SEQUOIA MORTGAGE FUNDING CORP
EXHIBIT 10.1
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>f90808aexv10w1.txt
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<PAGE>
                                                                               .
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                                                                    EXHIBIT 10.1

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

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

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

Underwriter(s):                 Greenwich Capital Markets, Inc.      Distribution Date:                  May 19, 2003
                                Bear, Stearns & Co. Inc.             Record Date:                        May 16, 2003
                                                                                                         April 30, 2003
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            SEQUOIA MORTGAGE TRUST 6
                          COLLATERALIZED MORTGAGE BONDS
                BOND PAYMENT REPORT FOR MAY 19, 2003 DISTRIBUTION

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
---------------------------------------------------------------------------------------------------------------------------------
                                   Prior                                                                            Current
        Class     Original       Principal                                      Total     Realized  Deferred       Principal
Class   Type     Face Value       Balance        Interest      Principal    Distribution   Losses   Interest        Balance
---------------------------------------------------------------------------------------------------------------------------------
                                    (1)            (2)           (3)         (4)=(2)+(3)     (5)        (6)   (7)=(1)-(3)-(5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>    <C>             <C>             <C>           <C>            <C>           <C>       <C>       <C>
LT-A           496,378,000.00  445,371,851.53  1,017,208.36  7,021,129.90   8,038,338.26      -        -        438,350,721.63
LT-A2                  100.00               -             -             -              -      -        -                     -
LT-X                   100.00               -             -             -              -      -        -                     -
LT-B-1           5,915,000.00    5,915,000.00     13,509.58             -      13,509.58      -        -          5,915,000.00
LT-B-2           5,143,000.00    5,143,000.00     11,746.37             -      11,746.37      -        -          5,143,000.00
LT-B-3           2,315,000.00    2,315,000.00      5,287.35             -       5,287.35      -        -          2,315,000.00
LT-B-4           1,534,000.00    1,534,000.00      3,503.58             -       3,503.58      -        -          1,534,000.00
LT-B-5           1,028,000.00    1,028,000.00      2,347.90             -       2,347.90      -        -          1,028,000.00
LT-B-6           2,068,996.83    2,068,996.83      4,725.49             -       4,725.49      -        -          2,068,996.83
LT-R                        -               -             -             -              -      -        -                     -
---------------------------------------------------------------------------------------------------------------------------------
Total          514,382,196.83  463,375,848.36  1,058,328.63  7,021,129.90   8,079,458.53      -        -        456,354,718.46
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail             Current Period Factor Information per $1,000 of Original Face
-----------------------------------------------------------------------------------------------------------------------------
                                           Orig. Principal     Prior                                               Current
         Period   Period                   (with Notional)   Principal                                Total       Principal
Class   Starting  Ending   Method   Cusip       Balance       Balance       Interest   Principal  Distribution     Balance
-----------------------------------------------------------------------------------------------------------------------------
                                                                (1)            (2)       (3)      (4)=(2)+(3)        (5)
-----------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>     <C>              <C>              <C>             <C>        <C>        <C>            <C>
LT-A                      A-30/360          496,378,000.00    897.243334    2.049262   14.144724    16.193986      883.098610
LT-A2                     A-30/360                  100.00             -           -       -                -               -
LT-X                      A-30/360                  100.00             -           -       -                -               -
LT-B-1                    A-30/360            5,915,000.00  1,000.000000    2.283953       -         2.283953    1,000.000000
LT-B-2                    A-30/360            5,143,000.00  1,000.000000    2.283953       -         2.283953    1,000.000000
LT-B-3                    A-30/360            2,315,000.00  1,000.000000    2.283952       -         2.283952    1,000.000000
LT-B-4                    A-30/360            1,534,000.00  1,000.000000    2.283950       -         2.283950    1,000.000000
LT-B-5                    A-30/360            1,028,000.00  1,000.000000    2.283949       -         2.283949    1,000.000000
LT-B-6                    A-30/360            2,068,996.83  1,000.000000    2.283952       -         2.283952    1,000.000000
LT-R                      A-30/360                       -             -           -       -                -               -
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
----------------------------------------------------------------

            Original                     Unscheduled   Scheduled
Class      Face Value       Interest      Principal    Principal
----------------------------------------------------------------
              (1)             (2)            (3)          (4)
----------------------------------------------------------------
<S>      <C>             <C>            <C>            <C>
LT-A     496,378,000.00  16,020,279.30  58,027,278.37      -
LT-A2            100.00           0.27         100.00      -
LT-X             100.00              -         100.00      -
LT-B-1     5,915,000.00     201,091.86              -      -
LT-B-2     5,143,000.00     174,846.24              -      -
LT-B-3     2,315,000.00      78,702.91              -      -
LT-B-4     1,534,000.00      52,151.27              -      -
LT-B-5     1,028,000.00      34,948.86              -      -
LT-B-6     2,068,996.83      70,339.56              -      -
LT-R                  -              -              -      -
----------------------------------------------------------------
Total    514,382,196.83  16,632,360.27  58,027,478.37      -
----------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
-----------------------------------------------------------------------------
                                                                Current
            Total          Total      Realized  Deferred       Principal
Class     Principal     Distribution   Losses   Interest        Balance
-----------------------------------------------------------------------------
         (5)=(3)+(4)    (6)=(2)+(5)      (7)       (8)    (9)=(1)-(5)-(7)+(8)
-----------------------------------------------------------------------------
<S>     <C>            <C>            <C>       <C>       <C>
LT-A    58,027,278.37  74,047,557.67      -         -       438,350,721.63
LT-A2          100.00         100.27      -         -                    -
LT-X           100.00         100.00      -         -                    -
LT-B-1              -     201,091.86      -         -         5,915,000.00
LT-B-2              -     174,846.24      -         -         5,143,000.00
LT-B-3              -      78,702.91      -         -         2,315,000.00
LT-B-4              -      52,151.27      -         -         1,534,000.00
LT-B-5              -      34,948.86      -         -         1,028,000.00
LT-B-6              -      70,339.56      -         -         2,068,996.83
LT-R                -              -      -         -                    -
-----------------------------------------------------------------------------
Total   58,027,478.37  74,659,838.64      -         -       456,354,718.46
-----------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------------------
         Pass-    Prior Principal                    Non-      Prior    Unscheduled                         Paid or       Current
        Through   (with Notional)     Accrued     Supported    Unpaid    Interest          Optimal          Deferred       Unpaid
Class     Rate        Balance        Interest    Interest SF  Interest  Adjustments        Interest         Interest      Interest
-----------------------------------------------------------------------------------------------------------------------------------
                                       (1)           (2)         (3)         (4)     (5)=(1)-(2)+(3)+(4)      (6)       (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>     <C>       <C>              <C>           <C>          <C>       <C>          <C>                  <C>           <C>
LT-A    2.74074%  445,371,851.53   1,017,208.36       -           -          -           1,017,208.36     1,017,208.36       -
LT-A2   2.74074%               -              -       -           -          -                      -                -       -
LT-X                           -              -       -           -          -                      -                -       -
LT-B-1  2.74074%    5,915,000.00      13,509.58       -           -          -              13,509.58        13,509.58       -
LT-B-2  2.74074%    5,143,000.00      11,746.37       -           -          -              11,746.37        11,746.37       -
LT-B-3  2.74074%    2,315,000.00       5,287.35       -           -          -               5,287.35         5,287.35       -
LT-B-4  2.74074%    1,534,000.00       3,503.58       -           -          -               3,503.58         3,503.58       -
LT-B-5  2.74074%    1,028,000.00       2,347.90       -           -          -               2,347.90         2,347.90       -
LT-B-6  2.74074%    2,068,996.83       4,725.49       -           -          -               4,725.49         4,725.49       -
LT-R                           -              -       -           -          -                      -                -       -
-----------------------------------------------------------------------------------------------------------------------------------
Total             463,375,848.36   1,058,328.63       -           -          -           1,058,328.63     1,058,328.63       -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - Current Period
---------------------------------------------------------------------------------------------------------------------------------
                                  Prior                                                                            Current
       Class     Original       Principal                                      Total     Realized  Deferred        Principal
Class  Type     Face Value       Balance       Interest      Principal     Distribution   Losses   Interest         Balance
---------------------------------------------------------------------------------------------------------------------------------
                                   (1)           (2)           (3)         (4)=(2)+(3)     (5)       (6)      (7)=(1)-(3)-(5)+(6)
---------------------------------------------------------------------------------------------------------------------------------
<S>    <C>    <C>             <C>             <C>           <C>            <C>           <C>       <C>        <C>
A      FLT    496,378,000.00  445,371,851.53    608,674.86  7,021,129.90   7,629,804.76     -          -        438,350,721.63
X      CSTR           100.00               -    416,573.74             -     416,573.74     -          -                     -
A-R    R              100.00               -             -             -              -     -          -                     -
B-1    SUB      5,915,000.00    5,915,000.00      9,956.92             -       9,956.92     -          -          5,915,000.00
B-2    SUB      5,143,000.00    5,143,000.00      8,657.38             -       8,657.38     -          -          5,143,000.00
B-3    SUB      2,315,000.00    2,315,000.00      3,896.92             -       3,896.92     -          -          2,315,000.00
B-4    SUB      1,534,000.00    1,534,000.00      3,503.58             -       3,503.58     -          -          1,534,000.00
B-5    SUB      1,028,000.00    1,028,000.00      2,347.90             -       2,347.90     -          -          1,028,000.00
B-6    SUB      2,068,996.00    2,068,996.00      4,725.50             -       4,725.50     -          -          2,068,996.00
---------------------------------------------------------------------------------------------------------------------------------
Total         514,382,196.00  463,375,847.53  1,058,336.80  7,021,129.90   8,079,466.70     -          -        456,354,717.63
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Definitive Bond Record Date: 4/30/03

<TABLE>
<CAPTION>
Interest Accrual Detail   Current Period Factor Information per $1,000 of Original Face
-------------------------------------------------------------------------------------------------------
                                                                                        Orig. Principal
                Period            Period                                                (with Notional)
Class          Starting           Ending            Method             Cusip                Balance
-------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
<S>            <C>               <C>               <C>               <C>                <C>
  A            04/21/03          05/18/03          A-30/360          81743XAA7          496,378,000.00
  X                                                A-30/360          SQ0201UPX                  100.00
 A-R                                               A-30/360          81743XAC3                  100.00
 B-1           04/21/03          05/18/03          A-30/360          81743XAB5            5,915,000.00
 B-2           04/21/03          05/18/03          A-30/360          81743XAD1            5,143,000.00
 B-3           04/21/03          05/18/03          A-30/360          81743XAE9            2,315,000.00
 B-4                                               A-30/360          SQ0201UB4            1,534,000.00
 B-5                                               A-30/360          SQ0201UB5            1,028,000.00
 B-6                                               A-30/360          SQ0201UB6            2,068,996.00
-------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Accrual Detail         Current Period Factor Information per $1,000 of Original Face
--------------------------------------------------------------------------------------------------------------------------
                     Prior                                                                                       Current
                   Principal                                                             Total                 Principal
Class               Balance                Interest              Principal            Distribution              Balance
--------------------------------------------------------------------------------------------------------------------------
                      (1)                    (2)                    (3)               (4)=(2)+(3)                  (5)
--------------------------------------------------------------------------------------------------------------------------
<S>              <C>                   <C>                       <C>                <C>                       <C>
  A                897.243334                  1.226233          14.144724                 15.370957            883.098610
  X                         -          4,165,737.400000                  -          4,165,737.400000                     -
 A-R                        -                         -                  -                         -                     -
 B-1             1,000.000000                  1.683334                  -                  1.683334          1,000.000000
 B-2             1,000.000000                  1.683333                  -                  1.683333          1,000.000000
 B-3             1,000.000000                  1.683335                  -                  1.683335          1,000.000000
 B-4             1,000.000000                  2.283950                  -                  2.283950          1,000.000000
 B-5             1,000.000000                  2.283949                  -                  2.283949          1,000.000000
 B-6             1,000.000000                  2.283958                  -                  2.283958          1,000.000000
--------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
-----------------------------------------------------------------------------

          Original                     Unscheduled   Scheduled      Total
Class    Face Value       Interest      Principal    Principal    Principal
-----------------------------------------------------------------------------
            (1)             (2)            (3)          (4)      (5)=(3)+(4)
-----------------------------------------------------------------------------
<S>    <C>             <C>            <C>            <C>        <C>
    A  496,378,000.00   9,662,745.54  58,027,278.37      -      58,027,278.37
    X          100.00   6,484,213.41         100.00      -             100.00
  A-R          100.00           0.27         100.00      -             100.00
  B-1    5,915,000.00     145,106.26              -      -                  -
  B-2    5,143,000.00     126,167.64              -      -                  -
  B-3    2,315,000.00      56,791.37              -      -                  -
  B-4    1,534,000.00      52,151.27              -      -                  -
  B-5    1,028,000.00      34,948.86              -      -                  -
  B-6    2,068,996.00      70,339.53              -      -                  -
-----------------------------------------------------------------------------
Total  514,382,196.00  16,632,464.15  58,027,478.37      -      58,027,478.37
-----------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Distribution in Dollars - to Date
-------------------------------------------------------------
                                                Current
            Total     Realized  Deferred       Principal
Class   Distribution   Losses   Interest        Balance
-------------------------------------------------------------
         (6)=(2)+(5)     (7)       (8)    (9)=(1)-(5)-(7)+(8)
-------------------------------------------------------------
<S>    <C>            <C>       <C>       <C>
    A  67,690,023.91     -         -        438,350,721.63
    X   6,484,313.41     -         -                     -
  A-R         100.27     -         -                     -
  B-1     145,106.26     -         -          5,915,000.00
  B-2     126,167.64     -         -          5,143,000.00
  B-3      56,791.37     -         -          2,315,000.00
  B-4      52,151.27     -         -          1,534,000.00
  B-5      34,948.86     -         -          1,028,000.00
  B-6      70,339.53     -         -          2,068,996.00
-------------------------------------------------------------
Total  74,659,942.52     -         -        456,354,717.63
-------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
Interest Detail
-----------------------------------------------------------------------------------------------------------------------------------
        Pass-    Prior Principal                    Non-      Prior     Unscheduled                          Paid or     Current
       Through   (with Notional)     Accrued     Supported    Unpaid     Interest          Optimal          Deferred      Unpaid
Class    Rate        Balance        Interest    Interest SF  Interest   Adjustments        Interest         Interest     Interest
-----------------------------------------------------------------------------------------------------------------------------------
                                       (1)         (2)         (3)          (4)      (5)=(1)-(2)+(3)+(4)       (6)      (7)=(5)-(6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>              <C>           <C>          <C>        <C>          <C>                  <C>           <C>
    A  1.64000%   445,371,851.53    608,674.86       -           -            -           608,674.86        608,674.86      -
    X  1.08967%                -    416,573.74       -           -            -           416,573.74        416,573.74      -
  A-R  2.74074%                -             -       -           -            -                    -                 -      -
  B-1  2.02000%     5,915,000.00      9,956.92       -           -            -             9,956.92          9,956.92      -
  B-2  2.02000%     5,143,000.00      8,657.38       -           -            -             8,657.38          8,657.38      -
  B-3  2.02000%     2,315,000.00      3,896.92       -           -            -             3,896.92          3,896.92      -
  B-4  2.74074%     1,534,000.00      3,503.58       -           -            -             3,503.58          3,503.58      -
  B-5  2.74074%     1,028,000.00      2,347.90       -           -            -             2,347.90          2,347.90      -
  B-6  2.74074%     2,068,996.00      4,725.50       -           -            -             4,725.50          4,725.50      -
-----------------------------------------------------------------------------------------------------------------------------------
Total             463,375,847.53  1,058,336.80       -           -            -         1,058,336.80      1,058,336.80      -
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            COLLECTION ACCOUNT REPORT

<TABLE>
<CAPTION>
SUMMARY                                                                      TOTAL
-------------------------------------------------------------------------------------
<S>                                                                      <C>
Principal Collections                                                    7,021,129.90
Principal Withdrawals                                                            0.00
Principal Other Accounts                                                         0.00
TOTAL PRINCIPAL                                                          7,021,129.90

Interest Collected                                                       1,074,998.04
Interest Withdrawals                                                             0.00
Interest Other Accounts                                                          8.17
Fees                                                                       (16,669.40)
TOTAL INTEREST                                                           1,058,336.81

TOTAL AVAILABLE TO CERTIFICATEHOLDERS                                    8,079,466.71
-------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
PRINCIPAL - COLLECTIONS                                                     TOTAL
-------------------------------------------------------------------------------------
<S>                                                                      <C>
Scheduled Principal                                                              0.00
Curtailments                                                               442,849.46
Prepayments In Full                                                      6,578,280.44
Repurchased Principal Amounts                                                    0.00
Substitution Principal Amount                                                    0.00
Liquidations                                                                     0.00
Insurance Principal                                                              0.00
Other Principal                                                                  0.00
Total Realized Loss Of Principal                                                 0.00

TOTAL PRINCIPAL COLLECTED                                                7,021,129.90
-------------------------------------------------------------------------------------
</TABLE>

<PAGE>

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

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

<TABLE>
<CAPTION>
INTEREST - COLLECTIONS                                                     TOTAL
-------------------------------------------------------------------------------------
<S>                                                                     <C>
Scheduled Interest                                                       1,205,271.15
Repurchased Interest                                                             0.00
Substitution Interest Amount                                                     0.00
Liquidation Interest                                                             0.00
Insurance Interest                                                               0.00
Other Interest                                                                   0.00

Delinquent Interest                                                     (1,080,088.08)
Interest Advanced                                                          949,814.97
Prepayment Interest Shortfalls                                              (6,821.84)
Compensating Interest                                                        6,821.84
Civil Relief Act Shortfalls                                                      0.00

TOTAL INTEREST COLLECTED                                                 1,074,998.04
-------------------------------------------------------------------------------------
</TABLE>

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

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

<PAGE>

<TABLE>
<CAPTION>
INTEREST - OTHER ACCOUNTS                                                     TOTAL
-----------------------------------------------------------------------------------
<S>                                                                           <C>
Basis Risk Shortfall                                                          0.00
Basis Risk Reserve Fund Interest Earnings                                     8.17

TOTAL INTEREST OTHER ACCOUNTS                                                 8.17
-----------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
INTEREST - FEES                                                            TOTAL
----------------------------------------------------------------------------------
<S>                                                                      <C>
Current Servicing Fees                                                   15,124.81
Trustee Fee                                                               1,544.59

TOTAL FEES                                                               16,669.40
----------------------------------------------------------------------------------
</TABLE>

<PAGE>

                            CREDIT ENHANCEMENT REPORT

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

Beginning Balance                                                        10,000.00
Basis Risk Deposit                                                            0.00
Basis Risk Shortfall paid                                                     0.00
Investment Earnings distributed to the Class X Bondholder                     8.17
Ending Balance                                                           10,000.00
----------------------------------------------------------------------------------
</TABLE>

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

<TABLE>
<CAPTION>
STRUCTURAL FEATURES                                                        TOTAL
----------------------------------------------------------------------------------
<S>                                                                     <C>
Pro Rata Senior Percentage                                               96.114602%
Senior Percentage                                                       100.000000%
Subordinate Percentage                                                    0.000000%
Senior Prepayment Percentage                                            100.000000%
Subordinate Percentage                                                    0.000000%
----------------------------------------------------------------------------------
</TABLE>

<PAGE>

                                COLLATERAL REPORT

<TABLE>
<CAPTION>
COLLATERAL                                                         TOTAL
-----------------------------------------------------------------------------
<S>                                                            <C>
                            Loan Count:
ORIGINAL                                                                1,254
Prior                                                                   1,141
Prefunding                                                                  -
Scheduled Paid Offs                                                         -
Full Voluntary Prepayments                                                (16)
Repurchases                                                                 -
Liquidations                                                                -
-----------------------------------------------------------------------------
Current                                                                 1,125

PRINCIPAL BALANCE:
Original                                                       514,382,196.83
Prior                                                          463,375,848.36
Prefunding                                                                  -
Scheduled Principal                                                         -
Partial and Full Voluntary Prepayments                          (7,021,129.90)
Repurchases                                                                 -
Liquidations                                                                -
-----------------------------------------------------------------------------
Current                                                        456,354,718.46
-----------------------------------------------------------------------------
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
CHARACTERISTICS                                                             TOTAL
----------------------------------------------------------------------------------
<S>                                                                       <C>
Weighted Average Coupon Original                                          3.667751%
Weighted Average Coupon Prior                                             3.128696%
Weighted Average Coupon Current                                           3.121279%
Weighted Average Months to Maturity Original                                   297
Weighted Average Months to Maturity Prior                                      286
Weighted Average Months to Maturity Current                                    285
Weighted Avg Remaining Amortization Term Original                              296
Weighted Avg Remaining Amortization Term Prior                                 285
Weighted Avg Remaining Amortization Term Current                               284
Weighted Average Seasoning Original                                           3.66
Weighted Average Seasoning Prior                                             14.63
Weighted Average Seasoning Current                                           15.63
----------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.

<TABLE>
<CAPTION>
ARM CHARACTERISTICS                                                          TOTAL
----------------------------------------------------------------------------------
<S>                                                                         <C>
Weighted Average Margin Original                                             1.652%
Weighted Average Margin Prior                                                1.644%
Weighted Average Margin Current                                              1.644%
Weighted Average Max Rate Original                                          12.000%
Weighted Average Max Rate Prior                                             12.000%
Weighted Average Max Rate Current                                           12.000%
Weighted Average Min Rate Original                                           1.652%
Weighted Average Min Rate Prior                                              1.644%

Weighted Average Min Rate Current                                            1.644%
Weighted Average Cap Up Original                                             0.000%
Weighted Average Cap Up Prior                                                0.000%
Weighted Average Cap Up Current                                              0.000%
Weighted Average Cap Down Original                                           0.000%
Weighted Average Cap Down Prior                                              0.000%
Weighted Average Cap Down Current                                            0.000%
----------------------------------------------------------------------------------
</TABLE>

Note: Original information refers to deal issue.

<PAGE>

<TABLE>
<CAPTION>
SERVICING FEES / ADVANCES                                                  TOTAL
-----------------------------------------------------------------------------------
<S>                                                                     <C>
Current Servicing Fees                                                    15,124.81
Delinquent Servicing Fees                                                130,273.11
TOTAL SERVICING FEES                                                     145,397.92

Total Servicing Fees                                                     145,397.92
Compensating Interest                                                     (6,821.84)
Delinquent Servicing Fees                                               (130,273.11)
COLLECTED SERVICING FEES                                                   8,302.97

Prepayment Interest Shortfall                                              6,821.84

Total Advanced Interest                                                  949,814.97

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

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

Special Hazard Loss Coverage Amount                                    5,800,000.00
Current Special Hazard Losses                                                  0.00
Cumulative Special Hazard Losses                                               0.00
Bankruptcy Loss Coverage Amount                                          100,000.00
Current Bankruptcy Losses                                                      0.00
Cumulative Bankruptcy Losses                                                   0.00
Fraud Loss Coverage Amount                                             9,267,516.97
Current Fraud Losses                                                           0.00
Cumulative Fraud Losses                                                        0.00
-----------------------------------------------------------------------------------
</TABLE>

<PAGE>

                           DELINQUENCY REPORT - TOTAL

<TABLE>
<CAPTION>
                         <1 PAYMENT   1 PAYMENT    2 PAYMENTS   3+ PAYMENTS      TOTAL
----------------------------------------------------------------------------------------
<S>          <C>         <C>         <C>           <C>          <C>           <C>
DELINQUENT   Balance                 737,222.71         -             -       737,222.71
             % Balance                     0.16%     0.00%         0.00%            0.16%
             # Loans                          3         -             -                3
             % # Loans                     0.27%     0.00%         0.00%            0.27%
----------------------------------------------------------------------------------------
FORECLOSURE  Balance           -              -         -             -                -
             % Balance      0.00%          0.00%     0.00%         0.00%            0.00%
             # Loans           -              -         -             -                -
             % # Loans      0.00%          0.00%     0.00%         0.00%            0.00%
----------------------------------------------------------------------------------------
BANKRUPTCY   Balance           -              -         -             -                -
             % Balance      0.00%          0.00%     0.00%         0.00%            0.00%
             # Loans           -              -         -             -                -
             % # Loans      0.00%          0.00%     0.00%         0.00%            0.00%
----------------------------------------------------------------------------------------
REO          Balance           -              -         -             -                -
             % Balance      0.00%          0.00%     0.00%         0.00%            0.00%
             # Loans           -              -         -             -                -
             % # Loans      0.00%          0.00%     0.00%         0.00%            0.00%
----------------------------------------------------------------------------------------
TOTAL        Balance           -     737,222.71         -             -       737,222.71
             % Balance      0.00%          0.16%     0.00%         0.00%            0.16%
             # Loans           -              3         -             -                3
             % # Loans      0.00%          0.27%     0.00%         0.00%            0.27%
----------------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

     REO REPORT - MORTGAGE LOANS THAT BECOME REO DURING CURRENT DISTRIBUTION

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

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

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

<PAGE>

       FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING
                              CURRENT DISTRIBUTION

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

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

<PAGE>

                    PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENTS                            TOTAL
-----------------------------------------------------------
<S>                                           <C>
CURRENT
Number of Paid in Full Loans                             16
Number of Repurchased Loans                               -
Total Number of Loans Prepaid in Full                    16

Paid in Full Balance                           6,578,280.44
Repurchased Loans Balance                                 -
Curtailments Amount                              442,849.46
Total Prepayment Amount                        7,021,129.90

CUMULATIVE
Number of Paid in Full Loans                            129
Number of Repurchased Loans                               -
Total Number of Loans Prepaid in Full                   129

Paid in Full Balance                          49,692,697.87
Repurchased Loans Balance                                 -
Curtailments Amount                            8,334,780.50
Total Prepayment Amount                       58,027,478.37

              SPACE INTENTIONALLY LEFT BLANK

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

<PAGE>

<TABLE>
<CAPTION>
VOLUNTARY PREPAYMENT RATES                       TOTAL
-------------------------------------------------------
<S>                                             <C>
SMM                                               1.52%
3 Months Avg SMM                                  0.99%
12 Months Avg SMM                                 0.90%
Avg SMM Since Cut-off                             0.92%

CPR                                              16.74%
3 Months Avg CPR                                 11.20%
12 Months Avg CPR                                10.30%
Avg CPR Since Cut-off                            10.46%

PSA                                             535.55%
3 Months Avg  PSA Approximation                 382.81%
12 Months Avg PSA Approximation                 508.07%
Avg PSA Since Cut-off Approximation             542.42%

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

PREPAYMENT CALCULATION METHODOLOGY

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

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

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

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

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

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

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

Weighted Average Seasoning (WAS)

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

<PAGE>

  PREPAYMENT DETAIL REPORT - LOANS PREPAID IN FULL DURING CURRENT DISTRIBUTION

SUMMARY                                              LOAN GROUP

Total Loan Count =                                   Loan Group 1 = MSDW Group
16
Total Original Principal Balance = 6,692,470.00
Total Prepayment Amount = 6,578,280.44

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------
Loan Number            Original                              Current      State &       Type Prepayment
     &         Loan    Principal   Prepayment   Prepayment    Note        LTV at               &             Origination
Loan Group    Status   Balance       Amount        Date       Rate      Origination      Original Term          Date
------------------------------------------------------------------------------------------------------------------------
<S>           <C>     <C>          <C>          <C>          <C>        <C>             <C>                  <C>
390441945 1           160,000.00   130,000.00    Apr-17-03   3.500%     FL - 55.17%     Paid Off - 300        Oct-31-01
390442750 1           219,920.00   219,920.00    Apr-18-03   3.500%     MO - 80.00%     Paid Off - 300        Oct-16-01
390443601 1           910,000.00   910,000.00    Apr-23-03   3.500%     AZ - 50.56%     Paid Off - 300        Nov-14-01
390443867 1           261,000.00   257,600.55    Apr-22-03   3.000%     MD - 55.41%     Paid Off - 300        Dec-04-01
390444662 1           176,800.00   159,300.00    Apr-11-03   3.500%     MI - 80.00%     Paid Off - 300        Nov-26-01
390445065 1           448,000.00   448,000.00    Apr-14-03   3.250%     IL - 80.00%     Paid Off - 300        Dec-10-01
390445812 1           350,000.00   350,000.00    Apr-24-03   3.000%     CA - 71.43%     Paid Off - 300        Jan-09-02
390446316 1           565,000.00   564,497.26    Apr-18-03   3.000%     MI - 64.20%     Paid Off - 300        Feb-14-02
390446568 1           968,750.00   923,239.48    Apr-17-03   3.500%     CA - 79.08%     Paid Off - 300        Dec-29-01
390446616 1           139,000.00   133,456.16    Apr-17-03   3.000%     HI - 73.16%     Paid Off - 300        Jan-25-02
390447606 1           211,000.00   210,978.02    Apr-25-03   3.000%     ID - 46.89%     Paid Off - 300        Feb-19-02
390447742 1           570,000.00   570,000.00    Apr-22-03   3.000%     MA - 78.62%     Paid Off - 300        Feb-19-02
390447854 1           260,000.00   256,118.30    Apr-22-03   2.875%     TX - 80.00%     Paid Off - 300        Jan-25-02
390448134 1           290,000.00   289,244.08    Apr-28-03   2.875%     NY - 62.03%     Paid Off - 300        Jan-31-02
390448138 1           808,000.00   808,000.00    Apr-15-03   3.000%     MA - 59.85%     Paid Off - 300        Feb-19-02
390449434 1           355,000.00   347,926.59    Apr-18-03   3.000%     NY - 63.39%     Paid Off - 300        Feb-11-02

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

<PAGE>

                        REALIZED LOSS REPORT - COLLATERAL

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

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

Note: Collateral Realized Loss Amount may include adjustments to loans liquidated in prior periods.

                                   SPACE INTENTIONALLY LEFT BLANK

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

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

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

SDA                                                    0.00%
3 Months Avg SDA Approximation                         0.00%
12 Months Avg SDA Approximation                        0.00%
Avg SDA Since Cut-off Approximation                    0.00%

Loss Severity Approximation for Current Period
3 Months Avg Loss Severity Approximation
12 Months Avg Loss Severity Approximation
Avg Loss Severity Approximation Since Cut-off
------------------------------------------------------------
</TABLE>

<PAGE>

COLLATERAL REALIZED LOSS CALCULATION METHODOLOGY

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

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

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

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

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

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

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

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

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

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

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

        Dates correspond to distribution dates.

<PAGE>

   REALIZED LOSS DETAIL REPORT - LOANS LIQUIDATED DURING CURRENT DISTRIBUTION

SUMMARY                                        LOAN GROUP

Total Loan Count = 0                           Loan Group 1 = MSDW Group
Total Original Principal Balance = 0.00
Total Prior Principal Balance = 0.00
Total Realized Loss Amount = 0.00
Total Net Liquidation Proceeds = 0.00
Note: Total Realized Loss Amount may include adjustments to loans liquidated in
prior periods.

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

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

<PAGE>

               TRIGGERS, ADJ. RATE CERT. AND MISCELLANEOUS REPORT

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

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

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

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

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

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

</TEXT>
</DOCUMENT>
