Date     Rate     Origination     Term        Date
----------     -------     -------    ----     ----     -----------     ----        ----
<S>           <C>         <C>        <C>      <C>       <C>           <C>        <C>
                               SPACE INTENTIONALLY LEFT BLANK
</TABLE>




<PAGE>

       FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING
                              CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                   SUMMARY                                      LOAN GROUP
                   -------                                      ----------
<S>                                                       <C>
Total Loan Count =   0                                    Loan Group 1  =  MSDW Group
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
</TABLE>

<TABLE>
<CAPTION>
Loan Number    Original     Stated            Current     State &
    &         Principal   Principal  Paid to   Note       LTV at      Original   Origination
Loan Group     Balance     Balance    Date     Rate     Origination     Term        Date
----------     -------     -------    ----     ----     -----------     ----        ----
<S>           <C>         <C>        <C>      <C>       <C>           <C>        <C>
                               SPACE INTENTIONALLY LEFT BLANK
</TABLE>




<PAGE>

                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<TABLE>
<CAPTION>
                    VOLUNTARY PREPAYMENTS                                TOTAL
                    ---------------------                                -----
<S>                                                                   <C>
CURRENT

Number of Paid in Full Loans                                                      9
Number of Repurchased Loans                                                       -
                                                                      -------------
Total Number of Loans Prepaid in Full                                             9
Paid in Full Balance                                                   2,588,632.58
Repurchased Loans Balance                                                         -
Curtailments Amount                                                      572,698.60
                                                                      -------------
Total Prepayment Amount                                                3,161,331.18

CUMULATIVE

Number of Paid in Full Loans                                                    224
Number of Repurchased Loans                                                       -
                                                                      -------------
Total Number of Loans Prepaid in Full                                           224

Paid in Full Balance                                                  81,357,370.27
Repurchased Loans Balance                                                         -
Curtailments Amount                                                   13,342,439.43
                                                                      -------------
Total Prepayment Amount                                               94,699,809.70
                          SPACE INTENTIONALLY LEFT BLANK
</TABLE>




<PAGE>

<TABLE>
<CAPTION>
              VOLUNTARY PREPAYMENT RATES                  TOTAL
              --------------------------                 -------
<S>                                                      <C>
SMM                                                        0.75%
3 Months Avg SMM                                           1.32%
12 Months Avg SMM                                          1.11%
Avg SMM Since Cut-off                                      1.01%

CPR                                                        8.61%
3 Months Avg CPR                                          14.69%
12 Months Avg CPR                                         12.53%
Avg CPR Since Cut-off                                     11.49%

PSA                                                      190.19%
3 Months Avg  PSA Approximation                          339.38%
12 Months Avg PSA Approximation                          365.62%
Avg PSA Since Cut-off Approximation                      437.34%
</TABLE>

PREPAYMENT CALCULATION METHODOLOGY

Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
   Repurchases)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)(CARET)12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) *
   (1-SMMn+1) *.......*(1-SMMm)](CARET)(1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
   1-((1-AvgSMMn,m)(CARET)12)

Average PSA Approximation over period between the nth month and mth month:
   AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min (30,WASn+1)+.......+min(30,WASm)/(number
   of months in the period n,m)

Weighted Average Seasoning (WAS)

Note: Prepayment rates are calculated since deal issue date and include
      partial and full voluntary prepayments and repurchases. Dates
      correspond to distribution dates.

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                        SUMMARY                                 LOAN GROUP
                        -------                                 ----------
<S>                                                     <C>
Total Loan Count =   9                                  Loan Group 1    =    MSDW Group
Total Original Principal Balance =   2,612,500.00
Total Prepayment Amount =   2,588,632.58
</TABLE>

<TABLE>
<CAPTION>
Loan Number           Original                             Current     State &       Type Prepayment
     &        Loan    Principal  Prepayment   Prepayment    Note       LTV at               &           Origination
Loan Group   Status   Balance      Amount        Date       Rate     Origination      Original Term        Date
----------   ------   -------      ------        ----       ------   -------------    -------------        ----
<S>          <C>     <C>         <C>          <C>          <C>       <C>             <C>                <C>
390441406 1          303,500.00  303,465.71   Nov-11-03      2.875%   FL  -  55.48%  Paid Off  -  300    Oct-19-01
390441546 1          300,000.00  299,525.35   Nov-21-03      2.875%   TX  -  65.65%  Paid Off  -  300    Oct-23-01
390443831 1          256,000.00  256,000.00   Nov-26-03      2.875%   CA  -  80.00%  Paid Off  -  300    Dec-10-01
390445674 1          184,000.00  178,497.10   Nov-28-03      3.125%   RI  -  32.57%  Paid Off  -  300    Jan-07-02
390446195 1          621,000.00  617,514.23   Nov-21-03      2.625%   VA  -  99.52%  Paid Off  -  300    Jan-24-02
390447512 1          169,000.00  168,980.00   Nov-24-03      2.750%   NY  -  74.78%  Paid Off  -  300    Feb-08-02
390447772 1          224,000.00  223,974.79   Nov-21-03      2.750%   CA  - 100.00%  Paid Off  -  300    Feb-13-02
390448615 1          415,000.00  412,145.17   Nov-18-03      3.250%   CA  -  49.70%  Paid Off  -  300    Feb-15-02
390450797 1          140,000.00  128,530.23   Nov-21-03      2.625%   GA  -  80.00%  Paid Off  -  300    Feb-11-02
</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
        COLLATERAL REALIZED LOSSES                          TOTAL
        --------------------------                          -----
<S>                                                         <C>
CURRENT

Number of Loans Liquidated                                    -
Collateral Realized Loss/(Gain) Amount                        -
Net Liquidation Proceeds                                      -

CUMULATIVE

Number of Loans Liquidated                                    -
Collateral Realized Loss/(Gain) Amount                        -
Net Liquidation Proceeds                                      -
</TABLE>

Note: Collateral Realized Loss Amount may include adjustments to loans
      liquidated in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<TABLE>
<CAPTION>
          DEFAULT SPEEDS                                   TOTAL
          --------------                                   -----
<S>                                                        <C>
MDR                                                         0.00%
3 Months Avg MDR                                            0.00%
12 Months Avg MDR                                           0.00%
Avg MDR Since Cut-off                                       0.00%

CDR                                                         0.00%
3 Months Avg CDR                                            0.00%
12 Months Avg CDR                                           0.00%
Avg CDR Since Cut-off                                       0.00%

SDA                                                         0.00%
3 Months Avg  SDA Approximation                             0.00%
12 Months Avg SDA Approximation                             0.00%
Avg SDA Since Cut-off Approximation                         0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg  Loss Severity Approximation Since Cut-off
</TABLE>

<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY

Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated
   Loans)/(Total Beg Principal Balance)

Conditional Default Rate (CDR): 1-((1-MDR)(CARET)12)

SDA Standard Default Assumption: CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX
   (0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

Average MDR over period between nth month and mth month (AvgMDRn,m):
   [(1-MDRn) * (1-MDRn+1) *.......*(1-MDRm)](CARET)(1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
   1-((1-AvgMDRn,m)(CARET)12)

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN
   (30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the
   period n,m)

Loss Severity Approximation for current period: sum(Realized Loss Amount)
   /sum(Beg Principal Balance of Liquidated Loans)

Average Loss Severity Approximation over period between nth month and mth month:
   Avg(Loss Severityn,m)

Note: Default rates are calculated since deal issue date and include realized
      gains and additional realized losses and gains from prior periods.
      Dates correspond to distribution dates.

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                  SUMMARY                               LOAN GROUP
                  -------                               ----------
<S>                                           <C>
Total Loan Count =   0                        Loan Group 1    =    MSDW Group
Total Original Principal Balance =   0.00
Total Prior Principal Balance =   0.00
Total Realized Loss Amount =   0.00
Total Net Liquidation Proceeds =   0.00
</TABLE>

Note: Total Realized Loss Amount may include adjustments to loans liquidated in
prior periods.

<TABLE>
<CAPTION>
Loan Number          Original     Prior                Current     State &
    &         Loan  Principal   Principal  Realized     Note      LTV at      Original   Origination
Loan Group   Status  Balance     Balance  Loss/(Gain)   Rate    Origination     Term        Date
----------   ------  -------     -------  ---------- -  ----    -----------     ----        ----
<S>          <C>    <C>         <C>       <C>          <C>      <C>           <C>        <C>
                                    SPACE INTENTIONALLY LEFT BLANK
</TABLE>


<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

<TABLE>
<CAPTION>
     TRIGGER EVENTS                                         TOTAL
     --------------                                         -----
<S>                                                         <C>
                  SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
  ADJUSTABLE RATE CERTIFICATE INFORMATION                   TOTAL
  ---------------------------------------                   -----
<S>                                                         <C>
                 SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<TABLE>
<CAPTION>
     ADDITIONAL INFORMATION                                TOTAL
     ----------------------                                -----
<S>                                                        <C>
Basis Risk Shortfall
Class A                                                     0.00
Class B-1                                                   0.00
Class B-2                                                   0.00
Class B-3                                                   0.00
Unpaid Basis Risk Shortfall
Class A                                                     0.00
Class B-1                                                   0.00
Class B-2                                                   0.00
Class B-3                                                   0.00
</TABLE>