<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: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                        Beginning
                      Class     Certificate Pass-    Certificate     Interest      Principal       Current     Ending Certificate
 Class    CUSIP    Description    Through Rate         Balance     Distribution  Distribution   Realized Loss       Balance
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>            <C>            <C>
  1A    81743PAA4      SEN          1.48000%       678,787,911.93    837,171.76  11,497,301.55       0.00        667,290,610.38
  2A    81743PAB2      SEN          1.57000%       160,610,030.23    210,131.46   1,993,802.48       0.00        158,616,227.75
 X-1A   81743PAC0       IO          0.91778%                 0.00    119,633.61           0.00       0.00                  0.00
 X-1B   81743PAD8       IO          1.18158%                 0.00    514,347.55           0.00       0.00                  0.00
  X-2   81743PAE6       IO          1.09876%                 0.00    147,060.03           0.00       0.00                  0.00
  X-B   81743PAF3       IO          0.63386%                 0.00      8,401.24           0.00       0.00                  0.00
  A-R   81743PAG1       R           2.74379%                 0.00          0.00           0.00       0.00                  0.00
  B-1   81743PAH9      SUB          1.98000%        15,905,000.00     26,243.25           0.00       0.00         15,905,000.00
  B-2   81743PAJ5      SUB          2.61386%         8,210,000.00     17,883.14           0.00       0.00          8,210,000.00
  B-3   81743PAK2      SUB          2.61386%         5,644,000.00     12,293.84           0.00       0.00          5,644,000.00
  B-4   SEQ0301B4      SUB          2.61386%         2,565,000.00      5,587.12           0.00       0.00          2,565,000.00
  B-5   SEQ0301B5      SUB          2.61386%         1,539,000.00      3,352.27           0.00       0.00          1,539,000.00
  B-6   SEQ0301B6      SUB          2.61386%         4,105,618.00      8,942.91           0.00       0.00          4,105,618.00
---------------------------------------------------------------------------------------------------------------------------------
Totals                                             877,366,560.16  1,911,048.18  13,491,104.03       0.00        863,875,456.13
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                   Certificate
                      Class         Total        Cumulative
 Class    CUSIP    Description   Distribution  Realized Loss
------------------------------------------------------------
<S>     <C>        <C>          <C>            <C>
  1A    81743PAA4      SEN         12,334,473       0.00
  2A    81743PAB2      SEN       2,203,933.94       0.00
 X-1A   81743PAC0       IO         119,633.61       0.00
 X-1B   81743PAD8       IO         514,347.55       0.00
  X-2   81743PAE6       IO         147,060.03       0.00
  X-B   81743PAF3       IO           8,401.24       0.00
  A-R   81743PAG1       R                0.00       0.00
  B-1   81743PAH9      SUB          26,243.25       0.00
  B-2   81743PAJ5      SUB          17,883.14       0.00
  B-3   81743PAK2      SUB          12.293.84       0.00
  B-4   SEQ0301B4      SUB           5,587.12       0.00
  B-5   SEQ0301B5      SUB           3,352.27       0.00
  B-6   SEQ0301B6      SUB           8,942.91       0.00
--------------------------------------------------------
Totals                          15,402,152.21       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
          Original Face      Certificate     Principal     Principal               Realized  Total Principal  Ending 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  678,787,911.93      0.00      11,497,301.55     0.00      0.00     11,497,301.55     667,290,610.38
  2A       190,000,000.00  160,610,030.23      0.00       1,993,802.48     0.00      0.00      1,993,802.48     158,616,227.75
 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  877,366,560.16      0.00      13,491,104.03     0.00      0.00     13,491,104.03     863,875,456.13
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
        Ending Certificate  Total Principal
 Class      Percentage        Distribution
-------------------------------------------
<S>     <C>                 <C>
  1A        0.83598797       11,497,301.55
  2A        0.83482225        1,993,802.48
 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      0.84184052       13,491,104.03
------------------------------------------
</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                     Realized     Total Principal
Class          Amount         Balance      Distribution   Distribution     Accretion      Loss (3)        Reduction
----------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>             <C>            <C>             <C>            <C>           <C>
 1A        798,206,000.00   850.39189373    0.00000000     14.40392775    0.00000000     0.00000000      14.40392775
 2A        190,000,000.00   845.31594858    0.00000000     10.49369726    0.00000000     0.00000000      10.49369726
X-1A                 0.00     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
 X-2                 0.00     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
 A-R               100.00     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
 B-2         8,210,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-3         5,644,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-4         2,565,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,539,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-6         4,105,618.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
</TABLE>

<TABLE>
<CAPTION>
           Ending Certificate  Ending Certificate   Total Principal
Class           Balance            Percentage        Distribution
-------------------------------------------------------------------
<S>        <C>                 <C>                  <C>
 1A            835.98796599        0.83598797         14.40392775
 2A            834.82225132        0.83482225         10.49369726
X-1A             0.00000000        0.00000000          0.00000000
X-1B             0.00000000        0.00000000          0.00000000
 X-2             0.00000000        0.00000000          0.00000000
 X-B             0.00000000        0.00000000          0.00000000
 A-R             0.00000000        0.00000000          0.00000000
 B-1          1000.00000000        1.00000000          0.00000000
 B-2          1000.00000000        1.00000000          0.00000000
 B-3          1000.00000000        1.00000000          0.00000000
 B-4          1000.00000000        1.00000000          0.00000000
 B-5          1000.00000000        1.00000000          0.00000000
 B-6          1000.00000000        1.00000000          0.00000000
</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>
  1A       798,206,000.00      1.48000%      678,787,911.93    837,171.76     0.00        0.00      0.00       0.00
  2A       190,000,000.00      1.57000%      160,610,030.23    210,131.46     0.00        0.00      0.00       0.00
 X-1A                0.00      0.91778%      156,420,738.96    119,633.61     0.00        0.00      0.00       0.00
 X-1B                0.00      1.18158%      522,367,173.96    514,347.55     0.00        0.00      0.00       0.00
  X-2                0.00      1.09875%      160,610,030.23    147,060.03     0.00        0.00      0.00       0.00
  X-B                0.00      0.63386%       15,905,000.00      8,401.24     0.00        0.00      0.00       0.00
  A-R              100.00      2.74379%                0.00          0.00     0.00        0.00      0.00       0.00
  B-1       15,905,000.00      1.98000%       15,905,000.00     26,243.25     0.00        0.00      0.00       0.00
  B-2        8,210,000.00      2.61386%        8,210,000.00     17,883.14     0.00        0.00      0.00       0.00
  B-3        5,644,000.00      2.61386%        5,644,000.00     12,293.84     0.00        0.00      0.00       0.00
  B-4        2,565,000.00      2.61386%        2,565,000.00      5,587.12     0.00        0.00      0.00       0.00
  B-5        1,539,000.00      2.61386%        1,539,000.00      3,352.27     0.00        0.00      0.00       0.00
  B-6        4,105,618.00      2.61386%        4,105,618.00      8,942.91     0.00        0.00      0.00       0.00
-------------------------------------------------------------------------------------------------------------------
Totals   1,026,174,718.00                                    1,911,048.18     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>
  1A        837,171.76      0.00     667,290,610.38
  2A        210,131.46      0.00     158,616,227.75
 X-1A       119,633.61      0.00     154,475,144.37
 X-1B       514,347.55      0.00     512,815,467.00
  X-2       147,060.03      0.00     158,616,227.75
  X-B         8,401.24      0.00      15,905,000.00
  A-R             0.00      0.00               0.00
  B-1        26,243.25      0.00      15,905,000.00
  B-2        17,883.14      0.00       8,210,000.00
  B-3        12,293.84      0.00       5,644,000.00
  B-4         5,587.12      0.00       2,565,000.00
  B-5         3,352.27      0.00       1,539,000.00
  B-6         8,942.91      0.00       4,105,618.00
---------------------------------------------------
Totals    1,911,048.18      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     1.48000%      850.39189373     1.04881667     0.00000000   0.00000000   0.00000000  0.00000000
 2A       190,000,000.00     1.57000%      845.31594858     1.10595505     0.00000000   0.00000000   0.00000000  0.00000000
X-1A                0.00     0.91778%      853.92686211     0.65309980     0.00000000   0.00000000   0.00000000  0.00000000
X-1B                0.00     1.18158%      849.33905043     0.83629960     0.00000000   0.00000000   0.00000000  0.00000000
 X-2                0.00     1.09876%      845.31594858     0.77400016     0.00000000   0.00000000   0.00000000  0.00000000
 X-B                0.00     0.63386%     1000.00000000     0.52821377     0.00000000   0.00000000   0.00000000  0.00000000
 A-R              100.00     2.74379%        0.00000000     0.00000000     0.00000000   0.00000000   0.00000000  0.00000000
 B-1       15,905,000.00     1.98000%     1000.00000000     1.65000000     0.00000000   0.00000000   0.00000000  0.00000000
 B-2        8,210,000.00     2.61386%     1000.00000000     2.17821437     0.00000000   0.00000000   0.00000000  0.00000000
 B-3        5,644,000.00     2.61386%     1000.00000000     2.17821403     0.00000000   0.00000000   0.00000000  0.00000000
 B-4        2,565,000.00     2.61386%     1000.00000000     2.17821442     0.00000000   0.00000000   0.00000000  0.00000000
 B-5        1,539,000.00     2.61386%     1000.00000000     2.17821313     0.00000000   0.00000000   0.00000000  0.00000000
 B-6        4,105,618.00     2.61386%     1000.00000000     2.17821288     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         1.04881667     0.00000000       835.98796599
 2A         1.10595505     0.00000000       834.82225132
X-1A        0.65309980     0.00000000       843.30553725
X-1B        0.83629960     0.00000000       833.80852300
 X-2        0.77400016     0.00000000       834.82225132
 X-B        0.52821377     0.00000000      1000.00000000
 A-R        0.00000000     0.00000000        0.000000000
 B-1        1.65000000     0.00000000      1000.00000000
 B-2        2.17821437     0.00000000      1000.00000000
 B-3        2.17821403     0.00000000      1000.00000000
 B-4        2.17821442     0.00000000      1000.00000000
 B-5        2.17821313     0.00000000      1000.00000000
 B-6        2.17821288     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                             15,684,503.91
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                   2,556.77
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          15,687,060.68

Withdrawals
         Reimbursement for Servicer Advances                                 1,868.97
         Payment of Service Fee                                            283,039.51
         Payment of Interest and Principal                              15,402,152.20
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            15,687,060.68

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                                                        275,728.12
Master Servicing Fee                                                         7,311.39
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                           ----------

Net Servicing Fee                                                          283,039.51
                                                                           ==========
</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            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            1       499,843.75   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          1       275,900.00   180+ Days       0           0.00    180+ Days       1       280,250.00
              -----------------------               --------------------               -----------------------
                   2       775,743.75                   0           0.00                    1       280,250.00

                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        0.040177%     0.057860%  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      0.040177%     0.031937%  180+ Days   0.000000%   0.000000%   180+ Days   0.040177%     0.032441%
              -----------------------               --------------------               -----------------------
               0.080354%     0.089797%              0.000000%   0.000000%               0.040177%     0.032441%
</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         0               0.00
60 Days          0           0.00    60 Days         0               0.00
90 Days          0           0.00    90 Days         1         499,843.75
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       2         556,150.00
             --------------------                ------------------------
                 0           0.00                    3       1,055,993.75

              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     0.040177%       0.057860%
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   0.080354%       0.064378%
             --------------------                ------------------------
             0.000000%   0.000000%               0.120530%       0.122238%
</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  2,556.77
</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%     863,875,456.13     100.00000000%       95.604850%          0.000000%
Class 1A               227,968,618.00        22.21538048%     196,584,845.75      22.75615592%       77.243844%      1,757.479322%
Class 2A                37,968,618.00         3.70001495%      37,968,618.00       4.39514952%       18.361006%        417.756126%
Class X-1-A             37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class X-1-B             37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class X-2               37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class B-1               22,063,618.00         2.15008396%      22,063,618.00       2.55402765%        1.841122%         41.889858%
Class B-2               13,853,618.00         1.35002527%      13,853,618.00       1.60365917%        0.950368%         21.623120%
Class B-3                8,209,618.00         0.80002146%       8,209,618.00       0.95032426%        0.653335%         14.864908%
Class B-4                5,644,618.00         0.55006403%       5,644,618.00       0.65340646%        0.296918%          6.755579%
Class B-5                4,105,618.00         0.40008957%       4,105,618.00       0.47525578%        0.178151%          4.053347%
Class B-6                        0.00         0.00000000%               0.00       0.00000000%        0.475256%         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             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             1      499,843.75   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           1      275,900.00   180+ Days       0           0.00    180+ Days       1       280,250.00
               ----------------------               --------------------                ----------------------
                    2      775,743.75                   0           0.00                    1       280,250.00

                 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        0.050201%     0.071614%  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      0.050201%     0.039529%  180+ Days   0.000000%   0.000000%   180+ Days   0.050201%     0.040152%
               ----------------------               --------------------                ----------------------
               0.100402%     0.111144%              0.000000%   0.000000%               0.050201%     0.040152%
</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         0               0.00
60 Days          0           0.00    60 Days         0               0.00
90 Days          0           0.00    90 Days         1         499,843.75
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       2         556,150.00
             --------------------                ------------------------
                 0           0.00                    3       1,055,993.75

               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     0.050201%       0.071614%
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   0.100402%       0.079682%
             --------------------                ------------------------
             0.000000%   0.000000%               0.150602%       0.151296%
</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
<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         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                                               3.000918%
Weighted Average Net Coupon                                                 2.623797%
Weighted Average Pass-Through Rate                                          2.613797%
Weighted Average Maturity (Stepdown Calculation)                                 312

Beginning Scheduled Collateral Loan Count                                      2,522
Number of Loans Paid in Full                                                      33
Ending Scheduled Collateral Loan Count                                         2,489

Beginning Scheduled Collateral Balance                                877,366,560.16
Ending Scheduled Collateral Balance                                   863,875,456.13
Ending Actual Collateral Balance at 30-Apr-2004                       863,882,353.20

Monthly P&I Constant                                                    2,194,087.67
Special Servicing Fee                                                           0.00
Prepayment Penalties                                                            0.00
Realization Loss Amount                                                         0.00
Cumulative Realized Loss                                                        0.00

Class A Optimal Amount                                                 15,319,448.43

Ending Scheduled Balance for Premium Loans                            863,875,456.13

Scheduled Principal                                                             0.00
Unscheduled Principal                                                  13,491,104.03
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                           <C>
Cap Agreement Deposit - 1 month Libor Loan                                    0
Cap Agreement Deposit - 6 month Libor Loan                                    0
</TABLE>

<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                     2.988412          3.053761              3.000918
Weighted Average Net Rate                        2.610788          2.678761              2.623797
Pass-Through Rate                                2.600788          2.668761              2.613797
Weighted Average Maturity                             310               318                   312
Record Date                                    04/30/2004        04/30/2004            04/30/2004
Principal and Interest Constant              1,766,790.49        427,297.18          2,194,087.67
Beginning Loan Count                                2,019               503                 2,522
Loans Paid in Full                                     27                 6                    33
Ending Loan Count                                   1,992               497                 2,489
Beginning Scheduled Balance                709,456,687.93    167,909,872.23        877,366,560.16
Ending Scheduled Balance                   697,959,386.38    165,916,069.75        863,875,456.13
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                       11,497,301.55      1,993,802.48         13,491,104.03
Scheduled Interest                           1,766,790.49        427,297.18          2,194,087.67
Servicing Fee                                  223,256.28         52,471.84            275,728.12
Master Servicing Fee                             5,912.14          1,399.25              7,311.39
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                                 1,537,622.07        373,426.09          1,911,048.16
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                                     161,574,844.82
Six Month Libor Loan Balance                                     536,384,541.56
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                                     165,916,069.75
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE>