<PAGE>
                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX: (301) 315-6660

                                SMT SERIES 2004-7
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                     Certificate    Certificate
                        Class      Pass-Through        Beginning          Interest
 Class     CUSIP     Description       Rate       Certificate Balance   Distribution
------   ---------   -----------   ------------   -------------------   ------------
<S>      <C>         <C>           <C>            <C>                   <C>
  A-1    81744FCV7       SEN          3.33743%       471,469,368.89     1,311,247.38
  A-2    81744FCW5       SEN          2.72000%       235,599,676.52       534,025.93
 A-3-A   81744FCX3       SEN          2.28500%       231,820,388.01       441,424.66
 A-3-B   81744FDH7       SEN          2.51000%         3,699,788.82         7,738.72
  X-A    81744FCY1        IO          0.87326%                 0.00       342,886.99
  X-B    81744FCZ8        IO          0.25392%                 0.00         6,337.31
  B-1    81744FDB0       SUB          2.96000%        18,900,000.00        46,620.00
  B-2    81744FDC8       SUB          3.35000%        11,025,000.00        30,778.12
  B-3    81744FDD6       SUB          3.35760%         6,300,000.00        17,627.41
  B-4    81744FDE4       SUB          3.35760%         3,150,000.00         8,813.70
  B-5    81744FDF1       SUB          3.35760%         2,625,000.00         7,344.75
  B-6    81744FDG9       SUB          3.35760%         5,250,582.74        14,691.14
  A-R    81744FDA2       RES          2.97735%                 0.00             0.00
                                                     --------------     ------------
Totals                                               989,839,804.98     2,769,536.11
                                                     ==============     ============
</TABLE>

<TABLE>
<CAPTION>
           Principal        Current      Ending Certificate       Total         Cumulative
 Class    Distribution   Realized Loss         Balance         Distribution   Realized Loss
------   -------------   -------------   ------------------   -------------   -------------
<S>      <C>             <C>             <C>                  <C>             <C>
  A-1    13,052,852.66        0.00         458,416,516.23     14,364,100.04        0.00
  A-2     4,834,827.33        0.00         230,764,849.19      5,368,853.26        0.00
 A-3-A    6,360,396.97        0.00         225,459,991.04      6,801,821.63        0.00
 A-3-B      101,510.16        0.00           3,598,278.66        109,248.88        0.00
  X-A             0.00        0.00                   0.00        342,886.99        0.00
  X-B             0.00        0.00                   0.00          6,337.31        0.00
  B-1             0.00        0.00          18,900,000.00         46,620.00        0.00
  B-2             0.00        0.00          11,025,000.00         30,778.12        0.00
  B-3             0.00        0.00           6,300,000.00         17,627.41        0.00
  B-4             0.00        0.00           3,150,000.00          8,813.70        0.00
  B-5             0.00        0.00           2,625,000.00          7,344.75        0.00
  B-6             0.00        0.00           5,250,582.74         14,691.14        0.00
  A-R             0.00        0.00                   0.00              0.00        0.00
         -------------        ----         --------------     -------------        ----
Totals   24,349,587.12        0.00         965,490,217.86     27,119,123.23        0.00
         =============        ====         ==============     =============        ====
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>
                        PRINCIPAL DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
                               Beginning       Scheduled     Unscheduled
           Original Face      Certificate      Principal      Principal                 Realized
 Class        Amount            Balance      Distribution    Distribution   Accretion   Loss (1)
------   ---------------    --------------   ------------   -------------   ---------   --------
<S>      <C>                <C>              <C>            <C>             <C>         <C>
  A-1      498,828,000.00   471,469,368.89       0.00       13,052,582.66      0.00       0.00
  A-2      252,102,000.00   235,599,676.52       0.00        4,834,827.33      0.00       0.00
 A-3-A     247,874,000.00   231,820,388.01       0.00        6,360,396.97      0.00       0.00
 A-3-B       3,956,000.00     3,699,788.82       0.00          101,510.16      0.00       0.00
  X-A                0.00             0.00       0.00                0.00      0.00       0.00
  X-B                0.00             0.00       0.00                0.00      0.00       0.00
  B-1       18,900,000.00    18,900,000.00       0.00                0.00      0.00       0.00
  B-2       11,025,000.00    11,025,000.00       0.00                0.00      0.00       0.00
  B-3        6,300,000.00     6,300,000.00       0.00                0.00      0.00       0.00
  B-4        3,150,000.00     3,150,000.00       0.00                0.00      0.00       0.00
  B-5        2,625,000.00     2,625,000.00       0.00                0.00      0.00       0.00
  B-6        5,250,582.74     5,250,582.74       0.00                0.00      0.00       0.00
  A-R              100.00             0.00       0.00                0.00      0.00       0.00
         ----------------   --------------       ----       -------------      ----       ----
Totals   1,050,010,682.74   989,839,804.98       0.00       24,349,587.12      0.00       0.00
         ================   ==============       ====       =============      ====       ====
</TABLE>

<TABLE>
<CAPTION>
         Total Principal   Ending Certificate   Ending Certificate   Total Principal
 Class      Reduction            Balance            Percentage         Distribution
------   ---------------   ------------------   ------------------   ---------------
<S>      <C>               <C>                  <C>                  <C>
  A-1     13,052,852.66      458,416,516.23         0.91898714        13,052,852.66
  A-2      4,834,827.33      230,764,849.19         0.91536302         4,834,827.33
 A-3-A     6,360,396.97      225,459,991.04         0.90957499         6,360,396.97
 A-3-B       101,510.16        3,598,278.66         0.90957499           101,510.16
  X-A              0.00                0.00         0.00000000                 0.00
  X-B              0.00                0.00         0.00000000                 0.00
  B-1              0.00       18,900,000.00         1.00000000                 0.00
  B-2              0.00       11,025,000.00         1.00000000                 0.00
  B-3              0.00        6,300,000.00         1.00000000                 0.00
  B-4              0.00        3,150,000.00         1.00000000                 0.00
  B-5              0.00        2,625,000.00         1.00000000                 0.00
  B-6              0.00        5,250,582.74         1.00000000                 0.00
  A-R              0.00                0.00         0.00000000                 0.00
          -------------      --------------         ----------        -------------
Totals    24,349,587.12      965,490,217.86         0.91950514        24,349,587.12
          =============      ==============         ==========        =============
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                            Beginning       Scheduled     Unscheduled
         Original Face     Certificate      Principal      Principal                   Realized
Class       Amount           Balance      Distribution    Distribution    Accretion    Loss (3)
-----   --------------   --------------   ------------   -------------   ----------   ----------
<S>     <C>              <C>              <C>            <C>             <C>          <C>
 A-1    498,828,000.00    945.15417918     0.00000000     26.16704086    0.00000000   0.00000000
 A-2    252,102,000.00    934.54108464     0.00000000     19.17806019    0.00000000   0.00000000
A-3-A   247,874,000.00    935.23478868     0.00000000     25.65979881    0.00000000   0.00000000
A-3-B     3,956,000.00    935.23478766     0.00000000     25.65979778    0.00000000   0.00000000
 X-A              0.00      0.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 X-B              0.00      0.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-1     18,900,000.00   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-2     11,025,000.00   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-3      6,300,000.00   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-4      3,150,000.00   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-5      2,625,000.00   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 B-6      5,250,582.74   1000.00000000     0.00000000      0.00000000    0.00000000   0.00000000
 A-R            100.00      0.00000000     0.00000000      0.00000000    0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
        Total Principal   Ending Certificate   Ending Certificate   Total Principal
Class      Reduction            Balance            Percentage         Distribution
-----   ---------------   ------------------   ------------------   ---------------
<S>     <C>               <C>                  <C>                  <C>
 A-1      26.16704086         918.98713831         0.91898714         26.16704086
 A-2      19.17806019         915.36302445         0.91536302         19.17806019
A-3-A     25.65979881         909.57498987         0.90957499         25.65979881
A-3-B     25.65979778         909.57498989         0.90957499         25.65979778
 X-A       0.00000000           0.00000000         0.00000000          0.00000000
 X-B       0.00000000           0.00000000         0.00000000          0.00000000
 B-1       0.00000000        1000.00000000         1.00000000          0.00000000
 B-2       0.00000000        1000.00000000         1.00000000          0.00000000
 B-3       0.00000000        1000.00000000         1.00000000          0.00000000
 B-4       0.00000000        1000.00000000         1.00000000          0.00000000
 B-5       0.00000000        1000.00000000         1.00000000          0.00000000
 B-6       0.00000000        1000.00000000         1.00000000          0.00000000
 A-R       0.00000000           0.00000000         0.00000000          0.00000000
</TABLE>

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

<TABLE>
<CAPTION>
                                                  Beginning                    Payment of
                                                Certificate/       Current       Unpaid      Current    Non-Supported
           Original Face        Current           Notional         Accrued      Interest     Interest      Interest     Realized
 Class        Amount        Certificate Rate       Balance        Interest     Shortfall    Shortfall     Shortfall     Loss (4)
------   ----------------   ----------------   --------------   ------------   ----------   ---------   -------------   --------
<S>      <C>                <C>                <C>              <C>            <C>          <C>         <C>             <C>
  A-1      498,828,000.00       3.33743%       471,469,368.89   1,311,247.38      0.00         0.00          0.00         0.00
  A-2      252,102,000.00       2.72000%       235,599,676.52     534,025.93      0.00         0.00          0.00         0.00
 A-3-A     247,874,000.00       2.28500%       231,820,388.01     441,424.66      0.00         0.00          0.00         0.00
 A-3-B       3,956,000.00       2.51000%         3,699,788.82       7,738.72      0.00         0.00          0.00         0.00
  X-A                0.00       0.87326%       471,119,853.35     342,839.76      0.00         0.00          0.00         0.00
  X-B                0.00       0.25392%        29,925,000.00       6,332.06      0.00         0.00          0.00         0.00
  B-1       18,900,000.00       2.96000%        18,900,000.00      46,620.00      0.00         0.00          0.00         0.00
  B-2       11,025,000.00       3.35000%        11,025,000.00      30,778.13      0.00         0.00          0.00         0.00
  B-3        6,300,000.00       3.35760%         6,300,000.00      17,627.41      0.00         0.00          0.00         0.00
  B-4        3,150,000.00       3.35760%         3,150,000.00       8,813.70      0.00         0.00          0.00         0.00
  B-5        2,625,000.00       3.35760%         2,625,000.00       7,344.75      0.00         0.00          0.00         0.00
  B-6        5,250,582.74       3.35760%         5,250,582.74      14,691.14      0.00         0.00          0.00         0.00
  A-R              100.00       2.97735%                 0.00           0.00      0.00         0.00          0.00         0.00
         ----------------                                       ------------      ----         ----          ----         ----
Totals   1,050,010,682.74                                       2,769,483.64      0.00         0.00          0.00         0.00
         ================                                       ============      ====         ====          ====         ====
</TABLE>

<TABLE>
<CAPTION>
                          Remaining       Ending
                            Unpaid     Certificate/
         Total Interest    Interest     Notational
 Class    Distribution    Shortfall       Balance
------   --------------   ---------   --------------
<S>      <C>              <C>         <C>
  A-1      1,311,247.38      0.00     458,416,516.23
  A-2        534,025.93      0.00     230,764,849.19
 A-3-A       441,424.66      0.00     225,459,991.04
 A-3-B         7,738.72      0.00       3,598,278.66
  X-A        342,886.99      0.00     459,823,118.89
  X-B          6,337.31      0.00      29,925,000.00
  B-1         46,620.00      0.00      18,900,000.00
  B-2         30,778.12      0.00      11,025,000.00
  B-3         17,627.41      0.00       6,300,000.00
  B-4          8,813.70      0.00       3,150,000.00
  B-5          7,344.75      0.00       2,625,000.00
  B-6         14,691.14      0.00       5,250,582.74
  A-R              0.00      0.00               0.00
          -------------      ----
Totals     2,769,536.11      0.00
          =============      ====
</TABLE>

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

<TABLE>
<CAPTION>
                                                                            Payment of
                           Current         Beginning                          Unpaid       Current    Non-Supported
Class    Original Face   Certificate     Certificate/     Current Accrued    Interest     Interest      Interest       Realized
 (5)        Amount           Rate      Notional Balance       Interest       Shortfall    Shortfall    Shortfall       Loss (6)
-----   --------------   -----------   ----------------   ---------------   ----------   ----------   -------------   ----------
<S>     <C>              <C>           <C>                <C>               <C>          <C>          <C>             <C>
 A-1    498,828,000.00     3.33743%       945.15417918       2.62865633     0.00000000   0.00000000     0.00000000    0.00000000
 A-2    252,102,000.00     2.72000%       934.54108464       2.11829311     0.00000000   0.00000000     0.00000000    0.00000000
A-3-A   247,874,000.00     2.28500%       935.23478868       1.78084293     0.00000000   0.00000000     0.00000000    0.00000000
A-3-B     3,956,000.00     2.51000%       935.23478766       1.95619818     0.00000000   0.00000000     0.00000000    0.00000000
 X-A              0.00     0.87326%       934.88774944       0.68032941     0.00000000   0.00000000     0.00000000    0.00000000
 X-B              0.00     0.25392%      1000.00000000       0.21159766     0.00000000   0.00000000     0.00000000    0.00000000
 B-1     18,900,000.00     2.96000%      1000.00000000       2.46666667     0.00000000   0.00000000     0.00000000    0.00000000
 B-2     11,025,000.00     3.35000%      1000.00000000       2.79166712     0.00000000   0.00000000     0.00000000    0.00000000
 B-3      6,300,000.00     3.35760%      1000.00000000       2.79800159     0.00000000   0.00000000     0.00000000    0.00000000
 B-4      3,150,000.00     3.35760%      1000.00000000       2.79800000     0.00000000   0.00000000     0.00000000    0.00000000
 B-5      2,625,000.00     3.35760%      1000.00000000       2.79800000     0.00000000   0.00000000     0.00000000    0.00000000
 B-6      5,250,582.74     3.35760%      1000.00000000       2.79800181     0.00000000   0.00000000     0.00000000    0.00000000
 A-R            100.00     2.97735%         0.00000000       0.00000000     0.00000000   0.00000000     0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                          Remaining
                           Unpaid
Class   Total Interest    Interest    Ending Certificate/
 (5)     Distribution     Shortfall   Notational Balance
-----   --------------   ----------   -------------------
<S>     <C>              <C>          <C>
 A-1      2.62865633     0.00000000       918.98713831
 A-2      2.11829311     0.00000000       915.36302445
A-3-A     1.78084293     0.00000000       909.57498987
A-3-B     1.95619818     0.00000000       909.57498989
 X-A      0.68042313     0.00000000       912.47056922
 X-B      0.21177310     0.00000000      1000.00000000
 B-1      2.46666667     0.00000000      1000.00000000
 B-2      2.79166621     0.00000000      1000.00000000
 B-3      2.79800159     0.00000000      1000.00000000
 B-4      2.79800000     0.00000000      1000.00000000
 B-5      2.79800000     0.00000000      1000.00000000
 B-6      2.79800181     0.00000000      1000.00000000
 A-R      0.00000000     0.00000000         0.00000000
</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits

   Payments of Interest and Principal                          27,443,042.08
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                               41,552.55
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 27,484,594.63

Withdrawals

   Reimbursement for Servicer Advances                             50,266.99
   Payment of Service Fee                                         315,204.41
   Payment of Interest and Principal                           27,119,123.23
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   27,484,594.63

Ending Balance                                                          0.00
                                                               =============
</TABLE>
<PAGE>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   310,667.64
Master Servicing Fee                                    4,536.77
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     315,204.41
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
               Beginning     Current      Current    Ending
Account Type    Balance    Withdrawals   Deposits    Balance
------------   ---------   -----------   --------   --------
<S>            <C>         <C>           <C>        <C>
Reserve Fund    4,500.00      23.62        23.62    4,500.00
Reserve Fund    4,500.00      23.62        23.62    4,500.00
Reserve Fund    1,000.00       5.25         5.25    1,000.00
</TABLE>
<PAGE>
             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------   ------------------------------   ------------------------------
            No. of     Principal                 No. of   Principal               No. of   Principal
             Loans      Balance                   Loans    Balance                 Loans    Balance
            ------   -------------               ------   ---------               ------   ---------
<S>         <C>      <C>             <C>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0              0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days       35     12,263,205.35   30 Days        0        0.00     30 Days        0        0.00
60 Days        3      1,062,600.00   60 Days        0        0.00     60 Days        0        0.00
90 Days        1        385,500.00   90 Days        0        0.00     90 Days        0        0.00
120 Days       1        540,000.00   120 Days       0        0.00     120 Days       0        0.00
150 Days       0              0.00   150 Days       0        0.00     150 Days       0        0.00
180+ Days      0              0.00   180+ Days      0        0.00     180+ Days      0        0.00
              --     -------------                 --        ----                   --        ----
              18      5,768,215.95                  0        0.00                    0        0.00
              ==     =============                 ==        ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                                TOTAL
-------------------------------   ----------------------------------
            No. of    Principal               No. of     Principal
             Loans     Balance                 Loans      Balance
            ------    ---------               ------   -------------
<S>         <C>       <C>         <C>         <C>      <C>
0-29 Days      0         0.00     0-29 Days      0              0.00
30 Days        0         0.00     30 Days       35     12,263,205.35
60 Days        0         0.00     60 Days        3      1,062,600.00
90 Days        0         0.00     90 Days        1        385,500.00
120 Days       0         0.00     120 Days       1        540,000.00
150 Days       0         0.00     150 Days       0              0.00
180+ Days      0         0.00     180+ Days      0              0.00
              --         ----                   --     -------------
               0         0.00                   18      5,768,215.95
              ==         ====                   ==     =============
</TABLE>

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%  0.000000%
30 Days     1.188455%  1.270146%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.101868%  0.110057%   60 Days     0.000000%  0.000000%   60 Days     0.000000%  0.000000%
90 Days     0.033956%  0.039928%   90 Days     0.000000%  0.000000%   90 Days     0.000000%  0.000000%
120 Days    0.033956%  0.055930%   120 Days    0.000000%  0.000000%   120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%   150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%   180+ Days   0.000000%  0.000000%
            --------   --------                --------   --------                --------   --------
            1.358234%  1.476061%               0.000000%  0.000000%               0.000000%  0.000000%
            ========   ========                ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
               REO                              TOTAL
--------------------------------   --------------------------------
             No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%  0.000000%
30 Days     0.000000%   0.000000%  30 Days     1.188455%  1.270146%
60 Days     0.000000%   0.000000%  60 Days     0.101868%  0.110057%
90 Days     0.000000%   0.000000%  90 Days     0.033956%  0.039928%
120 Days    0.000000%   0.000000%  120 Days    0.033956%  0.055930%
150 Days    0.000000%   0.000000%  150 Days    0.000000%  0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%  0.000000%
            --------    --------               --------   --------
            0.000000%   0.000000%              1.358234%  1.476061%
            ========    ========               ========   ========
</TABLE>

<TABLE>
<S>                                         <C>   <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  41,552.55
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     47,250,582.74   4.50000972%  47,250,582.74   4.89394733%     95.106053%       0.000000%
Class B-1   28,350,582.74   2.70002803%  28,350,582.74   2.93639254%      1.957555%      39.999507%
Class B-2   17,325,582.74   1.65003871%  17,325,582.74   1.79448558%      1.141907%      23.333046%
Class B-3   11,025,582.74   1.05004482%  11,025,582.74   1.14196732%      0.652518%      13.333169%
Class B-4    7,875,582.74   0.75004787%   7,875,582.74   0.81570819%      0.326259%       6.666584%
Class B-5    5,250,582.74   0.50005041%   5,250,582.74   0.54382558%      0.271883%       5.555487%
Class B-6            0.00   0.00000000%           0.00    0.0000000%      0.543826%      11.112207%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>
                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------   ------------------------------   ------------------------------
            No. of     Principal                 No. of   Principal               No. of   Principal
             Loans      Balance                   Loans    Balance                 Loans    Balance
            ------   -------------               ------   ---------               ------   ---------
<S>         <C>       <C>             <C>        <C>      <C>         <C>         <C>       <C>
0-29 Days      0              0.00   0-29 Days      0        0.00     0-29 Days      0        0.00
30 Days       16      4,806,715.95   30 Days        0        0.00     30 Days        0        0.00
60 Days        1        576,000.00   60 Days        0        0.00     60 Days        0        0.00
90 Days        1        385,500.00   90 Days        0        0.00     90 Days        0        0.00
120 Days       0              0.00   120 Days       0        0.00     120 Days       0        0.00
150 Days       0              0.00   150 Days       0        0.00     150 Days       0        0.00
180+ Days      0              0.00   180+ Days      0        0.00     180+ Days      0        0.00
              --     -------------                 --        ----                   --        ----
              40     14,251,305.35                  0        0.00                    0        0.00
              ==     =============                 ==        ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                              TOTAL
------------------------------   ----------------------------------
            No. of   Principal               No. of     Principal
             Loans    Balance                 Loans      Balance
            ------   ---------               ------   -------------
<S>         <C>      <C>         <C>         <C>       <C>
0-29 Days      0        0.00     0-29 Days      0              0.00
30 Days        0        0.00     30 Days       16      4,806,715.95
60 Days        0        0.00     60 Days        1        576,000.00
90 Days        0        0.00     90 Days        1        385,500.00
120 Days       0        0.00     120 Days       0              0.00
150 Days       0        0.00     150 Days       0              0.00
180+ Days      0        0.00     180+ Days      0              0.00
              --        ----                   --     -------------
               0        0.00                   40     14,251,305.35
              ==        ====                   ==     =============
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                      BANKRUPTCY                         FORECLOSURE
--------------------------------   --------------------------------   --------------------------------
             No. of    Principal                No. of    Principal                No. of    Principal
              Loans     Balance                  Loans     Balance                  Loans     Balance
            --------   ---------               --------   ---------               --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%  0.000000%   0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     1.100413%  0.997405%   30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.068776%  0.119521%   60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.068776%  0.079992%   90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%  0.000000%   120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%  0.000000%   150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%  0.000000%   180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------   --------                --------    --------               --------    --------
            1.237964%  1.196918%               0.000000%   0.000000%              0.000000%   0.000000%
            ========   ========                ========    ========               ========    ========
</TABLE>

<TABLE>
<CAPTION>
               REO                                 TOTAL
--------------------------------   ------------------------------------
             No. of    Principal                No. of      Principal
              Loans     Balance                  Loans       Balance
            --------   ---------               --------   -------------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%    0.000000%
30 Days     0.000000%   0.000000%  30 Days     1.100413%    0.997405%
60 Days     0.000000%   0.000000%  60 Days     0.068776%    0.119521%
90 Days     0.000000%   0.000000%  90 Days     0.068776%    0.079992%
120 Days    0.000000%   0.000000%  120 Days    0.000000%    0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%    0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%    0.000000%
            --------    --------               --------     --------
            0.000000%   0.000000%              1.237964%    1.196918%
            ========    ========               ========     ========
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                           BANKRUPTCY                         FORECLOSURE
-----------------------------------   --------------------------------   --------------------------------
             No. of      Principal                 No. of    Principal                No. of    Principal
              Loans       Balance                   Loans     Balance                  Loans     Balance
            --------   ------------               --------   ---------               --------   ---------
<S>         <C>        <C>            <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0              0.00   0-29 Days       0         0.00     0-29 Days       0         0.00
30 Days        14      5,456,650.40   30 Days         0         0.00     30 Days         0         0.00
60 Days         1        385,000.00   60 Days         0         0.00     60 Days         0         0.00
90 Days         0              0.00   90 Days         0         0.00     90 Days         0         0.00
120 Days        0              0.00   120 Days        0         0.00     120 Days        0         0.00
150 Days        0              0.00   150 Days        0         0.00     150 Days        0         0.00
180+ Days       0              0.00   180+ Days       0         0.00     180+ Days       0         0.00
               --      ------------                  --         ----                    --         ----
               15      5,841,650.40                   0         0.00                     0         0.00
               ==      ============                  ==         ====                    ==         ====
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
--------------------------------   -----------------------------------
             No. of    Principal                No. of      Principal
              Loans     Balance                  Loans       Balance
            --------   ---------               --------   ------------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days       0         0.00     0-29 Days       0              0.00
30 Days         0         0.00     30 Days        14      5,456,650.40
60 Days         0         0.00     60 Days         1        385,000.00
90 Days         0         0.00     90 Days         0              0.00
120 Days        0         0.00     120 Days        0              0.00
150 Days        0         0.00     150 Days        0              0.00
180+ Days       0         0.00     180+ Days       0              0.00
               --         ----                    --      ------------
                0         0.00                    15      5,841,650.40
               ==         ====                    ==      ============
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                           BANKRUPTCY                         FORECLOSURE
-----------------------------------   --------------------------------   --------------------------------
             No. of      Principal                 No. of    Principal                No. of    Principal
              Loans       Balance                   Loans     Balance                  Loans     Balance
            --------   ------------               --------   ---------               --------   ---------
<S>         <C>        <C>            <C>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%    0.000000%    0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     1.994302%    2.248826%    30 Days     0.000000%   0.000000%  30 Days     0.000000%   0.000000%
60 Days     0.142450%    0.158668%    60 Days     0.000000%   0.000000%  60 Days     0.000000%   0.000000%
90 Days     0.000000%    0.000000%    90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%    0.000000%    120 Days    0.000000%   0.000000%  120 Days    0.000000%   0.000000%
150 Days    0.000000%    0.000000%    150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%    0.000000%    180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------     --------                 --------    --------               --------    --------
            2.136752%    2.407494%                0.000000%   0.000000%              0.000000%   0.000000%
            ========     ========                 ========    ========               ========    ========
</TABLE>

<TABLE>
<CAPTION>
                REO                                 TOTAL
--------------------------------   -----------------------------------
             No. of    Principal                No. of      Principal
              Loans     Balance                  Loans       Balance
            --------   ---------               --------   ------------
<S>         <C>        <C>         <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%    0.000000%
30 Days     0.000000%   0.000000%  30 Days     1.994302%    2.248826%
60 Days     0.000000%   0.000000%  60 Days     0.142450%    0.158668%
90 Days     0.000000%   0.000000%  90 Days     0.000000%    0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.000000%    0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%    0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%    0.000000%
            --------    --------               --------     --------
            0.000000%   0.000000%              2.136752%    2.407494%
            ========    ========               ========     ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             DELINQUENT                       BANKRUPTCY                       FORECLOSURE
---------------------------------   ------------------------------   ------------------------------
GROUP THREE                                       1.183654%
            No. of     Principal                No. of   Principal               No. of   Principal
             Loans      Balance                  Loans    Balance                 Loans    Balance
            ------   ------------               ------   ---------               ------   ---------
<S>         <C>      <C>            <C>         <C>      <C>         <C>         <C>      <C>
0-29 Days      0             0.00   0-29 Days       0       0.00     0-29 Days      0        0.00
30 Days        5     1,999,839.00   30 Days         0       0.00     30 Days        0        0.00
60 Days        1       101,600.00   60 Days         0       0.00     60 Days        0        0.00
90 Days        0             0.00   90 Days         0       0.00     90 Days        0        0.00
120 Days       1       540,000.00   120 Days        0       0.00     120 Days       0        0.00
150 Days       0             0.00   150 Days        0       0.00     150 Days       0        0.00
180+ Days      0             0.00   180+ Days       0       0.00     180+ Days      0        0.00
              --     ------------                  --       ----                   --        ----
               7     2,641,439.00                   0       0.00                    0        0.00
              ==     ============                  ==       ====                   ==        ====
</TABLE>

<TABLE>
<CAPTION>
              REO                               TOTAL
------------------------------   ---------------------------------
            No. of   Principal               No. of     Principal
             Loans    Balance                 Loans      Balance
            ------   ---------               ------   ------------
<S>         <C>       <C>        <C>         <C>      <C>
0-29 Days      0        0.00     0-29 Days      0             0.00
30 Days        0        0.00     30 Days        5     1,999,839.00
60 Days        0        0.00     60 Days        1       101,600.00
90 Days        0        0.00     90 Days        0             0.00
120 Days       0        0.00     120 Days       1       540,000.00
150 Days       0        0.00     150 Days       0             0.00
180+ Days      0        0.00     180+ Days      0             0.00
              --        ----                   --     ------------
               0        0.00                    7     2,641,439.00
              ==        ====                   ==     ============
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                       BANKRUPTCY                       FORECLOSURE
--------------------------------   --------------------------------   ---------------------------------
             No. of    Principal                No. of    Principal                 No. of    Principal
              Loans     Balance                  Loans     Balance                   Loans     Balance
            --------   ---------               --------   ---------                --------   ---------
<S>         <C>        <C>         <C>         <C>        <C>         <C>          <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days     0.633714%   0.830054%  30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.126743%   0.042170%  60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days    0.126743%   0.224133%  120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
            --------    --------               ---------   --------                --------    --------
            0.887199%   1.096356%              0.000000%   0.000000%               0.000000%   0.000000%
            ========    ========               ========    ========                ========    ========
</TABLE>

<TABLE>
<CAPTION>
              REO                                TOTAL
--------------------------------   ---------------------------------
             No. of    Principal                 No. of    Principal
              Loans     Balance                   Loans     Balance
            --------   ---------                --------   ---------
<S>         <C>        <C>          <C>         <C>        <C>
0-29 Days   0.000000%   0.000000%  0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%  30 Days     0.633714%   0.830054%
60 Days     0.000000%   0.000000%  60 Days     0.126743%   0.042170%
90 Days     0.000000%   0.000000%  90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%  120 Days    0.126743%   0.224133%
150 Days    0.000000%   0.000000%  150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%  180+ Days   0.000000%   0.000000%
            --------    --------               --------    --------
            0.000000%   0.000000%              0.887199%   1.096356%
            ========    ========               ========    ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                Mixed Arm
------------------------------------------------   --------------
<S>                                                <C>
Weighted Average Gross Coupon                            3.739622%
Weighted Average Net Coupon                              3.362994%
Weighted Average Pass-Through Rate                       3.357494%
Weighted Average Maturity (Stepdown Calculation)              337

Beginning Scheduled Collateral Loan Count                   2,994
Number of Loans Paid in Full                                   49
Ending Scheduled Collateral Loan Count                      2,945

Beginning Scheduled Collateral Balance             989,839,804.98
Ending Scheduled Collateral Balance                965,490,217.86
Ending Actual Collateral Balance at 31-Dec-2004    965,495,521.51

Monthly P&I Constant                                 3,084,688.68
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              26,986,863.57

Scheduled Principal                                          0.00
Unscheduled Principal                               24,349,587.12
</TABLE>

MISCELLANEOUS REPORTING
<TABLE>
<S>                       <C>
Rapid Prepayment Event    NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                    GROUP ONE          GROUP TWO        GROUP THREE           TOTAL
-------------------------------   -----------------   --------------   -----------------   --------------
<S>                               <C>                 <C>              <C>                 <C>
Collateral Description            6 Month LIBOR ARM        Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate               3.719770         3.783353            3.735594         3.739622
Weighted Average Net Rate                  3.342933         3.407234            3.358876         3.362994
Pass-Through Rate                          3.337433         3.401734            3.353376         3.357494
Weighted Average Maturity                       336              334                 342              337
Record Date                              12/31/2004       12/31/2004          12/31/2004       12/31/2004
Principal and Interest Constant        1,534,325.77       780,248.42          770,114.49     3,084,688.68
Beginning Loan Count                          1,477              713                 804            2,994
Loans Paid in Full                               23               11                  15               49
Ending Loan Count                             1,454              702                 789            2,945
Beginning Scheduled Balance          494,974,375.42   247,478,408.49      247,387,021.07   989,839,804.98
Ending Scheduled Balance             481,921,522.76   242,643,581.16      240,925,113.94   965,490,217.86
Scheduled Principal                            0.00             0.00                0.00             0.00
Unscheduled Principal                 13,052,852.66     4,834,827.33        6,461,907.13    24,349,587.12
Scheduled Interest                     1,534,325.77       780,248.42          770,114.49     3,084,688.68
Servicing Fee                            155,437.46        77,567.66           77,662.52       310,667.64
Master Servicing Fee                       2,268.63         1,134.28            1,133.86         4,536.77
Trustee Fee                                    0.00             0.00                0.00             0.00
FRY Amount                                     0.00             0.00                0.00             0.00
Special Hazard Fee                             0.00             0.00                0.00             0.00
Other Fee                                      0.00             0.00                0.00             0.00
Pool Insurance Fee                             0.00             0.00                0.00             0.00
Spread 1                                       0.00             0.00                0.00             0.00
Spread 2                                       0.00             0.00                0.00             0.00
Spread 3                                       0.00             0.00                0.00             0.00
Net Interest                           1,376,619.68       701,546.48          691,318.11     2,769,484.27
Realized Loss Amount                           0.00             0.00                0.00             0.00
Cumulative Realized Loss                       0.00             0.00                0.00             0.00
Percentage of Cumulative Losses                0.00             0.00                0.00             0.00
Prepayment Penalties                           0.00             0.00                0.00             0.00
Special Servicing Fee                          0.00             0.00                0.00             0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING
<TABLE>
<S>                                 <C>
Group One
Principal Transfer Amount                     0.00
Pro-Rata Senior Percent                  95.251268%
Senior Percentage                       100.000000%
Senior Prepayment Percentage            100.000000%
Subordinate Percentage                    0.000000%
Subordinate Prepayment Percentage         0.000000%
Interest Transfer Amount                      0.00

Group Two
One-Month LIBOR Loan Balance        168,847,994.28
Six-Month LIBOR Loan Balance         73,795,586.88
Principal Transfer Amount                     0.00
Pro-Rata Senior Percent                  95.200094%
Senior Percentage                       100.000000%
Senior Prepayment Percentage            100.000000%
Subordinate Percentage                    0.000000%
Subordinate Prepayment Percentage         0.000000%
Interest Transfer Amount                      0.00

Group Three
Principal Transfer Amount                     0.00
Pro-Rate Senior Percent                  95.203126%
Senior Percentage                       100.000000%
Senior Prepayment Percentage            100.000000%
Subordinate Percentage                    0.000000%
Subordinate Prepayment Percentage         0.000000%
Interest Transfer Amount                      0.00
</TABLE>