<PAGE>

CONTACTS
--------------------------------------------------------------------------------

           Administrator:         Kumar X. Khambhaita
           Direct Phone No:       (714) 247-6327
           Address:               Deutsche Bank
                                  1761 E. St. Andrew Place
                                  Santa Ana, CA 92705

           Web Site:              http://www-apps.gis.deutsche-bank.com/invr
           Factor Information:    (800) 735-7777
           Main Phone No:         (714) 247-6000

--------------------------------------------------------------------------------


ISSUANCE INFORMATION
--------------------------------------------------------------------------------


<TABLE>
--------------------------------------------------------------------------------------------------------------
<S>                         <C>                                     <C>                     <C>
     Seller:                 Redwood Trust                           Cut-Off Date:           October 1, 2001
     Certificate Insurer:                                            Closing Date:           October 31, 2001
     Servicer(s):            Cendant Mortgage Corporation            First Payment Date:     November 19, 2001
                             Morgan Stanley Dean Witter

     Underwriter(s):         Greenwich Capital Markets, Inc.         Distribution Date:      November 19, 2001
                             Bear, Stearns & Co. Inc.                Record Date:            November 16, 2001
--------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

                            SEQUOIA MORTGAGE TRUST 5

                          COLLATERALIZED MORTGAGE BONDS
             BOND PAYMENT REPORT FOR NOVEMBER 19, 2001 DISTRIBUTION


Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                      Prior                                                                            Principal
                                    Principal                                      Total       Realized   Deferred      Balance
         Class    Original           Balance        Interest       Principal    Distribution    Losses    Interest   (7)=(1)-(3)-
Class     Type    Face Value           (1)            (2)             (3)        (4)=(2)+(3)      (5)       (6)        (5)+(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>    <C>              <C>              <C>            <C>            <C>            <C>        <C>       <C>
LT-A            496,667,000.00   496,667,000.00   2,086,515.08   2,025,933.44   4,112,448.52      --         --     494,641,066.56
LT-A2                   100.00           100.00           0.42         100.00         100.42      --         --                 --
LT-X                    100.00           100.00             --         100.00         100.00      --         --                 --
LT-B-1            5,918,000.00     5,918,000.00      24,861.72             --      24,861.72      --         --       5,918,000.00
LT-B-2            5,146,000.00     5,146,000.00      21,618.52             --      21,618.52      --         --       5,146,000.00
LT-B-3            2,316,000.00     2,316,000.00       9,729.59             --       9,729.59      --         --       2,316,000.00
LT-B-4            1,545,000.00     1,545,000.00       6,490.60             --       6,490.60      --         --       1,545,000.00
LT-B-5            1,030,000.00     1,030,000.00       4,327.06             --       4,327.06      --         --       1,030,000.00
LT-B-6            2,058,912.00     2,058,912.00       8,649.56             --       8,649.56      --         --       2,058,912.00
LT-R                        --               --             --             --             --      --         --                 --

  Total         514,681,112.00   514,681,112.00   2,162,192.55   2,026,133.44   4,188,325.99      --         --     512,654,978.56
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
Interest Accrual Detail                     Current Period Factor Information per $1,000 of Original Face
-------------------------------------------------------------------------------------------------------------------------------
                                                              Prior                                                 Current
                                       Orig. Principal      Principal                                Total         Principal
        Period   Period                (with Notional)       Balance     Interest     Principal   Distribution      Balance
Class  Starting  Ending  Method  Cusip      Balance            (1)          (2)         (3)        (4)=(2)+(3)         (5)
-------------------------------------------------------------------------------------------------------------------------------
<S>    <C>      <C>     <C>      <C>    <C>                <C>            <C>        <C>           <C>             <C>
LT-A                    A-30/360        496,667,000.00     1,000.000000   4.201034       4.079058      8.280092      995.920942
LT-A2                   A-30/360                100.00     1,000.000000   4.200000   1,000.000000  1,004.200000              --
LT-X                    A-30/360                100.00     1,000.000000         --   1,000.000000  1,000.000000              --
LT-B-1                  A-30/360          5,918,000.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-B-2                  A-30/360          5,146,000.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-B-3                  A-30/360          2,316,000.00     1,000.000000   4.201032             --      4.201032    1,000.000000
LT-B-4                  A-30/360          1,545,000.00     1,000.000000   4.201036             --      4.201036    1,000.000000
LT-B-5                  A-30/360          1,030,000.00     1,000.000000   4.201029             --      4.201029    1,000.000000
LT-B-6                  A-30/360          2,058,912.00     1,000.000000   4.201034             --      4.201034    1,000.000000
LT-R                    A-30/360                    --               --         --             --            --              --
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


Distribution in Dollars - to Date


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                                                                                                      Principal
           Original                   Unscheduled    Scheduled     Total          Total      Realized   Deferred      Balance
          Face Value     Interest      Principal     Principal   Principal     Distribution   Losses    Interest    (9)=(1)-(5)-
Class        (1)           (2)             (3)         (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)        (8)         (7)+(8)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>        <C>
LT-A   496,667,000.00  2,086,515.08   2,025,933.44      --      2,025,933.44   4,112,448.52     --         --      494,641,066.56
LT-A2          100.00          0.42         100.00      --            100.00         100.42     --         --                  --
LT-X           100.00            --         100.00      --            100.00         100.00     --         --                  --
LT-B-1   5,918,000.00     24,861.72             --      --                --      24,861.72     --         --        5,918,000.00
LT-B-2   5,146,000.00     21,618.52             --      --                --      21,618.52     --         --        5,146,000.00
LT-B-3   2,316,000.00      9,729.59             --      --                --       9,729.59     --         --        2,316,000.00
LT-B-4   1,545,000.00      6,490.60             --      --                --       6,490.60     --         --        1,545,000.00
LT-B-5   1,030,000.00      4,327.06             --      --                --       4,327.06     --         --        1,030,000.00
LT-B-6   2,058,912.00      8,649.56             --      --                --       8,649.56     --         --        2,058,912.00
LT-R               --            --             --      --                --             --     --         --                  --
---------------------------------------------------------------------------------------------------------------------------------
Total  514,681,112.00  2,162,192.55   2,026,133.44      --      2,026,133.44   4,188,325.99     --         --      512,654,978.56
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                      Non-       Prior       Unscheduled    Optimal        Paid or       Current
           Pass-    Prior Principal     Accrued      Supported    Unpaid        Interest     Interest       Deferred      Unpaid
          Through   (with Notional)     Interest    Interest SF  Interest     Adjustments  (5)=(1)-(2)+     Interest     Interest
Class      Rate        Balance            (1)           (2)        (3)             (4)        (3)+(4)         (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>               <C>           <C>          <C>          <C>          <C>             <C>          <C>
LT-A     5.04124%   496,667,000.00    2,086,515.08      --          --              --     2,086,515.08   2,086,515.08       --
LT-A2    5.04124%           100.00            0.42      --          --              --             0.42           0.42       --
LT-X                        100.00              --      --          --              --               --             --       --
LT-B-1   5.04124%     5,918,000.00       24,861.72      --          --              --        24,861.72      24,861.72       --
LT-B-2   5.04124%     5,146,000.00       21,618.52      --          --              --        21,618.52      21,618.52       --
LT-B-3   5.04124%     2,316,000.00        9,729.59      --          --              --         9,729.59       9,729.59       --
LT-B-4   5.04124%     1,545,000.00        6,490.60      --          --              --         6,490.60       6,490.60       --
LT-B-5   5.04124%     1,030,000.00        4,327.06      --          --              --         4,327.06       4,327.06       --
LT-B-6   5.04124%     2,058,912.00        8,649.56      --          --              --         8,649.56       8,649.56       --
LT-R                            --              --      --          --              --               --             --       --
-----------------------------------------------------------------------------------------------------------------------------------
Total               514,681,112.00    2,162,192.55      --          --              --     2,162,192.55   2,162,192.55       --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>



Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                      Prior                                                                            Principal
                                    Principal                                      Total       Realized   Deferred      Balance
         Class    Original           Balance        Interest       Principal    Distribution    Losses    Interest
Class     Type    Face Value
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                     (7)=(1)-(3)-
                                       (1)            (2)             (3)        (4)=(2)+(3)      (5)       (6)        (5)+(6)
<S>     <C>    <C>              <C>              <C>            <C>            <C>            <C>        <C>       <C>

A         FLT  496,667,000.00   496,667,000.00   1,114,396.58    2,025,933.44    3,140,330.02      --        --      494,641,066.56
X        CSTR          100.00           100.00     993,289.46          100.00      993,389.46      --        --                  --
A-R         R          100.00           100.00           0.42          100.00          100.42      --        --                  --
B-1       SUB    5,918,000.00     5,918,000.00      15,497.76              --       15,497.76      --        --        5,918,000.00
B-2       SUB    5,146,000.00     5,146,000.00      13,476.09              --       13,476.09      --        --        5,146,000.00
B-3       SUB    2,316,000.00     2,316,000.00       6,065.03              --        6,065.03      --        --        2,316,000.00
B-4       SUB    1,545,000.00     1,545,000.00       6,490.60              --        6,490.60      --        --        1,545,000.00
B-5       SUB    1,030,000.00     1,030,000.00       4,327.06              --        4,327.06      --        --        1,030,000.00
B-6       SUB    2,058,912.00     2,058,912.00       8,649.55              --        8,649.55      --        --        2,058,912.00
-----------------------------------------------------------------------------------------------------------------------------------
Total          514,681,112.00   514,681,112.00   2,162,192.54    2,026,133.44    4,188,325.98      --        --      512,654,978.56
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>


Definitive Bond Record Date: 10/31/01


<TABLE>
<CAPTION>
Interest Accrual Detail                     Current Period Factor Information per $1,000 of Original Face
-----------------------------------------------------------------------------------------------------------------------------------
                                                              Prior                                                      Current
                                           Orig. Principal  Principal                                     Total         Principal
        Period   Period                    (with Notional)   Balance       Interest       Principal    Distribution      Balance
Class  Starting  Ending  Method    Cusip      Balance          (1)            (2)            (3)        (4)=(2)+(3)        (5)
<S>    <C>      <C>     <C>                <C>             <C>           <C>             <C>          <C>              <C>
A                       A-30/360 81743WAA9 496,667,000.00  1,000.000000        2.243750      4.079058         6.322808   995.920942
X                       A-30/360 81743WAJ0         100.00  1,000.000000  932,894.563000  1,000.000000 9,933,894.563000           --
A-R                     A-30/360 81743WAB7         100.00  1,000.000000        4.200000  1,000.000000     1,004.200000           --
B-1                     A-30/360 81743WAC5   5,918,000.00  1,000.000000        2.618750            --         2.618750 1,000.000000
B-2                     A-30/360 81743WAD3   5,146,000.00  1,000.000000        2.618750            --         2.618750 1,000.000000
B-3                     A-30/360 81743WAE1   2,316,000.00  1,000.000000        2.618752            --         2.618752 1,000.000000
B-4                     A-30/360 81743WAF8   1,545,000.00  1,000.000000        4.201036            --         4.201036 1,000.000000
B-5                     A-30/360 81743WAG6   1,030,000.00  1,000.000000        4.201029            --         4.201029 1,000.000000
B-6                     A-30/360 81743WAH4   2,058,912.00  1,000.000000        4.201029            --         4.201029 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                       Current
                                                                                                                      Principal
           Original                   Unscheduled    Scheduled     Total          Total      Realized   Deferred      Balance
          Face Value     Interest      Principal     Principal   Principal     Distribution   Losses    Interest    (9)=(1)-(5)-
Class        (1)           (2)             (3)         (4)      (5)=(3)+(4)    (6)=(2)+(5)      (7)        (8)         (7)+(8)
---------------------------------------------------------------------------------------------------------------------------------
<S>   <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>        <C>
A      496,667,000.00  1,114,396.58  2,025,933.44       --      2,025,933.44  3,140,330.02       --        --      494,641,066.56
X              100.00    993,289.46        100.00       --            100.00    993,389.46       --        --                  --
A-R            100.00          0.42        100.00       --            100.00        100.42       --        --                  --
B-1      5,918,000.00     15,497.76            --       --                --     15,497.76       --        --        5,918,000.00
B-2      5,146,000.00     13,476.09            --       --                --     13,476.09       --        --        5,146,000.00
B-3      2,316,000.00      6,065.03            --       --                --      6,065.03       --        --        2,316,000.00
B-4      1,545,000.00      6,490.60            --       --                --      6,490.60       --        --        1,545,000.00
B-5      1,030,000.00      4,327.06            --       --                --      4,327.06       --        --        1,030,000.00
B-6      2,058,912.00      8,649.55            --       --                --      8,649.55       --        --        2,058,912.00
---------------------------------------------------------------------------------------------------------------------------------
Total  514,681,112.00  2,162,192.54  2,026,133.44       --      2,026,133.44  4,188,325.98       --        --      512,654,978.56
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                      Non-       Prior       Unscheduled    Optimal        Paid or       Current
           Pass-    Prior Principal     Accrued      Supported    Unpaid        Interest     Interest       Deferred      Unpaid
          Through   (with Notional)     Interest    Interest SF  Interest     Adjustments  (5)=(1)-(2)+     Interest     Interest
Class      Rate        Balance            (1)           (2)        (3)             (4)        (3)+(4)         (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>               <C>           <C>          <C>          <C>          <C>            <C>           <C>
A        2.69250%    496,667,000.00  1,114,396.58        --         --              --     1,114,396.58  1,114,396.58       --
X        2.33694%            100.00    993,289.46        --         --              --       993,289.46    993,289.46       --
A-R      5.04124%            100.00          0.42        --         --              --             0.42          0.42       --
B-1      3.14250%      5,918,000.00     15,497.76        --         --              --        15,497.76     15,497.76       --
B-2      3.14250%      5,146,000.00     13,476.09        --         --              --        13,476.09     13,476.09       --
B-3      3.14250%      2,316,000.00      6,065.03        --         --              --         6,065.03      6,065.03       --
B-4      5.04124%      1,545,000.00      6,490.60        --         --              --         6,490.60      6,490.60       --
B-5      5.04124%      1,030,000.00      4,327.06        --         --              --         4,327.06      4,327.06       --
B-6      5.04124%      2,058,912.00      8,649.55        --         --              --         8,649.55      8,649.55       --
-----------------------------------------------------------------------------------------------------------------------------------
Total                514,681,112.00  2,162,192.54        --         --              --     2,162,192.54  2,162,192.54       --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>

--------------------------------------------------------------------------------
                            COLLECTION ACCOUNT REPORT
--------------------------------------------------------------------------------



<TABLE>
<CAPTION>
SUMMARY                                            MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                           <C>               <C>                <C>
Principal Collections                           635,134.59       1,390,998.85       2,026,133.44
Principal Withdrawals                                 0.00               0.00               0.00
Principal Other Accounts                              0.00               0.00               0.00
TOTAL PRINCIPAL                                 635,134.59       1,390,998.85       2,026,133.44

Interest Collected                              667,120.76       1,375,727.46       2,042,848.22
Interest Withdrawals                                  0.00               0.00               0.00
Interest Other Accounts                               0.00               0.00               0.00
Fees                                            (11,417.27)        (63,353.36)        (76,700.68)
TOTAL INTEREST                                  655,703.49       1,312,374.10       2,162,192.55


TOTAL AVAILABLE TO CERTIFICATEHOLDERS         1,290,838.08       2,703,372.95       4,188,325.99
------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                            MSDW             CENDANT           TOTAL
------------------------------------------------------------------------------------------------
<S>                                            <C>               <C>                <C>
Scheduled Principal                                   0.00               0.00               0.00
Curtailments                                    230,134.59         606,598.85         836,733.44
Prepayments In Full                             405,000.00         784,400.00       1,189,400.00
Repurchased Principal Amounts                         0.00               0.00               0.00
Substitution Principal Amount                         0.00               0.00               0.00
Liquidations                                          0.00               0.00               0.00
Insurance Principal                                   0.00               0.00               0.00
Other Principal                                       0.00               0.00               0.00
Total Realized Loss Of Principal                      0.00               0.00               0.00

TOTAL PRINCIPAL COLLECTED                       635,134.59       1,390,998.85       2,026,133.44
------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                            MSDW            CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                               <C>            <C>                    <C>

     SPACE INTENTIONALLY LEFT BLANK

------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                        MSDW             CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                               <C>            <C>                    <C>
     Amounts remaining in Pre-Funding Account                                            0.00

------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                             MSDW             CENDANT              TOTAL
------------------------------------------------------------------------------------------------
<S>                                            <C>               <C>               <C>
Scheduled Interest                              705,261.58       1,403,231.79       2,108,493.37
Repurchased Interest                                  0.00               0.00               0.00
Substitution Interest Amount                          0.00               0.00               0.00
Liquidation Interest                                  0.00               0.00               0.00
Insurance Interest                                    0.00               0.00               0.00
Other Interest                                        0.00               0.00               0.00

Delinquent Interest                            (553,383.09)       (428,095.25)       (981,478.34)
Interest Advanced                               515,242.27         400,590.92         915,833.19
Prepayment Interest Shortfalls                        0.00          (2,123.30)         (2,123.30)
Compensating Interest                                 0.00           2,123.30           2,123.30
Civil Relief Act Shortfalls                           0.00               0.00               0.00

TOTAL INTEREST COLLECTED                        667,120.76       1,375,727.46       2,042,848.22
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                MSDW             CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                                  <C>                <C>                <C>
Current Nonrecoverable Advances                       0.00               0.00               0.00

TOTAL INTEREST WITHDRAWALS                            0.00               0.00               0.00
------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                           MSDW            CENDANT               TOTAL
------------------------------------------------------------------------------------------------
<S>                                                <C>             <C>               <C>
Pre-Funding Account Earnings                                                           80,633.25
Basis Risk Shortfall                                                                        0.00
Capitalized Interest Requirement                                                      115,411.76

TOTAL INTEREST OTHER ACCOUNTS                                                         196,045.01
------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                      MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
     Current Servicing Fees                      11,417.27          63,353.36          74,770.63
     Trustee Fee                                                                        1,930.05

     TOTAL FEES                                  11,417.27          63,353.36          76,700.68
------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

--------------------------------------------------------------------------------
                            CREDIT ENHANCEMENT REPORT
--------------------------------------------------------------------------------




<TABLE>
<CAPTION>
ACCOUNTS                                          MSDW              CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
BASIS RISK RESERVE FUND
Beginning Balance                                                                      10,000.00
Basis Risk Deposit                                                                          0.00
Basis Risk Shortfall paid                                                                  (0.00)
Investment Earnings paid directly to Class X                                                0.00
Ending Balance                                                                         10,000.00
------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
INSURANCE                                         MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
           SPACE INTENTIONALLY LEFT BLANK


------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                               MSDW            CENDANT             TOTAL
------------------------------------------------------------------------------------------------
<S>                                             <C>                <C>                <C>
Pro Rata Senior Percentage                                                            96.499986%
Senior Percentage                                                                    100.000000%
Subordinate Percentage                                                                 0.000000%
Senior Prepayment Percentage                                                         100.000000%
Subordinate Percentage                                                                 0.000000%
------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

--------------------------------------------------------------------------------
                                COLLATERAL REPORT
--------------------------------------------------------------------------------



<TABLE>
<CAPTION>
COLLATERAL                                                  MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
   Loan Count:
ORIGINAL                                                           296                  725                 1021
Prior                                                               --                   --                   --
Prefunding                                                          --                   --                   --
Scheduled Paid Offs                                                 --                   --                   --
Full Voluntary Prepayments                                          (1)                  (5)                  (6)
Repurchases                                                         --                   --                   --
Liquidations                                                        --                   --                   --
----------------------------------------------------------------------------------------------------------------
Current                                                            295                  720                1,015

PRINCIPAL BALANCE:
Original                                                153,936,514.18       290,744,597.66       444,681,111.84
Prior                                                               --                   --                   --
Prefunding                                                          --                   --                   --
Scheduled Principal                                                 --                   --                   --
Partial and Full Voluntary Prepayments                     (635,134.59)       (1,390,998.85)       (2,026,133.44)
Repurchases                                                         --                   --                   --
Liquidations                                                        --                   --                   --
Current                                                 153,301,379.59       289,353,598.81       442,654,978.40
----------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
PREFUNDING                                                  MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
PRE-FUNDING ACCOUNT
Original Pre-Funded Amount                                                                         70,000,000.00
Balance of Subsequent Mortgage Loans added this period                                                      0.00
Pre-Funding Account Earnings                                                                           80,633.25
Withdrawal remaining amounts                                                                                0.00
Pre-Funding Account Ending Balance                                                                 70,000,000.00

CAPITALIZED INTEREST ACCOUNT
Original Capitalized Interest Amount                                                                  132,224.00
Capitalized Interest Requirement                                                                     (115,411.76)
Capitalized Interest Account Ending Balance                                                            16,812.24
----------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
CHARACTERISTICS                                                MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Weighted Average Coupon Original                              5.497811%            5.791606%            5.689902%
Weighted Average Coupon Prior
Weighted Average Coupon Current                               5.497811%            5.791606%            5.689902%
----------------------------------------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                       297                  296                  296
Weighted Average Months to Maturity Prior                           --                   --                   --
Weighted Average Months to Maturity Current                        297                  296                  296
----------------------------------------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                  297                  296                  296
Weighted Avg Remaining Amortization Term Prior                      --                   --                   --
Weighted Avg Remaining Amortization Term Current                   297                  296                  296
----------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning Original                               3.35                 4.14                 3.87
Weighted Average Seasoning Prior                                    --                   --                   --
Weighted Average Seasoning Current                                3.35                 4.14                 3.87
----------------------------------------------------------------------------------------------------------------
</TABLE>

Note:  Original information refers to deal issue.



<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                             MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                           <C>                 <C>                  <C>
Weighted Average Margin Original                                 1.682%               1.801%
Weighted Average Margin Prior
Weighted Average Margin Current                                  1.682%               1.801%
----------------------------------------------------------------------------------------------------------------
Weighted Average Max Rate Original                              12.000%              12.275%
Weighted Average Max Rate Prior
Weighted Average Max Rate Current                               12.000%              12.275%
----------------------------------------------------------------------------------------------------------------
Weighted Average Min Rate Original                               1.682%               1.801%
Weighted Average Min Rate Prior
Weighted Average Min Rate Current                                1.682%               1.801%
----------------------------------------------------------------------------------------------------------------
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
----------------------------------------------------------------------------------------------------------------
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current
----------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.


<TABLE>
<CAPTION>
SERVICING FEES/ADVANCES                                       MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Current Servicing Fees                                       11,417.27            63,353.36            74,770.63
Delinquent Servicing Fees                                    38,140.81            27,504.33            65,645.14
TOTAL SERVICING FEES                                         49,558.08            90,857.69           140,415.77

Total Servicing Fees                                         49,558.08            90,857.69           140,415.77
Compensating Interest                                             0.00            (2,123.30)           (2,123.30)
Delinquent Servicing Fees                                   (38,140.81)          (27,504.33)          (65,645.14)
COLLECTED SERVICING FEES                                     11,417.27            61,230.06            72,647.33

Prepayment Interest Shortfall                                     0.00             2,123.30             2,123.30

Total Advanced Interest                                     515,242.27           400,590.92           915,833.19

Current Nonrecoverable Advances                                   0.00                 0.00                 0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                           MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Mortgage Loans which adjust based on One-Month LIBOR     22,387,984.45                 0.00        22,387,984.45
Mortgage Loans which adjust based on Six-Month LIBOR    130,913,395.14       289,353,598.81       420,266,993.95

Special Hazard Loss Coverage Amount                                                                 5,502,000.00
Current Special Hazard Losses                                                                               0.00
Cumulative Special Hazard Losses                                                                            0.00
Bankruptcy Loss Coverage Amount                                                                       148,271.00
Current Bankruptcy Losses                                                                                   0.00
Cumulative Bankruptcy Losses                                                                                0.00
Fraud Loss Coverage Amount                                                                         10,293,622.00
Current Fraud Losses                                                                                        0.00
Cumulative Fraud Losses                                                                                     0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>


--------------------------------------------------------------------------------
                           DELINQUENCY REPORT - TOTAL
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>
DELINQUENT      Balance                         4,045,650.00         379,893.12                 --       4,425,543.12
                % Balance                               0.91%              0.09%              0.00%              1.00%
                # Loans                                    8                  1                 --                  9
                % # Loans                               0.79%              0.10%              0.00%              0.89%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       4,045,650.00         379,893.12                 --       4,425,543.12
                % Balance            0.00%              0.91%              0.09%              0.00%              1.00%
                # Loans                --                  8                  1                 --                  9
                % # Loans            0.00%              0.79%              0.10%              0.00%              0.89%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+

--------------------------------------------------------------------------------
                       DELINQUENCY REPORT - CENDANT GROUP
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>

DELINQUENT      Balance                         2,701,900.00         379,893.12                 --       3,081,793.12
                % Balance                               0.93%              0.13%              0.00%              1.07%
                # Loans                                    7                  1                 --                  8
                % # Loans                               0.97%              0.14%              0.00%              1.11%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       2,701,900.00         379,893.12                 --       3,081,793.12
                % Balance            0.00%              0.93%              0.13%              0.00%              1.07%
                # Loans                --                  7                  1                 --                  8
                % # Loans            0.00%              0.97%              0.14%              0.00%              1.11%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+


<PAGE>

--------------------------------------------------------------------------------
                         DELINQUENCY REPORT - MSDW GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                    CURRENT       1 PAYMENT           2 PAYMTS           3+ PAYMTS           TOTAL
---------------------------------------------------------------------------------------------------------------------
<S>            <C>                 <C>         <C>                   <C>                <C>             <C>

DELINQUENT      Balance                         1,343,750.00                 --                 --       1,343,750.00
                % Balance                               0.88%              0.00%              0.00%              0.88%
                # Loans                                    1                 --                 --                  1
                % # Loans                               0.34%              0.00%              0.00%              0.34%
---------------------------------------------------------------------------------------------------------------------
FORECLOSURE     Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
BANKRUPTCY      Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
REO             Balance                --                 --                 --                 --                 --
                % Balance            0.00%              0.00%              0.00%              0.00%              0.00%
                # Loans                --                 --                 --                 --                 --
                % # Loans            0.00%              0.00%              0.00%              0.00%              0.00%
---------------------------------------------------------------------------------------------------------------------
TOTAL           Balance                --       1,343,750.00                 --                 --       1,343,750.00
                % Balance            0.00%              0.88%              0.00%              0.00%              0.88%
                # Loans                --                  1                 --                 --                  1
                % # Loans            0.00%              0.34%              0.00%              0.00%              0.34%
---------------------------------------------------------------------------------------------------------------------
</TABLE>

Note: Current = 0-29 days, 1 Payment =30-59 days, 2 Payments = 60-89 days, 3+
Payments = 90+


<PAGE>


--------------------------------------------------------------------------------
     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
SUMMARY                                               LOAN GROUP
------------------------------------------------------------------------------------------------------------------
<S>                                                  <C>
Total Loan Count =   0                                Loan Group 1  =  Cendant Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00           Loan Group 2    =    MSDW Group;   REO Book Value  =  000.00
Total Current Balance =   000.00
REO Book Value =   000.00
------------------------------------------------------------------------------------------------------------------
</TABLE>

REO Book Value reported corresponds to total REO loans, including loans that
become REO during current distribution.


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number     Original       Stated                   Current       State &
     &          Principal    Principal       Paid to     Note         LTV at       Original   Origination
Loan Group       Balance      Balance         Date       Rate      Origination      Term         Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>        <C>       <C>              <C>        <C>
                         SPACE INTENTIONALLY LEFT BLANK

---------------------------------------------------------------------------------------------------------
</TABLE>



<PAGE>


--------------------------------------------------------------------------------
       FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING
                              CURRENT DISTRIBUTION
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
SUMMARY                                               LOAN GROUP
--------------------------------------------------------------------------------
<S>                                                  <C>
Total Loan Count = 0                               Loan Group 1 = Cendant Group
Total Original Principal Balance = 000.00          Loan Group 2 = MSDW Group
Total Current Balance = 000.00

--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------
Loan Number     Original       Stated                   Current       State &
     &          Principal    Principal       Paid to     Note         LTV at       Original   Origination
Loan Group       Balance      Balance         Date       Rate      Origination      Term         Date
---------------------------------------------------------------------------------------------------------
<S>            <C>          <C>              <C>        <C>       <C>              <C>        <C>
         SPACE INTENTIONALLY LEFT BLANK

---------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                        MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
CURRENT

Number of Paid in Full Loans                                         1                    5                    6
Number of Repurchased Loans                                         --                   --                   --
----------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                1                    5                    6

Paid in Full Balance                                        405,000.00           784,400.00         1,189,400.00
Repurchased Loans Balance                                           --                   --                   --
Curtailments Amount                                         230,134.59           606,598.85           836,733.44
----------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                     635,134.59         1,390,998.85         2,026,133.44

CUMULATIVE

Number of Paid in Full Loans                                         1                    5                    6
Number of Repurchased Loans                                         --                   --                   --
----------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                1                    5                    6

Paid in Full Balance                                        405,000.00           784,400.00         1,189,400.00
Repurchased Loans Balance                                           --                   --                   --
Curtailments Amount                                         230,134.59           606,598.85           836,733.44
----------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                     635,134.59         1,390,998.85         2,026,133.44

                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                        MSDW                CENDANT              TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                            <C>                 <C>                  <C>
SMM                                                               0.41%                0.48%                0.46%
3 Months Avg SMM
12 Months Avg SMM

Avg SMM Since Cut-off                                             0.41%                0.48%                0.46%

CPR                                                               4.84%                5.59%                5.33%
3 Months Avg CPR
12 Months Avg CPR
Avg CPR Since Cut-off                                             4.84%                5.59%                5.33%

PSA                                                             722.44%              675.41%              689.62%
3 Months Avg  PSA Approximation
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation                             722.44%              675.41%              689.62%

----------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

--------------------------------------------------------------------------------
PREPAYMENT CALCULATION METHODOLOGY


Single Monthly Mortality (SMM): (Voluntary partial and full prepayments +
Repurchases)/(Beg Principal Balance - Sched Principal)

Conditional Prepayment Rate (CPR): 1-((1-SMM)[CARET]12)

PSA Standard Prepayment Model: CPR/(0.02*min(30,WAS))

Average SMM over period between nth month and mth month (AvgSMMn,m): [(1-SMMn) *
(1-SMMn+1) *.......*(1-SMMm)][CARET](1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m)[CARET]12)

Average PSA Approximation over period between the nth month and mth month:
AvgCPRn,m/(0.02*Avg WASn,m))

Average WASn,m: (min(30,WASn)+min(30,WASn+1)+.......+min(30,WASm)/(number of
months in the period n,m)

Weighted Average Seasoning (WAS)

Note:   Prepayment rates are calculated since deal issue date and include
        partial and full voluntary prepayments and repurchases. Dates correspond
        to distribution dates.

--------------------------------------------------------------------------------

<PAGE>


--------------------------------------------------------------------------------
  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
SUMMARY                                                    LOAN GROUP
-------------------------------------------------          ------------------------------
<S>                                                       <C>
Total Loan Count =   6                                     Loan Group 1  =  Cendant Group
Total Original Principal Balance =   1,399,400.00          Loan Group 2  =  MSDW Group
Total Prepayment Amount =   1,189,400.00
</TABLE>

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------
Loan Number               Original                                 Current       State &     Type Prepayment
    &            Loan     Principal     Prepayment   Prepayment      Note        LTV at              &         Origination
Loan Group      Status     Balance         Amount       Date         Rate      Origination    Original Term        Date
--------------------------------------------------------------------------------------------------------------------------
<S>           <C>       <C>            <C>           <C>           <C>         <C>             <C>             <C>
7074992129 1              91,000.00      91,000.00    Oct-03-01     5.625%      SC-100.00%      Paid Off-300    May-22-01
7074992194 1             145,000.00     145,000.00    Oct-03-01     5.375%      SC-100.00%      Paid Off-300    Jun-25-01
7074998811 1             300,000.00     150,000.00    Oct-29-01     6.250%      FL-45.80%       Paid Off-300    May-10-01
7076074835 1             300,000.00     240,000.00    Oct-25-01     5.625%      GA-75.00%       Paid Off-300    Jul-01-01
7076098545 1             158,400.00     158,400.00    Oct-02-01     5.625%      FL-80.00%       Paid Off-300    Jun-05-01
390433296  2             405,000.00     405,000.00    Nov-01-01     6.250%      CA-100.00%      Paid Off-300    Apr-25-01
--------------------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

--------------------------------------------------------------------------------
                        REALIZED LOSS REPORT - COLLATERAL
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                        MSDW               CENDANT               TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                             <C>                 <C>                    <C>

CURRENT

Number of Loans Liquidated                                          --                   --                   --
Collateral Realized Loss/(Gain) Amount                              --                   --                   --
Net Liquidation Proceeds                                            --                   --                   --

CUMULATIVE

Number of Loans Liquidated                                          --                   --                   --
Collateral Realized Loss/(Gain) Amount                              --                   --                   --
Net Liquidation Proceeds                                            --                   --                   --


Note:   Collateral realized losses may include adjustments to loans liquidated
        in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK
----------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
DEFAULT SPEEDS                                                    MSDW                CENDANT               TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                             <C>                 <C>                  <C>
MDR                                                               0.00%                0.00%                0.00%
3 Months Avg MDR
12 Months Avg MDR

Avg MDR Since Cut-off                                             0.00%                0.00%                0.00%

CDR                                                               0.00%                0.00%                0.00%
3 Months Avg CDR
12 Months Avg CDR

Avg CDR Since Cut-off                                             0.00%                0.00%                0.00%

SDA                                                               0.00%                0.00%                0.00%
3 Months Avg  SDA Approximation
12 Months Avg SDA Approximation

Avg SDA Since Cut-off Approximation                               0.00%                0.00%                0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg  Loss Severity Approximation Since Cut-off
----------------------------------------------------------------------------------------------------------------
</TABLE>


<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY
--------------------------------------------------------------------------------

Monthly Default Rate (MDR): (Beg Principal Balance of Liquidated Loans)/(Total
Beg Principal Balance)

Conditional Default Rate (CDR): 1-((1-MDR)[caret]12)

SDA Standard Default Assumption:
CDR/IF(WAS<61,MIN(30,WAS)*0.02,MAX(0.03,MIN(30,WAS)*0.02-0.0095*(WAS-60)))

Average MDR over period between nth month and mth month (AvgMDRn,m): [(1-MDRn) *
(1-MDRn+1) *.......*(1-MDRm)][caret](1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m)[caret]12)

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period
n,m)

Loss Severity Approximation for current period: sum(Realized Loss
Amount)/sum(Beg Principal Balance of Liquidated Loans)

Average Loss Severity Approximation over period between nth month and mth month:
Avg(Loss Severityn,m)

Note:   Default rates are calculated since deal issue date and include realized
        gains and additional realized losses and gains from prior periods.

Dates correspond to distribution dates.
--------------------------------------------------------------------------------


<PAGE>

--------------------------------------------------------------------------------
   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
SUMMARY                                              LOAN GROUP
-------------------------------------------          -----------------------------------------
<S>                                                 <C>
Total Loan Count =  0                                Loan Group 1 = Cendant Group
Total Original Principal Balance =  0.00             Loan Group 2 = MSDW Group
Total Prior Principal Balance =  0.00
Total Realized Loss Amount =  0.00
Total Net Liquidation Proceeds =  0.00
-------------------------------------------          -----------------------------------------
</TABLE>


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Loan Number              Original         Prior                    Current      State &
     &          Loan     Principal      Principal     Realized       Note        LTV at     Original    Origination
Loan Group     Status     Balance        Balance    Loss/(Gain)     Rate      Origination     Term         Date
-------------------------------------------------------------------------------------------------------------------
<S>           <C>       <C>             <C>        <C>             <C>        <C>           <C>         <C>

                         SPACE INTENTIONALLY LEFT BLANK

-------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
TRIGGER EVENTS                                               MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                      MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
                         SPACE INTENTIONALLY LEFT BLANK

----------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                       MSDW                CENDANT                TOTAL
----------------------------------------------------------------------------------------------------------------
<S>                                                     <C>                 <C>                  <C>
Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
Unpaid Basis Risk Shortfall
Class A                                                                                                  0.00
Class B-1                                                                                                0.00
Class B-2                                                                                                0.00
Class B-3                                                                                                0.00
----------------------------------------------------------------------------------------------------------------
</TABLE>