Document:

<PAGE>
                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:  (301) 815-6600
         FAX:        (301) 315-6660

                                SMT SERIES 2003-2
                          RECORD DATE: AUGUST 29, 2003
                      DISTRIBUTION DATE: SEPTEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                                                                            Beginning
                               Certificate Class     Certificate           Certificate           Interest          Principal
 Class           CUSIP            Description      Pass-Through Rate         Balance           Distribution       Distribution
--------   -----------------   -----------------   -----------------    -----------------   -----------------   -----------------
<S>        <C>                 <C>                 <C>                  <C>                 <C>                 <C>
  A-1              81743PAP1                 SEN             1.44000%      487,498,613.07          584,998.34        8,954,872.63
  A-2              81743PAQ9                 SEN             1.63313%      290,799,042.70          395,760.53        4,172,625.16
  M-1              81743PAR7                 SUB             1.76000%       11,480,000.00           16,837.33                0.00
  M-2              81743PAS5                 SUB             2.54000%        4,920,000.00           10,414.00                0.00
   X               SMT03002X                  IO             0.00000%                0.00          784,581.26                0.00
   R               SMT03002R                 SUB             0.00000%                0.00                0.00                0.00
           -----------------   -----------------   -----------------    -----------------   -----------------   -----------------
Totals                                                                     794,697,655.77        1,792,591.46       13,127,497.79
                                                                        -----------------   -----------------   -----------------

<Caption>
                                    Ending                                Cumulative
           Current Realized       Certificate           Total              Realized
 Class           Loss               Balance          Distribution            Loss
--------   -----------------   -----------------   -----------------   -----------------
<S>        <C>                 <C>                 <C>                 <C>
  A-1                   0.00      478,543,740.44        9,539,870.97                0.00
  A-2                   0.00      286,626,417.54        4,568,385.69                0.00
  M-1                   0.00       11,480,000.00           16,837.33                0.00
  M-2                   0.00        4,920,000.00           10,414.00                0.00
   X                    0.00                0.00          784,581.26                0.00
   R                    0.00                0.00                0.00                0.00
           -----------------   -----------------   -----------------   -----------------
Totals                  0.00      781,570,157.98       14,920,089.25                0.00
           -----------------   -----------------   -----------------   -----------------
</Table>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<Table>
<Caption>
                              Beginning        Scheduled       Unscheduled                                          Total
           Original Face     Certificate       Principal         Principal                         Realized        Principal
  Class        Amount          Balance        Distribution     Distribution       Accretion         Loss (1)       Reduction
--------   --------------   --------------   --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>              <C>              <C>              <C>              <C>              <C>
  A-1      500,000,000.00   487,498,613.07             0.00     8,954,872.63             0.00             0.00     8,954,872.63
  A-2      303,600,000.00   290,799,042.70             0.00     4,172,625.16             0.00             0.00     4,172,625.16
  M-1       11,480,000.00    11,480,000.00             0.00             0.00             0.00             0.00             0.00
  M-2        4,920,000.00     4,920,000.00             0.00             0.00             0.00             0.00             0.00
   X                 0.00             0.00             0.00             0.00             0.00             0.00             0.00
   R                 0.00             0.00             0.00             0.00             0.00             0.00             0.00
           --------------   --------------   --------------   --------------   --------------   --------------   --------------
Totals     820,000,000.00   794,697,655.77             0.00    13,127,497.79             0.00             0.00    13,127,497.79
           --------------   --------------   --------------   --------------   --------------   --------------   --------------

<Caption>
              Ending           Ending            Total
            Certificate      Certificate       Principal
  Class       Balance         Percentage      Distribution
--------   --------------   --------------   --------------
<S>        <C>              <C>              <C>
  A-1      478,543,740.44       0.95708748     8,954,872.63
  A-2      286,626,417.54       0.94409228     4,172,625.16
  M-1       11,480,000.00       1.00000000             0.00
  M-2        4,920,000.00       1.00000000             0.00
   X                 0.00       0.00000000             0.00
   R                 0.00       0.00000000             0.00
           --------------   --------------   --------------
Totals     781,570,157.98       0.95313434    13,127,497.79
           --------------   --------------   --------------
</Table>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                               Beginning      Scheduled         Unscheduled                                          Total
           Original Face      Certificate      Principal         Principal                        Realized         Principal
  Class        Amount           Balance       Distribution     Distribution      Accretion         Loss (3)        Reduction
--------   --------------   --------------   --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>              <C>              <C>              <C>              <C>              <C>
     A-1   500,000,000.00     974.99722614       0.00000000      17.90974526       0.00000000       0.00000000      17.90974526
     A-2   303,600,000.00     957.83610903       0.00000000      13.74382464       0.00000000       0.00000000      13.74382464
     M-1    11,480,000.00    1000.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
     M-2     4,920,000.00    1000.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
      X              0.00       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000
      R              0.00       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000

<Caption>
              Ending          Ending            Total
           Certificate      Certificate       Principal
  Class       Balance        Percentage      Distribution
--------  --------------   --------------   --------------
<S>       <C>              <C>              <C>
     A-1    957.08748088       0.95708748      17.90974526
     A-2    944.09228439       0.94409228      13.74382464
     M-1   1000.00000000       1.00000000       0.00000000
     M-2   1000.00000000       1.00000000       0.00000000
      X       0.00000000       0.00000000       0.00000000
      R       0.00000000       0.00000000       0.00000000
</Table>

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

                         INTEREST DISTRIBUTION STATEMENT

<Table>
<Caption>
                                                    Beginning                         Payment of
                                 Current           Certificate/       Current           Unpaid            Current
             Original Face      Certificate         Notional          Accrued          Interest           Interest
  Class          Amount            Rate              Balance          Interest         Shortfall          Shortfall
---------   ---------------   ---------------    ---------------   ---------------   ---------------   ---------------
<S>         <C>               <C>                <C>               <C>               <C>               <C>
     A-1     500,000,000.00           1.44000%    487,498,613.07        584,998.34              0.00              0.00
     A-2     303,600,000.00           1.63313%    290,799,042.70        395,760.53              0.00              0.00
     M-1      11,480,000.00           1.76000%     11,480,000.00         16,837.33              0.00              0.00
     M-2       4,920,000.00           2.54000%      4,920,000.00         10,414.00              0.00              0.00
      X                0.00           0.00000%    794,697,655.77              0.00              0.00              0.00
      R                0.00           0.00000%              0.00              0.00              0.00              0.00
            ---------------                                        ---------------   ---------------   ---------------
   Totals    820,000,000.00                                           1,008,010.20              0.00              0.00
            ---------------                                        ---------------   ---------------   ---------------

<Caption>

                                                                    Remaining            Ending
            Non-Supported                                            Unpaid           Certificate/
               Interest          Realized       Total Interest       Interest          Notational
  Class        Shortfall          Loss (4)       Distribution        Shortfall          Balance
---------   ---------------   ---------------   ---------------   ---------------   ---------------
<S>         <C>               <C>               <C>               <C>               <C>
     A-1               0.00              0.00        584,998.34              0.00    478,543,740.44
     A-2               0.00              0.00        395,760.53              0.00    286,626,417.54
     M-1               0.00              0.00         16,837.33              0.00     11,480,000.00
     M-2               0.00              0.00         10,414.00              0.00      4,920,000.00
      X                0.00              0.00        784,581.26              0.00    781,570,157.98
      R                0.00              0.00              0.00              0.00              0.00
            ---------------   ---------------   ---------------   ---------------
   Totals              0.00              0.00      1,792,591.46              0.00
            ---------------   ---------------   ---------------   ---------------
</Table>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                                                Beginning                       Payment of
                                Current        Certificate/       Current          Unpaid           Current       Non-Supported
  Class    Original Face      Certificate        Notional         Accrued         Interest          Interest         Interest
   (5)         Amount            Rate            Balance          Interest        Shortfall         Shortfall        Shortfall
--------   --------------   --------------    --------------   --------------   --------------   --------------   --------------
<S>        <C>              <C>               <C>              <C>              <C>              <C>              <C>
     A-1   500,000,000.00          1.44000%     974.99722614       1.16999668       0.00000000       0.00000000       0.00000000
     A-2   303,600,000.00          1.63313%     957.83610903       1.30355906       0.00000000       0.00000000       0.00000000
     M-1    11,480,000.00          1.76000%    1000.00000000       1.46666638       0.00000000       0.00000000       0.00000000
     M-2     4,920,000.00          2.54000%    1000.00000000       2.11666667       0.00000000       0.00000000       0.00000000
      X              0.00          0.00000%     969.14348265       0.00000000       0.00000000       0.00000000       0.00000000
      R              0.00          0.00000%       0.00000000       0.00000000       0.00000000       0.00000000       0.00000000

<Caption>
                                              Remaining          Ending
                                                Unpaid        Certificate/
  Class      Realized      Total Interest      Interest        Notational
   (5)       Loss (6)       Distribution       Shortfall         Balance
--------  --------------   --------------   --------------   --------------
<S>       <C>              <C>              <C>              <C>
     A-1      0.00000000       1.16999668       0.00000000     957.08748088
     A-2      0.00000000       1.30355906       0.00000000     944.09228439
     M-1      0.00000000       1.46666638       0.00000000    1000.00000000
     M-2      0.00000000       2.11666667       0.00000000    1000.00000000
      X       0.00000000       0.95680641       0.00000000     953.13433900
      R       0.00000000       0.00000000       0.00000000       0.00000000
</Table>

(5)  Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<Table>
<S>                                                           <C>
Beginning Balance                                                      0.00

Deposits
            Payments of Interest and Principal                15,170,812.83
            Liquidations, Insurance Proceeds, Reserve Funds            0.00
            Proceeds from Repurchased Loans                            0.00
            Other Amounts (Servicer Advances)                     13,269.61
            Realized Losses                                            0.00
            Prepayment Penalties                                       0.00
                                                              -------------
Total Deposits                                                15,184,082.44

Withdrawals
            Reimbursement for Servicer Advances                    9,027.67
            Payment of Service Fee                               254,965.52
            Payment of Interest and Principal                 14,920,089.25
                                                              -------------
Total Withdrawals (Pool Distribution Amount)                  15,184,082.44

Ending Balance                                                         0.00
                                                              =============
</Table>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<Table>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall               0.00
Servicing Fee Support                                         0.00
                                                          --------

Non-Supported Prepayment Curtailment Interest Shortfall       0.00
                                                          ========
</Table>

                                 SERVICING FEES

<Table>
<S>                                                   <C>
Gross Servicing Fee                                     250,317.80
Master Servicing Fee                                      4,647.72
Supported Prepayment/Curtailment Interest Shortfall           0.00
                                                      ------------

Net Servicing Fee                                       254,965.52
                                                      ============
</Table>

<PAGE>

<Table>
<Caption>
    Account Type         Beginning Balance      Current Withdrawals     Current Deposits     Ending Balance
---------------------- ---------------------- ------------------------ -------------------- -----------------
<S>                    <C>                    <C>                      <C>                  <C>
    Reserve Fund             10,000.00                 0.00                   0.00             10,000.00
</Table>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
              DELINQUENT                                   BANKRUPTCY                             FORECLOSURE
--------------------------------------       ------------------------------------      -----------------------------------
              No. of        Principal                     No. of       Principal                      No. of    Principal
               Loans         Balance                       Loans        Balance                        Loans     Balance
<S>          <C>          <C>                <C>          <C>          <C>             <C>           <C>        <C>
0-29 Days           0             0.00       0-29 Days           0           0.00      0-29 Days            0         0.00
  30 Days          13     6,066,754.99         30 Days           0           0.00        30 Days            0         0.00
  60 Days           0             0.00         60 Days           0           0.00        60 Days            0         0.00
  90 Days           0             0.00         90 Days           0           0.00        90 Days            0         0.00
 120 Days           0             0.00        120 Days           0           0.00       120 Days            0         0.00
 150 Days           0             0.00        150 Days           0           0.00       150 Days            0         0.00
180+ Days           0             0.00       180+ Days           0           0.00      180+ Days            0         0.00
             --------     ------------                    --------       --------                    --------     --------
                   13     6,066,754.99                           0           0.00                           0        0.00

<Caption>

              No. of        Principal                     No. of       Principal                      No. of    Principal
               Loans         Balance                       Loans        Balance                        Loans     Balance
<S>          <C>          <C>                <C>          <C>          <C>             <C>           <C>        <C>
0-29 Days    0.000000%        0.000000%      0-29 Days    0.000000%      0.000000%     0-29 Days     0.000000%    0.000000%
  30 Days    0.601017%        0.774193%        30 Days    0.000000%      0.000000%       30 Days     0.000000%    0.000000%
  60 Days    0.000000%        0.000000%        60 Days    0.000000%      0.000000%       60 Days     0.000000%    0.000000%
  90 Days    0.000000%        0.000000%        90 Days    0.000000%      0.000000%       90 Days     0.000000%    0.000000%
 120 Days    0.000000%        0.000000%       120 Days    0.000000%      0.000000%      120 Days     0.000000%    0.000000%
 150 Days    0.000000%        0.000000%       150 Days    0.000000%      0.000000%      150 Days     0.000000%    0.000000%
180+ Days    0.000000%        0.000000%      180+ Days    0.000000%      0.000000%     180+ Days     0.000000%    0.000000%
             --------     ------------                    --------       --------                    --------     --------
             0.601017%        0.774193%                   0.000000%      0.000000%                   0.000000%    0.000000%

<Caption>

                  REO                                               TOTAL
-------------------------------------        -----------------------------------------
               No. of       Principal                       No. of         Principal
                Loans        Balance                         Loans          Balance
<S>            <C>          <C>              <C>            <C>          <C>
0-29 Days            0           0.00        0-29 Days             0             0.00
  30 Days            0           0.00          30 Days            13     6,066,754.99
  60 Days            0           0.00          60 Days             0             0.00
  90 Days            0           0.00          90 Days             0             0.00
 120 Days            0           0.00         120 Days             0             0.00
 150 Days            0           0.00         150 Days             0             0.00
180+ Days            0           0.00        180+ Days             0             0.00
              --------       --------                       --------     ------------
                     0           0.00                             13     6,066,754.99

<Caption>

               No. of       Principal                       No. of         Principal
                Loans        Balance                         Loans          Balance
<S>            <C>          <C>              <C>            <C>          <C>
0-29 Days     0.000000%      0.000000%       0-29 Days      0.000000%        0.000000%
  30 Days     0.000000%      0.000000%         30 Days      0.601017%        0.774193%
  60 Days     0.000000%      0.000000%         60 Days      0.000000%        0.000000%
  90 Days     0.000000%      0.000000%         90 Days      0.000000%        0.000000%
 120 Days     0.000000%      0.000000%        120 Days      0.000000%        0.000000%
 150 Days     0.000000%      0.000000%        150 Days      0.000000%        0.000000%
180+ Days     0.000000%      0.000000%       180+ Days      0.000000%        0.000000%
              --------       --------                       --------     ------------
              0.000000%      0.000000%                      0.601017%        0.774193%
</Table>

<Table>
<S>                                        <C>    <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds: 0.00   Principal Balance of Contaminated Properties  0.00  Periodic Advance  13,269.61
</Table>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<Table>
<Caption>
             DELINQUENT                                   BANKRUPTCY                                  FORECLOSURE
-------------------------------------       -------------------------------------       --------------------------------------
               No. of      Principal                       No. of       Principal                      No. of       Principal
               Loans        Balance                        Loans         Balance                       Loans         Balance
<S>          <C>         <C>                <C>          <C>            <C>             <C>            <C>          <C>
0-29 Days           0            0.00       0-29 Days           0            0.00       0-29 Days            0            0.00
  30 Days          12    5,848,754.99         30 Days           0            0.00         30 Days            0            0.00
  60 Days           0            0.00         60 Days           0            0.00         60 Days            0            0.00
  90 Days           0            0.00         90 Days           0            0.00         90 Days            0            0.00
 120 Days           0            0.00        120 Days           0            0.00        120 Days            0            0.00
 150 Days           0            0.00        150 Days           0            0.00        150 Days            0            0.00
180+ Days           0            0.00       180+ Days           0            0.00       180+ Days            0            0.00
             --------    ------------                    --------        --------                     --------        --------
                   12    5,848,754.99                           0            0.00                            0            0.00

<Caption>

               No. of      Principal                       No. of       Principal                      No. of       Principal
               Loans        Balance                        Loans         Balance                       Loans         Balance
<S>          <C>         <C>                <C>          <C>            <C>             <C>            <C>          <C>

0-29 Days    0.000000%       0.000000%      0-29 Days    0.000000%       0.000000%      0-29 Days     0.000000%       0.000000%
  30 Days    0.918836%       1.194091%        30 Days    0.000000%       0.000000%        30 Days     0.000000%       0.000000%
  60 Days    0.000000%       0.000000%        60 Days    0.000000%       0.000000%        60 Days     0.000000%       0.000000%
  90 Days    0.000000%       0.000000%        90 Days    0.000000%       0.000000%        90 Days     0.000000%       0.000000%
 120 Days    0.000000%       0.000000%       120 Days    0.000000%       0.000000%       120 Days     0.000000%       0.000000%
 150 Days    0.000000%       0.000000%       150 Days    0.000000%       0.000000%       150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%      180+ Days    0.000000%       0.000000%      180+ Days     0.000000%       0.000000%
             --------    ------------                    --------        --------                     --------        --------
             0.918836%       1.194091%                   0.000000%       0.000000%                    0.000000%       0.000000%

<Caption>

                  REO                                               TOTAL
----------------------------------------      ---------------------------------------------
                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days              0            0.00       0-29 Days              0                0.00
  30 Days              0            0.00         30 Days             12        5,848,754.99
  60 Days              0            0.00         60 Days              0                0.00
  90 Days              0            0.00         90 Days              0                0.00
 120 Days              0            0.00        120 Days              0                0.00
 150 Days              0            0.00        150 Days              0                0.00
180+ Days              0            0.00       180+ Days              0                0.00
                --------        --------                       --------        ------------
                       0            0.00                             12        5,848,754.99

<Caption>

                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days       0.000000%       0.000000%      0-29 Days       0.000000%           0.000000%
  30 Days       0.000000%       0.000000%        30 Days       0.918836%           1.194091%
  60 Days       0.000000%       0.000000%        60 Days       0.000000%           0.000000%
  90 Days       0.000000%       0.000000%        90 Days       0.000000%           0.000000%
 120 Days       0.000000%       0.000000%       120 Days       0.000000%           0.000000%
 150 Days       0.000000%       0.000000%       150 Days       0.000000%           0.000000%
180+ Days       0.000000%       0.000000%      180+ Days       0.000000%           0.000000%
                --------        --------                       --------        ------------
                0.000000%       0.000000%                      0.918836%           1.194091%
</Table>

                                     GROUP 2

<Table>
<Caption>
             DELINQUENT                                   BANKRUPTCY                                  FORECLOSURE
-------------------------------------       -------------------------------------       --------------------------------------
               No. of      Principal                       No. of       Principal                      No. of       Principal
               Loans        Balance                        Loans         Balance                       Loans         Balance
<S>          <C>         <C>                <C>          <C>            <C>             <C>            <C>          <C>
0-29 Days           0            0.00       0-29 Days           0            0.00       0-29 Days            0            0.00
  30 Days           1      218,000.00         30 Days           0            0.00         30 Days            0            0.00
  60 Days           0            0.00         60 Days           0            0.00         60 Days            0            0.00
  90 Days           0            0.00         90 Days           0            0.00         90 Days            0            0.00
 120 Days           0            0.00        120 Days           0            0.00        120 Days            0            0.00
 150 Days           0            0.00        150 Days           0            0.00        150 Days            0            0.00
180+ Days           0            0.00       180+ Days           0            0.00       180+ Days            0            0.00
             --------    ------------                    --------        --------                     --------        --------
                    1      218,000.00                           0            0.00                            0            0.00

<Caption>

               No. of      Principal                       No. of       Principal                      No. of       Principal
               Loans        Balance                        Loans         Balance                       Loans         Balance
<S>          <C>         <C>                <C>          <C>            <C>             <C>            <C>          <C>
0-29 Days    0.000000%       0.000000%      0-29 Days    0.000000%       0.000000%      0-29 Days     0.000000%       0.000000%
  30 Days    0.116686%       0.074196%        30 Days    0.000000%       0.000000%        30 Days     0.000000%       0.000000%
  60 Days    0.000000%       0.000000%        60 Days    0.000000%       0.000000%        60 Days     0.000000%       0.000000%
  90 Days    0.000000%       0.000000%        90 Days    0.000000%       0.000000%        90 Days     0.000000%       0.000000%
 120 Days    0.000000%       0.000000%       120 Days    0.000000%       0.000000%       120 Days     0.000000%       0.000000%
 150 Days    0.000000%       0.000000%       150 Days    0.000000%       0.000000%       150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%      180+ Days    0.000000%       0.000000%      180+ Days     0.000000%       0.000000%
             --------    ------------                    --------        --------                     --------        --------
             0.116686%       0.074196%                   0.000000%       0.000000%                    0.000000%       0.000000%

<Caption>

                  REO                                               TOTAL
----------------------------------------      ---------------------------------------------
                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days              0            0.00       0-29 Days              0                0.00
  30 Days              0            0.00         30 Days              1          218,000.00
  60 Days              0            0.00         60 Days              0                0.00
  90 Days              0            0.00         90 Days              0                0.00
 120 Days              0            0.00        120 Days              0                0.00
 150 Days              0            0.00        150 Days              0                0.00
180+ Days              0            0.00       180+ Days              0                0.00
                --------        --------                       --------        ------------
                       0            0.00                              1          218,000.00

<Caption>

                 No. of        Principal                        No. of           Principal
                 Loans          Balance                         Loans             Balance
<S>              <C>           <C>             <C>              <C>            <C>
0-29 Days       0.000000%       0.000000%      0-29 Days       0.000000%           0.000000%
  30 Days       0.000000%       0.000000%        30 Days       0.116686%           0.074196%
  60 Days       0.000000%       0.000000%        60 Days       0.000000%           0.000000%
  90 Days       0.000000%       0.000000%        90 Days       0.000000%           0.000000%
 120 Days       0.000000%       0.000000%       120 Days       0.000000%           0.000000%
 150 Days       0.000000%       0.000000%       150 Days       0.000000%           0.000000%
180+ Days       0.000000%       0.000000%      180+ Days       0.000000%           0.000000%
                --------        --------                       --------        ------------
                0.000000%       0.000000%                      0.116686%           0.074196%
</Table>

<PAGE>

                              COLLATERAL STATEMENT

<Table>
<S>                                                                           <C>
Collateral Description                                                             Mixed Arm
Weighted Average Gross Coupon                                                      3.083873%
Weighted Average Net Coupon                                                        2.706863%
Weighted Average Pass-Through Rate                                                 2.699863%
Weighted Average Maturity (Stepdown Calculation)                                         328

Beginning Scheduled Collateral Loan Count                                              2,188
Number of Loans Paid in Full                                                              25
Ending Scheduled Collateral Loan Count                                                 2,163

Beginning Scheduled Collateral Balance                                        796,747,655.77
Ending Scheduled Collateral Balance                                           783,620,157.98
Ending Actual Collateral Balance at 29-Aug-2003                               783,622,819.53

Monthly P&I Constant                                                            2,047,556.95
Special Servicing Fee                                                                   0.00
Prepayment Penalties                                                                    0.00
Realized Loss Amount                                                                    0.00
Cumulative Realized Loss                                                                0.00

Ending Scheduled Balance for Premium Loans                                    783,620,157.98

Scheduled Principal                                                                     0.00
Unscheduled Principal                                                          13,127,497.79

Required Overcollateralized Amount                                                      0.00
Overcollateralized Increase Amount                                                      0.00
Overcollateralized Reduction Amount                                                     0.00
Specified O/C Amount                                                            2,050,000.00
Overcollateralized Amount                                                       2,050,000.00
Overcollateralized Deficiency Amount                                                    0.00
Base Overcollateralization Amount                                                       0.00

Extra Principal Distribution Amount                                               784,581.26
Excess Cash Amount                                                                      0.00
</Table>

<PAGE>

<Table>
<S>                                                             <C>
MISCELLANEOUS REPORTING

M-1 Target Amount                                               770,298,615.29
M-2 Target Amount                                               779,702,057.19
Senior Target Amount                                            748,357,250.87

Group 1 - One-Month LIBOR Loans                                 142,618,748.35
Group 1 - Six-Month LIBOR Loans                                 347,187,125.49
Group 2 - Six Month LIBOR Loans                                 293,814,284.14

Applied Loss Amount                                                          0
</Table>

<Table>
<Caption>
                  GROUP                        1                           2                     TOTAL
<S>                                         <C>                      <C>                        <C>
Collateral Description                           Mixed ARM              6 Month ARM                 Mixed ARM
Weighted Average Coupon Rate                      3.045587                 3.147953                  3.083873
Weighted Average Net Rate                         2.668829                 2.770524                  2.706863
Pass-Through Rate                                 2.661829                 2.763524                  2.699863
Weighted Average Maturity                              322                      335                       328
Record Date                                     08/29/2003               08/29/2003                08/29/2003
Principal and Interest Constant               1,265,849.54               781,707.41              2,047,556.95
Beginning Loan Count                                 1,322                      866                     2,188
Loans Paid in Full                                      16                        9                        25
Ending Loan Count                                    1,306                      857                     2,163
Beginning Scheduled Balance                 498,760,746.47           297,986,909.30            796,747,655.77
Ending Scheduled Balance                    489,805,873.84           293,814,284.14            783,620,157.98
Scheduled Principal                                   0.00                     0.00                      0.00
Unscheduled Principal                         8,954,872.63             4,172,625.16             13,127,497.79
Scheduled Interest                            1,265,849.54               781,707.41              2,047,556.95
Servicing Fee                                   156,593.72                93,724.08                250,317.80
Master Servicing Fee                              2,909.46                 1,738.26                  4,647.72
Trustee Fee                                           0.00                      0.00                     0.00
FRY Amount                                            0.00                      0.00                     0.00
Special Hazard Fee                                    0.00                      0.00                     0.00
Other Fee                                             0.00                      0.00                     0.00
Pool Insurance Fee                                    0.00                      0.00                     0.00
Spread 1                                              0.00                      0.00                     0.00
Spread 2                                              0.00                      0.00                     0.00
Spread 3                                              0.00                      0.00                     0.00
Net Interest                                  1,106,346.36                686,245.07             1,792,591.43
Realized Loss Amount                                  0.00                      0.00                     0.00
Cumulative Realized Loss                              0.00                      0.00                     0.00
Percentage of Cumulative Losses                       0.00                      0.00                     0.00
Prepayment Penalties                                  0.00                      0.00                     0.00
Special Servicing Fee                                 0.00                      0.00                     0.00
</Table><PAGE>

                                                                    EXHIBIT 10.1

CONTACT:   CUSTOMER SERVICES -- CTSLINK
           WELLS FARGO BANK MINNESOTA, N.A.
           SECURITIES ADMINISTRATION SERVICES
           7485 NEW HORIZON WAY
           FREDERICK, MD  21703
           WWW.CTSLINK.COM
           TELEPHONE:          (301) 815-6600
           FAX:                (301) 315-6660

                                SMT SERIES 2003-3
                          RECORD DATE: AUGUST 29, 2003
                      DISTRIBUTION DATE: SEPTEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<Table>
<Caption>
                                       Certificate
                                          Class            Certificate           Beginning             Interest         Principal
   Class             CUSIP             Description      Pass-Through Rate   Certificate Balance      Distribution      Distribution
-------------  --------------------  ----------------  -------------------  ---------------------  ------------------  -------------
<S>            <C>                   <C>               <C>                  <C>                    <C>                 <C>
    A-1            81743PAT3             SEN                  1.44000%        375,651,375.74           450,781.65      2,361,976.75
    A-2            81743PAU0             SEN                  1.34000%        148,517,454.61           165,844.49        862,458.49
    X-1A           81743PAV8             IO                   0.94990%                  0.00            78,912.36              0.00
    X-1B           81743PAW6             IO                   1.31510%                  0.00           302,432.15              0.00
    X-2            81743PAX4             IO                   1.40895%                  0.00           174,378.40              0.00
    X-B            81743PAY2             IO                   0.92389%                  0.00             6,986.95              0.00
    A-R            81743PBA3              R                   2.63682%                  0.00                 0.00              0.00
    B-1            81743PBB1             SUB                  1.76000%          9,075,000.00            13,310.00              0.00
    B-2            81743PBC9             SUB                  2.68389%          4,675,000.00            10,456.00              0.00
    B-3            81743PBD7             SUB                  2.68389%          2,475,000.00             5,535.53              0.00
    B-4            81743PBE5             SUB                  2.68389%          1,650,000.00             3,690.35              0.00
    B-5            81743PBF2             SUB                  2.68389%            825,000.00             1,845.18              0.00
    B-6            81743PBG0             SUB                  2.68389%          1,925,608.17             4,306.77              0.00
-------------                                                               ---------------------  ------------------  ------------
Totals                                                                        544,794,438.52         1,218,479.83      3,224,435.24
-------------                                                               ---------------------  ------------------  -------------

<Caption>

                     Current         Ending Certificate                            Cumulative
   Class          Realized Loss           Balance         Total Distribution     Realized Loss
-------------  --------------------  ------------------   -------------------  ---------------------
<S>            <C>                   <C>                  <C>                  <C>
    A-1                   0.00         373,289,398.99         2,812,758.40                0.00
    A-2                   0.00         147,654,996.12         1,028,302.98                0.00
    X-1A                  0.00                   0.00            78,912.36                0.00
    X-1B                  0.00                   0.00           302,432.15                0.00
    X-2                   0.00                   0.00           174,378.40                0.00
    X-B                   0.00                   0.00             6,986.95                0.00
    A-R                   0.00                   0.00                 0.00                0.00
    B-1                   0.00           9,075,000.00            13,310.00                0.00
    B-2                   0.00           4,675,000.00            10,456.00                0.00
    B-3                   0.00           2,475,000.00             5,535.53                0.00
    B-4                   0.00           1,650,000.00             3,690.35                0.00
    B-5                   0.00             825,000.00             1,845.18                0.00
    B-6                   0.00           1,925,608.17             4,306.77                0.00
-------------  --------------------  ------------------   -------------------  ---------------------
Totals                    0.00         541,570,003.28         4,442,916.07                0.00
-------------  --------------------  ------------------   -------------------  ---------------------
</Table>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<Table>
<Caption>
                                                             Scheduled          Unscheduled
                                         Beginning           Principal           Principal                             Realized
   Class       Original Face Amount  Certificate Balance    Distribution       Distribution          Accretion         Loss (1)
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------
<S>            <C>                   <C>                   <C>               <C>                 <C>                 <C>
    A-1             379,455,000.00        375,651,375.74              0.00         2,361,976.75          0.00           0.00
    A-2             149,922,000.00        148,517,454.61              0.00           862,458.49          0.00           0.00
    X-1A                      0.00                  0.00              0.00                 0.00          0.00           0.00
    X-1B                      0.00                  0.00              0.00                 0.00          0.00           0.00
    X-2                       0.00                  0.00              0.00                 0.00          0.00           0.00
    X-B                       0.00                  0.00              0.00                 0.00          0.00           0.00
    A-R                     100.00                  0.00              0.00                 0.00          0.00           0.00
    B-1               9,075,000.00          9,075,000.00              0.00                 0.00          0.00           0.00
    B-2               4,675,000.00          4,675,000.00              0.00                 0.00          0.00           0.00
    B-3               2,475,000.00          2,475,000.00              0.00                 0.00          0.00           0.00
    B-4               1,650,000.00          1,650,000.00              0.00                 0.00          0.00           0.00
    B-5                 825,000.00            825,000.00              0.00                 0.00          0.00           0.00
    B-6               1,925,608.17          1,925,608.17              0.00                 0.00          0.00           0.00
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------
Totals              550,002,708.17        544,794,438.52              0.00         3,224,435.24          0.00           0.00
-------------  --------------------  -------------------   ---------------   ------------------  ------------------  ------------

<Caption>

                 Total Principal      Ending Certificate      Ending Certificate      Total Principal
   Class            Reduction               Balance               Percentage           Distribution
-------------  --------------------  ---------------------  ----------------------  ------------------
<S>            <C>                   <C>                    <C>                     <C>
    A-1              2,361,976.75        373,289,398.99             0.98375143           2,361,976.75
    A-2                862,458.49        147,654,996.12             0.98487878             862,458.49
    X-1A                     0.00                  0.00             0.00000000                   0.00
    X-1B                     0.00                  0.00             0.00000000                   0.00
    X-2                      0.00                  0.00             0.00000000                   0.00
    X-B                      0.00                  0.00             0.00000000                   0.00
    A-R                      0.00                  0.00             0.00000000                   0.00
    B-1                      0.00          9,075,000.00             1.00000000                   0.00
    B-2                      0.00          4,675,000.00             1.00000000                   0.00
    B-3                      0.00          2,475,000.00             1.00000000                   0.00
    B-4                      0.00          1,650,000.00             1.00000000                   0.00
    B-5                      0.00            825,000.00             1.00000000                   0.00
    B-6                      0.00          1,925,608.17             1.00000000                   0.00
-------------  --------------------  ---------------------  ----------------------  ------------------
Totals               3,224,435.24        541,570,003.28             0.98466788           3,224,435.24
-------------  --------------------  ---------------------  ----------------------  ------------------
</Table>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                                       Beginning          Scheduled         Unscheduled
                 Original Face        Certificate         Principal          Principal                          Realized
   Class            Amount              Balance         Distribution       Distribution        Accretion        Loss (3)
------------- -------------------- ------------------- ---------------- -------------------- -------------- -----------------
<S>           <C>                  <C>                 <C>              <C>                  <C>            <C>
    A-1            379,455,000.00        989.97608607       0.00000000           6.22465576     0.00000000        0.00000000
    A-2            149,922,000.00        990.63149244       0.00000000           5.75271468     0.00000000        0.00000000
    X-1A                     0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-1B                     0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-2                      0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    X-B                      0.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    A-R                    100.00          0.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-1              9,075,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-2              4,675,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-3              2,475,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-4              1,650,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-5                825,000.00       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
    B-6              1,925,608.17       1000.00000000       0.00000000           0.00000000     0.00000000        0.00000000
------------- -------------------- ------------------- ---------------- -------------------- -------------- -----------------

<Caption>

                  Total Principal      Ending Certificate      Ending Certificate         Total Principal
   Class            Reduction               Balance                Percentage              Distribution
-------------  --------------------  ---------------------  ----------------------  ----------------------
<S>            <C>                   <C>                    <C>                     <C>
    A-1                 6.22465576          983.75143031             0.98375143             6.22465576
    A-2                 5.75271468          984.87877776             0.98487878             5.75271468
    X-1A                0.00000000            0.00000000             0.00000000             0.00000000
    X-1B                0.00000000            0.00000000             0.00000000             0.00000000
    X-2                 0.00000000            0.00000000             0.00000000             0.00000000
    X-B                 0.00000000            0.00000000             0.00000000             0.00000000
    A-R                 0.00000000            0.00000000             0.00000000             0.00000000
    B-1                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-2                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-3                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-4                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-5                 0.00000000         1000.00000000             1.00000000             0.00000000
    B-6                 0.00000000         1000.00000000             1.00000000             0.00000000
-------------  --------------------  --------------------- ---------------------- ----------------------
</Table>

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

<PAGE>
                         INTEREST DISTRIBUTION STATEMENT
<Table>
<Caption>
                                                                                                Payment of
                                                           Beginning                             Unpaid          Current
                                         Current          Certificate/      Current Accrued      Interest        Interest
   Class      Original Face Amount   Certificate Rate    Notional Balance       Interest        Shortfall        Shortfall
------------  --------------------  ------------------  -----------------  ----------------  --------------  --------------
<S>           <C>                   <C>                 <C>                <C>               <C>             <C>
    A-1             379,455,000.00            1.44000%     375,651,375.74        450,781.65            0.00             0.00
    A-2             149,922,000.00            1.34000%     148,517,454.61        165,844.49            0.00             0.00
   X-1A                       0.00            0.94990%      99,688,859.70         78,912.36            0.00             0.00
   X-1B                       0.00            1.31510%     275,962,516.04        302,432.15            0.00             0.00
    X-2                       0.00            1.40895%     148,517,454.61        174,378.40            0.00             0.00
    X-B                       0.00            0.92389%       9,075,000.00          6,986.95            0.00             0.00
    A-R                     100.00            2.63682%               0.00              0.00            0.00             0.00
    B-1               9,075,000.00            1.76000%       9,075,000.00         13,310.00            0.00             0.00
    B-2               4,675,000.00            2.68389%       4,675,000.00         10,456.00            0.00             0.00
    B-3               2,475,000.00            2.68389%       2,475,000.00          5,535.53            0.00             0.00
    B-4               1,650,000.00            2.68389%       1,650,000.00          3,690.35            0.00             0.00
    B-5                 825,000.00            2.68389%         825,000.00          1,845.18            0.00             0.00
    B-6               1,925,608.17            2.68389%       1,925,608.17          4,306.77            0.00             0.00
------------ ----------------------                                        ----------------- --------------- ----------------
  Totals            550,002,708.17                                             1,218,479.83            0.00             0.00
------------ ----------------------                                        ----------------- --------------- ----------------

<Caption>

                                                                   Remaining
               Non-Supported                                        Unpaid
                 Interest       Realized      Total Interest       Interest      Ending Certificate/
   Class        Shortfall        Loss(4)       Distribution        Shortfall      Notational Balance
------------  --------------  -------------  -----------------  ---------------  ---------------------
<S>            <C>             <C>            <C>                <C>                    <C>
    A-1                  0.00           0.00         450,781.65             0.00        373,289,398.99
    A-2                  0.00           0.00         165,844.49             0.00        147,654,996.12
   X-1A                  0.00           0.00          78,912.36             0.00         99,458,019.30
   X-1B                  0.00           0.00         302,432.15             0.00        273,831,379.69
    X-2                  0.00           0.00         174,378.40             0.00        147,654,996.12
    X-B                  0.00           0.00           6,986.95             0.00          9,075,000.00
    A-R                  0.00           0.00               0.00             0.00                  0.00
    B-1                  0.00           0.00          13,310.00             0.00          9,075,000.00
    B-2                  0.00           0.00          10,456.00             0.00          4,675,000.00
    B-3                  0.00           0.00           5,535.53             0.00          2,475,000.00
    B-4                  0.00           0.00           3,690.35             0.00          1,650,000.00
    B-5                  0.00           0.00           1,845.18             0.00            825,000.00
    B-6                  0.00           0.00           4,306.77             0.00          1,925,608.17
------------  --------------- -------------- ------------------ ----------------
  Totals                 0.00           0.00       1,218,479.83             0.00
------------  --------------- -------------- ------------------ ----------------
</Table>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<Table>
<Caption>
                                                                                            Payment of
                                    Current         Beginning                                 Unpaid          Current
                Original Face     Certificate      Certificate/       Current Accrued        Interest        Interest
 Class (5)         Amount             Rate       Notional Balance         Interest           Shortfall       Shortfall
-----------  -------------------  ------------  ------------------  --------------------  ---------------  -------------
<S>          <C>                  <C>           <C>                 <C>                   <C>              <C>
    A-1           379,455,000.00      1.44000%        989.97608607            1.18797130       0.00000000     0.00000000
    A-2           149,922,000.00      1.34000%        990.63149244            1.10620516       0.00000000     0.00000000
   X-1A                     0.00      0.94990%        988.66668527            0.78261525       0.00000000     0.00000000
   X-1B                     0.00      1.31510%        990.44994794            1.08545143       0.00000000     0.00000000
    X-2                     0.00      1.40895%        990.63149244            1.16312749       0.00000000     0.00000000
    X-B                     0.00      0.92389%       1000.00000000            0.76991185       0.00000000     0.00000000
    A-R                   100.00      2.63682%          0.00000000            0.00000000       0.00000000     0.00000000
    B-1             9,075,000.00      1.76000%       1000.00000000            1.46666667       0.00000000     0.00000000
    B-2             4,675,000.00      2.68389%       1000.00000000            2.23657754       0.00000000     0.00000000
    B-3             2,475,000.00      2.68389%       1000.00000000            2.23657778       0.00000000     0.00000000
    B-4             1,650,000.00      2.68389%       1000.00000000            2.23657576       0.00000000     0.00000000
    B-5               825,000.00      2.68389%       1000.00000000            2.23658182       0.00000000     0.00000000
    B-6             1,925,608.17      2.68389%       1000.00000000            2.23657651       0.00000000     0.00000000
-----------  -------------------  ------------  ------------------  --------------------  ---------------  -------------

<Caption>
                                                                       Remaining
               Non-Supported                                            Unpaid
                 Interest          Realized       Total Interest       Interest       Ending Certificate/
 Class (5)       Shortfall         Loss (6)        Distribution        Shortfall       Notational Balance
-----------  ---------------  ----------------  -----------------  ---------------  -----------------------
<S>          <C>              <C>               <C>                <C>              <C>
    A-1            0.00000000        0.00000000         1.18797130       0.00000000            983.75143031
    A-2            0.00000000        0.00000000         1.10620516       0.00000000            984.87877776
   X-1A            0.00000000        0.00000000         0.78261525       0.00000000            986.37732001
   X-1B            0.00000000        0.00000000         1.08545143       0.00000000            982.80114144
    X-2            0.00000000        0.00000000         1.16312749       0.00000000            984.87877776
    X-B            0.00000000        0.00000000         0.76991185       0.00000000           1000.00000000
    A-R            0.00000000        0.00000000         0.00000000       0.00000000              0.00000000
    B-1            0.00000000        0.00000000         1.46666667       0.00000000           1000.00000000
    B-2            0.00000000        0.00000000         2.23657754       0.00000000           1000.00000000
    B-3            0.00000000        0.00000000         2.23657778       0.00000000           1000.00000000
    B-4            0.00000000        0.00000000         2.23657576       0.00000000           1000.00000000
    B-5            0.00000000        0.00000000         2.23658182       0.00000000           1000.00000000
    B-6            0.00000000        0.00000000         2.23657651       0.00000000           1000.00000000
-----------   ---------------  ----------------  -----------------  ---------------  -----------------------
</Table>

(5)      Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<Table>
<S>                                                                         <C>
Beginning Balance                                                                   0.00

Deposits
           Payments of Interest and Principal                               4,618,111.99
           Liquidations, Insurance Proceeds, Reserve Funds                          0.00
           Proceeds from Repurchased Loans                                          0.00
           Other Amounts (Servicer Advances)                                    5,794.17
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
           Prepayment Penalties                                                     0.00
                                                                            ------------
Total Deposits                                                              4,623,906.16

Withdrawals
           Reimbursement for Servicer Advances                                  5,736.71
           Payment of Service Fee                                             175,254.37
           Payment of Interest and Principal                                4,442,915.08
                                                                            ------------
Total Withdrawals (Pool Distribution Amount)                                4,623,906.16

Ending Balance                                                                      0.00
                                                                            ============
</Table>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<Table>
<S>                                                        <C>
Total Prepayment/Curtailment Interest Shortfall            0.00
Servicing Fee Support                                      0.00
                                                           ----

Non-Supported Prepayment Curtailment Interest Shortfall    0.00
                                                           ====
</Table>

                                 SERVICING FEES

<Table>
<S>                                                       <C>
Gross Servicing Fee                                       170,714.41
Master Servicing Fee                                        4,539.96
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------
Net Servicing Fee                                         175,254.37
                                                          ==========
</Table>

<PAGE>

<Table>
<Caption>
                                                                                   Ending
Account Type         Beginning Balance  Current Withdrawals   Current Deposits     Balance
------------         -----------------  -------------------   ----------------    --------
<S>                  <C>                <C>                   <C>                 <C>
Reserve Fund             5,000.00               0.00                0.00          5,000.00
Reserve Fund             2,500.00               0.00                0.00          2,500.00
Reserve Fund             2,500.00               0.00                0.00          2,500.00
</Table>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<Table>
<Caption>
                   DELINQUENT                                   BANKRUPTCY                             FORECLOSURE
--------------------------------------------       -------------------------------------    -------------------------------------
               No. of           Principal                      No. of        Principal                    No. of       Principal
               Loans             Balance                       Loans          Balance                      Loans        Balance

<S>         <C>               <C>                  <C>         <C>           <C>            <C>          <C>          <C>
0-29 Days             0                 0.00       0-29 Days          0             0.00    0-29 Days            0           0.00
30 Days               6         1,524,959.38         30 Days          0             0.00      30 Days            0           0.00
60 Days               2           987,589.01         60 Days          0             0.00      60 Days            0           0.00
90 Days               0                 0.00         90 Days          0             0.00      90 Days            0           0.00
120 Days              0                 0.00        120 Days          0             0.00     120 Days            0           0.00
150 Days              0                 0.00        150 Days          0             0.00     150 Days            0           0.00
180+ Days             0                 0.00       180+ Days          0             0.00    180+ Days            0           0.00
            -----------      ---------------                  ---------    -------------                 ---------    -----------
                      8         2,512,548.39                          0             0.00                         0           0.00

<Caption>

               No. of           Principal                      No. of        Principal                    No. of       Principal
               Loans             Balance                       Loans          Balance                      Loans        Balance
<S>         <C>               <C>                  <C>         <C>           <C>            <C>          <C>          <C>
0-29 Days      0.000000%            0.000000%      0-29 Days   0.000000%        0.000000%   0-29 Days     0.000000%      0.000000%
30 Days        0.381922%            0.281581%        30 Days   0.000000%        0.000000%     30 Days     0.000000%      0.000000%
60 Days        0.127307%            0.182357%        60 Days   0.000000%        0.000000%     60 Days     0.000000%      0.000000%
90 Days        0.000000%            0.000000%        90 Days   0.000000%        0.000000%     90 Days     0.000000%      0.000000%
120 Days       0.000000%            0.000000%       120 Days   0.000000%        0.000000%    120 Days     0.000000%      0.000000%
150 Days       0.000000%            0.000000%       150 Days   0.000000%        0.000000%    150 Days     0.000000%      0.000000%
180+ Days      0.000000%            0.000000%      180+ Days   0.000000%        0.000000%   180+ Days     0.000000%      0.000000%
            -----------      ---------------                  ---------    -------------                 ---------    -----------
               0.509230%            0.463938%                  0.000000%        0.000000%                 0.000000%      0.000000%

<Caption>

                               REO                                                              TOTAL
          --------------------------------------------------            ---------------------------------------------------
                              No. of               Principal                                    No. of         Principal
                               Loans                Balance                                      Loans          Balance

          <S>           <C>               <C>             <C>                         <C>                  <C>
          0-29 Days                   0                 0.00            0-29 Days                   0                 0.00
            30 Days                   0                 0.00              30 Days                   6         1,524,959.38
            60 Days                   0                 0.00              60 Days                   2           987,589.01
            90 Days                   0                 0.00              90 Days                   0                 0.00
           120 Days                   0                 0.00             120 Days                   0                 0.00
           150 Days                   0                 0.00             150 Days                   0                 0.00
          180+ Days                   0                 0.00            180+ Days                   0                 0.00
                        ---------------       --------------                             ------------      ---------------
                                      0                 0.00                                        8         2,512,548.39

<Caption>

                              No. of               Principal                                    No. of            Principal
                               Loans                Balance                                      Loans             Balance
          <S>           <C>               <C>             <C>                         <C>                  <C>
          0-29 Days            0.000000%            0.000000%           0-29 Days            0.000000%            0.000000%
            30 Days            0.000000%            0.000000%             30 Days            0.381922%            0.281581%
            60 Days            0.000000%            0.000000%             60 Days            0.127307%            0.182357%
            90 Days            0.000000%            0.000000%             90 Days            0.000000%            0.000000%
           120 Days            0.000000%            0.000000%            120 Days            0.000000%            0.000000%
           150 Days            0.000000%            0.000000%            150 Days            0.000000%            0.000000%
          180+ Days            0.000000%            0.000000%           180+ Days            0.000000%            0.000000%
                        ---------------       --------------                             ------------      ---------------
                               0.000000%            0.000000%                                0.509230%            0.463938%

Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance     5,794.17
</Table>

<PAGE>

Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage

<Table>
<Caption>
              Original $        Original %        Current $        Current %      Current Class %     Prepayment %
             -------------    -------------     -------------    -------------    ---------------     -------------
<S>          <C>              <C>               <C>              <C>              <C>                 <C>
 Class A     20,625,608.17       3.75009211%    20,625,608.17       3.80848423%        96.191516%         0.000000%
Class X-2    20,625,608.17       3.75009211%    20,625,608.17       3.80848423%         0.000000%         0.000000%
Class B-1    11,550,608.17       2.10010024%    11,550,608.17       2.13280058%         1.675684%        43.998703%
Class B-2     6,875,608.17       1.25010442%     6,875,608.17       1.26956961%         0.863231%        22.665998%
Class B-3     4,400,608.17       0.80010664%     4,400,608.17       0.81256498%         0.457005%        11.999646%
Class B-4     2,750,608.17       0.50010811%     2,750,608.17       0.50789522%         0.304670%         7.999764%
Class B-5     1,925,608.17       0.35010885%     1,925,608.17       0.35556034%         0.152335%         3.999882%
Class B-6             0.00       0.00000000%             0.00       0.00000000%         0.355560%         9.336007%
</Table>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<Table>
<Caption>
                 DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
---------------------------------------------- ------------------------------------------ -----------------------------------------
                    No. of        Principal                      No. of      Principal                     No. of       Principal
                     Loans         Balance                       Loans        Balance                      Loans         Balance
<S>              <C>             <C>           <C>            <C>            <C>          <C>           <C>            <C>
0-29 Days                     0           0.00  0-29 Days                 0          0.00  0-29 Days                0          0.00
30 Days                       5   1,211,501.94  30 Days                   0          0.00  30 Days                  0          0.00
60 Days                       1     187,589.01  60 Days                   0          0.00  60 Days                  0          0.00
90 Days                       0           0.00  90 Days                   0          0.00  90 Days                  0          0.00
120 Days                      0           0.00  120 Days                  0          0.00  120 Days                 0          0.00
150 Days                      0           0.00  150 Days                  0          0.00  150 Days                 0          0.00
180+ Days                     0           0.00  180+ Days                 0          0.00  180+ Days                0          0.00
                 -------------- --------------                ------------- -------------               ------------- -------------
                           6   1,399,090.95                            0          0.00                           0          0.00

<Caption>

                 No. of        Principal                      No. of          Principal                     No. of       Principal
                  Loans         Balance                       Loans            Balance                      Loans         Balance
<S>           <C>             <C>                <C>         <C>            <C>             <C>        <C>            <C>
0-29 Days           0.000000%       0.000000%    0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days             0.448833%       0.312184%    30 Days         0.000000%     0.000000%    30 Days        0.000000%      0.000000%
60 Days             0.089767%       0.048339%    60 Days         0.000000%     0.000000%    60 Days        0.000000%      0.000000%
90 Days             0.000000%       0.000000%    90 Days         0.000000%     0.000000%    90 Days        0.000000%      0.000000%
120 Days            0.000000%       0.000000%    120 Days        0.000000%     0.000000%    120 Days       0.000000%      0.000000%
150 Days            0.000000%       0.000000%    150 Days        0.000000%     0.000000%    150 Days       0.000000%      0.000000%
180+ Days           0.000000%       0.000000%    180+ Days       0.000000%     0.000000%    180+ Days      0.000000%      0.000000%
              --------------  --------------                ------------- -------------               ------------- --------------
                    0.538600%       0.360522%                    0.000000%     0.000000%                   0.000000%      0.000000%
------------- --------------  -------------- -------------- ------------- ------------- ------------- ------------- --------------

<Caption>

                   REO                                        TOTAL
 ----------------------------------------- --------------------------------------------
                  No. of      Principal                     No. of        Principal
                  Loans        Balance                      Loans          Balance
<S>            <C>           <C>           <C>           <C>           <C>
 0-29 Days          0                0.00  0-29 Days          0                   0.00
 30 Days            0.               0.00  30 Days            5           1,211,501.94
 60 Days            0                0.00  60 Days            1             187,589.01
 90 Days            0                0.00  90 Days            0                   0.00
 120 Days           0                0.00  120 Days           0                   0.00
 150 Days           0                0.00  150 Days           0                   0.00
 180+ Days          0                0.00  180+ Days          0                   0.00
               ------------- -------------               ------------- ----------------
                    0                0.00                     6           1,399,090.95

<Caption>

                  No. of      Principal                     No. of        Principal
                  Loans        Balance                      Loans          Balance
<S>            <C>           <C>           <C>           <C>           <C>
 0-29 Days      0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
 30 Days        0.000000%     0.000000%    30 Days        0.448833%       0.312184%
 60 Days        0.000000%     0.000000%    60 Days        0.089767%       0.048339%
 90 Days        0.000000%     0.000000%    90 Days        0.000000%       0.000000%
 120 Days       0.000000%     0.000000%    120 Days       0.000000%       0.000000%
 150 Days       0.000000%     0.000000%    150 Days       0.000000%       0.000000%
 180+ Days      0.000000%     0.000000%    180+ Days      0.000000%       0.000000%
               ------------- -------------               ------------- ----------------
                0.000000%     0.000000%                   0.538600%       0.360522%
 ------------- ------------- ------------- ------------- ------------- ----------------
</Table>

                                    GROUP 2

<Table>
<Caption>
                DELINQUENT                                  BANKRUPTCY                                FORECLOSURE
---------------------------------------------- ------------------------------------------ ------------------------------------------
                   No. of       Principal                     No. of       Principal                     No. of      Principal
                   Loans         Balance                      Loans         Balance                      Loans        Balance
<S>             <C>           <C>            <C>           <C>           <C>            <C>           <C>           <C>
0-29 Days            0                 0.00  0-29 Days          0                 0.00  0-29 Days          0                0.00
30 Days              1           313,457.44  30 Days            0                 0.00  30 Days            0                0.00
60 Days              1           800,000.00  60 Days            0                 0.00  60 Days            0                0.00
90 Days              0                 0.00  90 Days            0                 0.00  90 Days            0                0.00
120 Days             0                 0.00  120 Days           0                 0.00  120 Days           0                0.00
150 Days             0                 0.00  150 Days           0                 0.00  150 Days           0                0.00
180+ Days            0                 0.00  180+ Days          0                 0.00  180+ Days          0                0.00
                ------------- --------------               ------------- --------------               ------------- -------------
                     2         1,113,457.44                     0                 0.00                     0                0.00

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

0-29 Days        0.000000%      0.000000%    0-29 Days      0.000000%      0.000000%    0-29 Days      0.000000%     0.000000%
30 Days          0.218818%      0.204211%    30 Days        0.000000%      0.000000%    30 Days        0.000000%     0.000000%
60 Days          0.218818%      0.521184%    60 Days        0.000000%      0.000000%    60 Days        0.000000%     0.000000%
90 Days          0.000000%      0.000000%    90 Days        0.000000%      0.000000%    90 Days        0.000000%     0.000000%
120 Days         0.000000%      0.000000%    120 Days       0.000000%      0.000000%    120 Days       0.000000%     0.000000%
150 Days         0.000000%      0.000000%    150 Days       0.000000%      0.000000%    150 Days       0.000000%     0.000000%
180+ Days        0.000000%      0.000000%    180+ Days      0.000000%      0.000000%    180+ Days      0.000000%     0.000000%
                ------------- --------------               ------------- --------------               ------------- -------------
                 0.437637%      0.725395%                   0.000000%      0.000000%                   0.000000%     0.000000%
--------------- ------------- -------------- ------------- ------------- -------------- ------------- ------------- -------------

<Caption>

                 REO                                       TOTAL
 ----------------------------------------- --------------------------------------------

               No. of       Principal                     No. of       Principal
                Loans        Balance                      Loans         Balance
<S>           <C>            <C>   <C>                <C>                <C>
0-29 Days           0                0.00  0-29 Days          0                  0.00
30 Days             0                0.00  30 Days            1            313,457.44
60 Days             0                0.00  60 Days            1            800,000.00
90 Days             0                0.00  90 Days            0                  0.00
120 Days            0                0.00  120 Days           0                  0.00
150 Days            0                0.00  150 Days           0                  0.00
180+ Days           0                0.00  180+ Days          0                  0.00
             -------------- -------------               ------------- ---------------
                    0                0.00                     2          1,113,457.44

<Caption>

                No. of        Principal                     No. of       Principal
                 Loans         Balance                      Loans         Balance
<S>           <C>            <C>   <C>                <C>                <C>
0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days         0.000000%     0.000000%    30 Days        0.218818%      0.204211%
60 Days         0.000000%     0.000000%    60 Days        0.218818%      0.521184%
90 Days         0.000000%     0.000000%    90 Days        0.000000%      0.000000%
120 Days        0.000000%     0.000000%    120 Days       0.000000%      0.000000%
150 Days        0.000000%     0.000000%    150 Days       0.000000%      0.000000%
180+ Days       0.000000%     0.000000%    180+ Days      0.000000%      0.000000%
              ----------     ---------                   ---------     ----------
                0.000000%     0.000000%                   0.437637%      0.725395%
------------- ----------     ---------     ------------- ---------     ----------
</Table>

<PAGE>
                              COLLATERAL STATEMENT

<Table>
<Caption>
<S>                                                         <C>
Collateral Description                                            Mixed Arm

Weighted Average Gross Coupon                                     3.069930%
Weighted Average Net Coupon                                       2.693904%
Weighted Average Pass-Through Rate                                2.683904%
Weighted Average Maturity (Stepdown Calculation)                       355

Beginning Scheduled Collateral Loan Count                            1,579
Number of Loans Paid in Full                                             8
Ending Scheduled Collateral Loan Count                               1,571

Beginning Scheduled Collateral Balance                      544,794,438.52
Ending Scheduled Collateral Balance                         541,570,003.28
Ending Actual Collateral Balance at 29-Aug-2003             541,570,144.87

Monthly P&I Constant                                          1,393,734.20
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realized Loss Amount                                                  0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                        4,396,784.29

Ending Scheduled Balance for Premium Loans                  541,570,003.28

Scheduled Principal                                                   0.00
Unscheduled Principal                                         3,224,435.24
</Table>

<PAGE>

MISCELLANEOUS REPORTING

<Table>
<Caption>
<S>                                         <C>
Group 1 One Month Libor Loan Balance        103,396,991.07
Group 1 Six Month Libor Loan Balance        284,676,297.79
Group 2 Six Month Libor Loan Balance        153,496,714.42

Pro-Rata Senior Percent                          96.214057%
Group 1 Senior Percent                          100.000000%
Group 2 Senior Percent                          100.000000%
Group 1 Senior Prepayment Percent               100.000000%
Group 2 Senior Prepayment Percent               100.000000%
</Table>

<Table>
<Caption>
                    GROUP                          1                      2                   TOTAL
<S>                                        <C>                   <C>                   <C>
Collateral Description                          Mixed ARM             Mixed ARM             Mixed ARM
Weighted Average Coupon Rate                     3.044619              3.133953              3.069930
Weighted Average Net Rate                        2.668186              2.758953              2.693904
Pass-Through Rate                                2.658186              2.748953              2.683904
Weighted Average Maturity                             330                   334                   355
Record Date                                    08/29/2003            08/29/2003            08/29/2003
Principal and Interest Constant                990,605.57            403,128.63          1,393,734.20
Beginning Loan Count                                1,121                   458                 1,579
Loans Paid in Full                                      7                     1                     8
Ending Loan Count                                   1,114                   457                 1,571
Beginning Scheduled Balance                390,435,265.61        154,359,172.91        544,794,438.52
Ending Scheduled Balance                   388,073,288.86        153,496,714.42        541,570,003.28
Scheduled Principal                                  0.00                  0.00                  0.00
Unscheduled Principal                        2,361,976.75            862,458.49          3,224,435.24
Scheduled Interest                             990,605.57            403,128.63          1,393,734.20
Servicing Fee                                  122,477.17             48,237.24            170,714.41
Master Servicing Fee                             3,253.62              1,286.34              4,539.96
Trustee Fee                                          0.00                  0.00                  0.00
FRY Amount                                           0.00                  0.00                  0.00
Special Hazard Fee                                   0.00                  0.00                  0.00
Other Fee                                            0.00                  0.00                  0.00
Pool Insurance Fee                                   0.00                  0.00                  0.00
Spread 1                                             0.00                  0.00                  0.00
Spread 2                                             0.00                  0.00                  0.00
Spread 3                                             0.00                  0.00                  0.00
Net Interest                                   864,874.78            353,605.05          1,218,479.83
Realized Loss Amount                                 0.00                  0.00                  0.00
Cumulative Realized Loss                             0.00                  0.00                  0.00
Percentage of Cumulative Losses                      0.00                  0.00                  0.00
Prepayment Penalties                                 0.00                  0.00                  0.00
Special Servicing Fee                                0.00                  0.00                  0.00

</Table>

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