<PAGE>


                                  EXHIBIT 10.1

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

                                SMT SERIES 2003-3
                         RECORD DATE: NOVEMBER 28, 2003
                      DISTRIBUTION DATE: DECEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate                           Beginning
                                 Class         Certificate Pass-   Certificate        Interest
  Class           CUSIP       Description        Through Rate        Balance        Distribution
------------------------------------------------------------------------------------------------
<S>             <C>           <C>              <C>               <C>                <C>
    A-1         81743PAT3         SEN               1.45000%     361,968,692.11      437,378.83
    A-2         81743PAU0         SEN               1.34000%     142,372,192.62      158,982.28
   X-1A         81743PAV8          IO               0.93526%               0.00       77,083.07
   X-1B         81743PAW6          IO               1.20509%               0.00      264,182.22
    X-2         81743PAX4          IO               1.30269%               0.00      154,555.10
    X-B         81743PAY2          IO               0.82873%               0.00        6,267.28
    A-R         81743PBA3          R                2.42138%               0.00            0.00
    B-1         81743PBB1         SUB               1.77000%       9,075,000.00       13,385.62
    B-2         81743PBC9         SUB               2.59873%       4,675,000.00       10,124.23
    B-3         81743PBD7         SUB               2.59873%       2,475,000.00        5,359.88
    B-4         81743PBE5         SUB               2.59873%       1,650,000.00        3,573.26
    B-5         81743PBF2         SUB               2.59873%         825,000.00        1,786.63
    B-6         81743PBG0         SUB               2.59873%       1,925,608.17        4,170.12
-----------------------------------------------------------------------------------------------
Totals                                                           524,966,492.90    1,136,848.52
-----------------------------------------------------------------------------------------------

<CAPTION>
                              Principal           Current        Ending Certificate      Total            Cumulative
  Class           CUSIP      Distribution      Realized Loss          Balance         Distribution       Realized Loss
----------------------------------------------------------------------------------------------------------------------
<S>             <C>          <C>               <C>               <C>                  <C>                <C>
    A-1         81743PAT3    4,434,275.50            0.00         357,534,416.61      4,871,654.33             0.00
    A-2         81743PAU0    1,283,519.85            0.00         141,088,672.77      1,442,502.13             0.00
   X-1A         81743PAV8            0.00            0.00                   0.00         77,083.07             0.00
   X-1B         81743PAW6            0.00            0.00                   0.00        264,182.22             0.00
    X-2         81743PAX4            0.00            0.00                   0.00        154,555.10             0.00
    X-B         81743PAY2            0.00            0.00                   0.00          6,267.28             0.00
    A-R         81743PBA3            0.00            0.00                   0.00              0.00             0.00
    B-1         81743PBB1            0.00            0.00           9,075,000.00         13,385.62             0.00
    B-2         81743PBC9            0.00            0.00           4,675,000.00         10,124.23             0.00
    B-3         81743PBD7            0.00            0.00           2,475,000.00          5,359.88             0.00
    B-4         81743PBE5            0.00            0.00           1,650,000.00          3,573.26             0.00
    B-5         81743PBF2            0.00            0.00             825,000.00          1,786.63             0.00
    B-6         81743PBG0            0.00            0.00           1,925,608.17          4,170.12             0.00
-------------------------------------------------------------------------------------------------------------------
Totals                       5,717,795.35            0.00         519,248,697.55      6,854,643.87             0.00
-------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                    Scheduled       Unscheduled
                    Original Face         Certificate                    Principal       Principal
 Class                 Amount               Balance                    Distribution     Distribution       Accretion
--------------------------------------------------------------------------------------------------------------------
<S>                 <C>                  <C>                           <C>              <C>                <C>
   A-1              379,455,000.00       361,968,692.11                     0.00        4,434,275.50          0.00
   A-2              149,922,000.00       142,372,192.62                     0.00        1,283,519.85          0.00
  X-1A                        0.00                 0.00                     0.00                0.00          0.00
  X-1B                        0.00                 0.00                     0.00                0.00          0.00
   X-2                        0.00                 0.00                     0.00                0.00          0.00
   X-B                        0.00                 0.00                     0.00                0.00          0.00
   A-R                      100.00                 0.00                     0.00                0.00          0.00
   B-1                9,075,000.00         9,075,000.00                     0.00                0.00          0.00
   B-2                4,675,000.00         4,675,000.00                     0.00                0.00          0.00
   B-3                2,475,000.00         2,475,000.00                     0.00                0.00          0.00
   B-4                1,650,000.00         1,650,000.00                     0.00                0.00          0.00
   B-5                  825,000.00           825,000.00                     0.00                0.00          0.00
   B-6                1,925,608.17         1,925,608.17                     0.00                0.00          0.00
------------------------------------------------------------------------------------------------------------------
Totals              550,002,708.17       524,966,492.90                     0.00        5,717,795.35          0.00
------------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Realized     Total Principal      Ending Certificate        Ending Certificate     Total Principal
 Class                  Loss (1)        Reduction               Balance                  Percentage          Distribution
--------------------------------------------------------------------------------------------------------------------------
<S>                     <C>          <C>                  <C>                       <C>                    <C>
   A-1                     0.00        4,434,275.50          357,534,416.61              0.94223140          4,434,275.50
   A-2                     0.00        1,283,519.85          141,088,672.77              0.94108051          1,283,519.85
  X-1A                     0.00                0.00                    0.00              0.00000000                  0.00
  X-1B                     0.00                0.00                    0.00              0.00000000                  0.00
   X-2                     0.00                0.00                    0.00              0.00000000                  0.00
   X-B                     0.00                0.00                    0.00              0.00000000                  0.00
   A-R                     0.00                0.00                    0.00              0.00000000                  0.00
   B-1                     0.00                0.00            9,075,000.00              1.00000000                  0.00
   B-2                     0.00                0.00            4,675,000.00              1.00000000                  0.00
   B-3                     0.00                0.00            2,475,000.00              1.00000000                  0.00
   B-4                     0.00                0.00            1,650,000.00              1.00000000                  0.00
   B-5                     0.00                0.00              825,000.00              1.00000000                  0.00
   B-6                     0.00                0.00            1,925,608.17              1.00000000                  0.00
-------------------------------------------------------------------------------------------------------------------------
Totals                     0.00        5,717,795.35          519,248,697.55              0.94408389          5,717,795.35
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                               Beginning               Scheduled         Unscheduled
                     Original Face            Certificate              Principal          Principal
  Class                 Amount                  Balance               Distribution      Distribution       Accretion
---------------------------------------------------------------------------------------------------------------------
<S>                  <C>                     <C>                       <C>              <C>                <C>
   A-1               379,455,000.00           953.91730801             0.00000000        11.68590610       0.00000000
   A-2               149,922,000.00           949.64176562             0.00000000         8.56125085       0.00000000
  X-1A                         0.00             0.00000000             0.00000000         0.00000000       0.00000000
  X-1B                         0.00             0.00000000             0.00000000         0.00000000       0.00000000
   X-2                         0.00             0.00000000             0.00000000         0.00000000       0.00000000
   X-B                         0.00             0.00000000             0.00000000         0.00000000       0.00000000
   A-R                       100.00             0.00000000             0.00000000         0.00000000       0.00000000
   B-1                 9,075,000.00          1000.00000000             0.00000000         0.00000000       0.00000000
   B-2                 4,675,000.00          1000.00000000             0.00000000         0.00000000       0.00000000
   B-3                 2,475,000.00          1000.00000000             0.00000000         0.00000000       0.00000000
   B-4                 1,650,000.00          1000.00000000             0.00000000         0.00000000       0.00000000
   B-5                   825,000.00          1000.00000000             0.00000000         0.00000000       0.00000000
   B-6                 1,925,608.17          1000.00000000             0.00000000         0.00000000       0.00000000

<CAPTION>
             Realized                Total Principal              Ending Certificate      Ending Certificate     Total Principal
  Class      Loss (3)                   Reduction                      Balance                Percentage           Distribution
--------------------------------------------------------------------------------------------------------------------------------
<S>         <C>                      <C>                          <C>                     <C>                    <C>
   A-1      0.00000000                 11.68590610                    942.23140191             0.94223140          11.68590610
   A-2      0.00000000                  8.56125085                    941.08051367             0.94108051           8.56125085
  X-1A      0.00000000                  0.00000000                      0.00000000             0.00000000           0.00000000
  X-1B      0.00000000                  0.00000000                      0.00000000             0.00000000           0.00000000
   X-2      0.00000000                  0.00000000                      0.00000000             0.00000000           0.00000000
   X-B      0.00000000                  0.00000000                      0.00000000             0.00000000           0.00000000
   A-R      0.00000000                  0.00000000                      0.00000000             0.00000000           0.00000000
   B-1      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
   B-2      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
   B-3      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
   B-4      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
   B-5      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
   B-6      0.00000000                  0.00000000                   1000.00000000             1.00000000           0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
                                                           Beginning                              Payment of
                                                          Certificate/            Current           Unpaid          Current
                   Original Face          Current          Notional               Accrued          Interest         Interest
     Class             Amount         Certificate Rate      Balance              Interest          Shortfall       Shortfall
----------------------------------------------------------------------------------------------------------------------------
<S>               <C>                 <C>                <C>                   <C>                <C>              <C>
      A-1          379,455,000.00          1.45000%      361,968,692.11          437,378.84           0.00            0.00
      A-2          149,922,000.00          1.34000%      143,372,192.62          158,982.28           0.00            0.00
     X-1A                    0.00          0.93526%       98,902,597.89           77,083.07           0.00            0.00
     X-1B                    0.00          1.20509%      263,066,094.22          264,182.22           0.00            0.00
      X-2                    0.00          1.30269%      142,372,192.62          154,555.10           0.00            0.00
      X-B                    0.00          0.82873%        9,075,000.00            6,267.28           0.00            0.00
      A-R                  100.00          2.42138%                0.00                0.00           0.00            0.00
      B-1            9,075,000.00          1.77000%        9,075,000.00           13,385.63           0.00            0.00
      B-2            4,675,000.00          2.59873%        4,675,000.00           10,124.23           0.00            0.00
      B-3            2,475,000.00          2.59873%        2,475,000.00            5,359.88           0.00            0.00
      B-4            1,650,000.00          2.59873%        1,650,000.00            3,573.26           0.00            0.00
      B-5              825,000.00          2.59873%          825,000.00            1,786.63           0.00            0.00
      B-6            1,925,608.17          2.59873%        1,925,608.17            4,170.12           0.00            0.00
--------------------------------------------------------------------------------------------------------------------------
    Totals         550,002,708.17                                              1,136,848.54           0.00            0.00
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                            Non-                                              Remaining            Ending
                          Supported                                             Unpaid          Certificate/
                           Interest       Realized        Total Interest       Interest          Notational
     Class                Shortfall       Loss (4)         Distribution       Shortfall           Balance
------------------------------------------------------------------------------------------------------------
<S>                       <C>             <C>             <C>                <C>              <C>
      A-1                   0.00            0.00           437,378.83            0.00         357,534,416.61
      A-2                   0.00            0.00           158,982.28            0.00         141,088,672.77
     X-1A                   0.00            0.00            77,083.07            0.00          96,981,099.84
     X-1B                   0.00            0.00           264,182.22            0.00         260,553,316.77
      X-2                   0.00            0.00           154,555.10            0.00         141,088,672.77
      X-B                   0.00            0.00             6,267.28            0.00           9,075,000.00
      A-R                   0.00            0.00                 0.00            0.00                   0.00
      B-1                   0.00            0.00            13,385.62            0.00           9,075,000.00
      B-2                   0.00            0.00            10,124.23            0.00           4,675,000.00
      B-3                   0.00            0.00             5,359.88            0.00           2,475,000.00
      B-4                   0.00            0.00             3,573.26            0.00           1,650,000.00
      B-5                   0.00            0.00             1,786.63            0.00             825,000.00
      B-6                   0.00            0.00             4,170.12            0.00           1,925,608.17
------------------------------------------------------------------------------------------------------------
    Totals                  0.00            0.00         1,136,848.52            0.00
------------------------------------------------------------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                                                                        Payment of                          Non-
                                    Current         Beginning                             Unpaid           Current        Supported
                Original Face     Certificate      Certificate/      Current Accrued      Interest         Interest       Interest
   Class (5)       Amount            Rate        Notional Balance        Interest        Shortfall         Shortfall      Shortfall
------------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>            <C>                 <C>                <C>               <C>             <C>
      A-1      379,455,000.00      1.45000%         953.91730801        1.15265009       0.00000000       0.00000000      0.00000000
      A-2      149,922,000.00      1.34000%         949.64176452        1.06043329       0.00000000       0.00000000      0.00000000
     X-1A                0.00      0.93526%         980.86891469        0.76447322       0.00000000       0.00000000      0.00000000
     X-1B                0.00      1.20509%         944.16373305        0.94816959       0.00000000       0.00000000      0.00000000
      X-2                0.00      1.30269%         949.64176452        1.03090340       0.00000000       0.00000000      0.00000000
      X-B                0.00      0.82873%        1000.00000000        0.69060937       0.00000000       0.00000000      0.00000000
      A-R              100.00      2.42138%           0.00000000        0.00000000       0.00000000       0.00000000      0.00000000
      B-1        9,075,000.00      1.77000%        1000.00000000        1.47500055       0.00000000       0.00000000      0.00000000
      B-2        4,675,000.00      2.59873%        1000.00000000        2.16561070       0.00000000       0.00000000      0.00000000
      B-3        2,475,000.00      2.59873%        1000.00000000        2.16560808       0.00000000       0.00000000      0.00000000
      B-4        1,650,000.00      2.59873%        1000.00000000        2.16561212       0.00000000       0.00000000      0.00000000
      B-5          825,000.00      2.59873%        1000.00000000        2.16561212       0.00000000       0.00000000      0.00000000
      B-6        1,925,608.17      2.59873%        1000.00000000        2.16561192       0.00000000       0.00000000      0.00000000

<CAPTION>
                                                             Remaining
                                                              Unpaid
                  Realized                Total Interest      Interest     Ending Certificate/
   Class          Loss (6)                 Distribution      Shortfall      Notational Balance
----------------------------------------------------------------------------------------------
<S>               <C>                     <C>                <C>           <C>
      A-1         0.00000000                 1.15265006      0.00000000         942.23140191
      A-2         0.00000000                 1.06043329      0.00000000         941.08051367
     X-1A         0.00000000                 0.76447322      0.00000000         961.81241115
     X-1B         0.00000000                 0.94816959      0.00000000         935.14518832
      X-2         0.00000000                 1.03090340      0.00000000         941.08051367
      X-B         0.00000000                 0.69060937      0.00000000        1000.00000000
      A-R         0.00000000                 0.00000000      0.00000000           0.00000000
      B-1         0.00000000                 1.47499945      0.00000000        1000.00000000
      B-2         0.00000000                 2.16561070      0.00000000        1000.00000000
      B-3         0.00000000                 2.16560808      0.00000000        1000.00000000
      B-4         0.00000000                 2.16561212      0.00000000        1000.00000000
      B-5         0.00000000                 2.16561212      0.00000000        1000.00000000
      B-6         0.00000000                 2.16561192      0.00000000        1000.00000000
</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
               Payments of Interest and Principal                             7,022,158.88
               Liquidations, Insurance Proceeds, Reserve Funds                        0.00
               Proceeds from Repurchased Loans                                        0.00
               Other Amounts (Servicer Advances)                                  7,592.67
               Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
               Prepayment Penalties                                                   0.00
                                                                              ------------
Total Deposits                                                                7,029,751.55

Withdrawals
               Reimbursement for Servicer Advances                                6,214.78
               Payment of Service Fee                                           168,892.90
               Payment of Interest and Principal                              6,854,643.87
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  7,029,751.55

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

                                 SERVICING FEES

<TABLE>
<S>                                                                           <C>
Gross Servicing Fee                                                           164,518.17
Master Servicing Fee                                                            4,374.73
Supported Prepayment/Curtailment Interest Shortfall                                 0.00
                                                                              ----------

Net Servicing Fee                                                             168,892.90
                                                                              ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               Beginning    Current     Current    Ending
Account Type    Balance   Withdrawals   Deposits   Balance
------------   ---------  -----------   --------   --------
<S>            <C>        <C>           <C>        <C>
Reserve Fund    5,000.00     0.00         0.00     5,000.00
Reserve Fund    2,500.00     0.00         0.00     2,500.00
Reserve Fund    2,500.00     0.00         0.00     2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
             DELINQUENT                            BANKRUPTCY                          FORECLOSURE
-----------------------------------------------------------------------------------------------------------
              No. of          Principal              No. of      Principal                No. of    Principal
               Loans           Balance                Loans       Balance                  Loans     Balance
<S>         <C>          <C>            <C>          <C>         <C>       <C>            <C>       <C>
0-29 Days        0               0.00   0-29 Days       0           0.00   0-29 Days       0           0.00
30 Days         11       3,298,330.51   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
            -------------------------               --------------------               --------------------
                11       3,298,330.51                   0           0.00                   0           0.00

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

0-29 Days     0.000000%      0.000000%  0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days       0.720839%      0.635211%  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%
              -----------------------               --------------------               --------------------
              0.720839%      0.635211%              0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
              REO                               TOTAL
----------------------------------------------------------------------
             No. of      Principal              No. of       Principal
              Loans       Balance                Loans        Balance
<C>         <C>          <C>       <C>          <C>       <C>
0-29 Days       0           0.00   0-29 Days       0              0.00
30 Days         0           0.00   30 Days        11      3,298,330.51
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                  11      3,298,330.51

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

0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%      0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.720839%      0.635211%
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%              0.720839%      0.635211%
</TABLE>

<TABLE>
<S>                                          <C>    <C>                                           <C>    <C>                <C>
Current Period Class A Insufficient Funds:   0.00   Principal Balance of Contaminated Properties  0.00   Periodic Advance   7,592.67
</TABLE>
<PAGE>


Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage

<TABLE>
<CAPTION>
               Original $   Original %     Current $    Current %    Current Class %   Prepayment %
             -------------  ----------   -------------  ----------   ---------------   ------------
<S>          <C>            <C>          <C>            <C>          <C>               <C>
  Class A    20,625,608.17  3.75009211%  20,625,608.17  3.97220220%        96.027798%      0.000000%
Class X-1-A  20,625,608.17  3.75009211%  20,625,608.17  3.97220220%         0.000000%      0.000000%
Class X-1-B  20,625,608.17  3.75009211%  20,625,608.17  3.97220220%         0.000000%      0.000000%
 Class X-2   20,625,608.17  3.75009211%  20,625,608.17  3.97220220%         0.000000%      0.000000%
 Class B-1   11,550,608.17  2.10010024%  11,550,608.17  2.22448477%         1.747717%     43.998703%
 Class B-2    6,875,608.17  1.25010442%   6,875,608.17  1.32414548%         0.900339%     22.665998%
 Class B-3    4,400,608.17  0.80010664%   4,400,608.17  1.32414548%         0.476650%     11.999646%
 Class B-4    2,750,608.17  0.50010811%   2,750,608.17  0.84749527%         0.317767%      7.999764%
 Class B-5    1,925,608.17  0.35010885%   1,925,608.17  0.37084507%         0.158883%      3.999882%
 Class B-6            0.00  0.00000000%           0.00  0.00000000%         0.370845%      9.336007%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<TABLE>
<CAPTION>
             DELINQUENT                             BANKRUPTCY                            FORECLOSURE
----------------------------------------------------------------------------------------------------------------
             No. of            Principal              No. of      Principal                  No. of    Principal
             Loans              Balance               Loans        Balance                   Loans      Balance
<S>          <C>          <C>            <C>          <C>         <C>           <C>          <C>       <C>
0-29 Days       0                 0.00   0-29 Days       0           0.00       0-29 Days       0         0.00
30 Days         9         2,744,912.18   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
             -------------------------                -------------------                    -----------------
                9         2,744,912.18                   0           0.00                       0         0.00

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

0-29 Days   0.000000%         0.000000%  0-29 Days   0.000000%   0.000000%  0-29 Days    0.000000%    0.000000%
30 Days     0.831025%         0.737248%  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%
            --------------------------               --------------------                ---------------------
            0.831025%         0.737248%              0.000000%   0.000000%               0.000000%    0.000000%
            --------------------------               --------------------                ---------------------

<CAPTION>
               REO                              TOTAL
----------------------------------------------------------------------
             No. of      Principal              No. of     Principal
             Loans        Balance               Loans       Balance
<S>          <C>         <C>       <C>          <C>       <C>
0-29 Days       0           0.00   0-29 Days       0              0.00
30 Days         0.          0.00   30 Days         9      2,744,912.18
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                   9      2,744,912.18

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

0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%      0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.831025%      0.737248%
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%              0.831025%      0.737248%
            --------------------               -----------------------
</TABLE>

                                     GROUP 2

<TABLE>
<CAPTION>
            DELINQUENT                          BANKRUPTCY                          FORECLOSURE
------------------------------------------------------------------------------------------------------------
             No. of     Principal                 No. of      Principal               No. of       Principal
             Loans       Balance                  Loans        Balance                Loans         Balance
<S>          <C>        <C>          <C>          <C>         <C>       <C>           <C>          <C>
0-29 Days       0             0.00   0-29 Days       0           0.00   0-29 Days        0            0.00
30 Days         2       533,418.33   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       533,418.33                   0           0.00                    0            0.00

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

0-29 Days   0.000000%     0.000000%  0-29 Days   0.000000%   0.000000%  0-29 Days    0.000000%    0.000000%
30 Days     0.451467%     0.376653%  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%
            ----------------------               --------------------                ---------------------
            0.451467%     0.376653%              0.000000%   0.000000%               0.000000%    0.000000%
            ----------------------               --------------------                ---------------------

<CAPTION>
               REO                               TOTAL
--------------------------------------------------------------------
             No. of      Principal                No. of    Principal
             Loans        Balance                 Loans      Balance
<S>          <C>         <C>       <C>            <C>     <C>
0-29 Days       0           0.00   0-29 Days       0            0.00
30 Days         0           0.00   30 Days         2      533,418.33
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      533,418.33

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

0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%    0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.451467%    0.376653%
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%              0.451467%    0.376653%
            --------------------               ---------------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                    Mixed Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                2.984742%
Weighted Average Net Coupon                                  2.608677%
Weighted Average Pass-Through Rate                           2.598677%
Weighted Average Maturity (Stepdown Calculation)                  352

Beginning Scheduled Collateral Loan Count                       1,539
Number of Loans Paid in Full                                       13
Ending Scheduled Collateral Loan Count                          1,526

Beginning Scheduled Collateral Balance                 524,966,492.90
Ending Scheduled Collateral Balance                    519,248,697.55
Ending Actual Collateral Balance at 38-Nov-2003        519,249,281.55

Monthly P&I Constant                                     1,305,741.42
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realized Loss Amount                                             0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   6,809,976.86

Ending Scheduled Balance for Premium Loans             519,248,697.55

Scheduled Principal                                              0.00
Unscheduled Principal                                    5,717,795.35
</TABLE>
<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                   <C>
Group 1 One Month Libor Loan Balance                                  100,991,225.40
Group 1 Six Month Libor Loan Balance                                  271,327,081.08
Group 2 Six Month Libor Loan Balance                                  146,930,391.07

Pro-Rata Senior Percent                                                    96.071062%
Group 1 Senior Percent                                                    100.000000%
Group 2 Senior Percent                                                    100.000000%
Group 1 Senior Prepayment Percent                                         100.000000%
Group 2 Senior Prepayment Percent                                         100.000000%
</TABLE>

<TABLE>
<CAPTION>
           GROUP                                 1                   2                  TOTAL
<S>                                        <C>               <C>                   <C>
Collateral Description                     Mixed ARM         Mixed ARM             Mixed ARM
Weighted Average Coupon Rate                     2.967849          3.027685              2.984742
Weighted Average Net Rate                        2.591364          2.652685              2.608677
Pass-Through Rate                                2.581364          2.642685              2.598677
Weighted Average Maturity                             327               331                   352
Record Date                                    11/28/2003        11/28/2003            11/28/2003
Principal and Interest Constant                931,787.22        373,954.20          1,305,741.42
Beginning Loan Count                                1,092               447                 1,539
Loans Paid in Full                                      9                 4                    13
Ending Loan Count                                   1,083               443                 1,526
Beginning Scheduled Balance                376,752,581.98    148,213,910.92        524,966,492.90
Ending Scheduled Balance                   372,318,306.48    146,930,391.07        519,248,697.55
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        4,434,275.50      1,283,519.85          5,717,795.35
Scheduled Interest                             931,787.22        373,954.20          1,305,741.42
Servicing Fee                                  118,201.33         46,316.84            164,518.17
Master Servicing Fee                             3,139.61          1,235.12              4,374.73
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                                   810,446.28        326,402.24          1,136,848.52
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>