Document:

<PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2003-7
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate    Certificate       Beginning
                      Class          Pass-         Certificate       Interest        Principal
Class     CUSIP    Description    Through Rate       Balance       Distribution    Distribution
------  ---------  -----------    ------------   --------------    ------------    ------------
<S>     <C>        <C>            <C>            <C>               <C>             <C>
 A-1    81743PDK9      SEN          1.41125%     282,778,281.98      332,559.04    4,134,263.37
 A-2    81743PDL7      SEN          1.57375%     495,253,732.73      649,504.63    5,825,425.95
 X-1    81743PDM5       IO          0.80000%               0.00      475,871.91            0.00
 X-2    81743PDN3       IO          0.42687%               0.00      276,767.72            0.00
 A-R    81743PDQ6      RES          2.62876%               0.00            0.00            0.00
 B-1    81743PDR4      SUB          1.64125%      16,607,000.00       22,713.53            0.00
 B-2    81743PDS2      SUB          2.67544%       6,642,000.00       14,808.54            0.00
 B-3    81743PDT0      SUB          2.67544%       4,982,000.00       11,107.52            0.00
 B-4    SMT0307B4      SUB          2.67544%       2,490,000.00        5,551.53            0.00
 B-5    SMT0307B5      SUB          2.67544%       1,660,000.00        3,701.02            0.00
 B-6    SMT0307B6      SUB          2.67544%       2,910,544.86        6,489.15            0.00
 X-B    81743PDP8       IO          1.03419%               0.00       14,312.29            0.00
                                                 --------------    ------------    ------------
Totals                                           813,323,559.57    1,813,386.88    9,959,689.32
                                                 --------------    ------------    ------------

<CAPTION>
                      Current     Ending Certificate     Total       Cumulative
Class     CUSIP    Realized Loss        Balance       Distribution  Realized Loss
------  ---------  -------------  ------------------ -------------  -------------
<S>     <C>        <C>            <C>                <C>            <C>
 A-1    81743PDK9      0.00         278,644,018.61    4,466,822.41       0.00
 A-2    81743PDL7      0.00         489,428,306.78    6,474,930.58       0.00
 X-1    81743PDM5      0.00                   0.00      475,871.91       0.00
 X-2    81743PDN3      0.00                   0.00      276,767.72       0.00
 A-R    81743PDQ6      0.00                   0.00            0.00       0.00
 B-1    81743PDR4      0.00          16,607,000.00       22,713.53       0.00
 B-2    81743PDS2      0.00           6,642,000.00       14,808.54       0.00
 B-3    81743PDT0      0.00           4,982,000.00       11,107.52       0.00
 B-4    SMT0307B4      0.00           2,490,000.00        5,551.53       0.00
 B-5    SMT0307B5      0.00           1,660,000.00        3,701.02       0.00
 B-6    SMT0307B6      0.00           2,910,544.86        6,489.15       0.00
 X-B    81743PDP8      0.00                   0.00       14,312.29       0.00
                       ----         --------------   -------------       ----
Totals                 0.00         803,363,870.25   11,773,076.20       0.00
                       ----         --------------   -------------       ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          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-1    290,000,000.00  282,778,281.98      0.00      4,134,263.37     0.00      0.00
 A-2    505,100,000.00  495,253,732.73      0.00      5,825,425.95     0.00      0.00
 X-1              0.00            0.00      0.00              0.00     0.00      0.00
 X-2              0.00            0.00      0.00              0.00     0.00      0.00
 A-R            100.00            0.00      0.00              0.00     0.00      0.00
 B-1     16,607,000.00   16,607,000.00      0.00              0.00     0.00      0.00
 B-2      6,642,000.00    6,642,000.00      0.00              0.00     0.00      0.00
 B-3      4,982,000.00    4,982,000.00      0.00              0.00     0.00      0.00
 B-4      2,490,000.00    2,490,000.00      0.00              0.00     0.00      0.00
 B-5      1,660,000.00    1,660,000.00      0.00              0.00     0.00      0.00
 B-6      2,910,544.86    2,910,544.86      0.00              0.00     0.00      0.00
 X-B              0.00            0.00      0.00              0.00     0.00      0.00
        --------------  --------------      ----      ------------     ----      ----
Totals  830,391,644.86  813,323,559.57      0.00      9,595,689.32     0.00      0.00
        --------------  --------------      ----      ------------     ----      ----

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance            Percentage       Distribution
------  ---------------  ------------------  ------------------  ---------------
<S>     <C>              <C>                 <C>                 <C>
 A-1      4,134,263.37     278,644,018.61        0.96084144       4,134,263.37
 A-2      5,825,425.95     489,428,306.78        0.96897309       5,825,425.95
 X-1              0.00               0.00        0.00000000               0.00
 X-2              0.00               0.00        0.00000000               0.00
 A-R              0.00               0.00        0.00000000               0.00
 B-1              0.00      16,607,000.00        1.00000000               0.00
 B-2              0.00       6,642,000.00        1.00000000               0.00
 B-3              0.00       4,982,000.00        1.00000000               0.00
 B-4              0.00       2,490,000.00        1.00000000               0.00
 B-5              0.00       1,660,000.00        1.00000000               0.00
 B-6              0.00       2,910,544.86        1.00000000               0.00
 X-B              0.00               0.00        0.00000000               0.00
          ------------     --------------        ----------       ------------
Totals    9,959,689.32     803,363,870.25        0.96745177       9,959,689.32
          ------------     --------------        ----------       ------------
</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-1   290,000,000.00   975.09752407   0.00000000    14.25608059  0.00000000  0.00000000
 A-2   505,100,000.00   980.50630119   0.00000000    11.53321313  0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-2             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-R           100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-1    16,607,000.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2     6,642,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3     4,982,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4     2,490,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5     1,660,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6     2,910,544.86  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
       Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class     Reduction          Balance            Percentage        Distribution
-----  ---------------  ------------------  ------------------  ---------------
<S>    <C>              <C>                 <C>                 <C>
 A-1     14.25608059        960.84144348          0.96084144       14.25608059
 A-2     11.53321313        968.97308806          0.96897309       11.53321313
 X-1      0.00000000          0.00000000          0.00000000        0.00000000
 X-2      0.00000000          0.00000000          0.00000000        0.00000000
 A-R      0.00000000          0.00000000          0.00000000        0.00000000
 B-1      0.00000000       1000.00000000          1.00000000        0.00000000
 B-2      0.00000000       1000.00000000          1.00000000        0.00000000
 B-3      0.00000000       1000.00000000          1.00000000        0.00000000
 B-4      0.00000000       1000.00000000          1.00000000        0.00000000
 B-5      0.00000000       1000.00000000          1.00000000        0.00000000
 B-6      0.00000000       1000.00000000          1.00000000        0.00000000
 X-B      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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                  Payment of
                                           Certificate/      Current      Unpaid     Current
        Original Face        Current         Notional        Accrued     Interest    Interest
 Class      Amount      Certificate Rate      Balance       Interest    Shortfall   Shortfall
------  --------------  ----------------  --------------  ------------  ----------  ---------
<S>     <C>             <C>               <C>             <C>           <C>         <C>
  A-1   290,000,000.00      1.41125%      282,778,281.98    332,559.04     0.00        0.00
  A-2   505,100,000.00      1.57375%      495,253,732.73    649,504.63     0.00        0.00
  X-1             0.00      0.80000%      713,807,869.75    475,871.91     0.00        0.00
  X-2             0.00      0.42687%      778,032,014.71    276,767.72     0.00        0.00
  A-R           100.00      2.62876%                0.00          0.00     0.00        0.00
  B-1    16,607,000.00      1.64125%       16,607,000.00     22,713.53     0.00        0.00
  B-2     6,642,000.00      2.67544%        6,642,000.00     14,808.54     0.00        0.00
  B-3     4,982,000.00      2.67544%        4,982,000.00     11,107.52     0.00        0.00
  B-4     2,490,000.00      2.67544%        2,490,000.00      5,551.53     0.00        0.00
  B-5     1,660,000.00      2.67544%        1,660,000.00      3,701.02     0.00        0.00
  B-6     2,910,544.86      2.67544%        2,910,544.86      6,489.15     0.00        0.00
  X-B             0.00      1.03419%       16,607,000.00     14,312.29     0.00        0.00
        --------------                                    ------------     ----        ----
Totals  830,391,644.86                                    1,813,386.88     0.00        0.00
        --------------                                    ------------     ----        ----

<CAPTION>
          Non-                               Remaining      Ending
        Supported                              Unpaid    Certificate/
        Interest   Realized  Total Interest   Interest    Notational
 Class  Shortfall  Loss (4)   Distribution   Shortfall      Balance
------  ---------  --------  --------------  ---------  --------------
<S>     <C>        <C>       <C>             <C>        <C>
  A-1     0.00       0.00       332,559.04      0.00    278,644,018.61
  A-2     0.00       0.00       649,504.63      0.00    489,428,306.78
  X-1     0.00       0.00       475,871.91      0.00    687,393,227.92
  X-2     0.00       0.00       276,767.72      0.00    768,072,325.39
  A-R     0.00       0.00             0.00      0.00              0.00
  B-1     0.00       0.00        22,713.53      0.00     16,607,000.00
  B-2     0.00       0.00        14,808.54      0.00      6,642,000.00
  B-3     0.00       0.00        11,107.52      0.00      4,982,000.00
  B-4     0.00       0.00         5,551.53      0.00      2,490,000.00
  B-5     0.00       0.00         3,701.02      0.00      1,660,000.00
  B-6     0.00       0.00         6,489.15      0.00      2,910,544.86
  X-B     0.00       0.00        14,312.29      0.00     16,607,000.00
          ----       ----     ------------      ----
Totals    0.00       0.00     1,813,386.88      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
                            Current        Beginning                         Unpaid     Current
            Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest
Class (5)       Amount        Rate      Notional Balance      Interest      Shortfall  Shortfall
---------  --------------  -----------  ----------------  ---------------  ----------  ----------
<S>        <C>             <C>          <C>               <C>              <C>         <C>
   A-1     290,000,000.00   1.41125%      975.09752407       1.14675531    0.00000000  0.00000000
   A-2     505,100,000.00   1.57375%      980.50630119       1.28589315    0.00000000  0.00000000
   X-1               0.00   0.80000%      897.75860867       0.59850574    0.00000000  0.00000000
   X-2               0.00   0.42687%      978.53353630       0.34809171    0.00000000  0.00000000
   A-R             100.00   2.62876%        0.00000000       0.00000000    0.00000000  0.00000000
   B-1      16,607,000.00   1.64125%     1000.00000000       1.36770820    0.00000000  0.00000000
   B-2       6,642,000.00   2.67544%     1000.00000000       2.22953026    0.00000000  0.00000000
   B-3       4,982,000.00   2.67544%     1000.00000000       2.22953031    0.00000000  0.00000000
   B-4       2,490,000.00   2.67544%     1000.00000000       2.22953012    0.00000000  0.00000000
   B-5       1,660,000.00   2.67544%     1000.00000000       2.22953012    0.00000000  0.00000000
   B-6       2,910,544.86   2.67544%     1000.00000000       2.22953100    0.00000000  0.00000000
   X-B               0.00   1.03419%     1000.00000000       0.86182273    0.00000000  0.00000000

<CAPTION>
              Non-                                 Remaining
           Supported                                 Unpaid
            Interest    Realized   Total Interest   Interest   Ending Certificate/
Class (5)  Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
---------  ----------  ----------  --------------  ----------  -------------------
<S>        <C>         <C>         <C>             <C>         <C>
   A-1     0.00000000  0.00000000    1.14675531    0.00000000      960.84144348
   A-2     0.00000000  0.00000000    1.28589315    0.00000000      968.97308806
   X-1     0.00000000  0.00000000    0.59850574    0.00000000      864.53682294
   X-2     0.00000000  0.00000000    0.34809171    0.00000000      966.00720084
   A-R     0.00000000  0.00000000    0.00000000    0.00000000        0.00000000
   B-1     0.00000000  0.00000000    1.36770820    0.00000000     1000.00000000
   B-2     0.00000000  0.00000000    2.22953026    0.00000000     1000.00000000
   B-3     0.00000000  0.00000000    2.22953031    0.00000000     1000.00000000
   B-4     0.00000000  0.00000000    2.22953012    0.00000000     1000.00000000
   B-5     0.00000000  0.00000000    2.22953012    0.00000000     1000.00000000
   B-6     0.00000000  0.00000000    2.22953100    0.00000000     1000.00000000
   X-B     0.00000000  0.00000000    0.86182273    0.00000000     1000.00000000
</TABLE>

(5)  Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                          12,026,568.77
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                               25,023.01
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       12,051,591.78

Withdrawals
         Reimbursement for Servicer Advances                             19,946.48
         Payment of Service Fee                                         258,569.10
         Payment of Interest and Principal                           11,773,076.20
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         12,051,591.78

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                       <C>
Total Prepayment/Curtailment Interest Shortfall           0.00
Servicing Fee Support                                     0.00
                                                          ----
Non-Supported Prepayment Curtailment Interest Shortfall   0.00
                                                          ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                    <C>
Gross Servicing Fee                                    254,163.60
Master Servicing Fee                                     4,405.50
Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                       ----------
Net Servicing Fee                                      258,569.10
                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                Beginning    Current    Current    Ending
         Account Type            Balance   Withdrawals  Deposits   Balance
-----------------------------   ---------  -----------  --------  --------
<S>                             <C>        <C>          <C>       <C>
Pool 1 Companion Reserve Fund   4,000.00      0.00       0.00     4,000.00
Pool 1 NAS Reserve Fund         1,000.00      0.00       0.00     1,000.00
Pool 2 Companion Reserve Fund     500.00      0.00       0.00       500.00
Pool 2 NAS Reserve Fund         2,000.00      0.00       0.00     2,000.00
Class X-B Reserve Fund          2,500.00      0.00       0.00     2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
          DELINQUENT                           BANKRUPTCY                       FORECLOSURE
-----------------------------------  -------------------------------  -------------------------------
            No. of      Principal                No. of    Principal              No. of    Principal
            Loans        Balance                  Loans     Balance               Loans      Balance
<S>        <C>        <C>            <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days       0              0.00  0-29 Days      0         0.00    0-29 Days     0          0.00
30 Days        31     10,033,797.75  30 Days        0         0.00    30 Days       0          0.00
60 Days         3      1,141,018.36  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
           ------------------------             ------------------               ------------------
               34     11,174,816.11                 0         0.00                  0          0.00

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

0-29 Days  0.000000%    0.000000%    0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.292744%    1.248971%    30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.125104%    0.142030%    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%
           ---------------------                -------------------              -------------------
           1.417848%    1.391001%               0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------   -----------------------------------
            No. of    Principal               No. of      Principal
            Loans      Balance                Loans        Balance
<C>        <C>        <C>         <C>        <C>        <C>
0-29 Days      0         0.00     0-29 Days       0              0.00
30 Days        0         0.00     30 Days        31     10,033,797.75
60 Days        0         0.00     60 Days         3      1,141,018.36
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                    34     11,174,816.11

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

0-29 Days  0.000000%  0.000000%   0-29 Days  0.000000%    0.000000%
30 Days    0.000000%  0.000000%   30 Days    1.292744%    1.248971%
60 Days    0.000000%  0.000000%   60 Days    0.125104%    0.142030%
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%              1.417848%    1.391001%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                            <C>    <C>
Current Period Class A Insufficient Funds   0.00   Principal Balance of Contaminated Properties   0.00   Periodic Advance  25,023.01
</TABLE>

<PAGE>

     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
              Original $        Original%      Current $         Current %      Current Class %    Prepayment %
            -------------      ----------    -------------      ----------      ---------------    ------------
<S>         <C>                <C>           <C>                <C>             <C>                <C>
Class A     35,291,544.86      4.24998795%   35,291,544.86      4.39297138%       95.607029%        0.000000%
Class X-1   35,291,544.86      4.24998795%   35,291,544.86      4.39297138%        0.000000%        0.000000%
Class X-2   35,291,544.86      4.24998795%   35,291,544.86      4.39297138%        0.000000%        0.000000%
Class B-1   18,684,544.86      2.25008825%   18,684,544.86      2.32578854%        2.067183%       47.056597%
Class B-2   12,042,544.86      1.45022471%   12,042,544.86      1.49901499%        0.826774%       18.820372%
Class B-3    7,060,544.86      0.85026685%    7,060,544.86      0.87887259%        0.620142%       14.116696%
Class B-4    4,750,544.86      0.55040834%    4,570,544.86      0.56892587%        0.309947%        7.055514%
Class B-5    2,910,544.86      0.35050267%    2,910,544.86      0.36229472%        0.206631%        4.703676%
Class B-6            0.00      0.00000000%            0.00      0.00000000%        0.362295%        8.247145%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------  -------------------------------  -------------------------------
GROUP ONE - A
            No. of     Principal                No. of    Principal              No. of    Principal
            Loans       Balance                 Loans      Balance               Loans      Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0         0.00    0-29 Days      0         0.00
30 Days        4      2,130,899.72  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
           -----------------------             ------------------               ------------------
               4      2,130,899.72                 0         0.00                   0         0.00

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

0-29 Days  0.000000%   0.000000%    0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.687764%   2.339673%    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%
           --------------------                -------------------              -------------------
           1.687764%   2.339673%               0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------  ----------------------------------

            No. of    Principal               No. of    Principal
             Loans     Balance                Loans      Balance
<C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0         0.00    0-29 Days      0              0.00
30 Days        0         0.00    30 Days        4      2,130,899.72
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                   4      2,130,899.72

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%   0.000000%
30 Days    0.000000%  0.000000%  30 Days    1.687764%   2.339673%
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%             1.687764%   2.339673%
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
           DELINQUENT                           BANKRUPTCY                        FORECLOSURE
--------------------------------------------------------------------------------------------------------
GROUP ONE - B
             No. of     Principal                 No. of    Principal                No. of    Principal
             Loans       Balance                  Loans      Balance                 Loans      Balance
<S>        <C>         <C>           <C>        <C>         <C>        <C>        <C>          <C>
0-29 Days      0               0.00  0-29 Days      0          0.00    0-29 Days      0           0.00
30 Days        6       1,602,368.11  30 Days        0          0.00    30 Days        0           0.00
60 Days        1         468,668.36  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
           ------------------------             -------------------               --------------------
               7       2,071,036.47                 0          0.00                   0           0.00

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

0-29 Days  0.000000%    0.000000%    0-29 Days  0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days    0.974026%    0.799428%    30 Days    0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days    0.162338%    0.233820%    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%
           ---------------------                --------------------               --------------------
           1.136364%    1.033248%               0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------------------------------------------
             No. of   Principal               No. of    Principal
             Loans     Balance                Loans      Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0         0.00    0-29 Days      0              0.00
30 Days        0         0.00    30 Days        6      1,602,368.11
60 Days        0         0.00    60 Days        1        468,668.36
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                   7      2,071,036.47

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%   0.000000%
30 Days    0.000000%  0.000000%  30 Days    0.974026%   0.799428%
60 Days    0.000000%  0.000000%  60 Days    0.162338%   0.233820%
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%             1.136364%   1.033248%
</TABLE>

<TABLE>
           DELINQUENT                           BANKRUPTCY                        FORECLOSURE
--------------------------------------------------------------------------------------------------------
GROUP TWO
              No. of    Principal                 No. of    Principal                No. of    Principal
              Loans      Balance                  Loans      Balance                 Loans      Balance
<S>        <C>         <C>           <C>        <C>         <C>        <C>        <C>          <C>
0-29 Days        0             0.00  0-29 Days      0          0.00    0-29 Days       0          0.00
30 Days         21     6,300,529.92  30 Days        0          0.00    30 Days         0          0.00
60 Days          2       672,350.00  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
           ------------------------             -------------------               --------------------
                23     6,972,879.92                 0          0.00                    0          0.00

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

0-29 Days   0.000000%   0.000000%    0-29 Days  0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     1.359223%   1.230936%    30 Days    0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.129450%   0.131357%    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%
           ---------------------                --------------------               --------------------
            1.488673%   1.362293%               0.000000%   0.000000%              0.000000%   0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------------------------------------------
             No. of   Principal               No. of    Principal
             Loans     Balance                Loans      Balance
<S>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0         0.00    0-29 Days      0              0.00
30 Days        0         0.00    30 Days       21      6,300,529.92
60 Days        0         0.00    60 Days        2        672,350.00
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                  23      6,972,879.92

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%   0.000000%
30 Days    0.000000%  0.000000%  30 Days    1.359223%   1.230936%
60 Days    0.000000%  0.000000%  60 Days    0.129450%   0.131357%
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%             1.488673%   1.362293%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                              <C>
Collateral Description                                              Mixed Arm

Weighted Average Gross Coupon                                          3.057021%
Weighted Average Net Coupon                                            2.682021%
Weighted Average Pass-Through Rate                                     2.675521%
Weighted Average Maturity (Stepdown Calculation)                            348

Beginning Scheduled Collateral Loan Count                                 2,421
Number of Loans Paid in Full                                                 23
Ending Scheduled Collateral Loan Count                                    2,398

Beginning Scheduled Collateral Balance                           813,323,559.61
Ending Scheduled Collateral Balance                              803,363,870.29
Ending Actual Collateral Balance at 27-Feb-2004                  803,364,831.28

Monthly P&I Constant                                               2,071,956.02
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            11,694,392.63

Ending Scheduled Balance for Premium Loans                       803,363,870.29

Scheduled Principal                                                        0.00
Unscheduled Principal                                              9,959,689.32
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                         <C>
Capitalized Interest Account Balance                                        0.00
Subsequent Mortgage Acquisition                                             0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                 GROUP ONE - A      GROUP ONE - B          GROUP TWO           TOTAL
<S>                              <C>                <C>                 <C>                <C>
Collateral Description           1 Month LIBOR ARM  6 Month LIBOR ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate              2.849785           3.087613            3.081961         3.057021
Weighted Average Net Rate                 2.474785           2.712613            2.706961         2.682021
Pass-Through Rate                         2.468285           2.706113            2.700461         2.675521
Weighted Average Maturity                      324                351                 351              348
Record Date                             02/27/2004         02/27/2004          02/27/2004       02/27/2004
Principal and Interest Constant         219,233.86         523,181.35        1,329,540.81     2,071,956.02
Beginning Loan Count                           240                624               1,557            2,421
Loans Paid in Full                               3                  8                  12               23
Ending Loan Count                              237                616               1,545            2,398
Beginning Scheduled Balance          92,315,962.14     203,334,282.50      517,673,314.97   813,323,559.61
Ending Scheduled Balance             91,076,747.06     200,439,234.21      511,847,889.02   803,363,870.29
Scheduled Principal                           0.00               0.00                0.00             0.00
Unscheduled Principal                 1,239,215.08       2,895,048.29        5,825,425.95     9,959,689.32
Scheduled Interest                      219,233.86         523,181.35        1,329,540.81     2,071,956.02
Servicing Fee                            28,848.73          63,541.97          161,772.90       254,163.60
Master Servicing Fee                        500.05           1,101.39            2,804.06         4,405.50
Trustee Fee                                   0.00               0.00                0.00             0.00
FRY Amount                                    0.00               0.00                0.00             0.00
Special Hazard Fee                            0.00               0.00                0.00             0.00
Other Fee                                     0.00               0.00                0.00             0.00
Pool Insurance Fee                            0.00               0.00                0.00             0.00
Spread 1                                      0.00               0.00                0.00             0.00
Spread 2                                      0.00               0.00                0.00             0.00
Spread 3                                      0.00               0.00                0.00             0.00
Net Interest                            189,885.08         458,537.99        1,164,963.85     1,813,386.92
Realized Loss Amount                          0.00               0.00                0.00             0.00
Cumulative Realized Loss                      0.00               0.00                0.00             0.00
Percentage of Cumulative Losses               0.00               0.00                0.00             0.00
Prepayment Penalties                          0.00               0.00                0.00             0.00
Special Servicing Fee                         0.00               0.00                0.00             0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                  <C>
Group One - A
      Interest Transfer Amount                                             0.00
      Principal Transfer Amount                                            0.00
      Prorata Senior Percent                                          95.646220%
      Senior Percentage                                              100.000000%
      Senior Prepayment Percentage                                   100.000000%
      Subordinate Percentage                                           0.000000%
      Subordinate Prepayment Percentage                                0.000000%
      Prefunding Balance                                                   0.00

Group One - B
      Interest Transfer Amount                                             0.00
      Principal Transfer Amount                                            0.00
      Prorata Senior Percent                                          95.669164%
      Senior Percentage                                              100.000000%
      Senior Prepayment Percentage                                   100.000000%
      Subordinate Percentage                                           0.000000%
      Subordinate Prepayment Percentage                                0.000000%
      Prefunding Balance                                                   0.00
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2003-8
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                  Certificate                       Beginning
                     Class     Certificate Pass-   Certificate      Interest     Principal
Class    CUSIP    Description     Through Rate       Balance      Distribution  Distribution
--------------------------------------------------------------------------------------------
<S>    <C>        <C>          <C>                <C>             <C>           <C>
 A-1   81743PDX1      SEN          1.41125%       783,599,976.18    921,546.22  6,100,089.13
 X-1   81743PDZ6       IO          0.80000%                 0.00    582,723.66          0.00
 A-2   81743PDY9      SEN          1.56000%       148,392,418.44    192,910.14     90,662.38
 X-2   81743PEA0       IO          0.36946%                 0.00    286,946.85          0.00
 B-1   81743PED4      SUB          1.68125%        14,166,000.00     19,847.16          0.00
 X-B   81743PEB8       IO          0.62953%                 0.00     11,787.96          0.00
 B-2   81743PEE2      SUB          2.34125%         8,304,000.00     16,201.45          0.00
 B-3   81743PEF9      SUB          2.55469%         4,884,000.00     10,397.59          0.00
 B-4   81743PEG7      SUB          2.55469%         2,443,000.00      5,200.92          0.00
 B-5   81743PEH5      SUB          2.55469%         1,465,000.00      3,118.85          0.00
 B-6   81743PEJ1      SUB          2.55469%         3,908,267.00      8,320.34          0.00
 A-R   81743PEC6      RES          2.55713%                 0.00          0.00          0.00
--------------------------------------------------------------------------------------------
Totals                                            967,162,661.62  2,059,001.14  6,190,751.51
--------------------------------------------------------------------------------------------

<CAPTION>

                     Current     Ending Certificate      Total       Cumulative
Class    CUSIP    Realized Loss       Balance        Distribution  Realized Loss
--------------------------------------------------------------------------------
<S>    <C>        <C>            <C>                 <C>           <C>
 A-1   81743PDX1       0.00        777,499,887.05    7,021,635.35       0.00
 X-1   81743PDZ6       0.00                  0.00      582,723.66       0.00
 A-2   81743PDY9       0.00        148,301,756.06      283,572.52       0.00
 X-2   81743PEA0       0.00                  0.00      286,946.85       0.00
 B-1   81743PED4       0.00         14,166,000.00       19,847.16       0.00
 X-B   81743PEB8       0.00                  0.00       11,787.96       0.00
 B-2   81743PEE2       0.00          8,304,000.00       16,201.45       0.00
 B-3   81743PEF9       0.00          4,884,000.00       10,397.59       0.00
 B-4   81743PEG7       0.00          2,443,000.00        5,200.92       0.00
 B-5   81743PEH5       0.00          1,465,000.00        3,118.85       0.00
 B-6   81743PEJ1       0.00          3,908,267.00        8,320.34       0.00
 A-R   81743PEC6       0.00                  0.00            0.00       0.00
--------------------------------------------------------------------------------
Totals                 0.00        960,971,910.11    8,249,752.65       0.00
--------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled    Unscheduled
         Original Face   Certificate     Principal     Principal
Class       Amount         Balance      Distribution  Distribution  Accretion
-----------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>           <C>
 A-1    791,768,000.00  783,599,976.18      0.00      6,100,089.13     0.00
 X-1              0.00            0.00      0.00              0.00     0.00
 A-2    150,000,000.00  148,392,418.44      0.00         90,662.38     0.00
 X-2              0.00            0.00      0.00              0.00     0.00
 B-1     14,166,000.00   14,166,000.00      0.00              0.00     0.00
 X-B              0.00            0.00      0.00              0.00     0.00
 B-2      8,304,000.00    8,304,000.00      0.00              0.00     0.00
 B-3      4,884,000.00    4,884,000.00      0.00              0.00     0.00
 B-4      2,443,000.00    2,443,000.00      0.00              0.00     0.00
 B-5      1,465,000.00    1,465,000.00      0.00              0.00     0.00
 B-6      3,908,267.00    3,908,267.00      0.00              0.00     0.00
 A-R            100.00            0.00      0.00              0.00     0.00
-----------------------------------------------------------------------------
Totals  976,938,367.00  967,162,661.62      0.00      6,190,751.51     0.00
-----------------------------------------------------------------------------

<CAPTION>

        Realized  Total Principal  Ending Certificate   Ending Certificate  Total Principal
Class   Loss (1)   Reduction           Balance             Percentage         Distribution
-----------------------------------------------------------------------------------------
<S>     <C>       <C>              <C>                  <C>                 <C>
 A-1      0.00      6,100,089.13    777,499,887.05          0.98197943       6,100,089.13
 X-1      0.00              0.00              0.00          0.00000000               0.00
 A-2      0.00         90,662.38    148,301,756.06          0.98867837          90,662.38
 X-2      0.00              0.00              0.00          0.00000000               0.00
 B-1      0.00              0.00     14,166,000.00          1.00000000               0.00
 X-B      0.00              0.00              0.00          0.00000000               0.00
 B-2      0.00              0.00      8,304,000.00          1.00000000               0.00
 B-3      0.00              0.00      4,884,000.00          1.00000000               0.00
 B-4      0.00              0.00      2,443,000.00          1.00000000               0.00
 B-5      0.00              0.00      1,465,000.00          1.00000000               0.00
 B-6      0.00              0.00      3,908,267.00          1.00000000               0.00
 A-R      0.00              0.00              0.00          0.00000000               0.00
-----------------------------------------------------------------------------------------
Totals    0.00      6,190,751.51    960,971,910.11          0.98365664       6,190,751.51
-----------------------------------------------------------------------------------------
</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-1   791,768,000.00   989.68381670   0.00000000    7.70438958   0.00000000  0.00000000
 X-1             0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 A-2   150,000,000.00   989.28278960   0.00000000    0.60441587   0.00000000  0.00000000
 X-2             0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-1    14,166,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-2     8,304,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-3     4,884,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-4     2,443,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-5     1,465,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-6     3,908,267.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 A-R           100.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000

<CAPTION>

       Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class     Reduction          Balance           Percentage        Distribution
----------------------------------------------------------------------------
<S>    <C>              <C>                 <C>                 <C>
 A-1      7.70438958       981.97942712        0.98197943         7.70438958
 X-1      0.00000000         0.00000000        0.00000000         0.00000000
 A-2      0.60441587       988.67837373        0.98867837         0.60441587
 X-2      0.00000000         0.00000000        0.00000000         0.00000000
 B-1      0.00000000      1000.00000000        1.00000000         0.00000000
 X-B      0.00000000         0.00000000        0.00000000         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
 A-R      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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of               Non-
                                           Certificate/     Current       Unpaid     Current   Supported
        Original Face       Current          Notional       Accrued      Interest   Interest   Interest
Class      Amount       Certificate Rate     Balance        Interest     Shortfall  Shortfall  Shortfall
--------------------------------------------------------------------------------------------------------
<S>     <C>             <C>               <C>             <C>           <C>         <C>        <C>
 A-1    791,768,000.00       1.41125%     783,599,976.18    921,546.22      0.00       0.00       0.00
 X-1              0.00       0.80000%     874,085,488.12    582,723.66      0.00       0.00       0.00
 A-2    150,000,000.00       1.56000%     148,392,418.44    192,910.14      0.00       0.00       0.00
 X-2              0.00       0.36946%     931,992,394.62    286,946.85      0.00       0.00       0.00
 B-1     14,166,000.00       1.68125%      14,166,000.00     19,847.16      0.00       0.00       0.00
 X-B              0.00       0.62953%      22,470,000.00     11,787.96      0.00       0.00       0.00
 B-2      8,304,000.00       2.34125%       8,304,000.00     16,201.45      0.00       0.00       0.00
 B-3      4,884,000.00       2.55469%       4,884,000.00     10,397.59      0.00       0.00       0.00
 B-4      2,443,000.00       2.55469%       2,443,000.00      5,200.92      0.00       0.00       0.00
 B-5      1,465,000.00       2.55469%       1,465,000.00      3,118.85      0.00       0.00       0.00
 B-6      3,908,267.00       2.55469%       3,908,267.00      8,320.34      0.00       0.00       0.00
 A-R            100.00       2.55713%               0.00          0.00      0.00       0.00       0.00
--------------------------------------------------------------------------------------------------------
Totals  976,938,367.00                                    2,059,001.14      0.00       0.00       0.00
--------------------------------------------------------------------------------------------------------

<CAPTION>
                                   Remaining     Ending
                                    Unpaid     Certificate/
        Realized   Total Interest  Interest    Notational
Class    Loss (4)   Distribution   Shortfall     Balance
------------------------------------------------------------
<S>     <C>        <C>             <C>        <C>
 A-1       0.00       921,546.22      0.00    777,499,887.05
 X-1       0.00       582,723.66      0.00    842,023,435.12
 A-2       0.00       192,910.14      0.00    148,301,756.06
 X-2       0.00       286,946.85      0.00    925,801,643.11
 B-1       0.00        19,847.16      0.00     14,166,000.00
 X-B       0.00        11,787.96      0.00     22,470,000.00
 B-2       0.00        16,201.45      0.00      8,304,000.00
 B-3       0.00        10,397.59      0.00      4,884,000.00
 B-4       0.00         5,200.92      0.00      2,443,000.00
 B-5       0.00         3,118.85      0.00      1,465,000.00
 B-6       0.00         8,320.34      0.00      3,908,267.00
 A-R       0.00             0.00      0.00              0.00
------------------------------------------------------------
Totals     0.00     2,059,001.14      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
            Original Face  Certificate    Certificate/    Current Accrued  Interest    Interest     Interest
Class (5)      Amount         Rate      Notional Balance     Interest      Shortfall   Shortfall   Shortfall
-------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>               <C>              <C>         <C>         <C>
   A-1     791,768,000.00   1.41125%      989.68381670      1.16390940     0.00000000  0.00000000  0.00000000
   X-1               0.00   0.80000%      928.13249985      0.61875500     0.00000000  0.00000000  0.00000000
   A-2     150,000,000.00   1.56000%      989.28278960      1.28606760     0.00000000  0.00000000  0.00000000
   X-2               0.00   0.36946%      989.61994315      0.30468953     0.00000000  0.00000000  0.00000000
   B-1      14,166,000.00   1.68125%     1000.00000000      1.40104193     0.00000000  0.00000000  0.00000000
   X-B               0.00   0.62953%     1000.00000000      0.52460881     0.00000000  0.00000000  0.00000000
   B-2       8,304,000.00   2.34125%     1000.00000000      1.95104167     0.00000000  0.00000000  0.00000000
   B-3       4,884,000.00   2.55469%     1000.00000000      2.12890868     0.00000000  0.00000000  0.00000000
   B-4       2,443,000.00   2.55469%     1000.00000000      2.12890708     0.00000000  0.00000000  0.00000000
   B-5       1,465,000.00   2.55469%     1000.00000000      2.12890785     0.00000000  0.00000000  0.00000000
   B-6       3,908,267.00   2.55469%     1000.00000000      2.12890777     0.00000000  0.00000000  0.00000000
   A-R             100.00   2.55713%        0.00000000      0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
                                        Remaining
                                         Unpaid
            Realized   Total Interest   Interest   Ending Certificate/
Class (5)   Loss (6)    Distribution    Shortfall  Notational Balance
---------------------------------------------------------------------
<S>        <C>         <C>             <C>         <C>
   A-1     0.00000000    1.16390940    0.00000000        981.97942712
   X-1     0.00000000    0.61875500    0.00000000        894.08796553
   A-2     0.00000000    1.28606760    0.00000000        988.67837373
   X-2     0.00000000    0.30468953    0.00000000        983.04640114
   B-1     0.00000000    1.40104193    0.00000000       1000.00000000
   X-B     0.00000000    0.52460881    0.00000000       1000.00000000
   B-2     0.00000000    1.95104167    0.00000000       1000.00000000
   B-3     0.00000000    2.12890868    0.00000000       1000.00000000
   B-4     0.00000000    2.12890708    0.00000000       1000.00000000
   B-5     0.00000000    2.12890785    0.00000000       1000.00000000
   B-6     0.00000000    2.12890777    0.00000000       1000.00000000
   A-R     0.00000000    0.00000000    0.00000000          0.00000000
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
           Payments of Interest and Principal                                 8,555,213.60
           Liquidations, Insurance Proceeds, Reserve Funds                            0.00
           Proceeds from Repurchased Loans                                            0.00
           Other Amounts (Servicer Advances)                                      9,926.97
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                  0.00
           Prepayment Penalties                                                       0.00
                                                                              ------------
Total Deposits                                                                8,565,140.57

Withdrawals
           Reimbursement for Servicer Advances                                    6,596.68
           Payment of Service Fee                                               308,791.24
           Payment of Interest and Principal                                  8,249,752.65
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  8,565,140.57

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

                                 SERVICING FEES

<TABLE>
<S>                                                                             <C>
Gross Servicing Fee                                                             304,358.41
Master Servicing Fee                                                              4,432.83
Supported Prepayment/Curtailment Interest Shortfall                                   0.00
                                                                                ----------

Net Servicing Fee                                                               308,791.24
                                                                                ==========
</TABLE>
<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                               Beginning           Current         Current    Ending
         Account Type                           Balance          Withdrawals       Deposits   Balance
         ------------                          ---------         -----------       --------   -------
<S>                                            <C>               <C>               <C>        <C>
Class 1-A Companion Sub Account                4,000.00             0.00             0.00     4,000.00
Class 1-A NAS Sub Account                      1,000.00             0.00             0.00     1,000.00
Class 2-A Companion Sub Account                2,000.00             0.00             0.00     2,000.00
Class 2-A NAS Sub Account                        500.00             0.00             0.00       500.00
Class X-B Sub Account                          2,000.00             0.00             0.00     2,000.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                                  FORECLOSURE
---------------------------------------  ------------------------------------      -------------------------------------
                 No. of      Principal                 No. of       Principal                   No. of         Principal
                 Loans        Balance                  Loans         Balance                    Loans           Balance
<S>            <C>         <C>           <C>         <C>            <C>            <C>         <C>             <C>
0-29 Days          0               0.00  0-29 Days       0             0.00        0-29 Days       0             0.00
30 Days           13       3,975,041.11  30 Days         0             0.00        30 Days         0             0.00
60 Days            2         692,000.00  60 Days         0             0.00        60 Days         0             0.00
90 Days            0               0.00  90 Days         0             0.00        90 Days         0             0.00
120 Days           0               0.00  120 Days        0             0.00        120 Days        0             0.00
150 Days           0               0.00  150 Days        0             0.00        150 Days        0             0.00
180+ Days          0               0.00  180+ Days       0             0.00        180+ Days       0             0.00
                  --       ------------                 --             ----                       --             ----
                  15       4,667,041.11                  0             0.00                        0             0.00

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

0-29 Days      0.000000%     0.000000%   0-29 Days   0.000000%      0.000000%      0-29 Days   0.000000%       0.000000%
30 Days        0.467458%     0.413647%   30 Days     0.000000%      0.000000%      30 Days     0.000000%       0.000000%
60 Days        0.071917%     0.072010%   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%
               --------      --------                --------       --------                   --------        --------
               0.539374%     0.485658%               0.000000%      0.000000%                  0.000000%       0.000000%

<CAPTION>
                  REO                                  TOTAL
---------------------------------------  ------------------------------------
                 No. of      Principal                 No. of      Principal
                 Loans        Balance                  Loans        Balance
<S>            <C>           <C>         <C>         <C>         <C>
0-29 Days          0            0.00     0-29 Days       0               0.00
30 Days            0            0.00     30 Days        13       3,975,041.11
60 Days            0            0.00     60 Days         2         692,000.00
90 Days            0            0.00     90 Days         0               0.00
120 Days           0            0.00     120 Days        0               0.00
150 Days           0            0.00     150 Days        0               0.00
180+ Days          0            0.00     180+ Days       0               0.00
                  --            ----                    --       ------------
                   0            0.00                    15       4,667,041.11

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

0-29 Days      0.000000%     0.000000%   0-29 Days   0.000000%    0.000000%
30 Days        0.000000%     0.000000%   30 Days     0.467458%    0.413647%
60 Days        0.000000%     0.000000%   60 Days     0.071917%    0.072010%
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%               0.539374%    0.485658%
</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   9,926.97
</TABLE>

<PAGE>

     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
               Original $      Original%       Current $       Current %      Current Class %     Prepayment %
               ----------      ---------       ---------       ---------      ---------------     ------------
<S>          <C>              <C>            <C>              <C>             <C>                 <C>
Class A      35,170,267.00    3.60004973%    35,170,267.00    3.65986421%        96.340136%         0.000000%
Class X-1    35,170,267.00    3.60004973%    35,170,267.00    3.65986421%         0.000000%         0.000000%
Class X-2    35,170,267.00    3.60004973%    35,170,267.00    3.65986421%         0.000000%         0.000000%
Class B-1    21,004,267.00    2.15000943%    21,004,267.00    2.18573163%         1.474133%        40.278341%
Class B-2    12,700,267.00    1.30000698%    12,700,267.00    1.32160648%         0.864125%        23.610853%
Class B-3     7,816,267.00    0.80007780%     7,816,267.00    0.81337102%         0.508235%        13.886730%
Class B-4     5,373,267.00    0.55001085%     5,373,267.00    0.55914923%         0.254222%         6.946208%
Class B-5     3,908,267.00    0.40005257%     3,908,267.00    0.40669940%         0.152450%         4.165450%
Class B-6             0.00    0.00000000%             0.00    0.00000000%         0.406699%        11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
-------------------------------------    ---------------------------------   ---------------------------------
POOL 1 -- 1 MO LIBOR
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0          0.00       0-29 Days       0         0.00      0-29 Days       0         0.00
30 Days            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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
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
<C>            <C>          <C>          <C>         <C>         <C>
0-29 Days          0          0.00       0-29 Days       0         0.00
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

0-29 Days      0.000000%    0.000000%    0-29 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%
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>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------   ---------------------------------
POOL 1 -- 6 MO LIBOR
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>         <C>           <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0               0.00  0-29 Days       0         0.00      0-29 Days       0         0.00
30 Days           10       3,180,041.14  30 Days         0         0.00      30 Days         0         0.00
60 Days            1         592,000.00  60 Days         0         0.00      60 Days         0         0.00
90 Days            0               0.00  90 Days         0         0.00      90 Days         0         0.00
120 Days           0               0.00  120 Days        0         0.00      120 Days        0         0.00
150 Days           0               0.00  150 Days        0         0.00      150 Days        0         0.00
180+ Days          0               0.00  180+ Days       0         0.00      180+ Days       0         0.00
                  --       ------------                 --         ----                     --         ----
                  11       3,772,041.14                  0         0.00                      0         0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.483559%    0.461639%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.048356%    0.085939%    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%
               --------     --------                 --------    --------                --------    --------
               0.531915%    0.547579%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                  REO                                  TOTAL
---------------------------------------  ------------------------------------
                 No. of     Principal                  No. of     Principal
                 Loans       Balance                   Loans       Balance
<C>            <C>          <C>          <C>         <C>         <C>
0-29 Days          0          0.00       0-29 Days       0               0.00
30 Days            0          0.00       30 Days        10       3,180,041.14
60 Days            0          0.00       60 Days         1         592,000.00
90 Days            0          0.00       90 Days         0               0.00
120 Days           0          0.00       120 Days        0               0.00
150 Days           0          0.00       150 Days        0               0.00
180+ Days          0          0.00       180+ Days       0               0.00
                  --          ----                      --       ------------
                   0          0.00                      11       3,772,041.14

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%    0.000000%
30 Days        0.000000%    0.000000%    30 Days     0.483559%    0.461639%
60 Days        0.000000%    0.000000%    60 Days     0.048356%    0.085939%
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%                0.531915%    0.547579%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------   ---------------------------------
POOL 2
                 No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans        Balance                  Loans      Balance                  Loans      Balance
<C>            <C>          <C>          <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0               0.00  0-29 Days       0         0.00      0-29 Days       0         0.00
30 Days            3         794,999.97  30 Days         0         0.00      30 Days         0         0.00
60 Days            1         100,000.00  60 Days         0         0.00      60 Days         0         0.00
90 Days            0               0.00  90 Days         0         0.00      90 Days         0         0.00
120 Days           0               0.00  120 Days        0         0.00      120 Days        0         0.00
150 Days           0               0.00  150 Days        0         0.00      150 Days        0         0.00
180+ Days          0               0.00  180+ Days       0         0.00      180+ Days       0         0.00
                  --         ----------                 --         ----                     --         ----
                   4         894,999.97                  0         0.00                      0         0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.634249%    0.516554%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.211416%    0.064975%    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%
               --------     --------                 --------    --------                --------    --------
               0.845666%    0.581530%                0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                 TOTAL
---------------------------------------  ------------------------------------
                 No. of     Principal                  No. of     Principal
                 Loans       Balance                   Loans       Balance
<C>            <C>         <C>           <C>         <C>         <C>
0-29 Days          0          0.00       0-29 Days       0              0.00
30 Days            0          0.00       30 Days         3        794,999.97
60 Days            0          0.00       60 Days         1        100,000.00
90 Days            0          0.00       90 Days         0              0.00
120 Days           0          0.00       120 Days        0              0.00
150 Days           0          0.00       150 Days        0              0.00
180+ Days          0          0.00       180+ Days       0              0.00
                  --          ----                      --        ----------
                   0          0.00                       4        894,999.97

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

0-29 Days      0.000000%   0.000000%     0-29 Days   0.000000%   0.000000%
30 Days        0.000000%   0.000000%     30 Days     0.634249%   0.516554%
60 Days        0.000000%   0.000000%     60 Days     0.211416%   0.064975%
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%                 0.845666%   0.581530%
</TABLE>

<PAGE>

                     COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                                Mixed Arm
<S>                                                                                                 <C>
Weighted Average Gross Coupon                                                                             2.937821%
Weighted Average Net Coupon                                                                               2.560191%
Weighted Average Pass-Through Rate                                                                        2.554691%
Weighted Average Maturity (Stepdown Calculation)                                                               320

Beginning Scheduled Collateral Loan Count                                                                    2,792
Number of Loans Paid in Full                                                                                    11
Ending Scheduled Collateral Loan Count                                                                       2,781

Beginning Scheduled Collateral Balance                                                              967,162,662.57
Ending Scheduled Collateral Balance                                                                 960,971,911.06
Ending Actual Collateral Balance at 27-Feb-2004                                                     960,973,283.88

Monthly P&I Constant                                                                                  2,367,792.38
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                                8,174,878.38

Ending Scheduled Balance for Premium Loans                                                          960,971,911.06

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                 6,190,751.51
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           GROUP                       POOL 1 -- 1 MO LIBOR     POOL 1 -- 6 MO LIBOR           POOL 2                   TOTAL
<S>                                    <C>                      <C>                      <C>                        <C>
Collateral Description                    1 Month LIBOR ARM       6 Month LIBOR ARM      6 Month LIBOR ARM               Mixed ARM
Weighted Average Coupon Rate                       2.790200                2.965727               2.925560                2.937821
Weighted Average Net Rate                          2.399750                2.590047               2.548995                2.560191
Pass-Through Rate                                  2.394250                2.584547               2.543495                2.554691
Weighted Average Maturity                               305                     322                    321                     320
Record Date                                      02/27/2004              02/27/2004             02/27/2004              02/27/2004
Principal and Interest Constant                  275,582.83            1,716,774.68             375,434.87            2,367,792.38
Beginning Loan Count                                    241                   2,078                    473                   2,792
Loans Paid in Full                                        1                      10                      0                      11
Ending Loan Count                                       240                   2,068                    473                   2,781
Beginning Scheduled Balance                  118,521,767.85          694,645,815.26         153,995,079.46          967,162,662.57
Ending Scheduled Balance                     118,210,341.93          688,857,152.05         153,904,417.08          960,971,911.06
Scheduled Principal                                    0.00                    0.00                   0.00                    0.00
Unscheduled Principal                            311,425.92            5,788,663.21              90,662.38            6,190,751.51
Scheduled Interest                               275,582.83            1,716,774.68             375,434.87            2,367,792.38
Servicing Fee                                     38,564.00              217,470.12              48,324.29              304,358.41
Master Servicing Fee                                 543.22                3,183.80                 705.81                4,432.83
Trustee Fee                                            0.00                    0.00                   0.00                    0.00
FRY Amount                                             0.00                    0.00                   0.00                    0.00
Special Hazard Fee                                     0.00                    0.00                   0.00                    0.00
Other Fee                                              0.00                    0.00                   0.00                    0.00
Pool Insurance Fee                                     0.00                    0.00                   0.00                    0.00
Spread 1                                               0.00                    0.00                   0.00                    0.00
Spread 2                                               0.00                    0.00                   0.00                    0.00
Spread 3                                               0.00                    0.00                   0.00                    0.00
Net Interest                                     236,475.61            1,496,120.76             326,404.77            2,059,001.14
Realized Loss Amount                                   0.00                    0.00                   0.00                    0.00
Cumulative Realized Loss                               0.00                    0.00                   0.00                    0.00
Percentage of Cumulative Losses                        0.00                    0.00                   0.00                    0.00
Prepayment Penalties                                   0.00                    0.00                   0.00                    0.00
Special Servicing Fee                                  0.00                    0.00                   0.00                    0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   MISCELLANEOUS REPORTING
<S>                                                                          <C>
Group Pool 1 -- 1 Mo LIBOR
          Interest Transfer Amount                                                 0.00
          Principal Transfer Amount                                                0.00
          Prorata Senior Percent                                              96.363897%
          Senior Percentage                                                  100.000000%
          Senior Prepayment Percentage                                       100.000000%
          Subordinate Percentage                                               0.000000%
          Subordinate Prepayment Percentage                                    0.000000%

 Group Pool 1 -- 6Mo LIBOR
          Interest Transfer Amount                                                 0.00
          Principal Transfer Amount                                                0.00
          Prorata Senior Percent                                              96.361792%
          Senior Percentage                                                  100.000000%
          Senior Prepayment Percentage                                       100.000000%
          Subordinate Percentage                                               0.000000%
          Subordinate Prepayment Percentage                                    0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]