EXHIBIT 10.1
CONTACT: CUSTOMER SERVICES -- CTSLINK
WELLS FARGO BANK MINNESOTA, N.A.
SECURITIES ADMINISTRATION SERVICES
7485 NEW HORIZON WAY
FREDERICK, MD 21703
WWW.CTSLINK.COM
TELEPHONE: (301) 815-6600
FAX: (301) 315-6660
SMT SERIES 2003-7
RECORD DATE: FEBRUARY 27, 2004
DISTRIBUTION DATE: MARCH 22, 2004
CERTIFICATEHOLDER DISTRIBUTION SUMMARY
Certificate Certificate Beginning
Class Pass- Certificate Interest Principal
Class CUSIP Description Through Rate Balance Distribution Distribution
- ------ --------- ----------- ------------ -------------- ------------ ------------
A-1 81743PDK9 SEN 1.41125% 282,778,281.98 332,559.04 4,134,263.37
A-2 81743PDL7 SEN 1.57375% 495,253,732.73 649,504.63 5,825,425.95
X-1 81743PDM5 IO 0.80000% 0.00 475,871.91 0.00
X-2 81743PDN3 IO 0.42687% 0.00 276,767.72 0.00
A-R 81743PDQ6 RES 2.62876% 0.00 0.00 0.00
B-1 81743PDR4 SUB 1.64125% 16,607,000.00 22,713.53 0.00
B-2 81743PDS2 SUB 2.67544% 6,642,000.00 14,808.54 0.00
B-3 81743PDT0 SUB 2.67544% 4,982,000.00 11,107.52 0.00
B-4 SMT0307B4 SUB 2.67544% 2,490,000.00 5,551.53 0.00
B-5 SMT0307B5 SUB 2.67544% 1,660,000.00 3,701.02 0.00
B-6 SMT0307B6 SUB 2.67544% 2,910,544.86 6,489.15 0.00
X-B 81743PDP8 IO 1.03419% 0.00 14,312.29 0.00
-------------- ------------ ------------
Totals 813,323,559.57 1,813,386.88 9,959,689.32
-------------- ------------ ------------
Current Ending Certificate Total Cumulative
Class CUSIP Realized Loss Balance Distribution Realized Loss
- ------ --------- ------------- ------------------ ------------- -------------
A-1 81743PDK9 0.00 278,644,018.61 4,466,822.41 0.00
A-2 81743PDL7 0.00 489,428,306.78 6,474,930.58 0.00
X-1 81743PDM5 0.00 0.00 475,871.91 0.00
X-2 81743PDN3 0.00 0.00 276,767.72 0.00
A-R 81743PDQ6 0.00 0.00 0.00 0.00
B-1 81743PDR4 0.00 16,607,000.00 22,713.53 0.00
B-2 81743PDS2 0.00 6,642,000.00 14,808.54 0.00
B-3 81743PDT0 0.00 4,982,000.00 11,107.52 0.00
B-4 SMT0307B4 0.00 2,490,000.00 5,551.53 0.00
B-5 SMT0307B5 0.00 1,660,000.00 3,701.02 0.00
B-6 SMT0307B6 0.00 2,910,544.86 6,489.15 0.00
X-B 81743PDP8 0.00 0.00 14,312.29 0.00
---- -------------- ------------- ----
Totals 0.00 803,363,870.25 11,773,076.20 0.00
---- -------------- ------------- ----
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
PRINCIPAL DISTRIBUTION STATEMENT
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (1)
- ------ -------------- -------------- ------------ ------------ --------- --------
A-1 290,000,000.00 282,778,281.98 0.00 4,134,263.37 0.00 0.00
A-2 505,100,000.00 495,253,732.73 0.00 5,825,425.95 0.00 0.00
X-1 0.00 0.00 0.00 0.00 0.00 0.00
X-2 0.00 0.00 0.00 0.00 0.00 0.00
A-R 100.00 0.00 0.00 0.00 0.00 0.00
B-1 16,607,000.00 16,607,000.00 0.00 0.00 0.00 0.00
B-2 6,642,000.00 6,642,000.00 0.00 0.00 0.00 0.00
B-3 4,982,000.00 4,982,000.00 0.00 0.00 0.00 0.00
B-4 2,490,000.00 2,490,000.00 0.00 0.00 0.00 0.00
B-5 1,660,000.00 1,660,000.00 0.00 0.00 0.00 0.00
B-6 2,910,544.86 2,910,544.86 0.00 0.00 0.00 0.00
X-B 0.00 0.00 0.00 0.00 0.00 0.00
-------------- -------------- ---- ------------ ---- ----
Totals 830,391,644.86 813,323,559.57 0.00 9,595,689.32 0.00 0.00
-------------- -------------- ---- ------------ ---- ----
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ------ --------------- ------------------ ------------------ ---------------
A-1 4,134,263.37 278,644,018.61 0.96084144 4,134,263.37
A-2 5,825,425.95 489,428,306.78 0.96897309 5,825,425.95
X-1 0.00 0.00 0.00000000 0.00
X-2 0.00 0.00 0.00000000 0.00
A-R 0.00 0.00 0.00000000 0.00
B-1 0.00 16,607,000.00 1.00000000 0.00
B-2 0.00 6,642,000.00 1.00000000 0.00
B-3 0.00 4,982,000.00 1.00000000 0.00
B-4 0.00 2,490,000.00 1.00000000 0.00
B-5 0.00 1,660,000.00 1.00000000 0.00
B-6 0.00 2,910,544.86 1.00000000 0.00
X-B 0.00 0.00 0.00000000 0.00
------------ -------------- ---------- ------------
Totals 9,959,689.32 803,363,870.25 0.96745177 9,959,689.32
------------ -------------- ---------- ------------
(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a
full description.
PRINCIPAL DISTRIBUTION FACTORS STATEMENT
Beginning Scheduled Unscheduled
Original Face Certificate Principal Principal Realized
Class Amount Balance Distribution Distribution Accretion Loss (3)
- ----- -------------- ------------- ------------ ------------ ---------- ----------
A-1 290,000,000.00 975.09752407 0.00000000 14.25608059 0.00000000 0.00000000
A-2 505,100,000.00 980.50630119 0.00000000 11.53321313 0.00000000 0.00000000
X-1 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
A-R 100.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,607,000.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-2 6,642,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-3 4,982,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-4 2,490,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-5 1,660,000.00 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-6 2,910,544.86 1000.00000000 0.00000000 0.00000000 0.00000000 0.00000000
X-B 0.00 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
Total Principal Ending Certificate Ending Certificate Total Principal
Class Reduction Balance Percentage Distribution
- ----- --------------- ------------------ ------------------ ---------------
A-1 14.25608059 960.84144348 0.96084144 14.25608059
A-2 11.53321313 968.97308806 0.96897309 11.53321313
X-1 0.00000000 0.00000000 0.00000000 0.00000000
X-2 0.00000000 0.00000000 0.00000000 0.00000000
A-R 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 1000.00000000 1.00000000 0.00000000
B-2 0.00000000 1000.00000000 1.00000000 0.00000000
B-3 0.00000000 1000.00000000 1.00000000 0.00000000
B-4 0.00000000 1000.00000000 1.00000000 0.00000000
B-5 0.00000000 1000.00000000 1.00000000 0.00000000
B-6 0.00000000 1000.00000000 1.00000000 0.00000000
X-B 0.00000000 0.00000000 0.00000000 0.00000000
(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a
full description.
INTEREST DISTRIBUTION STATEMENT
Beginning Payment of
Certificate/ Current Unpaid Current
Original Face Current Notional Accrued Interest Interest
Class Amount Certificate Rate Balance Interest Shortfall Shortfall
- ------ -------------- ---------------- -------------- ------------ ---------- ---------
A-1 290,000,000.00 1.41125% 282,778,281.98 332,559.04 0.00 0.00
A-2 505,100,000.00 1.57375% 495,253,732.73 649,504.63 0.00 0.00
X-1 0.00 0.80000% 713,807,869.75 475,871.91 0.00 0.00
X-2 0.00 0.42687% 778,032,014.71 276,767.72 0.00 0.00
A-R 100.00 2.62876% 0.00 0.00 0.00 0.00
B-1 16,607,000.00 1.64125% 16,607,000.00 22,713.53 0.00 0.00
B-2 6,642,000.00 2.67544% 6,642,000.00 14,808.54 0.00 0.00
B-3 4,982,000.00 2.67544% 4,982,000.00 11,107.52 0.00 0.00
B-4 2,490,000.00 2.67544% 2,490,000.00 5,551.53 0.00 0.00
B-5 1,660,000.00 2.67544% 1,660,000.00 3,701.02 0.00 0.00
B-6 2,910,544.86 2.67544% 2,910,544.86 6,489.15 0.00 0.00
X-B 0.00 1.03419% 16,607,000.00 14,312.29 0.00 0.00
-------------- ------------ ---- ----
Totals 830,391,644.86 1,813,386.88 0.00 0.00
-------------- ------------ ---- ----
Non- Remaining Ending
Supported Unpaid Certificate/
Interest Realized Total Interest Interest Notational
Class Shortfall Loss (4) Distribution Shortfall Balance
- ------ --------- -------- -------------- --------- --------------
A-1 0.00 0.00 332,559.04 0.00 278,644,018.61
A-2 0.00 0.00 649,504.63 0.00 489,428,306.78
X-1 0.00 0.00 475,871.91 0.00 687,393,227.92
X-2 0.00 0.00 276,767.72 0.00 768,072,325.39
A-R 0.00 0.00 0.00 0.00 0.00
B-1 0.00 0.00 22,713.53 0.00 16,607,000.00
B-2 0.00 0.00 14,808.54 0.00 6,642,000.00
B-3 0.00 0.00 11,107.52 0.00 4,982,000.00
B-4 0.00 0.00 5,551.53 0.00 2,490,000.00
B-5 0.00 0.00 3,701.02 0.00 1,660,000.00
B-6 0.00 0.00 6,489.15 0.00 2,910,544.86
X-B 0.00 0.00 14,312.29 0.00 16,607,000.00
---- ---- ------------ ----
Totals 0.00 0.00 1,813,386.88 0.00
---- ---- ------------ ----
(4) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a
full description.
INTEREST DISTRIBUTION FACTORS STATEMENT
Payment of
Current Beginning Unpaid Current
Original Face Certificate Certificate/ Current Accrued Interest Interest
Class (5) Amount Rate Notional Balance Interest Shortfall Shortfall
- --------- -------------- ----------- ---------------- --------------- ---------- ----------
A-1 290,000,000.00 1.41125% 975.09752407 1.14675531 0.00000000 0.00000000
A-2 505,100,000.00 1.57375% 980.50630119 1.28589315 0.00000000 0.00000000
X-1 0.00 0.80000% 897.75860867 0.59850574 0.00000000 0.00000000
X-2 0.00 0.42687% 978.53353630 0.34809171 0.00000000 0.00000000
A-R 100.00 2.62876% 0.00000000 0.00000000 0.00000000 0.00000000
B-1 16,607,000.00 1.64125% 1000.00000000 1.36770820 0.00000000 0.00000000
B-2 6,642,000.00 2.67544% 1000.00000000 2.22953026 0.00000000 0.00000000
B-3 4,982,000.00 2.67544% 1000.00000000 2.22953031 0.00000000 0.00000000
B-4 2,490,000.00 2.67544% 1000.00000000 2.22953012 0.00000000 0.00000000
B-5 1,660,000.00 2.67544% 1000.00000000 2.22953012 0.00000000 0.00000000
B-6 2,910,544.86 2.67544% 1000.00000000 2.22953100 0.00000000 0.00000000
X-B 0.00 1.03419% 1000.00000000 0.86182273 0.00000000 0.00000000
Non- Remaining
Supported Unpaid
Interest Realized Total Interest Interest Ending Certificate/
Class (5) Shortfall Loss (6) Distribution Shortfall Notational Balance
- --------- ---------- ---------- -------------- ---------- -------------------
A-1 0.00000000 0.00000000 1.14675531 0.00000000 960.84144348
A-2 0.00000000 0.00000000 1.28589315 0.00000000 968.97308806
X-1 0.00000000 0.00000000 0.59850574 0.00000000 864.53682294
X-2 0.00000000 0.00000000 0.34809171 0.00000000 966.00720084
A-R 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000
B-1 0.00000000 0.00000000 1.36770820 0.00000000 1000.00000000
B-2 0.00000000 0.00000000 2.22953026 0.00000000 1000.00000000
B-3 0.00000000 0.00000000 2.22953031 0.00000000 1000.00000000
B-4 0.00000000 0.00000000 2.22953012 0.00000000 1000.00000000
B-5 0.00000000 0.00000000 2.22953012 0.00000000 1000.00000000
B-6 0.00000000 0.00000000 2.22953100 0.00000000 1000.00000000
X-B 0.00000000 0.00000000 0.86182273 0.00000000 1000.00000000
(5) Per $1 denomination
(6) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a
full description.
CERTIFICATEHOLDER ACCOUNT STATEMENT
CERTIFICATE ACCOUNT
Beginning Balance 0.00
Deposits
Payments of Interest and Principal 12,026,568.77
Liquidations, Insurance Proceeds, Reserve Funds 0.00
Proceeds from Repurchased Loans 0.00
Other Amounts (Servicer Advances) 25,023.01
Realized Losses (Gains, Subsequent Expenses & Recoveries) 0.00
Prepayment Penalties 0.00
-------------
Total Deposits 12,051,591.78
Withdrawals
Reimbursement for Servicer Advances 19,946.48
Payment of Service Fee 258,569.10
Payment of Interest and Principal 11,773,076.20
-------------
Total Withdrawals (Pool Distribution Amount) 12,051,591.78
Ending Balance 0.00
=============
PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
Total Prepayment/Curtailment Interest Shortfall 0.00
Servicing Fee Support 0.00
----
Non-Supported Prepayment Curtailment Interest Shortfall 0.00
====
SERVICING FEES
Gross Servicing Fee 254,163.60
Master Servicing Fee 4,405.50
Supported Prepayment/Curtailment Interest Shortfall 0.00
----------
Net Servicing Fee 258,569.10
==========
OTHER ACCOUNTS
Beginning Current Current Ending
Account Type Balance Withdrawals Deposits Balance
- ----------------------------- --------- ----------- -------- --------
Pool 1 Companion Reserve Fund 4,000.00 0.00 0.00 4,000.00
Pool 1 NAS Reserve Fund 1,000.00 0.00 0.00 1,000.00
Pool 2 Companion Reserve Fund 500.00 0.00 0.00 500.00
Pool 2 NAS Reserve Fund 2,000.00 0.00 0.00 2,000.00
Class X-B Reserve Fund 2,500.00 0.00 0.00 2,500.00
LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT
DELINQUENT BANKRUPTCY FORECLOSURE
- ----------------------------------- ------------------------------- -------------------------------
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 31 10,033,797.75 30 Days 0 0.00 30 Days 0 0.00
60 Days 3 1,141,018.36 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
------------------------ ------------------ ------------------
34 11,174,816.11 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 1.292744% 1.248971% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.125104% 0.142030% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
--------------------- ------------------- -------------------
1.417848% 1.391001% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL
- ------------------------------- -----------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 31 10,033,797.75
60 Days 0 0.00 60 Days 3 1,141,018.36
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
------------------ ------------------------
0 0.00 34 11,174,816.11
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 30 Days 1.292744% 1.248971%
60 Days 0.000000% 0.000000% 60 Days 0.125104% 0.142030%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
------------------- ---------------------
0.000000% 0.000000% 1.417848% 1.391001%
Current Period Class A Insufficient Funds 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 25,023.01
SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
PERCENTAGE
Original $ Original% Current $ Current % Current Class % Prepayment %
------------- ---------- ------------- ---------- --------------- ------------
Class A 35,291,544.86 4.24998795% 35,291,544.86 4.39297138% 95.607029% 0.000000%
Class X-1 35,291,544.86 4.24998795% 35,291,544.86 4.39297138% 0.000000% 0.000000%
Class X-2 35,291,544.86 4.24998795% 35,291,544.86 4.39297138% 0.000000% 0.000000%
Class B-1 18,684,544.86 2.25008825% 18,684,544.86 2.32578854% 2.067183% 47.056597%
Class B-2 12,042,544.86 1.45022471% 12,042,544.86 1.49901499% 0.826774% 18.820372%
Class B-3 7,060,544.86 0.85026685% 7,060,544.86 0.87887259% 0.620142% 14.116696%
Class B-4 4,750,544.86 0.55040834% 4,570,544.86 0.56892587% 0.309947% 7.055514%
Class B-5 2,910,544.86 0.35050267% 2,910,544.86 0.36229472% 0.206631% 4.703676%
Class B-6 0.00 0.00000000% 0.00 0.00000000% 0.362295% 8.247145%
Please refer to the prospectus supplement for a full description of loss
exposure
DELINQUENCY STATUS BY GROUP
DELINQUENT BANKRUPTCY FORECLOSURE
- ---------------------------------- ------------------------------- -------------------------------
GROUP ONE - A
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 4 2,130,899.72 30 Days 0 0.00 30 Days 0 0.00
60 Days 0 0.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
----------------------- ------------------ ------------------
4 2,130,899.72 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 1.687764% 2.339673% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
-------------------- ------------------- -------------------
1.687764% 2.339673% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL
- ------------------------------- ----------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 4 2,130,899.72
60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
------------------ -----------------------
0 0.00 4 2,130,899.72
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 30 Days 1.687764% 2.339673%
60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
------------------- --------------------
0.000000% 0.000000% 1.687764% 2.339673%
DELINQUENT BANKRUPTCY FORECLOSURE
- --------------------------------------------------------------------------------------------------------
GROUP ONE - B
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 6 1,602,368.11 30 Days 0 0.00 30 Days 0 0.00
60 Days 1 468,668.36 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
------------------------ ------------------- --------------------
7 2,071,036.47 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.974026% 0.799428% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.162338% 0.233820% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
--------------------- -------------------- --------------------
1.136364% 1.033248% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL
- -------------------------------------------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 6 1,602,368.11
60 Days 0 0.00 60 Days 1 468,668.36
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
------------------ -----------------------
0 0.00 7 2,071,036.47
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 30 Days 0.974026% 0.799428%
60 Days 0.000000% 0.000000% 60 Days 0.162338% 0.233820%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
------------------- --------------------
0.000000% 0.000000% 1.136364% 1.033248%
DELINQUENT BANKRUPTCY FORECLOSURE
- --------------------------------------------------------------------------------------------------------
GROUP TWO
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 21 6,300,529.92 30 Days 0 0.00 30 Days 0 0.00
60 Days 2 672,350.00 60 Days 0 0.00 60 Days 0 0.00
90 Days 0 0.00 90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00 180+ Days 0 0.00
------------------------ ------------------- --------------------
23 6,972,879.92 0 0.00 0 0.00
No. of Principal No. of Principal No. of Principal
Loans Balance Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 1.359223% 1.230936% 30 Days 0.000000% 0.000000% 30 Days 0.000000% 0.000000%
60 Days 0.129450% 0.131357% 60 Days 0.000000% 0.000000% 60 Days 0.000000% 0.000000%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
--------------------- -------------------- --------------------
1.488673% 1.362293% 0.000000% 0.000000% 0.000000% 0.000000%
REO TOTAL
- -------------------------------------------------------------------
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0 0.00 0-29 Days 0 0.00
30 Days 0 0.00 30 Days 21 6,300,529.92
60 Days 0 0.00 60 Days 2 672,350.00
90 Days 0 0.00 90 Days 0 0.00
120 Days 0 0.00 120 Days 0 0.00
150 Days 0 0.00 150 Days 0 0.00
180+ Days 0 0.00 180+ Days 0 0.00
------------------ -----------------------
0 0.00 23 6,972,879.92
No. of Principal No. of Principal
Loans Balance Loans Balance
0-29 Days 0.000000% 0.000000% 0-29 Days 0.000000% 0.000000%
30 Days 0.000000% 0.000000% 30 Days 1.359223% 1.230936%
60 Days 0.000000% 0.000000% 60 Days 0.129450% 0.131357%
90 Days 0.000000% 0.000000% 90 Days 0.000000% 0.000000%
120 Days 0.000000% 0.000000% 120 Days 0.000000% 0.000000%
150 Days 0.000000% 0.000000% 150 Days 0.000000% 0.000000%
180+ Days 0.000000% 0.000000% 180+ Days 0.000000% 0.000000%
------------------- --------------------
0.000000% 0.000000% 1.488673% 1.362293%
COLLATERAL STATEMENT
Collateral Description Mixed Arm
Weighted Average Gross Coupon 3.057021%
Weighted Average Net Coupon 2.682021%
Weighted Average Pass-Through Rate 2.675521%
Weighted Average Maturity (Stepdown Calculation) 348
Beginning Scheduled Collateral Loan Count 2,421
Number of Loans Paid in Full 23
Ending Scheduled Collateral Loan Count 2,398
Beginning Scheduled Collateral Balance 813,323,559.61
Ending Scheduled Collateral Balance 803,363,870.29
Ending Actual Collateral Balance at 27-Feb-2004 803,364,831.28
Monthly P&I Constant 2,071,956.02
Special Servicing Fee 0.00
Prepayment Penalties 0.00
Realized Loss Amount 0.00
Cumulative Realized Loss 0.00
Class A Optimal Amount 11,694,392.63
Ending Scheduled Balance for Premium Loans 803,363,870.29
Scheduled Principal 0.00
Unscheduled Principal 9,959,689.32
MISCELLANEOUS REPORTING
Capitalized Interest Account Balance 0.00
Subsequent Mortgage Acquisition 0.00
GROUP GROUP ONE - A GROUP ONE - B GROUP TWO TOTAL
Collateral Description 1 Month LIBOR ARM 6 Month LIBOR ARM 6 Month LIBOR ARM Mixed ARM
Weighted Average Coupon Rate 2.849785 3.087613 3.081961 3.057021
Weighted Average Net Rate 2.474785 2.712613 2.706961 2.682021
Pass-Through Rate 2.468285 2.706113 2.700461 2.675521
Weighted Average Maturity 324 351 351 348
Record Date 02/27/2004 02/27/2004 02/27/2004 02/27/2004
Principal and Interest Constant 219,233.86 523,181.35 1,329,540.81 2,071,956.02
Beginning Loan Count 240 624 1,557 2,421
Loans Paid in Full 3 8 12 23
Ending Loan Count 237 616 1,545 2,398
Beginning Scheduled Balance 92,315,962.14 203,334,282.50 517,673,314.97 813,323,559.61
Ending Scheduled Balance 91,076,747.06 200,439,234.21 511,847,889.02 803,363,870.29
Scheduled Principal 0.00 0.00 0.00 0.00
Unscheduled Principal 1,239,215.08 2,895,048.29 5,825,425.95 9,959,689.32
Scheduled Interest 219,233.86 523,181.35 1,329,540.81 2,071,956.02
Servicing Fee 28,848.73 63,541.97 161,772.90 254,163.60
Master Servicing Fee 500.05 1,101.39 2,804.06 4,405.50
Trustee Fee 0.00 0.00 0.00 0.00
FRY Amount 0.00 0.00 0.00 0.00
Special Hazard Fee 0.00 0.00 0.00 0.00
Other Fee 0.00 0.00 0.00 0.00
Pool Insurance Fee 0.00 0.00 0.00 0.00
Spread 1 0.00 0.00 0.00 0.00
Spread 2 0.00 0.00 0.00 0.00
Spread 3 0.00 0.00 0.00 0.00
Net Interest 189,885.08 458,537.99 1,164,963.85 1,813,386.92
Realized Loss Amount 0.00 0.00 0.00 0.00
Cumulative Realized Loss 0.00 0.00 0.00 0.00
Percentage of Cumulative Losses 0.00 0.00 0.00 0.00
Prepayment Penalties 0.00 0.00 0.00 0.00
Special Servicing Fee 0.00 0.00 0.00 0.00
MISCELLANEOUS REPORTING
Group One - A
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percent 95.646220%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
Prefunding Balance 0.00
Group One - B
Interest Transfer Amount 0.00
Principal Transfer Amount 0.00
Prorata Senior Percent 95.669164%
Senior Percentage 100.000000%
Senior Prepayment Percentage 100.000000%
Subordinate Percentage 0.000000%
Subordinate Prepayment Percentage 0.000000%
Prefunding Balance 0.00