Contract

by Sequoia Mortgage Funding Corp
April 14th, 2003
. . . 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: March 19, 2003 Bear, Stearns & Co. Inc. Record Date: March 18, 2003 February 28, 2003
SEQUOIA MORTGAGE TRUST 6 COLLATERALIZED MORTGAGE BONDS BOND PAYMENT REPORT FOR MARCH 19, 2002 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 - ----------------------------------------------------------------------------------------------------------------------------------- (7)=(1)-(3)- (1) (2) (3) (4)=(2)+(3) (5) (6) (5)+(6) - ----------------------------------------------------------------------------------------------------------------------------------- LT-A 496,378,000.00 452,107,290.60 1,082,724.63 2,497,457.21 3,580,181.84 - - 449,609,833.39 LT-A2 100.00 - - - - - - - LT-X 100.00 - - - - - - - LT-B-1 5,915,000.00 5,915,000.00 14,165.48 - 14,165.48 - - 5,915,000.00 LT-B-2 5,143,000.00 5,143,000.00 12,316.66 - 12,316.66 - - 5,143,000.00 - ----------------------------------------------------------------------------------------------------------------------------------- LT-B-3 2,315,000.00 2,315,000.00 5,544.05 - 5,544.05 - - 2,315,000.00 LT-B-4 1,534,000.00 1,534,000.00 3,673.68 - 3,673.68 - - 1,534,000.00 LT-B-5 1,028,000.00 1,028,000.00 2,461.90 - 2,461.90 - - 1,028,000.00 LT-B-6 2,068,996.83 2,068,996.83 4,954.92 - 4,954.92 - - 2,068,996.83 LT-R - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- Total 514,382,196.83 470,111,287.43 1,125,841.32 2,497,457.21 3,623,298.53 - - 467,613,830.22 - -----------------------------------------------------------------------------------------------------------------------------------
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-30/360 496,378,000.00 910.812507 2.181250 5.031362 7.212612 905.781145 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 2.394840 - 2.394840 1,000.000000 LT-B-2 A-30/360 5,143,000.00 1,000.000000 2.394840 - 2.394840 1,000.000000 - ---------------------------------------------------------------------------------------------------------------------------------- LT-B-3 A-30/360 2,315,000.00 1,000.000000 2.394838 - 2.394838 1,000.000000 LT-B-4 A-30/360 1,534,000.00 1,000.000000 2.394837 - 2.394837 1,000.000000 LT-B-5 A-30/360 1,028,000.00 1,000.000000 2.394844 - 2.394844 1,000.000000 LT-B-6 A-30/360 2,068,996.83 1,000.000000 2.394842 - 2.394842 1,000.000000 LT-R A-30/360 - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------
Distribution in Dollars - to Date
- ----------------------------------------------------------------------------------------------------------------------------------- Current Original Unscheduled Scheduled Total Total Realized Deferred Principal Class Face Value Interest Principal Principal Principal Distribution Losses Interest Balance - ----------------------------------------------------------------------------------------------------------------------------------- (9)=(1)-(5)- (1) (2) (3) (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8) (7)+(8) - ----------------------------------------------------------------------------------------------------------------------------------- LT-A 496,378,000.00 13,973,399.20 46,768,166.61 - 46,768,166.61 60,741,565.81 - - 449,609,833.39 LT-A2 100.00 0.27 100.00 - 100.00 100.27 - - - LT-X 100.00 - 100.00 - 100.00 100.00 - - - LT-B-1 5,915,000.00 174,036.07 - - - 174,036.07 - - 5,915,000.00 LT-B-2 5,143,000.00 151,321.65 - - - 151,321.65 - - 5,143,000.00 LT-B-3 2,315,000.00 68,113.87 - - - 68,113.87 - - 2,315,000.00 LT-B-4 1,534,000.00 45,134.61 - - - 45,134.61 - - 1,534,000.00 LT-B-5 1,028,000.00 30,246.69 - - - 30,246.69 - - 1,028,000.00 LT-B-6 2,068,996.83 60,875.77 - - - 60,875.77 - - 2,068,996.83 LT-R - - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- Total 514,382,196.83 14,503,128.13 46,768,366.61 - 46,768,366.61 61,271,494.74 - - 467,613,830.22 - -----------------------------------------------------------------------------------------------------------------------------------
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 - ----------------------------------------------------------------------------------------------------------------------------------- (5)=(1)- (1) (2) (3) (4) (2)+(3)+(4) (6) (7)=(5)-(6) - ----------------------------------------------------------------------------------------------------------------------------------- LT-A 2.87381% 452,107,290.60 1,082,724.63 - - - 1,082,724.63 1,082,724.63 - LT-A2 2.87381% - - - - - - - - - - - - - - - - - LT-B-1 2.87381% 5,915,000.00 14,165.48 - - - 14,165.48 14,165.48 - LT-B-2 2.87381% 5,143,000.00 12,316.66 - - - 12,316.66 12,316.66 - - ----------------------------------------------------------------------------------------------------------------------------------- LT-B-3 2.87381% 2,315,000.00 5,544.05 - - - 5,544.05 5,544.05 - LT-B-4 2.87381% 1,534,000.00 3,673.68 - - - 3,673.68 3,673.68 - LT-B-5 2.87381% 1,028,000.00 2,461.90 - - - 2,461.90 2,461.90 - LT-B-6 2.87381% 2,068,996.83 4,954.92 - - - 4,954.92 4,954.92 - LT-R - - - - - - - - - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- Total 470,111,287.43 1,125,841.32 - - - 1,125,841.32 1,125,841.32 - - -----------------------------------------------------------------------------------------------------------------------------------
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 - ----------------------------------------------------------------------------------------------------------------------------------- (7)=(1)-(3)- (1) (2) (3) (4)=(2)+(3) (5) (6) (5)+(6) - ----------------------------------------------------------------------------------------------------------------------------------- A FLT 496,378,000.00 452,107,290.60 624,944.14 2,497,457.21 3,122,401.35 - - 449,609,833.39 X CSTR 100.00 - 467,094.55 - 467,094.55 - - - A-R R 100.00 - - - - - - - B-1 SUB 5,915,000.00 5,915,000.00 10,049.34 - 10,049.34 - - 5,915,000.00 B-2 SUB 5,143,000.00 5,143,000.00 8,737.74 - 8,737.74 - - 5,143,000.00 - ----------------------------------------------------------------------------------------------------------------------------------- B-3 SUB 2,315,000.00 2,315,000.00 3,933.09 - 3,933.09 - - 2,315,000.00 B-4 SUB 1,534,000.00 1,534,000.00 3,673.68 - 3,673.68 - - 1,534,000.00 B-5 SUB 1,028,000.00 1,028,000.00 2,461.90 - 2,461.90 - - 1,028,000.00 B-6 SUB 2,068,996.00 2,068,996.00 4,954.91 - 4,954.91 - - 2,068,996.00 - ----------------------------------------------------------------------------------------------------------------------------------- Total 514,382,196.00 470,111,286.60 1,125,849.35 2,497,457.21 3,623,306.56 - - 467,613,829.39 - -----------------------------------------------------------------------------------------------------------------------------------
Definitive Bond Record Date: 2/28/03 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 - ------------------------------------------------------------------- - ------------------------------------------------------------------- A 02/19/03 03/18/03 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 02/19/03 03/18/03 A-30/360 81743XAB5 5,915,000.00 B-2 02/19/03 03/18/03 A-30/360 81743XAD1 5,143,000.00 - ------------------------------------------------------------------ B-3 02/19/03 03/18/03 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 - ------------------------------------------------------------------
- ------------------------------------------------------------------------------------ Prior Current Principal Total Principal Class Balance Interest Principal Distribution Balance - ------------------------------------------------------------------------------------ (1) (2) (3) (4)=(2)+(3) (5) - ------------------------------------------------------------------------------------ A 910.812507 1.259009 5.031362 6.290370 905.781145 X - 4,670,945.500000 - 4,670,945.500000 - A-R - - - - - B-1 1,000.000000 1.698959 - 1.698959 1,000.000000 B-2 1,000.000000 1.698958 - 1.698958 1,000.000000 - ------------------------------------------------------------------------------------ B-3 1,000.000000 1.698959 - 1.698959 1,000.000000 B-4 1,000.000000 2.394837 - 2.394837 1,000.000000 B-5 1,000.000000 2.394844 - 2.394844 1,000.000000 B-6 1,000.000000 2.394838 - 2.394838 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
- ------------------------------------------------------------------------------------------------------------------------------------ Current Original Unscheduled Scheduled Total Total Realized Deferred Principal Class Face Value Interest Principal Principal Principal Distribution Losses Interest Balance - ------------------------------------------------------------------------------------------------------------------------------------ (9)=(1)-(5)- (1) (2) (3) (4) (5)=(3)+(4) (6)=(2)+(5) (7) (8) (7)+(8) - ------------------------------------------------------------------------------------------------------------------------------------ A 496,378,000.00 8,454,122.56 46,768,166.61 - 46,768,166.61 55,222,289.17 - - 449,609,833.39 X 100.00 5,629,360.72 100.00 - 100.00 5,629,460.72 - - - A-R 100.00 0.27 100.00 - 100.00 100.27 - - - B-1 5,915,000.00 125,383.43 - - - 125,383.43 - - 5,915,000.00 B-2 5,143,000.00 109,018.95 - - - 109,018.95 - - 5,143,000.00 B-3 2,315,000.00 49,072.29 - - - 49,072.29 - - 2,315,000.00 B-4 1,534,000.00 45,134.61 - - - 45,134.61 - - 1,534,000.00 B-5 1,028,000.00 30,246.69 - - - 30,246.69 - - 1,028,000.00 B-6 2,068,996.00 60,875.73 - - - 60,875.73 - - 2,068,996.00 - ------------------------------------------------------------------------------------------------------------------------------------ Total 514,382,196.00 14,503,215.25 46,768,366.61 - 46,768,366.61 61,271,581.86 - - 467,613,829.39 - ------------------------------------------------------------------------------------------------------------------------------------
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 - ------------------------------------------------------------------------------------------------------------------------------------ (5)=(1)- (1) (2) (3) (4) (2)+(3)+(4) (6) (7)=(5)-(6) - ------------------------------------------------------------------------------------------------------------------------------------ A 1.65875% 452,107,290.60 624,944.14 - - - 624,944.14 624,944.14 - X 1.20414% - 467,094.55 - - - 467,094.55 467,094.55 - A-R 2.87381% - - - - - - - - B-1 2.03875% 5,915,000.00 10,049.34 - - - 10,049.34 10,049.34 - B-2 2.03875% 5,143,000.00 8,737.74 - - - 8,737.74 8,737.74 - - ------------------------------------------------------------------------------------------------------------------------------------ B-3 2.03875% 2,315,000.00 3,933.09 - - - 3,933.09 3,933.09 - B-4 2.87381% 1,534,000.00 3,673.68 - - - 3,673.68 3,673.68 - B-5 2.87381% 1,028,000.00 2,461.90 - - - 2,461.90 2,461.90 - B-6 2.87381% 2,068,996.00 4,954.91 - - - 4,954.91 4,954.91 - - ------------------------------------------------------------------------------------------------------------------------------------ Total 470,111,286.60 1,125,849.35 - - - 1,125,849.35 1,125,849.35 - - ------------------------------------------------------------------------------------------------------------------------------------
COLLECTION ACCOUNT REPORT
SUMMARY TOTAL - ----------------------------------------------------------------- Principal Collections 2,497,457.21 Principal Withdrawals 0.00 Principal Other Accounts 0.00 TOTAL PRINCIPAL 2,497,457.21 Interest Collected 1,138,670.22 Interest Withdrawals 0.00 Interest Other Accounts 8.04 Fees (12,828.90) TOTAL INTEREST 1,125,849.36 TOTAL AVAILABLE TO CERTIFICATEHOLDERS 3,623,306.57 - -----------------------------------------------------------------
PRINCIPAL - COLLECTIONS TOTAL - ----------------------------------------------------------------- Scheduled Principal 0.00 Curtailments 453,858.11 Prepayments In Full 2,043,599.10 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 2,497,457.21 - -----------------------------------------------------------------
PRINCIPAL - WITHDRAWALS TOTAL - ----------------------------------------------------------------- SPACE INTENTIONALLY LEFT BLANK - -----------------------------------------------------------------
PRINCIPAL - OTHER ACCOUNTS TOTAL - ----------------------------------------------------------------- Amounts remaining in Pre-Funding Account 0.00 - -----------------------------------------------------------------
INTEREST - COLLECTIONS TOTAL - ----------------------------------------------------------------- Scheduled Interest 1,274,911.23 Repurchased Interest 0.00 Substitution Interest Amount 0.00 Liquidation Interest 0.00 Insurance Interest 0.00 Other Interest 0.00 Delinquent Interest (1,174,599.95) Interest Advanced 1,038,358.94 Prepayment Interest Shortfalls (1,679.87) Compensating Interest 1,679.87 Civil Relief Act Shortfalls 0.00 TOTAL INTEREST COLLECTED 1,138,670.22 - -----------------------------------------------------------------
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 8.04 TOTAL INTEREST OTHER ACCOUNTS 8.04 - --------------------------------------------------------------
INTEREST - FEES TOTAL - ---------------------------------------------------------------- Current Servicing Fees 11,261.86 Trustee Fee 1,567.04 TOTAL FEES 12,828.90 - ----------------------------------------------------------------
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 8.04 Ending Balance 10,000.00 - ----------------------------------------------------------------------
INSURANCE TOTAL - ------------------------------------------------------------------ SPACE INTENTIONALLY LEFT BLANK - ------------------------------------------------------------------
STRUCTURAL FEATURES TOTAL - ----------------------------------------------------------- Pro Rata Senior Percentage 96.170269% 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 1,159 Prefunding - Scheduled Paid Offs - Full Voluntary Prepayments (6) Repurchases - Liquidations - - ---------------------------------------------------------------- Current 1,153 PRINCIPAL BALANCE: Original 514,382,196.83 Prior 470,111,287.43 Prefunding - Scheduled Principal - Partial and Full Voluntary Prepayments (2,497,457.21) Repurchases - Liquidations - - ---------------------------------------------------------------- Current 467,613,830.22 - ----------------------------------------------------------------
PREFUNDING TOTAL - ----------------------------------------------------------------------- SPACE INTENTIONALLY LEFT BLANK - -----------------------------------------------------------------------
CHARACTERISTICS TOTAL - ----------------------------------------------------------------------- Weighted Average Coupon Original 3.667751% Weighted Average Coupon Prior 3.407823% Weighted Average Coupon Current 3.254322% - ----------------------------------------------------------------------- Weighted Average Months to Maturity Original 297 Weighted Average Months to Maturity Prior 288 Weighted Average Months to Maturity Current 287 - ----------------------------------------------------------------------- Weighted Avg Remaining Amortization Term Original 296 Weighted Avg Remaining Amortization Term Prior 287 Weighted Avg Remaining Amortization Term Current 286 - ----------------------------------------------------------------------- Weighted Average Seasoning Original 3.66 Weighted Average Seasoning Prior 12.63 Weighted Average Seasoning Current 13.63 - -----------------------------------------------------------------------
Note: Original information refers to deal issue.
ARM CHARACTERISTICS TOTAL - -------------------------------------------------------------- Weighted Average Margin Original 1.652% Weighted Average Margin Prior 1.645% 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 1.645% 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% - --------------------------------------------------------------
Note: Original information refers to deal issue.
SERVICING FEES / ADVANCES TOTAL - -------------------------------------------------------------------- Current Servicing Fees 11,261.86 Delinquent Servicing Fees 136,241.01 TOTAL SERVICING FEES 147,502.87 Total Servicing Fees 147,502.87 Compensating Interest (1,679.87) Delinquent Servicing Fees (136,241.01) COLLECTED SERVICING FEES 9,581.99 Prepayment Interest Shortfall 1,679.87 Total Advanced Interest 1,038,358.94 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 15,431,466.00 Current Fraud Losses 0.00 Cumulative Fraud Losses 0.00 - ----------------------------------------------------------------------
DELINQUENCY REPORT - TOTAL
DELINQUENT Balance 996,239.30 - - 996,239.30 % Balance 0.21% 0.00% 0.00% 0.21% # Loans 4 - - 4 % # Loans 0.35% 0.00% 0.00% 0.35% - ------------------------------------------------------------------------------------------------------------------------------ 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 - 996,239.30 - - 996,239.30 % Balance 0.00% 0.21% 0.00% 0.00% 0.21% # Loans - 4 - - 4 % # Loans 0.00% 0.35% 0.00% 0.00% 0.35% - ------------------------------------------------------------------------------------------------------------------------------
Note: REO Report - Mortgage Loans that Become REO During Current Distribution
SUMMARY LOAN GROUP - ----------------------------------------------------------------------------------------------------------- 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 - ------------------------------------------------------------------------------------------------------------
REO Book Value reported corresponds to total REO loans, including loans that become REO during current distribution.
- ------------------------------------------------------------------------------------------------------------------- Loan Number Original Stated Current State & & Principal Principal Paid to Note LTV at Original Origination Loan Group Balance Balance Date Rate Origination Term Date - ------------------------------------------------------------------------------------------------------------------- SPACE INTENTIONALLY LEFT BLANK - -------------------------------------------------------------------------------------------------------------------
FORECLOSURE REPORT - MORTGAGE LOANS THAT BECOME FORECLOSURE DURING CURRENT DISTRIBUTION
SUMMARY LOAN GROUP - ------------------------------------------------------------------------------------------- Total Loan Count = 0 Loan Group 1 = MSDW Group Total Original Principal Balance = 000.00 Total Current Balance = 000.00 - -------------------------------------------------------------------------------------------
Loan Number Original Stated Current State & & Principal Principal Paid to Note LTV at Original Origination Loan Group Balance Balance Date Rate Origination Term Date - ----------------------------------------------------------------------------------------------------------------------------- SPACE INTENTIONALLY LEFT BLANK - -----------------------------------------------------------------------------------------------------------------------------
PREPAYMENT REPORT - VOLUNTARY PREPAYMENTS
VOLUNTARY PREPAYMENTS TOTAL - ---------------------------------------------------------------------------- CURRENT Number of Paid in Full Loans 6 Number of Repurchased Loans - - ---------------------------------------------------------------------------- Total Number of Loans Prepaid in Full 6 Paid in Full Balance 2,043,599.10 Repurchased Loans Balance - Curtailments Amount 453,858.11 - ---------------------------------------------------------------------------- Total Prepayment Amount 2,497,457.21 CUMULATIVE Number of Paid in Full Loans 101 Number of Repurchased Loans - - ---------------------------------------------------------------------------- Total Number of Loans Prepaid in Full 101 Paid in Full Balance 39,488,150.06 Repurchased Loans Balance - Curtailments Amount 7,280,216.55 - ---------------------------------------------------------------------------- Total Prepayment Amount 46,768,366.61 SPACE INTENTIONALLY LEFT BLANK - ----------------------------------------------------------------------------
VOLUNTARY PREPAYMENT RATES TOTAL - ---------------------------------------------------------------- SMM 0.53% 3 Months Avg SMM 0.85% 12 Months Avg SMM Avg SMM Since Cut-off 0.86% CPR 6.19% 3 Months Avg CPR 9.77% 12 Months Avg CPR Avg CPR Since Cut-off 9.88% PSA 227.14% 3 Months Avg PSA Approximation 386.74% 12 Months Avg PSA Approximation Avg PSA Since Cut-off Approximation 571.26% - ----------------------------------------------------------------
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) to the power of 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)] to the power of (1/months in period n,m) Average CPR over period between the nth month and mth month (AvgCPRn,m): 1-((1-AvgSMMn,m) to the power of 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 = 6 Loan Group 1 = MSDW Group Total Original Principal Balance = 2,043,920.00 Total Prepayment Amount = 2,043,599.10 - --------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------ 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 - ------------------------------------------------------------------------------------------------------------------------------------ 390440589 1 84,800.00 84,800.00 Feb-27-03 3.000% NY - 80.00% Paid Off - 300 Dec-27-01 390443958 1 970,000.00 969,999.96 Feb-17-03 3.000% IL - 65.32% Paid Off - 300 Dec-19-01 390446187 1 311,920.00 311,866.39 Feb-18-03 4.000% FL - 80.00% Paid Off - 300 Feb-05-02 390447451 1 205,000.00 205,000.00 Feb-19-03 3.625% MD - 34.17% Paid Off - 300 Jan-22-02 390447978 1 152,200.00 152,200.00 Feb-26-03 3.625% LA - 50.73% Paid Off - 300 Jan-29-02 390448379 1 320,000.00 319,732.75 Feb-27-03 3.500% IL - 68.09% Paid Off - 300 Feb-15-02 - ------------------------------------------------------------------------------------------------------------------------------------
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 Avg MDR Since Cut-off 0.00% CDR 0.00% 3 Months Avg CDR 0.00% 12 Months Avg CDR Avg CDR Since Cut-off 0.00% SDA 0.00% 3 Months Avg SDA Approximation 0.00% 12 Months Avg SDA Approximation 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 - -----------------------------------------------------------------
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) to the power of 12) SDA Standard Default Assumption: CDR/IF(WAS 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 Principal Realized Note LTV at Original Origination Loan Group Status Balance 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 - ---------------------------------------------------------