<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 2004-11
                         RECORD DATE: DECEMBER 31, 2004
                       DISTRIBUTION DATE: JANUARY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning
                        Class      Pass-Through     Certificate      Interest
Class      CUSIP     Description       Rate           Balance      Distribution
------   ---------   -----------   ------------   --------------   ------------
<S>      <C>         <C>           <C>            <C>              <C>
A-1      81744FFJ1       SEN         2.71000%     429,944,093.84     970,957.08
A-2      81744FFK8       SEN         2.87000%      85,331,019.62     204,083.36
A-3      81744FFL6       SEN         2.71000%     167,006,801.74     377,157.03
X-A1     81744FFM4        IO         0.54327%               0.00     233,286.81
X-A2     81744FFN2        IO         0.79694%               0.00     110,917.20
X-B      81744FFP7        IO         0.28423%               0.00       3,561.90
B-1      81744FFR3       SUB         2.91000%       8,947,000.00      21,696.48
B-2      81744FFS1       SUB         3.26000%       6,084,000.00      16,528.20
B-3      81744FFT9       SUB         3.33590%       4,294,000.00      11,936.95
B-4      81744FFU6       SUB         3.33590%       1,431,000.00       3,978.06
B-5      81744FFV4       SUB         3.33590%       1,431,000.00       3,978.06
B-6      81744FFW2       SUB         3.33590%       2,865,425.69       7,965.64
A-R      81744FFQ5       RES         3.35700%               0.00           0.00
                                                  --------------   ------------
Totals                                            707,334,340.89   1,966,046.77
                                                  ==============   ============
</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      4,006,370.82        0.00         425,937,723.02      4,977,327.90        0.00
A-2        344,202.09        0.00          84,986,817.53        548,285.45        0.00
A-3      1,115,290.74        0.00         165,891,511.00      1,492,447.77        0.00
X-A1             0.00        0.00                   0.00        233,286.81        0.00
X-A2             0.00        0.00                   0.00        110,917.20        0.00
X-B              0.00        0.00                   0.00          3,561.90        0.00
B-1              0.00        0.00           8,947,000.00         21,696.48        0.00
B-2              0.00        0.00           6,084,000.00         16,528.20        0.00
B-3              0.00        0.00           4,294,000.00         11,936.95        0.00
B-4              0.00        0.00           1,431,000.00          3,978.06        0.00
B-5              0.00        0.00           1,431,000.00          3,978.06        0.00
B-6              0.00        0.00           2,865,425.69          7,965.64        0.00
A-R              0.00        0.00                   0.00              0.00        0.00
         ------------        ----         --------------      ------------        ----
Totals   5,465,863.65        0.00         701,868,477.24      7,431,910.42        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
Class         Amount          Balance      Distribution   Distribution   Accretion
------   --------------   --------------   ------------   ------------   ---------
<S>      <C>              <C>              <C>            <C>            <C>
A-1      433,985,000.00   429,944,093.84       0.00       4,006,370.82      0.00
A-2       86,036,000.00    85,331,019.62       0.00         344,202.09      0.00
A-3      170,694,000.00   167,006,801.74       0.00       1,115,290.74      0.00
X-A1               0.00             0.00       0.00               0.00      0.00
X-A2               0.00             0.00       0.00               0.00      0.00
X-B                0.00             0.00       0.00               0.00      0.00
B-1        8,947,000.00     8,947,000.00       0.00               0.00      0.00
B-2        6,084,000.00     6,084,000.00       0.00               0.00      0.00
B-3        4,294,000.00     4,294,000.00       0.00               0.00      0.00
B-4        1,431,000.00     1,431,000.00       0.00               0.00      0.00
B-5        1,431,000.00     1,431,000.00       0.00               0.00      0.00
B-6        2,865,425.69     2,865,425.69       0.00               0.00      0.00
A-R              100.00             0.00       0.00               0.00      0.00
         --------------   --------------       ----       ------------      ----
Totals   715,767,525.69   707,334,340.89       0.00       5,465,863.65      0.00
         ==============   ==============       ====       ============      ====
</TABLE>

<TABLE>
<CAPTION>
                        Total           Ending         Ending
         Realized     Principal      Certificate    Certificate   Total Principal
Class    Loss (1)     Reduction        Balance       Percentage     Distribution
------   --------   ------------   --------------   -----------   ---------------
<S>      <C>        <C>            <C>              <C>           <C>
A-1        0.00     4,006,370.82   425,937,723.02    0.98145725     4,006,370.82
A-2        0.00       344,202.09    84,986,817.53    0.98780531       344,202.09
A-3        0.00     1,115,290.74   165,891,511.00    0.97186492     1,115,290.74
X-A1       0.00             0.00             0.00    0.00000000             0.00
X-A2       0.00             0.00             0.00    0.00000000             0.00
X-B        0.00             0.00             0.00    0.00000000             0.00
B-1        0.00             0.00     8,947,000.00    1.00000000             0.00
B-2        0.00             0.00     6,084,000.00    1.00000000             0.00
B-3        0.00             0.00     4,294,000.00    1.00000000             0.00
B-4        0.00             0.00     1,431,000.00    1.00000000             0.00
B-5        0.00             0.00     1,431,000.00    1.00000000             0.00
B-6        0.00             0.00     2,865,425.69    1.00000000             0.00
A-R        0.00             0.00             0.00    0.00000000             0.00
           ----     ------------   --------------    ----------     ------------
Totals     0.00     5,465,863.65   701,868,477.24    0.98058162     5,465,863.65
           ====     ============   ==============    ==========     ============
</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
Class       Amount          Balance      Distribution   Distribution    Accretion
-----   --------------   -------------   ------------   ------------   ----------
<S>     <C>              <C>             <C>            <C>            <C>
A-1     433,985,000900    990.68883450    0.00000000     9.23158823    0.00000000
A-2      86,036,000.00    991.80598377    0.00000000     4.00067518    0.00000000
A-3     170,694,000.00    978.39878227    0.00000000     6.53386024    0.00000000
X-A1              0.00      0.00000000    0.00000000     0.00000000    0.00000000
X-A2              0.00      0.00000000    0.00000000     0.00000000    0.00000000
X-B               0.00      0.00000000    0.00000000     0.00000000    0.00000000
B-1       8,947,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-2       6,084,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-3       4,294,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-4       1,431,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-5       1,431,000.00   1000.00000000    0.00000000     0.00000000    0.00000000
B-6       2,865,425.69   1000.00000000    0.00000000     0.00000000    0.00000000
A-R             100.00      0.00000000    0.00000000     0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                           Ending         Ending
         Realized    Total Principal    Certificate    Certificate   Total Principal
Class    Loss (3)       Reduction         Balance       Percentage     Distribution
-----   ----------   ---------------   -------------   -----------   ---------------
<S>     <C>          <C>               <C>             <C>           <C>
A-1     0.00000000      9.23158823      981.45724626    0.98145725      9.23158823
A-2     0.00000000      4.00067518      987.80530859    0.98780531      4.00067518
A-3     0.00000000      6.53386024      971.86492202    0.97186492      6.53386024
X-A1    0.00000000      0.00000000        0.00000000    0.00000000      0.00000000
X-A2    0.00000000      0.00000000        0.00000000    0.00000000      0.00000000
X-B     0.00000000      0.00000000        0.00000000    0.00000000      0.00000000
B-1     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
B-2     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
B-3     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
B-4     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
B-5     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
B-6     0.00000000      0.00000000     1000.00000000    1.00000000      0.00000000
A-R     0.00000000      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
          Original Face       Current           Notional         Accrued      Interest
 Class       Amount       Certificate Rate       Balance        Interest      Shortfall
------   --------------   ----------------   --------------   ------------   ----------
<S>      <C>              <C>                <C>              <C>            <C>
  A-1    433,985,000.00       2.71000%       429,944,093.84     970,957.08      0.00
  A-2     80,036,000.00       2.87000%        85,331,019.62     204,083.36      0.00
  A-3    170,694,000.00       2.71000%       167,006,801.74     377,157.03      0.00
 X-A1              0.00       0.54327%       515,275,113.46     233,276.69      0.00
 X-A2              0.00       0.79694%       167,006,801.74     110,912.14      0.00
  X-B              0.00       0.28423%        15,031,000.00       3,560.21      0.00
  B-1      8,947,000.00       2.91000%         8,947,000.00      21,696.48      0.00
  B-2      6,084,000.00       2.26000%         6,084,000.00      16,528.20      0.00
  B-3      4,294,000.00       3.33590%         4,294,000.00      11,936.95      0.00
  B-4      1,431,000.00       3.33590%         1,431,000.00       3,978.06      0.00
  B-5      1,431,000.00       3.33590%         1,431,000.00       3,978.06      0.00
  B-6      2,865,425.69       3.33590%         2,865,425.69       7,965.64      0.00
  A-R            100.00       3.35700%                 0.00           0.00      0.00
         --------------                                       ------------      ----
Totals   715,767,525.69                                       1,966,029.90      0.00
         ==============                                       ============      ====
</TABLE>

<TABLE>
<CAPTION>
                                                                  Remaining       Ending
           Current    Non-Supported                                 Unpaid     Certificate/
           Interest     Interest      Realized   Total Interest    Interest     Notational
 Class    Shortfall     Shortfall     Loss (4)    Distribution    Shortfall      Balance
------    ---------   -------------   --------   --------------   ---------   --------------
<S>       <C>         <C>             <C>        <C>              <C>         <C>
  A-1        0.00          0.00         0.00         970,957.08      0.00     425,937,723.02
  A-2        0.00          0.00         0.00         204,083.36      0.00      84,986,817.53
  A-3        0.00          0.00         0.00         377,157.03      0.00     165,891,511.00
 X-A1        0.00          0.00         0.00         233,286.81      0.00     510,924,540.55
 X-A2        0.00          0.00         0.00         110,917.20      0.00     165,891,511.00
  X-B        0.00          0.00         0.00           3,561.90      0.00      15,031,000.00
  B-1        0.00          0.00         0.00          21,696.48      0.00       8,947,000.00
  B-2        0.00          0.00         0.00          16,528.20      0.00       6,084,000.00
  B-3        0.00          0.00         0.00          11,936.95      0.00       4,294,000.00
  B-4        0.00          0.00         0.00           3,978.06      0.00       1,431,000.00
  B-5        0.00          0.00         0.00           3,978.06      0.00       1,431,000.00
  B-6        0.00          0.00         0.00           7,965.64      0.00       2,865,425.69
  A-R        0.00          0.00         0.00               0.00      0.00               0.00
             ----          ----         ----       ------------      ----
Totals       0.00          0.00         0.00       1,966,046.77      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
             Original Face   Certificate     Certificate/     Current Accrued    Interest
Class (5)       Amount           Rate      Notional Balance      Interest        Shortfall
---------   --------------   -----------   ----------------   ---------------   ----------
<S>         <C>              <C>           <C>                <C>               <C>
    A-1     433,985,000.00     2.71000%       990.68883450       2.23730562     0.00000000
    A-2      86,036,000.00     2.87000%       991.80598377       2.37206937     0.00000000
    A-3     170,694,000.00     2.71000%       978.39878227       2.20955060     0.00000000
   X-A1               0.00     0.54327%       990.87366368       0.44859090     0.00000000
   X-A2               0.00     0.79694%       978.39878227       0.64977176     0.00000000
    X-B               0.00     0.28423%      1000.00000000       0.23685783     0.00000000
    B-1       8,947,000.00     2.91000%      1000.00000000       2.42500056     0.00000000
    B-2       6,084,000.00     3.26000%      1000.00000000       2.71666667     0.00000000
    B-3       4,294,000.00     3.33590%      1000.00000000       2.77991383     0.00000000
    B-4       1,431,000.00     3.33590%      1000.00000000       2.77991614     0.00000000
    B-5       1,431,000.00     3.33590%      1000.00000000       2.77991614     0.00000000
    B-6       2,865,425.69     3.33590%      1000.00000000       2.77991505     0.00000000
    A-R             100.00     3.35700%         0.00000000       0.00000000     0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                                        Remaining
              Current    Non-Supported                                   Unpaid
             Interest       Interest      Realized    Total Interest    Interest    Ending Certificate/
Class (5)    Shortfall     Shortfall      Loss (6)     Distribution     Shortfall   Notational Balance
---------   ----------   -------------   ----------   --------------   ----------   -------------------
<S>         <C>          <C>             <C>          <C>              <C>          <C>
    A-1     0.00000000     0.00000000    0.00000000     2.23730562     0.00000000       981.45724626
    A-2     0.00000000     0.00000000    0.00000000     2.37206937     0.00000000       987.80530859
    A-3     0.00000000     0.00000000    0.00000000     2.20955060     0.00000000       971.86492202
   X-A1     0.00000000     0.00000000    0.00000000     0.44861036     0.00000000       982.50751518
   X-A2     0.00000000     0.00000000    0.00000000     0.64980140     0.00000000       971.86492202
    X-B     0.00000000     0.00000000    0.00000000     0.23697026     0.00000000      1000.00000000
    B-1     0.00000000     0.00000000    0.00000000     2.42500056     0.00000000      1000.00000000
    B-2     0.00000000     0.00000000    0.00000000     2.71666667     0.00000000      1000.00000000
    B-3     0.00000000     0.00000000    0.00000000     2.77991383     0.00000000      1000.00000000
    B-4     0.00000000     0.00000000    0.00000000     2.77991614     0.00000000      1000.00000000
    B-5     0.00000000     0.00000000    0.00000000     2.77991614     0.00000000      1000.00000000
    B-6     0.00000000     0.00000000    0.00000000     2.77991505     0.00000000      1000.00000000
    A-R     0.00000000     0.00000000    0.00000000     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                          7,580,657.83
   Liquidations, Insurance Proceeds, Reserve Funds                     0.00
   Proceeds from Repurchased Loans                                     0.00
   Other Amounts (Servicer Advances)                              62,389.85
   Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
   Prepayment Penalties                                                0.00
                                                               ------------
Total Deposits                                                 7,643,047.68

Withdrawals

   Reimbursement for Servicer Advances                             1,705.83
   Payment of Service Fee                                        209,431.43
   Payment of Interest and Principal                           7,431,910.42
                                                               ------------
Total Withdrawals (Pool Distribution Amount)                   7,643,047.68

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

<TABLE>
<CAPTION>
<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>
<CAPTION>
<S>                                                   <C>
Gross Servicing Fee                                   203,831.70
Master Servicing Fee                                    5,599.73
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     209,431.43
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning     Current      Current    Ending
           Account Type               Balance    Withdrawals   Deposits    Balance
----------------------------------   ---------   -----------   --------   --------
<S>                                  <C>         <C>           <C>        <C>
Class X-A1 Pool 1 Comp. Sub Amount    3,000.00       5.06        5.06     3,000.00
Class X-A1 Pool 2 Comp. Sub Amount    3,000.00       5.06        5.06     3,000.00
Class X-A2 Sub Amount                 3,000.00       5.06        5.06     3,000.00
Class X-B Sub Amount                  1,000.00       1.69        1.69     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         49       21,402,980.01   30 Days        0        0.00     30 Days        0        0.00
60 Days          0.               0.00   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
                --       -------------                 --        ----                   --        ----
                49       21,402,980.01                  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       49     21,402,980.01
60 Days        0        0.00     60 Days        0.             0.00
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                   49     21,402,980.01
              ==        ====                   ==     =============
</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     2.540176%  3.049428%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.000000%  0.000000%   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%
            --------   --------                --------   --------                --------   --------
            2.540176%  3.049428%               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     2.540176%  3.049428%
60 Days     0.000000%  0.000000%   60 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%
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%               2.540176%  3.049428%
            ========   ========                ========   ========
</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  62,389.85
</TABLE>

<TABLE>
<CAPTION>
              Original $     Original%     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     25,052,425.69   3.50007856%  25,052,425.69   3.56939035%     96.430610%       0.000000%
Class B-1   16,105,425.69   2.25009170%  16,105,425.69   2.29465010%      1.274740%      35.713109%
Class B-2   10,021,425.69   1.40009505%  10,021,425.69   1.42782103%      0.866829%      24.285074%
Class B-3    5,727,425.69   0.80017959%   5,727,425.69   0.81602549%      0.611796%      17.140057%
Class B-4    4,296,425.69   0.60025435%   4,296,425.69   0.61214114%      0.203884%       5.712022%
Class B-5    2,865,425.69   0.40032910%   2,865,425.69   0.40825679%      0.203884%       5.712022%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.408257%      11.437718%
</TABLE>

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

<TABLE>
<CAPTION>
             DELINQUENT                           BANKRUPTCY                         FORECLOSURE
------------------------------------   --------------------------------   --------------------------------
POOL ONE
             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        31      16,302,301.09   30 Days         0         0.00     30 Days         0         0.00
60 Days         0               0.00   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
               --      -------------                  --         ----                    --         ----
               31      16,302,301.09                   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        31      16,302,301.09
60 Days         0         0.00     60 Days         0               0.00
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                    31      16,302,301.09
               ==         ====                    ==      =============
</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     2.651839%  3.690988%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.000000%  0.000000%   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%
            --------   --------                --------   ---------               --------   ---------
            2.651839%  3.690988%               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     2.651839%  3.690988%
60 Days     0.000000%  0.000000%   60 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%
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%               2.651839%  3.690988%
            ========   ========                ========   ========
</TABLE>

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
---------------------------------   -------------------------------   -------------------------------
POOL TWO                                       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     1,623,659.40   30 Days         0        0.00     30 Days         0        0.00
60 Days        0             0.00   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
              --     ------------                  --        ----                    ---       ----
               5     1,623,659.40                   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        5     1,623,659.40
60 Days        0        0.00     60 Days        0             0.00
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                    5     1,623,659.40
              ==        ====                   ==     ============
</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     2.092050%  1.842816%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.000000%  0.000000%   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%
            --------   ---------               --------   --------                --------   --------
            2.092050%  1.842816%               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     2.092050%  1.842816%
60 Days     0.000000%  0.000000%   60 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%
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%               2.092050%  1.842816%
            ========   ========                ========   ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             DELINQUENT                          BANKRUPTCY                         FORECLOSURE
-----------------------------------   --------------------------------   --------------------------------
POOL 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        13      3,477,019.52   30 Days         0         0.00     30 Days         0         0.00
60 Days         0              0.00   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
               --      ------------                  --         ----                    --         ----
               13      3,477,019.52                   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        13      3,477,019.52
60 Days         0         0.00     60 Days         0              0.00
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                    13      3,477,019.52
               ==         ====                    ==      ============
</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     2.495202%  2.020553%   30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days     0.000000%  0.000000%   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%
            --------   --------                --------   --------                --------   --------
            2.495202%  2.020553%               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     2.495202%  2.020553%
60 Days     0.000000%  0.000000%   60 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%
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%               2.495202%  2.020553%
            ========   ========                ========   ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                             Fixed & Mixed Arm
----------------------                             -----------------
<S>                                                <C>
Weighted Average Gross Coupon                              3.690693%
Weighted Average Net Coupon                                3.344891%
Weighted Average Pass-Through Rate                         3.335391%
Weighted Average Maturity (Stepdown Calculation)                302

Beginning Scheduled Collateral Loan Count                     1,945
Number of Loans Paid in Full                                     16
Ending Scheduled Collateral Loan Count                        1,929

Beginning Scheduled Collateral Balance               707,334,340.89
Ending Scheduled Collateral Balance                  701,868,477.24
Ending Actual Collateral Balance at 31-Dec-2004      701,868,621.85

Monthly P&I Constant                                   2,175,461.64
Special Servicing Fee                                          0.00
Prepayment Penalties                                           0.00
Realization Loss Amount                                        0.00
Cumulative Realized Loss                                       0.00

Class A Optimal Amount                                 7,362,249.94

Scheduled Principal                                            0.00
Unscheduled Principal                                  5,465,863.65
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                       <C>
Rapid Prepay Condition?   NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
             GROUP                   POOL ONE           POOL TWO         POOL THREE           TOTAL
             -----                --------------   -----------------   --------------   -----------------
<S>                               <C>              <C>                 <C>              <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM   Fixed & Mixed ARM
Weighted Average Coupon Rate            3.653753            3.728504         3.766441            3.690693
Weighted Average Net Rate               3.276515            3.353504         3.516441            3.344891
Pass-Through Rate                       3.267015            3.344044         3.506941            3.335391
Weighted Average Maturity                    332                 336              209                 302
Record Date                           12/31/2004          12/31/2004       12/31/2004          12/31/2004
Principal and Interest Constant     1,357,018.05          274,827.18       543,616.41        2,175,461.64
Beginning Loan Count                       1,176                 240              529               1,945
Loans Paid in Full                             7                   1                8                  16
Ending Loan Count                          1,169                 239              521               1,929
Beginning Scheduled Balance       445,684,710.99       88,451,736.88   173,197,893.02      707,334,340.89
Ending Scheduled Balance          441,678,340.17       88,107,534.79   172,082,602.28      701,868,477.24
Scheduled Principal                         0.00                0.00             0.00                0.00
Unscheduled Principal               4,006,370.82          344,202.09     1,115,290.74        5,465,863.65
Scheduled Interest                  1,357,018.05          274,827.18       543,616.41        2,175,461.64
Servicing Fee                         140,107.64           27,641.17        36,082.89          203,831.70
Master Servicing Fee                    3,528.34              700.24         1,371.15            5,599.73
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                        1,213,382.07          246,485.77       506,162.37        1,966,030.21
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 Pool One
One Month Libor Loan Balance     220,063,413.49
Six Month Libor Loan Balance     221,614,926.68
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.468217%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00

Group Pool Two
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.471842%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00

Group Pool Three
One Month Libor Loan Balance      86,536,371.79
Six Month Libor Loan Balance      85,546,230.49
Principal Transfer Amount                  0.00
Pro Rata Senior Percent               96.425423%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
Interest Transfer Amount                   0.00
</TABLE>