Document:

<PAGE>

                                  EXHIBIT 10.1

CONTACTS

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

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

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:               December 19, 2003
                              Bear, Stearns & Co. Inc.                     Record Date:                     December 18, 2003
                                                                                                            November 28, 2003
</TABLE>

<PAGE>

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

         Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
                                       Prior                                                                            Current
         Class      Original         Principal                                    Total       Realized   Deferred      Principal
 Class    Type     Face Value         Balance       Interest      Principal    Distribution    Losses    Interest       Balance
----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (7)=(1)-(3)-
                                        (1)           (2)           (3)        (4)=(2)+(3)      (5)        (6)          (5)+(6)
----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>     <C>              <C>              <C>          <C>            <C>            <C>        <C>        <C>
 LT-A            496,378,000.00   404,839,721.48   809,209.82   3,161,331.18   3,970,541.00       -          -      401,678,390.30
 LT-A2                   100.00                -            -              -              -       -          -                   -
 LT-X                    100.00                -            -              -              -       -          -                   -
LT-B-1             5,915,000.00     5,915,000.00    11,823.14              -      11,823.14       -          -        5,915,000.00
LT-B-2             5,143,000.00     5,143,000.00    10,280.03              -      10,280.03       -          -        5,143,000.00
----------------------------------------------------------------------------------------------------------------------------------
LT-B-3             2,315,000.00     2,315,000.00     4,627.31              -       4,627.31       -          -        2,315,000.00
LT-B-4             1,534,000.00     1,534,000.00     3,066.22              -       3,066.22       -          -        1,534,000.00
LT-B-5             1,028,000.00     1,028,000.00     2,054.81              -       2,054.81       -          -        1,028,000.00
LT-B-6             2,068,996.83     2,068,996.83     4,135.59              -       4,135.59       -          -        2,068,996.83
 LT-R                         -                -            -              -              -       -          -                   -
----------------------------------------------------------------------------------------------------------------------------------
 Total           514,382,196.83   422,843,718.31   845,196.92   3,161,331.18   4,006,528.10       -          -      419,682,387.13
----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
                                                Orig. Principal      Prior                                                Current
          Period    Period                      (with Notional)    Principal                               Total         Principal
 Class   Starting   Ending    Method    Cusip       Balance         Balance      Interest    Principal  Distribution      Balance
-----------------------------------------------------------------------------------------------------------------------------------
                                                                      (1)           (2)         (3)     (4)=(2)+(3)         (5)
-----------------------------------------------------------------------------------------------------------------------------------
<S>      <C>        <C>      <C>        <C>     <C>              <C>             <C>         <C>        <C>            <C>
 LT-A                        A-30/360           496,378,000.00     815.587559     1.630229   6.368798     7.999027       809.218761
 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     1.998840          -     1.998840     1,000.000000
LT-B-2                       A-30/360             5,143,000.00   1,000.000000     1.998839          -     1.998839     1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
LT-B-3                       A-30/360             2,315,000.00   1,000.000000     1.998838          -     1.998838     1,000.000000
LT-B-4                       A-30/360             1,534,000.00   1,000.000000     1.998840          -     1.998840     1,000.000000
LT-B-5                       A-30/360             1,028,000.00   1,000.000000     1.998842          -     1.998842     1,000.000000
LT-B-6                       A-30/360             2,068,996.83   1,000.000000     1.998838          -     1.998838     1,000.000000
 LT-R                        A-30/360                        -              -            -          -            -                -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

         Distribution in Dollars - to Date

<TABLE>
<CAPTION>
                                                                                                                       Current
           Original                    Unscheduled  Scheduled      Total         Total        Realized  Deferred      Principal
 Class    Face Value       Interest     Principal   Principal    Principal    Distribution     Losses   Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
             (1)             (2)           (3)         (4)      (5)=(3)+(4)   (6)=(2)+(5)       (7)       (8)    (9)=(1)-(5)-(7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>             <C>           <C>           <C>        <C>            <C>             <C>       <C>      <C>
 LT-A   496,378,000.00  22,223,742.36 94,699,609.70     -      94,699,609.70  116,923,352.06     -         -       401,678,390.30
 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     287,798.38             -     -                  -      287,798.38     -         -         5,915,000.00
LT-B-2    5,143,000.00     250,236.19             -     -                  -      250,236.19     -         -         5,143,000.00
LT-B-3    2,315,000.00     112,637.90             -     -                  -      112,637.90     -         -         2,315,000.00
LT-B-4    1,534,000.00      74,637.79             -     -                  -       74,637.79     -         -         1,534,000.00
LT-B-5    1,028,000.00      50,018.06             -     -                  -       50,018.06     -         -         1,028,000.00
LT-B-6    2,068,996.83     100,668.47             -     -                  -      100,668.47     -         -         2,068,996.83
 LT-R                -              -             -     -                  -               -     -         -                    -

------------------------------------------------------------------------------------------------------------------------------------
 Total  514,382,196.83  23,099,739.42 94,699,809.70     -      94,699,809.70  117,799,549.12     -         -       419,682,387.13
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

         Interest Detail

<TABLE>
<CAPTION>
           Pass-    Prior Principal                   Non-         Prior    Unscheduled                  Paid or     Current
         Through    (with Notional)     Accrued     Supported     Unpaid      Interest     Optimal      Deferred      Unpaid
 Class     Rate         Balance        Interest    Interest SF   Interest   Adjustments    Interest     Interest     Interest
-------------------------------------------------------------------------------------------------------------------------------
                                                                                           (5)=(1)-
                                         (1)          (2)          (3)         (4)        (2)+(3)+(4)     (6)       (7)=(5)-(6)
-------------------------------------------------------------------------------------------------------------------------------
<S>      <C>         <C>              <C>          <C>           <C>        <C>           <C>          <C>          <C>
 LT-A    2.39861%    404,839,721.48   809,209.82        -            -           -        809,209.82   809,209.82        -
 LT-A2   2.39861%                 -            -        -            -           -                 -            -        -
 LT-X                             -            -        -            -           -                 -            -        -
LT-B-1   2.39861%      5,915,000.00    11,823.14        -            -           -         11,823.14    11,823.14        -
LT-B-2   2.39861%      5,143,000.00    10,280.03        -            -           -         10,280.03    10,280.03        -
-------------------------------------------------------------------------------------------------------------------------------
LT-B-3   2.39861%      2,315,000.00     4,627.31        -            -           -          4,627.31     4,627.31        -
LT-B-4   2.39861%      1,534,000.00     3,066.22        -            -           -          3,066.22     3,066.22        -
LT-B-5   2.39861%      1,028,000.00     2,054.81        -            -           -          2,054.81     2,054.81        -
LT-B-6   2.39861%      2,068,996.83     4,135.59        -            -           -          4,135.59     4,135.59        -
 LT-R                             -            -        -            -           -                 -            -        -
-------------------------------------------------------------------------------------------------------------------------------
 Total               422,843,718.31   845,196.92        -            -           -        845,196.92   845,196.92        -
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

         Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
                                      Prior                                                                           Current
        Class      Original         Principal                                     Total      Realized   Deferred     Principal
Class    Type     Face Value         Balance       Interest     Principal     Distribution    Losses    Interest      Balance
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                   (7)=(1)-(3)-
                                      (1)            (2)           (3)        (4)=(2)+(3)      (5)        (6)         (5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>     <C>              <C>              <C>          <C>            <C>            <C>        <C>        <C>
  A      FLT    496,378,000.00   404,839,721.48   485,807.67   3,161,331.18   3,647,138.85      -          -       401,678,390.30
  X      CSTR           100.00                -   329,856.59              -     329,856.59      -          -                    -
 A-R      R             100.00                -            -              -              -      -          -                    -
 B-1     SUB      5,915,000.00     5,915,000.00     8,971.08              -       8,971.08      -          -         5,915,000.00
 B-2     SUB      5,143,000.00     5,143,000.00     7,800.22              -       7,800.22      -          -         5,143,000.00
---------------------------------------------------------------------------------------------------------------------------------
 B-3     SUB      2,315,000.00     2,315,000.00     3,511.08              -       3,511.08      -          -         2,315,000.00
 B-4     SUB      1,534,000.00     1,534,000.00     3,066.22              -       3,066.22      -          -         1,534,000.00
 B-5     SUB      1,028,000.00     1,028,000.00     2,054.81              -       2,054.81      -          -         1,028,000.00
 B-6     SUB      2,068,996.00     2,068,996.00     4,135.58              -       4,135.58      -          -         2,068,996.00

---------------------------------------------------------------------------------------------------------------------------------
Total           514,382,196.00   422,843,717.48   845,203.25   3,161,331.18   4,006,534.43      -          -       419,682,386.30
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 11/28/03

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                                     Current
       Period   Period                     (with Notional)   Principal                                      Total       Principal
Class Starting  Ending   Method    Cusip       Balance        Balance        Interest       Principal   Distribution     Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                               (1)             (2)             (3)       (4)=(2)+(3)        (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>   <C>      <C>      <C>      <C>       <C>             <C>           <C>                <C>       <C>              <C>
  A   11/19/03 12/18/03 A-30/360 81743XAA7 496,378,000.00    815.587559          0.978705    6.368798         7.347503   809.218761
  X                     A-30/360 SQ0201UPX         100.00             -  3,298,565.900000           - 3,298,565.900000            -
 A-R                    A-30/360 81743XAC3         100.00             -                 -           -                -            -
 B-1  11/19/03 12/18/03 A-30/360 81743XAB5   5,915,000.00  1,000.000000          1.516666           -         1.516666 1,000.000000
 B-2  11/19/03 12/18/03 A-30/360 81743XAD1   5,143,000.00  1,000.000000          1.516667           -         1.516667 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
 B-3  11/19/03 12/18/03 A-30/360 81743XAE9   2,315,000.00  1,000.000000          1.516665           -         1.516665 1,000.000000
 B-4                    A-30/360 SQ0201UB4   1,534,000.00  1,000.000000          1.998840           -         1.998840 1,000.000000
 B-5                    A-30/360 SQ0201UB5   1,028,000.00  1,000.000000          1.998842           -         1.998842 1,000.000000
 B-6                    A-30/360 SQ0201UB6   2,068,996.00  1,000.000000          1.998834           -         1.998834 1,000.000000
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

         Distribution in Dollars - to Date

<TABLE>
<CAPTION>
                                                                                                                         Current
        Original                         Unscheduled   Scheduled      Total          Total       Realized  Deferred     Principal
Class  Face Value          Interest       Principal    Principal    Principal     Distribution    Losses   Interest      Balance
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                      (9)=(1)-(5)-
           (1)               (2)            (3)          (4)       (5)=(3)+(4)    (6)=(2)+(5)      (7)       (8)         (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>              <C>             <C>            <C>        <C>            <C>             <C>       <C>       <C>
  A     496,378,000.00  13,265,450.50   94,699,609.70      -      94,699,609.70  107,965,060.20     -         -      401,678,390.30
  X             100.00   9,137,513.87          100.00      -             100.00    9,137,613.87     -         -                   -
 A-R            100.00           0.27          100.00      -             100.00          100.27     -         -                   -
 B-1      5,915,000.00     208,593.91               -      -                  -      208,593.91     -         -        5,915,000.00
 B-2      5,143,000.00     181,369.19               -      -                  -      181,369.19     -         -        5,143,000.00
 B-3      2,315,000.00      81,639.02               -      -                  -       81,639.02     -         -        2,315,000.00
 B-4      1,534,000.00      74,637.79               -      -                  -       74,637.79     -         -        1,534,000.00
 B-5      1,028,000.00      50,018.06               -      -                  -       50,018.06     -         -        1,028,000.00
 B-6      2,068,996.00     100,668.42               -      -                  -      100,668.42     -         -        2,068,996.00

-----------------------------------------------------------------------------------------------------------------------------------
Total   514,382,196.00  23,099,891.03   94,699,809.70      -      94,699,809.70  117,799,700.73     -         -      419,682,386.30
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

         Interest Detail

<TABLE>
<CAPTION>
        Pass-    Prior Principal                  Non-       Prior   Unscheduled                  Paid or     Current
       Through   (with Notional)    Accrued    Supported    Unpaid     Interest      Optimal     Deferred     Unpaid
Class    Rate        Balance       Interest   Interest SF  Interest  Adjustments     Interest    Interest    Interest
-----------------------------------------------------------------------------------------------------------------------
                                                                                    (5)=(1)-
                                      (1)         (2)        (3)         (4)       (2)+(3)+(4)     (6)      (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>              <C>         <C>          <C>       <C>           <C>          <C>         <C>
  A    1.44000%   404,839,721.48  485,807.67       -          -           -         485,807.67  485,807.67       -
  X    0.94646%                -  329,856.59       -          -           -         329,856.59  329,856.59       -
 A-R   2.39861%                -           -       -          -           -                  -           -       -
 B-1   1.82000%     5,915,000.00    8,971.08       -          -           -           8,971.08    8,971.08       -
 B-2   1.82000%     5,143,000.00    7,800.22       -          -           -           7,800.22    7,800.22       -
-----------------------------------------------------------------------------------------------------------------------
 B-3   1.82000%     2,315,000.00    3,511.08       -          -           -           3,511.08    3,511.08       -
 B-4   2.39861%     1,534,000.00    3,066.22       -          -           -           3,066.22    3,066.22       -
 B-5   2.39861%     1,028,000.00    2,054.81       -          -           -           2,054.81    2,054.81       -
 B-6   2.39861%     2,068,996.00    4,135.58       -          -           -           4,135.58    4,135.58       -

-----------------------------------------------------------------------------------------------------------------------
Total             422,843,717.48  845,203.25       -          -           -         845,203.25  845,203.25       -
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
    SUMMARY                                                                        TOTAL
    -------                                                                        -----
<S>                                                                            <C>
Principal Collections                                                          3,161,331.18
Principal Withdrawals                                                                  0.00
Principal Other Accounts                                                               0.00
TOTAL PRINCIPAL                                                                3,161,331.18

Interest Collected                                                               854,635.24
Interest Withdrawals                                                                   0.00
Interest Other Accounts                                                                6.33
Fees                                                                              (9,438.32)
TOTAL INTEREST                                                                   845,203.25

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                                          4,006,534.43
</TABLE>

<TABLE>
<CAPTION>
     PRINCIPAL - COLLECTIONS                                                       TOTAL
     -----------------------                                                       -----
<S>                                                                            <C>
Scheduled Principal                                                                    0.00
Curtailments                                                                     572,698.60
Prepayments In Full                                                            2,588,632.58
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                                                      3,161,331.18
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                                         TOTAL
-----------------------                                                         -----
<S>                                                                             <C>
</TABLE>

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

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

<TABLE>
<CAPTION>
  INTEREST - COLLECTIONS                                                             TOTAL
  ----------------------                                                             -----
<S>                                                                              <C>
Scheduled Interest                                                                979,266.71
Repurchased Interest                                                                    0.00
Substitution Interest Amount                                                            0.00
Liquidation Interest                                                                    0.00
Insurance Interest                                                                      0.00
Other Interest                                                                          0.00

Delinquent Interest                                                              (919,891.15)
Interest Advanced                                                                 795,259.68
Prepayment Interest Shortfalls                                                     (2,161.75)
Compensating Interest                                                               2,161.75
Civil Relief Act Shortfalls                                                             0.00

TOTAL INTEREST COLLECTED                                                          854,635.24
</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                                       6.33

TOTAL INTEREST OTHER ACCOUNTS                                                   6.33
</TABLE>

<TABLE>
<CAPTION>
   INTEREST - FEES                                                      TOTAL
   ---------------                                                      -----
<S>                                                                   <C>
Current Servicing Fees                                                8,028.84
Trustee Fee                                                           1,409.48

TOTAL FEES                                                            9,438.32
</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                                 6.33
Ending Balance                                                                       10,000.00
</TABLE>

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

<TABLE>
<CAPTION>
                          STRUCTURAL FEATURES                                          TOTAL
                          -------------------                                          -----
<S>                                                                                 <C>
Pro Rata Senior Percentage                                                           95.742163%
Senior Percentage                                                                   100.000000%
Subordinate Percentage                                                                0.000000%
Senior Prepayment Percentage                                                        100.000000%
Subordinate Percentage                                                                0.000000%
</TABLE>

<PAGE>

                                COLLATERAL REPORT

<TABLE>
<CAPTION>
                               COLLATERAL                                         TOTAL
                               ----------                                         -----
<S>                                                                           <C>
                  Loan Count:
ORIGINAL                                                                                1254
Prior                                                                                  1,039
Prefunding                                                                                 -
Scheduled Paid Offs                                                                        -
Full Voluntary Prepayments                                                                (9)
Repurchases                                                                                -
Liquidations                                                                               -
                                                                              --------------
Current                                                                                1,030

PRINCIPAL BALANCE:

Original                                                                      514,382,196.83
Prior                                                                         422,843,718.31
Prefunding                                                                                 -
Scheduled Principal                                                                        -
Partial and Full Voluntary Prepayments                                         (3,161,331.18)
Repurchases                                                                                -
Liquidations                                                                               -
                                                                              --------------
Current                                                                       419,682,387.13
                                                                              --------------
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
                 CHARACTERISTICS                                                   TOTAL
                 ---------------                                                   ------
<S>                                                                               <C>
Weighted Average Coupon Original                                                  3.667751%
Weighted Average Coupon Prior                                                     2.791461%
Weighted Average Coupon Current                                                   2.779088%
                                                                                  --------
Weighted Average Months to Maturity Original                                           297
Weighted Average Months to Maturity Prior                                              279
Weighted Average Months to Maturity Current                                            278
                                                                                  --------
Weighted Avg Remaining Amortization Term Original                                      296
Weighted Avg Remaining Amortization Term Prior                                         278
Weighted Avg Remaining Amortization Term Current                                       277
                                                                                  --------
Weighted Average Seasoning Original                                                   3.66
Weighted Average Seasoning Prior                                                     21.64
Weighted Average Seasoning Current                                                   22.64
</TABLE>

Note:  Original information refers to deal issue.

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                          <1 PAYMENT   1 PAYMENT    2  PAYMENTS   3+ PAYMENTS      TOTAL
                          ----------   ----------   -----------   -----------      -----
<S>                       <C>          <C>          <C>           <C>            <C>
DELINQUENT    Balance                  355,000.00             -             -    355,000.00
              % Balance                      0.08%         0.00%         0.00%         0.08%
              # 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              -   355,000.00             -             -    355,000.00
              % Balance         0.00%        0.08%         0.00%         0.00%         0.08%
              # 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                                                      9
Number of Repurchased Loans                                                       -
                                                                      -------------
Total Number of Loans Prepaid in Full                                             9
Paid in Full Balance                                                   2,588,632.58
Repurchased Loans Balance                                                         -
Curtailments Amount                                                      572,698.60
                                                                      -------------
Total Prepayment Amount                                                3,161,331.18

CUMULATIVE

Number of Paid in Full Loans                                                    224
Number of Repurchased Loans                                                       -
                                                                      -------------
Total Number of Loans Prepaid in Full                                           224

Paid in Full Balance                                                  81,357,370.27
Repurchased Loans Balance                                                         -
Curtailments Amount                                                   13,342,439.43
                                                                      -------------
Total Prepayment Amount                                               94,699,809.70
                          SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              VOLUNTARY PREPAYMENT RATES                  TOTAL
              --------------------------                 -------
<S>                                                      <C>
SMM                                                        0.75%
3 Months Avg SMM                                           1.32%
12 Months Avg SMM                                          1.11%
Avg SMM Since Cut-off                                      1.01%

CPR                                                        8.61%
3 Months Avg CPR                                          14.69%
12 Months Avg CPR                                         12.53%
Avg CPR Since Cut-off                                     11.49%

PSA                                                      190.19%
3 Months Avg  PSA Approximation                          339.38%
12 Months Avg PSA Approximation                          365.62%
Avg PSA Since Cut-off Approximation                      437.34%
</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)(CARET)12)

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

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

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

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

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

Weighted Average Seasoning (WAS)

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

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
                        SUMMARY                                 LOAN GROUP
                        -------                                 ----------
<S>                                                     <C>
Total Loan Count =   9                                  Loan Group 1    =    MSDW Group
Total Original Principal Balance =   2,612,500.00
Total Prepayment Amount =   2,588,632.58
</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>
390441406 1          303,500.00  303,465.71   Nov-11-03      2.875%   FL  -  55.48%  Paid Off  -  300    Oct-19-01
390441546 1          300,000.00  299,525.35   Nov-21-03      2.875%   TX  -  65.65%  Paid Off  -  300    Oct-23-01
390443831 1          256,000.00  256,000.00   Nov-26-03      2.875%   CA  -  80.00%  Paid Off  -  300    Dec-10-01
390445674 1          184,000.00  178,497.10   Nov-28-03      3.125%   RI  -  32.57%  Paid Off  -  300    Jan-07-02
390446195 1          621,000.00  617,514.23   Nov-21-03      2.625%   VA  -  99.52%  Paid Off  -  300    Jan-24-02
390447512 1          169,000.00  168,980.00   Nov-24-03      2.750%   NY  -  74.78%  Paid Off  -  300    Feb-08-02
390447772 1          224,000.00  223,974.79   Nov-21-03      2.750%   CA  - 100.00%  Paid Off  -  300    Feb-13-02
390448615 1          415,000.00  412,145.17   Nov-18-03      3.250%   CA  -  49.70%  Paid Off  -  300    Feb-15-02
390450797 1          140,000.00  128,530.23   Nov-21-03      2.625%   GA  -  80.00%  Paid Off  -  300    Feb-11-02
</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

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

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

CUMULATIVE

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

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

                         SPACE INTENTIONALLY LEFT BLANK

<PAGE>

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

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

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

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

<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY

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

Conditional Default Rate (CDR): 1-((1-MDR)(CARET)12)

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

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

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

Average SDA Approximation over period between the nth month and mth month:

AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)*0.02,MAX(0.03,MIN
   (30,Avg WASn,m)*0.02-0.0095*(Avg WASn,m-60)))

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

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

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

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

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

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

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

<TABLE>
<CAPTION>
Loan Number          Original     Prior                Current     State &
    &         Loan  Principal   Principal  Realized     Note      LTV at      Original   Origination
Loan Group   Status  Balance     Balance  Loss/(Gain)   Rate    Origination     Term        Date
----------   ------  -------     -------  ---------- -  ----    -----------     ----        ----
<S>          <C>    <C>         <C>       <C>          <C>      <C>           <C>        <C>
                                    SPACE INTENTIONALLY LEFT BLANK
</TABLE>

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

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

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

<TABLE>
<CAPTION>
     ADDITIONAL INFORMATION                                TOTAL
     ----------------------                                -----
<S>                                                        <C>
Basis Risk Shortfall
Class A                                                     0.00
Class B-1                                                   0.00
Class B-2                                                   0.00
Class B-3                                                   0.00
Unpaid Basis Risk Shortfall
Class A                                                     0.00
Class B-1                                                   0.00
Class B-2                                                   0.00
Class B-3                                                   0.00
</TABLE><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 2002-7
                         RECORD DATE: NOVEMBER 28, 2003
                      DISTRIBUTION DATE: DECEMBER 22, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                    Certificate  Certificate      Beginning
                       Class     Pass-Through    Certificate      Interest
Class      CUSIP    Description      Rate          Balance      Distribution
-----      -----    -----------  ------------      -------      ------------
<S>      <C>        <C>          <C>           <C>              <C>
  A      81743YAA5      SEN        1.46000%    436,160,825.58     530,662.34
 A-R     SMT0207AR      SEN        3.50878%              0.00           0.00
 B-1     81743YAE7      SUB        1.87000%      8,080,000.00      12,591.33
 B-2     81743YAF4      SUB        2.64392%      5,771,000.00      12,715.04
 B-3     81743YAG2      SUB        2.64392%      3,463,000.00       7,629.90
 B-4     SMT0207B4      SUB        2.64392%      1,442,000.00       3,177.11
 B-5     SMT0207B5      SUB        2.64392%      1,154,000.00       2,542.57
 B-6     SMT0207B6      SUB        2.64392%      2,600,498.71       5,729.59
 X-1     81743YAC1      SEN        1.00848%              0.00      64,574.82
 X-2     81743YAD9      SEN        1.21159%              0.00     370,951.31
------   ---------      ---        -------     --------------   ------------
Totals                                         458,671,324.29   1,010,574.01
------   ---------      ---        -------     --------------   ------------

<CAPTION>
                                          Ending
           Principal      Current       Certificate      Total       Cumulative
Class    Distribution  Realized Loss      Balance     Distribution  Realized Loss
-----    ------------  -------------  --------------  ------------  -------------
<S>      <C>           <C>            <C>             <C>           <C>
  A      3,014,316.24      0.00       433,146,509.34  3,544,978.58      0.00
 A-R             0.00      0.00                 0.00          0.00      0.00
 B-1             0.00      0.00         8,080,000.00     12,591.33      0.00
 B-2             0.00      0.00         5,771,000.00     12,715.04      0.00
 B-3             0.00      0.00         3,463,000.00      7,629.90      0.00
 B-4             0.00      0.00         1,442,000.00      3,177.11      0.00
 B-5             0.00      0.00         1,154,000.00      2,542.57      0.00
 B-6             0.00      0.00         2,600,498.71      5,729.59      0.00
 X-1             0.00      0.00                 0.00     64,574.82      0.00
 X-2             0.00      0.00                 0.00    370,951.31      0.00
------   ------------      ----       --------------  ------------      ----
Totals   3,014,316.24      0.00       455,657,008.05  4,024,890.25      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
         Original Face     Certificate     Principal     Principal              Realized
Class       Amount           Balance     Distribution  Distribution  Accretion  Loss (1)
-----    --------------  --------------  ------------  ------------  ---------  --------
<S>      <C>             <C>             <C>           <C>           <C>        <C>
  A      554,686,000.00  436,160,825.58    484.32      3,013,831.92    0.00       0.00
 A-R             100.00            0.00      0.00              0.00    0.00       0.00
 B-1       8,080,000.00    8,080,000.00      0.00              0.00    0.00       0.00
 B-2       5,771,000.00    5,771,000.00      0.00              0.00    0.00       0.00
 B-3       3,463,000.00    3,463,000.00      0.00              0.00    0.00       0.00
 B-4       1,442,000.00    1,442,000.00      0.00              0.00    0.00       0.00
 B-5       1,154,000.00    1,154,000.00      0.00              0.00    0.00       0.00
 B-6       2,600,498.71    2,600,498.71      0.00              0.00    0.00       0.00
 X-1              50.00            0.00      0.00              0.00    0.00       0.00
 X-2              50.00            0.00      0.00              0.00    0.00       0.00
------   --------------  --------------    ------      ------------    ----       ----
Totals   577,196,698.71  458,671,324.29    484.32      3,013,831.92    0.00       0.00
------   --------------  --------------    ------      ------------    ----       ----
<CAPTION>
                              Ending         Ending
         Total Principal    Certificate    Certificate  Total Principal
Class       Reduction         Balance      Percentage     Distribution
-----    ---------------  --------------   ----------   ---------------
<S>      <C>              <C>              <C>          <C>
  A        3,014,316.24   433,146,509.34   0.78088596     3,014,316.24
 A-R               0.00             0.00   0.00000000             0.00
 B-1               0.00     8,080,000.00   1.00000000             0.00
 B-2               0.00     5,771,000.00   1.00000000             0.00
 B-3               0.00     3,463,000.00   1.00000000             0.00
 B-4               0.00     1,442,000.00   1.00000000             0.00
 B-5               0.00     1,154,000.00   1.00000000             0.00
 B-6               0.00     2,600,498.71   1.00000000             0.00
 X-1               0.00             0.00   0.00000000             0.00
 X-2               0.00             0.00   0.00000000             0.00
------     ------------   --------------   ----------     ------------
Totals     3,014,316.24   455,657,008.05   0.78943107     3,014,316.24
------     ------------   --------------   ----------     ------------
</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.

<PAGE>

                    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    554,686,000.00   786.32023448   0.00087314    5.43340182   0.00000000  0.00000000
 A-R           100.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-1     8,080,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-2     5,771,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-3     3,463,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-4     1,442,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-5     1,154,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-6     2,600,498.71  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 X-1            50.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 X-2            50.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000

<CAPTION>
          Total       Ending         Ending
        Principal   Certificate   Certificate   Total Principal
Class   Reduction     Balance     Percentage     Distribution
-----  ----------  -------------  -----------    ------------
<S>    <C>         <C>            <C>           <C>
  A    5.43427496   780.88595952   0.78088596     5.43427496
 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
 X-1   0.00000000     0.00000000   0.00000000     0.00000000
 X-2   0.00000000     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>
                                                                      Payment of
                          Current         Beginning       Current       Unpaid      Current    Non-Supported
        Original Face   Certificate     Certificate/      Accrued      Interest    Interest      Interest      Realized
Class       Amount         Rate       Notional Balance    Interest     Shortfall   Shortfall     Shortfall     Loss (4)
-----   --------------  -----------   ----------------    --------     ---------   ---------   -------------   --------
<S>     <C>             <C>           <C>               <C>            <C>         <C>         <C>             <C>
  A     554,686,000.00    1.46000%    436,160,825.58      530,662.34      0.00       0.00        0.00           0.00
 A-R            100.00    3.50878%              0.00            0.00      0.00       0.00        0.00           0.00
 B-1      8,080,000.00    1.87000%      8,080,000.00       12,591.33      0.00       0.00        0.00           0.00
 B-2      5,771,000.00    2.64392%      5,771,000.00       12,715.04      0.00       0.00        0.00           0.00
 B-3      3,463,000.00    2.64392%      3,463,000.00        7,629.90      0.00       0.00        0.00           0.00
 B-4      1,442,000.00    2.64392%      1,442,000.00        3,177.11      0.00       0.00        0.00           0.00
 B-5      1,154,000.00    2.64392%      1,154,000.00        2,542.57      0.00       0.00        0.00           0.00
 B-6      2,600,498.71    2.64392%      2,600,498.71        5,729.59      0.00       0.00        0.00           0.00
 X-1             50.00    1.00848%     76,838,113.34       64,574.82      0.00       0.00        0.00           0.00
 X-2             50.00    1.21159%    367,402,712.25      370,951.31      0.00       0.00        0.00           0.00
------  --------------    --------    --------------    ------------      ----       ----        ----           ----
Totals  577,196,698.71                                  1,010,574.01      0.00       0.00        0.00           0.00
------  --------------    --------    --------------    ------------      ----       ----        ----           ----
<CAPTION>
                        Remaining      Ending
                          Unpaid    Certificate/
        Total Interest   Interest    Notational
Class    Distribution   Shortfall      Balance
-----    ------------   ---------  --------------
<S>     <C>             <C>        <C>
  A       530,662.34       0.00    433,146,509.34
 A-R            0.00       0.00              0.00
 B-1       12,591.33       0.00      8,080,000.00
 B-2       12,715.04       0.00      5,771,000.00
 B-3        7,629.90       0.00      3,463,000.00
 B-4        3,177.11       0.00      1,442,000.00
 B-5        2,542.57       0.00      1,154,000.00
 B-6        5,729.59       0.00      2,600,498.71
 X-1       64,574.82       0.00     76,146,218.89
 X-2      370,951.31       0.00    365,080,290.45
------  ------------       ----    --------------
Totals  1,010,574.01       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.

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                          Payment of                   Non-
                          Current        Beginning                          Unpaid      Current      Supported
Class   Original Face   Certificate     Certificate/    Current Accrued    Interest    Interest      Interest     Realized
 (5)        Amount         Rate       Notional Balance     Interest       Shortfall    Shortfall     Shortfall    Loss (6)
-----   --------------  -----------   ----------------  --------------    ----------   ----------    ---------   ----------
<S>     <C>             <C>           <C>               <C>               <C>          <C>           <C>         <C>
  A     554,686,000.00    1.46000%        786.32023448      0.95668962    0.00000000   0.00000000    0.00000000  0.00000000
 A-R            100.00    3.50878%          0.00000000      0.00000000    0.00000000   0.00000000    0.00000000  0.00000000
 B-1      8,080,000.00    1.87000%       1000.00000000      1.55833292    0.00000000   0.00000000    0.00000000  0.00000000
 B-2      5,771,000.00    2.64392%       1000.00000000      2.20326460    0.00000000   0.00000000    0.00000000  0.00000000
 B-3      3,463,000.00    2.64392%       1000.00000000      2.20326307    0.00000000   0.00000000    0.00000000  0.00000000
 B-4      1,442,000.00    2.64392%       1000.00000000      2.20326630    0.00000000   0.00000000    0.00000000  0.00000000
 B-5      1,154,000.00    2.64392%       1000.00000000      2.20326690    0.00000000   0.00000000    0.00000000  0.00000000
 B-6      2,600,498.71    2.64392%       1000.00000000      2.20326585    0.00000000   0.00000000    0.00000000  0.00000000
 X-1             50.00    1.00848%    1536762.26680000   1291.49640000    0.00000000   0.00000000    0.00000000  0.00000000
 X-2             50.00    1.21159%    7348054.24500000   7419.02620000    0.00000000   0.00000000    0.00000000  0.00000000

<CAPTION>
                         Remaining
                           Unpaid
Class   Total Interest   Interest    Ending Certificate/
 (5)     Distribution    Shortfall    Notational Balance
-----   --------------  -----------  -------------------
<S>     <C>             <C>          <C>
  A        0.95668962   0.00000000        780.88595952
 A-R       0.00000000   0.00000000          0.00000000
 B-1       1.55833292   0.00000000       1000.00000000
 B-2       2.20326460   0.00000000       1000.00000000
 B-3       2.20326307   0.00000000       1000.00000000
 B-4       2.20326630   0.00000000       1000.00000000
 B-5       2.20326690   0.00000000       1000.00000000
 B-6       2.20326585   0.00000000       1000.00000000
 X-1    1291.49640000   0.00000000    1522924.37780000
 X-2    7419.02620000   0.00000000    7301605.80900000
</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.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                         <C>
Beginning Balance                                                   0.00

Deposits
     Payments of Interest and Principal                     4,172,252.21
     Liquidations, Insurance Proceeds, Reserve Funds                0.00
     Proceeds from Repurchased Loans                                0.00
     Other Amounts (Servicer Advances)                            295.99
     Realized Losses                                                0.00
     Prepayment Penalties                                           0.00
                                                            ------------

Total Deposits                                              4,172,548.20

Withdrawals
     Reimbursement for Servicer Advances                          295.99
     Payment of Service Fee                                   147,361.96
     Payment of Interest and Principal                      4,024,890.25
                                                            ------------

Total Withdrawals (Pool Distribution Amount)                4,172,548.20

Ending Balance                                                      0.00
                                                            ============
</TABLE>

<PAGE>

                    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                                                    143,539.71
Master Servicing Fee                                                     3,822.25
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      147,361.96
                                                                       ==========
</TABLE>

<TABLE>
<CAPTION>
                                   Beginning          Current          Current       Ending
         Account Type               Balance         Withdrawals       Deposits       Balance
-----------------------------      ---------        -----------       --------      --------
<S>                                <C>              <C>               <C>           <C>
Basis Risk Reserve Fund - X-1      1,512.56            0.00             0.00        1,512.56
Basis Risk Reserve Fund - X-2      8,487.44            0.00             0.00        8,487.44
</TABLE>
<PAGE>

             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>
30 Days        1      149,550.97    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      149,550.97                   0          0.00                     0          0.00

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

30 Days    0.078802%   0.032821%    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%
           --------------------                --------------------                 --------------------
           0.078802%   0.032821%               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>
30 Days       0          0.00       30 Days        1       149,550.97
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       149,550.97

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

30 Days    0.000000%   0.000000%    30 Days    0.078802%   0.032821%
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%               0.078802%   0.032821%
</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  295.99
</TABLE>

<TABLE>
<CAPTION>
                     Original $            Original %        Current $          Current %
<S>                <C>                    <C>              <C>                  <C>
Bankruptcy            100,261.00          0.01737033%         100,261.00        0.02200361%
Fraud              17,315,901.00          3.00000001%      10,161,109.97        2.22999093%
Special Hazard      5,771,967.00          1.00000000%       4,700,000.00        1.03147761%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<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>
30 Days          0        0.00                  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
              ----------------                                ---------------                            -----------------
                 0        0.00                                  0        0.00                              0          0.00

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

30 Days         0.000000%        0.000000%      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%
                -------------------------                     -------------------------                   ------------------------
                0.000000%        0.000000%                    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>
30 Days        0             0.00                 30 Days                0              0.00
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                                        0              0.00

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

30 Days             0.000000%       0.000000%     30 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%
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%                        0.000000%         0.000000%
</TABLE>

                                 SIX-MONTH LIBOR

<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>
30 Days              1        149,550.97      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        149,550.97                       0          0.00                            0              0.00

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

30 Days         0.093897%      0.039667%      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%
                -----------------------                      ----------------------                     ------------------------
                0.093897%      0.039667%                     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>
30 Days                0               0.00       30 Days                1             149,550.97
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             149,550.97

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

30 Days            0.000000%        0.000000%     30 Days            0.093897%         0.039667%
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%                        0.093897%         0.039667%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
<S>                                                              <C>
Collateral Description                                           Mixed Fixed & Arm
Weighted Average Gross Coupon                                           3.029453%
Weighted Average Net Coupon                                             2.653917%
Weighted Average Pass-Through Rate                                      2.643917%
Weighted Average Maturity (Stepdown Calculation)                             341

Beginning Scheduled Collateral Loan Count                                  1,275
Number of Loans Paid in Full                                                   6
Ending Scheduled Collateral Loan Count                                     1,269

Beginning Scheduled Collateral Balance                            458,671,324.29
Ending Scheduled Collateral Balance                               455,657,008.05
Ending Actual Collateral Balance at 28-Nov-2003                   455,653,546.65

Monthly P&I Constant                                                1,158,420.30
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00
Scheduled Principal                                                       484.32
Unscheduled Principal                                               3,013,831.92
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
Pro Rata Senior Percent                               95.092238%
Senior Percent                                       100.000000%
Senior Prepay Percent                                100.000000%
Subordinate Percent                                    0.000000%
Subordinate Prepay Percent                             0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
               GROUP                               ONE MONTH LIBOR          SIX MONTH LIBOR                       TOTAL
Collateral Description                                    Monthly               6 Month Arm                Mixed Fixed & Arm
<S>                                                <C>                      <C>                            <C>
Weighted Average Coupon Rate                             2.860938                  3.064696                         3.029453
Weighted Average Net Rate                                2.485938                  2.689048                         2.653917
Pass-Through Rate                                        2.475938                  2.679048                         2.643917
Weighted Average Maturity                                     301                       302                              341
Record Date                                            11/28/2003                11/28/2003                       11/28/2003
Principal and Interest Constant                        189,141.60                969,278.70                     1,158,420.30
Beginning Loan Count                                          205                     1,070                            1,275
Loans Paid in Full                                              1                         5                                6
Ending Loan Count                                             204                     1,065                            1,269
Beginning Scheduled Balance                         79,334,084.51            379,337,239.78                   458,671,324.29
Ending Scheduled Balance                            78,636,613.03            377,020,395.02                   455,657,008.05
Scheduled Principal                                          0.00                    484.32                           484.32
Unscheduled Principal                                  697,471.48              2,316,360.44                     3,013,831.92
Scheduled Interest                                     189,141.60                968,794.38                     1,157,935.98
Servicing Fee                                           24,791.90                118,747.81                       143,539.71
Master Servicing Fee                                       661.11                  3,161.14                         3,822.25
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                                           163,688.59                846,885.43                     1,010,574.02
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>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00059-of-00352.parquet"}]]