Document:

<PAGE>

                                                                   EXHIBIT 10.10
                                                                   -------------

                                 FIRST AMENDMENT
                                       TO
                               ADVISORY AGREEMENT

         THIS FIRST AMENDMENT ("Amendment") to the Advisory Agreement, dated as
of February 22, 2000 (the "Advisory Agreement"), between T REIT, Inc., a
Virginia corporation (the "Company"), and Triple Net Properties, L.L.C., a
Virginia limited liability company (the "Advisor"), is made effective as of
February 22, 2001. Capitalized terms not otherwise defined herein shall be
defined in accordance with the Advisory Agreement.

                                    RECITALS
                                   --------

         WHEREAS, the Company and the Advisor entered into the Advisory
Agreement as of February 22, 2000 for a term of one (1) year, subject to
successive one-year renewals with the written mutual consent of the parties,
including approval of a majority of the independent directors of the Company;
and

         WHEREAS, the Company and the Advisor desire to extend the Advisory
Agreement for an additional term of one (1) year, subject to successive one-year
renewals as set forth in the Advisory Agreement.

         NOW, THEREFORE, in consideration of the mutual covenants set forth
herein and other good and valuable consideration, the Advisory Agreement is
hereby amended as follows:

                                   AGREEMENT
                                   ---------

1.       Amendments.  Section 16 of the Advisory Agreement is amended to state
         ----------
as follows:
                  16.      Term; Termination of Agreement.

                  This Agreement will continue in force until February
         22, 2002, subject to successive one-year renewals with the
         written mutual consent of the parties, including the approval
         of a majority of the Independent Directors .

                  Notwithstanding any other provision of the Agreement
         to the contrary, either the Company or the Advisor may
         terminate this Agreement, or any extension hereof, or the
         parties by mutual consent or a majority of the Independent
         Directors may do so, in each case upon 60 days written notice
         without cause or penalty. In the event of the termination of
         the Agreement, the Advisor will cooperate with the Company
         and take all reasonable steps requested to assist the Board
         of Directors in making an orderly transition of the advisory
         function.

                  If this Agreement is terminated pursuant to this
         Section, such termination shall be without any further
         liability or obligation of either party to the other, except
         as provided in Section 19.

                  If this Agreement is terminated for any reason other
         than the listing of Shares as contemplated in Section 12, all
         obligations of the Advisor and its Affiliates to offer
         property to the Company for purchase, as described in Section
         2(a), shall also terminate.

2.       Ratification.  Except as modified hereinabove, the Advisory Agreement
         ------------
is ratified and reaffirmed in its entirety.

3.       Counterparts.  This Amendment may be executed in counterparts
         ------------
(including facsimile  counterparts),  all of which taken together shall
constitute one document.
<PAGE>

WITNESS the following signatures:

COMPANY:                   T REIT, Inc.,
                           a Virginia corporation

                           By:     /s/  Anthony W. Thompson
                                   ------------------------------
                                   Anthony W. Thompson, President

                           By:     /s/  Warren H. James
                                   -------------------------------------
                                   Warren H. James, Independent Director

                           By:     /s/  James R. Nance
                                   ------------------------------------
                                   James R. Nance, Independent Director

ADVISOR:                   Triple Net Properties, L.L.C.,
                           a Virginia limited liability company

                           By:     /s/  Anthony W. Thompson
                                   ---------------------------------
                                   Anthony W. Thompson, President<PAGE>

                                 Exhibit 10.1

CONTACTS
-------------------------------------------------------------------------------

     Administrator:             Barbara A Campbell
     Direct Phone No:           (714)247-6278
     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:                 GreenPoint Mortgage                               Cut-Off Date:              November 30, 2000
       Certificate Insurer:    Financial Guaranty Insurance Corporation          Closing Date:              December 18, 2000
       Servicer(s):            GreenPoint Mortgage - Master Servicer             First Payment Date:        January 16, 2001

       Underwriter(s):         Greenwich Capital Markets, Inc. - Underwriter     Distribution Date:         July 16, 2001
                                                                                 Record Date:               July 13, 2001
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

                   GreenPoint Home Equity Loan Trust 2000-3
                      Home Equity Loan Asset-Backed Notes
                                 Series 2000-3
           Certificate Payment Report for July 16, 2001 Distribution

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                       Prior                                                                             Current
          Class       Original       Principal                                      Total       Realized     Deferred   Principal
 Class     Type      Face Value       Balance        Interest      Principal    Distribution     Losses      Interest    Balance
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)           (2)            (3)        (4)=(2)+(3)      (5)           (6)    (7)=(1)-(3)-
                                                                                                                          (5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>             <C>               <C>          <C>            <C>            <C>          <C>     <C>
  A-1    FLT,STEP  102,736,000.00   89,937,926.44    324,501.04    4,039,347.99   4,363,849.03       -           -    85,898,578.45
  A-2    FLT,STEP   98,584,000.00   86,429,798.21    311,843.51    5,112,820.10   5,424,663.61       -           -    81,316,978.11
  A-3    FLT,STEP   97,966,000.00   82,334,899.26    297,777.89    2,444,180.49   2,741,958.38       -           -    79,890,718.77
   S                            -               -             -               -              -       -           -                -
   R                            -               -             -               -              -       -           -                -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
 Total             299,286,000.00  258,702,623.91    934,122.44   11,596,348.58  12,530,471.02       -           -   247,106,275.33
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail             Current Period Factor Information per $1 000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                                    Orig. Principal    Prior                                               Current
         Period    Period                           (with Notional)  Principal                                Total       Principal
 Class  Starting   Ending     Method      Cusip         Balance       Balance     Interest    Principal    Distribution    Balance
-----------------------------------------------------------------------------------------------------------------------------------
                                                                        (1)          (2)         (3)       (4)=(2)+(3)       (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>        <C>       <C>         <C>               <C>          <C>         <C>          <C>            <C>
  A-1   06/15/01  07/15/01   A-Act/360 395385AF4   102,736,000.00    875.427566      3.158591    39.317746     42.476338  836.109820
  A-2   06/15/01  07/15/01   A-Act/360 395385AG2    98,584,000.00    876.712227      3.163226    51.862575     55.025801  824.849652
  A-3   06/15/01  07/15/01   A-Act/360 395385AH0    97,966,000.00    840.443616      3.039604    24.949273     27.988878  815.494343
   S                            -                               -             -             -            -             -           -
   R                            -                               -             -             -            -             -           -
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          Current
           Original                   Unscheduled      Scheduled       Total         Total       Realized     Deferred   Principal
 Class    Face Value      Interest     Principal       Principal     Principal    Distribution    Losses      Interest    Balance
------------------------------------------------------------------------------------------------------------------------------------
              (1)            (2)         (3)              (4)       (5)=(3)+(4)    (6)=(2)+(5)      (7)           (8)   (9)=(1)-(5)-
                                                                                                                         (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>               <C>          <C>            <C>           <C>           <C>             <C>          <C>    <C>
  A-1   102,736,000.00    3,117,974.54 15,746,706.94  1,090,714.61  16,837,421.55 19,955,396.09          -         -  85,898,578.45
  A-2    98,584,000.00    2,983,438.47 16,160,203.45  1,106,818.44  17,267,021.89 20,250,460.36          -         -  81,316,978.11
  A-3    97,966,000.00    2,894,558.75 17,113,638.55    961,642.68  18,075,281.23 20,969,839.98          -         -  79,890,718.77
   S                 -               -             -             -              -             -          -         -              -
   R                 -               -             -             -              -             -          -         -              -

-----------------------------------------------------------------------------------------------------------------------------------
 Total  299,286,000.00    8,995,971.76 49,020,548.94  3,159,175.73  52,179,724.67 61,175,696.43          -         - 247,106,275.33
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------------------
          Pass-    Prior Principal                     Non-          Prior       Unscheduled                  Paid or       Current
         Through   (with Notional)     Accrued      Supported        Unpaid       Interest      Optimal      Deferred        Unpaid
 Class     Rate        Balance         Interest    Interest SF      Interest     Adjustments    Interest     Interest       Interest
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)           (2)            (3)            (4)        (5)=(1)-        (6)      (7)=(5)-(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>      <C>       <C>                 <C>         <C>              <C>          <C>            <C>          <C>         <C>
</TABLE>
<PAGE>

<TABLE>
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>                 <C>               <C>          <C>            <C>        <C>          <C>           <C>
  A-1     4.19000%  89,937,926.44       324,501.04              -              -             -   324,501.04    324,501.04        -
  A-2     4.19000%  86,429,798.21       311,843.51              -              -             -   311,843.51    311,843.51        -
  A-3     4.20000%  82,334,899.26       297,777.89              -              -             -   297,777.89    297,777.89        -
   S                            -                -              -              -             -            -             -        -
   R                            -                -              -              -             -            -             -        -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
 Total             258,702,623.91       934,122.44              -              -             -   934,122.44    934,122.44        -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                     Collection Account Report
------------------------------------------------------------------------------------------------------------------------------------

SUMMARY                                                                   POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
    Net Principal Collections                                         2,075,299.96    4,746,251.52    3,642,721.29    10,464,272.77

    TOTAL PRINCIPAL                                                   2,075,299.96    4,746,251.52    3,642,721.29    10,464,272.77

    Interest Collections                                                678,659.28      690,650.41      734,045.78     2,103,355.47
    Interest Fees                                                       (12,000.86)     (12,238.32)     (12,918.04)      (37,157.22)

    TOTAL INTEREST                                                      666,658.42      678,412.09      721,127.74     2,066,198.25

    TOTAL AVAILABLE FUNDS                                             2,741,958.38    5,424,663.61    4,363,849.03    12,530,471.02

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

<CAPTION>
PRINCIPAL - COLLECTIONS                                                   POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
    Principal Collections                                             3,948,128.35    5,819,473.44    5,000,274.71    14,767,876.50
    Repurchases/Substitutions                                                 0.00            0.00            0.00             0.00
    Liquidations                                                              0.00            0.00            0.00             0.00
    Insurance Principal                                                       0.00            0.00            0.00             0.00
    Liquidation Loss Amounts                                                  0.00            0.00            0.00             0.00
    Additional Balances                                              (1,872,828.39)  (1,073,221.92)  (1,357,553.42)   (4,303,603.73)
    Draw Amount on Demand Note                                                0.00            0.00            0.00             0.00

    TOTAL PRINCIPAL COLLECTED                                         2,075,299.96    4,746,251.52    3,642,721.29    10,464,272.77

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

<CAPTION>
PRINCIPAL - WITHDRAWALS                                                   POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
                                          SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
PRINCIPAL - OTHER ACCOUNTS                                                POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
                                          SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
INTEREST - COLLECTIONS                                                    POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
    Interest Collections                                                712,809.67      726,570.93      771,499.19     2,210,879.79
    Repurchases/Substitutions                                                 0.00            0.00            0.00             0.00
    Liquidations                                                              0.00            0.00            0.00             0.00
    Insurance Interest                                                        0.00            0.00            0.00             0.00
    Other Additional Interest                                                 0.00            0.00            0.00             0.00
    Current Servicing Fee                                               (34,150.39)     (35,920.52)     (37,453.41)     (107,524.32)

    TOTAL INTEREST                                                      678,659.28      690,650.41      734,045.78     2,103,355.47

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

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                                                    POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
                                          SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
INTEREST - OTHER ACCOUNTS                                                 POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
                                          SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
INTEREST - FEES                                                           POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>               <C>             <C>             <C>
    Trustee Fee                                                             683.01          718.41          749.07         2,150.49
    Certificate Insurer Premium                                          11,317.85       11,519.91       12,168.97        35,006.73
    Management Fee                                                            0.00            0.00            0.00             0.00

    TOTAL INTEREST  FEES                                                 12,000.86       12,238.32       12,918.04        37,157.22

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

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                                Credit Enhancement Report
-----------------------------------------------------------------------------------------------------------------------------------

ACCOUNTS                                                                 POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>              <C>              <C>                <C>
    Beginning Reserve Fund Balance                                           0.00            0.00            0.00             0.00
    Curr Period Amounts Dep to Res Fund                                      0.00            0.00            0.00             0.00
    Curr Withdrawal from Reserve Fund                                        0.00            0.00            0.00             0.00
    Reserve Fund Balance                                                     0.00            0.00            0.00             0.00

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

<CAPTION>
INSURANCE                                                                POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>              <C>              <C>                <C>
    Insured Amount                                                           0.00            0.00            0.00             0.00
    Reimbursements to the Insurer                                            0.00            0.00            0.00             0.00
    Cumulative Insurance Payment                                             0.00            0.00            0.00             0.00

    Draws on the Policy                                                      0.00            0.00            0.00             0.00
    Draws on the Demand Note                                                 0.00            0.00            0.00             0.00

    Interest portion of Guarantee Payment                                    0.00            0.00            0.00             0.00
    Principal portion of Guarantee Payment                                   0.00            0.00            0.00             0.00
    Guarantee Payment for this date                                          0.00            0.00            0.00             0.00
    Cumulative Guaranty Payments                                             0.00            0.00            0.00             0.00

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

<CAPTION>
STRUCTURAL FEATURES                                                      POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                      <C>              <C>              <C>                <C>
    Pool Delinquency Rate                                                  2.6104%         1.2555%         0.8143%
    Rolling Six-month Pool Delinquency Rate                                1.4262%         0.6539%         0.6165%

    Prior Overcollateralization Amount                                       0.00            0.00            0.00             0.00

    Specified Overcollateralization Amount                           2,161,032.93    2,174,666.96    2,350,599.70     6,686,299.59
    Overcollateralization Amount                                             0.00            0.00            0.00             0.00
    Overcollateralization Deficiency Amount                          2,161,032.93    2,174,666.96    2,350,599.70     6,686,299.59

    Overcollateralization Deficit                                        5,079.68            0.00            0.00         5,079.68
    Overcollateralization Reduction Amount                                   0.00            0.00            0.00             0.00
    Step-Up Overcollateralization Amount                                     0.00            0.00            0.00             0.00

    Current Accelerated Principal Payment                                    0.00      146,023.56      346,883.77       492,907.33
    Cumulative Accelerated Principal Payment                                 0.00      146,023.56      346,883.77       492,907.33

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

--------------------------------------------------------------------------------
                               Collateral Report
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL                                                             POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
    <S>                                                           <C>             <C>            <C>              <C>
      Loan Count:
    Original                                                                583            2188            2664             5435
    Prior                                                                   475           1,866           2,268            4,609
    Prefunding                                                                -               -               -                -
    Scheduled Paid Offs                                                       -               -               -                -
    Full Voluntary Prepayments                                              (16)            (94)            (96)            (206)
    Repurchases                                                               -               -               -                -
    Liquidations                                                              -               -               -                -
    -----------------------------------------------------------------------------------------------------------------------------
    Current                                                                 459           1,772           2,172            4,403

    Principal Balance:
    Original                                                      96,045,908.07   96,651,865.01  100,721,912.99   293,419,686.07
    Prior                                                         81,960,939.05   86,209,253.19   89,888,183.51   258,058,375.75
    Prefunding                                                                -               -               -                -
    Scheduled Principal                                              (82,742.88)    (107,327.41)    (112,505.08)     (302,575.37)
    Partial and Full Voluntary Prepayments                        (3,865,385.47)  (5,712,146.03)  (4,887,769.63)  (14,465,301.13)
    Repurchases                                                               -               -               -                -
    Liquidations                                                              -               -               -                -
    -----------------------------------------------------------------------------------------------------------------------------
    Current                                                       79,885,639.09   81,463,001.67   86,245,462.22   247,594,102.98
---------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
PREFUNDING                                                             POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                    <C>              <C>              <C>               <C>
                                                 SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
CHARACTERISTICS                                                        POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
    <S>                                                               <C>             <C>             <C>              <C>
    Weighted Average Coupon Original                                   7.491710%       7.985425%       8.355685%        7.950915%
    Weighted Average Coupon Prior                                     10.778124%      10.722919%      10.818091%       10.773731%
    Weighted Average Coupon Current                                   10.529270%      10.417397%      10.501942%       10.482378%
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Months to Maturity Original                            194             199             197              197
    Weighted Average Months to Maturity Prior                               189             195             192              192
    Weighted Average Months to Maturity Current                             188             194             191              191
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Avg Remaining Amortization Term Original                       200             214             208              207
    Weighted Avg Remaining Amortization Term Prior                          196             208             203              202
    Weighted Avg Remaining Amortization Term Current                        195             207             202              201
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Seasoning Original                                    2.84            2.88            3.04             2.93
    Weighted Average Seasoning Prior                                       6.88            6.85            7.03             6.92
    Weighted Average Seasoning Current                                     7.84            7.85            8.02             7.91

---------------------------------------------------------------------------------------------------------------------------------
Note:  Original information refers to deal issue.

<CAPTION>
ARM CHARACTERISTICS                                                    POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                <C>              <C>             <C>                <C>
    Weighted Average Margin Original                                      2.966%          2.411%          2.558%
    Weighted Average Margin Prior                                         2.996%          2.383%          2.563%
    Weighted Average Margin Current                                       3.005%          2.404%          2.541%
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Max Rate Original                                   17.703%         17.039%         17.227%
    Weighted Average Max Rate Prior                                      17.693%         17.131%         17.279%
    Weighted Average Max Rate Current                                    17.688%         17.182%         17.282%
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Min Rate Original                                    6.606%          7.182%          7.837%
    Weighted Average Min Rate Prior                                       6.592%          7.116%          7.796%
</TABLE>
<PAGE>

<TABLE>
    <S>                                                                   <C>             <C>             <C>            <C>
    Weighted Average Min Rate Current                                     6.588%          7.070%          7.796%
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Up Original
    Weighted Average Cap Up Prior
    Weighted Average Cap Up Current
    -----------------------------------------------------------------------------------------------------------------------------
    Weighted Average Cap Down Original
    Weighted Average Cap Down Prior
    Weighted Average Cap Down Current

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

Note:  Original information refers to deal issue.

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                           POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
    <S>                                                            <C>             <C>             <C>             <C>
    TOTAL SERVICING FEE                                            34,150.39       35,920.52       37,453.41       107,524.32

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

<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                                   POOL III         POOL II          POOL I            TOTAL
---------------------------------------------------------------------------------------------------------------------------------
<S>                                                                 <C>              <C>              <C>               <C>
                                               SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    Delinquency Report - Total
------------------------------------------------------------------------------------------------------------------------------------

                                                        CURRENT       1 PAYMENT       2  PAYMTS         3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                <C>           <C>             <C>               <C>            <C>
DELINQUENT           Balance                                          3,817,319.43      657,556.26               -     4,474,875.69
                     % Balance                                                1.54%           0.27%           0.00%            1.81%
                     # Loans                                                    63               8               -               71
                     % # Loans                                                1.43%           0.18%           0.00%            1.61%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                             39,820.82               -    1,035,970.72    2,131,570.82     3,207,362.36
                     % Balance                                0.02%           0.00%           0.42%           0.86%            1.30%
                     # Loans                                     1               -               9              24               34
                     % # Loans                                0.02%           0.00%           0.20%           0.55%            0.77%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            336,559.63       36,069.57               -      216,972.64       589,601.84
                     % Balance                                0.14%           0.01%           0.00%           0.09%            0.24%
                     # Loans                                     4               1               -               2                7
                     % # Loans                                0.09%           0.02%           0.00%           0.05%            0.16%
------------------------------------------------------------------------------------------------------------------------------------
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                            376,380.45    3,853,389.00    1,693,526.98    2,348,543.46     8,271,839.89
                     % Balance                                0.15%           1.56%           0.68%           0.95%            3.34%
                     # Loans                                     5              64              17              26              112
                     % # Loans                                0.11%           1.45%           0.39%           0.59%            2.54%
------------------------------------------------------------------------------------------------------------------------------------
Note: Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+

<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                 Delinquency Report - Pool I Group
------------------------------------------------------------------------------------------------------------------------------------

                                                        CURRENT       1 PAYMENT       2  PAYMTS         3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                <C>           <C>             <C>               <C>            <C>
DELINQUENT           Balance                                          1,233,754.75      172,639.40               -     1,406,394.15
                     % Balance                                                1.43%           0.20%           0.00%            1.63%
                     # Loans                                                    29               5               -               34
                     % # Loans                                                1.34%           0.23%           0.00%            1.57%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -               -       52,324.01      731,853.06       784,177.07
                     % Balance                                0.00%           0.00%           0.06%           0.85%            0.91%
                     # Loans                                     -               -               2              12               14
                     % # Loans                                0.00%           0.00%           0.09%           0.55%            0.64%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                             80,142.72               -               -       16,972.64        97,115.36
                     % Balance                                0.09%           0.00%           0.00%           0.02%            0.11%
                     # Loans                                     2               -               -               1                3
                     % # Loans                                0.09%           0.00%           0.00%           0.05%            0.14%
------------------------------------------------------------------------------------------------------------------------------------
REO                  Balance                                     -               -               -               -                -
                     % Balance                                0.00%           0.00%           0.00%           0.00%            0.00%
                     # Loans                                     -               -               -               -                -
                     % # Loans                                0.00%           0.00%           0.00%           0.00%            0.00%
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
TOTAL                Balance                             80,142.72    1,233,754.75      224,963.41      748,825.70     2,287,686.58
                     % Balance                                0.09%           1.43%           0.26%           0.87%            2.65%
                     # Loans                                     2              29               7              13               51
                     % # Loans                                0.09%           1.34%           0.32%           0.60%            2.35%
------------------------------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                Delinquency Report - Pool II Group
------------------------------------------------------------------------------------------------------------------------------------

                                                          CURRENT     1 PAYMENT       2  PAYMTS         3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                <C>           <C>             <C>               <C>            <C>
DELINQUENT           Balance                                          1,276,974.87      187,353.27               -     1,464,328.14
                     % Balance                                                1.57%           0.23%           0.00%            1.80%
                     # Loans                                                    27               2               -               29
                     % # Loans                                                1.52%           0.11%           0.00%            1.64%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                             39,820.82               -      329,656.58      465,966.17       835,443.57
                     % Balance                                0.05%           0.00%           0.40%           0.57%            1.03%
                     # Loans                                     1               -               5               8               14
                     % # Loans                                0.06%           0.00%           0.28%           0.45%            0.79%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                             89,202.33       36,069.57               -               -       125,271.90
                     % Balance                                0.11%           0.04%           0.00%           0.00%            0.15%
                     # Loans                                     1               1               -               -                2
                     % # Loans                                0.06%           0.06%           0.00%           0.00%            0.11%
------------------------------------------------------------------------------------------------------------------------------------
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                            129,023.15    1,313,044.44      517,009.85      465,966.17     2,425,043.61
                     % Balance                                0.16%           1.61%           0.63%           0.57%            2.98%
                     # Loans                                     2              28               7               8               45
                     % # Loans                                0.11%           1.58%           0.40%           0.45%            2.54%
------------------------------------------------------------------------------------------------------------------------------------
Note: Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+

<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                Delinquency Report - Pool III Group
------------------------------------------------------------------------------------------------------------------------------------

                                                          CURRENT     1 PAYMENT       2  PAYMTS         3+  PAYMTS            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                  <C>                                <C>           <C>             <C>               <C>            <C>
DELINQUENT           Balance                                          1,306,589.81      297,563.59               -     1,604,153.40
                     % Balance                                                1.64%           0.37%           0.00%            2.01%
                     # Loans                                                     7               1               -                8
                     % # Loans                                                1.53%           0.22%           0.00%            1.74%
------------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE          Balance                                     -               -      653,990.13      933,751.59     1,587,741.72
                     % Balance                                0.00%           0.00%           0.82%           1.17%            1.99%
                     # Loans                                     -               -               2               4                6
                     % # Loans                                0.00%           0.00%           0.44%           0.87%            1.31%
------------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY           Balance                            167,214.58               -               -      200,000.00       367,214.58
                     % Balance                                0.21%           0.00%           0.00%           0.25%            0.46%
                     # Loans                                     1               -               -               1                2
                     % # Loans                                0.22%           0.00%           0.00%           0.22%            0.44%
------------------------------------------------------------------------------------------------------------------------------------
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                            167,214.58    1,306,589.81      951,553.72    1,133,751.59     3,559,109.70
                     % Balance                                0.21%           1.64%           1.19%           1.42%            4.46%
                     # Loans                                     1               7               3               5               16
                     % # Loans                                0.22%           1.53%           0.65%           1.09%            3.49%
------------------------------------------------------------------------------------------------------------------------------------
Note: Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                                   REO Report - Mortgage Loans that Become REO During Current Distribution
-----------------------------------------------------------------------------------------------------------------------------------

SUMMARY                                                 LOAN GROUP
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                     <C>
Total Loan Count =   0                                  Loan Group 1    =    Pool I Group;   REO Book Value  =  000.00
Total Original Principal Balance =   000.00             Loan Group 2    =    Pool II Group;   REO Book Value  = 000.00
Total Current Balance =   000.00                        Loan Group 3    =    Pool III Group;   REO Book Value  = 000.00
REO Book Value =   000.00

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

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

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

--------------------------------------------------------------------------------
                    Prepayment Report - Voluntary Prepayments
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                                   POOL III         POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                 <C>              <C>              <C>               <C>
    Current
    Number of Paid in Full Loans                                              16              94              96              206
    Number of Repurchased Loans                                                -               -               -                -
    ------------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                     16              94              96              206

    Paid in Full Balance                                            3,444,754.63    4,950,149.48    4,153,940.50    12,548,844.61
    Repurchased Loans Balance                                                  -               -               -                -
    Curtailments Amount                                               420,630.84      761,996.55      733,829.13     1,916,456.52
    ------------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                         3,865,385.47    5,712,146.03    4,887,769.63    14,465,301.13

    Cumulative
    Number of Paid in Full Loans                                             124             415             490            1,029
    Number of Repurchased Loans                                                -               -               -                -
    ------------------------------------------------------------------------------------------------------------------------------
    Total Number of Loans Prepaid in Full                                    124             415             490            1,029

    Paid in Full Balance                                           23,753,602.89   20,938,224.30   20,924,780.18    65,616,607.37
    Repurchased Loans Balance                                                  -               -               -                -
    Curtailments Amount                                            10,287,846.98    6,481,899.01    8,157,357.65    24,927,103.64
    ------------------------------------------------------------------------------------------------------------------------------
    Total Prepayment Amount                                        34,041,449.87   27,420,123.31   29,082,137.83    90,543,711.01

                                                  SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
VOLUNTARY PREPAYMENT RATES                                              POOL III         POOL II          POOL I            TOTAL
----------------------------------------------------------------------------------------------------------------------------------
    <S>                                                                 <C>              <C>              <C>               <C>
    SMM                                                                    4.72%           6.63%           5.44%            5.61%
    3 Months Avg SMM                                                       4.97%           5.52%           5.32%            5.28%
    12 Months Avg SMM
    Avg SMM Since Cut-off                                                  5.41%           4.28%           4.32%            4.66%

    CPR                                                                   44.03%          56.12%          48.92%           50.00%
    3 Months Avg CPR                                                      45.73%          49.42%          48.13%           47.82%
    12 Months Avg CPR
    Avg CPR Since Cut-off                                                 48.72%          40.84%          41.12%           43.58%

    PSA                                                                 2807.61%        3573.91%        3049.94%         3161.65%
    3 Months Avg  PSA Approximation                                     3327.90%        3605.39%        3425.49%         3455.55%
    12 Months Avg PSA Approximation
    Avg PSA Since Cut-off Approximation                                 4869.18%        4078.82%        3973.04%         4303.49%

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

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

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

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

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

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

    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>

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                             Realized Loss Report - Collateral
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>            <C>             <C>              <C>

COLLATERAL REALIZED LOSSES                                                POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------

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

    Cumulative
    Number of Loans Liquidated                                                   -               1               1                2
    Collateral Realized Loss/(Gain) Amount                                       -       20,426.22               -        20,426.22
    Net Liquidation Proceeds                                                     -       33,573.78       41,405.77        74,979.55

    Note: Collateral realized losses may include adjustments to loans liquidated in prior periods.

    Cumulative Losses as % of Original Balance                              0.0000%         0.0211%         0.0000%          0.0070%

    Cumulative Losses as % of Current Balance                               0.0000%         0.0251%         0.0000%          0.0082%

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

<CAPTION>
DEFAULT SPEEDS                                                             POOL III         POOL II          POOL I            TOTAL
------------------------------------------------------------------------------------------------------------------------------------
<S>                                                                       <C>            <C>             <C>              <C>
    MDR                                                                       0.00%           0.00%           0.00%            0.00%
    3 Months Avg MDR                                                          0.00%           0.02%           0.01%            0.01%
    12 Months Avg MDR
    Avg MDR Since Cut-off                                                     0.00%           0.01%           0.01%            0.00%

    CDR                                                                       0.00%           0.00%           0.00%            0.00%
    3 Months Avg CDR                                                          0.00%           0.23%           0.17%            0.14%
    12 Months Avg CDR
    Avg CDR Since Cut-off                                                     0.00%           0.10%           0.07%            0.06%

    SDA                                                                       0.00%           0.00%           0.00%            0.00%
    3 Months Avg SDA Approximation                                            0.00%           1.71%           1.22%            1.00%
    12 Months Avg SDA Approximation
    Avg SDA Since Cut-off Approximation                                       0.00%           1.01%           0.71%            0.59%

    Loss Severity Approximation for Current Period
    3 Months Avg Loss Severity Approximation                                                 37.83%           0.00%           21.41%
    12 Months Avg Loss Severity Approximation
    Avg Loss Severity Approximation Since Cut-off                                            37.83%           0.00%           21.41%

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

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY
--------------------------------------------------------------------------------
    Monthly Default Rate (MDR):  (Beg Principal Balance of Liquidated Loans)/
    (Total Beg Principal Balance)

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

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

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

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

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

# represents greater than sign
<PAGE>

     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.
--------------------------------------------------------------------------------
# represents greater than sign
<PAGE>

--------------------------------------------------------------------------------
  Realized Loss Detail Report - Loans Liquidated During Current Distribution
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                                                  LOAN GROUP
-------------------------------------------------------                  ----------------------------------------------------------
<S>                                                                      <C>
Total Loan Count =   0                                                   Loan Group 1    =    Pool I Group
Total Original Principal Balance = 0.00                                  Loan Group 2    =    Pool II Group
Total Prior Principal Balance =   0.00                                   Loan Group 3    =    Pool III Group
Total Realized Loss Amount =   0.00
Total Net Liquidation Proceeds =   0.00
-------------------------------------------------------                  -----------------------------------------------------------
</TABLE>

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

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

--------------------------------------------------------------------------------
              Triggers, Adj. Rate Cert. and Miscellaneous Report
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
TRIGGER EVENTS                                                        POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
    <S>                                                               <C>              <C>              <C>               <C>
    Servicer Event of Default                                               No              No              No               No

    Insurer Default                                                         No              No              No               No

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

<CAPTION>
ADJUSTABLE RATE CERTIFICATE INFORMATION                               POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
<S>                                                                   <C>              <C>              <C>               <C>
                                                  SPACE INTENTIONALLY LEFT BLANK

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

<CAPTION>
ADDITIONAL INFORMATION                                                POOL III         POOL II          POOL I            TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
    <S>                                                             <C>             <C>              <C>           <C>
    Detail Delinq. Breakdown to Supplement pages 11-13
    Number of Mort. Loans Delinq. 90 -119 days                               -               -               -                -
    Balance of Mort. Loans Delinq. 90 -119 days                           0.00            0.00            0.00             0.00
    Number of Mort. Loans Delinq. 120 -149 days                              -               -               -                -
    Balance of Mort. Loans Delinq. 120 -149 days                          0.00            0.00            0.00             0.00
    Number of Mort. Loans Delinq. 150 -179 days                              -               -               -                -
    Balance of Mort. Loans Delinq. 150 -179 days                          0.00            0.00            0.00             0.00
    Number of Mort. Loans Delinq. 180 days or more                           -               1               -                1
    Balance of Mort. Loans Delinq. 180 days or more                       0.00       68,521.23            0.00        68,521.23
    Number of Mort. Loans Delinq. 180 days or more (including
    status)                                                                  3               5               3               11
    Balance of Mort. Loans Delinq. 180 days or more (including
    status)                                                         806,093.66      211,567.68       93,729.62     1,111,390.96

    Management Fee Accrued and Unpaid                                 1,145.69        1,152.90        1,201.41         3,500.00

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00027-of-00352.parquet"}]]