Document:

<PAGE>
                                                                    EXHIBIT 10.1

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

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

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

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

ISSUANCE INFORMATION

<TABLE>
<S>                                                                 <C>
--------------------------------------------------------------------------------------------------------------

     Seller:               Redwood Trust                            Cut-Off Date:        October 1, 2001
     Certificate Insurer:                                           Closing Date:        October 31, 2001
     Servicer(s):          Cendant Mortgage Corporation             First Payment Date:  November 19, 2001
                           Morgan Stanley Dean Witter

     Underwriter(s):       Greenwich Capital Markets, Inc.          Distribution Date:   January 22, 2002
                           Bear, Stearns & Co. Inc.                 Record Date:         January 21, 2002
                                                                                         December 31, 2001

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

<PAGE>

                            SEQUOIA MORTGAGE TRUST 5
                          COLLATERALIZED MORTGAGE BONDS
              BOND PAYMENT REPORT FOR JANUARY 22, 2002 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                         Prior                                                                            Current
            Class    Original          Principal                                    Total       Realized   Deferred      Principal
   Class    Type    Face Value          Balance       Interest      Principal    Distribution    Losses    Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)            (2)            (3)       (4)=(2)+(3)       (5)       (6)       (7)=(1)-(3)-
                                                                                                                         (5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>   <C>              <C>              <C>             <C>          <C>            <C>        <C>       <C>
   LT-A           496,667,000.00   491,426,081.68   1,951,759.15    861,913.72   2,813,672.87      --        --      490,564,167.96
   LT-A2                  100.00               --             --            --             --      --        --                  --
   LT-X                   100.00               --             --            --             --      --        --                  --
  LT-B-1            5,918,000.00     5,918,000.00      23,504.07            --      23,504.07      --        --        5,918,000.00
  LT-B-2            5,146,000.00     5,146,000.00      20,437.97            --      20,437.97      --        --        5,146,000.00
------------------------------------------------------------------------------------------------------------------------------------
  LT-B-3            2,316,000.00     2,316,000.00       9,198.28            --       9,198.28      --        --        2,316,000.00
  LT-B-4            1,545,000.00     1,545,000.00       6,136.16            --       6,136.16      --        --        1,545,000.00
  LT-B-5            1,030,000.00     1,030,000.00       4,090.77            --       4,090.77      --        --        1,030,000.00
  LT-B-6            2,058,912.00     2,058,912.00       8,177.22            --       8,177.22      --        --        2,058,912.00
   LT-R                       --               --             --            --             --      --        --                  --
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
   Total          514,681,112.00   509,439,993.68   2,023,303.62    861,913.72   2,885,217.34      --        --      508,578,079.96
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail                       Current Period Factor Information per $1,000 of Original Face
---------------------------------------------------------------------------------------------------------------------------------
                                               Orig. Principal       Prior                                             Current
           Period   Period                     (with Notional)     Principal                             Total        Principal
   Class  Starting  Ending  Method     Cusip       Balance          Balance     Interest  Principal   Distribution     Balance
---------------------------------------------------------------------------------------------------------------------------------
                                                                      (1)         (2)        (3)       (4)=(2)+(3)        (5)
---------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>     <C>        <C>     <C>                 <C>          <C>       <C>         <C>           <C>
   LT-A                     A-30/360           496,667,000.00      989.447823   3.929714   1.735396      5.665109     987.712427
   LT-A2                    A-30/360                   100.00              --         --         --            --             --
   LT-X                     A-30/360                   100.00              --         --         --            --             --
  LT-B-1                    A-30/360             5,918,000.00    1,000.000000   3.971624         --      3.971624   1,000.000000
  LT-B-2                    A-30/360             5,146,000.00    1,000.000000   3.971623         --      3.971623   1,000.000000
---------------------------------------------------------------------------------------------------------------------------------
  LT-B-3                    A-30/360             2,316,000.00    1,000.000000   3.971623         --      3.971623   1,000.000000
  LT-B-4                    A-30/360             1,545,000.00    1,000.000000   3.971625         --      3.971625   1,000.000000
  LT-B-5                    A-30/360             1,030,000.00    1,000.000000   3.971621         --      3.971621   1,000.000000
  LT-B-6                    A-30/360             2,058,912.00    1,000.000000   3.971622         --      3.971622   1,000.000000
   LT-R                     A-30/360                       --              --         --         --            --             --
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                        Current
                Original                  Unscheduled   Scheduled    Total          Total      Realized   Deferred     Principal
    Class      Face Value      Interest    Principal    Principal   Principal    Distribution   Losses    Interest      Balance
-----------------------------------------------------------------------------------------------------------------------------------
                  (1)            (2)          (3)           (4)    (5)=(3)+(4)    (6)=(2)+(5)     (7)        (8)     (9)=(1)-(5)-
                                                                                                                       (7)+(8)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>             <C>           <C>           <C>        <C>           <C>           <C>        <C>        <C>
    LT-A    496,667,000.00  6,148,613.75  6,102,832.04      --     6,102,832.04  12,251,445.79    --         --     490,564,167.96
    LT-A2           100.00          0.42        100.00      --           100.00         100.42    --         --                 --
    LT-X            100.00            --        100.00      --           100.00         100.00    --         --                 --
   LT-B-1     5,918,000.00     73,614.38            --      --               --      73,614.38    --         --       5,918,000.00
   LT-B-2     5,146,000.00     64,011.41            --      --               --      64,011.41    --         --       5,146,000.00
   LT-B-3     2,316,000.00     28,808.87            --      --               --      28,808.87    --         --       2,316,000.00
   LT-B-4     1,545,000.00     19,218.36            --      --               --      19,218.36    --         --       1,545,000.00
   LT-B-5     1,030,000.00     12,812.23            --      --               --      12,812.23    --         --       1,030,000.00
   LT-B-6     2,058,912.00     25,610.93            --      --               --      25,610.93    --         --       2,058,912.00
    LT-R                --            --            --      --               --             --    --         --                 --

-----------------------------------------------------------------------------------------------------------------------------------
    Total   514,681,112.00  6,372,690.35  6,103,032.04      --     6,103,032.04  12,475,722.39    --         --     508,578,079.96
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
------------------------------------------------------------------------------------------------------------------------------------
              Pass-   Prior Principal                    Non-      Prior     Unscheduled                  Paid or       Current
             Through  (with Notional)    Accrued      Supported    Unpaid     Interest      Optimal       Deferred       Unpaid
    Class     Rate        Balance        Interest    Interest SF  Interest   Adjustments    Interest      Interest      Interest
------------------------------------------------------------------------------------------------------------------------------------
                                           (1)           (2)         (3)         (4)        (5)=(1)-         (6)       (7)=(5)-(6)
                                                                                          (2)+(3)+(4)
------------------------------------------------------------------------------------------------------------------------------------
<S>         <C>       <C>              <C>           <C>          <C>        <C>          <C>            <C>           <C>
    LT-A    4.76595%   491,426,081.68  1,951,759.15       --          --          --      1,951,759.15   1,951,759.15            --
    LT-A2   4.76595%               --            --       --          --          --                --             --            --
    LT-X                           --            --       --          --          --                --             --            --
   LT-B-1   4.76595%     5,918,000.00     23,504.07       --          --          --         23,504.07      23,504.07            --
   LT-B-2   4.76595%     5,146,000.00     20,437.97       --          --          --         20,437.97      20,437.97            --
------------------------------------------------------------------------------------------------------------------------------------
   LT-B-3   4.76595%     2,316,000.00      9,198.28       --          --          --          9,198.28       9,198.28            --
   LT-B-4   4.76595%     1,545,000.00      6,136.16       --          --          --          6,136.16       6,136.16            --
   LT-B-5   4.76595%     1,030,000.00      4,090.77       --          --          --          4,090.77       4,090.77            --
   LT-B-6   4.76595%     2,058,912.00      8,177.22       --          --          --          8,177.22       8,177.22            --
    LT-R                           --            --       --          --          --                --             --            --
------------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------------
    Total              509,439,993.68  2,023,303.62       --          --          --      2,023,303.62   2,023,303.62            --
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
------------------------------------------------------------------------------------------------------------------------------------
                                        Prior                                                                            Current
          Class     Original          Principal                                      Total       Realized  Deferred     Principal
  Class   Type      Face Value         Balance        Interest       Principal    Distribution    Losses   Interest      Balance
------------------------------------------------------------------------------------------------------------------------------------
                                         (1)             (2)            (3)        (4)=(2)+(3)      (5)       (6)      (7)=(1)-(3)-
                                                                                                                          (5)+(6)
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>     <C>               <C>              <C>             <C>          <C>            <C>       <C>       <C>
    A      FLT    496,667,000.00    491,426,081.68   1,022,575.77    861,913.72   1,884,489.49      --        --     490,564,167.96
    X      CSTR           100.00                --     948,980.30            --     948,980.30      --        --                 --
   A-R      R             100.00                --             --            --             --      --        --                 --
   B-1     SUB      5,918,000.00      5,918,000.00      14,755.55            --      14,755.55      --        --       5,918,000.00
   B-2     SUB      5,146,000.00      5,146,000.00      12,830.69            --      12,830.69      --        --       5,146,000.00
------------------------------------------------------------------------------------------------------------------------------------
   B-3     SUB      2,316,000.00      2,316,000.00       5,774.56            --       5,774.56      --        --       2,316,000.00
   B-4     SUB      1,545,000.00      1,545,000.00       6,136.16            --       6,136.16      --        --       1,545,000.00
   B-5     SUB      1,030,000.00      1,030,000.00       4,090.77            --       4,090.77      --        --       1,030,000.00
   B-6     SUB      2,058,912.00      2,058,912.00       8,177.22            --       8,177.22      --        --       2,058,912.00

------------------------------------------------------------------------------------------------------------------------------------
  Total           514,681,112.00    509,439,993.68   2,023,321.02    861,913.72   2,885,234.74      --        --     508,578,079.96
------------------------------------------------------------------------------------------------------------------------------------
Definitive Bond Record Date: 12/31/01
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail                            Current Period Factor Information per $1,000 of Original Face
------------------------------------------------------------------------------------------------------------------------------------
                                              Orig. Principal      Prior                                                   Current
         Period   Period                      (with Notional)    Principal                                 Total          Principal
  Class Starting  Ending   Method    Cusip        Balance         Balance      Interest      Principal  Distribution       Balance
------------------------------------------------------------------------------------------------------------------------------------
                                                                    (1)           (2)           (3)     (4)=(2)+(3)          (5)
------------------------------------------------------------------------------------------------------------------------------------
<S>     <C>      <C>      <C>       <C>       <C>              <C>          <C>              <C>       <C>              <C>
    A   12/19/01 01/21/02 A-Act/360 81743WAA9  496,667,000.00    989.447823         2.058876 1.735396          3.794272   987.712427
    X                      A-30/360 81743WAJ0          100.00            -- 9,489,802.950000       --  9,489,802.950000           --
   A-R                     A-30/360 81743WAB7          100.00            --               --       --                --           --
   B-1  12/19/01 01/21/02 A-Act/360 81743WAC5    5,918,000.00  1,000.000000         2.493334       --          2.493334 1,000.000000
   B-2  12/19/01 01/21/02 A-Act/360 81743WAD3    5,146,000.00  1,000.000000         2.493333       --          2.493333 1,000.000000
------------------------------------------------------------------------------------------------------------------------------------
   B-3  12/19/01 01/21/02 A-Act/360 81743WAE1    2,316,000.00  1,000.000000         2.493333       --          2.493333 1,000.000000
   B-4                     A-30/360 81743WAF8    1,545,000.00  1,000.000000         3.971625       --          3.971625 1,000.000000
   B-5                     A-30/360 81743WAG6    1,030,000.00  1,000.000000         3.971621       --          3.971621 1,000.000000
   B-6                     A-30/360 81743WAH4    2,058,912.00  1,000.000000         3.971622       --          3.971622 1,000.000000
------------------------------------------------------------------------------------------------------------------------------------
Interest will accrue on all Bonds on the basis of a 360-day year consisting of
twelve 30-day months.
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
------------------------------------------------------------------------------------------------------------------------------------
                                                                                                                          Current
               Original                    Unscheduled   Scheduled    Total          Total      Realized   Deferred      Principal
  Class       Face Value      Interest      Principal    Principal   Principal    Distribution   Losses    Interest       Balance
------------------------------------------------------------------------------------------------------------------------------------
                 (1)            (2)            (3)          (4)     (5)=(3)+(4)   (6)=(2)+(5)      (7)        (8)      (9)=(1)-(5)-
                                                                                                                         (7)+(8)
------------------------------------------------------------------------------------------------------------------------------------
<S>        <C>              <C>           <C>            <C>       <C>            <C>           <C>        <C>       <C>
    A      496,667,000.00   2,738,252.45  6,102,832.04      --     6,102,832.04   8,841,084.49     --         --     490,564,167.96
    X              100.00   3,488,945.70        100.00      --           100.00   3,489,045.70     --         --                 --
   A-R             100.00           0.42        100.00      --           100.00         100.42     --         --                 --
   B-1       5,918,000.00      38,872.63            --      --               --      38,872.63     --         --       5,918,000.00
   B-2       5,146,000.00      33,801.72            --      --               --      33,801.72     --         --       5,146,000.00
   B-3       2,316,000.00      15,212.75            --      --               --      15,212.75     --         --       2,316,000.00
   B-4       1,545,000.00      19,218.36            --      --               --      19,218.36     --         --       1,545,000.00
   B-5       1,030,000.00      12,812.23            --      --               --      12,812.23     --         --       1,030,000.00
   B-6       2,058,912.00      25,610.92            --      --               --      25,610.92     --         --       2,058,912.00

------------------------------------------------------------------------------------------------------------------------------------
  Total    514,681,112.00   6,372,727.18  6,103,032.04      --     6,103,032.04  12,475,759.22     --         --     508,578,079.96
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------------------
           Pass-    Prior Principal                     Non-        Prior    Unscheduled                 Paid or      Current
          Through   (with Notional)     Accrued       Supported     Unpaid    Interest     Optimal       Deferred      Unpaid
  Class     Rate        Balance         Interest     Interest SF   Interest  Adjustments   Interest      Interest     Interest
-----------------------------------------------------------------------------------------------------------------------------------
                                           (1)           (2)          (3)         (4)       (5)=(1)-         (6)       (7)=(5)-(6)
                                                                                          (2)+(3)+(4)
-----------------------------------------------------------------------------------------------------------------------------------
<S>       <C>       <C>               <C>            <C>           <C>       <C>          <C>            <C>          <C>
    A     2.27000%  491,426,081.68    1,022,575.77       --           --          --      1,022,575.77   1,022,575.77           --
    X     2.25583%              --      948,980.30       --           --          --        948,980.30     948,980.30           --
   A-R    4.76595%              --              --       --           --          --                --             --           --
   B-1    2.72000%    5,918,000.00       14,755.55       --           --          --         14,755.55      14,755.55           --
   B-2    2.72000%    5,146,000.00       12,830.69       --           --          --         12,830.69      12,830.69           --
-----------------------------------------------------------------------------------------------------------------------------------
   B-3    2.72000%    2,316,000.00        5,774.56       --           --          --          5,774.56       5,774.56           --
   B-4    4.76595%    1,545,000.00        6,136.16       --           --          --          6,136.16       6,136.16           --
   B-5    4.76595%    1,030,000.00        4,090.77       --           --          --          4,090.77       4,090.77           --
   B-6    4.76595%    2,058,912.00        8,177.22       --           --          --          8,177.22       8,177.22           --

-----------------------------------------------------------------------------------------------------------------------------------
  Total             509,439,993.68    2,023,321.02       --           --          --      2,023,321.02   2,023,321.02           --
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                            COLLECTION ACCOUNT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
SUMMARY                                        MSDW             CENDANT             TOTAL
---------------------------------------------------------------------------------------------
<S>                                        <C>                <C>                <C>
Principal Collections                        157,783.26         704,130.46         861,913.72
Principal Withdrawals                              0.00               0.00               0.00
Principal Other Accounts                           0.00               0.00               0.00
TOTAL PRINCIPAL                              157,783.26         704,130.46         861,913.72

Interest Collected                           735,363.26       1,377,184.77       2,112,548.03
Interest Withdrawals                               0.00               0.00               0.00
Interest Other Accounts                            0.00               0.00              17.41
Fees                                         (20,646.34)        (66,687.68)        (89,244.42)
TOTAL INTEREST                               714,716.92       1,310,497.09       2,023,321.02

TOTAL AVAILABLE TO CERTIFICATEHOLDERS        872,500.18       2,014,627.55       2,885,234.74

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

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                        MSDW             CENDANT             TOTAL
---------------------------------------------------------------------------------------------
<S>                                        <C>                <C>                <C>
Scheduled Principal                                0.00               0.00               0.00
Curtailments                                 157,783.26         704,130.46         861,913.72
Prepayments In Full                                0.00               0.00               0.00
Repurchased Principal Amounts                      0.00               0.00               0.00
Substitution Principal Amount                      0.00               0.00               0.00
Liquidations                                       0.00               0.00               0.00
Insurance Principal                                0.00               0.00               0.00
Other Principal                                    0.00               0.00               0.00
Total Realized Loss Of Principal                   0.00               0.00               0.00

TOTAL PRINCIPAL COLLECTED                    157,783.26         704,130.46         861,913.72

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

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

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

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

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

<PAGE>

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                             MSDW             CENDANT             TOTAL
-------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                <C>
Scheduled Interest                               775,053.30       1,410,810.22       2,185,863.52
Repurchased Interest                                   0.00               0.00               0.00
Substitution Interest Amount                           0.00               0.00               0.00
Liquidation Interest                                   0.00               0.00               0.00
Insurance Interest                                     0.00               0.00               0.00
Other Interest                                         0.00               0.00               0.00

Delinquent Interest                             (515,702.21)       (468,847.21)       (984,549.42)
Interest Advanced                                476,012.17         435,221.76         911,233.93
Prepayment Interest Shortfalls                         0.00               0.00               0.00
Compensating Interest                                  0.00               0.00               0.00
Civil Relief Act Shortfalls                            0.00               0.00               0.00

TOTAL INTEREST COLLECTED                         735,363.26       1,377,184.77       2,112,548.03

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

<TABLE>
<CAPTION>
INTEREST - WITHDRAWALS                             MSDW             CENDANT             TOTAL
-------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                <C>

Current Nonrecoverable Advances                        0.00               0.00               0.00

TOTAL INTEREST WITHDRAWALS                             0.00               0.00               0.00

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

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                          MSDW             CENDANT             TOTAL
-------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                <C>

Pre-Funding Account Earnings                                                                 0.00
Basis Risk Shortfall                                                                         0.00
Basis Risk Reserve Fund Interest Earnings                                                   17.41
Capitalized Interest Requirement                                                             0.00

TOTAL INTEREST OTHER ACCOUNTS                                                               17.41

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

<TABLE>
<CAPTION>
INTEREST - FEES                                    MSDW             CENDANT             TOTAL
-------------------------------------------------------------------------------------------------
<S>                                             <C>               <C>                <C>

Current Servicing Fees                            20,646.34          66,687.68          87,334.02
Trustee Fee                                                                              1,910.40

TOTAL FEES                                        20,646.34          66,687.68          89,244.42

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

<PAGE>

--------------------------------------------------------------------------------
                            CREDIT ENHANCEMENT REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
ACCOUNTS                                                          MSDW          CENDANT          TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                               <C>           <C>             <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                                           17.41
Ending Balance                                                                                  10,000.00

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

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

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                               MSDW          CENDANT          TOTAL
---------------------------------------------------------------------------------------------------------
<S>                                                               <C>           <C>             <C>
Pro Rata Senior Percentage                                                                      96.463978%
Senior Percentage                                                                              100.000000%
Subordinate Percentage                                                                           0.000000%
Senior Prepayment Percentage                                                                   100.000000%
Subordinate Percentage                                                                           0.000000%

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

<PAGE>

--------------------------------------------------------------------------------
                                COLLATERAL REPORT
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL                                                       MSDW                 CENDANT                  TOTAL
-------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                    <C>                    <C>
Loan Count:
ORIGINAL                                                                296                    725                   1021
Prior                                                                   375                    837                  1,212
Prefunding                                                               --                     --                     --
Scheduled Paid Offs                                                      --                     --                     --
Full Voluntary Prepayments                                               --                     --                     --
Repurchases                                                              --                     --                     --
Liquidations                                                             --                     --                     --
-------------------------------------------------------------------------------------------------------------------------
Current                                                                 375                    835                  1,210

PRINCIPAL BALANCE:
Original                                                     153,936,514.18         290,744,597.66         444,681,111.84
Prior                                                        188,437,964.55         321,002,028.97         509,439,993.52
Prefunding                                                               --                     --                     --
Scheduled Principal                                                      --                     --                     --
Partial and Full Voluntary Prepayments                          (157,783.26)           (704,130.46)           (861,913.72)
Repurchases                                                              --                     --                     --
Liquidations                                                             --                     --                     --
-------------------------------------------------------------------------------------------------------------------------
Current                                                      188,280,181.29         320,297,898.51         508,578,079.80
-------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PREFUNDING                                                       MSDW                 CENDANT                  TOTAL
-------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                    <C>                    <C>

PRE-FUNDING ACCOUNT

Original Pre-Funded Amount                                                                                  70,000,000.00
Balance of Subsequent Mortgage Loans added this period                                                               0.00
Pre-Funding Account Earnings                                                                                         0.00
Withdrawal remaining amounts                                                                                         0.00
Pre-Funding Account Ending Balance                                                                                   0.00

CAPITALIZED INTEREST ACCOUNT

Original Capitalized Interest Amount                                                                           132,224.00
Capitalized Interest Requirement                                                                                     0.00
Capitalized Interest Account Ending Balance                                                                          0.00

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

<TABLE>
<CAPTION>
CHARACTERISTICS                                                  MSDW                 CENDANT                  TOTAL
-------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>                    <C>                    <C>

Weighted Average Coupon Original                                   5.497811%              5.791606%              5.689902%
Weighted Average Coupon Prior                                      5.159154%              5.704328%              5.502777%
Weighted Average Coupon Current                                    4.935651%              5.274024%              5.148862%
-------------------------------------------------------------------------------------------------------------------------
Weighted Average Months to Maturity Original                            297                    296                    296
Weighted Average Months to Maturity Prior                               297                    295                    296
Weighted Average Months to Maturity Current                             296                    294                    295
-------------------------------------------------------------------------------------------------------------------------
Weighted Avg Remaining Amortization Term Original                       297                    296                    296
Weighted Avg Remaining Amortization Term Prior                          296                    295                    296
Weighted Avg Remaining Amortization Term Current                        295                    294                    295
-------------------------------------------------------------------------------------------------------------------------
Weighted Average Seasoning Original                                    3.35                   4.14                   3.87
Weighted Average Seasoning Prior                                       3.72                   4.93                   4.48
Weighted Average Seasoning Current                                     4.72                   5.93                   5.48

-------------------------------------------------------------------------------------------------------------------------
Note: Original information refers to deal issue.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                            MSDW                  CENDANT                 TOTAL
-----------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                    <C>                    <C>
Weighted Average Margin Original                                    1.682%                 1.801%
Weighted Average Margin Prior                                       1.673%                 1.813%
Weighted Average Margin Current                                     1.672%                 1.814%
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Max Rate Original                                 12.000%                12.275%
Weighted Average Max Rate Prior                                    12.000%                12.324%
Weighted Average Max Rate Current                                  12.000%                12.325%
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Min Rate Original                                  1.682%                 1.801%
Weighted Average Min Rate Prior                                     2.724%                 1.619%
Weighted Average Min Rate Current                                   2.719%                 1.618%
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Cap Up Original
Weighted Average Cap Up Prior
Weighted Average Cap Up Current
-----------------------------------------------------------------------------------------------------------------------
Weighted Average Cap Down Original
Weighted Average Cap Down Prior
Weighted Average Cap Down Current

-----------------------------------------------------------------------------------------------------------------------
Note: Original information refers to deal issue.
</TABLE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                      MSDW                  CENDANT                 TOTAL
-----------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                    <C>                    <C>
Current Servicing Fees                                          20,646.34              66,687.68              87,334.02
Delinquent Servicing Fees                                       39,690.04              33,625.45              73,315.49
TOTAL SERVICING FEES                                            60,336.38             100,313.13             160,649.51

Total Servicing Fees                                            60,336.38             100,313.13             160,649.51
Compensating Interest                                                0.00                   0.00                   0.00
Delinquent Servicing Fees                                      (39,690.04)            (33,625.45)            (73,315.49)
COLLECTED SERVICING FEES                                        20,646.34              66,687.68              87,334.02

Prepayment Interest Shortfall                                        0.00                   0.00                   0.00

Total Advanced Interest                                        476,012.17             435,221.76             911,233.93

Current Nonrecoverable Advances                                      0.00                   0.00                   0.00

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

<TABLE>
<CAPTION>
ADDITIONAL COLLATERAL INFORMATION                              MSDW                  CENDANT                 TOTAL
-----------------------------------------------------------------------------------------------------------------------
<S>                                                       <C>                    <C>                    <C>
Mortgage Loans which adjust based on One-Month LIBOR        32,620,070.99                   0.00          32,620,070.99
Mortgage Loans which adjust based on Six-Month LIBOR       155,660,110.30         320,297,898.51         475,958,008.81

Special Hazard Loss Coverage Amount                                                                        5,502,000.00
Current Special Hazard Losses                                                                                      0.00
Cumulative Special Hazard Losses                                                                                   0.00
Bankruptcy Loss Coverage Amount                                                                              148,271.00
Current Bankruptcy Losses                                                                                          0.00
Cumulative Bankruptcy Losses                                                                                       0.00
Fraud Loss Coverage Amount                                                                                10,293,622.00
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>         <C>         <C>
DELINQUENT        Balance                               5,853,185.54           --           --   5,853,185.54
                  % Balance                                    1.15%        0.00%        0.00%          1.15%
                  # Loans                                          8           --           --              8
                  % # Loans                                    0.66%        0.00%        0.00%          0.66%
--------------------------------------------------------------------------------------------------------------
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                            -- 5,853,185.54           --           --   5,853,185.54
                  % Balance                       0.00%        1.15%        0.00%        0.00%          1.15%
                  # Loans                            --            8           --           --              8
                  % # Loans                       0.00%        0.66%        0.00%        0.00%          0.66%
--------------------------------------------------------------------------------------------------------------
Note: Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+
</TABLE>

--------------------------------------------------------------------------------
                       DELINQUENCY REPORT - CENDANT GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                CURRENT    1 PAYMENT     2 PAYMTS    3+ PAYMTS       TOTAL
--------------------------------------------------------------------------------------------------------------
<S>               <C>                           <C>     <C>              <C>         <C>         <C>
DELINQUENT        Balance                               3,452,935.54           --           --   3,452,935.54
                  % Balance                                    1.08%        0.00%        0.00%          1.08%
                  # Loans                                          5           --           --              5
                  % # Loans                                    0.60%        0.00%        0.00%          0.60%
--------------------------------------------------------------------------------------------------------------
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                            -- 3,452,935.54           --           --   3,452,935.54
                  % Balance                       0.00%        1.08%        0.00%        0.00%          1.08%
                  # Loans                            --            5           --           --              5
                  % # Loans                       0.00%        0.60%        0.00%        0.00%          0.60%
--------------------------------------------------------------------------------------------------------------
Note: Current = 0-29 days, 1 Payment = 30-59 days, 2 Payments = 60-89 days, 3+ Payments = 90+
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
                         DELINQUENCY REPORT - MSDW GROUP
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                                CURRENT    1 PAYMENT     2 PAYMTS    3+ PAYMTS      TOTAL
--------------------------------------------------------------------------------------------------------------
<S>               <C>                           <C>     <C>              <C>         <C>         <C>
DELINQUENT        Balance                               2,400,250.00           --           --   2,400,250.00
                  % Balance                                    1.27%        0.00%        0.00%          1.27%
                  # Loans                                          3           --           --              3
                  % # Loans                                    0.80%        0.00%        0.00%          0.80%
--------------------------------------------------------------------------------------------------------------
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                            -- 2,400,250.00           --           --   2,400,250.00
                  % Balance                       0.00%        1.27%        0.00%        0.00%          1.27%
                  # Loans                            --            3           --           --              3
                  % # Loans                       0.00%        0.80%        0.00%        0.00%          0.80%
--------------------------------------------------------------------------------------------------------------
Note:  Current = 0-29days, 1 Payment =30-59days, 2 Payments = 60-89days, 3+ Payments = 90+
</TABLE>

<PAGE>

--------------------------------------------------------------------------------
     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<S>                                            <C>
SUMMARY                                        LOAN GROUP
--------------------------------------------------------------------------------------------------------------
Total Loan Count =   0                         Loan Group 1  =  Cendant Group; REO Book Value  =  000.00
Total Original Principal Balance = 000.00      Loan Group 2  =  MSDW Group;    REO Book Value  =  000.00
Total Current Balance = 000.00
REO Book Value =   000.00
--------------------------------------------------------------------------------------------------------------
REO Book Value reported corresponds to total REO loans, including loans that become REO during current
distribution.
</TABLE>

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

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

<PAGE>

--------------------------------------------------------------------------------
                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS
--------------------------------------------------------------------------------

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

Paid in Full Balance                                                        --             --             --
Repurchased Loans Balance                                                   --             --             --
Curtailments Amount                                                 157,783.26     704,130.46     861,913.72
-------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                             157,783.26     704,130.46     861,913.72

CUMULATIVE
Number of Paid in Full Loans                                                 3              6              9
Number of Repurchased Loans                                                 --             --             --
-------------------------------------------------------------------------------------------------------------
Total Number of Loans Prepaid in Full                                        3              6              9

Paid in Full Balance                                              1,169,070.00   2,059,399.95   3,228,469.95
Repurchased Loans Balance                                                   --             --             --
Curtailments Amount                                                 706,827.40   2,147,981.50   2,854,808.90
-------------------------------------------------------------------------------------------------------------
Total Prepayment Amount                                           1,875,897.40   4,207,381.45   6,083,278.85

                         SPACE INTENTIONALLY LEFT BLANK

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

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                                                MSDW        CENDANT          TOTAL
-------------------------------------------------------------------------------------------------------------
<S>                                                                     <C>           <C>            <C>
SMM                                                                      0.08%          0.22%          0.17%
3 Months Avg SMM                                                         0.36%          0.45%          0.42%
12 Months Avg SMM
Avg SMM Since Cut-off                                                    0.36%          0.45%          0.42%

CPR                                                                      1.00%          2.60%          2.01%
3 Months Avg CPR                                                         4.19%          5.28%          4.88%
12 Months Avg CPR
Avg CPR Since Cut-off                                                    4.19%          5.28%          4.88%

PSA                                                                    105.95%        219.29%        183.46%
3 Months Avg  PSA Approximation                                        533.18%        527.59%        529.45%
12 Months Avg PSA Approximation
Avg PSA Since Cut-off Approximation                                    533.18%        527.59%        529.45%

-------------------------------------------------------------------------------------------------------------
</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)(circumflex)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)](circumflex)(1/months in period n,m)

Average CPR over period between the nth month and mth month (AvgCPRn,m):
1-((1-AvgSMMn,m)(circumflex)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>
<S>                                                        <C>
SUMMARY                                                    LOAN GROUP
-----------------------------------------------            ---------------------------------------------------

Total Loan Count =   0                                     Loan Group 1    =    Cendant Group
Total Original Principal Balance =   0.00                  Loan Group 2    =    MSDW Group
Total Prepayment Amount =   0.00

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

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
                                                                                       Type
  Loan Number           Original                             Current     State &    Prepayment
       &        Loan   Principal   Prepayment  Prepayment     Note       LTV at           &       Origination
  Loan Group    Status  Balance      Amount       Date        Rate    Origination  Original Term     Date
--------------------------------------------------------------------------------------------------------------
                                   SPACE INTENTIONALLY LEFT BLANK
<S>             <C>    <C>         <C>         <C>           <C>      <C>          <C>            <C>

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

<PAGE>

--------------------------------------------------------------------------------
                        REALIZED LOSS REPORT - COLLATERAL
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
COLLATERAL REALIZED LOSSES                                                MSDW      CENDANT         TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                                     <C>         <C>            <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                                                    --           --            --

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

                                   SPACE INTENTIONALLY LEFT BLANK

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

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

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

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

SDA                                                                      0.00%        0.00%         0.00%
3 Months Avg  SDA Approximation                                          0.00%        0.00%         0.00%
12 Months Avg SDA Approximation
Avg SDA Since Cut-off Approximation                                      0.00%        0.00%         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)(circumflex)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)](circumflex)(1/months in period n,m)

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

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

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

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

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

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

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

      Dates correspond to distribution dates.

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

<PAGE>

--------------------------------------------------------------------------------
   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION
--------------------------------------------------------------------------------

<TABLE>
<S>                                                         <C>
SUMMARY                                                     LOAN GROUP
-----------------------------------------------             --------------------------------------------------

Total Loan Count =   0                                      Loan Group 1    =    Cendant Group
Total Original Principal Balance =   0.00                   Loan Group 2    =    MSDW Group
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
--------------------------------------------------------------------------------------------------------------
                         SPACE INTENTIONALLY LEFT BLANK
<S>             <C>    <C>         <C>         <C>            <C>      <C>             <C>        <C>

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

<PAGE>

--------------------------------------------------------------------------------
               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT
--------------------------------------------------------------------------------

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

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

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

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

<TABLE>
<CAPTION>
ADDITIONAL INFORMATION                                                    MSDW      CENDANT         TOTAL
----------------------------------------------------------------------------------------------------------
<S>                                                                       <C>       <C>             <C>
Basis Risk Shortfall
Class A                                                                                              0.00
Class B-1                                                                                            0.00
Class B-2                                                                                            0.00
Class B-3                                                                                            0.00
Unpaid Basis Risk Shortfall
Class A                                                                                              0.00
Class B-1                                                                                            0.00
Class B-2                                                                                            0.00
Class B-3                                                                                            0.00

----------------------------------------------------------------------------------------------------------
</TABLE><PAGE>
                                                                    Exhibit 4(h)

================================================================================
================================================================================
                               ALLEN TELECOM INC.
                                 as the Borrower

                            THE LENDERS NAMED HEREIN
                                 as the Lenders

                               BANK ONE, MICHIGAN
                           as the Documentation Agent

                                       and

                          KEYBANK NATIONAL ASSOCIATION
                           as the Administrative Agent

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

                                 AMENDMENT NO. 6
                                   dated as of
                                November 15, 2001
                                       to
                              the CREDIT AGREEMENT
                                   dated as of
                                December 31, 1998
                              ---------------------

================================================================================
================================================================================

<PAGE>

                       AMENDMENT NO. 6 TO CREDIT AGREEMENT

         THIS AMENDMENT NO. 6 TO CREDIT AGREEMENT, is dated as of November 15,
2001 (this "Amendment"), among the following:

         (i) ALLEN TELECOM INC., a Delaware corporation (herein, together with
its successors and assigns, the "Borrower");

         (ii) the Lenders party to the Credit Agreement, as hereinafter defined;

         (iii) BANK ONE, MICHIGAN (successor in interest to NBD Bank) as a
Lender and as Documentation Agent (the "Documentation Agent"); and

         (iv) KEYBANK NATIONAL ASSOCIATION, a national banking association, as a
Lender and as the Administrative Agent and the Collateral Agent under the Credit
Agreement (the "Administrative Agent"):

         PRELIMINARY STATEMENTS:

         (1) The Borrower, the Lenders, the Documentation Agent and the
Administrative Agent are parties to the Credit Agreement, dated as of December
31, 1998 (as amended and as the same may from time to time be further amended,
restated or otherwise modified, the "Credit Agreement"; the terms defined
therein are used herein as so defined).

         (2) The parties hereto desire to modify certain terms and provisions of
the Credit Agreement, all as more fully set forth below.

         NOW, THEREFORE, the parties hereby agree as follows:

         Section 1.        Amendments and Consents.

         1.1. Amended Definition. Section 1.1 of the Credit Agreement is hereby
amended to delete the definition of "CONSOLIDATED EBITDA" therefrom and to
insert in place thereof the following:

                  "CONSOLIDATED EBITDA" shall mean, for any period, Consolidated
         EBIT for such period; PLUS the sum (without duplication) of the amounts
         for such period included in determining such Consolidated EBIT of (i)
         Consolidated Depreciation Expense, (ii) Consolidated Amortization
         Expense, (iii) not more than $8,000,000 of Consolidated Obsolescence
         Expense, (iv) if such period includes any portion of the last fiscal
         quarter of 1997 or any fiscal quarter of 1998, the restructuring
         charges (including restructuring reserves) taken during the fourth
         quarter of 1997 and the second quarter of 1998, as well as other
         restructuring charges and reserves (including MARTA) incurred during
         the third and fourth quarters of 1998 up to an aggregate of not more
         than $13,000,000, and (v) restructuring charges related to the
         acquisition of the Person identified by the Borrower in the materials
         distributed to the Lenders on November 7, 2001 taken during the fourth

                                       1
<PAGE>

         quarter of 2001 or during the 2002 fiscal year, so long as the
         aggregate amount of all such charges shall not exceed $2,000,000, all
         as determined for the Borrower and its Subsidiaries on a consolidated
         basis in accordance with GAAP; PROVIDED that, notwithstanding anything
         to the contrary contained herein, the Borrower's Consolidated EBITDA
         for any Testing Period shall (x) include the appropriate financial
         items for any person or business unit which has been acquired by the
         Borrower and its Subsidiaries for any portion of such Testing Period
         prior to the date of acquisition, and (y) exclude the appropriate
         financial items for any person or business unit which has been disposed
         of by the Borrower and its Subsidiaries, for the portion of such
         Testing Period prior to the date of disposition.

         1.2. CONSENT TO PAYMENT OF INDEBTEDNESS IN CONNECTION WITH ACQUISITION.
The Borrower has notified the Administrative Agent and the Lenders that the
Borrower intends to purchase substantially all of the assets of the Person (the
"SELLER") identified by the Borrower in the materials distributed to the Lenders
on November 7, 2001 (the "PROPOSED ACQUISITION"), on a non-cash basis with the
purchase price to be paid with stock of the Borrower and without the raising of
the additional equity originally contemplated in the materials distributed to
the Lenders on September 19, 2001. The Proposed Acquisition on a non-cash basis
is permitted by Section 9.2(c) of the Credit Agreement, except that, in
connection with the Proposed Acquisition, the Borrower is proposing to assume or
repay a limited amount of Indebtedness of the Seller and pay off a line of
credit owing by the Seller in order to release the lien of the lender under such
line of credit on the inventory, accounts receivable and other assets being sold
in the Proposed Acquisition (collectively, the "ACQUISITION DEBT"). The Borrower
has requested that the Administrative Agent and the Lenders consent to the
Borrower assuming or repaying the Acquisition Debt. The Administrative Agent and
the Lenders hereby consent to the Borrower's assumption or repayment of the
Acquisition Debt, and this Amendment shall serve as evidence of such consent, on
the conditions that (a) the aggregate amount of Acquisition Debt assumed or
repaid shall not exceed $5,000,000, (b) the Borrower shall provide the
Administrative Agent with evidence, in form and substance satisfactory to the
Administrative Agent, that all liens on the assets being sold in the Proposed
Acquisition have been released concurrently with the Proposed Acquisition, and
(c) no Default or Event of Default shall exist or immediately after the Proposed
Acquisition shall begin to exist. In addition, the Borrower, the Administrative
Agent and the Lenders hereby acknowledge that, since the Borrower is effecting
the Proposed Acquisition without the raising of equity as contemplated in the
materials distributed to the Lenders on September 19, 2001, the Borrower did not
effect the Target Acquisition, and, as a result thereof, the Adjusted Covenant
Date did not and will not occur.

         Section 2. REPRESENTATIONS AND WARRANTIES.

         The Borrower represents and warrants as follows:

         2.1. AUTHORIZATION AND VALIDITY OF AMENDMENT. This Amendment has been
duly authorized by all necessary corporate action on the part of the Borrower,
has been duly executed and delivered by a duly authorized officer of the
Borrower, and constitutes the valid and binding agreement of the Borrower,
enforceable against the Borrower in accordance with its terms.

                                       2
<PAGE>

         2.2. REPRESENTATIONS AND WARRANTIES. The representations and warranties
of the Credit Parties contained in the Credit Agreement and in the other Credit
Documents are true and correct in all material respects on and as of the
Amendment Effective Date, as though made on and as of the Amendment Effective
Date, except to the extent that such representations and warranties expressly
relate to an earlier specified date, in which case such representations and
warranties are hereby reaffirmed as true and correct in all material respects as
of the date when made.

         2.3. NO EVENT OF DEFAULT. No Default or Event of Default exists or
hereafter will begin to exist.

         2.4. COMPLIANCE. The Borrower is in full compliance with all covenants
and agreements contained in the Credit Agreement, as amended hereby, and the
other Credit Documents to which it is a party.

         2.5. NO CLAIMS. The Borrower is not aware of any claim or offset
against, or defense or counterclaim to, any of its obligations or liabilities
under the Credit Agreement or any other Credit Document.

         Section 3. RATIFICATIONS.

         Except as expressly modified and superseded by this Amendment, the
terms and provisions of the Credit Agreement are ratified and confirmed and
shall continue in full force and effect.

         Section 4. BINDING EFFECT.

         This Amendment shall become effective on the date set forth in the
opening paragraph of this Amendment (the "Amendment Effective Date"), subject to
the satisfaction of the following conditions on or before such date:

                  (a) the Borrower, the Administrative Agent and the Required
         Lenders shall have executed this Amendment;

                  (b) the Borrower shall have paid all reasonable legal fees and
         expenses of the Administrative Agent in connection with this Amendment
         and the documents executed in connection therewith; and

                  (c) the Borrower shall have provided such other items and
         shall have satisfied such other conditions as may be reasonably
         required by the Administrative Agent and the Lenders.

         Section 5. MISCELLANEOUS.

                                       3
<PAGE>

         5.1. SURVIVAL OF REPRESENTATIONS AND WARRANTIES. All representations
and warranties made in this Amendment shall survive the execution and delivery
of this Amendment, and no investigation by the Administrative Agent or any
Lender or any subsequent Loan or other Credit Event shall affect the
representations and warranties or the right of the Administrative Agent or any
Lender to rely upon them.

         5.2. REFERENCE TO CREDIT AGREEMENT. The Credit Agreement and any and
all other agreements, instruments or documentation now or hereafter executed and
delivered pursuant to the terms of the Credit Agreement as amended hereby, are
hereby amended so that any reference therein to the Credit Agreement shall mean
a reference to the Credit Agreement as amended hereby.

         5.3. SEVERABILITY. Any term or provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the term or provision so held to be invalid or unenforceable.

         5.4. APPLICABLE LAW. This Amendment shall be governed by and construed
in accordance with the laws of the State of Ohio without regard to conflicts of
laws provisions.

         5.5. HEADINGS. The headings, captions and arrangements used in this
Amendment are for convenience only and shall not affect the interpretation of
this Amendment.

         5.6. ENTIRE AGREEMENT. This Amendment is specifically limited to the
matters expressly set forth herein. This Amendment and all other instruments,
agreements and documentation executed and delivered in connection with this
Amendment embody the final, entire agreement among the parties hereto with
respect to the subject matter hereof and supersede any and all prior
commitments, agreements, representations and understandings, whether written or
oral, relating to the matters covered by this Amendment, and may not be
contradicted or varied by evidence of prior, contemporaneous or subsequent oral
agreements or discussions of the parties hereto. There are no oral agreements
among the parties hereto relating to the subject matter hereof or any other
subject matter relating to the Credit Agreement. Except as set forth herein, the
Credit Agreement shall remain in full force and effect and be unaffected hereby.

         5.7. WAIVER OF CLAIMS. The Borrower, by signing below, hereby waives
and releases the Administrative Agent and each of the Lenders and their
respective directors, officers, employees, attorneys, affiliates and
subsidiaries from any and all claims, offsets, defenses and counterclaims of
which the Borrower is aware, such waiver and release being with full knowledge
and understanding of the circumstances and effect thereof and after having
consulted legal counsel with respect thereto.

         5.8. COUNTERPARTS. This Amendment may be executed by the parties hereto
separately in one or more counterparts and by facsimile signature, each of which
when so executed shall be deemed to be an original, but all of which when taken
together shall constitute one and the same agreement.

                                       4
<PAGE>

                  [Remainder of page intentionally left blank.]

                                       5
<PAGE>

         5.9. JURY TRIAL WAIVER. EACH OF THE PARTIES TO THIS AMENDMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE OTHER CREDIT
DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY HERETO
HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B)
ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER
INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION.

         IN WITNESS WHEREOF, this Amendment has been duly executed and delivered
as of the date first above written.

  ALLEN TELECOM INC.                    KEYBANK NATIONAL ASSOCIATION,
                                         individually as the Swing Line Lender,
  By:_______________________________     a  Lender, a Letter of Credit Issuer,
  Name:_____________________________     and as the Syndication Agent and
  Title:______________________________   the Administrative Agent

                                        By:__________________________________
                                           Lawrence A. Mack, Senior Vice
                                           President

  BANK ONE, MICHIGAN                    FIRSTAR BANK, NATIONAL ASSOCIATION
     (formerly  NBD Bank),              (formerly Star Bank, National
         individually as a Lender and    Association)
         as Documentation Agent         By:_______________________________
                                        Name:_____________________________
  By:_______________________________    Title:______________________________
  Name:_____________________________
  Title:______________________________

  FIFTH THIRD BANK, NORTHEASTERN OHIO   LaSALLE  BANK NATIONAL ASSOCIATION
                                        (formerly LaSalle National Bank)
  By:_______________________________
  Name:_____________________________    By:_______________________________
  Title:______________________________  Name:_____________________________
                                        Title:______________________________

                                       6
<PAGE>

  DRESDNER BANK AG,
  New York and Grand Cayman Branches

  By:_______________________________
  Name:_____________________________
  Title:______________________________

   and:_______________________________
  Name:_____________________________
  Title:______________________________

                                       7

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