<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 2004-10
                         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-1A     81744FET0       SEN         2.72000%     108,062,851.25     244,942.46
A-1B     81744FEU7       SEN         2.78000%      12,009,712.33      27,822.50
A-2      81744FEV5       SEN         2.73000%     199,858,313.83     454,677.66
A-3A     81744FEW3       SEN         2.57000%     176,398,588.03     377,786.98
A-3B     81744FEX1       SEN         2.63000%      19,599,843.11      42,956.32
A-4      81744FEY9       SEN         2.58000%     124,262,025.35     267,163.32
X-A      81744FEZ6        IO         0.58050%               0.00     309,714.28
X-B      81744FFA0        IO         0.21744%               0.00       3,636.78
B-1      81744FFC6       SUB         2.91000%      14,042,000.00      34,051.85
B-2      81744FFD4       SUB         3.26000%       6,849,000.00      18,606.45
B-3      81744FFE2       SUB         3.23349%       3,767,000.00      10,150.47
B-4      81744FFF9       SUB         3.23349%       3,081,000.00       8,301.99
B-5      81744FFG7       SUB         3.23349%       1,711,000.00       4,610.42
B-6      81744FFH5       SUB         3.23349%       3,097,055.38       8,345.25
A-R      81744FFB8       RES         3.17062%               0.00           0.00
                                                  --------------   ------------
Totals                                            672,738,389.28   1,812,766.76
                                                  ==============   ============
</TABLE>

<TABLE>
<CAPTION>
                                             Ending
           Principal        Current        Certificate        Total         Cumulative
Class     Distribution   Realized Loss       Balance       Distribution   Realized Loss
------   -------------   -------------   --------------   -------------   -------------
<S>      <C>             <C>             <C>              <C>             <C>
A-1A      1,448,472.81        0.00       106,614,378.44    1,693,415.27        0.00
A-1B        160,978.00        0.00        11,848,734.33      188,800.50        0.00
A-2       2,678,897.80        0.00       197,179,416.03    3,133,575.46        0.00
A-3A      5,318,703.73        0.00       171,079,884.29    5,696,490.71        0.00
A-3B        590,967.08        0.00        19,008,876.03      633,923.40        0.00
A-4       3,746,701.75        0.00       120,515,323.60    4,013,865.10        0.00
X-A               0.00        0.00                 0.00      309,714.28        0.00
X-B               0.00        0.00                 0.00        3,636.78        0.00
B-1               0.00        0.00        14,042,000.00       34,051.85        0.00
B-2               0.00        0.00         6,849,000.00       18,606.45        0.00
B-3               0.00        0.00         3,767,000.00       10,150.47        0.00
B-4               0.00        0.00         3,081,000.00        8,301.99        0.00
B-5               0.00        0.00         1,711,000.00        4,610.42        0.00
B-6               0.00        0.00         3,097,055.38        8,345.25        0.00
A-R               0.00        0.00                 0.00            0.00        0.00
         -------------        ----       --------------   -------------        ----
Totals   13,944,721.17        0.00           658,668.10   15,757,487.93        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-1A     110,000,000.00   108,062,851.25       0.00        1,448,472.81      0.00
A-1B      12,225,000.00    12,009,712.33       0.00          160,978.00      0.00
A-2      203,441,000.00   199,858,313.83       0.00        2,678,897.80      0.00
A-3A     180,000,000.00   176,398,588.03       0.00        5,318,703.73      0.00
A-3B      20,000,000.00    19,599,843.11       0.00          590,967.08      0.00
A-4      126,799,000.00   124,262,025.35       0.00        3,746,701.75      0.00
X-A                0.00             0.00       0.00                0.00      0.00
X-B                0.00             0.00       0.00                0.00      0.00
B-1       14,042,000.00    14,042,000.00       0.00                0.00      0.00
B-2        6,849,000.00     6,849,000.00       0.00                0.00      0.00
B-3        3,767,000.00     3,767,000.00       0.00                0.00      0.00
B-4        3,081,000.00     3,081,000.00       0.00                0.00      0.00
B-5        1,711,000.00     1,711,000.00       0.00                0.00      0.00
B-6        3,097,055.38     3,097,055.38       0.00                0.00      0.00
A-R              100.00             0.00       0.00                0.00      0.00
         --------------   --------------       ----       -------------      ----
Totals   685,012,155.38   672,738,389.98       0.00       13,944,721.17      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-1A       0.00      1,448,472.81   106,614,378.44    0.96922162     1,448,472.81
A-1B       0.00        160,978.00    11,848,734.33    0.96922162       160,978.00
A-2        0.00      2,678,897.80   197,179,416.03    0.96922162     2,678,897.80
A-3A       0.00      5,318,703.73   171,079,884.29    0.95044380     5,318,703.73
A-3B       0.00        590,967.08    19,008,876.03    0.95044380       590,967.08
A-4        0.00      3,746,701.75   120,515,323.60    0.95044380     3,746,701.75
X-A        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    14,042,000.00    1.00000000             0.00
B-2        0.00              0.00     6,849,000.00    1.00000000             0.00
B-3        0.00              0.00     3,767,000.00    1.00000000             0.00
B-4        0.00              0.00     3,081,000.00    1.00000000             0.00
B-5        0.00              0.00     1,711,000.00    1.00000000             0.00
B-6        0.00              0.00     3,097,055.38    1.00000000             0.00
A-R        0.00              0.00             0.00    0.00000000             0.00
           ----     -------------   --------------    ----------    -------------
Totals     0.00     13,944,721.17   658,793,668.10    0.96172552    13,944,721.17
           ====     =============   ==============    ==========    =============
</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-1A    110,000,000.00    982.38955682    0.00000000     13.16793464   0.00000000
A-1B     12,225,000.00    982.38955665    0.00000000     13.16793456   0.00000000
A-2     203,441,000.00    982.38955682    0.00000000     13.16793468   0.00000000
A-3A    180,000,000.00    979.99215572    0.00000000     29.54835406   0.00000000
A-3B     20,000,000.00    979.99215550    0.00000000     29.54835400   0.00000000
A-4     126,799,000.00    979.99215570    0.00000000     29.54835409   0.00000000
X-A               0.00      0.00000000    0.00000000      0.00000000   0.00000000
X-B               0.00      0.00000000    0.00000000      0.00000000   0.00000000
B-1      14,042,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
B-2       6,849,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
B-3       3,767,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
B-4       3,081,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
B-5       1,711,000.00   1000.00000000    0.00000000      0.00000000   0.00000000
B-6       3,097,055.38   1000.00000000    0.00000000      0.00000000   0.00000000
A-R             100.00      0.00000000    0.00000000      0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                     Total          Ending         Ending
                      Realized     Principal     Certificate    Certificate   Total Principal
Class    Accretion    Loss (1)     Reduction       Balance       Percentage     Distribution
-----   ----------   ----------   -----------   -------------   -----------   ---------------
<S>     <C>          <C>          <C>           <C>             <C>           <C>
A-1A    0.00000000   0.00000000   13.16793464    969.22162218    0.96922162     13.16793464
A-1B    0.00000000   0.00000000   13.16793456    969.22162209    0.96922162     13.16793456
A-2     0.00000000   0.00000000   13.16793468    969.22162214    0.96922162     13.16793468
A-3A    0.00000000   0.00000000   29.54835406    950.44380161    0.95044380     29.54835406
A-3B    0.00000000   0.00000000   29.54835400    950.44380150    0.95044380     29.54835400
A-4     0.00000000   0.00000000   29.54835409    950.44380161    0.95044380     29.54835409
X-A     0.00000000   0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
X-B     0.00000000   0.00000000    0.00000000      0.00000000    0.00000000      0.00000000
B-1     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
B-2     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
B-3     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
B-4     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
B-5     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
B-6     0.00000000   0.00000000    0.00000000   1000.00000000    1.00000000      0.00000000
A-R     0.00000000   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      Current
          Original Face        Current           Notional        Accrued      Interest     Interest
 Class       Amount       Certificate Rate       Balance        Interest     Shortfall    Shortfall
------   --------------   ----------------   --------------   ------------   ----------   ---------
<S>      <C>              <C>                <C>              <C>            <C>          <C>
 A-1A    110,000,000.00       2.72000%       108,062,851.25     244,942.46      0.00         0.00
 A-1B     12,225,000.00       2.78000%        12,009,712.33      27,822.50      0.00         0.00
  A-2    203,441,000.00       2.73000%       199,858,313.83     454,677.66      0.00         0.00
 A-3A    180,000,000.00       2.57000%       176,398,588.03     377,786.98      0.00         0.00
 A-3B     20,000,000.00       2.63000%        19,599,843.11      42,956.32      0.00         0.00
  A-4    126,799,000.00       2.58000%       124,262,025.35     267,163.35      0.00         0.00
  X-A              0.00       0.58050%       640,191,333.90     309,690.10      0.00         0.00
  X-B              0.00       0.21744%        20,891,000.00       3,785.39      0.00         0.00
  B-1     14,042,000.00       2.91000%        14,042,000.00      34,051,85      0.00         0.00
  B-2      6,849,000.00       3.26000%         6,849,000.00      18,606.45      0.00         0.00
  B-3      3,767,000.00       3.23349%         3,767,000.00      10,150.47      0.00         0.00
  B-4      3,081,000.00       3.23349%         3,081,000.00       8,301.99      0.00         0.00
  B-5      1,711,000.00       3.23349%         1,711,000.00       4,610.42      0.00         0.00
  B-6      3,097,055.38       3.23349%         3,097,055.38       8,345.25      0.00         0.00
  A-R            100.00       3.17062%                 0.00           0.00      0.00         0.00
         --------------                                       ------------      ----         ----
Totals   685,012,155.38                                       1,812,891.19      0.00         0.00
         ==============                                       ============      ====         ====
</TABLE>

<TABLE>
<CAPTION>
            Non-                                 Remaining       Ending
         Supported                                 Unpaid     Certificate/
          Interest   Realized   Total Interest    Interest     Notational
 Class   Shortfall   Loss (4)    Distribution    Shortfall       Balance
------   ---------   --------   --------------   ---------   --------------
<S>      <C>         <C>        <C>              <C>         <C>
 A-1A       0.00       0.00        244,942.46       0.00     106,614,378.44
 A-1B       0.00       0.00         27,822.50       0.00      11,848,734.33
  A-2       0.00       0.00        454,677.66       0.00     197,179,416.03
 A-3A       0.00       0.00        377,786.98       0.00     171,079,884.29
 A-3B       0.00       0.00         42,956.32       0.00      19,008,876.03
  A-4       0.00       0.00        267,163.35       0.00     120,515,323.60
  X-A       0.00       0.00        309,714.28       0.00     626,246,612.73
  X-B       0.00       0.00          3,636.78       0.00      20,891,000.00
  B-1       0.00       0.00         34,051.85       0.00      14,042,000.00
  B-2       0.00       0.00         18,606.45       0.00       6,849,000.00
  B-3       0.00       0.00         10,150.47       0.00       3,767,000.00
  B-4       0.00       0.00          8,301.99       0.00       3,081,000.00
  B-5       0.00       0.00          4,610.42       0.00       1,711,000.00
  B-6       0.00       0.00          8,345.25       0.00       3,097,055.38
  A-R       0.00       0.00              0.00       0.00               0.00
            ----       ----      ------------       ----
Totals      0.00       0.00      1,812,766.76       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
Class    Original Face   Certificate     Certificate/     Current Accrued    Interest     Interest
 (5)        Amount           Rate      Notional Balance      Interest        Shortfall    Shortfall
-----   --------------   -----------   ----------------   ---------------   ----------   ----------
<S>     <C>              <C>           <C>                <C>               <C>          <C>
 A-1A   110,000,000.00     2.72000%       982.38955682       2.22674964     0.00000000   0.00000000
 A-1B    12,225,000.00     2.78000%       982.38955665       2.27586912     0.00000000   0.00000000
  A-2   203,441,000.00     2.73000%       982.38955682       2.23493622     0.00000000   0.00000000
 A-3A   180,000,000.00     2.57000%       979.99215572       2.09881656     0.00000000   0.00000000
 A-3B    20,000,000.00     2.63000%       979.99215550       2.14781600     0.00000000   0.00000000
  A-4   126,799,000.00     2.58000%       979.99215570       2.10698310     0.00000000   0.00000000
  X-A             0.00     0.58050%       981.18877472       0.47464630     0.00000000   0.00000000
  X-B             0.00     0.21744%      1000.00000000       0.18119717     0.00000000   0.00000000
  B-1    14,042,000.00     2.91000%      1000.00000000       2.42500000     0.00000000   0.00000000
  B-2     6,849,000.00     3.26000%      1000.00000000       2.71666667     0.00000000   0.00000000
  B-3     3,767,000.00     3.23349%      1000.00000000       2.69457659     0.00000000   0.00000000
  B-4     3,081,000.00     3.23349%      1000.00000000       2.69457644     0.00000000   0.00000000
  B-5     1,711,000.00     3.23349%      1000.00000000       2.69457627     0.00000000   0.00000000
  B-6     3,097,055.38     3.23349%      1000.00000000       2.69457565     0.00000000   0.00000000
  A-R           100.00     3.17062%         0.00000000       0.00000000     0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
           Non-                                     Remaining
         Supported                                   Unpaid
Class    Interest     Realized    Total Interest    Interest    Ending Certificate/
 (5)     Shortfall    Loss (6)     Distribution     Shortfall    Notational Balance
-----   ----------   ----------   --------------   ----------   -------------------
<S>     <C>          <C>          <C>              <C>          <C>
 A-1A   0.00000000   0.00000000     2.22674964     0.00000000       969.22162218
 A-1B   0.00000000   0.00000000     2.27586912     0.00000000       969.22162209
  A-2   0.00000000   0.00000000     2.23493622     0.00000000       969.22162214
 A-3A   0.00000000   0.00000000     0.29881656     0.00000000       950.44380161
 A-3B   0.00000000   0.00000000     2.14781600     0.00000000       950.44380150
  A-4   0.00000000   0.00000000     2.10698310     0.00000000       950.44380161
  X-A   0.00000000   0.00000000     0.47468336     0.00000000       959.81640813
  X-B   0.00000000   0.00000000     0.17408358     0.00000000      1000.00000000
  B-1   0.00000000   0.00000000     2.42500000     0.00000000      1000.00000000
  B-2   0.00000000   0.00000000     2.71666667     0.00000000      1000.00000000
  B-3   0.00000000   0.00000000     2.69457659     0.00000000      1000.00000000
  B-4   0.00000000   0.00000000     2.69457644     0.00000000      1000.00000000
  B-5   0.00000000   0.00000000     2.69457627     0.00000000      1000.00000000
  B-6   0.00000000   0.00000000     2.69457565     0.00000000      1000.00000000
  A-R   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
                                       8MN

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

Deposits
   Payments of Interest and Principal                          15,979,321.62
   Liquidations, Insurance Proceeds, Reserve Funds                      0.00
   Proceeds from Repurchased Loans                                      0.00
   Other Amounts (Servicer Advances)                                4,305.10
   Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
   Prepayment Penalties                                                 0.00
                                                               -------------
Total Deposits                                                 15,983,626.72

Withdrawals
   Reimbursement for Servicer Advances                              9,533.90
   Payment of Service Fee                                         216,604.89
   Payment of Interest and Principal                           15,757,487.93
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   15,983,626.72

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                                   210,998.74
Master Servicing Fee                                    5,606.15
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------
Net Servicing Fee                                     216,604.89
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                              Beginning     Current      Current    Ending
        Account Type           Balance    Withdrawals   Deposits    Balance
        ------------          ---------   -----------   --------   --------
<S>                           <C>         <C>           <C>        <C>
Class X-A Comp. Sub Account    4,500.00       12.09       12.09    4,500.00
Class X-A Comp. Sub Account    4,500.00       12.09       12.09    4,500.00
Class X-B Sub Account          1,000.00      153.99      153.99    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        5       1,637,400.01   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
              ---      ------------                  ---        ----                    ---        ----
               5       1,637,400.01                   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         5      1,637,400.01
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                      5      1,637,400.01
              ===        ====                     ===     ============
</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     0.264131%    0.248545%    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%
            --------     --------                 --------    --------               --------    --------
            0.264131%    0.248545%                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     0.264131%    0.248545%
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%               0.264131%    0.248545%
            ========   ========                ========     ========
</TABLE>

<TABLE>
<S>                                         <C>                                                 <C>                     <C>
Current Period Class A Insufficient Funds:  0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  4,305.10
</TABLE>

<TABLE>
<CAPTION>
              Original $    Original %     Current $      Current %   Current Class %   Prepayment %
            -------------   ----------   -------------   ----------   ---------------   ------------
<S>         <C>             <C>          <C>             <C>          <C>               <C>
Class A     32,547,055.38   4.75131063%  35,547,055.38   4.94040197%     95.059598%        0.000000%
Class B-1   18,505,055.38   2.70142000%  18,505,055.38   2.80893036%      2.131472%       43.143688%
Class B-2   11,656,055.38   1.70158373%  11,656,055.38   1.76930289%      1.039627%       21.043378%
Class B-3    7,889,055.38   1.15166648%   7,889,055.38   1.19750018%      0.571803%       11.574012%
Class B-4    4,808,055.38   0.70189344%   4,808,055.38   0.72982720%      0.467673%        9.466294%
Class B-5    3,097,055.38   0.45211685%   3,097,055.38   0.47011007%      0.259717%        5.257004%
Class B-6            0.00   0.00000000%           0.00   0.00000000%      0.470110%        9.515624%
</TABLE>

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

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                         FORECLOSURE
---------------------------------   --------------------------------   --------------------------------
GROUP 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         1      217,000.00   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
               --      ----------                  --         ----                    --         ----
                1      217,000.00                   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         1      217,000.00
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                     1      217,000.00
               ==         ====                    ==      ==========
</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     0.112108%   0.065384%   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%
            --------    --------                --------   --------                --------    --------
            0.112108%   0.065384%               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     0.112108%   0.065384%
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%               0.112108%   0.065384%
            ========   ========                ========    ========
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                           BANKRUPTCY                         FORECLOSURE
-----------------------------------   ---------------------------------   --------------------------------
GROUP 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         4      1,420,400.01   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
               --      ------------                  --          ----                    --         ----
                4      1,420,400.01                   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         4      1,420,400.01
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                     4      1,420,400.01
               ==         ====                    ==      ============
</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     0.399600%    0.434491%    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%
            --------     --------                 --------    --------                --------   --------
            0.399600%    0.434491%                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     0.399600%    0.434491%
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%               0.399600%    0.434491%
            ========   ========                ========     ========
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                Mixed Arm
----------------------                             --------------
<S>                                                <C>
Weighted Average Gross Coupon                           3.619853%
Weighted Average Net Coupon                             3.243483%
Weighted Average Pass-Through Rate                      3.233483%
Weighted Average Maturity (Stepdown Calculation)              338

Beginning Scheduled Collateral Loan Count                   1,917
Number of Loans Paid in Full                                   24
Ending Scheduled Collateral Loan Count                      1,893

Beginning Scheduled Collateral Balance             672,738,389.28
Ending Scheduled Collateral Balance                658,793,668.11
Ending Actual Collateral Balance at 31-Dec-2004    658,794,279.94

Monthly P&I Constant                                 2,029,345.23
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realization Loss Amount                                      0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              15,669,609.25

Scheduled Principal                                          0.00
Unscheduled Principal                               13,944,721.17
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                       <C>
Rapid Prepay Event        NO
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
        GROUP                        GROUP ONE         GROUP TWO            TOTAL
        -----                     --------------   -----------------   --------------
<S>                               <C>              <C>                 <C>
Collateral Description                 Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate            3.613021            3.626677         3.619853
Weighted Average Net Rate               3.237211            3.249748         3.243483
Pass-Through Rate                       3.227211            3.239748         3.233483
Weighted Average Maturity                    334                 341              338
Record Date                           12/31/2004          12/31/2004       12/31/2004
Principal and Interest Constant     1,012,162.34        1,017,182.89     2,029,345.23
Beginning Loan Count                         901               1,016            1,917
Loans Paid in Full                             9                  15               24
Ending Loan Count                            892               1,001            1,893
Beginning Scheduled Balance       336,171,523.85      336,566,865.43   672,738,389.28
Ending Scheduled Balance          331,883,175.24      326,910,492.87   658,793,668.11
Scheduled Principal                         0.00                0.00             0.00
Unscheduled Principal               4,288,348.61        9,656,372.56    13,944,721.17
Scheduled Interest                  1,012,162.34        1,017,182.89     2,029,345.23
Servicing Fee                         105,280.42          105,718.32       210,998.74
Master Servicing Fee                    2,801.43            2,804.72         5,606.15
Trustee Fee                                 0.00                0.00             0.00
FRY Amount                                  0.00                0.00             0.00
Special Hazard Fee                          0.00                0.00             0.00
Other Fee                                   0.00                0.00             0.00
Pool Insurance Fee                          0.00                0.00             0.00
Spread 1                                    0.00                0.00             0.00
Spread 2                                    0.00                0.00             0.00
Spread 3                                    0.00                0.00             0.00
Net Interest                          904,080.49          908,659.85     1,812,740.34
Realized Loss Amount                        0.00                0.00             0.00
Cumulative Realized Loss                    0.00                0.00             0.00
Percentage of Cumulative Losses             0.00                0.00             0.00
Prepayment Penalties                        0.00                0.00             0.00
Special Servicing Fee                       0.00                0.00             0.00
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                              <C>
Group One
One Month Libor Loan Balance     237,183,231.47
Six Month Libor Loan Balance      94,699,943.77
Principal Transfer                         0.00
Interest Transfer                          0.00
Pro Rata Senior Percent               95.168940%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%

Group Two
Principal Transfer                         0.00
Interest Transfer                          0.00
Pro Rata Senior Percent               95.155076%
Senior Percent                       100.000000%
Senior Prepayment Percent            100.000000%
Subordinate Percent                    0.000000%
Subordinate Prepayment Percent         0.000000%
</TABLE>