Other Events

EX-10.1 3 f95101cexv10w1.htm EXHIBIT 10.1 exv10w1

EXHIBIT 10.1

CONTACTS


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

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

ISSUANCE INFORMATION


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:	November 19, 2003
	Bear, Stearns & Co. Inc.	Record Date:	November 18, 2003
			October 31, 2003

SEQUOIA MORTGAGE TRUST 6
Collateralized Mortgage Bonds
Bond Payment Report for November 19, 2003 Distribution

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)

LT-A			496,378,000.00		410,969,811.58		825,707.42		6,130,090.10		6,955,797.52		—		—		404,839,721.48
LT-A2			100.00		—		—		—		—		—		—		—
LT-X			100.00		—		—		—		—		—		—		—
LT-B-1			5,915,000.00		5,915,000.00		11,884.23		—		11,884.23		—		—		5,915,000.00
LT-B-2			5,143,000.00		5,143,000.00		10,333.15		—		10,333.15		—		—		5,143,000.00

LT-B-3			2,315,000.00		2,315,000.00		4,651.22		—		4,651.22		—		—		2,315,000.00
LT-B-4			1,534,000.00		1,534,000.00		3,082.06		—		3,082.06		—		—		1,534,000.00
LT-B-5			1,028,000.00		1,028,000.00		2,065.42		—		2,065.42		—		—		1,028,000.00
LT-B-6			2,068,996.83		2,068,996.83		4,156.96		—		4,156.96		—		—		2,068,996.83
LT-R			—		—		—		—		—		—		—		—

Total			514,382,196.83		428,973,808.41		861,880.46		6,130,090.10		6,991,970.56		—		—		422,843,718.31


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)

LT-A				A-30/360			496,378,000.00		827.937200		1.663465		12.349641		14.013106		815.587559
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		2.009168		—		2.009168		1,000.000000
LT-B-2				A-30/360			5,143,000.00		1,000.000000		2.009168		—		2.009168		1,000.000000

LT-B-3				A-30/360			2,315,000.00		1,000.000000		2.009166		—		2.009166		1,000.000000
LT-B-4				A-30/360			1,534,000.00		1,000.000000		2.009166		—		2.009166		1,000.000000
LT-B-5				A-30/360			1,028,000.00		1,000.000000		2.009163		—		2.009163		1,000.000000
LT-B-6				A-30/360			2,068,996.83		1,000.000000		2.009167		—		2.009167		1,000.000000
LT-R				A-30/360			—		—		—		—		—		—

Distribution in Dollars — to Date


	Original				Unscheduled
Class	Face Value		Interest		Principal

	(1)		(2)		(3)

LT-A		496,378,000.00		21,414,532.54		91,538,278.52
LT-A2		100.00		0.27		100.00
LT-X		100.00		—		100.00
LT-B-1		5,915,000.00		275,975.24		—
LT-B-2		5,143,000.00		239,956.16		—
LT-B-3		2,315,000.00		108,010.59		—
LT-B-4		1,534,000.00		71,571.57		—
LT-B-5		1,028,000.00		47,963.25		—
LT-B-6		2,068,996.83		96,532.88		—
LT-R		—		—		—

Total		514,382,196.83		22,254,542.50		91,538,478.52

[Additional columns below]

[Continued from above table, first column(s) repeated]


											Current
	Scheduled		Total		Total		Realized		Deferred		Principal
Class	Principal		Principal		Distribution		Losses		Interest		Balance

	(4)		(5)=(3)+(4)		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)

LT-A		—		91,538,278.52		112,952,811.06		—		—		404,839,721.48
LT-A2		—		100.00		100.27		—		—		—
LT-X		—		100.00		100.00		—		—		—
LT-B-1		—		—		275,975.24		—		—		5,915,000.00
LT-B-2		—		—		239,956.16		—		—		5,143,000.00
LT-B-3		—		—		108,010.59		—		—		2,315,000.00
LT-B-4		—		—		71,571.57		—		—		1,534,000.00
LT-B-5		—		—		47,963.25		—		—		1,028,000.00
LT-B-6		—		—		96,532.88		—		—		2,068,996.83
LT-R		—		—		—		—		—		—

Total		—		91,538,478.52		113,793,021.02		—		—		422,843,718.31

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)

LT-A		2.41100	%		410,969,811.58		825,707.42		—		—		—		825,707.42		825,707.42		—
LT-A2		2.41100	%		—		—		—		—		—		—		—		—
LT-X					—		—		—		—		—		—		—		—
LT-B-1		2.41100	%		5,915,000.00		11,884.23		—		—		—		11,884.23		11,884.23		—
LT-B-2		2.41100	%		5,143,000.00		10,333.15		—		—		—		10,333.15		10,333.15		—

LT-B-3		2.41100	%		2,315,000.00		4,651.22		—		—		—		4,651.22		4,651.22		—
LT-B-4		2.41100	%		1,534,000.00		3,082.06		—		—		—		3,082.06		3,082.06		—
LT-B-5		2.41100	%		1,028,000.00		2,065.42		—		—		—		2,065.42		2,065.42		—
LT-B-6		2.41100	%		2,068,996.83		4,156.96		—		—		—		4,156.96		4,156.96		—
LT-R					—		—		—		—		—		—		—		—

Total					428,973,808.41		861,880.46		—		—		—		861,880.46		861,880.46		—

Distribution in Dollars — Current Period


						Prior
		Class		Original		Principal
Class		Type		Face Value		Balance		Interest		Principal

						(1)		(2)		(3)

	A	FLT			496,378,000.00		410,969,811.58		493,163.77		6,130,090.10
	X	CSTR			100.00		—		339,136.31		—
	A-R		R		100.00		—		—		—
	B-1	SUB			5,915,000.00		5,915,000.00		8,971.08		—
	B-2	SUB			5,143,000.00		5,143,000.00		7,800.22		—

	B-3	SUB			2,315,000.00		2,315,000.00		3,511.08		—
	B-4	SUB			1,534,000.00		1,534,000.00		3,082.06		—
	B-5	SUB			1,028,000.00		1,028,000.00		2,065.42		—
	B-6	SUB			2,068,996.00		2,068,996.00		4,156.97		—

Total					514,382,196.00		428,973,807.58		861,886.91		6,130,090.10

[Additional columns below]

[Continued from above table, first column(s) repeated]


										Current
		Class		Total		Realized		Deferred		Principal
Class		Type		Distribution		Losses		Interest		Balance

				(4)=(2)+(3)		(5)		(6)		(7)=(1)-(3)-(5)+(6)

	A	FLT			6,623,253.87		—		—		404,839,721.48
	X	CSTR			339,136.31		—		—		—
	A-R		R		—		—		—		—
	B-1	SUB			8,971.08		—		—		5,915,000.00
	B-2	SUB			7,800.22		—		—		5,143,000.00

	B-3	SUB			3,511.08		—		—		2,315,000.00
	B-4	SUB			3,082.06		—		—		1,534,000.00
	B-5	SUB			2,065.42		—		—		1,028,000.00
	B-6	SUB			4,156.97		—		—		2,068,996.00

Total					6,991,977.01		—		—		422,843,717.48

Definitive Bond Record Date: 10/31/03


Interest Accrual Detail		Current Period Factor Information per $1,000 of Original Face

Orig. Principal

Period

(with Notional)

Class

Starting

Ending

Method

Cusip

Balance

10/20/03

11/18/03

A-30/360

81743XAA7

496,378,000.00

A-30/360

SQ0201UPX

100.00

A-R

A-30/360

81743XAC3

100.00

B-1

10/20/03

11/18/03

A-30/360

81743XAB5

5,915,000.00

B-2

10/20/03

11/18/03

A-30/360

81743XAD1

5,143,000.00

B-3

10/20/03

11/18/03

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

[Additional columns below]

[Continued from above table, first column(s) repeated]


	Prior								Current
	Principal						Total		Principal
Class	Balance		Interest		Principal		Distribution		Balance

	(1)		(2)		(3)		(4)=(2)+(3)		(5)

A		827.937200		0.993525		12.349641		13.343166		815.587559
X		—		3,391,363.100000		—		3,391,363.100000		—
A-R		—		—		—		—		—
B-1		1,000.000000		1.516666		—		1.516666		1,000.000000
B-2		1,000.000000		1.516667		—		1.516667		1,000.000000

B-3		1,000.000000		1.516665		—		1.516665		1,000.000000
B-4		1,000.000000		2.009166		—		2.009166		1,000.000000
B-5		1,000.000000		2.009163		—		2.009163		1,000.000000
B-6		1,000.000000		2.009173		—		2.009173		1,000.000000

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

Distribution in Dollars - to Date


		Original				Unscheduled		Scheduled		Total
Class		Face Value		Interest		Principal		Principal		Principal

		(1)		(2)		(3)		(4)		(5)=(3)+(4)

	A		496,378,000.00		12,779,642.83		91,538,278.52		—		91,538,278.52
	X		100.00		8,807,657.28		100.00		—		100.00
	A-R		100.00		0.27		100.00		—		100.00
	B-1		5,915,000.00		199,622.83		—		—		—
	B-2		5,143,000.00		173,568.97		—		—		—
	B-3		2,315,000.00		78,127.94		—		—		—
	B-4		1,534,000.00		71,571.57		—		—		—
	B-5		1,028,000.00		47,963.25		—		—		—
	B-6		2,068,996.00		96,532.84		—		—		—

Total			514,382,196.00		22,254,687.78		91,538,478.52		—		91,538,478.52

[Additional columns below]

[Continued from above table, first column(s) repeated]


		Total		Realized		Deferred		Current Principal
Class		Distribution		Losses		Interest		Balance

		(6)=(2)+(5)		(7)		(8)		(9)=(1)-(5)-(7)+(8)

	A		104,317,921.35		—		—		404,839,721.48
	X		8,807,757.28		—		—		—
	A-R		100.27		—		—		—
	B-1		199,622.83		—		—		5,915,000.00
	B-2		173,568.97		—		—		5,143,000.00
	B-3		78,127.94		—		—		2,315,000.00
	B-4		71,571.57		—		—		1,534,000.00
	B-5		47,963.25		—		—		1,028,000.00
	B-6		96,532.84		—		—		2,068,996.00

Total			113,793,166.30		—		—		422,843,717.48

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)

	A		1.44000	%		410,969,811.58		493,163.77		—		—		—		493,163.77		493,163.77		—
	X		0.95903	%		—		339,136.31		—		—		—		339,136.31		339,136.31		—
	A-R		2.41100	%		—		—		—		—		—		—		—		—
	B-1		1.82000	%		5,915,000.00		8,971.08		—		—		—		8,971.08		8,971.08		—
	B-2		1.82000	%		5,143,000.00		7,800.22		—		—		—		7,800.22		7,800.22		—

	B-3		1.82000	%		2,315,000.00		3,511.08		—		—		—		3,511.08		3,511.08		—
	B-4		2.41100	%		1,534,000.00		3,082.06		—		—		—		3,082.06		3,082.06		—
	B-5		2.41100	%		1,028,000.00		2,065.42		—		—		—		2,065.42		2,065.42		—
	B-6		2.41100	%		2,068,996.00		4,156.97		—		—		—		4,156.97		4,156.97		—

Total						428,973,807.58		861,886.91		—		—		—		861,886.91		861,886.91		—

Collection Account Report


SUMMARY	TOTAL

Principal Collections		6,130,090.10
Principal Withdrawals		0.00
Principal Other Accounts		0.00
TOTAL PRINCIPAL		6,130,090.10
Interest Collected		882,786.96
Interest Withdrawals		0.00
Interest Other Accounts		6.45
Fees		(20,906.49	)
TOTAL INTEREST		861,886.92
TOTAL AVAILABLE TO CERTIFICATEHOLDERS		6,991,977.02


PRINCIPAL - COLLECTIONS	TOTAL

Scheduled Principal		0.00
Curtailments		456,441.03
Prepayments In Full		5,673,649.07
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		6,130,090.10


PRINCIPAL - WITHDRAWALS		TOTAL

SPACE INTENTIONALLY LEFT BLANK


PRINCIPAL - OTHER ACCOUNTS	TOTAL

Amounts remaining in Pre-Funding Account		0.00


INTEREST - COLLECTIONS	TOTAL

Scheduled Interest		997,886.33
Repurchased Interest		0.00
Substitution Interest Amount		0.00
Liquidation Interest		0.00
Insurance Interest		0.00
Other Interest		0.00
Delinquent Interest		(851,973.85	)
Interest Advanced		736,874.48
Prepayment Interest Shortfalls		(3,778.80	)
Compensating Interest		3,778.80
Civil Relief Act Shortfalls		0.00
TOTAL INTEREST COLLECTED		882,786.96


INTEREST - WITHDRAWALS	TOTAL

Current Nonrecoverable Advances		0.00
TOTAL INTEREST WITHDRAWALS		0.00


INTEREST - OTHER ACCOUNTS	TOTAL

Basis Risk Shortfall		0.00
Basis Risk Reserve Fund Interest Earnings		6.45
TOTAL INTEREST OTHER ACCOUNTS		6.45


INTEREST - FEES	TOTAL

Current Servicing Fees		19,476.58
Trustee Fee		1,429.91
TOTAL FEES		20,906.49

Credit Enhancement Report


ACCOUNTS	TOTAL

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		6.45
Ending Balance		10,000.00


INSURANCE		TOTAL

SPACE INTENTIONALLY LEFT BLANK


STRUCTURAL FEATURES	TOTAL

Pro Rata Senior Percentage		95.803008	%
Senior Percentage		100.000000	%
Subordinate Percentage		0.000000	%
Senior Prepayment Percentage		100.000000	%
Subordinate Percentage		0.000000	%

Collateral Report


COLLATERAL		TOTAL

	Loan Count:
*Original*			1254
Prior			1,054
Prefunding			—
Scheduled Paid Offs			—
Full Voluntary Prepayments			(15	)
Repurchases			—
Liquidations			—
Current			1,039

*Principal Balance:*
Original			514,382,196.83
Prior			428,973,808.41
Prefunding			—
Scheduled Principal			—
Partial and Full Voluntary Prepayments			(6,130,090.10	)
Repurchases			—
Liquidations			—

Current			422,843,718.31


PREFUNDING		TOTAL

SPACE INTENTIONALLY LEFT BLANK


CHARACTERISTICS	TOTAL

Weighted Average Coupon Original		3.667751	%
Weighted Average Coupon Prior		2.797353	%
Weighted Average Coupon Current		2.791461	%

Weighted Average Months to Maturity Original		297
Weighted Average Months to Maturity Prior		280
Weighted Average Months to Maturity Current		279

Weighted Avg Remaining Amortization Term Original		296
Weighted Avg Remaining Amortization Term Prior		279
Weighted Avg Remaining Amortization Term Current		278

Weighted Average Seasoning Original		3.66
Weighted Average Seasoning Prior		20.64
Weighted Average Seasoning Current		21.64

Note: Original information refers to deal issue.


ARM CHARACTERISTICS	TOTAL

Weighted Average Margin Original		1.652	%
Weighted Average Margin Prior		1.643	%
Weighted Average Margin Current		1.641	%

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		1.643	%

Weighted Average Min Rate Current		1.641	%
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	%

Note: Original information refers to deal issue.


SERVICING FEES / ADVANCES	TOTAL

Current Servicing Fees		19,476.58
Delinquent Servicing Fees		115,099.37
TOTAL SERVICING FEES		134,575.95
Total Servicing Fees		134,575.95
Compensating Interest		(3,778.80	)
Delinquent Servicing Fees		(115,099.37	)
COLLECTED SERVICING FEES		15,697.78
Prepayment Interest Shortfall		3,778.80
Total Advanced Interest		736,874.48
Current Nonrecoverable Advances		0.00


ADDITIONAL COLLATERAL INFORMATION	TOTAL

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

Delinquency Report - Total


		1 PAYMENT			1 PAYMENT			2 PAYMENTS			3+ PAYMENTS			TOTAL

DELINQUENT	Balance					204,930.00			—			—			204,930.00
	% Balance					0.05	%		0.00	%		0.00	%		0.05	%
	# Loans					1			—			—			1
	% # Loans					0.10	%		0.00	%		0.00	%		0.10	%
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		—			204,930.00			—			—			204,930.00
	% Balance		0.00	%		0.05	%		0.00	%		0.00	%		0.05	%
	# Loans		—			1			—			—			1
	% # Loans		0.00	%		0.10	%		0.00	%		0.00	%		0.10	%

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

REO Report - Mortgage Loans that Become REO During Current Distribution

SUMMARY

Total Loan Count = 0
Total Original Principal Balance = 000.00
Total Current Balance = 000.00
REO Book Value = 000.00

LOAN GROUP

Loan Group 1 = MSDW Group; REO Book Value = 000.00

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

Loan

Number

Original

Stated

Current

State &

Principal

Paid to

Note

LTV at

Original

Origination

Loan Group

Balance

Date

Rate

Origination

Term

Date

SPACE INTENTIONALLY LEFT BLANK

Foreclosure Report - Mortgage Loans that Become Foreclosure During Current Distribution

SUMMARY

Total Loan Count = 0
Total Original Principal Balance = 000.00
Total Current Balance = 000.00

LOAN GROUP

Loan Group 1 = MSDW Group

Loan

Number

Original

Stated

Current

State &

Principal

Paid to

Note

LTV at

Original

Origination

Loan Group

Balance

Date

Rate

Origination

Term

Date

SPACE INTENTIONALLY LEFT BLANK

Prepayment Report - Voluntary Prepayments


VOLUNTARY PREPAYMENTS	TOTAL

*Current*
Number of Paid in Full Loans		15
Number of Repurchased Loans		—

Total Number of Loans Prepaid in Full		15
Paid in Full Balance		5,673,649.07
Repurchased Loans Balance		—
Curtailments Amount		456,441.03

Total Prepayment Amount		6,130,090.10
*Cumulative*
Number of Paid in Full Loans		215
Number of Repurchased Loans		—

Total Number of Loans Prepaid in Full		215
Paid in Full Balance		78,768,737.69
Repurchased Loans Balance		—
Curtailments Amount		12,769,740.83

Total Prepayment Amount		91,538,478.52

SPACE INTENTIONALLY LEFT BLANK


VOLUNTARY PREPAYMENT RATES	TOTAL

SMM		1.43	%
3 Months Avg SMM		1.44	%
12 Months Avg SMM		1.16	%
Avg SMM Since Cut-off		1.03	%
CPR		15.86	%
3 Months Avg CPR		15.95	%
12 Months Avg CPR		13.02	%
Avg CPR Since Cut-off		11.64	%
PSA		366.51	%
3 Months Avg PSA Approximation		386.52	%
12 Months Avg PSA Approximation		403.55	%
Avg PSA Since Cut-off Approximation		460.54	%

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)^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)]^(1/months in period n,m)

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

Prepayment Detail Report - Loans Prepaid in Full During Current Distribution


SUMMARY		LOAN GROUP
Total Loan Count = 15		Loan Group 1 = MSDW
Total Original Principal Balance = 5,728,300.01		Group
Total Prepayment Amount = 5,673,649.07


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

390440577	1		284,800.00		284,001.81	Oct-27-03		2.875	%	FL - 80.00%	Paid Off - 300	Dec-12-01
390441938	1		750,000.00		749,845.90	Oct-31-03		2.875	%	CA - 76.92%	Paid Off - 300	Dec-13-01
390442288	1		188,500.00		188,500.00	Oct-23-03		2.875	%	IN - 78.54%	Paid Off - 300	Oct-15-01
390442715	1		500,000.00		500,000.00	Oct-21-03		2.375	%	FL - 73.31%	Paid Off - 300	Oct-16-01
390442725	1		607,000.00		607,000.00	Oct-27-03		2.625	%	FL - 60.70%	Paid Off - 300	Oct-19-01
390443628	1		335,000.00		322,623.42	Oct-27-03		3.000	%	AZ - 68.37%	Paid Off - 300	Nov-21-01
390443748	1		230,000.00		228,976.86	Oct-14-03		3.000	%	FL - 75.66%	Paid Off - 300	Nov-27-01
390446295	1		100,000.00		97,879.91	Oct-14-03		2.625	%	MI - 60.61%	Paid Off - 300	Feb-15-02
390446346	1		650,000.00		650,000.00	Oct-21-03		2.625	%	MD - 67.71%	Paid Off - 300	Feb-08-02
390447567	1		101,500.00		96,483.70	Oct-17-03		2.750	%	CA - 53.99%	Paid Off - 300	Feb-21-02
390448115	1		405,000.00		395,934.65	Oct-31-03		2.750	%	NC - 67.50%	Paid Off - 300	Feb-11-02
390448274	1		200,000.00		197,759.41	Oct-20-03		2.750	%	WI - 35.09%	Paid Off - 300	Feb-26-02
390448491	1		419,500.00		419,500.00	Oct-13-03		2.750	%	CO - 73.60%	Paid Off - 300	Feb-05-02
390449401	1		582,000.01		582,000.00	Oct-14-03		2.750	%	VA - 61.26%	Paid Off - 300	Feb-14-02
390449561	1		375,000.00		353,143.41	Oct-31-03		2.750	%	SD - 65.22%	Paid Off - 300	Feb-07-02

Realized Loss Report - Collateral


COLLATERAL REALIZED LOSSES	TOTAL

*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


DEFAULT SPEEDS	TOTAL

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	%
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

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)^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)]^(1/months in period n,m)
	Average CDR over period between the nth month and mth month (AvgCDRn,m): 1-((1-AvgMDRn,m)^12)
	Average SDA Approximation over period between the nth month and mth month:
	AvgCDRn,m/IF(Avg WASn,m<61,MIN(30,Avg WASn,m)0.02,MAX(0.03,MIN(30,Avg WASn,m)0.02-0.0095*(Avg WASn,m-60)))
	Average WASn,m: (WASn + WASn+1 +.......+ WASm )/(number of months in the period n,m)
	Loss Severity Approximation for current period: sum(Realized Loss Amount)/sum(Beg Principal Balance of Liquidated Loans)
	Average Loss Severity Approximation over period between nth month and mth month: Avg(Loss Severityn,m)
	Note: Default rates are calculated since deal issue date and include realized gains and additional realized losses and gains from prior periods.
	Dates correspond to distribution dates.

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.

Loan Number

Original

Prior

Current

State

Loan

Principal

Realized

Note

LTV at

Original

Origination

Loan Group

Status

Balance

Loss/(Gain)

Rate

Origination

Term

Date

SPACE INTENTIONALLY LEFT BLANK

Triggers, Adj. Rate Cert. and Miscellaneous Report


TRIGGER EVENTS		TOTAL

SPACE INTENTIONALLY LEFT BLANK


ADJUSTABLE RATE CERTIFICATE INFORMATION		TOTAL

SPACE INTENTIONALLY LEFT BLANK


ADDITIONAL INFORMATION	TOTAL

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