SEQUOIA MORTGAGE FUNDING CORP
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>f90808bexv10w1.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 2002-7
                           RECORD DATE: APRIL 30, 2003
                         DISTRIBUTION DATE: MAY 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                     Certificate                        Beginning                                                  Ending
                        Class     Certificate Pass-    Certificate     Interest      Principal      Current      Certificate
   Class    CUSIP    Description    Through Rate         Balance     Distribution  Distribution  Realized Loss     Balance
------------------------------------------------------------------------------------------------------------------------------
<S>       <C>        <C>          <C>                <C>             <C>           <C>           <C>            <C>
     A    81743YAA5      SEN           1.66938%      503,330,501.56    700,208.22  9,133,611.75      0.00       494,196,889.81
    A-R   SMT0207AR      SEN           3.51930%                0.00          0.00          0.00      0.00                 0.00
    B-1   81743YAE7      SUB           2.07938%        8,080,000.00     14,001.16          0.00      0.00         8,080,000.00
    B-2   81743YAF4      SUB           2.96451%        5,771,000.00     14,256.80          0.00      0.00         5,771,000.00
    B-3   81743YAG2      SUB           2.96451%        3,463,000.00      8,555.07          0.00      0.00         3,463,000.00
    B-4   SMT0207B4      SUB           2.96451%        1,442,000.00      3,562.35          0.00      0.00         1,442,000.00
    B-5   SMT0207B5      SUB           2.96451%        1,154,000.00      2,850,87          0.00      0.00         1,154,000.00
    B-6   SMT0207B6      SUB           2.96451%        2,600,498.71      6,424.33          0.00      0.00         2,600,498.71
    X-1   81743YAC1      SEN           1.06995%                0.00     77,648.37          0.00      0.00                 0.00
    X-2   81743YAD9      SEN           1.33353%                0.00    471,541.89          0.00      0.00                 0.00
------------------------------------------------------------------------------------------------------------------------------
Totals                                               525,841,000.27  1,299,049.06  9,133,611.75      0.00       516,707,388.52
------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
--------------------------------------
             Total        Cumulative
   Class  Distribution   Realized Loss
--------------------------------------
<S>       <C>            <C>
     A     9,833,819.97      0.00
    A-R            0.00      0.00
    B-1       14,001.16      0.00
    B-2       14,256.80      0.00
    B-3        8,555.07      0.00
    B-4        3,562.35      0.00
    B-5        2,850.87      0.00
    B-6        6,424.33      0.00
    X-1       77,648.37      0.00
    X-2      471,541.89      0.00
--------------------------------------
Totals    10,432,660.81      0.00
--------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                             Beginning      Scheduled      Unscheduled
          Original Face     Certificate     Principal       Principal                Realized    Total Principal  Ending Certificate
   Class      Amount          Balance      Distribution    Distribution  Accretion    Loss (1)       Reduction          Balance
------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>              <C>             <C>             <C>           <C>         <C>         <C>              <C>
     A    554,686,000.00   503,330,501.56      0.00        9,133,611.75     0.00        0.00      9,133,611.75      494,196,889.81
    A-R           100.00             0.00      0.00                0.00     0.00        0.00              0.00                0.00
    B-1     8,080,000.00     8,080,000.00      0.00                0.00     0.00        0.00              0.00        8,080,000.00
    B-2     5,771,000.00     5,771,000.00      0.00                0.00     0.00        0.00              0.00        5,771,000.00
    B-3     3,463,000.00     3,463,000.00      0.00                0.00     0.00        0.00              0.00        3,463,000.00
    B-4     1,442,000.00     1,442,000.00      0.00                0.00     0.00        0.00              0.00        1,442,000.00
    B-5     1,154,000.00     1,154,000.00      0.00                0.00     0.00        0.00              0.00        1,154,000.00
    B-6     2,600,498.71     2,600,498.71      0.00                0.00     0.00        0.00              0.00        2,600,498.71
    X-1            50.00             0.00      0.00                0.00     0.00        0.00              0.00                0.00
    X-2            50.00             0.00      0.00                0.00     0.00        0.00              0.00                0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals    577,196,698.71   525,841,000.27      0.00        9,133,611.75     0.00        0.00      9,133,611.75      516,707,388.52
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------
          Ending Certificate   Total Principal
   Class      Percentage         Distribution
----------------------------------------------
<S>       <C>                  <C>
     A        0.89094891        9,133,611.75
    A-R       0.00000000                0.00
    B-1       1.00000000                0.00
    B-2       1.00000000                0.00
    B-3       1.00000000                0.00
    B-4       1.00000000                0.00
    B-5       1.00000000                0.00
    B-6       1.00000000                0.00
    X-1       0.00000000                0.00
    X-2       0.00000000                0.00
----------------------------------------------
Totals        0.89520157        9,133,611.75
----------------------------------------------
</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                                      Total
           Original Face       Certificate      Principal       Principal                     Realized        Principal
Class         Amount             Balance       Distribution   Distribution     Accretion      Loss (3)        Reduction
------------------------------------------------------------------------------------------------------------------------
<S>        <C>                <C>              <C>            <C>             <C>            <C>             <C>
  A        554,686,000.00      907.41518906     0.00000000     16.46627416    0.00000000     0.00000000      16.46627416
 A-R               100.00        0.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-1         8,080,000.00     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-2         5,771,000.00     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-3         3,463,000.00     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-4         1,442,000.00     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,154,000.00     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-6         2,600,498.71     1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 X-1                50.00        0.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 X-2                50.00        0.00000000     0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
------------------------------------------------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------------
               Ending           Ending
            Certificate      Certificate      Total Principal
Class         Balance         Percentage        Distribution
-------------------------------------------------------------
<S>        <C>               <C>              <C>
  A         890.94891490      0.89094891        16.46627416
 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
 X-1          0.00000000      0.00000000         0.00000000
 X-2          0.00000000      0.00000000         0.00000000
-------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
                                                    Beginning                     Payment of
                                                  Certificate/       Current        Unpaid       Current    Non-Supported
             Original Face       Current            Notional         Accrued       Interest      Interest     Interest      Realized
 Class           Amount      Certificate Rate        Balance        Interest      Shortfall     Shortfall     Shortfall     Loss (4)
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>             <C>                 <C>              <C>             <C>           <C>         <C>             <C>
   A         554,686,000.00      1.66938%        503,330,501.56     700,208.23       0.00          0.00         0.00         0.00
  A-R                100.00      3.51930%                  0.00           0.00       0.00          0.00         0.00         0.00
  B-1          8,080,000.00      2.07938%          8,080,000.00      14,001.16       0.00          0.00         0.00         0.00
  B-2          5,771,000.00      2.95451%          5,771,000.00      14,256.80       0.00          0.00         0.00         0.00
  B-3          3,463,000.00      2.96451%          3,463,000.00       8,555.07       0.00          0.00         0.00         0.00
  B-4          1,442,000.00      2.96451%          1,442,000.00       3,562.35       0.00          0.00         0.00         0.00
  B-5          1,154,000.00      2.96451%          1,154,000.00       2,850.87       0.00          0.00         0.00         0.00
  B-6          2,600,498.71      2.96451%          2,600,498.71       6,424.33       0.00          0.00         0.00         0.00
  X-1                 50.00      1.06995%         87,086,072.83      77,648.37       0.00          0.00         0.00         0.00
  X-2                 50.00      1.33353%        424,324,428.73     471,541.89       0.00          0.00         0.00         0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals       577,196,698.71                                       1,299,049.07       0.00          0.00         0.00         0.00
------------------------------------------------------------------------------------------------------------------------------------

<CAPTION>
-------------------------------------------------------
                             Remaining       Ending
                              Unpaid      Certificate/
             Total Interest  Interest     Notational
 Class        Distribution   Shortfall       Balance
-------------------------------------------------------
<S>          <C>             <C>         <C>
   A            700,208.22      0.00     494,196,889.81
  A-R                 0.00      0.00               0.00
  B-1            14,001.16      0.00       8,080,000.00
  B-2            14,256.80      0.00       5,771,000.00
  B-3             8,555.07      0.00       3,463,000.00
  B-4             3,562.35      0.00       1,442,000.00
  B-5             2,850.87      0.00       1,154,000.00
  B-6             6,424.33      0.00       2,600,498.71
  X-1            77,648.37      0.00      85,678,418.94
  X-2           471,541.89      0.00     416,598,470.87
-------------------------------------------------------
Totals        1,299,049.06      0.00
-------------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
                                                                               Payment of                    Non-
                               Current         Beginning                         Unpaid      Current      Supported
  Class     Original Face    Certificate    Certificate/     Current Accrued    Interest     Interest      Interest
   (5)         Amount           Rate      Notional Balance       Interest       Shortfall    Shortfall    Shortfall
--------------------------------------------------------------------------------------------------------------------
<S>         <C>              <C>          <C>                <C>               <C>          <C>           <C>
    A       554,686,000.00    1.66938%        907.41518906       1.26235065    0.00000000   0.00000000    0.00000000
   A-R              100.00    3.51930%          0.00000000       0.00000000    0.00000000   0.00000000    0.00000000
   B-1        8,080,000.00    2.07938%       1000.00000000       1.73281683    0.00000000   0.00000000    0.00000000
   B-2        5,771,000.00    2.96451%       1000.00000000       2.47042107    0.00000000   0.00000000    0.00000000
   B-3        3,463,000.00    2.96451%       1000.00000000       2.47042160    0.00000000   0.00000000    0.00000000
   B-4        1,442,000.00    2.96451%       1000.00000000       2.47042302    0.00000000   0.00000000    0.00000000
   B-5        1,154,000.00    2.96451%       1000.00000000       2.47042461    0.00000000   0.00000000    0.00000000
   B-6        2,600,498.71    2.96451%       1000.00000000       2.47042230    0.00000000   0.00000000    0.00000000
   X-1               50.00    1.06995%    1741721.45660000    1552.96740000    0.00000000   0.00000000    0.00000000
   X-2               50.00    1.33353%    8486488.57460000    9430.83780000    0.00000000   0.00000000    0.00000000
--------------------------------------------------------------------------------------------------------------------

<CAPTION>
----------------------------------------------------------------------------
                                            Remaining
                                              Unpaid
  Class      Realized      Total Interest    Interest    Ending Certificate/
   (5)       Loss (6)       Distribution     Shortfall   Notational Balance
----------------------------------------------------------------------------
<S>         <C>            <C>              <C>          <C>
    A       0.00000000         1.26235063   0.00000000        890.94891490
   A-R      0.00000000         0.00000000   0.00000000          0.00000000
   B-1      0.00000000         1.73281683   0.00000000       1000.00000000
   B-2      0.00000000         2.47042107   0.00000000       1000.00000000
   B-3      0.00000000         2.47042160   0.00000000       1000.00000000
   B-4      0.00000000         2.47042302   0.00000000       1000.00000000
   B-5      0.00000000         2.47042461   0.00000000       1000.00000000
   B-6      0.00000000         2.47042230   0.00000000       1000.00000000
   X-1      0.00000000      1552.96740000   0.00000000    1713568.37880000
   X-2      0.00000000      9430.83780000   0.00000000    8331969.41740000
--------------------------------------------------------------------------
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                             10,601,230.45
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                     342.73
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------

Total Deposits                                                          10,601,573.18

Withdrawals
         Reimbursement for Servicer Advances                                     0.00
         Payment of Service Fee                                            168,912.37
         Payment of Interest and Principal                              10,432,660.81
                                                                        -------------

Total Withdrawals (Pool Distribution Amount)                            10,601,573.18

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

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

                                 SERVICING FEES

<TABLE>
<S>                                                          <C>
Gross Servicing Fee                                          164,530.39
Master Servicing Fee                                           4,381.98
Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                             ----------

Net Servicing Fee                                            168,912.37
                                                             ==========
</TABLE>

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------
                                   Beginning       Current       Current    Ending
         Account Type               Balance      Withdrawals    Deposits    Balance
-----------------------------------------------------------------------------------
<S>                                <C>           <C>            <C>        <C>
Basis Risk Reserve Fund - X-1      1,512.84         0.00          0.00     1,512.84
Basis Risk Reserve Fund - X-2      8,487.16         0.00          0.00     8,487.16
-----------------------------------------------------------------------------------
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
              DELINQUENT                             BANKRUPTCY                              FORECLOSURE
---------------------------------------------------------------------------------------------------------------------
<S>            <C>         <C>             <C>         <C>          <C>            <C>         <C>         <C>
                No. of     Principal                    No. of      Principal                   No. of     Principal
                 Loans      Balance                      Loans       Balance                    Loans       Balance

30 Days            1       149,550.97      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       149,550.97                      0           0.00                        0         0.00

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

30 Days        0.070423%     0.028943%     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%
               ----------------------                  ----------------------                  ---------------------
               0.070423%     0.028943%                 0.000000%     0.000000%                 0.000000%    0.000000%
--------------------------------------------------------------------------------------------------------------------

<CAPTION>
---------------------------------------------------------------------
                REO                               TOTAL
---------------------------------------------------------------------
<S>         <C>        <C>         <C>         <C>         <C>
             No. of    Principal                 No. of    Principal
              Loans     Balance                  Loans      Balance

30 Days         0        0.00      30 Days          1      149,550.97
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      149,550.97

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

30 Days     0.000000%   0.000000%  30 Days     0.070423%   0.028943%
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%              0.070423%   0.028943%
-------------------------------------------------------------------
</TABLE>

<TABLE>
<S>                                        <C>   <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  342.73
</TABLE>

<TABLE>
<CAPTION>
                   Original $     Original %       Current $          Current %
<S>              <C>              <C>            <C>                <C>
    Bankruptcy      100,261.00    0.01737033%       100,261.00      0.01940383%
         Fraud   17,315,901.00    3.00000001%    17,315,901.00      3.35120058%
Special Hazard    5,771,967.00    1.00000000%     5,167,073.89      1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                 ONE-MONTH LIBOR

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
               DELINQUENT                           BANKRUPTCY                          FORECLOSURE
---------------------------------------------------------------------------------------------------------------
<S>            <C>         <C>           <C>         <C>         <C>        <C>          <C>          <C>
                 No. of    Principal                   No. of    Principal                 No. of     Principal
                 Loans      Balance                    Loans      Balance                  Loans       Balance

30 Days            0             0.00    30 Days         0         0.00     30 Days          0          0.00
60 Days            0             0.00    60 Days         0         0.00     60 Days          0          0.00
90 Days            0             0.00    90 Days         0         0.00     90 Days          0          0.00
120 Days           0             0.00    120 Days        0         0.00     120 Days         0          0.00
150 Days           0             0.00    150 Days        0         0.00     150 Days         0          0.00
180+ Days          0             0.00    180+ Days       0         0.00     180+ Days        0          0.00
               ----------------------                ------------------                    -----------------
                   0             0.00                    0         0.00                      0          0.00


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

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

<CAPTION>
--------------------------------------------------------------------
               REO                                TOTAL
--------------------------------------------------------------------
<S>         <C>        <C>          <C>         <C>        <C>
             No. of    Principal                 No. of    Principal
              Loans     Balance                   Loans     Balance

30 Days         0         0.00      30 Days         0        0.00
60 Days         0         0.00      60 Days         0        0.00
90 Days         0         0.00      90 Days         0        0.00
120 Days        0         0.00      120 Days        0        0.00
150 Days        0         0.00      150 Days        0        0.00
180+ Days       0         0.00      180+ Days       0        0.00
             -----------------                   ----------------
                0         0.00                      0        0.00


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

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

                                 SIX-MONTH LIBOR

<TABLE>
<CAPTION>
--------------------------------------------------------------------------
             DELINQUENT                             BANKRUPTCY
--------------------------------------------------------------------------
<S>            <C>         <C>           <C>         <C>         <C>
                No. of      Principal                 No. of     Principal
                Loans        Balance                   Loans      Balance
30 Days            1       149,550.97    30 Days         0         0.00
60 Days            0             0.00    60 Days         0         0.00
90 Days            0             0.00    90 Days         0         0.00
120 Days           0             0.00    120 Days        0         0.00
150 Days           0             0.00    150 Days        0         0.00
180+ Days          0             0.00    180+ Days       0         0.00
               ----------------------                ------------------
                   1       149,550.97                    0         0.00

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

30 Days        0.083472%   0.034896%     30 Days     0.000000%   0.000000%
60 Days        0.000000%   0.000000%     60 Days     0.000000%   0.000000%
90 Days        0.000000%   0.000000%     90 Days     0.000000%   0.000000%
120 Days       0.000000%   0.000000%     120 Days    0.000000%   0.000000%
150 Days       0.000000%   0.000000%     150 Days    0.000000%   0.000000%
180+ Days      0.000000%   0.000000%     180+ Days   0.000000%   0.000000%
               --------------------                  --------------------
               0.083472%   0.034896%                 0.000000%   0.000000%
--------------------------------------------------------------------------

<CAPTION>
-----------------------------------------------------------------------------------------------------------
           FORECLOSURE                              REO                                TOTAL
-----------------------------------------------------------------------------------------------------------
<S>         <C>          <C>         <C>         <C>         <C>         <C>         <C>         <C>
             No. of      Principal                 No. of    Principal                 No. of    Principal
              Loans       Balance                  Loans      Balance                  Loans      Balance

30 Days         0          0.00      30 Days         0        0.00       30 Days         1       149,550.97
60 Days         0          0.00      60 Days         0        0.00       60 Days         0             0.00
90 Days         0          0.00      90 Days         0        0.00       90 Days         0             0.00
120 Days        0          0.00      120 Days        0        0.00       120 Days        0             0.00
150 Days        0          0.00      150 Days        0        0.00       150 Days        0             0.00
180+ Days       0          0.00      180+ Days       0        0.00       180+ Days       0             0.00
            -------------------                  -----------------                     --------------------
                0          0.00                      0        0.00                       1       149,550.97

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

30 Days     0.000000%    0.000000%   30 Days     0.000000%   0.000000%   30 Days     0.083472%    0.034896%
60 Days     0.000000%    0.000000%   60 Days     0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%   90 Days     0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%   120 Days    0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%   150 Days    0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%   180+ Days   0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
            ---------------------                --------------------                ---------------------
            0.000000%    0.000000%               0.000000%   0.000000%               0.083472%    0.034896%
-----------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                                            Mixed Fixed & Arm
<S>                                                                                               <C>
Weighted Average Gross Coupon                                                                             3.349974%
Weighted Average Net Coupon                                                                               2.974506%
Weighted Average Pass-Through Rate                                                                        2.964506%
Weighted Average Maturity (Stepdown Calculation)                                                               348

Beginning Scheduled Collateral Loan Count                                                                    1,446
Number of Loans Paid in Full                                                                                    26
Ending Scheduled Collateral Loan Count                                                                       1,420

Beginning Scheduled Collateral Balance                                                              525,841,000.27
Ending Scheduled Collateral Balance                                                                 516,707,388.52
Ending Actual Collateral Balance at 30-Apr-2003                                                     516,703,868.70

Monthly P&I Constant                                                                                  1,467,961.48
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realization Loss Amount                                                                                       0.00
Cumulative Realized Loss                                                                                      0.00
Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                 9,133,611.75
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                           <C>
Pro Rata Senior Percent                        95.719143%
Senior Percent                                100.000000%
Senior Prepay Percent                         100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepay Percent                      0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                         ONE MONTH LIBOR    SIX MONTH LIBOR               TOTAL
<S>                                        <C>                <C>                     <C>
Collateral Description                         Monthly          6 Month Arm           Mixed Fixed & Arm
Weighted Average Coupon Rate                     3.130811            3.394954                3.349974
Weighted Average Net Rate                        2.755811            3.019390                2.974506
Pass-Through Rate                                2.745811            3.009390                2.964506
Weighted Average Maturity                             308                 309                     348
Record Date                                    04/30/2003          04/30/2003              04/30/2003
Principal and Interest Constant                233,619.53        1,234,341.95            1,467,961.48
Beginning Loan Count                                  225               1,221                   1,446
Loans Paid in Full                                      3                  23                      26
Ending Loan Count                                     222               1,198                   1,420
Beginning Scheduled Balance                 89,543,385.41      436,297,614.86          525,841,000.27
Ending Scheduled Balance                    88,139,974.19      428,567,414.33          516,707,388.52
Scheduled Principal                                  0.00                0.00                    0.00
Unscheduled Principal                        1,403,411.22        7,730,200.53            9,133,611.75
Scheduled Interest                             233,619.53        1,234,341.95            1,467,961.48
Servicing Fee                                   27,982.31          136,548.08              164,530.39
Master Servicing Fee                               746.19            3,635.79                4,381.98
Trustee Fee                                          0.00                0.00                    0.00
FRY Amount                                           0.00                0.00                    0.00
Special Hazard Fee                                   0.00                0.00                    0.00
Other Fee                                            0.00                0.00                    0.00
Pool Insurance Fee                                   0.00                0.00                    0.00
Spread 1                                             0.00                0.00                    0.00
Spread 2                                             0.00                0.00                    0.00
Spread 3                                             0.00                0.00                    0.00
Net Interest                                   204,891.03        1,094,158.08            1,299,049.11
Realized Loss Amount                                 0.00                0.00                    0.00
Cumulative Realized Loss                             0.00                0.00                    0.00
Percentage of Cumulative Losses                      0.00                0.00                    0.00
Prepayment Penalties                                 0.00                0.00                    0.00
Special Servicing Fee                                0.00                0.00                    0.00
</TABLE>

</TEXT>
</DOCUMENT>
