|Management's Assertion on Compliance with Minimum
      Servicing Standards Set Forth in
      the Uniform Single Attestation Program for
      Mortgage Bankers
      
      Report of Management
      We, as members of management of ARCap
      Servicing, Inc. (the Company), are responsible for complying with the
      servicing standards identified in Attachment A ("the minimum servicing
      standards") as set forth in the Mortgage Bankers Association of
      America's Uniform Single Attestation Program for Mortgage Bankers(USAP) except, for commercial loan and multifamily loan servicing,
      minimum servicing standards V.4. and VI.1, which the Mortgage Bankers
      Association of America has interpreted as inapplicable to such
      servicing. We are also responsible for establishing and maintaining
      effective internal control over compliance with these standards. We
      have performed an evaluation of the Company's compliance with the minimum
      servicing standards as set forth in the USAP as of December 31, 2004
      and for the year then ended. Based on this evaluation, we assert that
      during the year ended December 31, 2004, the Company complied, in all
      material respects, with the minimum servicing standards set forth in
      the USAP. As of and for this same period, the Company had in
      effect a fidelity bond (crime) policy in the amount of $10,000,000
      aggregate, $5,000,000 per loss and an errors and omissions policy in the
      amount of $10,000,000.
      /s/ Christopher CrouchChristopher
      Crouch, Servicing Officer Of ARCap Servicing, Inc.
      February 4, 2005
      Mgmt Assertion.doc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
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|Attachment A
      
      Minimum Servicing Standards
      I. Mortgage Principal, Interest and
      Amortization1. Reconciliations shall be prepared on a monthly
      basis for all custodial bank accounts and related bank clearing
      accounts. These reconciliations shall:
      *
      be mathematically accurate;
      *
      be prepared within forty-five (45) calendar days
      after the cutoff date
      *
      be reviewed and approved by someone other than the
      person who prepared the reconciliation; and
      *
      document explanations for reconciling items. These
      reconciling items shall be resolved within ninety (90) calendar days
      of their original identification.
      2. Funds of the servicing entity shall be
      advanced in cases where there is an overdraft in an investor's or a
      mortgagor's account. 3. Each custodial account shall be maintained
      at a federally insured depository institution in trust for the
      applicable investor. 4. Escrow funds held in trust for a mortgagor
      shall be returned to the mortgagor within thirty (30) calendar days of
      payoff of the mortgage loan. II. Mortgage Payments1. Mortgage payments shall be deposited into the custodial
      bank accounts and related bank clearing accounts within two business
      days of receipt. 2. Mortgage payments made in accordance with the
      mortgagor's loan documents shall be posted to the applicable mortgagor
      records within two business days of receipt. 3. Mortgage payments
      shall be allocated to principal, interest, insurance, taxes or other
      escrow items in accordance with the mortgagor's loan documents.
      4. Mortgage payments identified as loan payoffs shall be allocated
      in accordance with the mortgagor's loan documents. III.
      Disbursements1. Disbursements made via wire transfer on
      behalf of a mortgagor or investor shall be made only by authorized
      personnel. 2. Disbursements made on behalf of a mortgagor or
      investor shall be posted within two business days to the mortgagor's
      or investor's records maintained by the servicing entity.                                                                                                                                                                                                                                                                              
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|3. Tax and insurance payments shall be made on or
      before the penalty or insurance policy expiration dates, as indicated
      on tax bills and insurance premium notices, respectively, provided
      that such support has been received by the servicing entity at least
      thirty (30) calendar days prior to these dates. 4. Any late
      payment penalties paid in conjunction with the payment of any tax bill or
      insurance premium notice shall be paid from the servicing entity's
      funds and not charged to the mortgagor, unless the late payment was
      due to the mortgagor's error or omission. 5. Amounts remitted
      to investors per the servicer's investor reports shall agree with canceled
      checks or other form of payment, or custodial bank statements.
      6. Unissued checks shall be safeguarded so as to prevent
      unauthorized access. IV. Investor Accounting and Reporting1. The servicing entity's investor reports shall agree with,
      or reconcile to, investors' records on a monthly basis as to the total
      unpaid principal balance and number of loans serviced by the servicing
      entity. V. Mortgage Loan AccountingI. The
      servicing entity's mortgage loan records shall agree with, or reconcile,
      to, the records of mortgagors with respect to the unpaid principal
      balance on a monthly basis 2. Adjustments on ARM loans shall be
      computed based on the related mortgage note and any ARM rider.
      3. Escrow accounts shall be analyzed, in accordance with the
      mortgagor's loan documents, on at least an annual basis. 4.
      Interest on escrow accounts shall be paid, or credited, to mortgagors in
      accordance with the applicable state laws. VI.
      Delinquencies1. Records documenting collection efforts shall
      be maintained during the period a loan is in default and shall be
      updated at least monthly. Such records shall describe the entity's
      activities in monitoring delinquent loans including, for example,
      phone calls, letters and mortgage payment rescheduling plans in cases
      where the delinquency is deemed temporary (e.g., illness or
      unemployment). VII. Insurance Policies1. A
      fidelity bond and errors and omissions policy shall be in effect on the
      servicing entity throughout the reporting period in the amount of
      coverage represented to investors in management's assertion.
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