Document:

<PAGE>
                                                                     EXHIBIT 4.4

                             CAVCO INDUSTRIES, INC.

                        RESTRICTED STOCK AWARD AGREEMENT

                  THIS RESTRICTED STOCK AWARD AGREEMENT ("Award Agreement") is
made as of the 7th day of July, 2003, by and between Cavco Industries, Inc., a
Delaware corporation (the "Company"), and Joseph H. Stegmayer (the "Grantee").

                  The Company and the Grantee therefore agree as follows:

                  1. GRANT OF RESTRICTED STOCK. Effective as of July 7, 2003
(the "Grant Date"), the Company has awarded to the Grantee a total of __________
shares of the common stock, par value $.01 per share ("Common Stock"), subject
to the conditions and restrictions set forth below (the "Restricted Stock").

                  2. DEFINITIONS. For purposes of this Award Agreement:

                  (a) "Board" means the Board of Directors of the Company.

                  (b) "Breach" has the meaning set forth in the Employment
Agreement.

                  (c) "Committee" means (i) the Board, during any period in
which there shall be no Compensation Committee of the Board comprised of two or
more nonemployee directors or during any other period during which the Board
elects to exercise the authority of the Committee, or (ii) the Compensation
Committee of the Board, during all other periods.

                  (d) "Disability" has the meaning set forth in the Employment
Agreement.

                  (e) "Employment Agreement" means the Employment Agreement,
dated as of June 30, 2003, between the Company and the Grantee.

                  (f) "Service" means employment with the Company or any of its
subsidiaries.

                  (g) "Restricted Period" means the period commencing on the
Grant Date and ending on the date that the Grantee obtains a vested right to all
of the Total Restricted Shares (and the restrictions thereon terminate) in
accordance with Paragraph 3.

                  (h) "Termination for Cause" has the meaning set forth in the
Employment Agreement.

                  (i) "Total Restricted Shares" means the total number of shares
of Restricted Stock that are the subject of this Award on the Grant Date.

<PAGE>

                  3. VESTING.

                  (a) The Grantee shall become vested with respect to 25% of the
Total Restricted Shares on the Grant Date and an additional 25% of the Total
Restricted Shares on each of the first, second and third anniversaries of the
Grant Date; provided, however, that the Grantee must be in continuous Service
from the Grant Date through the date of the applicable anniversary in order to
vest in shares of Restricted Stock as to which the Grantee would otherwise vest
on such anniversary. In the event that any day on which the Grantee would
otherwise obtain a vested right to additional shares of Restricted Stock is a
Saturday, Sunday or holiday, the Grantee shall instead obtain that vested right
on the first business day immediately following such date. The foregoing
provisions of this Paragraph 3(a) are subject to the provisions below,
addressing events that may result in early termination of the Restricted Period
or forfeiture of the Grantee's interest in all or part of the Restricted Stock.

                  (b) All of the Total Restricted Shares shall fully vest,
regardless of the limitations set forth in subparagraph (a) above, in the event
of the Grantee's termination of Service, other than as a result of a Termination
for Cause, a voluntary resignation of the Grantee when there is no uncured
Breach by the Company of the Employment Agreement, Disability or Death;
provided, however, that the Grantee has been in continuous Service since the
Grant Date.

                  (c) In the event of a termination of Service as a result of a
Termination for Cause, a voluntary resignation of the Grantee when there is an
uncured Breach by the Company of the Employment Agreement, Disability or death,
this Award Agreement shall immediately terminate, to the extent not theretofore
vested, and be of no force and effect and all Restricted Stock awarded to the
Grantee that has not previously vested shall be forfeited.

                  4. RESTRICTIONS. Restricted Stock shall constitute issued and
outstanding shares of common stock for all corporate purposes. The Grantee will
have the right (a) to vote such Restricted Stock, (b) to receive and retain such
dividends and distributions, as the Committee may in its sole discretion
designate, paid or distributed on such Restricted Stock and (c) to exercise all
other rights, powers and privileges of a holder of Common Stock with respect to
such Restricted Stock; except, that (i) the Grantee will not be entitled to
delivery of the stock certificate or certificates representing such Restricted
Stock until the Restricted Period shall have expired and unless all other
vesting requirements with respect thereto shall have been fulfilled or waived,
(ii) the Company will retain custody of the stock certificate or certificates
representing the Restricted Stock during the Restricted Period as provided in
Paragraph 8, (iii) other than such dividends and distributions as the Committee
may in its sole discretion designate, the Company will retain custody of all
distributions ("Retained Distributions") made or declared with respect to the
Restricted Stock (and such Retained Distributions will be subject to the same
restrictions, terms and vesting and other conditions as are applicable to the
Restricted Stock) until such time, if ever, as the Restricted Stock with respect
to which such Retained Distributions shall have been made, paid or declared
shall have become vested, and such Retained Distributions shall

<PAGE>

not bear interest or be segregated in a separate account, (iv) the Grantee may
not sell, assign, transfer, pledge, exchange, encumber or dispose of the
Restricted Stock or any Retained Distributions or the Grantee's interest in any
of them during the Restricted Period, and (v) a breach of any restrictions,
terms or conditions provided in this Award Agreement or established by the
Committee with respect to any Restricted Stock or Retained Distributions will
cause a forfeiture of such Restricted Stock and any Retained Distributions with
respect thereto.

                  5. COMPLETION OF THE RESTRICTED PERIOD. On the vesting date
with respect to any shares of Restricted Stock, and the satisfaction of any
other applicable restrictions, terms and conditions (a) all or the applicable
portion of such Restricted Stock shall become vested and (b) any Retained
Distributions with respect to such Restricted Stock shall become vested to the
extent that the Restricted Stock related thereto shall have become vested. Any
such Restricted Stock and Retained Distributions that shall not become vested
shall be forfeited to the Company and the Grantee shall not thereafter have any
rights (including dividend and voting rights) with respect to such Restricted
Stock and Retained Distributions that shall have been so forfeited.

                  6. NO CODE SECTION 83(b) ELECTION. The Grantee shall not make
an election, under Section 83(b) of the Internal Revenue Code of 1986, as
amended, to include an amount in income in respect of the Restricted Stock.

                  7. SALE OF RESTRICTED STOCK. The Grantee agrees that the
Grantee shall not sell, transfer or dispose of the Restricted Stock and that the
Company shall not be obligated to deliver any shares of common stock if counsel
to the Company determines that such sale, transfer, disposition or delivery
would violate any applicable law or any rule or regulation of any governmental
authority or any rule or regulation of, or agreement of the Company with, any
securities exchange or association or automated quotation system upon which the
common stock is listed or quoted. The Company shall in no event be obligated to
take any affirmative action in order to cause the delivery of shares of common
stock to comply with any such law, rule, regulation or agreement.

                  8. ESCROW OF SHARES. Shares of Restricted Stock shall be, at
the election of the Committee, either (a) registered in book entry form, (b)
registered in the name of the Grantee and deposited with the Secretary of the
Company or (c) held in nominee name for the benefit of the Grantee during the
Restricted Period, in any case, if the Company requests, together with a stock
power endorsed by the Grantee in blank. Any certificate shall bear a legend as
provided by the Company, conspicuously referring to the terms, conditions and
restrictions described in this Award Agreement. Upon termination of the
Restricted Period with respect to shares of Restricted Stock, a certificate
representing such shares shall be delivered upon written request to the Grantee
as promptly as is reasonably practicable following such termination.

<PAGE>

                  9. BENEFICIARY DESIGNATIONS. The Grantee shall file with the
Committee on the form appended to this Award Agreement as Exhibit A or such
other form as may be prescribed by the Company, a designation of one or more
beneficiaries (each, a "Beneficiary") to whom shares otherwise due to the
Grantee shall be distributed in the event of the death of the Grantee while in
the Service of the Company. The Grantee shall have the right to change the
Beneficiary or Beneficiaries from time to time; provided, however, that any
change shall not become effective until received in writing by the Committee. If
any designated Beneficiary survives the Grantee but dies before receiving all of
the Grantee's benefits hereunder, any remaining benefits due the Grantee shall
be distributed to the deceased Beneficiary's estate. If there is no effective
Beneficiary designation on file with the Committee at the time of the Grantee's
death, or if the designated Beneficiary or Beneficiaries have all predeceased
such Grantee, the payment of any remaining benefits shall be made to the
Grantee's estate.

                  10. NONALIENATION OF BENEFITS. Except as contemplated by
Paragraph 9 above, and other than pursuant to a qualified domestic relations
order, no right or benefit under this Award Agreement shall be subject to
transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or
charge, whether voluntary, involuntary or by operation of law, and any attempt
to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the
same shall be void. No right or benefit hereunder shall in any manner be liable
for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If the Grantee or the Grantee's Beneficiary hereunder
shall become bankrupt or attempt to transfer, anticipate, alienate, assign,
sell, pledge, encumber or charge any right or benefit hereunder, other than as
contemplated by Paragraph 9 above or other than pursuant to a qualified domestic
relations order, or if any creditor shall attempt to subject the same to a writ
of garnishment, attachment, execution, sequestration or any other form of
process or involuntary lien or seizure, then such right or benefit shall cease
and terminate.

                  11. PREREQUISITES TO BENEFITS. Neither the Grantee nor any
person claiming through the Grantee shall have any right or interest in the
Restricted Stock awarded hereunder, unless and until all the terms, conditions
and provisions of this Award Agreement which affect the Grantee or such other
person shall have been complied with as specified herein.

                  12. RIGHTS AS A STOCKHOLDER. Subject to the limitations and
restrictions contained herein, the Grantee (or Beneficiary) shall have all
rights as a stockholder with respect to the shares of the Restricted Stock once
such shares have been registered in the Grantee's name or issued for the benefit
of the Grantee hereunder.

                  13. CERTAIN CORPORATE TRANSACTIONS; ADJUSTMENTS. The existence
of this Agreement or the award of the Restricted Stock made hereunder shall not
affect in any manner the right and power of the Company or its stockholders to
make or authorize any or all adjustments, recapitalizations, reorganizations or
other changes in the capital stock of the Company or its business or any merger
or consolidation of the

<PAGE>

Company, or any issue of bonds, debentures, preferred or prior preference stock
(whether or not such issue is prior to, on a parity with or junior to the Common
Stock) or the dissolution or liquidation of the Company, or any sale or transfer
of all or any part of its assets or business, or any other corporate act or
proceeding of any kind, whether or not of a character similar to that of the
acts or proceedings enumerated above. The Committee, in its sole discretion, may
(but shall not be obligated to) make appropriate adjustments to the number of
shares of Restricted Stock or any other terms applicable to the award made
pursuant to this Agreement upon the occurrence of (i) a reclassification,
subdivision or combination of the Company's common stock, (ii) a dividend, stock
split or any distribution to holders of the Company's common stock payable in
shares of the Company's common stock or other securities or property or (iii) a
recapitalization or capital reorganization of the Company, a merger,
consolidation or the adoption of a plan of exchange affecting the Common Stock;
provided, however, that any such adjustment shall only be made as necessary to
maintain the proportionate interest of the Grantee and preserve, without
increasing, the value of the award made hereunder.

                  14. NOTICE. Unless the Company notifies the Grantee in writing
of a different procedure, any notice or other communication to the Company with
respect to this Award Agreement shall be in writing and shall be delivered
personally or by first class mail, postage prepaid and addressed, to the
following address:

                                   Cavco Industries, Inc.
                                   Attention:  Sean K. Nolen
                                   1001 North Central
                                   Suite 800
                                   Phoenix, Arizona  85004

Any notice or other communication to the Grantee with respect to this Award
Agreement shall be in writing and shall be delivered personally or shall be sent
by first class mail, postage prepaid, to the Grantee's address as listed in the
records of the Company on the Grant Date, unless the Company has received
written notification from the Grantee of a change of address.

                  15. AMENDMENT. This Award Agreement may be supplemented or
amended from time to time as approved by the Committee, provided, however, that
an amendment shall not adversely affect the rights of the Grantee with respect
to the award of Restricted Stock evidenced hereby without the Grantee's written
consent.

                  16. GRANTEE SERVICE. Nothing contained in this Award
Agreement, and no action of the Company or the Committee with respect hereto,
shall confer or be construed to confer on the Grantee any right to continue in
the Service of the Company.

                  17. SUCCESSORS AND ASSIGNS. This Award Agreement shall bind
and enure to the benefit of and be enforceable by the Grantee, the Company and
their

<PAGE>

respective permitted successors and assigns (including personal representatives,
heirs and legatees), except that the Grantee may not assign any rights or
obligations under this Award Agreement except to the extent and in a manner
expressly provided herein.

                  18. GOVERNING LAW. This Award Agreement shall in all respects
be governed by, and construed and enforced in accordance with, the laws of the
State of Arizona to the extent not preempted by federal law.

                  19. CONSTRUCTION. References in this Award Agreement to "this
Award Agreement" and the words "herein," "hereof," "hereunder" and similar terms
include all Exhibits appended hereto. The headings of the Paragraphs of this
Award Agreement have been included for convenience of reference only and are not
to be considered a part hereof and shall in no way modify or restrict any of the
terms or provisions hereof. All decisions of the Committee regarding this Award
Agreement shall be conclusive.

                  20. DUPLICATE ORIGINALS. The Company and the Grantee may sign
any number of copies of this Award Agreement. Each signed copy shall be an
original, but all of them together represent the same agreement.

                  21. ENTIRE AGREEMENT. The Grantee and the Company hereby
declare and represent that no promise or agreement not herein expressed has been
made and that this Award Agreement contains the entire agreement between the
parties hereto with respect to the Restricted Stock granted herein and replaces
and makes null and void any prior agreements, oral or written, between the
Grantee and the Company regarding the Restricted Stock awarded herein.

                  22. GRANTEE ACCEPTANCE. The Grantee shall signify acceptance
of the terms and conditions of this Award Agreement by signing in the space
provided at the end hereof and returning an executed copy to the Company.

                                          CAVCO INDUSTRIES, INC.

                                          By:
                                              ----------------------------------
                                              Name:   Sean K. Nolen
                                                     ---------------------------
                                              Title:  Vice President and Chief
                                                      Financial Officer
                                                     ---------------------------

                                          ACCEPTED:

                                          -----------------------
                                          Grantee:  Joseph H. Stegmayer

<PAGE>

                                Exhibit A to Restricted Stock Award Agreement,
                                dated as of July 7, 2003

                             CAVCO INDUSTRIES, INC.

                           DESIGNATION OF BENEFICIARY

                  I, Joseph H. Stegmayer (the "Grantee"), hereby declare that
upon my death ____________________________________ (the "Beneficiary") who
resides at

----------------------------------------------------------------------,
Street Address           City               State        Zip Code

and is my __________________________________________________, shall be
entitled to the Restricted Stock and all other rights accorded the Grantee by
the above-referenced Restricted Stock Award Agreement (the "Award Agreement").

                  It is understood that this Designation of Beneficiary is made
pursuant to the Award Agreement and is subject to the conditions stated therein,
including the Beneficiary's survival of the Grantee's death. If any such
condition is not satisfied, such rights shall devolve according to the Grantee's
will or the laws of descent and distribution.

                  It is further understood that all prior designations of
beneficiary under the Award Agreement are hereby revoked and that this
Designation of Beneficiary may only be revoked in writing, signed by the Grantee
and filed with the Company prior to the Grantee's death.

------------                                        ------------------
Date                                                Grantee

<PAGE><PAGE>
                                                                               .
                                                                               .
                                                                               .

                                                                    EXHIBIT 10.1

CONTACTS

<TABLE>
---------------------------------------------------------------------
<S>                        <C>
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

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

ISSUANCE INFORMATION

<TABLE>
--------------------------------------------------------------------------------------------------
<S>                     <C>                                 <C>                     <C>
Seller:                 Redwood Trust                       Cut-Off Date:           April 1, 2002
Certificate Insurer:                                        Closing Date:           April 26, 2002
Servicer(s):            Cendant Mortgage Corporation        First Payment Date:     May 20, 2002
                        Morgan Stanley Dean Witter

Underwriter(s):         Greenwich Capital Markets, Inc.     Distribution Date:      June 19, 2003
                        Bear, Stearns & Co. Inc.            Record Date:            June 18, 2003
                                                                                    May 30, 2003

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

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
               BOND PAYMENT REPORT FOR JUNE 19, 2003 DISTRIBUTION

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                     Prior                                                                            Current
         Class     Original        Principal                                     Total       Realized    Deferred    Principal
Class    Type     Face Value        Balance         Interest     Principal    Distribution    Losses     Interest     Balance
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                    (7)=(1)-(3)-
                                      (1)             (2)           (3)       (4)=(2)+(3)       (5)        (6)        (5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>      <C>    <C>              <C>              <C>           <C>           <C>            <C>         <C>       <C>
LT-A            496,378,000.00   438,350,721.63     969,333.11  5,313,324.77  6,282,657.88       -          -      433,037,396.86
LT-A2                   100.00                -              -             -             -       -          -                   -
LT-X                    100.00                -              -             -             -       -          -                   -
LT-B-1            5,915,000.00     5,915,000.00      13,079.95             -     13,079.95       -          -        5,915,000.00

LT-B-2            5,143,000.00     5,143,000.00      11,372.81             -     11,372.81       -          -        5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
LT-B-3            2,315,000.00     2,315,000.00       5,119.20             -      5,119.20       -          -        2,315,000.00
LT-B-4            1,534,000.00     1,534,000.00       3,392.16             -      3,392.16       -          -        1,534,000.00
LT-B-5            1,028,000.00     1,028,000.00       2,273.24             -      2,273.24       -          -        1,028,000.00
LT-B-6            2,068,996.83     2,068,996.83       4,575.21             -      4,575.21       -          -        2,068,996.83
LT-R                         -                -              -             -             -       -          -                   -
---------------------------------------------------------------------------------------------------------------------------------
  Total         514,382,196.83   456,354,718.46   1,009,145.68  5,313,324.77  6,322,470.45       -          -      451,041,393.69
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Accrual Detail          Current Period Factor Information
                                    per $1,000 of Original Face

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                           Current
         Period   Period                   (with Notional)   Principal                            Total       Principal
Class   Starting  Ending  Method    Cusip      Balance        Balance     Interest  Principal  Distribution    Balance
-------------------------------------------------------------------------------------------------------------------------
                                                                (1)          (2)       (3)     (4)=(2)+(3)     (5)
-------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>     <C>       <C>    <C>              <C>           <C>       <C>        <C>           <C>
LT-A                      A-30/360          496,378,000.00    883.098610  1.952812  10.704191    12.657003     872.394419
LT-A2                     A-30/360                  100.00             -         -          -            -              -
LT-X                      A-30/360                  100.00             -         -          -            -              -
LT-B-1                    A-30/360            5,915,000.00  1,000.000000  2.211319          -     2.211319   1,000.000000
LT-B-2                    A-30/360            5,143,000.00  1,000.000000  2.211318          -     2.211318   1,000.000000
-------------------------------------------------------------------------------------------------------------------------
LT-B-3                    A-30/360           2,315,000.00   1,000.000000  2.211317          -     2.211317   1,000.000000
LT-B-4                    A-30/360            1,534,000.00  1,000.000000  2.211317          -     2.211317   1,000.000000
LT-B-5                    A-30/360            1,028,000.00  1,000.000000  2.211323          -     2.211323   1,000.000000
LT-B-6                    A-30/360            2,068,996.83  1,000.000000  2.211318          -     2.211318   1,000.000000
LT-R                      A-30/360                       -             -         -          -            -              -
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Current
             Original                     Unscheduled   Scheduled      Total         Total       Realized  Deferred    Principal
Class       Face Value      Interest       Principal    Principal    Principal    Distribution    Losses   Interest     Balance
-----------------------------------------------------------------------------------------------------------------------------------
               (1)            (2)             (3)          (4)      (5)=(3)+(4)    (6)=(2)+(5)     (7)       (8)      (9)=(1)-(5)-
                                                                                                                        (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>             <C>            <C>            <C>        <C>            <C>            <C>       <C>       <C>
LT-A      496,378,000.00  16,989,612.41  63,340,603.14      -      63,340,603.14  80,330,215.55     -         -      433,037,396.86
LT-A2             100.00           0.27         100.00      -             100.00         100.27     -         -                   -
LT-X              100.00              -         100.00      -             100.00         100.00     -         -                   -
LT-B-1      5,915,000.00     214,171.81              -      -                  -     214,171.81     -         -        5,915,000.00
LT-B-2      5,143,000.00     186,219.05              -      -                  -     186,219.05     -         -        5,143,000.00
LT-B-3      2,315,000.00      83,822.11              -      -                  -      83,822.11     -         -        2,315,000.00
LT-B-4      1,534,000.00      55,543.43              -      -                  -      55,543.43     -         -        1,534,000.00
LT-B-5      1,028,000.00      37,222.10              -      -                  -      37,222.10     -         -        1,028,000.00
LT-B-6      2,068,996.83      74,914.77              -      -                  -      74,914.77     -         -        2,068,996.83
LT-R                   -              -              -      -                  -              -     -         -                   -
-----------------------------------------------------------------------------------------------------------------------------------
  Total   514,382,196.83  17,641,505.95  63,340,803.14      -      63,340,803.14  80,982,309.09     -         -      451,041,393.69
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
           Pass-     Prior Principal                    Non-      Prior    Unscheduled                  Paid or      Current
          Through    (with Notional)    Accrued      Supported    Unpaid    Interest      Optimal       Deferred      Unpaid
Class      Rate          Balance        Interest    Interest SF  Interest  Adjustments    Interest      Interest     Interest
-------------------------------------------------------------------------------------------------------------------------------
                                                                                          (5)=(1)-
                                          (1)           (2)        (3)         (4)      (2)+(3)+(4)        (6)      (7)=(5)-(6)
-------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>              <C>           <C>          <C>       <C>          <C>           <C>           <C>
LT-A      2.65358%    438,350,721.63    969,333.11       -          -           -         969,333.11    969,333.11       -
LT-A2     2.65358%                 -             -       -          -           -                  -             -       -
LT-X                               -             -       -          -           -                  -             -       -
LT-B-1    2.65358%      5,915,000.00     13,079.95       -          -           -          13,079.95     13,079.95       -
LT-B-2    2.65358%      5,143,000.00     11,372.81       -          -           -          11,372.81     11,372.81       -
-------------------------------------------------------------------------------------------------------------------------------
LT-B-3    2.65358%      2,315,000.00      5,119.20       -          -           -           5,119.20      5,119.20       -
LT-B-4    2.65358%      1,534,000.00      3,392.16       -          -           -           3,392.16      3,392.16       -
LT-B-5    2.65358%      1,028,000.00      2,273.24       -          -           -           2,273.24      2,273.24       -
LT-B-6    2.65358%      2,068,996.83      4,575.21       -          -           -           4,575.21      4,575.21       -
LT-R                               -             -       -          -           -                  -             -       -
-------------------------------------------------------------------------------------------------------------------------------
  Total               456,354,718.46  1,009,145.68       -          -           -       1,009,145.68  1,009,145.68       -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------------
                                    Prior                                                                          Current
         Class     Original       Principal                                     Total     Realized  Deferred      Principal
Class    Type     Face Value       Balance        Interest      Principal   Distribution   Losses   Interest       Balance
---------------------------------------------------------------------------------------------------------------------------------
                                     (1)            (2)           (3)       (4)=(2)+(3)     (5)       (6)     (7)=(1)-(3)-(5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>      <C>    <C>             <C>             <C>           <C>           <C>           <C>       <C>       <C>
A         FLT   496,378,000.00  438,350,721.63    598,166.09  5,313,324.77  5,911,490.86     -         -         433,037,396.86
X        CSTR           100.00               -    378,263.93             -    378,263.93     -         -                      -
A-R        R            100.00               -             -             -             -     -         -                      -
B-1       SUB     5,915,000.00    5,915,000.00      9,944.59             -      9,944.59     -         -           5,915,000.00
B-2       SUB     5,143,000.00    5,143,000.00      8,646.67             -      8,646.67     -         -           5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
B-3       SUB     2,315,000.00    2,315,000.00      3,892.09             -      3,892.09     -         -           2,315,000.00
B-4       SUB     1,534,000.00    1,534,000.00      3,392.16             -      3,392.16     -         -           1,534,000.00
B-5       SUB     1,028,000.00    1,028,000.00      2,273.24             -      2,273.24     -         -           1,028,000.00
B-6       SUB     2,068,996.00    2,068,996.00      4,575.21             -      4,575.21     -         -           2,068,996.00
---------------------------------------------------------------------------------------------------------------------------------
  Total         514,382,196.00  456,354,717.63  1,009,153.98  5,313,324.77  6,322,478.75     -         -         451,041,392.86
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 5/30/03

Interest Accrual Detail              Current Period Factor Information
                                       per $1,000 of Original Face

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
                                                Orig. Principal     Prior
        Period    Period                        (with Notional)   Principal
Class  Starting   Ending    Method     Cusip        Balance        Balance
-----------------------------------------------------------------------------
                                                                     (1)
-----------------------------------------------------------------------------
<S>    <C>       <C>       <C>       <C>        <C>              <C>
A      05/19/03  06/18/03  A-30/360  81743XAA7   496,378,000.00    883.098610
X                          A-30/360  SQ0201UPX           100.00             -
A-R                        A-30/360  81743XAC3           100.00             -
B-1    05/19/03  06/18/03  A-30/360  81743XAB5     5,915,000.00  1,000.000000
B-2    05/19/03  06/18/03  A-30/360  81743XAD1     5,143,000.00  1,000.000000
-----------------------------------------------------------------------------
B-3    05/19/03  06/18/03  A-30/360  81743XAE9     2,315,000.00  1,000.000000
B-4                        A-30/360  SQ0201UB4     1,534,000.00  1,000.000000
B-5                        A-30/360  SQ0201UB5     1,028,000.00  1,000.000000
B-6                        A-30/360  SQ0201UB6     2,068,996.00  1,000.000000
-----------------------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------
                                                        Current
                                          Total        Principal
Class       Interest     Principal    Distribution      Balance
------------------------------------------------------------------
              (2)           (3)       (4)=(2)+(3)         (5)
------------------------------------------------------------------
<S>    <C>               <C>        <C>               <C>
A              1.205062  10.704191         11.909252    872.394419
X      3,782,639.300000          -  3,782,639.300000             -
A-R                   -          -                 -             -
B-1            1.681249          -          1.681249  1,000.000000
B-2            1.681250          -          1.681250  1,000.000000
------------------------------------------------------------------
B-3            1.681248          -          1.681248  1,000.000000
B-4            2.211317          -          2.211317  1,000.000000
B-5            2.211323          -          2.211323  1,000.000000
B-6            2.211319          -          2.211319  1,000.000000
------------------------------------------------------------------
</TABLE>

Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
----------------------------------------------------------------
            Original                     Unscheduled   Scheduled
Class      Face Value       Interest      Principal    Principal
----------------------------------------------------------------
              (1)             (2)            (3)          (4)
----------------------------------------------------------------
<S>      <C>             <C>            <C>            <C>
A        496,378,000.00  10,260,911.63  63,340,603.14      -
X                100.00   6,862,477.34         100.00      -
A-R              100.00           0.27         100.00      -
B-1        5,915,000.00     155,050.85              -      -
B-2        5,143,000.00     134,814.31              -      -
B-3        2,315,000.00      60,683.46              -      -
B-4        1,534,000.00      55,543.43              -      -
B-5        1,028,000.00      37,222.10              -      -
B-6        2,068,996.00      74,914.74              -      -
----------------------------------------------------------------
  Total  514,382,196.00  17,641,618.13  63,340,803.14      -
----------------------------------------------------------------

<CAPTION>

------------------------------------------------------------------------------
                                                                Current
             Total         Total       Realized  Deferred      Principal
Class      Principal    Distribution    Losses   Interest       Balance
------------------------------------------------------------------------------
          (5)=(3)+(4)    (6)=(2)+(5)     (7)       (8)     (9)=(1)-(5)-(7)+(8)
------------------------------------------------------------------------------
<S>      <C>            <C>            <C>       <C>       <C>
A        63,340,603.14  73,601,514.77     -         -        433,037,396.86
X               100.00   6,862,577.34     -         -                     -
A-R             100.00         100.27     -         -                     -
B-1                  -     155,050.85     -         -          5,915,000.00
B-2                  -     134,814.31     -         -          5,143,000.00
B-3                  -      60,683.46     -         -          2,315,000.00
B-4                  -      55,543.43     -         -          1,534,000.00
B-5                  -      37,222.10     -         -          1,028,000.00
B-6                  -      74,914.74     -         -          2,068,996.00
------------------------------------------------------------------------------
  Total  63,340,803.14  80,982,421.27     -         -        451,041,392.86
------------------------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                    Non-       Prior   Unscheduled                   Paid or      Current
         Through   (with Notional)     Accrued     Supported    Unpaid    Interest      Optimal       Deferred      Unpaid
Class     Rate         Balance        Interest    Interest SF  Interest  Adjustments    Interest      Interest     Interest
-----------------------------------------------------------------------------------------------------------------------------
                                                                                        (5)=(1)-
                                         (1)          (2)        (3)         (4)       (2)+(3)+(4)      (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>              <C>           <C>          <C>       <C>          <C>           <C>           <C>
A        1.63750%   438,350,721.63    598,166.09       -          -           -         598,166.09    598,166.09       -
X        1.00483%                -    378,263.93       -          -           -         378,263.93    378,263.93       -
A-R      2.65358%                -             -       -          -           -                  -             -       -
B-1      2.01750%     5,915,000.00      9,944.59       -          -           -           9,944.59      9,944.59       -
B-2      2.01750%     5,143,000.00      8,646.67       -          -           -           8,646.67      8,646.67       -
-----------------------------------------------------------------------------------------------------------------------------
B-3      2.01750%     2,315,000.00      3,892.09       -          -           -           3,892.09      3,892.09       -
B-4      2.65358%     1,534,000.00      3,392.16       -          -           -           3,392.16      3,392.16       -
B-5      2.65358%     1,028,000.00      2,273.24       -          -           -           2,273.24      2,273.24       -
B-6      2.65358%     2,068,996.00      4,575.21       -          -           -           4,575.21      4,575.21       -
-----------------------------------------------------------------------------------------------------------------------------
  Total             456,354,717.63  1,009,153.98       -          -           -       1,009,153.98  1,009,153.98       -
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                                        TOTAL
----------------------------------------------------------------------------------------
<S>                                                                         <C>
   Principal Collections                                                    5,313,324.77
   Principal Withdrawals                                                            0.00
   Principal Other Accounts                                                         0.00
   TOTAL PRINCIPAL                                                          5,313,324.77

   Interest Collected                                                       1,023,305.12
   Interest Withdrawals                                                             0.00
   Interest Other Accounts                                                          8.30
   Fees                                                                       (14,159.44)
   TOTAL INTEREST                                                           1,009,153.98

   TOTAL AVAILABLE TO CERTIFICATEHOLDERS                                    6,322,478.75
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                        TOTAL
----------------------------------------------------------------------------------------
<S>                                                                         <C>
   Scheduled Principal                                                              0.00
   Curtailments                                                               820,538.22
   Prepayments In Full                                                      4,492,786.55
   Repurchased Principal Amounts                                                    0.00
   Substitution Principal Amount                                                    0.00
   Liquidations                                                                     0.00
   Insurance Principal                                                              0.00
   Other Principal                                                                  0.00
   Total Realized Loss Of Principal                                                 0.00

   TOTAL PRINCIPAL COLLECTED                                                5,313,324.77
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                                            TOTAL
-----------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>
                              SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                                                                        <C>
   Scheduled Interest                                                       1,153,870.65
   Repurchased Interest                                                             0.00
   Substitution Interest Amount                                                     0.00
   Liquidation Interest                                                             0.00
   Insurance Interest                                                               0.00
   Other Interest                                                                   0.00

   Delinquent Interest                                                     (1,051,585.68)
   Interest Advanced                                                          921,020.15
   Prepayment Interest Shortfalls                                              (4,941.95)
   Compensating Interest                                                        4,941.95
   Civil Relief Act Shortfalls                                                      0.00

   TOTAL INTEREST COLLECTED                                                 1,023,305.12
</TABLE>

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

   TOTAL INTEREST WITHDRAWALS                                                       0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                                                          TOTAL
----------------------------------------------------------------------------------------
<S>                                                                                <C>
   Basis Risk Shortfall                                                             0.00
   Basis Risk Reserve Fund Interest Earnings                                        8.30

   TOTAL INTEREST OTHER ACCOUNTS                                                    8.30
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                                  TOTAL
----------------------------------------------------------------------------------------
<S>                                                                            <C>
   Current Servicing Fees                                                      12,638.26
   Trustee Fee                                                                  1,521.18

   TOTAL FEES                                                                  14,159.44
</TABLE>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
ACCOUNTS                                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                                                                            <C>
   BASIS RISK RESERVE FUND

   Beginning Balance                                                           10,000.00
   Basis Risk Deposit                                                               0.00
   Basis Risk Shortfall paid                                                        0.00
   Investment Earnings distributed to the Class X Bondholder                        8.30
   Ending Balance                                                              10,000.00
</TABLE>

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                             TOTAL
----------------------------------------------------------------------------------------
<S>                                                                          <C>
   Pro Rata Senior Percentage                                                 96.054824%
   Senior Percentage                                                         100.000000%
   Subordinate Percentage                                                      0.000000%
   Senior Prepayment Percentage                                              100.000000%
   Subordinate Percentage                                                      0.000000%
</TABLE>

<PAGE>

                                     COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                                     TOTAL
----------------------------------------------------------------------------------------
<S>                              <C>                                      <C>
                                 Loan Count:
ORIGINAL                                                                            1254
Prior                                                                              1,125
Prefunding                                                                             -
Scheduled Paid Offs                                                                    -
Full Voluntary Prepayments                                                           (14)
Repurchases                                                                            -
Liquidations                                                                           -
                                                                          --------------
Current                                                                            1,111

PRINCIPAL BALANCE:
Original                                                                  514,382,196.83
Prior                                                                     456,354,718.46
Prefunding                                                                             -
Scheduled Principal                                                                    -
Partial and Full Voluntary Prepayments                                     (5,313,324.77)
Repurchases                                                                            -
Liquidations                                                                           -
                                                                          --------------
Current                                                                   451,041,393.69
</TABLE>

<TABLE>
PREFUNDING                                                                         TOTAL
----------------------------------------------------------------------------------------
<S>                           <C>                                                  <C>
                              SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                                         TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                   <C>
Weighted Average Coupon Original                                                      3.667751%
Weighted Average Coupon Prior                                                         3.121279%
Weighted Average Coupon Current                                                       3.034141%
                                                              ---------------------------------
Weighted Average Months to Maturity Original                                               297
Weighted Average Months to Maturity Prior                                                  285
Weighted Average Months to Maturity Current                                                284
                                                              ---------------------------------
Weighted Avg Remaining Amortization Term Original                                          296
Weighted Avg Remaining Amortization Term Prior                                             284
Weighted Avg Remaining Amortization Term Current                                           283
                                                              ---------------------------------
Weighted Average Seasoning Original                                                       3.66
Weighted Average Seasoning Prior                                                         15.63
Weighted Average Seasoning Current                                                       16.63
</TABLE>

Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                                      TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                     <C>
Weighted Average Margin Original                                                         1.652%
Weighted Average Margin Prior                                                            1.644%
Weighted Average Margin Current                                                          1.643%
                                                              ---------------------------------
Weighted Average Max Rate Original                                                      12.000%
Weighted Average Max Rate Prior                                                         12.000%
Weighted Average Max Rate Current                                                       12.000%
                                                              ---------------------------------
Weighted Average Min Rate Original                                                       1.652%
Weighted Average Min Rate Prior                                                          1.644%
Weighted Average Min Rate Current                                                        1.643%
                                                              ---------------------------------
Weighted Average Cap Up Original                                                         0.000%
Weighted Average Cap Up Prior                                                            0.000%
Weighted Average Cap Up Current                                                          0.000%
                                                              ---------------------------------
Weighted Average Cap Down Original                                                       0.000%
Weighted Average Cap Down Prior                                                          0.000%
Weighted Average Cap Down Current                                                        0.000%
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                                             TOTAL
-----------------------------------------------------------------------------------------------
<S>                                                                                <C>
Current Servicing Fees                                                               12,638.26
Delinquent Servicing Fees                                                           130,565.53
TOTAL SERVICING FEES                                                                143,203.79

Total Servicing Fees                                                                143,203.79
Compensating Interest                                                                (4,941.95)
Delinquent Servicing Fees                                                          (130,565.53)
COLLECTED SERVICING FEES                                                              7,696.31

Prepayment Interest Shortfall                                                         4,941.95

Total Advanced Interest                                                             921,020.15

Current Nonrecoverable Advances                                                           0.00
</TABLE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                                     TOTAL
----------------------------------------------------------------------------------------------
<S>                                                                               <C>
Mortgage Loans which adjust based on One-Month LIBOR                                      0.00
Mortgage Loans which adjust based on Six-Month LIBOR                                      0.00

Special Hazard Loss Coverage Amount                                               5,800,000.00
Current Special Hazard Losses                                                             0.00
Cumulative Special Hazard Losses                                                          0.00
Bankruptcy Loss Coverage Amount                                                     100,000.00
Current Bankruptcy Losses                                                                 0.00
Cumulative Bankruptcy Losses                                                              0.00
Fraud Loss Coverage Amount                                                        9,267,516.97
Current Fraud Losses                                                                      0.00
Cumulative Fraud Losses                                                                   0.00
</TABLE>

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                        <1 PAYMENT  1 PAYMENT     2 PAYMENTS   3+ PAYMENTS        TOTAL
------------------------------------------------------------------------------------------
<S>          <C>        <C>         <C>           <C>          <C>             <C>
DELINQUENT   Balance                914,234.50          -             -        914,234.50
             % Balance                    0.20%      0.00%         0.00%             0.20%
             # Loans                         3          -             -                 3
             % # Loans                    0.27%      0.00%         0.00%             0.27%
-----------------------------------------------------------------------------------------
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           -    914,234.50          -             -        914,234.50
             % Balance     0.00%         0.20%       0.00%         0.00%             0.20%
             # Loans           -             3          -             -                 3
             % # Loans     0.00%         0.27%       0.00%         0.00%             0.27%
-----------------------------------------------------------------------------------------
</TABLE>

Note: <1 Payment = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 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 = MSDW Group; REO Book Value = 000.00
Total Original Principal Balance = 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  =  MSDW Group
Total Original Principal Balance =   000.00
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                                                         TOTAL
----------------------------------------------------------------------------------------------------
<S>                                                                                    <C>
CURRENT

Number of Paid in Full Loans                                                                      14
Number of Repurchased Loans                                                                        -
----------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                             14

Paid in Full Balance                                                                    4,492,786.55
Repurchased Loans Balance                                                                          -
Curtailments Amount                                                                       820,538.22
----------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                                 5,313,324.77

CUMULATIVE

Number of Paid in Full Loans                                                                     143
Number of Repurchased Loans                                                                        -
----------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                            143

Paid in Full Balance                                                                   54,185,484.42
Repurchased Loans Balance                                                                          -
Curtailments Amount                                                                     9,155,318.72
----------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                                63,340,803.14
</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<TABLE>
<CAPTION>
          VOLUNTARY PREPAYMENT RATES                                                           TOTAL
-----------------------------------------------------------------------------------------------------
<S>                                                                                           <C>
SMM                                                                                             1.16%
3 Months Avg SMM                                                                                1.20%
12 Months Avg SMM                                                                               0.92%
Avg SMM Since Cut-off                                                                           0.93%

CPR                                                                                            13.11%
3 Months Avg CPR                                                                               13.44%
12 Months Avg CPR                                                                              10.54%
Avg CPR Since Cut-off                                                                          10.65%

PSA                                                                                           394.19%
3 Months Avg PSA Approximation                                                                429.95%
12 Months Avg PSA Approximation                                                               473.32%
Avg PSA Since Cut-off Approximation                                                           525.19%
</TABLE>

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) 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)] (1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m) 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 = 14                              Loan Group 1 = MSDW Group
Total Original Principal Balance = 4,501,200.00
Total Prepayment Amount = 4,492,786.55
</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>
390440186 1            221,600.00   221,600.00   May-27-03    3.000%    NY -  80.00%   Paid Off - 300     Jan-18-02
390441031 1            355,000.00   354,812.05   May-22-03    3.500%    HI -  69.61%   Paid Off - 300     Oct-09-01
390441692 1            251,500.00   247,689.82   May-14-03    3.500%    FL -  75.07%   Paid Off - 300     Oct-19-01
390442227 1            650,000.00   649,874.74   May-16-03    4.000%    SC -  78.79%   Paid Off - 300     Oct-09-01
390444530 1            220,000.00   219,931.25   May-28-03    3.500%    ID -  73.33%   Paid Off - 300     Nov-14-01
390444980 1            487,000.00   487,000.00   May-08-03    3.000%    CA -  77.92%   Paid Off - 300     Jan-03-02
390445713 1            120,000.00   117,993.96   May-28-03    3.000%    MN -  80.00%   Paid Off - 300     Dec-31-01
390446638 1            329,000.00   329,000.00   May-21-03    3.000%    CA -  39.88%   Paid Off - 300     Jan-15-02
390446779 1            665,000.00   662,877.54   May-20-03    3.000%    NY -  78.24%   Paid Off - 300     Jan-17-02
390447540 1            293,100.00   293,100.00   May-27-03    3.000%    UT -  54.58%   Paid Off - 300     Feb-15-02
390447649 1            336,000.00   336,000.00   May-22-03    3.000%    MI -  80.00%   Paid Off - 300     Feb-20-02
390447724 1            160,000.00   160,000.00   May-23-03    3.000%    MA - 100.00%   Paid Off - 300     Dec-07-01
390447919 1             83,000.00    82,987.47   May-20-03    3.000%    CA - 100.00%   Paid Off - 300     Jan-30-02
390447938 1            330,000.00   329,919.72   May-23-03    3.000%    CA -  62.86%   Paid Off - 300     Jan-31-02
-------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
      COLLATERAL REALIZED LOSSES                                                               TOTAL
      --------------------------                                                               -----
<S>                                                                                            <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                                                                           -
</TABLE>

Note: Collateral Realized Loss Amount may include adjustments to loans
      liquidated in prior periods.

                         SPACE INTENTIONALLY LEFT BLANK

<TABLE>
<CAPTION>
               DEFAULT SPEEDS                                                                  TOTAL
<S>                                                                                            <C>
MDR                                                                                             0.00%
3 Months Avg MDR                                                                                0.00%
12 Months Avg MDR                                                                               0.00%
Avg MDR Since Cut-off                                                                           0.00%

CDR                                                                                             0.00%
3 Months Avg CDR                                                                                0.00%
12 Months Avg CDR                                                                               0.00%
Avg CDR Since Cut-off                                                                           0.00%

SDA                                                                                             0.00%
3 Months Avg SDA Approximation                                                                  0.00%
12 Months Avg SDA Approximation                                                                 0.00%
Avg SDA Since Cut-off Approximation                                                             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) 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)] (1/months in period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m) 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 = MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
</TABLE>

Note: Total Realized Loss Amount may include adjustments to loans liquidated in
prior periods.

<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                                                                                           TOTAL
--------------------------------------------------------------------------------------------------------------
<S>                                                                                                      <C>
                                         SPACE INTENTIONALLY LEFT BLANK
</TABLE>

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

<TABLE>
<CAPTION>
  ADDITIONAL INFORMATION                                                                                 TOTAL
--------------------------------------------------------------------------------------------------------------
<S>                                                                                                      <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>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00053-of-00352.parquet"}]]