<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 2003-7
                         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     81743PDK9        SEN            1.43875%         290,000,000.00      289,748.26
  A-2     81743PDL7        SEN            1.57375%         505,100,000.00      552,014.67
  X-1     81743PDM5         IO            0.80000%                   0.00      530,066.66
  X-2     81743PDN3         IO            0.60089%                   0.00      398,141.34
  A-R     81743PDQ6        RES            2.63063%                 100.00            0.22
  B-1     81743PDR4        SUB            1.66875%          16,607,000.00       19,245.09
  B-2     81743PDS2        SUB            2.67132%           6,642,000.00       14,785.75
  B-3     81743PDT0        SUB            2.67132%           4,982,000.00       11,090.42
  B-4     SMT0307B4        SUB            2.67132%           2,490,000.00        5,542.99
  B-5     SMT0307B5        SUB            2.67132%           1,660,000.00        3,695.32
  B-6     SMT0307B6        SUB            2.67132%           2,910,544.86        6,479.16
  X-B     81743PDP8         IO            1.28069%                   0.00       17,723.73
-----------------------------------------------------------------------------------------
Totals                                                     830,391,644.86    1,848,533.61
-----------------------------------------------------------------------------------------

<CAPTION>
            Principal        Current       Ending Certificate        Total         Cumulative
 Class    Distribution    Realized Loss          Balance          Distribution    Realized Loss
-----------------------------------------------------------------------------------------------
<S>       <C>             <C>              <C>                    <C>             <C>
  A-1     1,692,979.96         0.00          288,307,020.04       1,982,728.22        0.00
  A-2     2,547,400.76         0.00          502,552,599.24       3,099,415.43        0.00
  X-1             0.00         0.00                    0.00         530,066.66        0.00
  X-2             0.00         0.00                    0.00         398,141.34        0.00
  A-R           100.00         0.00                    0.00             100.22        0.00
  B-1             0.00         0.00           16,607,000.00          19,245.09        0.00
  B-2             0.00         0.00            6,642,000.00          14,785.75        0.00
  B-3             0.00         0.00            4,982,000.00          11,090.42        0.00
  B-4             0.00         0.00            2,490,000.00           5,542.99        0.00
  B-5             0.00         0.00            1,660,000.00           3,695.32        0.00
  B-6             0.00         0.00            2,910,544.86           6,479.16        0.00
  X-B             0.00         0.00                    0.00          17,723.73        0.00
------------------------------------------------------------------------------------------
Totals    4,240,480.72         0.00          826,151,164.14       6,089,014.33        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                   Realized
 Class        Amount          Balance         Distribution     Distribution    Accretion    Loss (1)
----------------------------------------------------------------------------------------------------
<S>      <C>                <C>               <C>              <C>             <C>          <C>
  A-1     290,000,000.00    290,000,000.00        0.00         1,692,979.96       0.00        0.00
  A-2     505,100,000.00    505,100,000.00        0.00         2,547,400.76       0.00        0.00
  X-1               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
  A-R             100.00            100.00        0.00               100.00       0.00        0.00
  B-1      16,607,000.00     16,607,000.00        0.00                 0.00       0.00        0.00
  B-2       6,642,000.00      6,642,000.00        0.00                 0.00       0.00        0.00
  B-3       4,982,000.00      4,982,000.00        0.00                 0.00       0.00        0.00
  B-4       2,490,000.00      2,490,000.00        0.00                 0.00       0.00        0.00
  B-5       1,660,000.00      1,660,000.00        0.00                 0.00       0.00        0.00
  B-6       2,910,544.86      2,910,544.86        0.00                 0.00       0.00        0.00
  X-B               0.00              0.00        0.00                 0.00       0.00        0.00
--------------------------------------------------------------------------------------------------
Totals   830,391,644.8 6    830,391,644.86        0.00         4,240,480.72       0.00        0.00
--------------------------------------------------------------------------------------------------

<CAPTION>
         Total Principal    Ending Certificate    Ending Certificate    Total Principal
 Class     Reduction            Balance               Percentage         Distribution
---------------------------------------------------------------------------------------
<S>      <C>                <C>                   <C>                   <C>
  A-1      1,692,979.96       288,307,020.04        0.99416214           1,692,979.96
  A-2      2,547,400.76       502,552,599.24        0.99495664           2,547,400.76
  X-1              0.00                 0.00        0.00000000                   0.00
  X-2              0.00                 0.00        0.00000000                   0.00
  A-R            100.00                 0.00        0.00000000                 100.00
  B-1              0.00        16,607,000.00        1.00000000                   0.00
  B-2              0.00         6,642,000.00        1.00000000                   0.00
  B-3              0.00         4,982,000.00        1.00000000                   0.00
  B-4              0.00         2,490,000.00        1.00000000                   0.00
  B-5              0.00         1,660,000.00        1.00000000                   0.00
  B-6              0.00         2,910,544.86        1.00000000                   0.00
  X-B              0.00                 0.00        0.00000000                   0.00
-------------------------------------------------------------------------------------
Totals     4,240,480.72       826,151,164.14        0.99489340           4,240,480.72
-------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                             Beginning        Scheduled       Unscheduled
         Original Face      Certificate       Principal        Principal                      Realized
Class        Amount           Balance        Distribution     Distribution    Accretion       Loss (3)
-------------------------------------------------------------------------------------------------------
<S>      <C>                <C>              <C>             <C>              <C>            <C>
 A-1     290,000,000.00     1000.00000000     0.00000000        5.83786193    0.00000000     0.00000000
 A-2     505,100,000.00     1000.00000000     0.00000000        5.04335926    0.00000000     0.00000000
 X-1               0.00        0.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 X-2               0.00        0.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 A-R             100.00     1000.00000000     0.00000000     1000.00000000    0.00000000     0.00000000
 B-1      16,607,000.00     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 B-2       6,642,000.00     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 B-3       4,982,000.00     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 B-4       2,490,000.00     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 B-5       1,660,000.00     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 B-6       2,910,544.86     1000.00000000     0.00000000        0.00000000    0.00000000     0.00000000
 X-B               0.00        0.00000000     0.00000000        0.00000000    0.00000000     0.00000000
-------------------------------------------------------------------------------------------------------

<CAPTION>
         Total Principal    Ending Certificate     Ending Certificate     Total Principal
Class       Reduction             Balance              Percentage          Distribution
-----------------------------------------------------------------------------------------
<S>      <C>                <C>                    <C>                    <C>
 A-1         5.83786193        994.16213807            0.99416214             5.83786193
 A-2         5.04335926        949.95664074            0.99495664             5.04335926
 X-1         0.00000000                                0.00000000             0.00000000
 X-2         0.00000000          0.00000000            0.00000000             0.00000000
 A-R      1000.00000000          0.00000000            0.00000000          1000.00000000
 B-1         0.00000000       1000.00000000            1.00000000             0.00000000
 B-2         0.00000000       1000.00000000            1.00000000             0.00000000
 B-3         0.00000000       1000.00000000            1.00000000             0.00000000
 B-4         0.00000000       1000.00000000            1.00000000             0.00000000
 B-5         0.00000000       1000.00000000            1.00000000             0.00000000
 B-6         0.00000000       1000.00000000            1.00000000             0.00000000
 X-B         0.00000000          0.00000000            0.00000000             0.00000000
-----------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of               Non-
                                           Certificate/     Current       Unpaid     Current   Supported
        Original Face       Current          Notional       Accrued      Interest   Interest   Interest   Realized
Class      Amount       Certificate Rate     Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)
------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>               <C>             <C>           <C>         <C>        <C>        <C>
 A-1    290,000,000.00      1.43875%      290,000,000.00    289,748.26     0.00        0.00       0.00      0.00
 A-2    505,100,000.00      1.57375%      505,100,000.00    552,014.67     0.00        0.00       0.00      0.00
 X-1              0.00      0.80000%      795,100,000.00    530,066.67     0.00        0.00       0.00      0.00
 X-2              0.00      0.60089%      795,100,000.00    398,141.34     0.00        0.00       0.00      0.00
 A-R            100.00      2.63063%              100.00          0.22     0.00        0.00       0.00      0.00
 B-1     16,607,000.00      1.66875%       16,607,000.00     19,245.09     0.00        0.00       0.00      0.00
 B-2      6,642,000.00      2.67132%        6,642,000.00     14,785.75     0.00        0.00       0.00      0.00
 B-3      4,982,000.00      2.67132%        4,982,000.00     11,090.42     0.00        0.00       0.00      0.00
 B-4      2,490,000.00      2.67132%        2,490,000.00      5,542.99     0.00        0.00       0.00      0.00
 B-5      1,660,000.00      2.67132%        1,660,000.00      3,695.32     0.00        0.00       0.00      0.00
 B-6      2,910,544.86      2.67132%        2,910,544.86      6,479.16     0.00        0.00       0.00      0.00
 X-B              0.00      1.28069%       16,607,000.00     17,723.73     0.00        0.00       0.00      0.00
------------------------------------------------------------------------------------------------------------------
Totals  830,391,644.86                                    1,848,533.62     0.00        0.00       0.00      0.00
------------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                          Unpaid    Certificate/
        Total Interest   Interest    Notational
Class    Distribution   Shortfall      Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
 A-1       289,748.26     0.00     288,307,020.04
 A-2       552,014.67     0.00     502,552,599.24
 X-1       530,066.66     0.00     769,568,863.95
 X-2       398,141.34     0.00     790,859,619.28
 A-R             0.22     0.00               0.00
 B-1        19,245.09     0.00      16,607,000.00
 B-2        14,785.75     0.00       6,642,000.00
 B-3        11,090.42     0.00       4,982,000.00
 B-4         5,542.99     0.00       2,490,000.00
 B-5         3,695.32     0.00       1,660,000.00
 B-6         6,478.16     0.00       2,910,544.86
 X-B        17,723.73     0.00      16,607,000.00
-------------------------------------------------
Totals   1,848,533.61     0.00
-------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                Payment of                   Non-
                               Current        Beginning                           Unpaid      Current     Supported
             Original Face   Certificate     Certificate/     Current Accrued    Interest     Interest     Interest     Realized
Class (5)       Amount          Rate       Notional Balance      Interest       Shortfall    Shortfall    Shortfall     Loss (6)
---------------------------------------------------------------------------------------------------------------------------------
<S>         <C>              <C>           <C>                <C>               <C>          <C>          <C>          <C>
  A-1       290,000,000.00     1.43875%     1000.00000000       0.99913193      0.00000000   0.00000000   0.00000000   0.00000000
  A-2       505,100,000.00     1.57375%     1000.00000000       1.09288194      0.00000000   0.00000000   0.00000000   0.00000000
  X-1                 0.00     0.80000%     1000.00000000       0.66666667      0.00000000   0.00000000   0.00000000   0.00000000
  X-2                 0.00     0.60089%     1000.00000000       0.50074373      0.00000000   0.00000000   0.00000000   0.00000000
  A-R               100.00     2.63063%     1000.00000000       2.20000000      0.00000000   0.00000000   0.00000000   0.00000000
  B-1        16,607,000.00     1.66875%     1000.00000000       1.15885410      0.00000000   0.00000000   0.00000000   0.00000000
  B-2         6,642,000.00     2.67132%     1000.00000000       2.22609907      0.00000000   0.00000000   0.00000000   0.00000000
  B-3         4,982,000.00     2.67132%     1000.00000000       2.22609795      0.00000000   0.00000000   0.00000000   0.00000000
  B-4         2,490,000.00     2.67132%     1000.00000000       2.22610040      0.00000000   0.00000000   0.00000000   0.00000000
  B-5         1,660,000.00     2.67132%     1000.00000000       2.22609639      0.00000000   0.00000000   0.00000000   0.00000000
  B-6         2,910,544.86     2.67132%     1000.00000000       2.22609866      0.00000000   0.00000000   0.00000000   0.00000000
  X-B                 0.00     1.28069%     1000.00000000       1.06724454      0.00000000   0.00000000   0.00000000   0.00000000

<CAPTION>
                             Remaining
                               Unpaid
            Total Interest    Interest    Ending Certificate/
Class (5)    Distribution    Shortfall    Notational Balance
-------------------------------------------------------------
<S>         <C>              <C>          <C>
  A-1         0.99913193     0.00000000       994.16213807
  A-2         1.09288194     0.00000000       994.95660474
  X-1         0.66666666     0.00000000       967.88940253
  X-2         0.50074373     0.00000000       994.66685861
  A-R         2.20000000     0.00000000         0.00000000
  B-1         1.15885410     0.00000000      1000.00000000
  B-2         2.22609907     0.00000000      1000.00000000
  B-3         2.22609795     0.00000000      1000.00000000
  B-4         2.22610040     0.00000000      1000.00000000
  B-5         2.22609639     0.00000000      1000.00000000
  B-6         2.22609866     0.00000000      1000.00000000
  X-B         1.06724454     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                           6,307,111.81
       Liquidations, Insurance Proceeds, Reserve Funds                      0.00
       Proceeds from Repurchased Loans                                      0.00
       Other Amounts (Servicer Advances)                               12,089.02
       Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
       Prepayment Penalties                                                 0.00
                                                                    ------------
Total Deposits                                                      6,319,200.83

Withdrawals
       Reimbursement for Servicer Advances                                  0.00
       Payment of Service Fee                                         230,186.50
       Payment of Interest and Principal                            6,089,014.33
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        6,319,200.83

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                                                226,264.58
Master Servicing Fee                                                 3,921.92
Supported Prepayment/Curtailment Interest Shortfall                      0.00
                                                                   ----------

Net Servicing Fee                                                  230,186.50
                                                                   ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                Beginning     Current      Current    Ending
       Account Type              Balance    Withdrawals   Deposits    Balance
-----------------------------------------------------------------------------
<S>                             <C>         <C>           <C>        <C>
Pool 1 Companion Reserve Fund    4,000.00      0.00         0.00     4,000.00
Pool 1 NAS Reserve Fund          1,000.00      0.00         0.00     1,000.00
Pool 2 Companion Reserve Fund      500.00      0.00         0.00       500.00
Pool 2 NAS Reserve Fund          2,000.00      0.00         0.00     2,000.00
Class X-B 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        21        5,527,839.58   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
            -------------------------               ---------------------               ---------------------
               21        5,527,839.58                   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     0.989632%      0.767959%    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%
            -----------------------                 --------------------                --------------------
            0.989632%      0.767959%                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        21       5,527,839.58
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                     21       5,527,839.58

             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     0.989632%     0.767959%
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%               0.989632%     0.767959%
</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  12,089.02
</TABLE>
<PAGE>

                  SUBORDINATION 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    35,291,544.86  4.24998795%  35,291,544.86  4.90292310%    109.871186%      0.000000%
Class X-1  35,291,544.86  4.24998795%  35,291,544.86  4.90292310%      0.000000%      0.000000%
Class X-2  35,291,544.86  4.24998795%  35,291,544.86  4.90292310%      0.000000%      0.000000%
Class B-1  18,684,544.86  2.25008825%  18,684,544.86  2.59577434%      2.307149%     47.056597%
Class B-2  12,042,544.86  1.45022471%  12,042,544.86  1.67302598%      0.922748%     18.820372%
Class B-3   7,060,544.86  0.85026685%   7,060,544.86  0.98089524%      0.692131%     14.116696%
Class B-4   4,750,544.86  0.55040834%   4,750,544.86  0.64396880%      0.345926%      7.055514%
Class B-5   2,910,544.86  0.35050267%   2,910,544.86  0.40435117%      0.230618%      4.703676%
Class B-6           0.00  0.00000000%           0.00  0.00000000%      0.404351%      8.247145%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
               DELINQUENT                       BANKRUPTCY                      FORECLOSURE
----------------------------------------------------------------------------------------------------
GROUP ONE - A
             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        3     1,436,913.07  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
           --------  ------------             --------   ---------             -------    ---------
               3     1,436,913.07                 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    1.363636%     1.770503%  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%
           --------      --------              --------   --------              --------   --------
           1.363636%     1.770503%             0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
             REO                               TOTAL
-------------------------------------------------------------------
GROUP ONE - A
             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        3      1,436,913.07
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                 3      1,436,913.07

             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    1.363636%      1.770503%
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%             1.363636%      1.770503%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                      FORECLOSURE
---------------------------------------------------------------------------------------------------
GROUP ONE - B
             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        3      681,950.00   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
           --------   ----------               -------     ----                  -----      -----
               3      681,950.00                  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    0.553506%   0.37628'1%  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%
           --------    ---------              --------   --------              --------   --------
           0.553506%   0.37628'1%             0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
             REO                             TOTAL
------------------------------------------------------------------
GROUP ONE - B
             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        3       681,950.00
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                    3       681,950.00

             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    0.553506%    0.37628'1%
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%             0.553506%    0.37628'1%
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                      FORECLOSURE
----------------------------------------------------------------------------------------------------
GROUP TWO
             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        15     3,408,976.51   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
           --------   ------------               -------    --------              -------      ------
               15     3,408,976.51                  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    1.102941%      0.745267%   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%
           --------       --------               --------   --------              --------   --------
           1.102941%      0.745267%              0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
                  REO                               TOTAL
------------------------------------------------------------------------
                GROUP TWO
                 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       15      3,408,976.51
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                  15      3,408,976.51

                   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    1.102941%   0.745267%
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%             1.102941%   0.745267%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                 Mixed Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                3.051986%
Weighted Average Net Coupon                                  2.725011%
Weighted Average Pass-Through Rate                           2.670486%
Weighted Average Maturity (Stepdown Calculation)                  351

Beginning Scheduled Collateral Loan Count                       2,128
Number of Loans Paid in Full                                        6
Ending Scheduled Collateral Loan Count                          2,122

Beginning Scheduled Collateral Balance                 830,391,645.00
Ending Scheduled Collateral Balance                    719,806,208.75
Ending Actual Collateral Balance at 28-Nov-2003        719,809,418.11

Monthly P&I Constant                                     1,841,483.64
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realized Loss Amount                                             0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   6,010,451.88

Ending Scheduled Balance for Premium Loans             719,806,208.75

Scheduled Principal                                              0.00
Unscheduled Principal                                    4,240,480.72
</TABLE>

<PAGE>


<TABLE>
<CAPTION>
            GROUP                   GROUP ONE - A        GROUP ONE - B           GROUP TWO               TOTAL
<S>                                <C>                  <C>                  <C>                     <C>
Collateral Description             1 Month LIBOR ARM    6 Month LIBOR ARM    6 Month LIBOR ARM            Mixed ARM
Weighted Average Coupon Rate                2.849629             3.083490             3.075345             3.051986
Weighted Average Net Rate                   2.474629             2.708490             2.700345             2.725011
Pass-Through Rate                           2.468129             2.701990             2.693845             2.670486
Weighted Average Maturity                        327                  354                  354                  351
Record Date                               11/28/2003           11/28/2003           11/28/2003           11/28/2003
Principal and Interest Constant           193,581.88           469,116.58         1,178,785.18         1,841,483.64
Beginning Loan Count                             220                  544                1,364                2,128
Loans Paid in Full                                 0                    2                    4                    6
Ending Loan Count                                220                  542                1,360                2,122
Beginning Scheduled Balance            81,518,771.89       182,565,825.89       459,962,091.69       724,046,689.47
Ending Scheduled Balance               81,157,723.71       181,233,794.11       457,414,690.93       719,806,208.75
Scheduled Principal                             0.00                 0.00                 0.00                 0.00
Unscheduled Principal                     361,048.18         1,332,031.78         2,547,400.76         4,240,480.72
Scheduled Interest                        193,581.88           469,115.58         1,178,785.18         1,841,483.64
Servicing Fee                              25,474.61            57,051.82           143,738.15           226,264.58
Master Servicing Fee                          441.56               988.90             2,491.46             3,921.92
Trustee Fee                                     0.00                 0.00                 0.00                 0.00
FRY Amount                                      0.00                 0.00                 0.00                 0.00
Special Hazard Fee                              0.00                 0.00                 0.00                 0.00
Other Fee                                       0.00                 0.00                 0.00                 0.00
Pool Insurance Fee                              0.00                 0.00                 0.00                 0.00
Spread 1                                        0.00                 0.00                 0.00                 0.00
Spread 2                                        0.00                 0.00                 0.00                 0.00
Spread 3                                        0.00                 0.00                 0.00                 0.00
Net Interest                              167,665.71           411,075.86         1,032,555.57         1,611,297.14
Realized Loss Amount                            0.00                 0.00                 0.00                 0.00
Cumulative Realized Loss                        0.00                 0.00                 0.00                 0.00
Percentage of Cumulative Losses                 0.00                 0.00                 0.00                 0.00
Prepayment Penalties                            0.00                 0.00                 0.00                 0.00
Special Servicing Fee                           0.00                 0.00                 0.00                 0.00
</TABLE>