Document:

<PAGE>
                                                                   EXHIBIT 10.10

                   LONG TERM INCENTIVE COMPENSATION AGREEMENT

         This Long Term Incentive Compensation Agreement (hereinafter "LTIC
Agreement") is entered into this 21st day of August, 2001, between Robert M.
Rhodes (hereinafter "Executive") and The St. Joe Company, a Florida corporation
(hereinafter "Company").

         WHEREAS, Executive is currently employed by the Company under the terms
of an employment agreement between Executive and the Company dated November 3,
1997 (hereinafter "Employment Agreement"); and

         WHEREAS, Executive and the Company are also parties to an Amended and
Restated Severance Agreement dated August 21, 2001 describing obligations in the
event Executive's employment is terminated under certain circumstances
(hereinafter "Severance Agreement"); and

         WHEREAS, the Company desires to provide, and Executive desires to
receive, Long Term Incentive Compensation (hereinafter "LTIC"), as set forth
below, in consideration for Executive's continuing employment with the Company;

         NOW, THEREFORE, Executive and Company hereby agree as follows:

         1.       Defined Terms. Capitalized terms used but not defined in this
LTIC Agreement shall have the meaning ascribed to them in the Employment
Agreement.

         2.       LTIC Award. Executive shall receive a LTIC award in the amount
of $2,500,000, as adjusted upward or downward as set forth in Paragraph 3 of
this Agreement payable in a single lump sum, upon the first occurrence of any of
the following:

         a)       Executive remains continuously employed by the Company until
                  December 31, 2005; or

         b)       Executive terminates his employment with the Company for Good
                  Reason; or

         c)       Death of the Executive; or

         d)       Disability of the Executive, as defined in the Company's long
                  term disability plan; or

         e)       Company terminates Executive's employment for any reason other
                  than Cause; or

         f)       The first anniversary of any Change in Control., provided
                  Executive is employed by the Company on that first
                  anniversary.
<PAGE>

         3.       Adjustment to LTIC Award. The LTIC award under Paragraph 2 of
this Agreement shall be adjusted as follows:

         a)       The base JOE stock price shall be the closing price of JOE on
                  August 20, 2001;

         b)       The goal is that the stock price of JOE shall increase from
                  the base JOE stock price by $1.00 per year

         c)       If, on the payment date, the JOE stock price equals the goal
                  (i.e. up $1 per year from the base JOE stock price), then the
                  payment amount will be the target payment amount;

         d)       There shall be an Adjustment of the payment amount calculated
                  as follows: For every 1% that the price of JOE stock exceeds
                  the goal on the payment date, the actual payment amount shall
                  increase by 2%, except that in no case can the actual payment
                  amount be more than one third higher than the target payment
                  amount. For every 1% by which the price of JOE stock is less
                  than the goal on the payment on the payment date, the actual
                  payment amount shall decrease by 2%, except that in no case
                  can the actual payment amount be less than two-thirds of the
                  target payment amount;

         e)       In the event of death of Executive prior to payment, the
                  actual payment amount shall be the target payment amount;

         f)       If JOE stock is no longer publicly traded on the payment date,
                  the last date JOE publicly traded shall be used.

         EXAMPLE 1:
         Target Payment: $2,500,000
         Stock Price on Agreement Date (Base JOE Stock Price): $28.50
         Goal JOE Stock Price after Four Years: $32.50
         Actual Stock Price on Payment Date: $32.50
         Percent Change Versus Goal: 0%
         Adjustment: $0
         Actual Payment: $2,500,000

         EXAMPLE 2:
         Target Payment: $2,500,000
         Stock Price on Agreement Date (Base JOE Stock Price): $28.50
         Goal JOE Stock Price after Four Years: $32.50
         Actual Stock Price on Payment Date: $30.00
         Percent Change Versus Goal: -8%
         Reduction of Payment: -16%
         Adjustment: -.16 x $2,500,000 = -$400,000
         Actual Payment: $2,100,000

                                       2
<PAGE>

         EXAMPLE 3:
         Target Payment: $2,500,000
         Stock Price on Agreement Date (Base JOE Stock Price): $28.50
         Goal JOE Stock Price after Four Years: $32.50
         Actual Stock Price on Payment Date: $35.00
         Percent Change Versus Goal: +8%
         Reduction of Payment: +16%
         Adjustment: .16 x $2,500,000 = $400,000
         Actual Payment: $2,900,000

         4.       Early Payment. If the LTIC award is paid prior to December 31,
2005, for any of the reasons set forth in Paragraph 2(b) (Good Reason), 2(c)
(Death), 2(d) (Disability), 2(e) (termination without Cause), or 2(f) (Change in
Control), the Adjustment to the LTIC award in Paragraph 3 above shall be made on
a prorated basis as of the price of JOE stock on the date of the LTIC payment.

         5.       Voluntary Termination. If executive voluntarily terminates his
employment prior to the occurrence of any of the events listed in Paragraphs
2(a) through 2(f) other than for Good Reason or Disability, no LTIC payment will
be made.

         6.       Taxes. There should be no gross up for payment of income
taxes.

         IN WITNESS WHEREOF, each of the parties hereto has executed this
Agreement, in the case of the Company by its duly authorized officer, as of the
date and year first above written.

                                 THE ST. JOE COMPANY

                                 By:
                                    --------------------------------------------
                                 Print Name: Rachelle Gottlieb
                                             VP Human Resources

                                 EMPLOYEE:

                                 By:
                                    --------------------------------------------
                                 Print Name: Robert M. Rhodes

                                       3<PAGE>
                                                                    EXHIBIT 10.1

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

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

<TABLE>
<S>                                                            <C>
ISSUANCE INFORMATION
----------------------------------------------------------------------------------------------------------

    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:     March 19, 2002
                          Bear, Stearns & Co. Inc.             Record Date:           March 18, 2002
                                                                                      February 18, 2002

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

<PAGE>

                            SEQUOIA MORTGAGE TRUST 5
                          COLLATERALIZED MORTGAGE BONDS
               BOND PAYMENT REPORT FOR MARCH 19, 2002 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                    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>
  LT-A          496,667,000.00  486,114,225.58  1,517,488.69  4,135,697.64   5,653,186.33       --           --      481,978,527.94
  LT-A2                 100.00              --            --            --             --       --           --                  --
  LT-X                  100.00              --            --            --             --       --           --                  --
 LT-B-1           5,918,000.00    5,918,000.00     18,474.05            --      18,474.05       --           --        5,918,000.00
 LT-B-2           5,146,000.00    5,146,000.00     16,064.12            --      16,064.12       --           --        5,146,000.00
------------------------------------------------------------------------------------------------------------------------------------
 LT-B-3           2,316,000.00    2,316,000.00      7,229.79            --       7,229.79       --           --        2,316,000.00
 LT-B-4           1,545,000.00    1,545,000.00      4,822.98            --       4,822.98       --           --        1,545,000.00
 LT-B-5           1,030,000.00    1,030,000.00      3,215.32            --       3,215.32       --           --        1,030,000.00
 LT-B-6           2,058,912.00    2,058,912.00      6,427.25            --       6,427.25       --           --        2,058,912.00
  LT-R                      --              --            --            --             --       --           --                  --
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
  Total         514,681,112.00  504,128,137.58  1,573,722.20  4,135,697.64   5,709,419.84       --           --      499,992,439.94
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                               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            496,667,000.00    978.752817       3.055344     8.326902     11.382247     970.425915
  LT-A2                    A-30/360                    100.00            --             --           --            --             --
  LT-X                     A-30/360                    100.00            --             --           --            --             --
 LT-B-1                    A-30/360              5,918,000.00  1,000.000000       3.121671           --      3.121671   1,000.000000
 LT-B-2                    A-30/360              5,146,000.00  1,000.000000       3.121671           --      3.121671   1,000.000000
------------------------------------------------------------------------------------------------------------------------------------
 LT-B-3                    A-30/360              2,316,000.00  1,000.000000       3.121671           --      3.121671   1,000.000000
 LT-B-4                    A-30/360              1,545,000.00  1,000.000000       3.121670           --      3.121670   1,000.000000
 LT-B-5                    A-30/360              1,030,000.00  1,000.000000       3.121670           --      3.121670   1,000.000000
 LT-B-6                    A-30/360              2,058,912.00  1,000.000000       3.121673           --      3.121673   1,000.000000
  LT-R                     A-30/360                        --            --             --           --            --             --
------------------------------------------------------------------------------------------------------------------------------------

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

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      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  496,667,000.00  9,411,175.58  14,688,472.06     --    14,688,472.06  24,099,647.64       --         --    481,978,527.94
  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    113,140.40             --     --               --     113,140.40       --         --      5,918,000.00
  LT-B-2   5,146,000.00     98,381.28             --     --               --      98,381.28       --         --      5,146,000.00
  LT-B-3   2,316,000.00     44,277.32             --     --               --      44,277.32       --         --      2,316,000.00
  LT-B-4   1,545,000.00     29,537.33             --     --               --      29,537.33       --         --      1,545,000.00
  LT-B-5   1,030,000.00     19,691.55             --     --               --      19,691.55       --         --      1,030,000.00
  LT-B-6   2,058,912.00     39,362.30             --     --               --      39,362.30       --         --      2,058,912.00
   LT-R              --            --             --     --               --             --       --         --                --

----------------------------------------------------------------------------------------------------------------------------------
  Total  514,681,112.00  9,755,566.18  14,688,672.06     --    14,688,672.06  24,444,238.24       --         --    499,992,439.94
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
----------------------------------------------------------------------------------------------------------------------------------
                                                       Non-
           Pass-    Prior Principal                 Supported    Prior    Unscheduled                   Paid or       Current
          Through   (with Notional)     Accrued     Interest    Unpaid      Interest      Optimal      Deferred        Unpaid
  Class    Rate         Balance         Interest       SF      Interest   Adjustments     Interest     Interest       Interest
----------------------------------------------------------------------------------------------------------------------------------
                                          (1)          (2)        (3)         (4)         (5)=(1)-       (6)         (7)=(5)-(6)
                                                                                         (2)+(3)+(4)
----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>                <C>          <C>        <C>        <C>           <C>           <C>            <C>
   LT-A   3.74601%     486,114,225.58  1,517,488.69     --         --           --      1,517,488.69  1,517,488.69        --
  LT-A2   3.74601%                 --            --     --         --           --                --            --        --
   LT-X                            --            --     --         --           --                --            --        --
  LT-B-1  3.74601%       5,918,000.00     18,474.05     --         --           --         18,474.05     18,474.05        --
  LT-B-2  3.74601%       5,146,000.00     16,064.12     --         --           --         16,064.12     16,064.12        --
----------------------------------------------------------------------------------------------------------------------------------
  LT-B-3  3.74601%       2,316,000.00      7,229.79     --         --           --          7,229.79      7,229.79        --
  LT-B-4  3.74601%       1,545,000.00      4,822.98     --         --           --          4,822.98      4,822.98        --
  LT-B-5  3.74601%       1,030,000.00      3,215.32     --         --           --          3,215.32      3,215.32        --
  LT-B-6  3.74601%       2,058,912.00      6,427.25     --         --           --          6,427.25      6,427.25        --
   LT-R                            --            --     --         --           --                --            --        --
----------------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------------
  Total                504,128,137.58  1,573,722.20     --         --           --      1,573,722.20  1,573,722.20        --
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                         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       496,667,000.00  486,114,225.58    891,209.41  4,135,697.64   5,026,907.05      --         --    481,978,527.94
   X       CSTR              100.00              --    638,512.53            --     638,512.53      --         --                --
  A-R       R                100.00              --            --            --             --      --         --                --
  B-1      SUB         5,918,000.00    5,918,000.00     13,068.92            --      13,068.92      --         --      5,918,000.00
  B-2      SUB         5,146,000.00    5,146,000.00     11,364.08            --      11,364.08      --         --      5,146,000.00
------------------------------------------------------------------------------------------------------------------------------------
  B-3      SUB         2,316,000.00    2,316,000.00      5,114.50            --       5,114.50      --         --      2,316,000.00
  B-4      SUB         1,545,000.00    1,545,000.00      4,822.98            --       4,822.98      --         --      1,545,000.00
  B-5      SUB         1,030,000.00    1,030,000.00      3,215.32            --       3,215.32      --         --      1,030,000.00
  B-6      SUB         2,058,912.00    2,058,912.00      6,427.25            --       6,427.25      --         --      2,058,912.00

------------------------------------------------------------------------------------------------------------------------------------
 Total               514,681,112.00  504,128,137.58  1,573,734.99  4,135,697.64   5,709,432.63      --         --    499,992,439.94
------------------------------------------------------------------------------------------------------------------------------------
Definitive Bond Record Date: 2/28/02
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail               Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                               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>
   A   02/19/02 03/18/02  A-Act/360  81743WAA9  496,667,000.00    978.752817         1.794380 8.326902        10.121283   970.425915
   X                       A-30/360  81743WAJ0          100.00            -- 6,385,125.250000       -- 6,385,125.250000           --
  A-R                      A-30/360  81743WAB7          100.00            --               --       --               --           --
  B-1  02/19/02 03/18/02  A-Act/360  81743WAC5    5,918,000.00  1,000.000000         2.208334       --         2.208334 1,000.000000
  B-2  02/19/02 03/18/02  A-Act/360  81743WAD3    5,146,000.00  1,000.000000         2.208333       --         2.208333 1,000.000000
------------------------------------------------------------------------------------------------------------------------------------
  B-3  02/19/02 03/18/02  A-Act/360  81743WAE1    2,316,000.00  1,000.000000         2.208333       --         2.208333 1,000.000000
  B-4                      A-30/360  81743WAF8    1,545,000.00  1,000.000000         3.121670       --         3.121670 1,000.000000
  B-5                      A-30/360  81743WAG6    1,030,000.00  1,000.000000         3.121670       --         3.121670 1,000.000000
  B-6                      A-30/360  81743WAH4    2,058,912.00  1,000.000000         3.121673       --         3.121673 1,000.000000
------------------------------------------------------------------------------------------------------------------------------------
Interest will accrue on all Bonds on the basis of a 360-day year consisting of twelve 30-day months.
</TABLE>

<PAGE>

<TABLE>
Distribution in Dollars - to Date
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      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>
   A     496,667,000.00 4,397,961.29 14,688,472.06       --     14,688,472.06  19,086,433.35    --        --       481,978,527.94
   X             100.00 5,126,167.28        100.00       --            100.00   5,126,267.28    --        --                   --
  A-R            100.00         0.42        100.00       --            100.00         100.42    --        --                   --
  B-1      5,918,000.00    63,209.79            --       --                --      63,209.79    --        --         5,918,000.00
  B-2      5,146,000.00    54,964.12            --       --                --      54,964.12    --        --         5,146,000.00
  B-3      2,316,000.00    24,737.06            --       --                --      24,737.06    --        --         2,316,000.00
  B-4      1,545,000.00    29,537.33            --       --                --      29,537.33    --        --         1,545,000.00
  B-5      1,030,000.00    19,691.55            --       --                --      19,691.55    --        --         1,030,000.00
  B-6      2,058,912.00    39,362.28            --       --                --      39,362.28    --        --         2,058,912.00

----------------------------------------------------------------------------------------------------------------------------------
 Total   514,681,112.00 9,755,631.12 14,688,672.06       --     14,688,672.06  24,444,303.18    --        --       499,992,439.94
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
           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
------------------------------------------------------------------------------------------------------------------------------------
                                           (1)           (2)        (3)          (4)        (5)=(1)-        (6)        (7)=(5)-(6)
                                                                                           (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>               <C>           <C>          <C>        <C>          <C>            <C>           <C>
   A       2.20000%    486,114,225.58    891,209.41      --         --           --         891,209.41     891,209.41        --
   X       1.53395%                --    638,512.53      --         --           --         638,512.53     638,512.53        --
  A-R      3.74601%                --            --      --         --           --                 --             --        --
  B-1      2.65000%      5,918,000.00     13,068.92      --         --           --          13,068.92      13,068.92        --
  B-2      2.65000%      5,146,000.00     11,364.08      --         --           --          11,364.08      11,364.08        --
------------------------------------------------------------------------------------------------------------------------------------
  B-3      2.65000%      2,316,000.00      5,114.50      --         --           --           5,114.50       5,114.50        --
  B-4      3.74601%      1,545,000.00      4,822.98      --         --           --           4,822.98       4,822.98        --
  B-5      3.74601%      1,030,000.00      3,215.32      --         --           --           3,215.32       3,215.32        --
  B-6      3.74601%      2,058,912.00      6,427.25      --         --           --           6,427.25       6,427.25        --

------------------------------------------------------------------------------------------------------------------------------------
 Total                 504,128,137.58  1,573,734.99      --         --           --       1,573,734.99   1,573,734.99        --
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>
SUMMARY                                        MSDW             CENDANT             TOTAL
---------------------------------------------------------------------------------------------
<S>                                        <C>                <C>                <C>
Principal Collections                      2,662,397.71       1,473,299.93       4,135,697.64
Principal Withdrawals                              0.00               0.00               0.00
Principal Other Accounts                           0.00               0.00               0.00
TOTAL PRINCIPAL                            2,662,397.71       1,473,299.93       4,135,697.64

Interest Collected                           607,954.30       1,034,055.38       1,642,009.68
Interest Withdrawals                               0.00               0.00               0.00
Interest Other Accounts                            0.00               0.00              12.79
Fees                                          (3,945.45)        (62,451.55)        (68,287.48)
TOTAL INTEREST                               604,008.85         971,603.83       1,573,734.99

TOTAL AVAILABLE TO CERTIFICATEHOLDERS      3,266,406.56       2,444,903.76       5,709,432.63

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

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                        MSDW             CENDANT             TOTAL
---------------------------------------------------------------------------------------------
<S>                                        <C>                <C>                <C>
Scheduled Principal                                0.00               0.00               0.00
Curtailments                               1,259,876.00         763,199.93       2,023,075.93
Prepayments In Full                        1,402,521.71         710,100.00       2,112,621.71
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                  2,662,397.71       1,473,299.93       4,135,697.64
---------------------------------------------------------------------------------------------
</TABLE>

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

---------------------------------------------------------------------------------------------
</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                               664,118.33       1,070,630.70         1,734,749.03
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                             (619,659.03)       (401,235.44)       (1,020,894.47)
Interest Advanced                                563,495.00         364,660.12           928,155.12
Prepayment Interest Shortfalls                    (2,489.64)           (787.03)           (3,276.67)
Compensating Interest                              2,489.64             787.03             3,276.67
Civil Relief Act Shortfalls                            0.00               0.00                 0.00

TOTAL INTEREST COLLECTED                         607,954.30       1,034,055.38         1,642,009.68

---------------------------------------------------------------------------------------------------
</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                                                                   0.00
Basis Risk Shortfall                                                                           0.00
Basis Risk Reserve Fund Interest Earnings                                                     12.79
Capitalized Interest Requirement                                                               0.00

TOTAL INTEREST OTHER ACCOUNTS                                                                 12.79

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

<TABLE>
<CAPTION>
INTEREST - FEES                                    MSDW             CENDANT              TOTAL
---------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                 <C>
Current Servicing Fees                             3,945.45          62,451.55            66,397.00
Trustee Fee                                                                                1,890.48

TOTAL FEES                                         3,945.45          62,451.55            68,287.48
---------------------------------------------------------------------------------------------------
</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 distributed to the Class X Bondholder                                     12.79
Ending Balance                                                                            10,000.00

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

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

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                           MSDW         CENDANT            TOTAL
----------------------------------------------------------------------------------------------------
<S>                                                           <C>          <C>          <C>
Pro Rata Senior Percentage                                                               96.426720%
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                                                                   372                  832                1,204
Prefunding                                                               --                   --                   --
Scheduled Paid Offs                                                      --                   --                   --
Full Voluntary Prepayments                                               (2)                  (2)                  (4)
Repurchases                                                              --                   --                   --
Liquidations                                                             --                   --                   --
---------------------------------------------------------------------------------------------------------------------
Current                                                                 370                  830                1,200

PRINCIPAL BALANCE:
Original                                                     153,936,514.18       290,744,597.66       444,681,111.84
Prior                                                        187,188,286.54       316,939,850.88       504,128,137.42
Prefunding                                                               --                   --                   --
Scheduled Principal                                                      --                   --                   --
Partial and Full Voluntary Prepayments                        (2,662,397.71)       (1,473,299.93)       (4,135,697.64)
Repurchases                                                              --                   --                   --
Liquidations                                                             --                   --                   --
---------------------------------------------------------------------------------------------------------------------
Current                                                      184,525,888.83       315,466,550.95       499,992,439.78
---------------------------------------------------------------------------------------------------------------------
</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                                                                                 0.00
    Withdrawal remaining amounts                                                                                 0.00
    Pre-Funding Account Ending Balance                                                                           0.00

    CAPITALIZED INTEREST ACCOUNT

    Original Capitalized Interest Amount                                                                   132,224.00
    Capitalized Interest Requirement                                                                             0.00
    Capitalized Interest Account Ending Balance                                                                  0.00

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

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                MSDW                 CENDANT               TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                  <C>                   <C>
Weighted Average Coupon Original                             5.497811%             5.791606%             5.689902%
Weighted Average Coupon Prior                                4.663919%             4.644994%             4.652000%
Weighted Average Coupon Current                              4.257435%             4.053630%             4.129305%
-----------------------------------------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                      297                   296                   296
Weighted Average Months to Maturity Prior                         295                   293                   294
Weighted Average Months to Maturity Current                       294                   292                   293
-----------------------------------------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                 297                   296                   296
Weighted Avg Remaining Amortization Term Prior                    294                   293                   293
Weighted Avg Remaining Amortization Term Current                  293                   292                   292
-----------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning Original                              3.35                  4.14                  3.87
Weighted Average Seasoning Prior                                 5.91                  7.04                  6.62
Weighted Average Seasoning Current                               6.89                  8.04                  7.62
-----------------------------------------------------------------------------------------------------------------
Note: Original information refers to deal issue.
</TABLE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                            MSDW                 CENDANT               TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                  <C>                   <C>
Weighted Average Margin Original                               1.682%                1.801%
Weighted Average Margin Prior                                  1.672%                1.813%
Weighted Average Margin Current                                1.670%                1.811%
-----------------------------------------------------------------------------------------------------------------
Weighted Average Max Rate Original                            12.000%               12.275%
Weighted Average Max Rate Prior                               12.000%               12.325%
Weighted Average Max Rate Current                             12.000%               12.326%
-----------------------------------------------------------------------------------------------------------------
Weighted Average Min Rate Original                             1.682%                1.801%
Weighted Average Min Rate Prior                                2.716%                1.617%
Weighted Average Min Rate Current                              2.721%                1.612%
-----------------------------------------------------------------------------------------------------------------
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
-----------------------------------------------------------------------------------------------------------------
Note:  Original information refers to deal issue.
</TABLE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                      MSDW                 CENDANT               TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>                                                        <C>                   <C>                   <C>
Current Servicing Fees                                       3,945.45             62,451.55             66,397.00
Delinquent Servicing Fees                                   56,164.03             36,575.32             92,739.35
TOTAL SERVICING FEES                                        60,109.48             99,026.87            159,136.35

Total Servicing Fees                                        60,109.48             99,026.87            159,136.35
Compensating Interest                                       (2,489.64)              (787.03)            (3,276.67)
Delinquent Servicing Fees                                  (56,164.03)           (36,575.32)           (92,739.35)
COLLECTED SERVICING FEES                                     1,455.81             61,664.52             63,120.33

Prepayment Interest Shortfall                                2,489.64                787.03              3,276.67

Total Advanced Interest                                    563,495.00            364,660.12            928,155.12

Current Nonrecoverable Advances                                  0.00                  0.00                  0.00

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

<PAGE>

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                   MSDW            CENDANT            TOTAL
-----------------------------------------------------------------------------------------------------------------
<S>                                                            <C>               <C>              <C>
    Mortgage Loans which adjust based on One-Month LIBOR        32,598,843.21              0.00    32,598,843.21
    Mortgage Loans which adjust based on Six-Month LIBOR       151,927,045.62    315,466,550.95   467,393,596.57

    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                                           2,637,857.44              --              --     2,637,857.44
              % Balance                                                0.53%           0.00%           0.00%            0.53%
              # Loans                                                      8              --              --                8
              % # Loans                                                0.67%           0.00%           0.00%            0.67%
------------------------------------------------------------------------------------------------------------------------------
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                              80,556.50              --              --              --        80,556.50
              % Balance                                0.02%           0.00%           0.00%           0.00%            0.02%
              # Loans                                      1              --              --              --                1
              % # Loans                                0.08%           0.00%           0.00%           0.00%            0.08%
------------------------------------------------------------------------------------------------------------------------------
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                              80,556.50    2,637,857.44              --              --     2,718,413.94
              % Balance                                0.02%           0.53%           0.00%           0.00%            0.54%
              # Loans                                      1               8              --              --                9
              % # Loans                                0.08%           0.67%           0.00%           0.00%            0.75%
------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>

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

<TABLE>
<CAPTION>
                                                     CURRENT       1 PAYMENT        2 PAYMTS       3+ PAYMTS        TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                  <C>          <C>                 <C>            <C>           <C>
DELINQUENT    Balance                                           1,912,857.44              --              --     1,912,857.44
              % Balance                                                0.61%           0.00%           0.00%            0.61%
              # Loans                                                      7              --              --                7
              % # Loans                                                0.84%           0.00%           0.00%            0.84%
------------------------------------------------------------------------------------------------------------------------------
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                              80,556.50              --              --              --        80,556.50
              % Balance                                0.03%           0.00%           0.00%           0.00%            0.03%
              # Loans                                      1              --              --              --                1
              % # Loans                                0.12%           0.00%           0.00%           0.00%            0.12%
------------------------------------------------------------------------------------------------------------------------------
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                              80,556.50    1,912,857.44              --              --     1,993,413.94
              % Balance                                0.03%           0.61%           0.00%           0.00%            0.63%
              # Loans                                      1               7              --              --                8
              % # Loans                                0.12%           0.84%           0.00%           0.00%            0.96%
------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>
                                                     CURRENT       1 PAYMENT        2 PAYMTS       3+ PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>           <C>                                    <C>          <C>               <C>            <C>             <C>
DELINQUENT    Balance                                             725,000.00              --              --       725,000.00
              % Balance                                                0.39%           0.00%           0.00%            0.39%
              # Loans                                                      1              --              --                1
              % # 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                                     --      725,000.00              --              --       725,000.00
              % Balance                                0.00%           0.39%           0.00%           0.00%            0.39%
              # Loans                                     --               1              --              --                1
              % # Loans                                0.00%           0.27%           0.00%           0.00%            0.27%
------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment = 30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>

<PAGE>

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

<TABLE>
<S>                                                    <C>
SUMMARY                                                LOAN GROUP
----------------------------------------------------------------------------------------------------------------------------

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

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

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

<TABLE>
<S>                                                     <C>
SUMMARY                                                 LOAN GROUP
------------------------------------------------------------------------------------------------------------------------------------

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                                                                   2               2                4
Number of Repurchased Loans                                                                   --              --               --
----------------------------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                          2               2                4

Paid in Full Balance                                                                1,402,521.71      710,100.00     2,112,621.71
Repurchased Loans Balance                                                                     --              --               --
Curtailments Amount                                                                 1,259,876.00      763,199.93     2,023,075.93
----------------------------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                             2,662,397.71    1,473,299.93     4,135,697.64

CUMULATIVE
Number of Paid in Full Loans                                                                   8              11               19
Number of Repurchased Loans                                                                   --              --               --
----------------------------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                                          8              11               19

Paid in Full Balance                                                                3,504,475.58    5,078,901.10     8,583,376.68
Repurchased Loans Balance                                                                     --              --               --
Curtailments Amount                                                                 2,125,714.28    3,959,827.91     6,085,542.19
----------------------------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                                             5,630,189.86    9,038,729.01    14,668,918.87

                                        SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                                              MSDW           CENDANT            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                                 <C>             <C>              <C>
SMM                                                                                        1.42%           0.46%            0.82%
3 Months Avg SMM                                                                           0.70%           0.58%            0.62%
12 Months Avg SMM
Avg SMM Since Cut-off                                                                      0.61%           0.57%            0.59%

CPR                                                                                       15.79%           5.44%            9.41%
3 Months Avg CPR                                                                           8.05%           6.72%            7.21%
12 Months Avg CPR
Avg CPR Since Cut-off                                                                      7.14%           6.67%            6.84%

PSA                                                                                     1146.15%         338.17%          617.95%
3 Months Avg  PSA Approximation                                                          689.14%         479.87%          548.80%
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation                                                      725.42%         554.12%          609.59%

-----------------------------------------------------------------------------------------------------------------------------------
</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>
<S>                                                          <C>
SUMMARY                                                      LOAN GROUP
---------------------------------------------------          ---------------------------------------

Total Loan Count =   4                                       Loan Group 1    =    Cendant Group
Total Original Principal Balance =   2,113,521.71            Loan Group 2    =    MSDW Group
Total Prepayment Amount =   2,112,621.71

---------------------------------------------------          ---------------------------------------
</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>
   7076067458 1             415,000.00      415,000.00      Feb-11-02    3.625%     MA - 50.92%    Paid Off - 300     Jul-13-01
   7076175467 1             296,000.00      295,100.00      Feb-28-02    4.250%     GA - 80.00%    Paid Off - 300     Aug-14-01
   390435841 2              862,521.71      862,521.71      Feb-18-02    4.125%     MA - 71.88%    Paid Off - 300     Jun-18-01
   390437142 2              540,000.00      540,000.00      Feb-12-02    5.500%     NY - 80.00%    Paid Off - 300     Jul-03-01

-----------------------------------------------------------------------------------------------------------------------------------
</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                                            0.00%         0.00%          0.00%
    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                                            0.00%         0.00%          0.00%
    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                             0.00%         0.00%          0.00%
    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>
<S>                                             <C>
SUMMARY                                         LOAN GROUP
------------------------------------------      --------------------------------

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>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]