SEQUOIA RESIDENTIAL FUNDING INC
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>f97116fexv10w1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2003-5
                          RECORD DATE: JANUARY 30, 2004
                      DISTRIBUTION DATE: FEBRUARY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                          Certificate                        Beginning
                             Class     Certificate Pass-    Certificate       Interest        Principal         Current
Class         CUSIP       Description    Through Rate         Balance       Distribution    Distribution     Realized Loss
--------------------------------------------------------------------------------------------------------------------------
<S>         <C>           <C>          <C>                <C>               <C>             <C>              <C>
 A-1        81743PCJ3         SEN           1.41000%      641,777,049.15      754,088.04     4,589,147.94         0.00
 A-2        81743PCK0         SEN           1.53125%      142,158,850.01      181,400.62     1,952,171.81         0.00
X-1A        81743PCL8          IO           1.07602%                0.00       79,392.30             0.00         0.00
X-1B        81743PCM6          IO           1.34183%                0.00      618,627.13             0.00         0.00
 X-2        81743PCN4          IO           1.19869%                0.00      142,003.83             0.00         0.00
 X-B        81743PCP9          IO           0.01784%                0.00       12,759.50             0.00         0.00
 A-R        81743PCQ7          R            2.69861%                0.00            0.00             0.00         0.00
 B-1        81743PCR5         SUB           1.70000%       15,043,000.00       21,310.92             0.00         0.00
 B-2        81743PCS3         SUB           2.71784%        6,447,000.00       14,601.61             0.00         0.00
 B-3        81743PCT1         SUB           2.71784%        6,017,000.00       13,627.71             0.00         0.00
 B-4        SEQ0305B4         SUB           2.71784%        2,149,000.00        4,867.20             0.00         0.00
 B-5        SEQ0305B5         SUB           2.71784%        1,289,000.00        2,919.42             0.00         0.00
 B-6        SEQ0305B6         SUB           2.71784%        3,439,209.40        7,789.36             0.00         0.00
----------------------------------------------------------------------------------------------------------------------
Totals                                                    818,320,108.56    1,853,387.64     6,541,319.75         0.00
----------------------------------------------------------------------------------------------------------------------

<CAPTION>
                                  Ending              Total             Cumulative
Class         CUSIP         Certificate Balance   Distribution        Realized Loss
-----------------------------------------------------------------------------------
<S>         <C>             <C>                   <C>                 <C>
 A-1        81743PCJ3         637,187,901.21      5,343,235.98             0.00
 A-2        81743PCK0         140,206,678.20      2,133,572.43             0.00
X-1A        81743PCL8                   0.00         79,392.30             0.00
X-1B        81743PCM6                   0.00        618,627.13             0.00
 X-2        81743PCN4                   0.00        142,003.83             0.00
 X-B        81743PCP9                   0.00         12,759.50             0.00
 A-R        81743PCQ7                   0.00              0.00             0.00
 B-1        81743PCR5          15,043,000.00         21,310.92             0.00
 B-2        81743PCS3           6,447,000.00         14,601.61             0.00
 B-3        81743PCT1           6,017,000.00         13,627.71             0.00
 B-4        SEQ0305B4           2,149,000.00          4,867.20             0.00
 B-5        SEQ0305B5           1,289,000.00          2,919.42             0.00
 B-6        SEQ0305B6           3,439,209.40          7,789.36             0.00
-------------------------------------------------------------------------------
Totals                        811,778,788.81      8,394,707.39             0.00
-------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                  Beginning        Scheduled       Unscheduled
           Original Face         Certificate       Principal        Principal                 Realized   Total Principal
Class          Amount              Balance        Distribution     Distribution  Accretion     Loss (1)      Reduction
------------------------------------------------------------------------------------------------------------------------
<S>        <C>                 <C>                <C>             <C>            <C>          <C>        <C>
 A-1        675,596,000.00     641,777,049.15       1,400.08      4,587,747.86     0.00         0.00     4,589,147.94
 A-2        149,609,000.00     142,158,850.01           1.56      1,952,170.25     0.00         0.00     1,952,171.81
X-1A                  0.00               0.00           0.00              0.00     0.00         0.00             0.00
X-1B                  0.00               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             0.00
 X-B                  0.00               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             0.00
 B-1         15,043,000.00      15,043,000.00           0.00              0.00     0.00         0.00             0.00
 B-2          6,447,000.00       6,447,000.00           0.00              0.00     0.00         0.00             0.00
 B-3          6,017,000.00       6,017,000.00           0.00              0.00     0.00         0.00             0.00
 B-4          2,149,000.00       2,149,000.00           0.00              0.00     0.00         0.00             0.00
 B-5          1,289,000.00       1,289,000.00           0.00              0.00     0.00         0.00             0.00
 B-6          3,439,209.40       3,439,209.40           0.00              0.00     0.00         0.00             0.00
---------------------------------------------------------------------------------------------------------------------
Totals      859,589,309.40     818,320,108.56       1,401.64      6,539,918.11     0.00         0.00     6,541,319.75
---------------------------------------------------------------------------------------------------------------------

<CAPTION>
           Ending Certificate   Ending Certificate   Total Principal
Class            Balance            Percentage         Distribution
--------------------------------------------------------------------
<S>        <C>                  <C>                  <C>
 A-1        637,187,901.21          0.94314931       4,589,147.94
 A-2        140,206,678.20          0.93715404       1,952,171.81
X-1A                  0.00          0.00000000               0.00
X-1B                  0.00          0.00000000               0.00
 X-2                  0.00          0.00000000               0.00
 X-B                  0.00          0.00000000               0.00
 A-R                  0.00          0.00000000               0.00
 B-1         15,043,000.00          1.00000000               0.00
 B-2          6,447,000.00          1.00000000               0.00
 B-3          6,017,000.00          1.00000000               0.00
 B-4          2,149,000.00          1.00000000               0.00
 B-5          1,289,000.00          1.00000000               0.00
 B-6          3,439,209.40          1.00000000               0.00
-----------------------------------------------------------------
Totals      811,778,788.81          0.94437981       6,541,319.75
-----------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                Beginning          Scheduled       Unscheduled
           Original Face       Certificate         Principal        Principal                   Realized      Total Principal
Class          Amount            Balance          Distribution     Distribution  Accretion      Loss (3)         Reduction
-----------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>                 <C>             <C>            <C>            <C>           <C>
 A-1       675,596,000.00      949.94204991       0.00207236       6.79066759    0.00000000     0.00000000       6.79273995
 A-2       149,609,000.00      950.20252799       0.00001043      13.04848137    0.00000000     0.00000000      13.04848180
X-1A                 0.00        0.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
X-1B                 0.00        0.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 X-2                 0.00        0.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 X-B                 0.00        0.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-R               100.00        0.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-1        15,043,000.00     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-2         6,447,000.00     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3         6,017,000.00     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4         2,149,000.00     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,289,000.00     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6         3,439,209.40     1000.00000000       0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
---------------------------------------------------------------------------------------------------------------------------

<CAPTION>
           Ending Certificate    Ending Certificate   Total Principal
Class            Balance            Percentage         Distribution
---------------------------------------------------------------------
<S>        <C>                   <C>                  <C>
 A-1           943.14930996          0.94314931         6.79273995
 A-2           937.15403619          0.93715404        13.04849180
X-1A             0.00000000          0.00000000         0.00000000
X-1B             0.00000000          0.00000000         0.00000000
 X-2             0.00000000          0.00000000         0.00000000
 X-B             0.00000000          0.00000000         0.00000000
 A-R             0.00000000          0.00000000         0.00000000
 B-1          1000.00000000          1.00000000         0.00000000
 B-2          1000.00000000          1.00000000         0.00000000
 B-3          1000.00000000          1.00000000         0.00000000
 B-4          1000.00000000          1.00000000         0.00000000
 B-5          1000.00000000          1.00000000         0.00000000
 B-6          1000.00000000          1.00000000         0.00000000
------------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                     Payment of
                              Current    Certificate/      Current        Unpaid    Current    Non-Supported
         Original Face     Certificate     Notional        Accrued       Interest   Interest     Interest
 Class      Amount            Rate         Balance         Interest      Shortfall  Shortfall   Shortfall
------------------------------------------------------------------------------------------------------------
<S>      <C>               <C>          <C>              <C>            <C>         <C>        <C>
  A-1    675,596,000.00      1.41000%   641,777,049.15     754,088.03      0.00       0.00         0.00
  A-2    149,609,000.00      1.53125%   142,158,850.01     181,400.62      0.00       0.00         0.00
 X-1A              0.00      1.07602%    88,539,867.69      79,392.30      0.00       0.00         0.00
 X-1B              0.00      1.34183%   553,237,181.46     618,627.13      0.00       0.00         0.00
  X-2              0.00      1.19869%   142,158,850.01     142,003.83      0.00       0.00         0.00
  X-B              0.00      1.01784%    15,043,000.00      12,759.50      0.00       0.00         0.00
  A-R            100.00      2.69861%             0.00           0.00      0.00       0.00         0.00
  B-1     15,043,000.00      1.70000%    15,043,000.00      21,310.92      0.00       0.00         0.00
  B-2      6,447,000.00      2.71784%     6,447,000.00      14,601.61      0.00       0.00         0.00
  B-3      6,017,000.00      2.71784%     6,017,000.00      13,627.71      0.00       0.00         0.00
  B-4      2,149,000.00      2.71784%     2,149,000.00       4,867.20      0.00       0.00         0.00
  B-5      1,289,000.00      2.71784%     1,289,000.00       2,919.42      0.00       0.00         0.00
  B-6      3,439,209.40      2.71784%     3,439,209.40       7,789.36      0.00       0.00         0.00
------------------------------------------------------------------------------------------------------------
Totals   859,589,309.40                                  1,853,387.63      0.00       0.00         0.00
------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                     Remaining     Ending
                                       Unpaid   Certificate/
         Realized  Total Interest    Interest    Notational
 Class   Loss (4)   Distribution     Shortfall     Balance
--------------------------------------------------------------
<S>      <C>       <C>               <C>        <C>
  A-1      0.00       754,088.04       0.00     637,187,901.21
  A-2      0.00       181,400.62       0.00     140,206,678.20
 X-1A      0.00        79,392.30       0.00      87,696,007.05
 X-1B      0.00       618,627.13       0.00     549,491,894.16
  X-2      0.00       142,003.83       0.00     140,206,678.20
  X-B      0.00        12,759.50       0.00      15,043,000.00
  A-R      0.00             0.00       0.00               0.00
  B-1      0.00        21,310.92       0.00      15,043,000.00
  B-2      0.00        14,601.61       0.00       6,447,000.00
  B-3      0.00        13,627.71       0.00       6,017,000.00
  B-4      0.00         4,867.20       0.00       2,149,000.00
  B-5      0.00         2,919.42       0.00       1,289,000.00
  B-6      0.00         7,789.36       0.00       3,439,209.40
--------------------------------------------------------------
Totals     0.00     1,853,387.64       0.00
--------------------------------------------------------------
</TABLE>

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

<PAGE>


                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                  Payment of
                                Current        Beginning                            Unpaid      Current     Non-Supported
             Original Face    Certificate     Certificate/      Current Accrued   Interest     Interest       Interest
Class (5)       Amount           Rate       Notional Balance       Interest       Shortfall    Shortfall      Shortfall
-------------------------------------------------------------------------------------------------------------------------
<S>         <C>               <C>           <C>                 <C>               <C>          <C>          <C>
   A-1      675,596,000.00     1.41000%        949.94204991        1.11618190     0.00000000   0.00000000    0.00000000
   A-2      149,609,000.00     1.53125%        950.20252799        1.21249804     0.00000000   0.00000000    0.00000000
  X-1A                0.00     1.07602%        984.79284958        0.88304818     0.00000000   0.00000000    0.00000000
  X-1B                0.00     1.34183%        944.59222295        1.05623844     0.00000000   0.00000000    0.00000000
   X-2                0.00     1.19869%        950.20252799        0.94916636     0.00000000   0.00000000    0.00000000
   X-B                0.00     1.01784%       1000.00000000        0.84820182     0.00000000   0.00000000    0.00000000
   A-R              100.00     2.69861%          0.00000000        0.00000000     0.00000000   0.00000000    0.00000000
   B-1       15,043,000.00     1.70000%       1000.00000000        1.41666689     0.00000000   0.00000000    0.00000000
   B-2        6,447,000.00     2.71784%       1000.00000000        2.26486893     0.00000000   0.00000000    0.00000000
   B-3        6,017,000.00     2.71784%       1000.00000000        2.26486787     0.00000000   0.00000000    0.00000000
   B-4        2,149,000.00     2.71784%       1000.00000000        2.26486738     0.00000000   0.00000000    0.00000000
   B-5        1,289,000.00     2.71784%       1000.00000000        2.26487199     0.00000000   0.00000000    0.00000000
   B-6        3,439,209.40     2.71784%       1000.00000000        2.26486936     0.00000000   0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                             Remaining
                                               Unpaid
               Realized     Total Interest     Interest    Ending Certificate/
Class (5)      Loss (6)      Distribution     Shortfall    Notational Balance
------------------------------------------------------------------------------
<S>           <C>           <C>              <C>           <C>
   A-1        0.00000000       1.11618192    0.00000000         943.14930996
   A-2        0.00000000       1.21249804    0.00000000         937.15403619
  X-1A        0.00000000       0.88304818    0.00000000         975.40693173
  X-1B        0.00000000       1.05623844    0.00000000         938.19755286
   X-2        0.00000000       0.94916636    0.00000000         937.15403619
   X-B        0.00000000       0.84820182    0.00000000        1000.00000000
   A-R        0.00000000       0.00000000    0.00000000           0.00000000
   B-1        0.00000000       1.41666689    0.00000000        1000.00000000
   B-2        0.00000000       2.26486893    0.00000000        1000.00000000
   B-3        0.00000000       2.26486787    0.00000000        1000.00000000
   B-4        0.00000000       2.26486738    0.00000000        1000.00000000
   B-5        0.00000000       2.26487199    0.00000000        1000.00000000
   B-6        0.00000000       2.26486936    0.00000000        1000.00000000
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                         8,661,481.24
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             11,963.95
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      8,673,445.19

Withdrawals
         Reimbursement for Servicer Advances                           17,740.45
         Payment of Service Fee                                       260,997.36
         Payment of Interest and Principal                          8,394,707.38
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        8,673,445.19

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

                                 SERVICING FEES

<TABLE>
<S>                                                               <C>
Gross Servicing Fee                                               255,882.87
Master Servicing Fee                                                5,114.49
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------

Net Servicing Fee                                                 260,997.36
                                                                  ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                          Beginning     Current       Current       Ending
     Account Type          Balance    Withdrawals    Deposits       Balance
---------------------------------------------------------------------------
<S>                       <C>         <C>            <C>           <C>
Class X-1 Reserve Fund    5,000.00       0.00          0.00        5,000.00
Class X-2 Reserve Fund    2,500.00       0.00          0.00        2,500.00
Class X-B Reserve Fund    2,500.00       0.00          0.00        2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                          FORECLOSURE
---------------------------------------  ---------------------------------   ----------------------------------
                No. of       Principal                 No. of    Principal                  No. of    Principal
                Loans         Balance                  Loans      Balance                   Loans      Balance
<S>           <C>          <C>           <C>         <C>         <C>         <C>         <C>          <C>
0-29 Days          0               0.00  0-29 Days       0            0.00   0-29 Days        0            0.00
30 Days           17       4,649,497.00  30 Days         0            0.00   30 Days          0            0.00
60 Days            0               0.00  60 Days         0            0.00   60 Days          0            0.00
90 Days            1         400,000.00  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
              -------------------------              ---------------------               ----------------------
                  18       5,049,497.00                  0            0.00                    0            0.00

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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days    0.000000%   0.000000%
30 Days        0.770975%    0.572753%    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        0.045351%    0.049274%    90 Days     0.000000%   0.000000%   90 Days      0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days     0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days     0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days    0.000000%   0.000000%
              ----------------------                 --------------------                 --------------------
               0.816327%    0.622027%                0.000000%   0.000000%                0.000000%   0.000000%
</TABLE>

<TABLE>
<S>                                                      <C>     <C>
Current Period Class A Insufficient Funds                0.00    Principal Balance of Contaminated Properties
</TABLE>

<TABLE>
<CAPTION>
                REO                                TOTAL
----------------------------------   -------------------------------------
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days        0            0.00   0-29 Days       0                0.00
30 Days          0            0.00   30 Days         17       4,649,497.00
60 Days          0            0.00   60 Days         0                0.00
90 Days          0            0.00   90 Days         1          400,000.00
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                   18       5,049,497.00


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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%      0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.770975%      0.572753%
60 Days      0.000000%   0.000000%   60 Days     0.000000%      0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.045351%      0.049274%
120 Days     0.000000%   0.000000%   120 Days    0.000000%      0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%      0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%      0.000000%
             --------------------                -----------------------
             0.000000%   0.000000%               0.816327%      0.622027%
</TABLE>

<TABLE>
<S>     <C>                                   <C>
0.00    Periodic Advance                      11,963.95
</TABLE>

<PAGE>

     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE AND PREPAYMENT
                                   PERCENTAGE

<TABLE>
<CAPTION>
               Original $        Original%       Current $      Current %     Current Class %     Prepayment %
               ----------        ---------       ---------      ---------     ---------------     ------------
<S>           <C>               <C>           <C>              <C>            <C>                 <C>
Class A       34,384,209.40     4.00007411%   34,384,209.40    4.23566246%      95.764338%         0.000000%
Class X-1-A   34,384,209.40     4.00007411%   34,384,209.40    4.23566246%       0.000000%         0.000000%
Class X-1-B   34,384,209.40     4.00007411%   34,384,209.40    4.23566246%       0.000000%         0.000000%
Class X-2     34,384,209.40     4.00007411%   34,384,209.40    4.23566246%       0.000000%         0.000000%
Class B-1     19,341,209.40     2.25005234%   19,341,209.40    2.83257142%       1.853091%        43.749734%
Class B-2     12,894,209.40     1.50004302%   12,894,209.40    1.58838954%       0.794182%        18.749886%
Class B-3      6,877,209.40     0.80005758%    6,877,209.40    0.84717777%       0.741212%        17.499312%
Class B-4      4,728,209.40     0.55005447%    4,728,209.40    0.58245047%       0.264727%         6.249962%
Class B-5      3,439,209.40     0.40009914%    3,439,209.40    0.42366337%       0.158787%         3.748814%
Class B-6              0.00     0.00000000%            0.00    0.00000000%       0.423663%        10.002293%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
              ----------                             ----------                         -----------
ONE-MONTH LIBOR - GROUP 1
                No. of      Principal                  No. of     Principal                 No. of    Principal
                Loans        Balance                   Loans       Balance                  Loans      Balance
<S>            <C>         <C>           <C>         <C>          <C>        <C>         <C>          <C>
0-29 Days          0             0.00    0-29 Days       0            0.00   0-29 Days       0             0.00
30 Days            1       141,000.00    30 Days         0            0.00   30 Days         0             0.00
60 Days            0             0.00    60 Days         0            0.00   60 Days         0             0.00
90 Days            0             0.00    90 Days         0            0.00   90 Days         0             0.00
120 Days           0             0.00    120 Days        0            0.00   120 Days        0             0.00
150 Days           0             0.00    150 Days        0            0.00   150 Days        0             0.00
180+ Days          0             0.00    180+ Days       0            0.00   180+ Days       0             0.00
              -----------------------                ---------------------               ----------------------
                   1       141,000.00                    0            0.00                   0             0.00


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

0-29 Days      0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
30 Days        0.502513%    0.153980%    30 Days     0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days        0.000000%    0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%    0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
              ----------------------                 --------------------                ---------------------
               0.502513%    0.153980%                0.000000%   0.000000%               0.000000%    0.000000%
</TABLE>

<TABLE>
<CAPTION>
                REO                                TOTAL
                ---                                -----
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>           <C>
0-29 Days        0            0.00   0-29 Days       0               0.00
30 Days          0            0.00   30 Days         1         141,000.00
60 Days          0            0.00   60 Days         0               0.00
90 Days          0            0.00   90 Days         0               0.00
120 Days         0            0.00   120 Days        0               0.00
150 Days         0            0.00   150 Days        0               0.00
180+ Days        0            0.00   180+ Days       0               0.00
             ---------------------               ------------------------
                 0            0.00                   1         141,000.00


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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%      0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.502513%      0.153980%
60 Days      0.000000%   0.000000%   60 Days     0.000000%      0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%      0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%      0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%      0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%      0.000000%
             --------------------                -----------------------
             0.000000%   0.000000%               0.502513%      0.153980%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                          FORECLOSURE
              ----------                             ----------                          -----------
SIX-MONTH LIBOR - GROUP 1
                 No. of     Principal                  No. of    Principal                 No. of     Principal
                 Loans       Balance                   Loans      Balance                  Loans       Balance
<S>            <C>         <C>           <C>         <C>         <C>         <C>         <C>          <C>
0-29 Days          0               0.00  0-29 Days       0            0.00   0-29 Days       0             0.00
30 Days           11       3,567,828.48  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            1         400,000.00  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
               ------------------------              ---------------------               ----------------------
                  12       3,967,828.47                  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        0.680272%    0.621823%    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        0.061843%    0.069714%    90 Days     0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
               ---------------------                 --------------------                ---------------------
               0.742115%    0.691537%                0.000000%   0.000000%               0.000000%    0.000000%
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
                ---                                 -----
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans       Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days        0            0.00   0-29 Days       0               0.00
30 Days          0            0.00   30 Days        11       3,567,828.48
60 Days          0            0.00   60 Days         0               0.00
90 Days          0            0.00   90 Days         1         400,000.00
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                  12       3,967,828.47

               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     0.680272%      0.621823%
60 Days      0.000000%   0.000000%   60 Days     0.000000%      0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.061843%      0.069714%
120 Days     0.000000%   0.000000%   120 Days    0.000000%      0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%      0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%      0.000000%
             --------------------                -----------------------
             0.000000%   0.000000%               0.742115%      0.691537%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                          FORECLOSURE
              ----------                             ----------                          -----------
SIX-MONTH LIBOR - GROUP 2
                 No. of     Principal                  No. of    Principal                 No. of     Principal
                 Loans       Balance                   Loans      Balance                  Loans       Balance
<S>            <C>         <C>           <C>         <C>         <C>         <C>         <C>          <C>
0-29 Days          0               0.00  0-29 Days       0            0.00   0-29 Days       0             0.00
30 Days            5         940,668.53  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
               ------------------------              ---------------------               ----------------------
                   5         940,668.53                  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        1.285347%    0.642352%    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%
               ---------------------                 --------------------                ---------------------
               1.285347%    0.642352%                0.000000%   0.000000%               0.000000%    0.000000%
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
                ---                                 -----
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>           <C>
0-29 Days        0            0.00   0-29 Days       0               0.00
30 Days          0            0.00   30 Days         5         940,668.53
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                   5         940,668.53

               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     1.285347%      0.642352%
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%               1.285347%      0.642352%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                    Mixed Arm
<S>                                                  <C>
Weighted Average Gross Coupon                              3.100574%
Weighted Average Net Coupon                                2.725342%
Weighted Average Pass-Through Rate                         2.717842%
Weighted Average Maturity (Stepdown Calculation)                331

Beginning Scheduled Collateral Loan Count                     2,221
Number of Loans Paid in Full                                     16
Ending Scheduled Collateral Loan Count                        2,205

Beginning Scheduled Collateral Balance               818,320,108.56
Ending Scheduled Collateral Balance                  811,778,788.81
Ending Actual Collateral Balance at 30-Jan-2004      811,781,024.94

Monthly P&I Constant                                   2,115,786.64
Special Servicing Fee                                          0.00
Prepayment Penalties                                           0.00
Realized Loss Amount                                           0.00
Cumulative Realized Loss                                       0.00

Class A Optimal Amount                                 8,316,831.66

Ending Scheduled Balance for Premium Loans           811,778,788.81

Scheduled Principal                                        1,401.64
Unscheduled Principal                                  6,539,918.11
</TABLE>

<PAGE>

<TABLE>
<S>                                               <C>
MISCELLANEOUS REPORTING

Pro Rata Senior Percent - Group 1                  95.798107%
Pro Rata Senior Percent - Group 2                  95.798596%

Senior Percent - Group 1                          100.000000%
Senior Percent - Group 2                          100.000000%

Senior Prepayment Percent - Group 1               100.000000%
Senior Prepayment Percent - Group 2               100.000000%

Subordinate Percent - Group 1                       0.000000%
Subordinate Percent - Group 2                       0.000000%

Subordinate Prepayment Percent - Group 1            0.000000%
Subordinate Prepayment Percent - Group 2            0.000000%

Principal Transfer Amount - Group 1                     0.00
Principal Transfer Amount - Group 2                     0.00

Interest Transfer Amount - Group 1                      0.00
Interest Transfer Amount - Group 2                      0.00
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP               1 MO. LIBOR - GR 1   6 MO LIBOR - GR 1   6 MO LIBOR - GR 2      TOTAL
<S>                              <C>                  <C>                 <C>                <C>
Collateral Description             1 Month LIBOR ARM   6 Month LIBOR ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate                2.868521            3.134622           3.112597        3.100574
Weighted Average Net Rate                   2.493521            2.759334           2.737441        2.725342
Pass-Through Rate                           2.486021            2.751834           2.729941        2.717842
Weighted Average Maturity                        316                 334                331             331
Record Date                               01/30/2004          01/30/2004         01/30/2004      01/30/2004
Principal and Interest Constant           220,939.04        1,509,938.48         384,909.12    2,115,786.64
Beginning Loan Count                             200               1,629                392           2,221
Loans Paid in Full                                 1                  12                  3              16
Ending Loan Count                                199               1,617                389           2,205
Beginning Scheduled Balance            92,423,399.99      577,503,249.65     148,393,458.92  818,320,108.56
Ending Scheduled Balance               91,570,229.33      573,767,272.37     146,441,287.11  811,778,788.81
Scheduled Principal                             6.98            1,393.10               1.56        1,401.64
Unscheduled Principal                     853,163.68        3,734,584.18       1,952,170.25    6,539,918.11
Scheduled Interest                        220,932.06        1,508,545.38         384,907.56    2,114,385.00
Servicing Fee                              28,882.31          180,608.34          46,392.22      255,882.87
Master Servicing Fee                          577.64            3,609.39             927.46        5,114.49
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                              191,472.11        1,324,327.65         337,587.88    1,853,387.64
Realized Loss Amount                            0.00                0.00               0.00            0.00
Cumulative Realized Loss                        0.00                0.00               0.00            0.00
Percentage of Cumulative Losses                 0.00                0.00               0.00            0.00
Prepayment Penalties                            0.00                0.00               0.00            0.00
Special Servicing Fee                           0.00                0.00               0.00            0.00
</TABLE>

</TEXT>
</DOCUMENT>
