Document:

<PAGE>
                                                                    EXHIBIT 10.1

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

Distribution Date:  January 29, 2004

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

                    CERTIFICATE MONTHLY DISTRIBUTION SUMMARY

<Table>
<Caption>
                            BEGINNING        PASS         INTEREST       PRINCIPAL         TOTAL        REALIZED     ENDING CERT
  CLASS         CUSIP     CERT BALANCE      THROUGH    DISTRIBUTION    DISTRIBUTION     DISTRIBUTION     LOSSES         BALANCE
 --------     ---------   -------------    ---------   ------------    ------------     -------------   --------    -------------
<S>           <C>         <C>              <C>         <C>             <C>              <C>             <C>         <C>
   A-1        81743UAA3   23,260,710.37    1.733750%     33,606.88       792,247.01       825,853.90        0.00    22,468,463.35
   A-2        81743UAB1    9,687,882.99    1.883750%     15,207.96       422,819.64       438,027.60        0.00     9,265,063.35
                          -------------                  ---------     ------------     ------------        ----    -------------
    Total                 32,948,593.35                  48,814.84     1,215,066.65     1,263,881.49        0.00    31,733,526.70
                          =============                  =========     ============     ============        ====    =============
</Table>

                           CURRENT PAYMENT INFORMATION
                                FACTORS PER $1.00

<Table>
<Caption>
                          ORIGINAL CERT      BEGINNING       INTEREST       PRINCIPAL         ENDING        CURRENT PASS
  CLASS         CUSIP        BALANCE          FACTOR          FACTOR          FACTOR           FACTOR           THROUGH
 --------     ---------   -------------    -------------    -----------    ------------     -------------   ------------
<S>           <C>         <C>              <C>              <C>            <C>              <C>             <C>
   A-1        81743UAA3   64,761,000.00    359.177751541    0.518937022    12.233396869     346.944354672      1.733750%
   A-2        81743UAB1   15,861,000.00    610.799002952    0.958827185    26.657817227     584.141185725      1.883750%
                          -------------    -------------    -----------    ------------     -------------
    Total                 80,622,000.00    408.679930458    0.605477890    15.071154941     393.608775517
                          =============    =============    ===========    ============     =============
</Table>

             UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP I

<Table>
<Caption>
                      ORIGINAL      BEGINNING      PASS      INTEREST     PRINCIPAL      TOTAL     REALIZED  INTEREST     ENDING
   SERIES    CLASS    BALANCE        BALANCE      THROUGH  DISTRIBUTION DISTRIBUTION  DISTRIBUTION  LOSSES   SHORTFALL   BALANCE
------------ ----- -------------- -------------  --------- ------------ ------------- ------------ --------  --------- -------------
<S>          <C>   <C>            <C>            <C>       <C>          <C>           <C>          <C>       <C>       <C>
  CWMBS 94K    A1  123,119,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
DLJMA 93-Q18  1A1   51,833,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 DLJMA 94-2A  1A1   85,787,000.00    412,476.89  5.218410%    1,793.73       935.26      2,728.98      0.00      0.00     411,541.63
  ONE 00-2     2A  152,653,000.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 RYMS3 92-B   1A2    7,712,906.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
  SBM7 94-2    A1   49,384,000.00  1,000,985.41  5.710590%    4,763.51    42,532.29     47,295.81      0.00      0.00     958,453.12
  SMS 91-K     A1  110,588,063.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
  SMS 91-K     A3    1,917,885.00          0.00  0.000000%        0.00         0.00          0.00      0.00      0.00           0.00
 EAGLE 98-1    M1   46,029,000.00 14,495,056.22  2.141250%   26,726.76   416,867.80    443,594.56      0.00      0.00  14,078,188.42
  INMC 94-R    M2    4,620,000.00  1,771,662.32  4.031990%    5,952.77    96,793.27    102,746.04      0.00      0.00   1,674,869.05
  INMC 94-V    B1    3,618,000.00  1,028,426.59  3.751688%    3,215.28    14,395.91     17,611.19      0.00      0.00   1,014,030.68
  INMC 94-X    B1    2,769,000.00    866,272.02  3.757993%    2,712.87     3,640.84      6,353.71      0.00      0.00     862,631.18
  INMC 95-C    B1   12,828,797.00  3,221,368.70  3.813723%   10,237.84   236,004.77    246,242.61      0.00      0.00   2,985,363.93
  INMC 95-T    A2   65,695,250.00  1,109,929.00  3.277669%    3,031.65     3,061.12      6,092.77      0.00      0.00   1,106,867.88
                   -------------- -------------              ---------   ----------    ----------      ----      ----  -------------
     Total         718,554,901.00 23,906,177.15              58,434.41   814,231.26    872,665.67      0.00      0.00  23,091,945.89
                   ============== =============              =========   ==========    ==========      ====      ====  =============
</Table>
<PAGE>
            UNDERLYING CERTIFICATES MONTHLY DISTRIBUTION - GROUP II

<Table>
<Caption>
                       ORIGINAL     BEGINNING      PASS     INTEREST      PRINCIPAL      TOTAL     REALIZED INTEREST     ENDING
   SERIES    CLASS     BALANCE       BALANCE      THROUGH  DISTRIBUTION  DISTRIBUTION DISTRIBUTION  LOSSES  SHORTFALL    BALANCE
------------ ----- -------------- -------------  --------- ------------  ------------ ------------ -------- --------- -------------
<S>          <C>   <C>            <C>            <C>       <C>           <C>          <C>          <C>      <C>       <C>
GRCAP 94-HM4  A1   245,813,000.00    358,680.38  3.828071%    1,144.21       1,007.82     2,152.03     0.00    0.00      357,672.56
  INMC 95-E   B1     4,608,492.00  2,231,389.88  3.945235%    7,336.13      41,814.07    49,150.20     0.00    0.00    2,189,575.81
  PMLT 99-A   M1     2,914,000.00  1,687,305.99  2.315957%    3,256.44      60,060.33    63,316.77     0.00    0.00    1,627,245.66
  RTC 95-2    A3   119,696,000.00  5,571,660.70  3.059224%   14,204.13     319,937.42   334,141.56     0.00    0.00    5,251,723.28
                   -------------- -------------              ---------     ----------   ----------     ----    ----    ------------
      Total        373,031,492.00  9,849,036.95              25,940.91     422,819.64   448,760.55     0.00    0.00    9,426,217.31
                   ============== =============              =========     ==========   ==========     ====    ====    ============
</Table>

                 UNDERLYING POOL DELINQUENT INFORMATION BY GROUP

<Table>
<Caption>
                     LOANS
                  OUTSTANDING   DELINQUENT 30-59 DAYS  DELINQUENT 0-89 DAYS  DELINQUENT 90+ DAYS
   SERIES           BALANCE     NO.         BALANCE    NO.       BALANCE     NO.      BALANCE
---------------  -------------  ---      ------------  ---      ----------   ---   -------------
<S>              <C>            <C>      <C>           <C>      <C>          <C>   <C>
   CWMBS 94K              0.00    0              0.00   0             0.00    0            0.00
DLJMA 93-Q18(1)           0.00    0              0.00   0             0.00    0            0.00
DLJMA 94-2A(1)      668,621.45    0              0.00   0             0.00    0            0.00
  ONE 00-2(2)             0.00    0              0.00   0             0.00    0            0.00
 RYMS3 92-B(2)            0.00    0              0.00   0             0.00    0            0.00
 SBM7 94-2(2)     3,388,159.31    1         86,142.03   0             0.00    0            0.00
   SMS 91-K               0.00    0              0.00   0             0.00    0            0.00
  EAGLE 98-1     23,838,726.60   15      1,310,068.07   4       370,633.63   16    2,356,693.51
   INMC 94-R      5,145,270.80    0              0.00   0             0.00    0            0.00
   INMC 94-V      4,619,904.39    1         68,865.09   1        71,036.16    0            0.00
   INMC 94-X      4,062,996.72    3        367,242.43   0             0.00    2      140,879.04
   INMC 95-C      5,838,221.71    2        184,320.24   0             0.00    0            0.00
 INMC 95-T(2)     4,975,551.80    2        224,862.57   1        72,742.22    0            0.00
                 -------------  ---      ------------ ---       ----------  ---    ------------
     Total       52,537,452.78   24      2,241,500.43   6       514,412.01   18    2,497,572.55
                 =============  ===      ============ ===       ==========  ===    ============
<Caption>

                     FORECLOSURE             REO              REALIZED LOSSES
   SERIES          NO.      BALANCE      NO.      BALANCE       CURR. AMOUNT
---------------    ---   ------------    ---   ------------   ---------------
<S>                <C>   <C>             <C>   <C>            <C>
   CWMBS 94K        0            0.00     0            0.00            0.00
DLJMA 93-Q18(1)     0            0.00     0            0.00            0.00
DLJMA 94-2A(1)      0            0.00     0            0.00        3,393.54
  ONE 00-2(2)       0            0.00     0            0.00            0.00
 RYMS3 92-B(2)      0            0.00     0            0.00            0.00
 SBM7 94-2(2)       1      115,576.29     0            0.00            0.00
   SMS 91-K         0            0.00     0            0.00            0.00
  EAGLE 98-1       14    1,112,923.96    10    1,807,161.20      -13,218.99
   INMC 94-R        2      917,087.22     0            0.00            0.00
   INMC 94-V        0            0.00     0            0.00            0.00
   INMC 94-X        0            0.00     0            0.00            0.00
   INMC 95-C        2      382,723.95     0            0.00       -6,867.02
 INMC 95-T(2)       2      149,657.38     0            0.00            0.00
                  ---    ------------   ---    ------------     -----------
     Total         21    2,677,968.80    10    1,807,161.20      -16,692.47
                  ===    ============   ===    ============     ===========
</Table>

<Table>
<Caption>
                      LOANS
                   OUTSTANDING   DELINQUENT 30-59 DAYS   DELINQUENT 60-89 DAYS   DELINQUENT 90+ DAYS
    SERIES           BALANCE     NO.       BALANCE       NO.       BALANCE       NO.        BALANCE
-------------    --------------  ---     ------------    ---     ------------    ---     ------------
<S>              <C>             <C>     <C>             <C>     <C>             <C>     <C>
 GRCAP 94-HM4      4,951,469.01    0             0.00      0             0.00      0             0.00
  INMC 95-E       10,514,015.59    7     1,471,832.77      0             0.00      0             0.00
  PMLT 99-A       25,030,726.37   18     1,568,358.27      5       545,149.48     11       722,207.93
 RTC 95-2(1)      16,926,416.97    8       559,058.15      2       111,967.73      5       436,674.51
                 --------------  ---     ------------    ---     ------------    ---     ------------
      Total       57,422,627.94   33     3,599,249.19      7       657,117.21     16     1,158,882.44
                 ==============  ===     ============    ===     ============    ===     ============
      Total All  109,960,080.72   57     5,840,749.62     13     1,171,529.22     34     3,656,454.99
                 ==============  ===     ============    ===     ============    ===     ============
</Table>

<Table>
<Caption>
                     FORECLOSURE              REO               REALIZED LOSSES
    SERIES         NO.       BALANCE      NO.       BALANCE       CURR. AMOUNT
-------------      ---   --------------   ---    ------------   ---------------
<S>                <C>   <C>              <C>    <C>            <C>
 GRCAP 94-HM4        0             0.00     0            0.00             0.00
  INMC 95-E          4       822,448.24     0            0.00        -1,125.96
  PMLT 99-A         24     1,699,388.80     5      182,143.29        17,451.47
 RTC 95-2(1)         3       219,513.82     0            0.00             0.00
                   ---     ------------   ---    ------------     ------------
      Total         31     2,741,350.86     5      182,143.29        16,325.51
                   ===     ============   ===    ============     ============
      Total All     52     5,419,319.66    15    1,989,304.49          -366.96
                   ===     ============   ===    ============     ============
</Table>

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

(2)      Information shown for the Underlying Mortgage Loans for this Pooled
         Security is based on all the Underlying Mortgage Loan groups in the
         related series.
<PAGE>
                         CERTIFICATE ACCOUNT INFORMATION

<Table>
<Caption>
                                                 WITHDRAWALS                                                               ENDING
  GROUP    BEGINNING BALANCE   FUNDS DEPOSITED   TRUSTEE FEE    MANAGEMENT FEE     AVAILABLE FUNDS   FUNDS DISTRIBUTED     BALANCE
  -----    -----------------   ---------------   -----------    --------------     ---------------   -----------------    --------
<S>        <C>                 <C>               <C>            <C>                <C>               <C>                  <C>
    I            0.00               872,665.67        597.65              0.00          872,068.02          825,853.90    46,214.12
   II            0.00               448,760.55        246.23              0.00          448,514.33          438,027.60    10,486.73
                 ----             ------------        ------              ----        ------------        ------------    ---------
    Total        0.00             1,321,426.23        843.88              0.00        1,320,582.34        1,263,881.49    56,700.85
                 ====             ============        ======              ====        ============        ============    =========

</Table>

<Table>
<Caption>
               ADDITIONAL REPORTING ITEMS               POOL I          POOL II               TOTAL
               --------------------------           -------------    -------------       --------------
<S>            <C>                                  <C>              <C>                 <C>

2.15(a)        Available Interest                       58,434.41        25,940.91            84,375.33

               Available Principal                     814,231.26       422,819.64         1,237,050.90

2.15(b)        Monthly Interest Amt.                 see p. 1

2.15(c)        Carryforward Interest                         0.00             0.00                 0.00

2.15(d)        Principal Paid                        see p. 1

2.15(e)        Class Print Amts.                     see p. 1

2.15(f)        Beginning Actual OC                         2.7000%          1.6362%

               Ending Actual OC                            2.7000%          1.7096%

2.15(g)        2nd preceding pool bal               54,272,736.42    58,935,769.12       113,208,505.54

2.15(h)        Required OC                                 2.7000%          2.0000%

2.15(i)        Has Step-up Occurred?                           No               No

2.15(k)        Monies Deposited to Reserve Fund              0.00             0.00                 0.00

2.15(l)        Amts. Dist. to Investor                  46,214.12        10,486.73            56,700.85
               Certificateholders

</Table>

Note: Management Fee is to be paid on an annual basis. This month's Fee together
      with last month's annualized amount equals the full annual Fee.<PAGE>
                                                                               .
                                                                               .
                                                                               .

                                  EXHIBIT 10.1

CONTACTS

<Table>

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

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

</Table>

ISSUANCE INFORMATION

<Table>

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

Underwriter(s):          Greenwich Capital Markets, Inc.     Distribution Date:    January 20, 2004
                         Bear, Stearns & Co. Inc.            Record Date:          January 16, 2004
                                                                                   December 31, 2003
</Table>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
              BOND PAYMENT REPORT FOR JANUARY 20, 2004 DISTRIBUTION

<Table>
<Caption>

         Distribution in Dollars - Current Period

                                     Prior                                                                             Current
        Class      Original         Principal                                   Total       Realized  Deferred        Principal
Class   Type      Face Value        Balance        Interest     Principal    Distribution     Losses  Interest         Balance
-----   -----   --------------   --------------   ----------  ------------  --------------  --------  --------   -------------------
                                       (1)            (2)          (3)       (4)=(2)+(3)       (5)      (6)      (7)=(1)-(3)-(5)+(6)
-----   -----   --------------   --------------   ----------  ------------  --------------  --------  --------   -------------------
<S>             <C>              <C>              <C>         <C>           <C>             <C>       <C>        <C>
 LT-A           496,378,000.00   401,678,390.30   798,847.93  6,515,680.12  7,314,528.05          --       --        395,162,710.18
LT-A2                   100.00               --           --            --            --          --       --                    --
 LT-X                   100.00               --           --            --            --          --       --                    --
LT-B-1            5,915,000.00     5,915,000.00    11,763.60            --     11,763.60          --       --          5,915,000.00
LT-B-2            5,143,000.00     5,143,000.00    10,228.27            --     10,228.27          --       --          5,143,000.00
LT-B-3            2,315,000.00     2,315,000.00     4,604.01            --      4,604.01          --       --          2,315,000.00
LT-B-4            1,534,000.00     1,534,000.00     3,050.78            --      3,050.78          --       --          1,534,000.00
LT-B-5            1,028,000.00     1,028,000.00     2,044.46            --      2,044.46          --       --          1,028,000.00
LT-B-6            2,068,996.83     2,068,996.83     4,114.77            --      4,114.77          --       --          2,068,996.83
 LT-R                       --               --           --            --            --          --       --                    --
                --------------   --------------   ----------  ------------  ------------    --------  -------        --------------
Total           514,382,196.83   419,682,387.13   834,653.82  6,515,680.12  7,350,333.94          --       --        413,166,707.01
                ==============   ==============   ==========  ============  ============    ========  =======        ==============
</Table>

<Table>
<Caption>

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

                                              Orig. Principal     Prior                                                  Current
          Period   Period                     (with Notional)   Principal                                  Total        Principal
Class    Starting  Ending     Method   Cusip      Balance        Balance       Interest     Principal  Distribution      Balance
-----    --------  ------    --------  -----  ---------------   ---------      --------     ---------  ------------    ------------
                                                                   (1)           (2)           (3)      (4)=(2)+(3)        (5)
-----    --------  ------    --------  -----  ---------------   ---------      --------     ---------  ------------    ------------
<S>      <C>       <C>       <C>       <C>    <C>              <C>             <C>          <C>        <C>             <C>
 LT-A                        A-30/360         496,378,000.00     809.218761    1.609354     13.126448      14.735802     796.092313
LT-A2                        A-30/360                 100.00             --          --            --             --             --
 LT-X                        A-30/360                 100.00             --          --            --             --             --
LT-B-1                       A-30/360           5,915,000.00   1,000.000000    1.988774            --       1.988774   1,000.000000
LT-B-2                       A-30/360           5,143,000.00   1,000.000000    1.988775            --       1.988775   1,000.000000
LT-B-3                       A-30/360           2,315,000.00   1,000.000000    1.988773            --       1.988773   1,000.000000
LT-B-4                       A-30/360           1,534,000.00   1,000.000000    1.988774            --       1.988774   1,000.000000
LT-B-5                       A-30/360           1,028,000.00   1,000.000000    1.988774            --       1.988774   1,000.000000
LT-B-6                       A-30/360           2,068,996.83   1,000.000000    1.988775            --       1.988775   1,000.000000
 LT-R                        A-30/360                     --             --          --            --            --             --
</Table>

<PAGE>

<Table>
<Caption>

         Distribution in Dollars - to Date

                                                                                                                       Current
          Original                    Unscheduled   Scheduled      Total           Total      Realized  Deferred      Principal
Class    Face Value      Interest      Principal    Principal    Principal     Distribution    Losses   Interest       Balance
-----    ------------ -------------  -------------- ---------  --------------  -------------- --------  -------- -------------------
            (1)            (2)            (3)          (4)      (5)=(3)+(4)     (6)=(2)+(5)     (7)       (8)    (9)=(1)-(5)-(7)+(8)
-----    ------------ -------------  -------------- ---------  --------------  -------------- --------  -------- -------------------
<S>    <C>            <C>            <C>            <C>        <C>             <C>            <C>       <C>      <C>
 LT-A  496,378,000.00 23,022,590.29  101,215,289.82        --  101,215,289.82  124,237,880.11       --        --  395,162,710.18
LT-A2          100.00          0.27          100.00        --          100.00          100.27       --        --              --
 LT-X          100.00            --          100.00        --          100.00          100.00       --        --              --
LT-B-1   5,915,000.00    299,561.98              --        --              --      299,561.98       --        --    5,915,000.00
LT-B-2   5,143,000.00    260,464.46              --        --              --      260,464.46       --        --    5,143,000.00
LT-B-3   2,315,000.00    117,241.91              --        --              --      117,241.91       --        --    2,315,000.00
LT-B-4   1,534,000.00     77,688.57              --        --              --       77,688.57       --        --    1,534,000.00
LT-B-5   1,028,000.00     52,062.52              --        --              --       52,062.52       --        --    1,028,000.00
LT-B-6   2,068,996.83    104,783.24              --        --              --      104,783.24       --        --    2,068,996.83
 LT-R              --            --              --        --              --              --       --        --              --
       -------------- -------------  -------------- ---------  --------------  -------------- --------  --------  --------------
Total  514,382,196.83 23,934,393.24  101,215,489.82        --  101,215,489.82  125,149,883.06       --        --  413,166,707.01
       ============== =============  ============== =========  ==============  ============== ========  ========  ==============
</Table>

<Table>
<Caption>

         Interest Detail

            Pass-      Prior Principal                  Non-       Prior     Unscheduled                      Paid or     Current
           Through     (with Notional)    Accrued     Supported    Unpaid     Interest         Optimal        Deferred     Unpaid
Class        Rate          Balance        Interest  Interest SF  Interest   Adjustments        Interest       Interest    Interest
-----      --------    ---------------   ---------- ------------ --------   ------------ ------------------- ---------- -----------
                                            (1)          (2)        (3)          (4)     (5)=(1)-(2)+(3)+(4)    (6)     (7)=(5)-(6)
-----      --------    ---------------   ---------- ------------ --------   ------------ ------------------- ---------- -----------
<S>           <C>       <C>             <C>         <C>          <C>        <C>          <C>                 <C>        <C>
 LT-A         2.38653%  401,678,390.30  798,847.93           --        --            --         798,847.93   798,847.93          --
LT-A2         2.38653%              --          --           --        --            --                 --           --          --
 LT-X                               --          --           --        --            --                 --           --          --
LT-B-1        2.38653%    5,915,000.00   11,763.60           --        --            --          11,763.60    11,763.60          --
LT-B-2        2.38653%    5,143,000.00   10,228.27           --        --            --          10,228.27    10,228.27          --
LT-B-3        2.38653%    2,315,000.00    4,604.01           --        --            --           4,604.01     4,604.01          --
LT-B-4        2.38653%    1,534,000.00    3,050.78           --        --            --           3,050.78     3,050.78          --
LT-B-5        2.38653%    1,028,000.00    2,044.46           --        --            --           2,044.46     2,044.46          --
LT-B-6        2.38653%    2,068,996.83    4,114.77           --        --            --           4,114.77     4,114.77          --
 LT-R                               --          --           --        --            --                 --           --          --
              -------   --------------  ----------- ------------ --------   -----------         ----------   ----------    --------
Total                   419,682,387.13  834,653.82           --        --            --         834,653.82   834,653.82          --
              =======   ==============  ==========  ============ ========   ===========         ==========   ==========    ========

</Table>

<PAGE>

<Table>
<Caption>

         Distribution in Dollars - Current Period

                                   Prior                                                                             Current
        Class     Original       Principal                                   Total       Realized   Deferred        Principal
Class    Type    Face Value       Balance       Interest     Principal    Distribution     Losses   Interest         Balance
-----   -----  -------------- --------------  ----------   ------------   ------------   --------   --------   -------------------
                                    (1)           (2)           (3)        (4)=(2)+(3)      (5)        (6)     (7)=(1)-(3)-(5)+(6)
-----   -----  -------------- --------------  ----------   ------------   ------------   --------   --------   -------------------
<S>     <C>    <C>            <C>             <C>          <C>            <C>            <C>        <C>        <C>
  A       FLT  496,378,000.00 401,678,390.30  492,056.03   6,515,680.12   7,007,736.15         --         --   395,162,710.18
  X      CSTR          100.00             --  312,777.75             --     312,777.75         --         --               --
 A-R        R          100.00             --          --             --             --         --         --               --
 B-1      SUB    5,915,000.00   5,915,000.00    9,118.96             --       9,118.96         --         --     5,915,000.00
 B-2      SUB    5,143,000.00   5,143,000.00    7,928.79             --       7,928.79         --         --     5,143,000.00
 B-3      SUB    2,315,000.00   2,315,000.00    3,568.96             --       3,568.96         --         --     2,315,000.00
 B-4      SUB    1,534,000.00   1,534,000.00    3,050.78             --       3,050.78         --         --     1,534,000.00
 B-5      SUB    1,028,000.00   1,028,000.00    2,044.46             --       2,044.46         --         --     1,028,000.00
 B-6      SUB    2,068,996.00   2,068,996.00    4,114.78             --       4,114.78         --         --     2,068,996.00
               -------------- --------------  ----------   ------------   ------------   --------   --------   --------------
Total          514,382,196.00 419,682,386.30   834,660.51  6,515,680.12  7,350,340.63          --         --   413,166,706.18
               ============== ==============   ==========  ============  ============    ========   ========   ==============
</Table>

Definitive Bond Record Date: 12/31/03

<Table>
<Caption>

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

                                              Orig. Principal    Prior                                                   Current
       Period    Period                      (with Notional)  Principal                                    Total        Principal
Class Starting   Ending   Method     Cusip       Balance       Balance        Interest      Principal  Distribution      Balance
----- -------- --------  --------  --------- ---------------- ----------- ----------------  --------- ---------------- ------------
                                                                                (1)           (2)           (3)       (4)=(2)+(3)(5)
----- -------- --------  --------  --------- ---------------- ----------- ----------------  --------- ---------------- ------------
<S>   <C>      <C>       <C>       <C>       <C>              <C>         <C>               <C>       <C>              <C>
  A   12/19/03 01/18/04  A-30/360  81743XAA7 496,378,000.00    809.218761         0.991293  13.126448        14.117741   796.092313
  X                      A-30/360  SQ0201UPX         100.00            -- 3,127,777.500000         -- 3,127,777.500000           --
 A-R                     A-30/360  81743XAC3         100.00            --               --         --               --           --
 B-1  12/19/03 01/18/04  A-30/360  81743XAB5   5,915,000.00  1,000.000000         1.541667         --         1.541667 1,000.000000
 B-2  12/19/03 01/18/04  A-30/360  81743XAD1   5,143,000.00  1,000.000000         1.541666         --         1.541666 1,000.000000
 B-3  12/19/03 01/18/04  A-30/360  81743XAE9   2,315,000.00  1,000.000000         1.541667         --         1.541667 1,000.000000
 B-4                     A-30/360  SQ0201UB4   1,534,000.00  1,000.000000         1.988774         --         1.988774 1,000.000000
 B-5                     A-30/360  SQ0201UB5   1,028,000.00  1,000.000000         1.988774         --         1.988774 1,000.000000
 B-6                     A-30/360  SQ0201UB6   2,068,996.00  1,000.000000         1.988781         --         1.988781 1,000.000000
</Table>

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

<PAGE>
<Table>
<Caption>

         Distribution in Dollars - to Date

                                                                                                                       Current
         Original                     Unscheduled    Scheduled      Total          Total       Realized Deferred      Principal
Class    Face Value      Interest      Principal     Principal    Principal     Distribution     Losses Interest       Balance
----- --------------  -------------  --------------  ---------  --------------  -------------- -------- -------- ------------------
            (1)             (2)           (3)           (4)      (5)=(3)+(4)    (6)=(2)+(5)       (7)      (8)   (9)=(1)-(5)-(7)+(8)
----- --------------  -------------  --------------  ---------  --------------  -------------- -------- -------- ------------------
<S>   <C>             <C>            <C>             <C>        <C>             <C>            <C>      <C>       <C>
  A   496,378,000.00  13,757,506.53  101,215,289.82         --  101,215,289.82  114,972,796.35       --       --  395,162,710.18
  X           100.00   9,450,291.62          100.00         --          100.00    9,450,391.62       --       --              --
 A-R          100.00           0.27          100.00         --          100.00          100.27       --       --              --
 B-1    5,915,000.00     217,712.87              --         --              --      217,712.87       --       --    5,915,000.00
 B-2    5,143,000.00     189,297.98              --         --              --      189,297.98       --       --    5,143,000.00
 B-3    2,315,000.00      85,207.98              --         --              --       85,207.98       --       --    2,315,000.00
 B-4    1,534,000.00      77,688.57              --         --              --       77,688.57       --       --    1,534,000.00
 B-5    1,028,000.00      52,062.52              --         --              --       52,062.52       --       --    1,028,000.00
 B-6    2,068,996.00     104,783.20              --         --              --      104,783.20       --       --    2,068,996.00
      --------------  -------------  --------------  ---------  --------------  -------------- -------- -------- ---------------
Total 514,382,196.00  23,934,551.54  101,215,489.82         --  101,215,489.82  125,150,041.36       --       --  413,166,706.18
      ==============  =============  ==============  =========  ==============  ============== ======== ========  ==============
 </Table>

<Table>
<Caption>

         Interest Detail

          Pass-     Prior Principal                Non-        Prior      Unscheduled                         Paid or      Current
         Through    (with Notional)  Accrued     Supported     Unpaid      Interest           Optimal         Deferred     Unpaid
Class      Rate         Balance      Interest   Interest SF   Interest    Adjustments        Interest         Interest    Interest
-----    -------    --------------  ---------   -----------   --------    -----------   -------------------  ---------   ----------
                                       (1)          (2)         (3)          (4)        (5)=(1)-(2)+(3)+(4)     (6)      (7)=(5)-(6)
-----    -------    --------------  ---------   -----------   --------    -----------   -------------------  ---------   ----------
<S>      <C>        <C>             <C>         <C>           <C>         <C>           <C>                  <C>         <C>
  A      1.47000%   401,678,390.30  492,056.03           --         --             --        492,056.03      492,056.03         --
  X      0.90429%               --  312,777.75           --         --             --        312,777.75      312,777.75         --
 A-R     2.38653%               --          --           --         --             --                --              --         --
 B-1     1.85000%     5,915,000.00    9,118.96           --         --             --          9,118.96        9,118.96         --
 B-2     1.85000%     5,143,000.00    7,928.79           --         --             --          7,928.79        7,928.79         --
 B-3     1.85000%     2,315,000.00    3,568.96           --         --             --          3,568.96        3,568.96         --
 B-4     2.38653%     1,534,000.00    3,050.78           --         --             --          3,050.78        3,050.78         --
 B-5     2.38653%     1,028,000.00    2,044.46           --         --             --          2,044.46        2,044.46         --
 B-6     2.38653%     2,068,996.00    4,114.78           --         --             --          4,114.78        4,114.78         --
                    --------------  ----------  -----------   --------    -----------   ---------------      ---------   ----------
Total               419,682,386.30  834,660.51           --         --             --        834,660.51      834,660.51         --
                    ==============  ==========  ===========   ========    ===========   ===============      ==========  =========
</Table>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<Table>
<Caption>

SUMMARY                                                                   TOTAL
-------                                                            ------------
<S>                                                                <C>
Principal Collections                                              6,515,680.12
Principal Withdrawals                                                      0.00
Principal Other Accounts                                                   0.00
TOTAL PRINCIPAL                                                    6,515,680.12

Interest Collected                                                   853,707.53
Interest Withdrawals                                                       0.00
Interest Other Accounts                                                    6.69
Fees                                                                 (19,053.71)
TOTAL INTEREST                                                       834,660.51

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                              7,350,340.63
</Table>

<Table>
<Caption>

PRINCIPAL - COLLECTIONS                                                    TOTAL
-----------------------                                             ------------
<S>                                                                         <C>
Scheduled Principal                                                         0.00
Curtailments                                                          530,409.37
Prepayments In Full                                                 5,985,270.75
Repurchased Principal Amounts                                               0.00
Substitution Principal Amount                                               0.00
Liquidations                                                                0.00
Insurance Principal                                                         0.00
Other Principal                                                             0.00
Total Realized Loss Of Principal                                            0.00

TOTAL PRINCIPAL COLLECTED                                           6,515,680.12
</Table>

<PAGE>

PRINCIPAL - WITHDRAWALS                                                    TOTAL

                         SPACE INTENTIONALLY LEFT BLANK

<Table>
<Caption>

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

<Table>
<Caption>

INTEREST - COLLECTIONS                                                    TOTAL
----------------------                                               ----------
<S>                                                                  <C>
Scheduled Interest                                                   967,725.03
Repurchased Interest                                                       0.00
Substitution Interest Amount                                               0.00
Liquidation Interest                                                       0.00
Insurance Interest                                                         0.00
Other Interest                                                             0.00

Delinquent Interest                                                 (838,625.66)
Interest Advanced                                                    724,608.16
Prepayment Interest Shortfalls                                        (2,902.30)
Compensating Interest                                                  2,902.30
Civil Relief Act Shortfalls                                                0.00

TOTAL INTEREST COLLECTED                                             853,707.53
</Table>

<Table>
<Caption>

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

TOTAL INTEREST WITHDRAWALS                                                  0.00
</Table>

<PAGE>

<Table>
<Caption>

INTEREST - OTHER ACCOUNTS                                                  TOTAL
-------------------------                                                  -----
<S>                                                                         <C>
Basis Risk Shortfall                                                        0.00
Basis Risk Reserve Fund Interest Earnings                                   6.69

TOTAL INTEREST OTHER ACCOUNTS                                               6.69
</Table>

<Table>
<Caption>

INTEREST - FEES                                                            TOTAL
---------------                                                        ---------
<S>                                                                    <C>
Current Servicing Fees                                                 17,654.77
Trustee Fee                                                             1,398.94

TOTAL FEES                                                             19,053.71
</Table>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

<Table>
<Caption>

ACCOUNTS                                                                  TOTAL
--------                                                              ---------
<S>                                                                   <C>
BASIS RISK RESERVE FUND
Beginning Balance                                                     10,000.00
Basis Risk Deposit                                                         0.00
Basis Risk Shortfall paid                                                  0.00
Investment Earnings distributed to the Class X Bondholder                  6.69
Ending Balance                                                        10,000.00
</Table>

INSURANCE                                                                 TOTAL

                         SPACE INTENTIONALLY LEFT BLANK

<Table>
<Caption>

STRUCTURAL FEATURES                                                       TOTAL
-------------------                                                  ----------
<S>                                                                  <C>
Pro Rata Senior Percentage                                            95.710090%
Senior Percentage                                                    100.000000%
Subordinate Percentage                                                 0.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
</Table>

<PAGE>

                                COLLATERAL REPORT

<Table>
<Caption>

COLLATERAL                                                                TOTAL
----------                                                       --------------
<S>                                          <C>                 <C>
                                             Loan Count:
ORIGINAL                                                                   1254
Prior                                                                     1,030
Prefunding                                                                   --
Scheduled Paid Offs                                                          (1)
Full Voluntary Prepayments                                                  (14)
Repurchases                                                                  --
Liquidations                                                                 --
                                                                 --------------
Current                                                                   1,015

PRINCIPAL BALANCE:
Original                                                         514,382,196.83
Prior                                                            419,682,387.13
Prefunding                                                                   --
Scheduled Principal                                                          --
Partial and Full Voluntary Prepayments                            (6,515,680.12)
Repurchases                                                                  --
Liquidations                                                                 --
                                                                 --------------
Current                                                          413,166,707.01
                                                                 ==============
</Table>

PREFUNDING                                                                 TOTAL
                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<Table>
<Caption>

CHARACTERISTICS                                                           TOTAL
---------------                                                      ----------
<S>                                                                  <C>
Weighted Average Coupon Original                                       3.667751%
Weighted Average Coupon Prior                                          2.779088%
Weighted Average Coupon Current                                        2.767021%
                                                                     ----------
Weighted Average Months to Maturity Original                                297
Weighted Average Months to Maturity Prior                                   278
Weighted Average Months to Maturity Current                                 277
                                                                     ----------
Weighted Avg Remaining Amortization Term Original                           296
Weighted Avg Remaining Amortization Term Prior                              277
Weighted Avg Remaining Amortization Term Current                            276
                                                                     ----------
Weighted Average Seasoning Original                                        3.66
Weighted Average Seasoning Prior                                          22.64
Weighted Average Seasoning Current                                        23.64
</Table>

Note: Original information refers to deal issue.

<Table>
<Caption>

ARM CHARACTERISTICS                                                       TOTAL
-------------------                                                  ----------
<S>                                                                  <C>
Weighted Average Margin Original                                          1.652%
Weighted Average Margin Prior                                             1.642%
Weighted Average Margin Current                                           1.641%
                                                                     ----------
Weighted Average Max Rate Original                                       12.000%
Weighted Average Max Rate Prior                                          12.000%
Weighted Average Max Rate Current                                        12.000%
                                                                     ----------
Weighted Average Min Rate Original                                        1.652%
Weighted Average Min Rate Prior                                           1.642%
Weighted Average Min Rate Current                                         1.641%
                                                                     ----------
Weighted Average Cap Up Original                                          0.000%
Weighted Average Cap Up Prior                                             0.000%
Weighted Average Cap Up Current                                           0.000%
                                                                     ----------
Weighted Average Cap Down Original                                        0.000%
Weighted Average Cap Down Prior                                           0.000%
Weighted Average Cap Down Current                                         0.000%
</Table>

Note:  Original information refers to deal issue.

<PAGE>

<Table>
<Caption>

SERVICING FEES / ADVANCES                                                 TOTAL
-------------------------                                          ------------
<S>                                                                <C>
Current Servicing Fees                                                17,654.77
Delinquent Servicing Fees                                            114,017.51
TOTAL SERVICING FEES                                                 131,672.28

Total Servicing Fees                                                 131,672.28
Compensating Interest                                                 (2,902.30)
Delinquent Servicing Fees                                           (114,017.51)
COLLECTED SERVICING FEES                                              14,752.47

Prepayment Interest Shortfall                                          2,902.30

Total Advanced Interest                                              724,608.16

Current Nonrecoverable Advances                                            0.00
</Table>

<Table>
<Caption>

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

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

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<Table>
<Caption>

                                               <1 PAYMENT       1 PAYMENT    2  PAYMENTS      3+ PAYMENTS           TOTAL
                                               ----------      ----------    -----------      -----------      ----------
<S>                            <C>             <C>             <C>           <C>              <C>              <C>
DELINQUENT                     Balance                         207,124.07             --               --      207,124.07
                               % Balance                             0.05%          0.00%            0.00%           0.05%
                               # Loans                                  1             --               --               1
                               % # Loans                             0.10%          0.00%            0.00%           0.10%

FORECLOSURE                    Balance             --                  --             --               --              --
                               % Balance         0.00%               0.00%          0.00%            0.00%           0.00%
                               # Loans             --                  --             --               --              --
                               % # Loans         0.00%               0.00%          0.00%            0.00%           0.00%

BANKRUPTCY                     Balance             --                  --             --               --              --
                               % Balance         0.00%               0.00%          0.00%            0.00%           0.00%
                               # Loans             --                  --             --               --              --
                               % # Loans         0.00%               0.00%          0.00%            0.00%           0.00%

REO                            Balance             --                  --             --               --              --
                               % Balance         0.00%               0.00%          0.00%            0.00%           0.00%
                               # Loans             --                  --             --               --              --
                               % # Loans         0.00%               0.00%          0.00%            0.00%           0.00%

TOTAL                          Balance             --          207,124.07              -               --      207,124.07
                               % Balance         0.00%               0.05%          0.00%            0.00%           0.05%
                               # Loans             --                   1             --               --               1
                               % # Loans         0.00%               0.10%          0.00%            0.00%           0.10%
</Table>

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

<PAGE>

     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

<Table>
<Caption>

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

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

<Table>
<Caption>

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

                         SPACE INTENTIONALLY LEFT BLANK

</Table>

<PAGE>

          FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE
                          DURING CURRENT DISTRIBUTION

<Table>
<Caption>
SUMMARY                                                                     LOAN GROUP
-------                                                                     ----------
<S>                                                                         <C>
Total Loan Count =   0                                                      Loan Group 1  =  MSDW Group
Total Original Principal Balance =   000.00
Total Current Balance =   000.00
</Table>

<Table>
<Caption>

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

                         SPACE INTENTIONALLY LEFT BLANK

</Table>

<PAGE>
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<Table>
<Caption>

VOLUNTARY PREPAYMENTS                                                    TOTAL
---------------------                                           --------------
<S>                                                             <C>
  CURRENT

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

  Paid in Full Balance                                            5,985,270.75
  Repurchased Loans Balance                                                 --
  Curtailments Amount                                               530,409.37
                                                                --------------
  Total Prepayment Amount                                         6,515,680.12

  CUMULATIVE

  Number of Paid in Full Loans                                             238
  Number of Repurchased Loans                                               --
                                                                --------------
  Total Number of Loans Prepaid in Full                                    238

  Paid in Full Balance                                           87,342,641.02
  Repurchased Loans Balance                                                 --
  Curtailments Amount                                            13,872,848.80
                                                                --------------
  Total Prepayment Amount                                       101,215,489.82
</Table>

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<Table>
<Caption>

VOLUNTARY PREPAYMENT RATES                                               TOTAL
--------------------------                                             --------
<S>                                                                    <C>
  SMM                                                                    1.55%
  3 Months Avg SMM                                                       1.24%
  12 Months Avg SMM                                                      1.17%
  Avg SMM Since Cut-off                                                  1.04%

  CPR                                                                   17.12%
  3 Months Avg CPR                                                      13.94%
  12 Months Avg CPR                                                     13.17%
  Avg CPR Since Cut-off                                                 11.77%

  PSA                                                                  362.08%
  3 Months Avg PSA Approximation                                       307.96%
  12 Months Avg PSA Approximation                                      363.09%
  Avg PSA Since Cut-off Approximation                                  431.44%
</Table>

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

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

Conditional Prepayment Rate (CPR): 1-((1-SMM)/\12)

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

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

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

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

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

Weighted Average Seasoning (WAS)

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

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<Table>
<Caption>

SUMMARY                                                 LOAN GROUP
-------                                                 ----------
<S>                                                    <C>
Total Loan Count = 14                                  Loan Group 1 = MSDW Group
Total Original Principal Balance =  6,006,029.00
Total Prepayment Amount = 5,985,270.75
</Table>

<Table>
<Caption>

  Loan Number             Original                                  Current        State &     Type Prepayment
       &         Loan     Principal     Prepayment    Prepayment     Note          LTV at             &           Origination
  Loan Group    Status     Balance        Amount         Date        Rate        Origination    Original Term        Date
  -----------   ------  ------------   ------------   ----------    -------     -------------  ---------------    -----------
<S>             <C>     <C>            <C>            <C>           <C>         <C>            <C>                <C>
  390441106 1             396,600.00     396,600.00    Dec-23-03    3.000%      RI -- 100.00%  Paid Off -- 300      Nov-16-01
  390442104 1             324,000.00     324,000.00    Dec-30-03    3.000%      AZ --  80.00%  Paid Off -- 300      Nov-08-01
  390442685 1             307,400.00     307,400.00    Dec-29-03    2.750%      FL --  80.00%  Paid Off -- 300      Oct-17-01
  390442950 1              88,000.00      86,369.30    Dec-19-03    2.875%      NJ --  80.00%  Paid Off -- 300      Dec-03-01
  390443620 1             394,754.00     394,754.00    Dec-23-03    2.750%      NV -- 100.00%  Paid Off -- 300      Nov-14-01
  390444239 1             458,275.00     458,275.00    Dec-15-03    2.625%      HI --  73.32%  Paid Off -- 300      Jan-03-02
  390446830 1             153,000.00     145,673.88    Dec-29-03    2.625%      MD --  74.82%  Paid Off -- 300      Jan-22-02
  390446892 1             640,000.00     639,940.83    Dec-17-03    2.625%      NH --  75.29%  Paid Off -- 300      Jan-31-02
  390447830 1             337,000.00     337,000.00    Dec-22-03    2.750%      IL --  78.37%  Paid Off -- 300      Feb-19-02
  390447906 1             155,000.00     143,520.76    Dec-30-03    2.750%      AR --  70.45%  Paid Off -- 300      Feb-01-02
  390447936 1             340,000.00     339,822.92    Dec-19-03    2.625%      CA --  80.00%  Paid Off -- 300      Jan-29-02
  390447937 1             165,000.00     164,914.06    Dec-30-03    2.625%      AZ --  70.21%  Paid Off -- 300      Jan-31-02
  390449603 1           2,000,000.00   2,000,000.00    Dec-31-03    2.750%      OR --  90.91%  Paid Off -- 300      Jan-29-02
  430443580 1             247,000.00     247,000.00    Dec-30-03    3.000%      FL --  79.29%  Paid Off -- 300      Nov-20-01
</Table>

<PAGE>

                       REALIZED LOSS REPORT - COLLATERAL

<Table>
<Caption>

COLLATERAL REALIZED LOSSES                                           TOTAL
--------------------------                                           -----
<S>                                                                  <C>
  CURRENT

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

  CUMULATIVE

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

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

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

<Table>
<Caption>

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

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

  SDA                                                                    0.00%
  3 Months Avg SDA Approximation                                         0.00%
  12 Months Avg SDA Approximation                                        0.00%
  Avg SDA Since Cut-off Approximation                                    0.00%

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

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY

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

Conditional Default Rate (CDR): 1-((1-MDR)/\12)

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

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

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

Average SDA Approximation over period between the nth month and mth month:
AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN(30,Avg
WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

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

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

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

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

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

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

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

<Table>
<Caption>

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

                                                  SPACE INTENTIONALLY LEFT BLANK
</Table>

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

TRIGGER EVENTS                                                             TOTAL

                         SPACE INTENTIONALLY LEFT BLANK

ADJUSTABLE RATE CERTIFICATE INFORMATION                                   TOTAL

                         SPACE INTENTIONALLY LEFT BLANK

<Table>
<Caption>

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00060-of-00352.parquet"}]]