<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 2004-12
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                              CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                  Certificate    Certificate
                     Class      Pass-Through        Beginning          Interest      Principal
Class    CUSIP    Description       Rate       Certificate Balance   Distribution  Distribution
-----  ---------  -----------   ------------   -------------------   ------------  -------------
<S>    <C>        <C>           <C>            <C>                   <C>           <C>
 A-1   81744FFY8      SEN            2.86813%       372,778,208.02     890,980.30   6,126,672.87
 A-2   81744FFZ5      SEN            3.04000%       201,771,788.19     511,155.20   7,818,863.10
 A-3   81744FGZ9      SEN            3.07000%       207,201,121.56     530,089.54   5,071,142.02
X-A1   81744FGC5       IO            0.57400%                 0.00     274,823.81           0.00
X-A2   81744FGD3       IO            0.76179%                 0.00     131,537.23           0.00
 X-B   81744FGF8       IO            0.20677%                 0.00       2,110.65           0.00
 B-1   81744FGG6      SUB            3.09813%         8,588,000.00      22,172.28           0.00
 B-2   81744FGH4      SUB            3.44813%         6,134,000.00      17,625.69           0.00
 B-3   81744FGJ0      SUB            3.84813%         3,680,000.00      11,800.93           0.00
 B-4   81744FGK7      SUB            3.50242%         2,453,000.00       7,159.52           0.00
 B-5   81744FGK7      SUB            3.50242%           920,000.00       2,685.19           0.00
 B-6   81744FGL5      SUB            3.50242%         2,762,778.00       8,063.67           0.00
 A-R   81744FGE1      RES            3.66659%                 0.00           0.57           0.00
                                                    --------------   ------------  -------------
Totals                                              806,288,895.77   2,410,204.58  19,016,677.99
                                                    --------------   ------------  -------------

<CAPTION>
                     Current       Ending Certificate       Total       Cumulative
Class    CUSIP    Realized Loss         Balance         Distribution   Realized Loss
-----  ---------  -------------    ------------------   -------------  -------------
<S>    <C>        <C>              <C>                  <C>            <C>
 A-1   81744FFY8           0.00        366,651,535.15    7,017,653.17           0.00
 A-2   81744FFZ5           0.00        193,952,925.09    8,330,018.30           0.00
 A-3   81744FGZ9           0.00        202,129,979.55    5,601,231.56           0.00
X-A1   81744FGC5           0.00                  0.00      274,823.81           0.00
X-A2   81744FGD3           0.00                  0.00      131,537.23           0.00
 X-B   81744FGF8           0.00                  0.00        2,110.65           0.00
 B-1   81744FGG6           0.00          8,588,000.00       22,172.28           0.00
 B-2   81744FGH4           0.00          6,134,000.00       17,625.69           0.00
 B-3   81744FGJ0           0.00          3,680,000.00       11,800.93           0.00
 B-4   81744FGK7           0.00          2,453,000.00        7,159.52           0.00
 B-5   81744FGK7           0.00            920,000.00        2,685.19           0.00
 B-6   81744FGL5           0.00          2,762,778.00        8,063.67           0.00
 A-R   81744FGE1           0.00                  0.00            0.57           0.00
                           ----        --------------   -------------           ----
Totals                     0.00        787,272,217.79   21,426,882.57           0.00
                           ----        --------------   -------------           ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.
<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                               Beginning        Scheduled       Unscheduled
             Original Face    Certificate       Principal        Principal                      Realized
   Class        Amount          Balance        Distribution     Distribution      Accretion     Loss (1)
   -----    --------------   --------------   -------------    -------------      ---------     --------
<S>         <C>              <C>              <C>              <C>                <C>           <C>
    A-1     380,510,000.00   372,778,208.02      2,806.97       6,123,865.90        0.00          0.00
    A-2     208,392,000.00   201,771,788.19        491.88       7,818,371.22        0.00          0.00
    A-3     218,330,615.00   207,201,121.56          0.00       5,071,142.02        0.00          0.00
   X-A1               0.00             0.00          0.00               0.00        0.00          0.00
   X-A2               0.00             0.00          0.00               0.00        0.00          0.00
    X-B               0.00             0.00          0.00               0.00        0.00          0.00
    B-1       8,588,000.00     8,588,000.00          0.00               0.00        0.00          0.00
    B-2       6,134,000.00     6,134,000.00          0.00               0.00        0.00          0.00
    B-3       3,680,000.00     3,680,000.00          0.00               0.00        0.00          0.00
    B-4       2,453,000.00     2,453,000.00          0.00               0.00        0.00          0.00
    B-5         920,000.00       920,000.00          0.00               0.00        0.00          0.00
    B-6       2,762,778.00     2,762,778.00          0.00               0.00        0.00          0.00
    A-R             100.00             0.00          0.00               0.00        0.00          0.00
            --------------   --------------      --------      -------------        ----          ----
Totals      831,770,493.00   806,288,895.77      3,298.85      19,013,379.14        0.00          0.00
            --------------   --------------      --------      -------------        ----          ----

<CAPTION>
                Total Principal   Ending Certificate      Ending Certificate   Total Principal
   Class          Reduction            Balance                Percentage         Distribution
   -----        ---------------   ------------------      ------------------   ---------------
<S>             <C>               <C>                     <C>                  <C>
    A-1          6,126,672.87        366,651,535.15            0.96357924        6,126,672.87
    A-2          7,818,863.10        193,952,925.09            0.93071195        7,818,863.10
    A-3          5,071,142.02        202,129,979.55            0.92579769        5,071,142.02
   X-A1                  0.00                  0.00            0.00000000                0.00
   X-A2                  0.00                  0.00            0.00000000                0.00
    X-B                  0.00                  0.00            0.00000000                0.00
    B-1                  0.00          8,588,000.00            1.00000000                0.00
    B-2                  0.00          6,134,000.00            1.00000000                0.00
    B-3                  0.00          3,680,000.00            1.00000000                0.00
    B-4                  0.00          2,453,000.00            1.00000000                0.00
    B-5                  0.00            920,000.00            1.00000000                0.00
    B-6                  0.00          2,762,778.00            1.00000000                0.00
    A-R                  0.00                  0.00            0.00000000                0.00
                -------------        --------------            ----------       -------------
Totals          19,016,677.99        787,272,217.79            0.94650174       19,016,677.99
                -------------        --------------            ----------       -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                            Beginning        Scheduled       Unscheduled
          Original Face    Certificate       Principal        Principal                     Realized
Class        Amount          Balance        Distribution     Distribution    Accretion      Loss (3)
-----    --------------   -------------    -------------    -------------    ----------    ----------
<S>      <C>              <C>              <C>              <C>              <C>           <C>
 A-1     380,510,000.00    979.68044998      0.00737686      16.09383696     0.00000000    0.00000000
 A-2     208,392,000.00    968.23192920      0.00236036      37.51761690     0.00000000    0.00000000
 A-3     218,330,615.00    949.02458622      0.00000000      23.22689386     0.00000000    0.00000000
X-A1               0.00      0.00000000      0.00000000       0.00000000     0.00000000    0.00000000
X-A2               0.00      0.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 X-B               0.00      0.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-1       8,588,000.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-2       6,134,000.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-3       3,680,000.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-4       2,453,000.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-5         920,000.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 B-6       2,762,778.00   1000.00000000      0.00000000       0.00000000     0.00000000    0.00000000
 A-R             100.00      0.00000000      0.00000000       0.00000000     0.00000000    0.00000000

<CAPTION>
            Total Principal    Ending Certificate      Ending Certificate   Total Principal
Class          Reduction            Balance                Percentage         Distribution
-----       ---------------    ------------------      ------------------   ---------------
<S>         <C>                <C>                     <C>                  <C>
 A-1          16.10121382         963.57923616            0.96357924          16.10121382
 A-2          37.51997725         930.71195195            0.93071195          37.51997725
 A-3          23.22689386         925.79769241            0.92579769          23.22689386
X-A1           0.00000000           0.00000000            0.00000000           0.00000000
X-A2           0.00000000           0.00000000            0.00000000           0.00000000
 X-B           0.00000000           0.00000000            0.00000000           0.00000000
 B-1           0.00000000        1000.00000000            1.00000000           0.00000000
 B-2           0.00000000        1000.00000000            1.00000000           0.00000000
 B-3           0.00000000        1000.00000000            1.00000000           0.00000000
 B-4           0.00000000        1000.00000000            1.00000000           0.00000000
 B-5           0.00000000        1000.00000000            1.00000000           0.00000000
 B-6           0.00000000        1000.00000000            1.00000000           0.00000000
 A-R           0.00000000           0.00000000            0.00000000           0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                     Beginning                      Payment of                 Non-
                                                    Certificate/      Current         Unpaid      Current   Supported
               Original Face        Current           Notional        Accrued        Interest    Interest    Interest    Realized
 Class            Amount        Certificate Rate      Balance         Interest      Shortfall    Shortfall   Shortfall   Loss (4)
 -----        --------------    ----------------   --------------   ------------    ----------   ---------  ----------   --------
<S>           <C>               <C>                <C>              <C>             <C>          <C>        <C>          <C>
  A-1         380,510,000.00        2.86813%       372,778,208.02     890,980.30       0.00        0.00        0.00        0.00
  A-2         208,392,000.00        3.04000%       201,771,788.19     511,155.20       0.00        0.00        0.00        0.00
  A-3         218,330,615.00        3.07000%       207,201,121.56     530,089.54       0.00        0.00        0.00        0.00
 X-A1                   0.00        0.57400%       574,549,996.21     274,823.81       0.00        0.00        0.00        0.00
 X-A2                   0.00        0.76179%       207,201,121.56     131,537.23       0.00        0.00        0.00        0.00
  X-B                   0.00        0.20677%        18,402,000.00       3,170.84       0.00        0.00        0.00        0.00
  B-1           8,588,000.00        3.09813%         8,588,000.00      22,172.28       0.00        0.00        0.00        0.00
  B-2           6,134,000.00        3.44813%         6,134,000.00      17,625.69       0.00        0.00        0.00        0.00
  B-3           3,680,000.00        3.84813%         3,680,000.00      11,800.93       0.00        0.00        0.00        0.00
  B-4           2,453,000.00        3.50242%         2,453,000.00       7,159.52       0.00        0.00        0.00        0.00
  B-5             920,000.00        3.50242%           920,000.00       2,685.19       0.00        0.00        0.00        0.00
  B-6           2,762,778.00        3.50242%         2,762,778.00       8,063.67       0.00        0.00        0.00        0.00
  A-R                 100.00        3.66659%                 0.00           0.00       0.00        0.00        0.00        0.00
              --------------        -------        --------------   ------------       ----        ----        ----        ----
Totals        831,770,493.00                                        2,411,264.20       0.00        0.00        0.00        0.00
              --------------        -------        --------------   ------------       ----        ----        ----        ----

<CAPTION>
                                   Remaining          Ending
                                    Unpaid         Certificate
                Total Interest     Interest         Notational
Class            Distribution     Shortfall          Balance
-----          ---------------    ----------     ---------------
<S>            <C>                <C>            <C>
  A-1             890,980.30         0.00         366,651,535.15
  A-2             511,155.20         0.00         193,952,925.09
  A-3             530,089.54         0.00         202,129,979.55
 X-A1             274,823.81         0.00         560,604,460.24
 X-A2             131,537.23         0.00         202,129,979.55
  X-B               2,110.65         0.00          18,402,000.00
  B-1              22,172.28         0.00           8,588,000.00
  B-2              17,625.69         0.00           6,134,000.00
  B-3              11,800.93         0.00           3,680,000.00
  B-4               7,159.52         0.00           2,453,000.00
  B-5               2,685.19         0.00             920,000.00
  B-6               8,063.67         0.00           2,762,778.00
  A-R                   0.57         0.00                   0.00
                ------------         ----         --------------
Totals          2,410,204.58         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                    Non-
                              Current        Beginning                           Unpaid      Current      Supported
Class      Original Face    Certificate     Certificate/     Current Accrued    Interest     Interest      Interest      Realized
 (5)           Amount          Rate       Notional Balance      Interest       Shortfall    Shortfall     Shortfall      Loss (6)
 ---       --------------   -----------   ----------------   ---------------   ----------  -----------    ----------    ----------
<S>        <C>              <C>           <C>                <C>               <C>         <C>            <C>           <C>
 A-1       380,510,000.00     2.86813%      979.68044998       2.34154240      0.00000000   0.00000000    0.00000000    0.00000000
 A-2       208,392,000.00     3.04000%      968.23192920       2.45285424      0.00000000   0.00000000    0.00000000    0.00000000
 A-3       218,330,615.00     3.07000%      949.02458622       2.42792125      0.00000000   0.00000000    0.00000000    0.00000000
X-A1                 0.00     0.57400%      975.62921540       0.46667155      0.00000000   0.00000000    0.00000000    0.00000000
X-A2                 0.00     0.76179%      949.02458622       0.60246810      0.00000000   0.00000000    0.00000000    0.00000000
 X-B                 0.00     0.20677%     1000.00000000       0.17230953      0.00000000   0.00000000    0.00000000    0.00000000
 B-1         8,588,000.00     3.09813%     1000.00000000       2.58177457      0.00000000   0.00000000    0.00000000    0.00000000
 B-2         6,134,000.00     3.44813%     1000.00000000       2.87344147      0.00000000   0.00000000    0.00000000    0.00000000
 B-3         3,680,000.00     3.84813%     1000.00000000       3.20677446      0.00000000   0.00000000    0.00000000    0.00000000
 B-4         2,453,000.00     3.50242%     1000.00000000       2.91867917      0.00000000   0.00000000    0.00000000    0.00000000
 B-5           920,000.00     3.50242%     1000.00000000       2.91868478      0.00000000   0.00000000    0.00000000    0.00000000
 B-6         2,762,778.00     3.50242%     1000.00000000       2.91868185      0.00000000   0.00000000    0.00000000    0.00000000
 A-R               100.00     3.66659%        0.00000000       0.00000000      0.00000000   0.00000000    0.00000000    0.00000000

<CAPTION>
                              Remaining
                               Unpaid
Class        Total Interest   Interest     Ending Certificate/
 (5)          Distribution    Shortfall    Notational Balance
----         --------------   ----------   ------------------
<S>          <C>              <C>          <C>
 A-1           2.34154240     0.00000000      963.57923616
 A-2           2.45285424     0.00000000      930.71195195
 A-3           2.42792125     0.00000000      925.79769241
X-A1           0.46667155     0.00000000      951.94864382
X-A2           0.60246810     0.00000000      925.79769241
 X-B           0.11469677     0.00000000     1000.00000000
 B-1           2.58177457     0.00000000     1000.00000000
 B-2           2.87344147     0.00000000     1000.00000000
 B-3           3.20677446     0.00000000     1000.00000000
 B-4           2.91867917     0.00000000     1000.00000000
 B-5           2.91868478     0.00000000     1000.00000000
 B-6           2.91868185     0.00000000     1000.00000000
 A-R           5.70000000     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                                  21,661,176.46
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                          313.20
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               21,661,489.66

Withdrawals
         Reimbursement for Servicer Advances                                     42,321.97
         Payment of Service Fee                                                 192,285.12
         Payment of Interest and Principal                                   21,426,882.57
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 21,661,489.66

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                                        187,292.72
Master Servicing Fee                                         4,992.40
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------

Net Servicing Fee                                          192,285.12
                                                           ==========
</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             0.00              0.00      3,000.00
Class X-A1 Pool 2 Comp. Sub Amount               3,000.00             0.00              0.00      3,000.00
Class X-A2 Sub Amount                            3,000.00             0.00              0.00      3,000.00
Class X-B Sub Amount                             1,000.00         1,060.19          1,060.19      1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

              DELINQUENT

<TABLE>
<CAPTION>
                No. of       Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days          0               0.00
30 Days            0               0.00
60 Days            1         185,600.00
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  ---        ----------
                   1         185,600.00

                No. of       Principal
                 Loans        Balance

0-29 Days      0.000000%     0.000000%
30 Days        0.000000%     0.000000%
60 Days        0.058548%     0.031719%
90 Days        0.000000%     0.000000%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               0.058548%     0.031719%
</TABLE>

             BANKRUPTCY

<TABLE>
<CAPTION>
               No. of      Principal
               Loans        Balance
<S>          <C>          <C>
0-29 Days        0           0.00
30 Days          0           0.00
60 Days          0           0.00
90 Days          0           0.00
120 Days         0           0.00
150 Days         0           0.00
180+ Days        0           0.00
                ---          ----
                 0           0.00

               No. of     Principal
               Loans       Balance

0-29 Days    0.000000%    0.000000%
30 Days      0.000000%    0.000000%
60 Days      0.000000%    0.000000%
90 Days      0.000000%    0.000000%
120 Days     0.000000%    0.000000%
150 Days     0.000000%    0.000000%
180+ Days    0.000000%    0.000000%
             --------     --------
             0.000000%    0.000000%
</TABLE>

            FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
               ---        ----
                0         0.00

              No. of    Principal
              Loans      Balance

0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

              REO

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
               ---        ----
                0         0.00

              No. of    Principal
              Loans      Balance

0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

             TOTAL

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>        <C>
0-29 Days       0            0.00
30 Days         0            0.00
60 Days         1      185,600.00
90 Days         0            0.00
120 Days        0            0.00
150 Days        0            0.00
180+ Days       0            0.00
               ---     ----------
                1      185,600.00

              No. of   Principal
              Loans     Balance

0-29 Days   0.000000%  0.000000%
30 Days     0.000000%  0.000000%
60 Days     0.058548%  0.031719%
90 Days     0.000000%  0.000000%
120 Days    0.000000%  0.000000%
150 Days    0.000000%  0.000000%
180+ Days   0.000000%  0.000000%
            --------   --------
            0.058548%  0.031719%
</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  313.20
</TABLE>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

              DELINQUENT

GROUP  ONE

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days          0              0.00
30 Days            0              0.00
60 Days            1        185,600.00
90 Days            0              0.00
120 Days           0              0.00
150 Days           0              0.00
180+ Days          0              0.00
                  ---       ----------
                   1        185,600.00

                 No. of     Principal
                 Loans       Balance

0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.092081%    0.048522%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.092081%    0.048522%
</TABLE>

            BANKRUPTCY

<TABLE>
<CAPTION>
             No. of    Principal
             Loans      Balance
<S>        <C>         <C>
0-29 Days      0        0.00
30 Days        0        0.00
60 Days        0        0.00
90 Days        0        0.00
120 Days       0        0.00
150 Days       0        0.00
180+ Days      0        0.00
              ---       ----
               0        0.00

             No. of    Principal
             Loans      Balance

0-29 Days  0.000000%   0.000000%
30 Days    0.000000%   0.000000%
60 Days    0.000000%   0.000000%
90 Days    0.000000%   0.000000%
120 Days   0.000000%   0.000000%
150 Days   0.000000%   0.000000%
180+ Days  0.000000%   0.000000%
           --------    --------
           0.000000%   0.000000%
</TABLE>

             FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
               ---        ----
                0         0.00

              No. of    Principal
              Loans      Balance

0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

               REO

<TABLE>
<CAPTION>
               No. of     Principal
                Loans      Balance
<S>          <C>         <C>
0-29 Days        0          0.00
30 Days          0          0.00
60 Days          0          0.00
90 Days          0          0.00
120 Days         0          0.00
150 Days         0          0.00
180+ Days        0          0.00
                ---         ----
                 0          0.00

              No. of     Principal
               Loans      Balance

0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

               TOTAL

<TABLE>
<CAPTION>
              No. of      Principal
              Loans        Balance
<S>         <C>          <C>
0-29 Days       0              0.00
30 Days         0              0.00
60 Days         1        185,600.00
90 Days         0              0.00
120 Days        0              0.00
150 Days        0              0.00
180+ Days       0              0.00
               ---       ----------
                1        185,600.00

              No. of      Principal
              Loans        Balance

0-29 Days   0.000000%     0.000000%
30 Days     0.000000%     0.000000%
60 Days     0.092081%     0.048522%
90 Days     0.000000%     0.000000%
120 Days    0.000000%     0.000000%
150 Days    0.000000%     0.000000%
180+ Days   0.000000%     0.000000%
            --------      --------
            0.092081%     0.048522%
</TABLE>

              DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days         0           0.00
30 Days           0           0.00
60 Days           0           0.00
90 Days           0           0.00
120 Days          0           0.00
150 Days          0           0.00
180+ Days         0           0.00
                 ---          ----
                  0           0.00

                No. of      Principal
                 Loans       Balance

0-29 Days      0.000000%    0.000000%
30 Days        0.000000%    0.000000%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               0.000000%    0.000000%
</TABLE>

            BANKRUPTCY

             1.183654%

<TABLE>
<CAPTION>
              No. of     Principal
              Loans       Balance
<S>         <C>          <C>
0-29 Days       0          0.00
30 Days         0          0.00
60 Days         0          0.00
90 Days         0          0.00
120 Days        0          0.00
150 Days        0          0.00
180+ Days       0          0.00
               ---         ----
                0          0.00

              No. of     Principal
              Loans       Balance

0-29 Days   0.000000%    0.000000%
30 Days     0.000000%    0.000000%
60 Days     0.000000%    0.000000%
90 Days     0.000000%    0.000000%
120 Days    0.000000%    0.000000%
150 Days    0.000000%    0.000000%
180+ Days   0.000000%    0.000000%
            --------     --------
            0.000000%    0.000000%
</TABLE>

             FORECLOSURE

<TABLE>
<CAPTION>
              No. of    Principal
              Loans      Balance
<S>         <C>         <C>
0-29 Days       0         0.00
30 Days         0         0.00
60 Days         0         0.00
90 Days         0         0.00
120 Days        0         0.00
150 Days        0         0.00
180+ Days       0         0.00
               ---        ----
                0         0.00

             No. of     Principal
             Loans       Balance

0-29 Days   0.000000%   0.000000%
30 Days     0.000000%   0.000000%
60 Days     0.000000%   0.000000%
90 Days     0.000000%   0.000000%
120 Days    0.000000%   0.000000%
150 Days    0.000000%   0.000000%
180+ Days   0.000000%   0.000000%
            --------    --------
            0.000000%   0.000000%
</TABLE>

                 REO

<TABLE>
<CAPTION>
               No. of     Principal
               Loans       Balance
<S>          <C>         <C>
0-29 Days        0          0.00
30 Days          0          0.00
60 Days          0          0.00
90 Days          0          0.00
120 Days         0          0.00
150 Days         0          0.00
180+ Days        0          0.00
                ---        ----
                 0          0.00

              No. of     Principal
               Loans      Balance

0-29 Days    0.000000%   0.000000%
30 Days      0.000000%   0.000000%
60 Days      0.000000%   0.000000%
90 Days      0.000000%   0.000000%
120 Days     0.000000%   0.000000%
150 Days     0.000000%   0.000000%
180+ Days    0.000000%   0.000000%
             --------    --------
             0.000000%   0.000000%
</TABLE>

                TOTAL

<TABLE>
<CAPTION>
               No. of     Principal
               Loans       Balance
<S>           <C>         <C>
 0-29 Days       0          0.00
 30 Days         0          0.00
 60 Days         0          0.00
 90 Days         0          0.00
 120 Days        0          0.00
 150 Days        0          0.00
 180+ Days       0          0.00
                ---         ----
                 0          0.00

              No. of      Principal
              Loans        Balance

 0-29 Days   0.000000%    0.000000%
 30 Days     0.000000%    0.000000%
 60 Days     0.000000%    0.000000%
 90 Days     0.000000%    0.000000%
 120 Days    0.000000%    0.000000%
 150 Days    0.000000%    0.000000%
 180+ Days   0.000000%    0.000000%
             --------     --------
             0.000000%    0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                                         <C>
Collateral Description                                                      Fixed & Mixed Arm

Weighted Average Gross Coupon                                                      3.887636%
Weighted Average Net Coupon                                                        3.512480%
Weighted Average Pass-Through Rate                                                 2.943592%
Weighted Average Maturity (Stepdown Calculation)                                        336

Beginning Scheduled Collateral Loan Count                                             1,732
Number of Loans Paid in Full                                                             24
Ending Scheduled Collateral Loan Count                                                1,708

Beginning Scheduled Collateral Balance                                       599,087,775.12
Ending Scheduled Collateral Balance                                          585,142,239.15
Ending Actual Collateral Balance at 28-Feb-2005                              585,145,838.82

Monthly P&I Constant                                                           1,944,161.56
Special Servicing Fee                                                                  0.00
Prepayment Penalties                                                                   0.00
Realization Loss Amount                                                                0.00
Cumulative Realized Loss                                                               0.00

Scheduled Principal                                                                3,298.85
Unscheduled Principal                                                         13,942,237.12
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                   <C>
Rapid Prepay Condition?                                                           NO
Underlying Certificate Balance                                        202,129,979.55
Underlying Certificate Interest                                           661,626.76
Underlying Certificate Principal                                        5,071,142.01
</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                        3.896238                  3.871751            3.887636
Weighted Average Net Rate                           3.521104                  3.496555            3.512480

Weighted Average Maturity                                335                       339                 336
Record Date                                       02/28/2005                02/28/2005          02/28/2005
Principal and Interest Constant                 1,264,645.66                679,515.90        1,944,161.56
Beginning Loan Count                                   1,096                       636               1,732
Loans Paid in Full                                        10                        14                  24
Ending Loan Count                                      1,086                       622               1,708
Beginning Scheduled Balance                   388,632,926.87            210,454,848.25      599,087,775.12
Ending Scheduled Balance                      382,506,254.00            202,635,985.15      585,142,239.15
Scheduled Principal                                 2,806.97                    491.88            3,298.85
Unscheduled Principal                           6,123,865.90              7,818,371.22       13,942,237.12
Scheduled Interest                              1,261,838.69                679,024.02        1,940,862.71
Servicing Fee                                     121,491.14                 65,801.58          187,292.72
Master Servicing Fee                                3,238.61                  1,753.79            4,992.40
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                                    1,137,108.94                611,648.65        1,748,577.59
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                                    202,449,306.05
Six Month Libor Loan Balance                                    180,056,947.95
Principal Transfer Amount                                                 0.00
Interest Transfer Amount                                                  0.00
Pro Rata Senior Percent                                              95.920387%
Senior Percent                                                      100.000000%
Senior Prepayment Percent                                           100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepayment Percent                                        0.000000%

Group Two
Principal Transfer Amount                                                 0.00
Interest Transfer Amount                                                  0.00
Pro Rata Senior Percent                                              95.874146%
Senior Percent                                                      100.000000%
Senior Prepayment Percent                                           100.000000%
Subordinate Percent                                                   0.000000%
Subordinate Prepayment Percent                                        0.000000%
</TABLE>