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 2002-7
                            RECORD DATE: MAY 31, 2002
                        DISTRIBUTION DATE: JUNE 20, 2002

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                         Certificate                           Beginning
                           Class       Certificate Pass-      Certificate      Interest        Principal        Current
    Class     CUSIP      Description     Through Rate           Balance       Distribution    Distribution    Realized Loss
    -----   ----------   -----------   -----------------   ----------------  ---------------  ------------    -------------
<S>         <C>          <C>          <C>                  <C>                 <C>            <C>             <C>
      A     81743YAA5      SEN                  2.18000%     554,686,000.00      705,375.69     3,515,453.80           0.00
     A-R    SMT0207AR      SEN                  3.61785%             100.00            0.30           100.00           0.00
     B-1    81743YAE7      SUB                  2.59000%       8,080,000.00       12,207.53             0.00           0.00
     B-2    81743YAF4      SUB                  3.61785%       5,771,000.00       17,398.82             0.00           0.00
     B-3    81743YAG2      SUB                  3.61785%       3,463,000.00       10,440.50             0.00           0.00
     B-4    SMT0207B4      SUB                  3.61785%       1,442,000.00        4,347.44             0.00           0.00
     B-5    SMT0207B5      SUB                  3.61785%       1,154,000.00        3,479.16             0.00           0.00
     B-6    SMT0207B6      SUB                  3.61785%       2,600,498.71        7,840.17             0.00           0.00
     X-1    81743YAC1      SEN                  1.78878%              50.00      144,413.51            50.00           0.00
     X-2    81743YAD9      SEN                  2.08767%              50.00      834,668.81            50.00           0.00
    -----   ----------   -----------   -----------------   ----------------   -------------    -------------    -----------
Totals                                                       577,196,698.71    1,740,171.93     3,515,653.80           0.00
            ----------   -----------   -----------------   ----------------   -------------    -------------    -----------

</TABLE>

<TABLE>
<CAPTION>
                Ending
              Certificate         Total         Cumulative
    Class       Balance       Distribution    Realized Loss
    -----   --------------  ---------------  ---------------
<S>         <C>             <C>              <C>
      A     551,170,546.20     4,220,829.49            0.00
     A-R              0.00           100.30            0.00
     B-1      8,080,000.00        12,207.53            0.00
     B-2      5,771,000.00        17,398.82            0.00
     B-3      3,463,000.00        10,440.50            0.00
     B-4      1,442,000.00         4,347.44            0.00
     B-5      1,154,000.00         3,479.16            0.00
     B-6      2,600,498.71         7,840.17            0.00
     X-1              0.00       144,463.51            0.00
     X-2              0.00       834,718.81            0.00
    -----   --------------  ---------------  --------------
Totals      573,681,044.91     5,255,825.73            0.00
            --------------  ---------------  --------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>

                                Beginning       Scheduled     Unscheduled
             Original Face     Certificate      Principal      Principal                Realized   Total Principal
    Class        Amount          Balance      Distribution    Distribution   Accretion   Loss(1)      Reduction
    -----    -------------- ---------------   ------------- ---------------  ---------  ---------  ---------------
<S>          <C>            <C>               <C>           <C>              <C>        <C>        <C>

      A      554,686,000.00  554,686,000.00         110.66     3,515,343.14       0.00       0.00     3,515,453.80
     A-R             100.00          100.00           0.00           100.00       0.00       0.00           100.00
     B-1       8,080,000.00    8,080,000.00           0.00             0.00       0.00       0.00             0.00
     B-2       5,771,000.00    5,771,000.00           0.00             0.00       0.00       0.00             0.00
     B-3       3,463,000.00    3,463,000.00           0.00             0.00       0.00       0.00             0.00
     B-4       1,442,000.00    1,442,000.00           0.00             0.00       0.00       0.00             0.00
     B-5       1,154,000.00    1,154,000.00           0.00             0.00       0.00       0.00             0.00
     B-6       2,600,498.71    2,600,498.71           0.00             0.00       0.00       0.00             0.00
     X-1              50.00           50.00           0.00            50.00       0.00       0.00            50.00
     X-2              50.00           50.00           0.00            50.00       0.00       0.00            50.00
    -----    -------------- ---------------   ------------- ---------------  ---------  ---------  ---------------
Totals       577,196,698.71  577,196,698.71         110.66     3,515,543.14       0.00       0.00    3,515,653.80
             -------------- ---------------   ------------- ---------------  ---------  ---------  ---------------
</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.

<TABLE>
<CAPTION>

             Ending Certificate  Ending Certificate   Total Principal
    Class           Balance         Percentage        Distribution
    -----    ------------------  ------------------  ----------------
<S>          <C>                  <C>                 <C>
      A          551,170,546.20          0.99366226      3,515,453.80
     A-R                   0.00          0.00000000            100.00
     B-1           8,080,000.00          1.00000000              0.00
     B-2           5,771,000.00          1.00000000              0.00
     B-3           3,463,000.00          1.00000000              0.00
     B-4           1,442,000.00          1.00000000              0.00
     B-5           1,154,000.00          1.00000000              0.00
     B-6           2,600,498.71          1.00000000              0.00
     X-1                   0.00          0.00000000             50.00
     X-2                   0.00          0.00000000             50.00
    -----    ------------------  ------------------  ----------------
Totals           573,681,044.91          0.99390909      3,515,653.80
             ----------------- - ------------------  ----------------
</TABLE>

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                 Beginning    Scheduled       Unscheduled
             Original Face      Certificate   Principal        Principal                     Realized    Total Principal
    Class       Amount            Balance    Distribution     Distribution     Accretion     Loss(3)       Reduction
    -----  ---------------- ---------------- ------------    --------------   ----------   -----------   ---------------
<S>         <C>             <C>              <C>             <C>              <C>          <C>           <C>

      A      554,686,000.00     100.00000000   0.00019950        6.33753717   0.00000000    0.00000000        6.33773667
     A-R             100.00     100.00000000   0.00000000     1000.00000000   0.00000000    0.00000000     1000.00000000
     B-1       8,080,000.00     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     B-2       5,771,000.00     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     B-3       3,463,000.00     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     B-4       1,442,000.00     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     B-5       1,154,000.00     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     B-6       2,600,498.71     100.00000000   0.00000000        0.00000000   0.00000000    0.00000000        0.00000000
     X-1              50.00     100.00000000   0.00000000     1000.00000000   0.00000000    0.00000000     1000.00000000
     X-2              50.00     100.00000000   0.00000000     1000.00000000   0.00000000    0.00000000     1000.00000000
    -----  ---------------- ---------------- ------------    --------------   ----------   -----------   ---------------

</TABLE>

<TABLE>
<CAPTION>

             Ending Certificate   Ending Certificate    Total Principal
    Class        Balance              Percentage         Distribution
    -----    ------------------   -------------------  ----------------
<S>          <C>                  <C>                  <C>

      A            993.66226333           0.99366226          6.3373667
     A-R             0.00000000           0.00000000      1000.00000000
     B-1          1000.00000000           1.00000000         0.00000000
     B-2          1000.00000000           1.00000000         0.00000000
     B-3          1000.00000000           1.00000000         0.00000000
     B-4          1000.00000000           1.00000000         0.00000000
     B-5          1000.00000000           1.00000000         0.00000000
     B-6          1000.00000000           1.00000000         0.00000000
     X-1             0.00000000           0.00000000      1000.00000000
     X-2             0.00000000           0.00000000      1000.00000000
    -----    ------------------   -------------------  ----------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                    Beginning                     Payment of                    Non-
                                                   Certificate/      Current        Unpaid         Current    Supported
             Original Face        Current            Notional        Accrued       Interest        Interest    Interest    Realized
    Class      Amount        Certificate Rate        Balance         Interest      Shortfall      Shortfall   Shortfall     Loss(4)
   ------  ----------------  ----------------    --------------    -----------    -----------     ---------   ---------    --------
<S>        <C>               <C>                 <C>               <C>            <C>             <C>         <C>          <C>
      A      554,686,000.00          2.18000%    554,686,000.00     705,375.70           0.00          0.00        0.00        0.00
     A-R             100.00          3.61785%            100.00           0.30           0.00          0.00        0.00        0.00
     B-1       8,080,000.00          2.59000%      8,080,000.00      12,207.53           0.00          0.00        0.00        0.00
     B-2       5,771,000.00          3.61785%      5,771,000.00      17,398.82           0.00          0.00        0.00        0.00
     B-3       3,463,000.00          3.61785%      3,463,000.00      10,440.50           0.00          0.00        0.00        0.00
     B-4       1,442,000.00          3.61785%      1,442,000.00       4,347.44           0.00          0.00        0.00        0.00
     B-5       1,154,000.00          3.61785%      1,154,000.00       3,479.16           0.00          0.00        0.00        0.00
     B-6       2,600,498.71          3.61785%      2,600,498.71       7,840.17           0.00          0.00        0.00        0.00
     X-1              50.00          1.78878%     96,718,895.81     144,413.51           0.00          0.00        0.00        0.00
     X-2              50.00          2.08767%    466,047,104.19     834,668.81           0.00          0.00        0.00        0.00
   ------  ----------------  ----------------    --------------   ------------     ----------     ---------   ---------    --------
   Totals    577,196,698.71                                       1,740,171.94           0.00          0.00        0.00        0.00
   ------  ----------------  ----------------    --------------   ------------     ----------     ---------   ---------    --------
</TABLE>

<TABLE>
<CAPTION>
                                Remaining         Ending
                                 Unpaid         Certificate/
               Total Interest   Interest         Notational
   Class        Distribution    Shortfall         Balance
  ------       --------------  ----------   ------------------
<S>            <C>             <C>          <C>
     A           705,375.69        0.00       551,170,546.20
    A-R                0.30        0.00                 0.00
    B-1           12,207.53        0.00         8,080,000.00
    B-2           17,398.82        0.00         5,771,000.00
    B-3           10,440.50        0.00         3,463,000.00
    B-4            4,347.44        0.00         1,442,000.00
    B-5            3,479.16        0.00         1,154,000.00
    B-6            7,840.17        0.00         2,600,498.71
    X-1          144,413.51        0.00        95,313,427.98
    X-2          834,668.81        0.00       463,937,118.22
  ------       ------------  ----------     ----------------
  Totals       1,740,171.93        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       554,686,000.00    2.18000%        1.000.00000000        1.27166667      0.00000000    0.00000000    0.00000000
 A-R              100.00    3.61785%        1.000.00000000        3.00000000      0.00000000    0.00000000    0.00000000
 B-1        8,080,000.00    2.59000%        1.000.00000000        1.51083292      0.00000000    0.00000000    0.00000000
 B-2        5,771,000.00    3.61785%        1.000.00000000        3.01487091      0.00000000    0.00000000    0.00000000
 B-3        3,463,000.00    3.61785%        1.000.00000000        3.01487150      0.00000000    0.00000000    0.00000000
 B-4        1,442,000.00    3.61785%        1.000.00000000        3.01486824      0.00000000    0.00000000    0.00000000
 B-5        1,154,000.00    3.61785%        1.000.00000000        3.01487002      0.00000000    0.00000000    0.00000000
 B-6        2,600,498.71    3.61785%        1.000.00000000        3.01487171      0.00000000    0.00000000    0.00000000
 X-1               50.00    1.78878%      4377916.20000000    88270.20000000      0.00000000    0.00000000    0.00000000
 X-2               50.00    2.08767%      0942083.79999920    93376.20000000      0.00000000    0.00000000    0.00000000
--------  --------------    -----------  -----------------    ---------------     ----------    ----------    ----------
</TABLE>

<TABLE>
<CAPTION>
                                              Remaining
                                               Unpaid
                Realized     Total Interest   Interest       Ending Certificate/
Class(5)         Loss(6)      Distribution    Shortfall      Notational Balance
--------      ---------     ---------------   ---------       -----------------
<S>           <C>           <C>              <C>              <C>
   A          0.00000000        1.27166665    0.00000000           993.66226333
  A-R         0.00000000        3.00000000    0.00000000             0.00000000
  B-1         0.00000000        1.51083292    0.00000000          1000.00000000
  B-2         0.00000000        3.01487091    0.00000000          1000.00000000
  B-3         0.00000000        3.01487150    0.00000000          1000.00000000
  B-4         0.00000000        3.01486824    0.00000000          1000.00000000
  B-5         0.00000000        3.01487002    0.00000000          1000.00000000
  B-6         0.00000000        3.01487171    0.00000000          1000.00000000
  X-1         0.00000000    88270.20000000    0.00000000      06268559.60000010
  X-2         0.00000000    93376.20000000    0.00000000      78742364.40000150
--------      ----------    ---------------   ----------      -----------------

</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

            Payments of Interest and Principal                   4,429,601.12
            Liquidations, Insurance Proceeds, Reserve Funds              0.00
            Proceeds from Repurchased Loans                              0.00
            Other Amounts (Servicer Advances)                            0.00
            Realized Losses                                              0.00
            Prepayment Penalties                                         0.00
                                                                 ------------
Total Deposits                                                   4,429,601.12

Withdrawals

            Reimbursement for Servicer Advances                          0.00
            Payment of Service Fee                                 152,856.32
            Payment of Interest and Principal                    4,276,744.80
                                                                 ------------
Total Withdrawals (Pool Distribution Amount)                     4,429,601.12

Ending Balance                                                           0.00
                                                                 ============

</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

                                 SERVICING FEES

<TABLE>
<S>                                                      <C>
Gross Servicing Fee                                      148,891.35
Master Servicing Fee                                       3,964.97
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------
Net Servicing Fee                                        152,856.32
                                                         ==========
</TABLE>

<TABLE>
<CAPTION>

                                   Beginning    Current     Current     Ending
         Account Type               Balance   Withdrawals   Deposits    Balance
------------------------------     ---------  -----------   --------   ---------
<S>                                <C>        <C>           <C>        <C>
Basis Risk Reserve Fund -- X-1     1,509.72      0.00        0.00      1,509.72
Basis Risk Reserve Fund -- X-2     8,490.28      0.00        0.00      8,490.28
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                DELINQUENT                          BANKRUPTCY                            FORECLOSURE
-------------------------------------- --------------------------------------- ------------------------------------
              No. of      Principal                  No. of       Principal                  No. of      Principal
              Loans       Balance                    Loans        Balance                    Loans       Balance
<C>           <C>      <C>             <C>           <C>          <C>         <C>            <C>         <C>
30 Days          0           0.00     30 Days          0             0.00      30 Days         0            0.00
60 Days          0           0.00     60 Days          0             0.00      60 Days         0            0.00
90 Days          0           0.00     90 Days          0             0.00      90 Days         0            0.00
120 Days         0           0.00     120 Days         0             0.00      120 Days        0            0.00
150 Days         0           0.00     150 Days         0             0.00      150 Days        0            0.00
180+ Days        0           0.00     180+ Days        0             0.00      180+ Days       0            0.00
            ----------  ---------                 ---------      --------                  -------      --------
                 0           0.00                      0             0.00                      0            0.00

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

30 Days      0.000000%   0.000000%     30 Days      0.000000%    0.000000%     30 Days     0.000000%    0.000000%
60 Days      0.000000%   0.000000%     60 Days      0.000000%    0.000000%     60 Days     0.000000%    0.000000%
90 Days      0.000000%   0.000000%     90 Days      0.000000%    0.000000%     90 Days     0.000000%    0.000000%
120 Days     0.000000%   0.000000%     120 Days     0.000000%    0.000000%     120 Days    0.000000%    0.000000%
150 Days     0.000000%   0.000000%     150 Days     0.000000%    0.000000%     150 Days    0.000000%    0.000000%
180+ Days    0.000000%   0.000000%     180+ Days    0.000000%    0.000000%     180+ Days   0.000000%    0.000000%
            ---------   ---------                   --------     --------                  --------     --------
             0.000000%   0.000000%                  0.000000%    0.000000%                 0.000000%    0.000000%

Current Period Class A Insufficient Funds:   0.00       Principal Balance of Contaminated Properties    0.00

Periodic Advance                             0.00

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

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

30 Days             0.000000%       0.000000%     30 Days            0.000000%        0.000000%
60 Days             0.000000%       0.000000%     60 Days            0.000000%        0.000000%
90 Days             0.000000%       0.000000%     90 Days            0.000000%        0.000000%
120 Days            0.000000%       0.000000%     120 Days           0.000000%        0.000000%
150 Days            0.000000%       0.000000%     150 Days           0.000000%        0.000000%
180+ Days           0.000000%       0.000000%     180+ Days          0.000000%        0.000000%
                  ----------        --------                        ---------      -----------
                    0.000000%       0.000000%                        0.000000%        0.000000%

</TABLE>

<TABLE>
<CAPTION>
                          Original $            Original %            Current $              Current %
                        -------------          ----------          -------------             ----------
<S>                     <C>                    <C>                 <C>                       <C>
Bankruptcy                 100,261.00          0.01737033%            100.261.00             0.02122914%
Fraud                   17,315,901.00          3.00000001%         17,315,901.00             3.66644773%
Special Hazard           5,771,967.00          1.00000000%          5,771,967.00             1.22214924%
</TABLE>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR
<TABLE>
<CAPTION>
-------------------------------------- -------------------------------------------- -----------------------------------------
           DELINQUENT                                BANKRUPTCY                                FORECLOSURE
-------------------------------------- -------------------------------------------- -----------------------------------------

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

<S>        <C>          <C>           <C>          <C>              <C>            <C>          <C>           <C>
30 Days          0           0.00     30 Days           0                 0.00     30 Days         0                0.00
60 Days          0           0.00     60 Days           0                 0.00     60 Days         0                0.00
90 Days          0           0.00     90 Days           0                 0.00     90 Days         0                0.00
120 Days         0           0.00     120 Days          0                 0.00     120 Days        0                0.00
150 Days         0           0.00     150 Days          0                 0.00     150 Days        0                0.00
180+ Days        0           0.00     180+ Days         0                 0.00     180+ Days       0                0.00
           -------       --------                    --------         -----------               ----------      --------
                 0           0.00                       0                 0.00                     0                0.00

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

30 Days      0.000000%   0.000000%    30 Days        0.000000%        0.000000%    30 Days      0.000000%       0.000000%
60 Days      0.000000%   0.000000%    60 Days        0.000000%        0.000000%    60 Days      0.000000%       0.000000%
90 Days      0.000000%   0.000000%    90 Days        0.000000%        0.000000%    90 Days      0.000000%       0.000000%
120 Days     0.000000%   0.000000%    120 Days       0.000000%        0.000000%    120 Days     0.000000%       0.000000%
150 Days     0.000000%   0.000000%    150 Days       0.000000%        0.000000%    150 Days     0.000000%       0.000000%
180+ Days    0.000000%   0.000000%    180+ Days      0.000000%        0.000000%    180+ Days    0.000000%       0.000000%
             --------    --------                    --------         --------                  --------        --------
             0.000000%   0.000000%                   0.000000%        0.000000%                 0.000000%       0.000000%

</TABLE>

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

               No. of         Principal                    No. of         Principal
                Loans          Balance                     Loans           Balance
<S>          <C>              <C>           <C>         <C>             <C>
30 Days           0               0.00      30 Days          0                0.00
60 Days           0               0.00      60 Days          0                0.00
90 Days           0               0.00      90 Days          0                0.00
120 Days          0               0.00      120 Days         0                0.00
150 Days          0               0.00      150 Days         0                0.00
180+ Days         0               0.00      180+ Days        0                0.00
             --------------   -------------             --------------  ---------------
                  0               0.00                       0                0.00

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

30 Days       0.000000%       0.000000%      30 Days     0.000000%        0.000000%
60 Days       0.000000%       0.000000%      60 Days     0.000000%        0.000000%
90 Days       0.000000%       0.000000%      90 Days     0.000000%        0.000000%
120 Days      0.000000%       0.000000%     120 Days     0.000000%        0.000000%
150 Days      0.000000%       0.000000%     150 Days     0.000000%        0.000000%
180+ Days     0.000000%       0.000000%     180+ Days    0.000000%        0.000000%
             --------------   -------------             --------------  ---------------
              0.000000%       0.000000%                  0.000000%        0.000000%

</TABLE>

                                 SIX-MONTH LIBOR
<TABLE>
<CAPTION>
-------------------------------------- -------------------------------------------- -----------------------------------------
           DELINQUENT                                BANKRUPTCY                                FORECLOSURE
-------------------------------------- -------------------------------------------- -----------------------------------------

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

<S>        <C>           <C>           <C>           <C>             <C>            <C>        <C>              <C>
30 Days          0           0.00      30 Days           0                0.00      30 Days         0               0.00
60 Days          0           0.00      60 Days           0                0.00      60 Days         0               0.00
90 Days          0           0.00      90 Days           0                0.00      90 Days         0               0.00
120 Days         0           0.00      120 Days          0                0.00      120 Days        0               0.00
150 Days         0           0.00      150 Days          0                0.00      150 Days        0               0.00
180+ Days        0           0.00      180+ Days         0                0.00      180+ Days       0               0.00
          ------------  ---------------             --------------- ----------------          ---------------- ---------------
                 0           0.00                        0                0.00                      0               0.00

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

30 Days      0.000000%   0.000000%     30 Days       0.000000%        0.000000%     30 Days     0.000000%       0.000000%
60 Days      0.000000%   0.000000%     60 Days       0.000000%        0.000000%     60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%     90 Days       0.000000%        0.000000%     90 Days     0.000000%       0.000000%
120 Days     0.000000%   0.000000%     120 Days      0.000000%        0.000000%     120 Days    0.000000%       0.000000%
150 Days     0.000000%   0.000000%     150 Days      0.000000%        0.000000%     150 Days    0.000000%       0.000000%
180+ Days    0.000000%   0.000000%     180+ Days     0.000000%        0.000000%     180+ Days   0.000000%       0.000000%
          ------------- --------------             --------------- ----------------           --------------- ---------------
             0.000000%   0.000000%                   0.000000%        0.000000%                 0.000000%       0.000000%
-------------------------------------- ----------- --------------- ---------------- ------------------------- ---------------
</TABLE>

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

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

<S>           <C>            <C>           <C>            <C>           <C>
30 Days           0               0.00      30 Days          0                0.00
60 Days           0               0.00      60 Days          0                0.00
90 Days           0               0.00      90 Days          0                0.00
120 Days          0               0.00      120 Days         0                0.00
150 Days          0               0.00      150 Days         0                0.00
180+ Days         0               0.00      180+ Days        0                0.00
            ---------------- ---------------            --------------- ----------------
                  0               0.00                       0                0.00

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

30 Days       0.000000%       0.000000%     30 Days      0.000000%        0.000000%
60 Days       0.000000%       0.000000%     60 Days      0.000000%        0.000000%
90 Days       0.000000%       0.000000%     90 Days      0.000000%        0.000000%
120 Days      0.000000%       0.000000%     120 Days     0.000000%        0.000000%
150 Days      0.000000%       0.000000%     150 Days     0.000000%        0.000000%
180+ Days     0.000000%       0.000000%     180+ Days    0.000000%        0.000000%
              ------------- ---------------            --------------- ----------------
              0.000000%       0.000000%                  0.000000%        0.000000%
--------------------------- --------------- ---------- --------------- ----------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                    Mixed Fixed & Arm
----------------------                                    ------------------
<S>                                                      <C>
Weighted Average Gross Coupon                                    4.003363%
Weighted Average Net Coupon                                      3.627843%
Weighted Average Pass-Through Rate                               3.617842%
Weighted Average Maturity (Stepdown Calculation)                      359

Beginning Scheduled Collateral Loan Count                           1,289
Number of Loans Paid in Full                                           10
Ending Scheduled Collateral Loan Count                              1,279

Beginning Scheduled Collateral Balance                     577,196,698.71
Ending Scheduled Collateral Balance                        472,280,044.91
Ending Actual Collateral Balance at 31-May-2002            472,280,073.98

Monthly P&I Constant                                         1,587,429.63
Special Servicing Fee                                                0.00
Prepayment Penalties                                                 0.00
Realization Loss Amount                                              0.00
Cumulative Realized Loss                                             0.00
Scheduled Principal                                                110.66
Unscheduled Principal                                        3,515,543.14
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                <C>
Pro Rata Senior Percent              96.100030%
Senior Percent                      100.000000%
Senior Prepay Percent               100.000000%
Subordinate Percent                   0.000000%
Subordinate Prepay Percent            0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP                                        ONE MONTH LIBOR      SIX MONTH LIBOR            TOTAL

Collateral Description                                             Monthly            6 Month Arm        Mixed Fixed & Arm
----------------------                                           ------------         ------------         -----------------
<S>                                                             <C>                  <C>               <C>
Weighted Average Coupon Rate                                         3.706872             4.064890             4.003363
Weighted Average Net Rate                                            3.331871             3.689263             3.627843
Pass-Through Rate                                                    3.321870             3.679262             3.617842
Weighted Average Maturity                                                 319                  320                  359
Record Date                                                        05/31/2002           05/31/2002           05/31/2002
Principal and Interest Constant                                    252,697.06         1,334,732.57         1,587,429.63
Beginning Loan Count                                                      204                1,085                1,289
Loans Paid in Full                                                          2                    8                   10
Ending Loan Count                                                         202                1,077                1,279
Beginning Scheduled Balance                                     81,768,173.31       394,027,525.40       475,795,698.71
Ending Scheduled Balance                                        97,772,827.10       475,908,217.80       573,681,044.90
Scheduled Principal                                                    110.26                 0.40               110.66
Unscheduled Principal                                            1,426,067.85         2,089,475.29         3,515,543.14
Scheduled Interest                                                 252,586.80         1,334,732.17         1,587,318.97
Servicing Fee                                                       25,552.56           123,338.79           148,891.35
Master Servicing Fee                                                   681.40             3,283.57             3,964.97
Trustee Fee                                                              0.00                 0.00                 0.00
FRY Amount                                                               0.00                 0.00                 0.00
Special Hazard Fee                                                       0.00                 0.00                 0.00
Other Fee                                                                0.00                 0.00                 0.00
Pool Insurance Fee                                                       0.00                 0.00                 0.00
Spread 1                                                                 0.00                 0.00                 0.00
Spread 2                                                                 0.00                 0.00                 0.00
Spread 3                                                                 0.00                 0.00                 0.00
Net Interest                                                       226,352.84         1,208,109.81         1,434,462.65
Realized Loss Amount                                                     0.00                 0.00                 0.00
Cumulative Realized Loss                                                 0.00                 0.00                 0.00
Percentage of Cumulative Losses                                          0.00                 0.00                 0.00
Prepayment Penalties                                                     0.00                 0.00                 0.00
Special Servicing Fee                                                    0.00                 0.00                 0.00
</TABLE><PAGE>

                                                                    EXHIBIT 10.1

CONTACTS

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

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

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

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

ISSUANCE INFORMATION

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

         Underwriter(s):             Greenwich Capital Markets, Inc.       Distribution Date:             May 20, 2002
                                     Bear, Stearns & Co. Inc.              Record Date:                   April 30, 2002
                                                                                                          April 26, 2002

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

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6

                          COLLATERALIZED MORTGAGE BONDS

                BOND PAYMENT REPORT FOR MAY 20, 2002 DISTRIBUTION

           Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                                Prior
             Class         Original           Principal                                            Total
  Class      Type         Face Value           Balance         Interest         Principal       Distribution
---------------------------------------------------------------------------------------------------------------
                                                 (1)              (2)              (3)          (4)=(2)+(3)
---------------------------------------------------------------------------------------------------------------
<S>          <C>      <C>                    <C>               <C>               <C>              <C>
   LT-A                 496,378,000.00       496,378,000.00    1,359,410.11      5,599,933.64     6,959,343.75
  LT-A2                         100.00               100.00            0.27            100.00           100.27
   LT-X                         100.00               100.00               -            100.00           100.00
  LT-B-1                  5,915,000.00         5,915,000.00       16,199.16                 -        16,199.16
  LT-B-2                  5,143,000.00         5,143,000.00       14,084.92                 -        14,084.92
---------------------------------------------------------------------------------------------------------------
  LT-B-3                  2,315,000.00         2,315,000.00        6,339.99                 -         6,339.99
  LT-B-4                  1,534,000.00         1,534,000.00        4,201.10                 -         4,201.10
  LT-B-5                  1,028,000.00         1,028,000.00        2,815.34                 -         2,815.34
  LT-B-6                  2,068,996.83         2,068,996.83        5,666.28                 -         5,666.28
   LT-R                              -                    -               -                 -                -
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
  Total                 514,382,196.83       514,382,196.83    1,408,717.17      5,600,133.64     7,008,850.81
---------------------------------------------------------------------------------------------------------------

<CAPTION>
------------------------------------------------------------
                                               Current
             Realized        Deferred         Principal
  Class       Losses         Interest          Balance
------------------------------------------------------------
               (5)             (6)        (7)=(1)-(3)-(5)+(6)
------------------------------------------------------------
<S>          <C>             <C>          <C>
   LT-A         -                -           490,778,066.36
  LT-A2         -                -                        -
   LT-X         -                -                        -
  LT-B-1        -                -             5,915,000.00
  LT-B-2        -                -             5,143,000.00
------------------------------------------------------------
  LT-B-3        -                -             2,315,000.00
  LT-B-4        -                -             1,534,000.00
  LT-B-5        -                -             1,028,000.00
  LT-B-6        -                -             2,068,996.83
   LT-R         -                -                        -
------------------------------------------------------------

------------------------------------------------------------
  Total                -                -    508,782,063.19
------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail    Current Period Factor Information per $1,000 of Original Face
                                                          Orig. Principal          Prior
            Period     Period                             (with Notional)        Principal
  Class    Starting    Ending     Method       Cusip          Balance             Balance           Interest
---------------------------------------------------------------------------------------------------------------
                                                                                   (1)              (2)
---------------------------------------------------------------------------------------------------------------
<S>        <C>         <C>        <C>          <C>        <C>                    <C>                <C>
   LT-A                           A-30/360                496,378,000.00         1,000.000000        2.738659
  LT-A2                           A-30/360                        100.00         1,000.000000        2.700000
   LT-X                           A-30/360                        100.00         1,000.000000               -
  LT-B-1                          A-30/360                  5,915,000.00         1,000.000000        2.738658
  LT-B-2                          A-30/360                  5,143,000.00         1,000.000000        2.738658
---------------------------------------------------------------------------------------------------------------
  LT-B-3                          A-30/360                  2,315,000.00         1,000.000000        2.738657
  LT-B-4                          A-30/360                  1,534,000.00         1,000.000000        2.738657
  LT-B-5                          A-30/360                  1,028,000.00         1,000.000000        2.738658
  LT-B-6                          A-30/360                  2,068,996.83         1,000.000000        2.738661
   LT-R                           A-30/360                             -                    -               -
---------------------------------------------------------------------------------------------------------------

<CAPTION>
                                              Current
                             Total           Principal
  Class    Principal      Distribution        Balance
-----------------------------------------------------------
              (3)         (4)=(2)+(3)           (5)
-----------------------------------------------------------
<S>        <C>            <C>                <C>
   LT-A       11.281591        14.020250        988.718409
  LT-A2    1,000.000000     1,002.700000                 -
   LT-X    1,000.000000     1,000.000000                 -
  LT-B-1              -         2.738658      1,000.000000
  LT-B-2              -         2.738658      1,000.000000
-----------------------------------------------------------
  LT-B-3              -         2.738657      1,000.000000
  LT-B-4              -         2.738657      1,000.000000
  LT-B-5              -         2.738658      1,000.000000
  LT-B-6              -         2.738661      1,000.000000
   LT-R               -                -                 -
-----------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------

               Original                        Unscheduled     Scheduled          Total            Total
  Class       Face Value        Interest        Principal      Principal        Principal       Distribution
---------------------------------------------------------------------------------------------------------------
                  (1)             (2)             (3)             (4)          (5)=(3)+(4)      (6)=(2)+(5)
---------------------------------------------------------------------------------------------------------------
<S>         <C>                <C>             <C>             <C>             <C>              <C>
   LT-A     496,378,000.00     1,359,410.11    5,599,933.64        -             5,599,933.64     6,959,343.75
  LT-A2             100.00             0.27          100.00        -                   100.00           100.27
   LT-X             100.00                -          100.00        -                   100.00           100.00
  LT-B-1      5,915,000.00        16,199.16               -        -                        -        16,199.16
  LT-B-2      5,143,000.00        14,084.92               -        -                        -        14,084.92
  LT-B-3      2,315,000.00         6,339.99               -        -                        -         6,339.99
  LT-B-4      1,534,000.00         4,201.10               -        -                        -         4,201.10
  LT-B-5      1,028,000.00         2,815.34               -        -                        -         2,815.34
  LT-B-6      2,068,996.83         5,666.28               -        -                        -         5,666.28
   LT-R                  -                -               -        -                        -                -
---------------------------------------------------------------------------------------------------------------
  Total     514,382,196.83     1,408,717.17    5,600,133.64        -             5,600,133.64     7,008,850.81
---------------------------------------------------------------------------------------------------------------

<CAPTION>
---------------------------------------------------------------
                                                  Current
                Realized        Deferred         Principal
  Class          Losses         Interest          Balance
---------------------------------------------------------------
                  (7)             (8)        (9)=(1)-(5)-(7)+(8)
---------------------------------------------------------------
<S>            <C>              <C>          <C>
   LT-A            -                -           490,778,066.36
  LT-A2            -                -                       q-
   LT-X            -                -                        -
  LT-B-1           -                -             5,915,000.00
  LT-B-2           -                -             5,143,000.00
  LT-B-3           -                -             2,315,000.00
  LT-B-4           -                -             1,534,000.00
  LT-B-5           -                -             1,028,000.00
  LT-B-6           -                -             2,068,996.83
   LT-R            -                -                        -
---------------------------------------------------------------
  Total            -                -            508,782,063.19
---------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
               Pass-        Prior Principal                      Non-             Prior         Unscheduled
              Through       (with Notional)       Accrued      Supported         Unpaid           Interest
  Class         Rate            Balance          Interest     Interest SF       Interest        Adjustments
---------------------------------------------------------------------------------------------------------------
                                                  (1)             (2)              (3)              (4)
---------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>                <C>            <C>               <C>             <C>
   LT-A      3.28639%       496,378,000.00     1,359,410.11        -                 -                -
  LT-A2      3.28639%               100.00             0.27        -                 -                -
   LT-X                             100.00                -        -                 -                -
  LT-B-1     3.28639%         5,915,000.00        16,199.16        -                 -                -
  LT-B-2     3.28639%         5,143,000.00        14,084.92        -                 -                -
---------------------------------------------------------------------------------------------------------------
  LT-B-3     3.28639%         2,315,000.00         6,339.99        -                 -                -
  LT-B-4     3.28639%         1,534,000.00         4,201.10        -                 -                -
  LT-B-5     3.28639%         1,028,000.00         2,815.34        -                 -                -
  LT-B-6     3.28639%         2,068,996.83         5,666.28        -                 -                -
   LT-R                                  -                -        -                 -                -
---------------------------------------------------------------------------------------------------------------
  Total                      514,382,196.83    1,408,717.17        -                 -                -
---------------------------------------------------------------------------------------------------------------

<CAPTION>
---------------------------------------------------------------
                                Paid or           Current
                 Optimal        Deferred          Unpaid
  Class          Interest       Interest         Interest
---------------------------------------------------------------
                (5)=(1)-
                (2)+(3)+(4)      (6)            (7)=(5)-(6)
---------------------------------------------------------------
<S>            <C>              <C>             <C>
   LT-A        1,359,410.11     1,359,410.11         -
  LT-A2                0.27             0.27         -
   LT-X                   -                -         -
  LT-B-1          16,199.16        16,199.16         -
  LT-B-2          14,084.92        14,084.92         -
---------------------------------------------------------------
  LT-B-3           6,339.99         6,339.99         -
  LT-B-4           4,201.10         4,201.10         -
  LT-B-5           2,815.34         2,815.34         -
  LT-B-6           5,666.28         5,666.28         -
   LT-R                   -                -         -
---------------------------------------------------------------
  Total        1,408,717.17     1,408,717.17         -
---------------------------------------------------------------
</TABLE>

<PAGE>

Distribution in Dollars - Current Period

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                Prior
            Class          Original           Principal                                              Total
  Class      Type         Face Value           Balance          Interest         Principal        Distribution
-----------------------------------------------------------------------------------------------------------------
                                                 (1)              (2)              (3)            (4)=(2)+(3)
-----------------------------------------------------------------------------------------------------------------
<S>                        <C>                <C>                <C>             <C>              <C>
    A        FLT         496,378,000.00       496,378,000.00     691,344.25      5,599,933.64     6,291,277.89
    X        CSTR                100.00               100.00     682,817.65            100.00       682,917.65
   A-R        R                  100.00               100.00           0.27            100.00           100.27
   B-1       SUB           5,915,000.00         5,915,000.00       9,674.31                 -         9,674.31
   B-2       SUB           5,143,000.00         5,143,000.00       8,411.66                 -         8,411.66
-----------------------------------------------------------------------------------------------------------------
   B-3       SUB           2,315,000.00         2,315,000.00       3,786.31                 -         3,786.31
   B-4       SUB           1,534,000.00         1,534,000.00       4,201.10                 -         4,201.10
   B-5       SUB           1,028,000.00         1,028,000.00       2,815.34                 -         2,815.34
   B-6       SUB           2,068,996.00         2,068,996.00       5,666.27                 -         5,666.27
-----------------------------------------------------------------------------------------------------------------
  Total                  514,382,196.00       514,382,196.00   1,408,717.16      5,600,133.64     7,008,850.80
-----------------------------------------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------------
                                                Current
              Realized        Deferred         Principal
  Class        Losses         Interest          Balance
-------------------------------------------------------------
                (5)             (6)        (7)=(1)-(3)-(5)+(6)
-------------------------------------------------------------
<S>           <C>             <C>          <C>
    A            -                -           490,778,066.36
    X            -                -                        -
   A-R           -                -                        -
   B-1           -                -             5,915,000.00
   B-2           -                -             5,143,000.00
-------------------------------------------------------------
   B-3           -                -             2,315,000.00
   B-4           -                -             1,534,000.00
   B-5           -                -             1,028,000.00
   B-6           -                -             2,068,996.00
-------------------------------------------------------------
  Total          -                -           508,782,062.36
-------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 4/30/02

<TABLE>
<CAPTION>
Interest Accrual Detail                     Current Period Factor Information per $1,000 of Original Face
-----------------------------------------------------------------------------------------------------------------
                                                             Orig. Principal      Prior
            Period     Period                                (with Notional)    Principal
  Class    Starting    Ending     Method        Cusip            Balance         Balance         Interest
-----------------------------------------------------------------------------------------------------------------
                                                                                  (1)               (2)
-----------------------------------------------------------------------------------------------------------------
<S>        <C>        <C>        <C>          <C>            <C>               <C>             <C>
    A      04/26/02   05/18/02   A-Act/360    81743XAA7      496,378,000.00    1,000.000000            1.392778
    X                             A-30/360    SQ0201UPX              100.00    1,000.000000    6,828,176.500000
   A-R                            A-30/360    81743XAC3              100.00    1,000.000000            2.700000
   B-1     04/26/02   05/18/02   A-Act/360    81743XAB5        5,915,000.00    1,000.000000            1.635555
   B-2     04/26/02   05/18/02   A-Act/360    81743XAD1        5,143,000.00    1,000.000000            1.635555
-----------------------------------------------------------------------------------------------------------------
   B-3     04/26/02   05/18/02   A-Act/360    81743XAE9        2,315,000.00    1,000.000000            1.635555
   B-4                            A-30/360    SQ0201UB4        1,534,000.00    1,000.000000            2.738657
   B-5                            A-30/360    SQ0201UB5        1,028,000.00    1,000.000000            2.738658
   B-6                            A-30/360    SQ0201UB6        2,068,996.00    1,000.000000            2.738657

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

<CAPTION>
---------------------------------------------------------------
                                                    Current
                                 Total             Principal
  Class      Principal       Distribution           Balance
---------------------------------------------------------------
                (3)           (4)=(2)+(3)           (5)
---------------------------------------------------------------
<S>          <C>             <C>                  <C>
    A           11.281591           12.674369       988.718409
    X        1,000.000000    6,829,176.500000                -
   A-R       1,000.000000        1,002.700000                -
   B-1                  -            1.635555     1,000.000000
   B-2                  -            1.635555     1,000.000000
---------------------------------------------------------------
   B-3                  -            1.635555     1,000.000000
   B-4                  -            2.738657     1,000.000000
   B-5                  -            2.738658     1,000.000000
   B-6                  -            2.738657     1,000.000000
---------------------------------------------------------------
</TABLE>

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

<PAGE>

Distribution in Dollars - to Date

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
              Original                       Unscheduled      Scheduled           Total            Total
  Class      Face Value        Interest       Principal       Principal         Principal       Distribution
-----------------------------------------------------------------------------------------------------------------
                 (1)             (2)             (3)             (4)           (5)=(3)+(4)      (6)=(2)+(5)
-----------------------------------------------------------------------------------------------------------------
<S>          <C>              <C>           <C>               <C>              <C>              <C>
    A        496,378,000.00    691,344.25     5,599,933.64        -              5,599,933.64     6,291,277.89
    X                100.00    682,817.65           100.00        -                    100.00       682,917.65
   A-R               100.00          0.27           100.00        -                    100.00           100.27
   B-1         5,915,000.00      9,674.31                -        -                         -         9,674.31
   B-2         5,143,000.00      8,411.66                -        -                         -         8,411.66
   B-3         2,315,000.00      3,786.31                -        -                         -         3,786.31
   B-4         1,534,000.00      4,201.10                -        -                         -         4,201.10
   B-5         1,028,000.00      2,815.34                -        -                         -         2,815.34
   B-6         2,068,996.00      5,666.27                -        -                         -         5,666.27
-----------------------------------------------------------------------------------------------------------------
  Total      514,382,196.00  1,408,717.16     5,600,133.64        -              5,600,133.64     7,008,850.80
-----------------------------------------------------------------------------------------------------------------

<CAPTION>
--------------------------------------------------------------
                                                 Current
               Realized        Deferred         Principal
  Class         Losses         Interest          Balance
--------------------------------------------------------------
                 (7)             (8)        (9)=(1)-(5)-(7)+(8)
--------------------------------------------------------------
<S>            <C>             <C>          <C>
    A             -                -           490,778,066.36
    X             -                -                        -
   A-R            -                -                        -
   B-1            -                -             5,915,000.00
   B-2            -                -             5,143,000.00
   B-3            -                -             2,315,000.00
   B-4            -                -             1,534,000.00
   B-5            -                -             1,028,000.00
   B-6            -                -             2,068,996.00
--------------------------------------------------------------
  Total           -                -           508,782,062.36
--------------------------------------------------------------
</TABLE>

Interest Detail

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
             Pass-      Prior Principal                          Non-             Prior         Unscheduled
            Through     (with Notional)        Accrued        Supported          Unpaid           Interest
  Class      Rate           Balance           Interest       Interest SF        Interest        Adjustments
---------------------------------------------------------------------------------------------------------------
                                                 (1)             (2)               (3)              (4)
---------------------------------------------------------------------------------------------------------------
<S>          <C>            <C>                 <C>          <C>                <C>             <C>
    A        2.18000%       496,378,000.00      691,344.25        -                 -                -
    X        1.60741%               100.00      682,817.65        -                 -                -
   A-R       3.28639%               100.00            0.27        -                 -                -
    Q        2.56000%         5,915,000.00        9,674.31        -                 -                -
   B-2       2.56000%         5,143,000.00        8,411.66        -                 -                -
---------------------------------------------------------------------------------------------------------------
    Q        2.56000%         2,315,000.00        3,786.31        -                 -                -
   B-4       3.28639%         1,534,000.00        4,201.10        -                 -                -
   B-5       3.28639%         1,028,000.00        2,815.34        -                 -                -
   B-6       3.28639%         2,068,996.00        5,666.27        -                 -                -
---------------------------------------------------------------------------------------------------------------
  Total                     514,382,196.00    1,408,717.16        -                 -                -
---------------------------------------------------------------------------------------------------------------

<CAPTION>
---------------------------------------------------------------
                                  Paid or         Current
                Optimal           Deferred        Unpaid
  Class         Interest          Interest       Interest
---------------------------------------------------------------
                (5)=(1)-
                (2)+(3)+(4)        (6)           (7)=(5)-(6)
---------------------------------------------------------------
<S>             <C>               <C>           <C>
    A           691,344.25        691,344.25         -
    X           682,817.65        682,817.65         -
   A-R                0.27              0.27         -
    Q             9,674.31          9,674.31         -
   B-2            8,411.66          8,411.66         -
---------------------------------------------------------------
    Q             3,786.31          3,786.31         -
   B-4            4,201.10          4,201.10         -
   B-5            2,815.34          2,815.34         -
   B-6            5,666.27          5,666.27         -
---------------------------------------------------------------
  Total       1,408,717.16      1,408,717.16         -
--------------------------- -----------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                             TOTAL
--------------------------------------------------------------------------------
<S>                                                              <C>
     Principal Collections                                       5,600,133.64
     Principal Withdrawals                                               0.00
     Principal Other Accounts                                            0.00
     TOTAL PRINCIPAL                                             5,600,133.64

     Interest Collected                                          1,428,705.21
     Interest Withdrawals                                                0.00
     Interest Other Accounts                                             0.00
     Fees                                                          (19,988.04)
     TOTAL INTEREST                                              1,408,717.17

     TOTAL AVAILABLE TO CERTIFICATEHOLDERS                       7,008,850.81

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

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                   TOTAL
--------------------------------------------------------------------------------
<S>                                                               <C>
     Scheduled Principal                                                  0.00
     Curtailments                                                 1,447,123.76
     Prepayments In Full                                          4,153,009.88
     Repurchased Principal Amounts                                        0.00
     Substitution Principal Amount                                        0.00
     Liquidations                                                         0.00
     Insurance Principal                                                  0.00
     Other Principal                                                      0.00
     Total Realized Loss Of Principal                                     0.00

     TOTAL PRINCIPAL COLLECTED                                    5,600,133.64
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - WITHDRAWALS                                                TOTAL
--------------------------------------------------------------------------------
<S>                                                                   <C>
                         SPACE INTENTIONALLY LEFT BLANK

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

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

<PAGE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                                TOTAL
--------------------------------------------------------------------------------
<S>                                                              <C>
     Scheduled Interest                                          1,572,188.15
     Repurchased Interest                                                0.00
     Substitution Interest Amount                                        0.00
     Liquidation Interest                                                0.00
     Insurance Interest                                                  0.00
     Other Interest                                                      0.00

     Delinquent Interest                                        (1,397,734.03)
     Interest Advanced                                           1,254,251.09
     Prepayment Interest Shortfalls                                (10,810.09)
     Compensating Interest                                          10,810.09
     Civil Relief Act Shortfalls                                         0.00

     TOTAL INTEREST COLLECTED                                    1,428,705.21
--------------------------------------------------------------------------------
</TABLE>

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

     TOTAL INTEREST WITHDRAWALS                                           0.00
--------------------------------------------------------------------------------
</TABLE>

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

     TOTAL INTEREST OTHER ACCOUNTS                                        0.00
--------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                        TOTAL
--------------------------------------------------------------------------------
<S>                                                                  <C>
     Current Servicing Fees                                          18,273.43
     Trustee Fee                                                      1,714.61

     TOTAL FEES                                                      19,988.04
--------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

<TABLE>
<CAPTION>
ACCOUNTS                                                                 TOTAL
----------------------------------------------------------------------------------
<S>                                                                    <C>
     BASIS RISK RESERVE FUND

     Beginning Balance                                                 10,000.00
     Basis Risk Deposit                                                     0.00
     Basis Risk Shortfall paid                                              0.00
     Investment Earnings distributed to the Class X Bondholder              0.00
     Ending Balance                                                    10,000.00
-----------------------------------------------------------------------------------
</TABLE>

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

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                       TOTAL
-----------------------------------------------------------------------------------
<S>                                                                     <C>
Pro Rata Senior Percentage                                               96.499879%
Senior Percentage                                                       100.000000%
Subordinate Percentage                                                    0.000000%
Senior Prepayment Percentage                                            100.000000%
Subordinate Percentage                                                    0.000000%
-----------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                            TOTAL
--------------------------------------------------------------------------------
<S>                                                             <C>
        Loan Count:
     ORIGINAL                                                            1254
     Prior                                                                  -
     Prefunding                                                             -
     Scheduled Paid Offs                                                    -
     Full Voluntary Prepayments                                            (5)
     Repurchases                                                            -
     Liquidations                                                           -
------------------------------------------------------------------------------
     Current                                                            1,249

     PRINCIPAL BALANCE:
     Original                                                  514,382,196.83
     Prior                                                                  -
     Prefunding                                                             -
     Scheduled Principal                                                    -
     Partial and Full Voluntary Prepayments                     (5,600,133.64)
     Repurchases                                                            -
     Liquidations                                                           -
------------------------------------------------------------------------------
     Current                                                   508,782,063.19
------------------------------------------------------------------------------
</TABLE>

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

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

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

Note:  Original information refers to deal issue.

<PAGE>

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

Note:  Original information refers to deal issue.

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                              TOTAL
-------------------------------------------------------------------------------
<S>                                                               <C>
     Current Servicing Fees                                          18,273.43
     Delinquent Servicing Fees                                      143,482.94
     TOTAL SERVICING FEES                                           161,756.37

     Total Servicing Fees                                           161,756.37
     Compensating Interest                                          (10,810.09)
     Delinquent Servicing Fees                                     (143,482.94)
     COLLECTED SERVICING FEES                                         7,463.34

     Prepayment Interest Shortfall                                   10,810.09

     Total Advanced Interest                                      1,254,251.09

     Current Nonrecoverable Advances                                      0.00
-------------------------------------------------------------------------------
</TABLE>

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

     Special Hazard Loss Coverage Amount                          5,800,000.00
     Current Special Hazard Losses                                        0.00
     Cumulative Special Hazard Losses                                     0.00
     Bankruptcy Loss Coverage Amount                                100,000.00
     Current Bankruptcy Losses                                            0.00
     Cumulative Bankruptcy Losses                                         0.00
     Fraud Loss Coverage Amount                                  15,431,466.00
     Current Fraud Losses                                                 0.00
     Cumulative Fraud Losses                                              0.00
-------------------------------------------------------------------------------
</TABLE>

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                                         CURRENT          1 PAYMENT          2  PAYMTS        3+  PAYMTS                TOTAL
------------------------------------------------------------------------------------------------------------------------------
<S>                                                    <C>                   <C>              <C>                <C>
DELINQUENT              Balance                        1,664,884.00                  -                 -         1,664,884.00
                        % Balance                             0.33%              0.00%             0.00%                0.33%
                        # Loans                                  3                  -                 -                    3
                        % # Loans                             0.24%              0.00%             0.00%                0.24%
------------------------------------------------------------------------------------------------------------------------------
FORECLOSURE             Balance                -                  -                  -                 -                    -
                        % Balance          0.00%              0.00%              0.00%             0.00%                0.00%
                        # Loans                -                  -                  -                 -                    -
                        % # Loans          0.00%              0.00%              0.00%             0.00%                0.00%
------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY              Balance                -                  -                  -                 -                    -
                        % Balance          0.00%              0.00%              0.00%             0.00%                0.00%
                        # Loans                -                  -                  -                 -                    -
                        % # Loans          0.00%              0.00%              0.00%             0.00%                0.00%
------------------------------------------------------------------------------------------------------------------------------
REO                     Balance                -                  -                  -                 -                    -
                        % Balance          0.00%              0.00%              0.00%             0.00%                0.00%
                        # Loans                -                  -                  -                 -                    -
                        % # Loans          0.00%              0.00%              0.00%             0.00%                0.00%
------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
TOTAL                   Balance               -        1,664,884.00                  -                 -         1,664,884.00
                        % Balance          0.00%              0.33%              0.00%             0.00%                0.33%
                        # Loans                -                  3                  -                 -                    3
                        % # Loans          0.00%              0.24%              0.00%             0.00%                0.24%
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

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

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

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

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

<PAGE>

           FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE
                          DURING CURRENT DISTRIBUTION

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

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

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

<PAGE>

                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                                                 TOTAL
-------------------------------------------------------------------------------
<S>                                                               <C>
     CURRENT
     Number of Paid in Full Loans                                              5
     Number of Repurchased Loans                                              -
     ----------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                                     5

     Paid in Full Balance                                          4,153,009.88
     Repurchased Loans Balance                                                 -
     Curtailments Amount                                            1,447,123.76
     ----------------------------------------------------------------------------
     Total Prepayment Amount                                        5,600,133.64

     CUMULATIVE
     Number of Paid in Full Loans                                              5
     Number of Repurchased Loans                                              -
     ----------------------------------------------------------------------------
     Total Number of Loans Prepaid in Full                                     5

     Paid in Full Balance                                           4,153,009.88
     Repurchased Loans Balance                                                 -
     Curtailments Amount                                            1,447,123.76
     ----------------------------------------------------------------------------
     Total Prepayment Amount                                       5,600,133.64

                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                            TOTAL
--------------------------------------------------------------------------------
<S>                                                                      <C>
     SMM                                                                 1.09%
     3 Months Avg SMM
     12 Months Avg SMM

     Avg SMM Since Cut-off                                               1.09%

     CPR                                                                12.31%
     3 Months Avg CPR
     12 Months Avg CPR

     Avg CPR Since Cut-off                                              12.31%

     PSA                                                              1681.69%
     3 Months Avg  PSA Approximation
     12 Months Avg PSA Approximation

     Avg PSA Since Cut-off Approximation                              1681.69%
-------------------------------------------------------------------------------
</TABLE>

<PAGE>

PREPAYMENT CALCULATION METHODOLOGY

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

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

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

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

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

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

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

    Weighted Average Seasoning (WAS)

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

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

<TABLE>
<CAPTION>
SUMMARY                                              LOAN GROUP
<S>                                                  <C>
Total Loan Count =  5                                Loan Group 1 =  MSDW Group
Total Original Principal Balance =  4,154,000.00
Total Prepayment Amount =  4,153,009.88

</TABLE>

<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------------
Loan Number              Original                                       Current       State &       Type Prepayment
     &         Loan     Principal        Prepayment     Prepayment       Note         LTV at               &           Origination
 Loan Group   Status     Balance           Amount         Date           Rate      Origination       Original Term        Date
----------------------------------------------------------------------------------------------------------------------------------
<S>          <C>       <C>              <C>            <C>             <C>        <C>             <C>                  <C>
390436395 1               775,000.00      775,000.00    Apr-25-02       3.750%    CA  -  55.36%   Paid Off  -  300      Nov-16-01
390442008 1               140,000.00      139,340.00    Apr-01-02       4.000%    CA  -  72.54%   Paid Off  -  300      Oct-31-01
390442091 1             1,365,000.00    1,365,000.00    Apr-01-02       4.125%    CA  -  70.00%   Paid Off  -  300      Nov-13-01
390446749 1             1,662,000.00    1,661,669.88    Apr-01-02       3.625%    CA  -  72.26%   Paid Off  -  300      Jan-28-02
391440312 1               212,000.00      212,000.00    Apr-24-02       3.625%    NC  -  76.26%   Paid Off  -  300      Nov-26-01

</TABLE>

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                     TOTAL
--------------------------                                    ------
<S>                                                           <C>
     CURRENT
     Number of Loans Liquidated                                   -
     Collateral Realized Loss/(Gain) Amount                       -
     Net Liquidation Proceeds                                     -

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

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

                         SPACE INTENTIONALLY LEFT BLANK

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

Avg MDR Since Cut-off                               0.00%

CDR                                                 0.00%
3 Months Avg CDR
12 Months Avg CDR

Avg CDR Since Cut-off                               0.00%

SDA                                                 0.00%
3 Months Avg  SDA Approximation
12 Months Avg SDA Approximation

Avg SDA Since Cut-off Approximation                 0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg  Loss Severity Approximation Since Cut-off

</TABLE>

<PAGE>

COLLATERAL REALIZED LOSS  CALCULATION METHODOLOGY

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

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

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

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

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

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

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

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

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

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

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

           Dates correspond to distribution dates.

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

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

</TABLE>

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

                         SPACE INTENTIONALLY LEFT BLANK
-------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

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

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

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

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

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                                     TOTAL
--------------------------------------------------------------------------------
<S>                                                                       <C>
   Basis Risk Shortfall

   Class A                                                                  0.00
   Class B-1                                                                0.00
   Class B-2                                                                0.00
   Class B-3                                                                0.00
   Unpaid Basis Risk Shortfall
   Class A                                                                  0.00
   Class B-1                                                                0.00
   Class B-2                                                                0.00
   Class B-3                                                                0.00

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]