<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 2003-8
                           RECORD DATE: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                       Certificate    Certificate         Beginning
                          Class       Pass-Through       Certificate       Interest       Principal         Current
Class       CUSIP      Description        Rate             Balance       Distribution    Distribution     Realized Loss
-----------------------------------------------------------------------------------------------------------------------
<S>       <C>          <C>            <C>              <C>               <C>             <C>              <C>
 A-1      81743PDX1        SEN          1.42000%       769,729,690.28      910,846.80    12,396,756.25         0.00
 X-1      81743PDZ6         IO          0.80000%                 0.00      540,727.96             0.00         0.00
 A-2      81743PDY9        SEN          1.56000%       148,062,097.40      192,480.73     1,078,102.58         0.00
 X-2      81743PEA0         IO          0.39875%                 0.00      304,975.26             0.00         0.00
 B-1      81743PED4        SUB          1.69000%        14,166,000.00       19,950.45             0.00         0.00
 X-B      81743PEB8         IO          0.61445%                 0.00       11,505.51             0.00         0.00
 B-2      81743PEE2        SUB          2.35000%         8,304,000.00       16,262.00             0.00         0.00
 B-3      81743PEF9        SUB          2.54836%         4,884,000.00       10,371.81             0.00         0.00
 B-4      81743PEG7        SUB          2.54836%         2,443,000.00        5,188.03             0.00         0.00
 B-5      81743PEH5        SUB          2.54836%         1,465,000.00        3,111.12             0.00         0.00
 B-6      81743PEJ1        SUB          2.54836%         3,908,267.00        8,299.71             0.00         0.00
 A-R      81743PEC6        RES          2.55434%                 0.00            0.00             0.00         0.00
-----------------------------------------------------------------------------------------------------------------------
Totals                                                 952,962,054.68    2,023,719.38    13,474,858.83         0.00
-----------------------------------------------------------------------------------------------------------------------

<CAPTION>
                       Certificate       Ending
                          Class        Certificate         Total          Cumulative
Class       CUSIP      Description       Balance        Distribution     Realized Loss
--------------------------------------------------------------------------------------
<S>       <C>          <C>            <C>               <C>              <C>
 A-1      81743PDX1        SEN        757,332,934.03    13,307,603.05        0.00
 X-1      81743PDZ6         IO                  0.00       540,727.96        0.00
 A-2      81743PDY9        SEN        146,983,994.82     1,270,583.31        0.00
 X-2      81743PEA0         IO                  0.00       304,975.26        0.00
 B-1      81743PED4        SUB         14,166,000.00        19,950.45        0.00
 X-B      81743PEB8         IO                  0.00        11,505.51        0.00
 B-2      81743PEE2        SUB          8,304,000.00        16,262.00        0.00
 B-3      81743PEF9        SUB          4,884,000.00        10,371.81        0.00
 B-4      81743PEG7        SUB          2,443,000.00         5,188.03        0.00
 B-5      81743PEH5        SUB          1,465,000.00         3,111.12        0.00
 B-6      81743PEJ1        SUB          3,908,267.00         8,299.71        0.00
 A-R      81743PEC6        RES                  0.00             0.00        0.00
--------------------------------------------------------------------------------------
Totals                                939,487,195.85    15,498,578.21        0.00
--------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
                              Beginning         Scheduled      Unscheduled                                   Total
          Original Face      Certificate        Principal       Principal                    Realized      Principal
Class         Amount           Balance        Distribution     Distribution     Accretion    Loss (1)      Reduction
----------------------------------------------------------------------------------------------------------------------
<S>       <C>               <C>               <C>             <C>               <C>          <C>         <C>
 A-1      791,768,000.00    769,729,690.28       0.00         12,396,756.25        0.00        0.00      12,396,756.25
 X-1                0.00              0.00       0.00                  0.00        0.00        0.00               0.00
 A-2      150,000,000.00    148,062,097.40       0.00          1,078,102.58        0.00        0.00       1,078,102.58
 X-2                0.00              0.00       0.00                  0.00        0.00        0.00               0.00
 B-1       14,166,000.00     14,166,000.00       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
 B-2        8,304,000.00      8,304,000.00       0.00                  0.00        0.00        0.00               0.00
 B-3        4,884,000.00      4,884,000.00       0.00                  0.00        0.00        0.00               0.00
 B-4        2,443,000.00      2,443,000.00       0.00                  0.00        0.00        0.00               0.00
 B-5        1,465,000.00      1,465,000.00       0.00                  0.00        0.00        0.00               0.00
 B-6        3,908,267.00      3,908,267.00       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    976,938,367.00    952,962,054.68       0.00         13,474,858.83        0.00        0.00      13,474,858.83
----------------------------------------------------------------------------------------------------------------------

<CAPTION>
             Ending           Ending
           Certificate      Certificate    Total Principal
Class        Balance         Percentage      Distribution
----------------------------------------------------------
<S>       <C>               <C>            <C>
 A-1      757,332,934.03     0.95650864      12,396,756.25
 X-1                0.00     0.00000000               0.00
 A-2      146,983,994.82     0.97989330       1,078,102.58
 X-2                0.00     0.00000000               0.00
 B-1       14,166,000.00     1.00000000               0.00
 X-B                0.00     0.00000000               0.00
 B-2        8,304,000.00     1.00000000               0.00
 B-3        4,884,000.00     1.00000000               0.00
 B-4        2,443,000.00     1.00000000               0.00
 B-5        1,465,000.00     1.00000000               0.00
 B-6        3,908,267.00     1.00000000               0.00
 A-R                0.00     0.00000000               0.00
----------------------------------------------------------
Totals    939,487,195.85     0.96166476      13,474,858.83
----------------------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                 Beginning        Scheduled        Unscheduled                                 Total
           Original Face        Certificate       Principal         Principal                   Realized     Principal
Class          Amount             Balance        Distribution     Distribution     Accretion    Loss (3)     Reduction
-----------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>                <C>              <C>             <C>          <C>          <C>
 A-1       791,768,000.00      972.16569788       0.00000000       15.65705642    0.00000000   0.00000000   15.65705642
 X-1                 0.00        0.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 A-2       150,000,000.00      987.08064933       0.00000000        7.18735053    0.00000000   0.00000000    7.18735053
 X-2                 0.00        0.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 B-1        14,166,000.00     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         8,304,000.00     1000.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 B-3         4,884,000.00     1000.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 B-4         2,443,000.00     1000.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 B-5         1,465,000.00     1000.00000000       0.00000000        0.00000000    0.00000000   0.00000000    0.00000000
 B-6         3,908,267.00     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           Ending           Total
           Certificate      Certificate      Principal
Class        Balance        Percentage      Distribution
--------------------------------------------------------
<S>       <C>               <C>             <C>
 A-1       956.50864146     0.95650864       15.65705642
 X-1         0.00000000     0.00000000        0.00000000
 A-2       979.89329880     0.97989330        7.18735053
 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
                              Current       Certificate/       Current         Unpaid        Current     Non-Supported
          Original Face     Certificate      Notional          Accrued        Interest      Interest       Interest
Class        Amount            Rate           Balance          Interest       Shortfall     Shortfall      Shortfall
----------------------------------------------------------------------------------------------------------------------
<S>       <C>               <C>            <C>                <C>            <C>            <C>          <C>
 A-1      791,768,000.00      1.42000%     769,729,690.28     910,846.80        0.00          0.00           0.00
 X-1                0.00      0.80000%     811,091,949.88     540,727.97        0.00          0.00           0.00
 A-2      150,000,000.00      1.56000%     148,062,097.40     192,480.73        0.00          0.00           0.00
 X-2                0.00      0.39875%     917,791,787.68     304,975.26        0.00          0.00           0.00
 B-1       14,166,000.00      1.69000%      14,166,000.00      19,950.45        0.00          0.00           0.00
 X-B                0.00      0.61445%      22,470,000.00      11,505.51        0.00          0.00           0.00
 B-2        8,304,000.00      2.35000%       8,304,000.00      16,262.00        0.00          0.00           0.00
 B-3        4,884,000.00      2.54836%       4,884,000.00      10,371.81        0.00          0.00           0.00
 B-4        2,443,000.00      2.54836%       2,443,000.00       5,188.03        0.00          0.00           0.00
 B-5        1,465,000.00      2.54836%       1,465,000.00       3,111.12        0.00          0.00           0.00
 B-6        3,908,267.00      2.54836%       3,908,267.00       8,299.71        0.00          0.00           0.00
 A-R              100.00      2.55434%               0.00           0.00        0.00          0.00           0.00
----------------------------------------------------------------------------------------------------------------------
Totals    976,938,367.00                                    2,023,719.39        0.00          0.00           0.00
----------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                        Remaining        Ending
                                         Unpaid       Certificate/
          Realized    Total Interest    Interest       Notational
Class     Loss (4)     Distribution     Shortfall       Balance
-------------------------------------------------------------------
<S>       <C>         <C>               <C>          <C>
 A-1        0.00          910,846.80       0.00      757,332,934.03
 X-1        0.00          540,727.96       0.00      781,251,166.47
 A-2        0.00          192,480.73       0.00      146,983,994.82
 X-2        0.00          304,975.26       0.00      904,316,928.85
 B-1        0.00           19,950.45       0.00       14,166,000.00
 X-B        0.00           11,505.51       0.00       22,470,000.00
 B-2        0.00           16,262.00       0.00        8,304,000.00
 B-3        0.00           10,371.81       0.00        4,884,000.00
 B-4        0.00            5,188.03       0.00        2,443,000.00
 B-5        0.00            3,111.12       0.00        1,465,000.00
 B-6        0.00            8,299.71       0.00        3,908,267.00
 A-R        0.00                0.00       0.00                0.00
-------------------------------------------------------------------
Totals      0.00        2,023,719.38       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
                                Current         Beginning                            Unpaid        Current
             Original Face    Certificate    Certificate/       Current Accrued     Interest       Interest
Class (5)       Amount           Rate       Notional Balance       Interest        Shortfall      Shortfall
------------------------------------------------------------------------------------------------------------
<S>          <C>              <C>           <C>                 <C>                <C>            <C>
   A-1       791,768,000.00    1.42000%       972.16569788        1.15039608       0.00000000     0.00000000
   X-1                 0.00    0.80000%       861.24390495        0.57416261       0.00000000     0.00000000
   A-2       150,000,000.00    1.56000%       987.08064933        1.28320487       0.00000000     0.00000000
   X-2                 0.00    0.39875%       974.54127522        0.32383268       0.00000000     0.00000000
   B-1        14,166,000.00    1.69000%      1000.00000000        1.40833333       0.00000000     0.00000000
   X-B                 0.00    0.61445%      1000.00000000        0.51203872       0.00000000     0.00000000
   B-2         8,304,000.00    2.35000%      1000.00000000        1.95833333       0.00000000     0.00000000
   B-3         4,884,000.00    2.54836%      1000.00000000        2.12363022       0.00000000     0.00000000
   B-4         2,443,000.00    2.54836%      1000.00000000        2.12363078       0.00000000     0.00000000
   B-5         1,465,000.00    2.54836%      1000.00000000        2.12363140       0.00000000     0.00000000
   B-6         3,908,267.00    2.54836%      1000.00000000        2.12362922       0.00000000     0.00000000
   A-R               100.00    2.55434%         0.00000000        0.00000000       0.00000000     0.00000000

<CAPTION>
                                                               Remaining       Ending
             Non-Supported                                       Unpaid      Certificate/
               Interest         Realized     Total Interest     Interest      Notational
Class (5)      Shortfall        Loss (6)      Distribution      Shortfall       Balance
------------------------------------------------------------------------------------------
<S>          <C>               <C>           <C>               <C>           <C>
   A-1        0.00000000       0.00000000      1.15039608      0.00000000     956.50864146
   X-1        0.00000000       0.00000000      0.57416260      0.00000000     829.55798718
   A-2        0.00000000       0.00000000      1.28320487      0.00000000     979.89329880
   X-2        0.00000000       0.00000000      0.32383268      0.00000000     960.23323032
   B-1        0.00000000       0.00000000      1.40833333      0.00000000    1000.00000000
   X-B        0.00000000       0.00000000      0.51203872      0.00000000    1000.00000000
   B-2        0.00000000       0.00000000      1.95833333      0.00000000    1000.00000000
   B-3        0.00000000       0.00000000      2.12363022      0.00000000    1000.00000000
   B-4        0.00000000       0.00000000      2.12363078      0.00000000    1000.00000000
   B-5        0.00000000       0.00000000      2.12363140      0.00000000    1000.00000000
   B-6        0.00000000       0.00000000      2.12362922      0.00000000    1000.00000000
   A-R        0.00000000       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                             15,795,996.06
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                  17,437.62
         Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          15,813,433.68

Withdrawals
         Reimbursement for Servicer Advances                                10,587.12
         Payment of Service Fee                                            304,268.35
         Payment of Interest and Principal                              15,498,578.21
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            15,813,433.68

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                                            299,900.62
Master Servicing Fee                                             4,367.73
Supported Prepayment/Curtailment Interest Shortfall                  0.00
                                                               ----------

Net Servicing Fee                                              304,268.35
                                                               ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning      Current      Current     Ending
             Account Type              Balance     Withdrawals    Deposits   Balance
-------------------------------------------------------------------------------------
<S>                                   <C>          <C>            <C>        <C>
Class 1-A Companion Sub Account        4,000.00       0.00          0.00     4,000.00
Class 1-A NAS Sub Account              1,000.00       0.00          0.00     1,000.00
Class 2-A Companion Sub Account        2,000.00       0.00          0.00     2,000.00
Class 2-A NAS Sub Account                500.00       0.00          0.00       500.00
Class X-B Sub Account                  2,000.00       0.00          0.00     2,000.00
</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           18       7,264,911.77    30 Days         0          0.00     30 Days         0           0.00
60 Days            1         495,000.00    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
               ---------   ------------                --------    ---------               --------    --------
                  19       7,759,911.77                    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        0.658376%      0.773283%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.036576%      0.052688%    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%
               --------    -----------                 --------    --------                --------    --------
               0.694952%      0.825971%                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         18      7,264,911.77
60 Days         0           0.00     60 Days         1         495,000.00
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                     19      7,759,911.77

             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     0.658376%     0.773283%
60 Days     0.000000%   0.000000%    60 Days     0.036576%     0.052688%
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%                0.694952%     0.825971%
</TABLE>

<TABLE>
<S>                                        <C>     <C>                                                   <C>               <C>
Current Period Class A Insufficient Funds  0.00    Principal Balance of Contaminated Properties  0.00    Periodic Advance  17,437.62
</TABLE>

<PAGE>

SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
PERCENTAGE

<TABLE>
<CAPTION>
               Original $       Original%       Current $       Current %      Current Class %     Prepayment %
              -------------------------------------------------------------------------------------------------
<S>           <C>              <C>            <C>              <C>             <C>                 <C>
Class A       35,170,267.00    3.60004973%    35,170,267.00    3.74356001%       96.256440%           0.000000%
Class X-1     35,170,267.00    3.60004973%    35,170,267.00    3.74356001%        0.000000%           0.000000%
Class X-2     35,170,267.00    3.60004973%    35,170,267.00    3.74356001%        0.000000%           0.000000%
Class B-1     21,004,267.00    2.15000943%    21,004,267.00    2.23571615%        1.507844%          40.278341%
Class B-2     12,700,267.00    1.30000698%    12,700,267.00    1.35182970%        0.883886%          23.610853%
Class B-3      7,816,267.00    0.80007780%     7,816,267.00    0.83197164%        0.519858%          13.886730%
Class B-4      5,373,267.00    0.55001085%     5,373,267.00    0.57193616%        0.260035%           6.946208%
Class B-5      3,908,267.00    0.40005257%     3,908,267.00    0.41600003%        0.155936%           4.165450%
Class B-6              0.00    0.00000000%             0.00    0.00000000%        0.416000%          11.112418%
</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 MO LIBOR

              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>

<TABLE>
<CAPTION>
            DELINQUENT                              BANKRUPTCY                         FORECLOSURE
-------------------------------------------------------------------------------------------------------------
POOL 1--6 MO LIBOR
              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        14       5,889,539.00    30 Days         0         0.00      30 Days         0          0.00
60 Days         1         495,000.00    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      6,384,539.00                    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     0.690676%       0.880058%   30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.049334%       0.073967%   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%
            ---------   ------------                --------    --------                --------    --------
            0.740010%       0.954025%               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         14      5,889,539.00
60 Days          0         0.00      60 Days         1         495,000.00
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      6,384,539.00

              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     0.690676%       0.880058%
60 Days      0.000000%   0.000000%   60 Days     0.049334%       0.073967%
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%               0.740010%       0.954025%
</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       1,375,372.77    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       1,375,372.77                    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     0.854701%       0.901371%   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%
            ---------   ------------                --------    --------                --------    --------
            0.854701%       0.901371%               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>
00-29 Days        0           0.00    0-29 Days       0               0.00
330 Days          0           0.00    30 Days         4       1,375,372.77
660 Days          0           0.00    60 Days         0               0.00
990 Days          0           0.00    90 Days         0               0.00
1120 Days         0           0.00    120 Days        0               0.00
1150 Days         0           0.00    150 Days        0               0.00
1180+ Days        0           0.00    180+ Days       0               0.00
              --------    ---------               --------    ------------
                  0           0.00                    4       1,375,372.77

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

00-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
330 Days      0.000000%   0.000000%   30 Days     0.854701%       0.901371%
660 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
990 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
1120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
1150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
1180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
              --------    --------                --------    ------------
              0.000000%   0.000000%               0.854701%       0.901371%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                           Mixed Arm
----------------------                                           ---------
<S>                                                           <C>
Weighted Average Gross Coupon                                       2.931476%
Weighted Average Net Coupon                                         2.553832%
Weighted Average Pass-Through Rate                                  2.548332%
Weighted Average Maturity (Stepdown Calculation)                         318

Beginning Scheduled Collateral Loan Count                              2,761
Number of Loans Paid in Full                                              27
Ending Scheduled Collateral Loan Count                                 2,734

Beginning Scheduled Collateral Balance                        952,962,055.63
Ending Scheduled Collateral Balance                           939,487,196.80
Ending Actual Collateral Balance at 30-Apr-2004               939,489,273.45

Monthly P&I Constant                                            2,327,987.76
Special Servicing Fee                                                   0.00
Prepayment Penalties                                                    0.00
Realized Loss Amount                                                    0.00
Cumulative Realized Loss                                                0.00

Class A Optimal Amount                                         15,423,889.59

Ending Scheduled Balance for Premium Loans                    939,487,196.80

Scheduled Principal                                                     0.00
Unscheduled Principal                                          13,474,858.83
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP             POOL 1--1 MO LIBOR     POOL 1--6 MO LIBOR         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                   2.790659              2.958465             2.920083           2.931476
Weighted Average Net Rate                      2.400158              2.582808             2.543515           2.553832
Pass-Through Rate                              2.394658              2.577308             2.538015           2.548332
Weighted Average Maturity                           303                   320                  319                318
Record Date                                  04/30/2004            04/30/2004           04/30/2004         04/30/2004
Principal and Interest Constant              274,700.31          1,679,359.25           373,928.20       2,327,987.76
Beginning Loan Count                                240                 2,050                  471              2,761
Loans Paid in Full                                    1                    23                    3                 27
Ending Loan Count                                   239                 2,027                  468              2,734
Beginning Scheduled Balance              118,122,780.23        681,174,516.98       153,664,758.42     952,962,055.63
Ending Scheduled Balance                 117,680,839.55        669,219,701.41       152,586,655.84     939,487,196.80
Scheduled Principal                                0.00                  0.00                 0.00               0.00
Unscheduled Principal                        441,940.68         11,954,815.57         1,078,102.58      13,474,858.83
Scheduled Interest                           274,700.31          1,679,359.25           373,928.20       2,327,987.76
Servicing Fee                                 38,439.18            213,240.37            48,221.07         299,900.62
Master Servicing Fee                             541.38              3,122.06               704.29           4,367.73
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                                 235,719.75          1,462,996.82           325,002.84       2,023,719.41
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 Mo LIBOR

      Interest Transfer Amount                             0.00
      Principal Transfer Amount                            0.00
      Prorata Senior Percent                          96.300800%
      Senior Percentage                              100.000000%
      Senior Prepayment Percentage                   100.000000%
      Subordinate Percentage                           0.000000%
      Subordinate Prepayment Percentage                0.000000%

Group Pool 1--6Mo LIBOR

      Interest Transfer Amount                             0.00
      Principal Transfer Amount                            0.00
      Prorata Senior Percent                          96.353971%
      Senior Percentage                              100.000000%
      Senior Prepayment Percentage                   100.000000%
      Subordinate Percentage                           0.000000%
      Subordinate Prepayment Percentage                0.000000%
</TABLE>