Document:

<PAGE>
                                  EXHIBIT 10.1

The Bank of New York
Corporate Trust and Agency Services
5 Penn Plaza, 16th Floor
New York, NY  10001
Patricia O'Neil Manella
(212) 328-7574

Distribution Date:  March 1, 2004

                      SEQUOIA MORTGAGE FUNDING CORPORATION
                 COLLATERALIZED MBS FUNDING BONDS, SERIES 2002-A

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                       BEGINNING CERT     PASS         INTEREST       PRINCIPAL         TOTAL        REALIZED     ENDING CERT
CLASS      CUSIP          BALANCE        THROUGH     DISTRIBUTION    DISTRIBUTION    DISTRIBUTION     LOSSES        BALANCE
------------------------------------------------------------------------------------------------------------------------------
<S>      <C>           <C>              <C>          <C>             <C>             <C>             <C>         <C>
 A-1     81743UAA3     22,468,463.35    1.700000%      31,830.32       878,375.46      910,205.78       0.00     21,590,087.90
 A-2     81743UAB1      9,265,063.35    1.850000%      14,283.64       376,521.56      390,805.20       0.00      8.888,541.78
------------------------------------------------------------------------------------------------------------------------------
Total                  31,733,526.70                   46,113.96     1,254,897.02    1,301,010.98       0.00     30,478,629.68
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                           ORIGINAL CERT       BEGINNING         INTEREST         PRINCIPAL          ENDING        CURRENT PASS
CLASS       CUSIP             BALANCE           FACTOR            FACTOR           FACTOR            FACTOR          THROUGH
-------------------------------------------------------------------------------------------------------------------------------
<S>       <C>              <C>               <C>                <C>              <C>              <C>              <C>
 A-1      81743UAA3        64,761,000.00     346.944354672      0.491504502      13.563339936     333.381014736      1.700000%
 A-2      81743UAB1        15,861,000.00     584.141185725      0.900550995      23.738828724     560.402357001      1.850000%
-------------------------------------------------------------------------------------------------------------------------------
Total                      80,622,000.00     393.608775517      0.571977406      15.565193371     378.043582145
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                       ORIGINAL      BEGINNING     PASS     INTEREST      PRINCIPAL       TOTAL     REALIZED  INTEREST     ENDING
   SERIES    CLASS     BALANCE        BALANCE     THROUGH  DISTRIBUTION  DISTRIBUTION  DISTRIBUTION  LOSSES  SHORTFALL    BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>    <C>            <C>           <C>       <C>           <C>           <C>          <C>      <C>       <C>
 CWMBS 94K    A1    123,119,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
DLJMA 93-Q18  1A1    51,833,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
DLJMA 94-2A   1A1    85,787,000.00    411,541.63 5.124738%    1,757.54       1,135.65      2,893.18   0.00     0.00       410,405.98
  ONE 00-2    2A    152,653,000.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 RYMS3 92-B   1A2     7,712,906.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 SBM7 94-2    A1     49,384,000.00    958,453.12 5.791838%    4,626.00       1,914.24      6,540.24   0.00     0.00       956,538.88
  SMS 91-K    A1    110,588,063.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
  SMS 91-K    A3      1,917,885.00          0.00 0.000000%        0.00           0.00          0.00   0.00     0.00             0.00
 EAGLE 98-1   M1     46,029,000.00 14,078,188.42 2.100000%   24,636.83     748,601.34    773,238.17   0.00     0.00    13,329,587.08
 INMC 94-R    M2      4,620,000.00  1,674,869.05 3.902440%    5,446.73      70,819.67     76,266.40   0.00     0.00     1,604,049.38
 INMC 94-V    B1      3,618,000.00  1,014,030.68 3.731402%    3,153.13      55,431.57     58,584.70   0.00     0.00       958,599.11
 INMC 94-X    B1      2,769,000.00    862,631.18 3.740899%    2,689.18      14,279.36     16,968.54   0.00     0.00       848,351.82
 INMC 95-C    B1     12,828,797.00  2,985,363.93 3.902933%    9,709.73       7,715.70     17,425.43   0.00     0.00     2,977,648.23
 INMC 95-T    A2     65,695,250.00  1,106,867.88 3.129165%    2,886.31       2,852.17      5,738.48   0.00     0.00     1,104,015.71
------------------------------------------------------------------------------------------------------------------------------------
      Total         718,554,901.00 23,091,945.89             54,905.45     957,655.15    957,655.15   0.00     0.00    22,189,196.19
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

            UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                       ORIGINAL    BEGINNING     PASS       INTEREST     PRINCIPAL      TOTAL       REALIZED INTEREST      ENDING
   SERIES    CLASS     BALANCE      BALANCE    THROUGH    DISTRIBUTION  DISTRIBUTION  DISTRIBUTION   LOSSES  SHORTFALL    BALANCE
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>   <C>            <C>          <C>        <C>           <C>           <C>           <C>      <C>        <C>
GRCAP 94-HM4  A1   245,813,000.00   357,672.56 3.828065%     1,140.99     56,355.53     57,496.52     0.00     0.00       301,317.03
 INMC 95-E    B1     4,608,492.00 2,189,575.81 3.831648%     6,991.40     20,912.69     27,904.09     0.00     0.00     2,168,663.12
 PMLT 99-A    M1     2,914,000.00 1,627,245.66 2.199997%     2,983.28     28,085.89     31,069.17     0.00     0.00     1,599,159.77
  RTC 95-2    A3   119,696,000.00 5,251,723.28 3.020896%    13,220.76    271,167.46    284,388.22     0.00     0.00     4,980,555.82
------------------------------------------------------------------------------------------------------------------------------------
       Total       373,031,492.00 9,426,217.31              24,336.44    376,521.56    400,858.00     0.00     0.00     9,049,695.75
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
                     LOANS
                  OUTSTANDING   DELINQUENT 30-59 DAYS  DELINQUENT 0-89 DAYS  DELINQUENT 90+ DAYS    FORECLOSURE
    SERIES         BALANCE      NO.         BALANCE      NO.      BALANCE    NO.      BALANCE     NO.     BALANCE
-------------------------------------------------------------------------------------------------------------------
<S>              <C>            <C>      <C>           <C>       <C>         <C>    <C>           <C>  <C>
   CWMBS 94K              0.00   0               0.00    0             0.00   0             0.00   0           0.00
DLJMA 93-Q18(1)           0.00   0               0.00    0             0.00   0             0.00   0           0.00
 DLJMA 94-2A(1)     666,776.39   0               0.00    0             0.00   0             0.00   0           0.00
  ONE 00-2(2)             0.00   0               0.00    0             0.00   0             0.00   0           0.00
 RYMS3 92-B(2)            0.00   0               0.00    0             0.00   0             0.00   0           0.00
  SBM7 94-2(2)    3,381,979.05   0               0.00    0             0.00   0             0.00   1     115,410.79
    SMS 91-K              0.00   0               0.00    0             0.00   0             0.00   0           0.00
   EAGLE 98-1    22,571,113.03  11         731,973.00    1        61,605.19  17     2,458,653.54  16   1,222,690.52
   INMC 94-R      4,929,469.95   1         634,552.91    0             0.00   0             0.00   2     280,262.95
   INMC 94-V      4,367,359.21   2         103,693.35    0             0.00   0             0.00   0           0.00
   INMC 94-X      3,995,740.85   3         363,226.96    0             0.00   1        46,680.47   1      93,846.47
   INMC 95-C      5,823,138.25   1          87,644.21    0             0.00   0             0.00   2     381,758.57
  INMC 95-T(2)    4,960,380.88   1         346,708.33    1       190,764.52   2       151,154.98   0           0.00
-------------------------------------------------------------------------------------------------------------------
     Total       50,695,957.61  19       2,267,798.76    2       252,369.71  20     2,656,488.99  22   2,093,969.30
-------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------------

                     REO            REALIZED LOSSES
    SERIES       NO.     BALANCE      CURR. AMOUNT
----------------------------------------------------
<S>              <C>  <C>           <C>
   CWMBS 94K     0            0.00           0.00
DLJMA 93-Q18(1)  0            0.00           0.00
 DLJMA 94-2A(1)  0            0.00           0.00
  ONE 00-2(2)    0            0.00           0.00
 RYMS3 92-B(2)   0            0.00           0.00
  SBM7 94-2(2)   0            0.00           0.00
    SMS 91-K     0            0.00           0.00
   EAGLE 98-1    6    1,438,039.43     268,811.80
   INMC 94-R     0            0.00           0.00
   INMC 94-V     0            0.00           0.00
   INMC 94-X     0            0.00           0.00
   INMC 95-C     0            0.00           0.00
  INMC 95-T(2)   0            0.00           0.00
----------------------------------------------------
     Total       7    1,438,039.43     268,811.80
----------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------
                  LOANS
               OUTSTANDING    DELINQUENT 30-59 DAYS  DELINQUENT 60-89 DAYS  DELINQUENT 90+ DAYS
   SERIES        BALANCE      NO.         BALANCE    NO.         BALANCE     NO.     BALANCE
-----------------------------------------------------------------------------------------------
<S>           <C>             <C>      <C>           <C>      <C>           <C>    <C>
GRCAP 94-HM4    4,171,306.72   0               0.00   0               0.00   0             0.00
 INMC 95-E     10,419,129.58   7         825,984.21   2          73,009.75   0             0.00
 PMLT 99-A     24,598,701.70  27       1,930,710.47   8         773,907.44   5       308,029.05
RTC 95-2(1)    16,675,357.57   4         264,019.57   2          48,115.95   6       509,956.23
-----------------------------------------------------------------------------------------------
   Total       55,864,495.57  38       3,020,714.25  12         895,033.14  11       817,985.28
-----------------------------------------------------------------------------------------------
 Total All    106,560,453.18  57       5,288,513.01  14       1,147,402.85  31     3,474,474.27
-----------------------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------------------

                FORECLOSURE           REO           REALIZED LOSSES
   SERIES     NO.    BALANCE     NO.     BALANCE      CURR. AMOUNT
-------------------------------------------------------------------
<S>           <C>  <C>           <C>  <C>           <C>
GRCAP 94-HM4   0           0.00   0           0.00           0.00
 INMC 95-E     3     681,286.82   0           0.00      -5,333.60
 PMLT 99-A    21   1,703,140.17   6     226,577.10           0.00
RTC 95-2(1)    3     216,510.27   0           0.00           0.00
-------------------------------------------------------------------
   Total      27   2,600,937.26   6     226,577.10      -5,533.60
-------------------------------------------------------------------
 Total All    49   4,694,906.56  12   1,664,616.53     263,278.20
-------------------------------------------------------------------
</TABLE>

(1)      Information shown for the Underlying Mortgage Loans for this Pooled
         Security is based on the Underlying Mortgage Loan group related to such
         Pooled Security only.

(2)      Information shown for the Underlying Mortgage Loans for this Pooled
         Security is based on all the Underlying Mortgage Loan groups in the
         related series.

<PAGE>

                         CERTIFICATE ACCOUNT INFORMATION

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                           WITHDRAWALS                                                       ENDING
GROUP  BEGINNING BALANCE  FUNDS DEPOSITED  TRUSTEE FEE  MANAGEMENT FEE  AVAILABLE FUNDS  FUNDS DISTRIBUTED   BALANCE
---------------------------------------------------------------------------------------------------------------------
<S>    <C>                <C>              <C>          <C>             <C>              <C>                <C>
  I           0.00            957,655.15     577.30          0.00          957,077.85         910,205.78    46,872.07
 II           0.00            400,858.00     235.66          0.00          400,622.35         390,805.20     9,817.14
---------------------------------------------------------------------------------------------------------------------
Total         0.00          1,358,513.15     812.95          0.00        1,357,700.20       1,301,010.98    56,689.22
---------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------
                ADDITIONAL REPORTING ITEMS                 POOL I              POOL II        TOTAL
----------------------------------------------------------------------------------------------------------
<S>      <C>                                          <C>                   <C>             <C>
2.15(a)  Available Interest                                     54,905.45       24,336.44        79,241.89
----------------------------------------------------------------------------------------------------------
         Available Principal                                   902,749.70      376,521.56     1,279,271.26
----------------------------------------------------------------------------------------------------------
2.15(b)  Monthly Interest Amt.                        see p. 1
----------------------------------------------------------------------------------------------------------
2.15(c)  Carryforward Interest                                       0.00            0.00             0.00
----------------------------------------------------------------------------------------------------------
2.15(d)  Principal Paid                               see p. 1
----------------------------------------------------------------------------------------------------------
2.15(e)  Class Print Amts.                            see p. 1
----------------------------------------------------------------------------------------------------------
2.15(f)  Beginning Actual OC                                       2.7000%         1.7096%
----------------------------------------------------------------------------------------------------------
         Ending Actual OC                                          2.7000%         1.7808%
----------------------------------------------------------------------------------------------------------
2.15(g)  2nd preceding pool bal                             52,537,452.78   57,422,627.94   109,960,080.72
----------------------------------------------------------------------------------------------------------
2.15(h)  Required OC                                               2.7000%         2.0000%
----------------------------------------------------------------------------------------------------------
2.15(i)  Has Step-up Occurred?                                         No              No
----------------------------------------------------------------------------------------------------------
2.15(k)  Monies Deposited to Reserve Fund                            0.00            0.00             0.00
----------------------------------------------------------------------------------------------------------
2.15(l)  Amts. Dist. to Investor Certificateholders             46,872.07        9,817.14        56,689.22
----------------------------------------------------------------------------------------------------------
</TABLE>

Note: Management Fee is to be paid on an annual basis. This month's Fee together
with last month's annualized amount equals the full annual Fee.<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:     February 19, 2004
                        Bear, Stearns & Co. Inc.            Record Date:           February 18, 2004
                                                                                   January 30, 2003
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
             BOND PAYMENT REPORT FOR FEBRUARY 19, 2004 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
--------------------------------------------------------------------------------------------------------------------------------
                                     (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          496,378,000.00  395,162,710.18    785,948.51  4,099,581.55  4,885,530.06         -      -       391,063,128.63
 LT-A2                 100.00               -             -             -             -         -      -                    -
 LT-X                  100.00               -             -             -             -         -      -                    -
LT-B-1           5,915,000.00    5,915,000.00     11,764.48             -     11,764.48         -      -         5,915,000.00
LT-B-2           5,143,000.00    5,143,000.00     10,229.03             -     10,229.03         -      -         5,143,000.00
-----------------------------------------------------------------------------------------------------------------------------
LT-B-3           2,315,000.00    2,315,000.00      4,604.36             -      4,604.36         -      -         2,315,000.00
LT-B-4           1,534,000.00    1,534,000.00      3,051.01             -      3,051.01         -      -         1,534,000.00
LT-B-5           1,028,000.00    1,028,000.00      2,044.61             -      2,044.61         -      -         1,028,000.00
LT-B-6           2,068,996.83    2,068,996.83      4,115.08             -      4,115.08         -      -         2,068,996.83
 LT-R                       -               -             -             -             -         -      -                    -
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
 Total         514,382,196.83  413,166,707.01    821,757.08  4,099,581.55  4,921,338.63         -      -       409,067,125.46
-----------------------------------------------------------------------------------------------------------------------------
</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     796.092313  1.583367    8.258991     9.842358      787.833322
 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  1.988923           -     1.988923    1,000.000000
LT-B-2                        A-30/360              5,143,000.00   1,000.000000  1.988923           -     1.988923    1,000.000000
----------------------------------------------------------------------------------------------------------------------------------
LT-B-3                        A-30/360              2,315,000.00   1,000.000000  1.988924           -     1.988924    1,000.000000
LT-B-4                        A-30/360              1,534,000.00   1,000.000000  1.988924           -     1.988924    1,000.000000
LT-B-5                        A-30/360              1,028,000.00   1,000.000000  1.988920           -     1.988920    1,000.000000
LT-B-6                        A-30/360              2,068,996.83   1,000.000000  1.988925           -     1.988925    1,000.000000
 LT-R                         A-30/360                         -              -         -           -            -               -
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

     Distribution in Dollars - to Date

<TABLE>
<CAPTION>
            Original                      Unscheduled   Scheduled        Total
Class      Face Value      Interest        Principal    Principal      Principal
----------------------------------------------------------------------------------
              (1)            (2)             (3)          (4)         (5)=(3)+(4)
----------------------------------------------------------------------------------
<S>      <C>             <C>            <C>             <C>         <C>
 LT-A    496,378,000.00  23,808,538.80  105,314,871.37      -       105,314,871.37
LT-A2            100.00           0.27          100.00      -               100.00
 LT-X            100.00              -          100.00      -               100.00
LT-B-1     5,915,000.00     311,326.46               -      -                    -
LT-B-2     5,143,000.00     270,693.49               -      -                    -
LT-B-3     2,315,000.00     121,846.27               -      -                    -
LT-B-4     1,534,000.00      80,739.58               -      -                    -
LT-B-5     1,028,000.00      54,107.13               -      -                    -
LT-B-6     2,068,996.83     108,898.32               -      -                    -
 LT-R                 -              -               -      -                    -
----------------------------------------------------------------------------------
Total    514,382,196.83  24,756,150.32  105,315,071.37      -       105,315,071.37
----------------------------------------------------------------------------------

<CAPTION>
                                                       Current
             Total       Realized  Deferred           Principal
Class     Distribution    Losses   Interest            Balance
--------------------------------------------------------------------
           (6)=(2)+(5)     (7)      (8)          (9)=(1)-(5)-(7)+(8)
--------------------------------------------------------------------
<S>      <C>             <C>       <C>           <C>
 LT-A    129,123,410.17      -        -             391,063,128.63
LT-A2            100.27      -        -                          -
 LT-X            100.00      -        -                          -
LT-B-1       311,326.46      -        -               5,915,000.00
LT-B-2       270,693.49      -        -               5,143,000.00
LT-B-3       121,846.27      -        -               2,315,000.00
LT-B-4        80,739.58      -        -               1,534,000.00
LT-B-5        54,107.13      -        -               1,028,000.00
LT-B-6       108,898.32      -        -               2,068,996.83
 LT-R                 -      -        -                          -
--------------------------------------------------------------------
Total    130,071,221.69      -        -             409,067,125.46
--------------------------------------------------------------------
</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
----------------------------------------------------------------------------------------------------------------------------------
                                        (1)        (2)           (3)         (4)      (5)=(1)-(2)+(3)+(4)     (6)      (7)=(5)-(6)
----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>              <C>         <C>          <C>        <C>          <C>                  <C>         <C>
 LT-A     2.38671%  395,162,710.18   785,948.51       -          -             -           785,948.51      785,948.51        -
 LT-A2    2.38671%               -            -       -          -             -                    -               -        -
 LT-X                            -            -       -          -             -                    -               -        -
LT-B-1    2.38671%    5,915,000.00    11,764.48       -          -             -            11,764.48       11,764.48        -
LT-B-2    2.38671%    5,143,000.00    10,229.03       -          -             -            10,229.03       10,229.03        -
----------------------------------------------------------------------------------------------------------------------------------
LT-B-3    2.38671%    2,315,000.00     4,604.36       -          -             -             4,604.36        4,604.36        -
LT-B-4    2.38671%    1,534,000.00     3,051.01       -          -             -             3,051.01        3,051.01        -
LT-B-5    2.38671%    1,028,000.00     2,044.61       -          -             -             2,044.61        2,044.61        -
LT-B-6    2.38671%    2,068,996.83     4,115.08       -          -             -             4,115.08        4,115.08        -
 LT-R                            -            -       -          -             -                    -               -        -
----------------------------------------------------------------------------------------------------------------------------------
 Total              413,166,707.01   821,757.08       -          -             -           821,757.08      821,757.08        -
----------------------------------------------------------------------------------------------------------------------------------
</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  395,162,710.18   467,609.21  4,099,581.55  4,567,190.76      -          -       391,063,128.63
  X      CSTR          100.00               -   324,884.46             -    324,884.46      -          -                    -
 A-R      R            100.00               -            -             -             -      -          -                    -
 B-1     SUB     5,915,000.00    5,915,000.00     8,872.50             -      8,872.50      -          -         5,915,000.00
 B-2     SUB     5,143,000.00    5,143,000.00     7,714.50             -      7,714.50      -          -         5,143,000.00
--------------------------------------------------------------------------------------------------------------------------------
 B-3     SUB     2,315,000.00    2,315,000.00     3,472.50             -      3,472.50      -          -         2,315,000.00
 B-4     SUB     1,534,000.00    1,534,000.00     3,051.01             -      3,051.01      -          -         1,534,000.00
 B-5     SUB     1,028,000.00    1,028,000.00     2,044.61             -      2,044.61      -          -         1,028,000.00
 B-6     SUB     2,068,996.00    2,068,996.00     4,115.08             -      4,115.08      -          -         2,068,996.00
--------------------------------------------------------------------------------------------------------------------------------
Total          514,382,196.00  413,166,706.18   821,763.87  4,099,581.55  4,921,345.42      -          -       409,067,124.63
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 1/30/04

     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     01/20/04   02/18/04   A-30/360   81743XAA7   496,378,000.00       796.092313
  X                           A-30/360   SQ0201UPX           100.00                -
 A-R                          A-30/360   81743XAC3           100.00                -
 B-1    01/20/04   02/18/04   A-30/360   81743XAB5     5,915,000.00     1,000.000000
 B-2    01/20/04   02/18/04   A-30/360   81743XAD1     5,143,000.00     1,000.000000
------------------------------------------------------------------------------------
 B-3    01/20/04   02/18/04   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             0.942043   8.258991           9.201034     787.833322
  X     3,248,844.600000          -   3,248,844.600000              -
 A-R                   -          -                  -              -
 B-1            1.500000          -           1.500000   1,000.000000
 B-2            1.500000          -           1.500000   1,000.000000
---------------------------------------------------------------------
 B-3            1.500000          -           1.500000   1,000.000000
 B-4            1.988924          -           1.988924   1,000.000000
 B-5            1.988920          -           1.988920   1,000.000000
 B-6            1.988926          -           1.988926   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>
                                                                      Current
           Original                      Unscheduled   Scheduled      Total
Class     Face Value       Interest       Principal    Principal    Principal
--------------------------------------------------------------------------------
             (1)            (2)              (3)         (4)      (5)=(3)+(4)
--------------------------------------------------------------------------------
<S>     <C>             <C>            <C>             <C>        <C>
  A     496,378,000.00  14,225,115.74  105,314,871.37      -      105,314,871.37
  X             100.00   9,775,176.08          100.00      -              100.00
 A-R            100.00           0.27          100.00      -              100.00
 B-1      5,915,000.00     226,585.37               -      -                   -
 B-2      5,143,000.00     197,012.48               -      -                   -
 B-3      2,315,000.00      88,680.48               -      -                   -
 B-4      1,534,000.00      80,739.58               -      -                   -
 B-5      1,028,000.00      54,107.13               -      -                   -
 B-6      2,068,996.00     108,898.28               -      -                   -
--------------------------------------------------------------------------------
Total   514,382,196.00  24,756,315.41  105,315,071.37      -      105,315,071.37
--------------------------------------------------------------------------------

<CAPTION>
                                                  Current
            Total        Realized  Deferred      Principal
Class    Distribution     Losses   Interest       Balance
----------------------------------------------------------------
          (6)=(2)+(5)       (7)       (8)    (9)=(1)-(5)-(7)+(8)
----------------------------------------------------------------
<S>     <C>              <C>       <C>       <C>
  A     119,539,987.11       -        -         391,063,128.63
  X       9,775,276.08       -        -                      -
 A-R            100.27       -        -                      -
 B-1        226,585.37       -        -           5,915,000.00
 B-2        197,012.48       -        -           5,143,000.00
 B-3         88,680.48       -        -           2,315,000.00
 B-4         80,739.58       -        -           1,534,000.00
 B-5         54,107.13       -        -           1,028,000.00
 B-6        108,898.28       -        -           2,068,996.00
----------------------------------------------------------------
Total   130,071,386.78       -        -         409,067,124.63
----------------------------------------------------------------
</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
------------------------------------------------------------------------------------------------------------------------------
                                     (1)         (2)          (3)        (4)      (5)=(1)-(2)+(3)+(4)     (6)      (7)=(5)-(6)
------------------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>              <C>         <C>          <C>       <C>          <C>                  <C>         <C>
  A    1.42000%  395,162,710.18   467,609.21      -            -          -            467,609.21      467,609.21       -
  X    0.95427%               -   324,884.46      -            -          -            324,884.46      324,884.46       -
 A-R   2.38671%               -           -       -            -          -                     -               -       -
 B-1   1.80000%    5,915,000.00     8,872.50      -            -          -              8,872.50        8,872.50       -
 B-2   1.80000%    5,143,000.00     7,714.50      -            -          -              7,714.50        7,714.50       -
------------------------------------------------------------------------------------------------------------------------------
 B-3   1.80000%    2,315,000.00     3,472.50      -            -          -              3,472.50        3,472.50       -
 B-4   2.38671%    1,534,000.00     3,051.01      -            -          -              3,051.01        3,051.01       -
 B-5   2.38671%    1,028,000.00     2,044.61      -            -          -              2,044.61        2,044.61       -
 B-6   2.38671%    2,068,996.00     4,115.08      -            -          -              4,115.08        4,115.08       -
------------------------------------------------------------------------------------------------------------------------------
Total            413,166,706.18   821,763.87      -            -          -            821,763.87      821,763.87       -
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                                TOTAL
--------------------------------------------------------------------------------
<S>                                                                 <C>
      Principal Collections                                         4,099,581.55
      Principal Withdrawals                                                 0.00
      Principal Other Accounts                                              0.00
      TOTAL PRINCIPAL                                               4,099,581.55

      Interest Collected                                              829,170.53
      Interest Withdrawals                                                  0.00
      Interest Other Accounts                                               6.78
      Fees                                                             (7,413.44)
      TOTAL INTEREST                                                  821,763.87

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                               4,921,345.42
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                 TOTAL
--------------------------------------------------------------------------------
<S>                                                                 <C>
      Scheduled Principal                                                   0.00
      Curtailments                                                    568,242.70
      Prepayments In Full                                           3,531,338.85
      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                                     4,099,581.55
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

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

<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                                              952,770.38
      Repurchased Interest                                                  0.00
      Substitution Interest Amount                                          0.00
      Liquidation Interest                                                  0.00
      Insurance Interest                                                    0.00
      Other Interest                                                        0.00

      Delinquent Interest                                            (908,680.28)
      Interest Advanced                                               785,080.43
      Prepayment Interest Shortfalls                                   (2,924.83)
      Compensating Interest                                             2,924.83
      Civil Relief Act Shortfalls                                           0.00

      TOTAL INTEREST COLLECTED                                        829,170.53
--------------------------------------------------------------------------------
</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                         6.78

      TOTAL INTEREST OTHER ACCOUNTS                                     6.78
----------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                      TOTAL
----------------------------------------------------------------------------
<S>                                                                 <C>
      Current Servicing Fees                                        6,036.22
      Trustee Fee                                                   1,377.22

      TOTAL FEES                                                    7,413.44
----------------------------------------------------------------------------
</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         6.78
      Ending Balance                                               10,000.00
----------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                 TOTAL
----------------------------------------------------------------------------
<S>                                                               <C>
      Pro Rata Senior Percentage                                   95.642438%
      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>
                         Loan Count:
            ORIGINAL                                                        1254
            Prior                                                          1,015
            Prefunding                                                         -
            Scheduled Paid Offs                                                -
            Full Voluntary Prepayments                                       (11)
            Repurchases                                                        -
            Liquidations                                                       -
            --------------------------------------------------------------------
            Current                                                        1,004

            PRINCIPAL BALANCE:
            Original                                              514,382,196.83
            Prior                                                 413,166,707.01
            Prefunding                                                         -
            Scheduled Principal                                                -
            Partial and Full Voluntary Prepayments                 (4,099,581.55)
            Repurchases                                                        -
            Liquidations                                                       -
            --------------------------------------------------------------------
            Current                                               409,067,125.46
--------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
CHARACTERISTICS                                                                  TOTAL
-----------------------------------------------------------------------------------------
<S>                                                                             <C>
Weighted Average Coupon Original                                                3.667751%
Weighted Average Coupon Prior                                                   2.767021%
Weighted Average Coupon Current                                                 2.767223%
----------------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                                         297
Weighted Average Months to Maturity Prior                                            277
Weighted Average Months to Maturity Current                                          276
----------------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                                    296
Weighted Avg Remaining Amortization Term Prior                                       276
Weighted Avg Remaining Amortization Term Current                                     275
----------------------------------------------------------------------------------------
Weighted Average Seasoning Original                                                 3.66
Weighted Average Seasoning Prior                                                   23.64
Weighted Average Seasoning Current                                                 24.63
----------------------------------------------------------------------------------------
</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                                                      1.641%
Weighted Average Margin Current                                                    1.642%
----------------------------------------------------------------------------------------
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                                                    1.641%
Weighted Average Min Rate Current                                                  1.642%
----------------------------------------------------------------------------------------
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                                                             6,036.22
Delinquent Servicing Fees                                                        123,599.85
TOTAL SERVICING FEES                                                             129,636.07

Total Servicing Fees                                                             129,636.07
Compensating Interest                                                             (2,924.83)
Delinquent Servicing Fees                                                       (123,599.85)
COLLECTED SERVICING FEES                                                           3,111.39

Prepayment Interest Shortfall                                                      2,924.83

Total Advanced Interest                                                          785,080.43

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                           -            -           -          -
             % Balance                      0.00%        0.00%       0.00%      0.00%
             # Loans                           -            -           -          -
             % # Loans                      0.00%        0.00%       0.00%      0.00%
------------------------------------------------------------------------------------
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                -          -            -           -          -
             % Balance           0.00%      0.00%        0.00%       0.00%      0.00%
             # Loans                -          -            -           -          -
             % # Loans           0.00%      0.00%        0.00%       0.00%      0.00%
------------------------------------------------------------------------------------
</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                                                        11
Number of Repurchased Loans                                                          -
--------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                               11

Paid in Full Balance                                                      3,531,338.85
Repurchased Loans Balance                                                            -
Curtailments Amount                                                         568,242.70
--------------------------------------------------------------------------------------
Total Prepayment Amount                                                   4,099,581.55

CUMULATIVE
Number of Paid in Full Loans                                                       249
Number of Repurchased Loans                                                          -
--------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                              249

Paid in Full Balance                                                     90,873,979.87
Repurchased Loans Balance                                                            -
Curtailments Amount                                                      14,441,091.50
--------------------------------------------------------------------------------------
Total Prepayment Amount                                                 105,315,071.37

                             SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                               TOTAL
-------------------------------------------------------------------------------
<S>                                                                     <C>
SMM                                                                       0.99%
3 Months Avg SMM                                                          1.10%
12 Months Avg SMM                                                         1.15%
Avg SMM Since Cut-off                                                     1.04%

CPR                                                                      11.28%
3 Months Avg CPR                                                         12.41%
12 Months Avg CPR                                                        12.99%
Avg CPR Since Cut-off                                                    11.75%

PSA                                                                     228.95%
3 Months Avg  PSA Approximation                                         262.50%
12 Months Avg PSA Approximation                                         339.35%
Avg PSA Since Cut-off Approximation                                     415.40%
-------------------------------------------------------------------------------
</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)to the power of 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)]to the power of (1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m)to the power of 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 = 11                                                   Loan Group 1 = MSDW Group
Total Original Principal Balance = 3,559,000.00
Total Prepayment Amount = 3,531,338.85
</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>
390440278 1          342,300.00  339,437.46  Jan-12-04   2.875%    NY  -  56.58%  Paid Off - 300    Nov-21-01

390440572 1          308,000.00  308,000.00  Jan-12-04   2.875%    IN  -  53.10%  Paid Off - 300    Dec-24-01

390441127 1          616,600.00  616,583.79  Jan-21-04   2.875%    NJ  -  80.00%  Paid Off - 300    Sep-28-01

390442340 1          188,600.00  188,600.00  Jan-23-04   2.750%    CA  -  35.38%  Paid Off - 300    Oct-22-01

390442691 1          615,000.00  615,000.00  Jan-26-04   2.750%    FL  -  50.00%  Paid Off - 300    Oct-22-01

390444132 1          155,000.00  153,998.96  Jan-29-04   3.125%    AZ  -  62.00%  Paid Off - 300    Dec-27-01

390445482 1           76,400.00   76,031.60  Jan-27-04   2.875%    GA  -  37.36%  Paid Off - 300    Dec-20-01

390446587 1          285,000.00  262,700.00  Jan-29-04   2.625%    CA  -  30.00%  Paid Off - 300    Jan-18-02

390446594 1          333,600.00  333,600.00  Jan-20-04   2.625%   CA  -  100.00%  Paid Off - 300    Jan-04-02

390447524 1          131,500.00  130,538.09  Jan-20-04   3.000%    CA  -  42.42%  Paid Off - 300    Feb-21-02

390448168 1          507,000.00  506,848.95  Jan-22-04   2.750%    CA  -  79.22%  Paid Off - 300    Feb-14-02
</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

<PAGE>

<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>

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)to the power of 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)]to the power of (1/months in
period n,m)

Average CDR over period between the nth month and mth month (AvgCDRn,m):
1-((1-AvgMDRn,m)to the power of 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-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]