<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 2003-6
                           RECORD DATE: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate     Certificate         Beginning
                                 Class           Pass-           Certificate        Interest        Principal        Current
   Class          CUSIP       Description     Through Rate         Balance        Distribution    Distribution    Realized Loss
-------------------------------------------------------------------------------------------------------------------------------
<S>             <C>           <C>             <C>              <C>                <C>             <C>             <C>
    A-1         81743PCX2         SEN           1.41000%       426,688,236.65       501,358.67    8,595,170.22         0.00
    X-1         81743PCZ7          IO           0.80000%                 0.00       340,038.16            0.00         0.00
    A-2         81743PCY0         SEN           1.61000%       168,482,157.07       226,046.89    1,245,179.45         0.00
    X-2         81743PDA1          IO           0.50582%                 0.00       250,873.53            0.00         0.00
    B-1         81743PDD5         SUB           1.68000%        11,287,000.00        15,801.80            0.00         0.00
    X-B         81743PDB9          IO           0.97802%                 0.00         9,199.04            0.00         0.00
    B-2         81743PDE3         SUB           2.65802%         5,643,000.00        12,499.31            0.00         0.00
    B-3         81743PDF0         SUB           2.65802%         3,320,000.00         7,353.84            0.00         0.00
    B-4         81743PDG8         SUB           2.65802%         1,660,000.00         3,676.92            0.00         0.00
    B-5         81743PDH6         SUB           2.65802%           996,000.00         2,206.15            0.00         0.00
    B-6         81743PDJ2         SUB           2.65802%         2,323,950.00         5,147.58            0.00         0.00
    A-R         81743PDC7         RES           2.65853%                 0.00             0.00            0.00         0.00
---------------------------------------------------------------------------------------------------------------------------
Totals                                                         620,400,343.72     1,374,201.89    9,840,349.67         0.00
---------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                  Ending
                Certificate          Total          Cumulative
   Class          Balance         Distribution     Realized Loss
----------------------------------------------------------------
<S>           <C>                <C>               <C>
    A-1       418,093,066.43      9,096,528.89         0.00
    X-1                 0.00        340,038.16         0.00
    A-2       167,236,977.62      1,471,226.34         0.00
    X-2                 0.00        250,873.53         0.00
    B-1        11,287,000.00         15,801.80         0.00
    X-B                 0.00          9,199.04         0.00
    B-2         5,643,000.00         12,499.31         0.00
    B-3         3,320,000.00          7,353.84         0.00
    B-4         1,660,000.00          3,676.92         0.00
    B-5           996,000.00          2,206.15         0.00
    B-6         2,323,950.00          5,147.58         0.00
    A-R                 0.00              0.00         0.00
-----------------------------------------------------------
Totals        610,559,994.05     11,214,551.56         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
   Class           Amount            Balance        Distribution     Distribution     Accretion    Loss (1)      Reduction
-----------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>               <C>              <C>              <C>          <C>        <C>
    A-1        458,238,000.00     426,688,236.65       1,098.44      8,594,071.78        0.00         0.00      8,595,170.22
    X-1                  0.00               0.00           0.00              0.00        0.00         0.00              0.00
    A-2        180,474,000.00     168,482,157.07         288.65      1,244,890.80        0.00         0.00      1,245,179.45
    X-2                  0.00               0.00           0.00              0.00        0.00         0.00              0.00
    B-1         11,287,000.00      11,287,000.00           0.00              0.00        0.00         0.00              0.00
    B-2          5,643,000.00       5,643,000.00           0.00              0.00        0.00         0.00              0.00
    B-3          3,320,000.00       3,320,000.00           0.00              0.00        0.00         0.00              0.00
    B-4          1,660,000.00       1,660,000.00           0.00              0.00        0.00         0.00              0.00
    B-5            996,000.00         996,000.00           0.00              0.00        0.00         0.00              0.00
    B-6          2,323,950.00       2,323,950.00           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
----------------------------------------------------------------------------------------------------------------------------
Totals         663,942,050.00     620,400,343.72       1,387.09      9,838,962.58        0.00         0.00      9,840,349.67
----------------------------------------------------------------------------------------------------------------------------

<CAPTION>
           Ending Certificate    Ending Certificate   Total Principal
   Class        Balance               Percentage        Distribution
---------------------------------------------------------------------
<S>        <C>                   <C>                  <C>
    A-1       418,093,066.43          0.91239283       8,595,170.22
    X-1                 0.00          0.00000000               0.00
    A-2       167,236,977.62          0.92665413       1,245,179.45
    X-2                 0.00          0.00000000               0.00
    B-1        11,287,000.00          1.00000000               0.00
    B-2         5,643,000.00          1.00000000               0.00
    B-3         3,320,000.00          1.00000000               0.00
    B-4         1,660,000.00          1.00000000               0.00
    B-5           996,000.00          1.00000000               0.00
    B-6         2,323,950.00          1.00000000               0.00
    A-R                 0.00          0.00000000               0.00
-------------------------------------------------------------------
Totals        610,559,994.05          0.91959832       9,840,349.67
-------------------------------------------------------------------
</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     Total Principal
Class          Amount            Balance      Distribution    Distribution     Accretion      Loss (3)        Reduction
--------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>             <C>             <C>             <C>            <C>           <C>
 A-1       458,238,000.00      931.14983186    0.00239709      18.75460302    0.00000000     0.00000000      18.75700012
 X-1                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-2       180,474,000.00      933.55362584    0.00159940       6.89789554    0.00000000     0.00000000       6.89949494
 X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-1        11,287,000.00     1000.00000000    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
 B-2         5,643,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3         3,320,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4         1,660,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5           996,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6         2,323,950.00     1000.00000000    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
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
       Ending Certificate   Ending Certificate    Total Principal
Class        Balance             Percentage        Distribution
-----------------------------------------------------------------
<S>    <C>                  <C>                   <C>
 A-1       912.39283174          0.91239283        18.75700012
 X-1         0.00000000          0.00000000         0.00000000
 A-2       926.65413090          0.92665413         6.89949494
 X-2         0.00000000          0.00000000         0.00000000
 B-1      1000.00000000          1.00000000         0.00000000
 X-B         0.00000000          0.00000000         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
 A-R         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-
                                    Current      Certificate/       Current         Unpaid       Current      Supported
              Original Face       Certificate       Notional        Accrued        Interest      Interest      Interest    Realized
 Class           Amount              Rate           Balance         Interest       Shortfall     Shortfall    Shortfall    Loss (4)
-----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                  <C>           <C>                <C>            <C>            <C>          <C>          <C>
  A-1        458,238,000.00         1.41000%    426,688,236.65     501,358.68         0.00          0.00         0.00        0.00
  X-1                  0.00         0.80000%    510,057,243.67     340,038.16         0.00          0.00         0.00        0.00
  A-2        180,474,000.00         1.61000%    168,482,157.07     226,046.89         0.00          0.00         0.00        0.00
  X-2                  0.00         0.50582%    595,170,393.72     250,873.53         0.00          0.00         0.00        0.00
  B-1         11,287,000.00         1.68000%     11,287,000.00      15,801.80         0.00          0.00         0.00        0.00
  X-B                  0.00         0.97802%     11,287,000.00       9,199.04         0.00          0.00         0.00        0.00
  B-2          5,643,000.00         2.65802%      5,643,000.00      12,499.31         0.00          0.00         0.00        0.00
  B-3          3,320,000.00         2.65802%      3,320,000.00       7,353.84         0.00          0.00         0.00        0.00
  B-4          1,660,000.00         2.65802%      1,660,000.00       3,676.92         0.00          0.00         0.00        0.00
  B-5            996,000.00         2.65802%        996,000.00       2,206.15         0.00          0.00         0.00        0.00
  B-6          2,323,950.00         2.65802%      2,323,950.00       5,147.58         0.00          0.00         0.00        0.00
  A-R                100.00         2.65853%              0.00           0.00         0.00          0.00         0.00        0.00
---------------------------------------------------------------------------------------------------------------------------------
Totals       663,942,050.00                                      1,374,201.90         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       501,358.67         0.00       418,093,066.43
  X-1       340,038.16         0.00       491,182,019.32
  A-2       226,046.89         0.00       167,236,977.62
  X-2       250,873.53         0.00       585,330,044.05
  B-1        15,801.80         0.00        11,287,000.00
  X-B         9,199.04         0.00        11,287,000.00
  B-2        12,499.31         0.00         5,643,000.00
  B-3         7,353.84         0.00         3,320,000.00
  B-4         3,676.92         0.00         1,660,000.00
  B-5         2,206.15         0.00           996,000.00
  B-6         5,147.58         0.00         2,323,950.00
  A-R             0.00         0.00                 0.00
--------------------------------------------------------
Totals    1,374,201.89         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
Class (5)         Amount          Rate       Notional Balance        Interest      Shortfall     Shortfall    Shortfall
------------------------------------------------------------------------------------------------------------------------
<S>           <C>              <C>           <C>                 <C>               <C>          <C>           <C>
   A-1        458,238,000.00    1.41000%        931.14983186        1.09410106     0.00000000   0.00000000    0.00000000
   X-1                  0.00    0.80000%        798.57156852        0.53238104     0.00000000   0.00000000    0.00000000
   A-2        180,474,000.00    1.61000%        933.55362584        1.25251776     0.00000000   0.00000000    0.00000000
   X-2                  0.00    0.50582%        931.82904614        0.39278036     0.00000000   0.00000000    0.00000000
   B-1         11,287,000.00    1.68000%       1000.00000000        1.40000000     0.00000000   0.00000000    0.00000000
   X-B                  0.00    0.97802%       1000.00000000        0.81501196     0.00000000   0.00000000    0.00000000
   B-2          5,643,000.00    2.65802%       1000.00000000        2.21501152     0.00000000   0.00000000    0.00000000
   B-3          3,320,000.00    2.65802%       1000.00000000        2.21501205     0.00000000   0.00000000    0.00000000
   B-4          1,660,000.00    2.65802%       1000.00000000        2.21501205     0.00000000   0.00000000    0.00000000
   B-5            996,000.00    2.65802%       1000.00000000        2.21501004     0.00000000   0.00000000    0.00000000
   B-6          2,323,950.00    2.65802%       1000.00000000        2.21501323     0.00000000   0.00000000    0.00000000
   A-R                100.00    2.65853%          0.00000000        0.00000000     0.00000000   0.00000000    0.00000000
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                             Remaining
                                              Unpaid
              Realized     Total Interest     Interest    Ending Certificate/
Class (5)     Loss (6)      Distribution     Shortfall    Notational Balance
-----------------------------------------------------------------------------
<S>          <C>           <C>              <C>           <C>
   A-1       0.00000000      1.09410103     0.00000000         912.39283174
   X-1       0.00000000      0.53238104     0.00000000         769.01955705
   A-2       0.00000000      1.25251776     0.00000000         926.65413090
   X-2       0.00000000      0.39278036     0.00000000         916.42249410
   B-1       0.00000000      1.40000000     0.00000000        1000.00000000
   X-B       0.00000000      0.81501196     0.00000000        1000.00000000
   B-2       0.00000000      2.21501152     0.00000000        1000.00000000
   B-3       0.00000000      2.21501205     0.00000000        1000.00000000
   B-4       0.00000000      2.21501205     0.00000000        1000.00000000
   B-5       0.00000000      2.21501004     0.00000000        1000.00000000
   B-6       0.00000000      2.21501323     0.00000000        1000.00000000
   A-R       0.00000000      0.00000000     0.00000000           0.00000000
---------------------------------------------------------------------------
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

         Payments of Interest and Principal                             11,400,432.70
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  12,697.76
         Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          11,413,130.46

Withdrawals

         Reimbursement for Servicer Advances                                11,211.89
         Payment of Service Fee                                            187,357.01
         Payment of Interest and Principal                              11,214,551.56
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            11,413,130.46

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                                            182,187.00
Master Servicing Fee                                             5,170.01
Supported Prepayment/Curtailment Interest Shortfall                  0.00
                                                               ----------
Net Servicing Fee                                              187,357.01
                                                               ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                             Beginning          Current          Current       Ending
         Account Type                         Balance         Withdrawals       Deposits       Balance
-------------------------------------------------------------------------------------------------------
<S>                                          <C>              <C>               <C>            <C>
Class A-1 Companion Sub Account               4,000.00            0.00             0.00        4,000.00
Class A-1 NAS Sub Account                     1,000.00            0.00             0.00        1,000.00
Class A-2 Companion Sub Account                 500.00            0.00             0.00          500.00
Class A-2 NAS Sub Account                     2,000.00            0.00             0.00        2,000.00
Class B-1 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              15   5,807,223.96   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   5,807,223.96                      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        0.837521%      0.951129%  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%
               -----------------------               --------------------                --------------------
               0.837521%      0.951129%              0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                 TOTAL
-------------------------------------------------------------------------
               No. of    Principal                No. of        Principal
               Loans      Balance                 Loans          Balance
<S>          <C>         <C>         <C>          <C>       <C>
0-29 Days           0        0.00    0-29 Days          0           0.00
30 Days             0        0.00    30 Days           15   5,807,223.96
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   5,807,223.96

               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     0.837521%      0.951129%
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%               0.837521%      0.951129%
</TABLE>

<TABLE>
<S>                                                <C>
Current Period Class A Insufficient Funds               0.00
Principal Balance of Contaminated Properties            0.00
Periodic Advance                                   12,697.76
</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       25,229,950.00     3.80002806%   25,229,950.00    4.13226386%      95.867736%        0.000000%
Class X-1     25,229,950.00     3.80002806%   25,229,950.00    4.13226386%       0.000000%        0.000000%
Class X-2     25,229,950.00     3.80002806%   25,229,950.00    4.13226386%       0.000000%        0.000000%
Class B-1     13,942,950.00     2.10002799%   13,942,950.00    2.28363308%       1.848631%       44.736514%
Class B-2      8,299,950.00     1.25010327%    8,299,950.00    1.35939958%       0.924233%       22.366275%
Class B-3      4,979,950.00     0.75005895%    4,979,950.00    0.81563647%       0.543763%       13.158964%
Class B-4      3,319,950.00     0.50003679%    3,319,950.00    0.54375492%       0.271882%        6.579482%
Class B-5      2,323,950.00     0.35002349%    2,323,950.00    0.38062599%       0.163129%        3.947689%
Class B-6              0.00     0.00000000%            0.00    0.00000000%       0.380626%        9.211077%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
               DELINQUENT                              BANKRUPTCY                         FORECLOSURE
----------------------------------------------------------------------------------------------------------------
POOL 1 - 1 MONTH

                 No. of      Principal                   No. of    Principal                 No. of    Principal
                 Loans        Balance                    Loans      Balance                  Loans      Balance
<S>            <C>         <C>             <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0            0.00    0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days               1    1,200,000.00    30 Days            0        0.00    30 Days            0        0.00
60 Days               0            0.00    60 Days            0        0.00    60 Days            0        0.00
90 Days               0            0.00    90 Days            0        0.00    90 Days            0        0.00
120 Days              0            0.00    120 Days           0        0.00    120 Days           0        0.00
150 Days              0            0.00    150 Days           0        0.00    150 Days           0        0.00
180+ Days             0            0.00    180+ Days          0        0.00    180+ Days          0        0.00
               ------------------------                --------------------                --------------------
                      1    1,200,000.00                       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        0.578035%      1.775573%    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%
               ------------------------                --------------------                --------------------
               0.578035%      1.775573%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
               REO                                   TOTAL
--------------------------------------------------------------------------
               No. of    Principal                No. of       Principal
               Loans      Balance                 Loans         Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days            1    1,200,000.00
60 Days             0        0.00    60 Days            0            0.00
90 Days             0        0.00    90 Days            0            0.00
120 Days            0        0.00    120 Days           0            0.00
150 Days            0        0.00    150 Days           0            0.00
180+ Days           0        0.00    180+ Days          0            0.00
             --------------------                ------------------------
                    0        0.00                       1    1,200,000.00

               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     0.578035%       1.775573%
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%               0.578035%       1.775573%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                        FORECLOSURE
-------------------------------------------------------------------------------------------------------------
POOL 1 - 6 MONTH
                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              10   3,481,137.40   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
               -----------------------               --------------------               ---------------------
                     10   3,481,137.40                      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        0.904159%      0.944394%  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%
               -----------------------               --------------------               ---------------------
               0.904159%      0.944394%              0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
                  REO                                    TOTAL
-----------------------------------------------------------------------------
                No. of      Principal                 No. of       Principal
                 Loans       Balance                  Loans         Balance
<S>            <C>        <C>            <C>         <C>         <C>
0-29 Days             0           0.00   0-29 Days          0            0.00
30 Days               0           0.00   30 Days           10    3,481,137.40
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                     10    3,481,137.40

                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     0.904159%       0.944394%
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%              0.904159%       0.944394%
</TABLE>

<TABLE>
<CAPTION>
               DELINQUENT                             BANKRUPTCY                           FORECLOSURE
----------------------------------------------------------------------------------------------------------------
POOL 2
                 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               4   1,126,086.56   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
               -----------------------               -----------------------                --------------------
                      4   1,126,086.56                      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        0.781250%      0.645814%  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%
               -----------------------               -----------------------                --------------------
               0.781250%      0.645814%              0.000000%      0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-------------------------------------------------------------------------
<S>          <C>         <C>         <C>         <C>         <C>
               No. of    Principal                 No. of     Principal
               Loans      Balance                  Loans       Balance

0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days            4    1,126,086.56
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                       4    1,126,086.56

               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     0.781250%       0.645814%
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%               0.781250%       0.645814%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                        Mixed Arm
<S>                                                        <C>
Weighted Average Gross Coupon                                    3.020422%
Weighted Average Net Coupon                                      2.668029%
Weighted Average Pass-Through Rate                               2.658029%
Weighted Average Maturity (Stepdown Calculation)                      322

Beginning Scheduled Collateral Loan Count                           1,814
Number of Loans Paid in Full                                           23
Ending Scheduled Collateral Loan Count                              1,791

Beginning Scheduled Collateral Balance                     620,400,343.91
Ending Scheduled Collateral Balance                        610,559,994.24
Ending Actual Collateral Balance at 30-Apr-2004            610,561,387.51

Monthly P&I Constant                                         1,562,946.00
Special Servicing Fee                                                0.00
Prepayment Penalties                                                 0.00
Realized Loss Amount                                                 0.00
Cumulative Realized Loss                                             0.00

Class A Optimal Amount                                      11,158,666.93

Ending Scheduled Balance for Premium Loans                 610,559,994.24

Scheduled Principal                                              1,387.09
Unscheduled Principal                                        9,838,962.58
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP                POOL 1 - 1 MONTH      POOL 1 - 6 MONTH           POOL 2                 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                     2.852756             3.040178              3.043464            3.020422
Weighted Average Net Rate                        2.512251             2.686621              2.688930            2.668029
Pass-Through Rate                                2.502251             2.676621              2.678930            2.658029
Weighted Average Maturity                             307                  323                   328                 322
Record Date                                    04/30/2004           04/30/2004            04/30/2004          04/30/2004
Principal and Interest Constant                162,972.21           954,296.97            445,676.82        1,562,946.00
Beginning Loan Count                                  175                1,124                   515               1,814
Loans Paid in Full                                      2                   18                     3                  23
Ending Loan Count                                     173                1,106                   512               1,791
Beginning Scheduled Balance                 68,474,732.69       376,314,568.82        175,611,042.40      620,400,343.91
Ending Scheduled Balance                    67,583,666.79       368,610,464.50        174,365,862.95      610,559,994.24
Scheduled Principal                                187.47               910.97                288.65            1,387.09
Unscheduled Principal                          890,878.43         7,703,193.35          1,244,890.80        9,838,962.58
Scheduled Interest                             162,784.74           953,386.00            445,388.17        1,561,558.91
Servicing Fee                                   19,429.97           110,873.67             51,883.36          182,187.00
Master Servicing Fee                               570.63             3,135.96              1,463.42            5,170.01
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                                   142,784.14           839,376.37            392,041.39        1,374,201.90
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>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                     <C>
Group Pool 1 - 1 Month
1 Month LIBOR Loan Balance                               67,583,666.79
6 Month LIBOR Loan Balance                              368,610,464.50
Interest Transfer Amount                                          0.00
Principal Transfer Amount                                         0.00
Pro-Rata Pct                                                 95.930418%
Senior Pct                                                  100.000000%
Senior Prepay Pct                                           100.000000%
Subordinate Pct                                               0.000000%
Subordinate Prepay Pct                                        0.000000%

Group 1 - 6 Month

6 Month LIBOR Loan Balance                              174,365,862.95
Interest Transfer Amount                                          0.00
Principal Transfer Amount                                         0.00
Pro-Rata Pct                                                 95.940526%
Senior Pct                                                  100.000000%
Senior Prepay Pct                                           100.000000%
Subordinate Pct                                               0.000000%
Subordinate Prepay Pct                                        0.000000%
</TABLE>