<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 2003-1
                         RECORD DATE: NOVEMBER 28, 2003
                      DISTRIBUTION DATE: DECEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate      Beginning                                                   Ending
                      Class        Pass-        Certificate     Interest      Principal      Current       Certificate
Class     CUSIP    Description  Through Rate      Balance     Distribution  Distribution  Realized Loss      Balance
-----   ---------  -----------  ------------  --------------  ------------  ------------  -------------  --------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>           <C>            <C>
 1A     81743PAA4      SEN        1.50000%    715,264,944.88    894,081.18  7,438,196.95      0.00       707,826,747.93
 2A     81743PAB2      SEN        1.59000%    173,824,519.51    230,317.49  1,775,548.74      0.00       172,048,970.77
X-1A    81743PAC0      IO         0.90308%              0.00    123,341.77          0.00      0.00                 0.00
X-1B    81743PAD8      IO         1.10238%              0.00    506,515.26          0.00      0.00                 0.00
 X-2    81743PAE6      IO         1.02692%              0.00    148,752.92          0.00      0.00                 0.00
 X-B    81743PAF3      IO         0.56829%              0.00      7,532.16          0.00      0.00                 0.00
 A-R    81743PAG1      R          2.74583%              0.00          0.00          0.00      0.00                 0.00
 B-1    81743PAH9      SUB        2.00000%     15,905,000.00     26,508.33          0.00      0.00        15,905,000.00
 B-2    81743PAJ5      SUB        2.56829%      8,210,000.00     17,571.36          0.00      0.00         8,210,000.00
 B-3    81743PAK2      SUB        2.56829%      5,644,000.00     12,079.51          0.00      0.00         5,644,000.00
 B-4    SEQ0301B4      SUB        2.56829%      2.565,000.00      5,489.71          0.00      0.00         2,565,000.00
 B-5    SEQ0301B5      SUB        2.56829%      1,539,000.00      3,293.83          0.00      0.00         1,539,000.00
 B-6    SEQ0301B6      SUR        2.56829%      4,105,618.00      8,787.00          0.00      0.00         4,105,618.00
                                              --------------  ------------  ------------      ----       --------------
Totals                                        927,058,082.39  1,984,270.52  9,213,745.69      0.00       917,844,336.70
                                              --------------  ------------  ------------      ----       --------------

<CAPTION>
                   Certificate
                      Class         Total       Cumulative
Class     CUSIP    Description   Distribution  Realized Loss
-----   ---------  -----------  -------------  -------------
<S>     <C>        <C>          <C>            <C>
 1A     81743PAA4      SEN       8,332,278.13       0.00
 2A     81743PAB2      SEN       2,005,866.23       0.00
X-1A    81743PAC0      IO          123,341.77       0.00
X-1B    81743PAD8      IO          506,515.26       0.00
 X-2    81743PAE6      IO          148,752.92       0.00
 X-B    81743PAF3      IO            7,532.16       0.00
 A-R    81743PAG1      R                 0.00       0.00
 B-1    81743PAH9      SUB          26,508.33       0.00
 B-2    81743PAJ5      SUB          17,571.36       0.00
 B-3    81743PAK2      SUB          12,079.51       0.00
 B-4    SEQ0301B4      SUB           5,489.71       0.00
 B-5    SEQ0301B5      SUB           3,293.83       0.00
 B-6    SEQ0301B6      SUB           8,787.00       0.00
                                -------------       ----
Totals                          11,198,016.21       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                            Total          Ending
         Original Face      Certificate     Principal    Principal               Realized    Principal     Certificate
Class        Amount           Balance     Distribution  Distribution  Accretion  Loss (1)    Reduction       Balance
-----   ----------------  --------------  ------------  ------------  ---------  --------  -------------  --------------
<S>     <C>               <C>             <C>           <C>           <C>        <C>       <C>            <C>
 1A       798,206,000.00  715,264,944.88      17.71     7,438,179.24     0.00      0.00    7,4387,196.95  707,826,747.93
 2A       190,000,000.00  173,824,519.51     128.12     1,775,420.62     0.00      0.00     1,775,548.74  172,048,970.77
X-1A                0.00            0.00       0.00             0.00     0.00      0.00             0.00            0.00
X-1B                0.00            0.00       0.00             0.00     0.00      0.00             0.00            0.00
 X-2                0.00            0.00       0.00             0.00     0.00      0.00             0.00            0.00
 X-B                0.00            0.00       0.00             0.00     0.00      0.00             0.00            0.00
 A-R              100.00            0.00       0.00             0.00     0.00      0.00             0.00            0.00
 B-1       15,905,000.00   15,905,000.00       0.00             0.00     0.00      0.00             0.00   15,905,000.00
 B-2        8,210,000.00    8,210,000.00       0.00             0.00     0.00      0.00             0.00    8,210,000.00
 B-3        5,644,000.00    5,644,000.00       0.00             0.00     0.00      0.00             0.00    5,644,000.00
 B-4        2,565,000.00    2,565,000.00       0.00             0.00     0.00      0.00             0.00    2,565,000.00
 B-5        1,539,000.00    1,539,000.00       0.00             0.00     0.00      0.00             0.00    1,539,000.00
 B-6        4,105,618.00    4,105,618.00       0.00             0.00     0.00      0.00             0.00    4,105,618.00
        ----------------  --------------     ------     ------------     ----      ----    -------------  --------------
Totals  1,026,174,718.00  927,058,082.39     145.83     9,213,599.86     0.00      0.00     9,213,745.69  917,844,336.70
        ----------------  --------------     ------     ------------     ----      ----    -------------  --------------

<CAPTION>
           Ending
        Certificate  Total Principal
Class    Percentage   Distribution
-----   -----------  ---------------
<S>     <C>          <C>
 1A      0.88677202    7,438,196.95
 2A      0.90552090    1,775,548.74
X-1A     0.00000000            0.00
X-1B     0.00000000            0.00
 X-2     0.00000000            0.00
 X-B     0.00000000            0.00
 A-R     0.00000000            0.00
 B-1     1.00000000            0.00
 B-2     1.00000000            0.00
 B-3     1.00000000            0.00
 B-4     1.00000000            0.00
 B-5     1.00000000            0.00
 B-6     1.00000000            0.00
        -----------  --------------
Totals   0.89443281    9,213,745.69
        -----------  --------------
</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                             Total         Ending
        Original Face     Certificate     Principal    Principal                 Realized   Principal    Certificate
Class      Amount           Balance     Distribution  Distribution  Accretion    Loss (3)   Reduction      Balance
-----   --------------  --------------  ------------  ------------  ----------  ----------  ----------  -------------
<S>     <C>             <C>             <C>           <C>           <C>         <C>         <C>         <C>
1A      798,206,000.00    896.09066441   0.00002219    9.31862106   0.00000000  0.00000000  9.31864324   886.77202117
2A      190,000,000.00    914.86589216   0.00067432    9.34431905   0.00000000  0.00000000  9.34499337   905.52089879
X-1A              0.00      0.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000     0.00000000
X-1B              0.00      0.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000     0.00000000
X-2               0.00      0.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000     0.00000000
X-B               0.00      0.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000     0.00000000
A-R             100.00      0.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000     0.00000000
B-1      15,905,000.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000
B-2       8,210,000.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000
B-3       5,644,000.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000
B-4       2,565,000.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000
B-5       1,539,000.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000
B-6       4,105,618.00   1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000  0.00000000  1000.00000000

<CAPTION>
           Ending
        Certificate  Total Principal
Class    Percentage   Distribution
-----   -----------  ---------------
<S>     <C>          <C>
1A       0.88677202     9.31864324
2A       0.90552090     9.34499337
X-1A     0.00000000     0.00000000
X-1B     0.00000000     0.00000000
X-2      0.00000000     0.00000000
X-B      0.00000000     0.00000000
A-R      0.00000000     0.00000000
B-1      1.00000000     0.00000000
B-2      1.00000000     0.00000000
B-3      1.00000000     0.00000000
B-4      1.00000000     0.00000000
B-5      1.00000000     0.00000000
B-6      1.00000000     0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                         Beginning                   Payment of               Non-
                            Current     Certificate/      Current      Unpaid     Current   Supported
          Original Face   Certificate     Notional        Accrued     Interest    Interest  Interest   Realized  Total Interest
Class         Amount         Rate          Balance       Interest     Shortfall  Shortfall  Shortfall  Loss (4)   Distribution
------  ----------------  -----------  --------------  ------------  ----------  ---------  ---------  --------  -------------
<S>     <C>               <C>          <C>             <C>           <C>         <C>        <C>        <C>       <C>
  1A      798,206,000.00    1.50000%   715,264,944.88    894,081.18     0.00        0.00       0.00      0.00       894,081.18
  2A      190,000,000.00    1.59000%   173,824,519.51    230,317.49     0.00        0.00       0.00      0.00       230,317.49
 X-1A               0.00    0.90308%   163,895,317.39    123,341.77     0.00        0.00       0.00      0.00       123,341.77
 X-1B               0.00    1.10238%   551,369,628.48    506,515.26     0.00        0.00       0.00      0.00       506,515.26
 X-2                0.00    1.02692%   173,824,519.51    148,752.92     0.00        0.00       0.00      0.00       148,752.92
 X-B                0.00    0.56829%    15,905,000.00      7,532.16     0.00        0.00       0.00      0.00         7,532.16
 A-R              100.00    2.74583%             0.00          0.00     0.00        0.00       0.00      0.00             0.00
 B-1       15,905,000.00    2.00000%    15,905,000.00     26,508.33     0.00        0.00       0.00      0.00        26,508.33
 B-2        8,210,000.00    2.56829%     8,210,000.00     17,571.36     0.00        0.00       0.00      0.00        17,571.36
 B-3        5,644,000.00    2.56829%     5,644,000.00     12,079.51     0.00        0.00       0.00      0.00        12,079.51
 B-4        2,565,000.00    2.56829%     2,565,000.00      5,489.71     0.00        0.00       0.00      0.00         5,489.71
 B-5        1,539,000.00    2.56829%     1,539,000.00      3,293.83     0.00        0.00       0.00      0.00         3,293.83
 B-6        4,105,618.00    2.56829%     4,105,618.00      8,787.00     0.00        0.00       0.00      0.00         8,787.00
        ----------------                               ------------     ----        ----       ----      ----     ------------
Totals  1,026,174,718.00                               1,984,270.52     0.00        0.00       0.00      0.00     1,984,270.52
        ----------------                               ------------     ----        ----       ----      ----     ------------

<CAPTION>
        Remaining      Ending
          Unpaid    Certificate/
         Interest    Notational
Class   Shortfall      Balance
------  ---------  --------------
<S>     <C>        <C>
  1A       0.00    707,826,747.93
  2A       0.00    172,048,970.77
 X-1A      0.00    160,953,306.38
 X-1B      0.00    546,873,442.54
 X-2       0.00    172,048,970.77
 X-B       0.00     15,905,000.00
 A-R       0.00              0.00
 B-1       0.00     15,905,000.00
 B-2       0.00      8,210,000.00
 B-3       0.00      5,644,000.00
 B-4       0.00      2,565,000.00
 B-5       0.00      1,539,000.00
 B-6       0.00      4,105,618.00
           ----
Totals     0.00
           ----
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                 Non-
                         Current       Beginning                         Unpaid     Current    Supported
Class   Original Face  Certificate    Certificate/    Current Accrued   Interest   Interest     Interest    Realized
 (5)        Amount        Rate      Notional Balance      Interest      Shortfall  Shortfall   Shortfall    Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
 1A    798,206,000.00    1.50000%      896.09066441      1.12011333    0.00000000  0.00000000  0.00000000  0.00000000
 2A    190,000,000.00    1.59000%      914.86589216      1.21219732    0.00000000  0.00000000  0.00000000  0.00000000
X-1A             0.00    0.90308%      894.73183047      0.67334326    0.00000000  0.00000000  0.00000000  0.00000000
X-1B             0.00    1.10238%      896.49537726      0.82356475    0.00000000  0.00000000  0.00000000  0.00000000
 X-2             0.00    1.02692%      914.86589216      0.78291011    0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.56829%     1000.00000000      0.47357183    0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    2.74583%        0.00000000      0.00000000    0.00000000  0.00000000  0.00000000  0.00000000
 B-1    15,905,000.00    2.00000%     1000.00000000      1.66666646    0.00000000  0.00000000  0.00000000  0.00000000
 B-2     8,210,000.00    2.56829%     1000.00000000      2.14023873    0.00000000  0.00000000  0.00000000  0.00000000
 B-3     5,644,000.00    2.56829%     1000.00000000      2.14023919    0.00000000  0.00000000  0.00000000  0.00000000
 B-4     2,565,000.00    2.56829%     1000.00000000      2.14023782    0.00000000  0.00000000  0.00000000  0.00000000
 B-5     1,539,000.00    2.56829%     1000.00000000      2.14024042    0.00000000  0.00000000  0.00000000  0.00000000
 B-6     4,105,618.00    2.56829%     1000.00000000      2.14023808    0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                        Remaining
                         Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)    Distribution    Shortfall  Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
 1A      1.12011333    0.00000000      886.77202117
 2A      1.21219732    0.00000000      905.52089879
X-1A     0.67334326    0.00000000      878.67090245
X-1B     0.82356475    0.00000000      889.18483692
X-2      0.78291011    0.00000000      905.52089879
X-B      0.47357183    0.00000000     1000.00000000
A-R      0.00000000    0.00000000       0.000000000
B-1      1.66666646    0.00000000     1000.00000000
B-2      2.14023873    0.00000000     1000.00000000
B-3      2.14023919    0.00000000     1000.00000000
B-4      2.14023782    0.00000000     1000.00000000
B-5      2.14024042    0.00000000     1000.00000000
B-6      2.14023808    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                  11,497,542.91
         Liquidations, Insurance Proceeds, Reserve Funds              0.00
         Proceeds from Repurchased Loans                              0.00
         Other Amounts (Servicer Advances)                          671.43
         Realized Losses                                              0.00
         Prepayment Penalties                                         0.00
                                                             -------------
Total Deposits                                               11,498,214.34

Withdrawals

         Reimbursement for Servicer Advances                      1,130.92
         Payment of Service Fee                                 299,067.21
         Payment of Interest and Principal                   11,198,016.21
                                                             -------------
Total Withdrawals (Pool Distribution Amount)                 11,498,214.34

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                                       291,341.72
Master Servicing Fee                                        7,725.49
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         299,067.21
                                                          ==========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                            Beginning          Current          Current       Ending
           Account Type                      Balance         Withdrawals       Deposits       Balance
-----------------------------------------------------------------------------------------------------
<S>                                         <C>              <C>               <C>           <C>
Class X-1 Reserve Fund Sub Account          5,000.00            0.00             0.00        5,000.00
Class X-2 Reserve Fund Sub Account          2,500.00            0.00             0.00        2,500.00
Class X-B Reserve Fund Sub Account          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            1        280,250.00  30 Days         0           0.00    30 Days         0           0.00
60 Days            0              0.00  60 Days         0           0.00    60 Days         0           0.00
90 Days            0              0.00  90 Days         0           0.00    90 Days         0           0.00
120 Days           0              0.00  120 Days        0           0.00    120 Days        0           0.00
150 Days           0              0.00  150 Days        0           0.00    150 Days        0           0.00
180+ Days          0              0.00  180+ Days       0           0.00    180+ Days       0           0.00
               --------     ----------              --------    --------                --------    --------
                   1        280,250.00                  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        0.038197%    0.030533%   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%
               --------     ----------              --------    --------                --------    --------
               0.038197%    0.030533%               0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<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         1        280,250.00
60 Days            0          0.00     60 Days         0              0.00
90 Days            0          0.00     90 Days         0              0.00
120 Days           0          0.00     120 Days        0              0.00
150 Days           0          0.00     150 Days        0              0.00
180+ Days          0          0.00     180+ Days       0              0.00
               --------    --------                --------     ----------
                   0          0.00                     1        280,250.00

                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     0.038197%    0.030533%
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%               0.038197%    0.030533%
</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  671.43
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                 Original $       Original%       Current $      Current %     Current Class %   Prepayment %
              ----------------   -----------   --------------  -------------   ---------------   -------------
<S>           <C>                <C>           <C>             <C>             <C>               <C>
Class A       1,026,174,618.00   99.99999026%  917,844,336.70  100.00000000%      95.863284%         0.000000%
Class 1A        227,968,618.00   22.21538048%  210,017,588.77   22.88161297%      77.118387%     1,864.241537%
Class 2A         37,968,618.00    3.70001495%   37,968,618.00    4.13671649%      18.744896%       453.134667%
Class X-1-A      37,968,618.00    3.70001495%   37,968,618.00    4.13671649%       0.000000%         0.000000%
Class X-1-B      37,968,618.00    3.70001495%   37,968,618.00    4.13671649%       0.000000%         0.000000%
Class X-2        37,968,618.00    3.70001495%   37,968,618.00    4.13671649%       0.000000%         0.000000%
Class B-1        22,063,618.00    2.15008396%   22,063,618.00    2.40385184%       1.732865%        41.889858%
Class B-2        13,853,618.00    1.35002527%   13,853,618.00    1.50936465%       0.894487%        21.623120%
Class B-3         8,209,618.00    0.80002146%    8,209,618.00    0.89444557%       0.614919%        14.864908%
Class B-4         5,644,618.00    0.55006403%    5,644,618.00    0.61498642%       0.279459%         6.755579%
Class B-5         4,105,618.00    0.40008957%    4,105,618.00    0.44731093%       0.167675%         4.053347%
Class B-6                 0.00    0.00000000%            0.00    0.00000000%       0.447311%        10.813188%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     POOL 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             1        280,250.00  30 Days         0          0.00     30 Days          0         0.00
60 Days             0              0.00  60 Days         0          0.00     60 Days          0         0.00
90 Days             0              0.00  90 Days         0          0.00     90 Days          0         0.00
120 Days            0              0.00  120 Days        0          0.00     120 Days         0         0.00
150 Days            0              0.00  150 Days        0          0.00     150 Days         0         0.00
180+ Days           0              0.00  180+ Days       0          0.00     180+ Days        0         0.00
                --------     ----------              --------    --------                --------    --------
                    1        280,250.00                  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         0.047893%    0.037949%   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%
                --------     --------                --------    --------                --------    --------
                0.047893%    0.037949%               0.000000%   0.000000%               0.000000%   0.000000%
</TABLE>

<TABLE>
<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         1         280,250.00
60 Days          0          0.00     60 Days         0               0.00
90 Days          0          0.00     90 Days         0               0.00
120 Days         0          0.00     120 Days        0               0.00
150 Days         0          0.00     150 Days        0               0.00
180+ Days        0          0.00     180+ Days       0               0.00
             --------    --------                --------     -----------
                 0          0.00                     1         280,250.00

               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     0.047893%    0.037949%
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%               0.047893%    0.037949%
</TABLE>

                                     POOL 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            0           0.00    30 Days         0           0.00    30 Days         0            0.00
60 Days            0           0.00    60 Days         0           0.00    60 Days         0            0.00
90 Days            0           0.00    90 Days         0           0.00    90 Days         0            0.00
120 Days           0           0.00    120 Days        0           0.00    120 Days        0            0.00
150 Days           0           0.00    150 Days        0           0.00    150 Days        0            0.00
180+ Days          0           0.00    180+ Days       0           0.00    180+ Days       0            0.00
               --------    --------                --------    --------                --------     --------
                   0           0.00                    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        0.000000%   0.000000%   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%
               --------    --------                --------    --------                --------     --------
               0.000000%   0.000000%               0.000000%   0.000000%               0.000000%    0.000000%
</TABLE>

<TABLE>
<CAPTION>
               REO                                TOTAL
----------------------------------------------------------------------
              No. of    Principal                 No. of    Principal
              Loans      Balance                  Loans      Balance
<C>         <C>         <C>
0-29 Days       0           0.00    0-29 Days       0           0.00
30 Days         0           0.00    30 Days         0           0.00
60 Days         0           0.00    60 Days         0           0.00
90 Days         0           0.00    90 Days         0           0.00
120 Days        0           0.00    120 Days        0           0.00
150 Days        0           0.00    150 Days        0           0.00
180+ Days       0           0.00    180+ Days       0           0.00
            --------    --------                --------    --------
                0           0.00                    0           0.00

              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     0.000000%   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%
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%               0.000000%   0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                          2.955592%
Weighted Average Net Coupon                                            2.578474%
Weighted Average Pass-Through Rate                                     2.568474%
Weighted Average Maturity (Stepdown Calculation)                            317

Beginning Scheduled Collateral Loan Count                                 2,643
Number of Loans Paid in Full                                                 25
Ending Scheduled Collateral Loan Count                                    2,618

Beginning Scheduled Collateral Balance                           927,058,082.39
Ending Scheduled Collateral Balance                              917,844,336.70
Ending Actual Collateral Balance at 28-Nov-2003                  917,845,779.80

Monthly P&I Constant                                               2,283,483.56
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            11,116,754.31

Ending Scheduled Balance for Premium Loans                       917,844,336.70

Scheduled Principal                                                      145.83
Unscheduled Principal                                              9,213,599.86
</TABLE>

MISCELLANEOUS REPORTING

Cap Agreement Deposit - 1 month Libor Loan       0
Cap Agreement Deposit - 6 month Libor Loan       0
<PAGE>


<TABLE>
<CAPTION>
         GROUP                           1                 2             TOTAL
                                                        6 Month
  Collateral Description              Mixed ARM        LIBOR ARM       Mixed ARM
<S>                               <C>              <C>              <C>
Weighted Average Coupon Rate            2.944343         3.001918         2.955592
Weighted Average Net Rate               2.566711         2.626918         2.578474
Pass-Through Rate                       2.556711         2.616918         2.568474
Weighted Average Maturity                    315              323              317
Record Date                           11/28/2003       11/28/2003       11/28/2003
Principal and Interest Constant     1,830,255.06       453,228.50     2,283,483.56
Beginning Loan Count                       2,107              536            2,643
Loans Paid in Full                            19                6               25
Ending Loan Count                          2,088              530            2,618
Beginning Scheduled Balance       745,933,720.88   181,124,361.51   927,058,082.39
Ending Scheduled Balance          738,495,523.93   179,348,812.77   917,844,336.70
Scheduled Principal                        17.71           128.12           145.83
Unscheduled Principal               7,438,179.24     1,775,420.62     9,213,599.86
Scheduled Interest                  1,830,237.35       453,100.38     2,283,337.73
Servicing Fee                         234,740.36        56,601.36       291,341.72
Master Servicing Fee                    6,216.12         1,509.37         7,725.49
Trustee Fee                                 0.00             0.00             0.00
FRY Amount                                  0.00             0.00             0.00
Special Hazard Fee                          0.00             0.00             0.00
Other Fee                                   0.00             0.00             0.00
Pool Insurance Fee                          0.00             0.00             0.00
Spread 1                                    0.00             0.00             0.00
Spread 2                                    0.00             0.00             0.00
Spread 3                                    0.00             0.00             0.00
Net Interest                        1,589,280.87       394,989.65     1,984,270.52
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>

<PAGE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group Pool 1
One Month Libor Loan Balance                                     167,927,104.35
Six Month Libor Loan Balance                                     570,568,419.58
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Pool 2
Six Month Libor Loan Balance                                     179,348,812.77
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE>