<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 2004-5
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                           Beginning
                              Class        Certificate Pass-    Certificate        Interest        Principal        Current
Class          CUSIP       Description       Through Rate         Balance        Distribution     Distribution   Realized Loss
------      ---------      -----------     -----------------   --------------   --------------   -------------   -------------
<S>         <C>            <C>             <C>                 <C>              <C>              <C>             <C>
 A-1        81744FBS5         SEN               3.59186%       456,787,469.83     1,367,121.93   11,469,024.03            0.00
 A-2        81744FBT3         SEN               2.85813%       158,712,681.37       378,017.89    6,303,647.61            0.00
 A-3        81744FCF2         SEN               2.82000%        64,042,843.01       150,500.68    2,543,612.21            0.00
 X-1        81744FBU0          IO               0.80000%                 0.00       123,764.98            0.00            0.00
 X-2        81744FBV8          IO               0.21212%                 0.00        39,374.78            0.00            0.00
 X-B        81744FBX4          IO               0.41128%                 0.00         8,010.79            0.00            0.00
 B-1        81744FBZ9         SUB               3.07813%        14,874,000.00        38,150.53            0.00            0.00
 B-2        81744FCA3         SUB               3.47813%         8,499,000.00        24,631.99            0.00            0.00
 B-3        81744FCB1         SUB               3.63486%         4,674,000.00        14,156.73            0.00            0.00
 B-4        81744FCC9         SUB               3.63486%         2,124,000.00         6,433.22            0.00            0.00
 B-5        81744FCD7         SUB               3.63486%         2,124,000.00         6,433.22            0.00            0.00
 B-6        81744FCE5         SUB               3.63486%         3,830,447.31        11,601.75            0.00            0.00
 A-R        81744FBY2         RES               3.08123%                 0.00             0.00            0.00            0.00
            ---------      -----------     ------------        --------------   --------------   -------------   -------------
Totals                                                         715,668,441.52     2,168,198.49   20,316,283.85            0.00
            ---------      -----------     ------------        --------------   --------------   -------------   -------------

<CAPTION>
                  Ending
                Certificate          Total          Cumulative
Class            Balance         Distribution     Realized Loss
------        --------------   ----------------   --------------
<S>           <C>             <C>                 <C>
 A-1          445,318,445.80     12,836,145.96             0.00
 A-2          152,409,033.76      6,681,665.50             0.00
 A-3           61,499,230.80      2,694,112.89             0.00
 X-1                    0.00        123,764.98             0.00
 X-2                    0.00         39,374.78             0.00
 X-B                    0.00          8,010.79             0.00
 B-1           14,874,000.00         38,150.53             0.00
 B-2            8,499,000.00         24,631.99             0.00
 B-3            4,674,000.00         14,156.73             0.00
 B-4            2,124,000.00          6,433.22             0.00
 B-5            2,124,000.00          6,433.22             0.00
 B-6            3,830,447.31         11,601.75             0.00
 A-R                    0.00              0.00             0.00
              --------------   ----------------   --------------
Totals        695,352,157.67     22,484,482.34             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    Total Principal
Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)      Reduction
------     --------------     --------------   ------------     -------------   ---------   ------------ ---------------
<S>        <C>                <C>              <C>              <C>             <C>         <C>          <C>
 A-1       553,000,000.00     456,787,469.83         688.10     11,468,335.93        0.00         0.00    11,469,024.03
 A-2       185,867,000.00     158,712,681.37       1,636.61      6,302,011.00        0.00         0.00     6,303,647.61
 A-3        75,000,000.00      64,042,843.01         660.39      2,542,951.82        0.00         0.00     2,543,612.21
 X-1                 0.00               0.00           0.00              0.00        0.00         0.00             0.00
 X-2                 0.00               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             0.00
 B-1        14,874,000.00      14,874,000.00           0.00              0.00        0.00         0.00             0.00
 B-2         8,499,000.00       8,499,000.00           0.00              0.00        0.00         0.00             0.00
 B-3         4,674,000.00       4,674,000.00           0.00              0.00        0.00         0.00             0.00
 B-4         2,124,000.00       2,124,000.00           0.00              0.00        0.00         0.00             0.00
 B-5         2,124,000.00       2,124,000.00           0.00              0.00        0.00         0.00             0.00
 B-6         3,830,447.31       3,830,447.31           0.00              0.00        0.00         0.00             0.00
 A-R               100.00               0.00           0.00              0.00        0.00         0.00             0.00
           --------------     --------------   ------------     -------------   ---------   ----------   --------------
Totals     849,992,547.31     715,668,441.52       2,985.10     20,313,298.75        0.00         0.00    20,316,283.85
           --------------     --------------   ------------     -------------   ---------   ----------   --------------

<CAPTION>
          Ending Certificate  Ending Certificate     Total Principal
Class        Balance            Percentage            Distribution
------    ------------------ -------------------    ----------------
<S>       <C>                <C>                    <C>
 A-1        445,318,445.80          0.80527748      11,649,024.03
 A-2        152,409,033.76          0.81998974       6,303,647.61
 A-3         61,499,230.80          0.81998974       2,543,612.21
 X-1                  0.00          0.00000000               0.00
 X-2                  0.00          0.00000000               0.00
 X-B                  0.00          0.00000000               0.00
 B-1         14,874,000.00          1.00000000               0.00
 B-2          8,499,000.00          1.00000000               0.00
 B-3          4,674,000.00          1.00000000               0.00
 B-4          2,124,000.00          1.00000000               0.00
 B-5          2,124,000.00          1.00000000               0.00
 B-6          3,830,447.31          1.00000000               0.00
 A-R                  0.00          0.00000000               0.00
          ----------------   -----------------      -------------
Totals      695,352,157.67          0.81806853      20,316,283.85
          ----------------   -----------------      -------------
</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                                       Total
           Original Face      Certificate     Principal       Principal                      Realized        Principal
Class         Amount            Balance      Distribution   Distribution     Accretion       Loss (3)        Reduction
-----     --------------     -------------   ------------   -------------    ----------     ----------     ------------
<S>       <C>                <C>             <C>            <C>              <C>            <C>            <C>
 A-1      553,000,000.00      826.01712447    0.00124430      20.73840132    0.00000000     0.00000000      20.73964562
 A-2      185,867,000.00      853.90457354    0.00880527      33.90602420    0.00000000     0.00000000      33.91482947
 A-3       75,000,000.00      853.90457347    0.00880520      33.90602427    0.00000000     0.00000000      33.91482947
 X-1                0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 X-2                0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 X-B                0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-1       14,874,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-2        8,499,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-3        4,674,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-4        2,124,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-5        2,124,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 B-6        3,830,447.31     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
 A-R              100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000

<CAPTION>
              Ending           Ending
            Certificate      Certificate      Total Principal
Class         Balance         Percentage        Distribution
-----     ---------------    -----------      ---------------
<S>       <C>                <C>              <C>
A-1          805.27747884    0.80527748        20.73964562
A-2          819.98974406    0.81998974        33.91482947
A-3          819.98974400    0.81998974        33.91482947
X-1            0.00000000    0.00000000         0.00000000
X-2            0.00000000    0.00000000         0.00000000
X-B            0.00000000    0.00000000         0.00000000
B-1         1000.00000000    1.00000000         0.00000000
B-2         1000.00000000    1.00000000         0.00000000
B-3         1000.00000000    1.00000000         0.00000000
B-4         1000.00000000    1.00000000         0.00000000
B-5         1000.00000000    1.00000000         0.00000000
B-6         1000.00000000    1.00000000         0.00000000
A-R            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        553,000,000.00      3.59186%     456,787,469.83   1,367,265.12      0.00          0.00       143.20         0.00
 A-2        185,867,000.00      2.85813%     158,712,681.37     378,017.90      0.00          0.00         0.00         0.00
 A-3         75,000,000.00      2.82000%      64,042,843.01     150,500.68      0.00          0.00         0.00         0.00
 X-1                  0.00      0.80000%     185,647,469.97     123,764.98      0.00          0.00         0.00         0.00
 X-2                  0.00      0.21212%     222,755,524.38      39,374.78      0.00          0.00         0.00         0.00
 X-B                  0.00      0.41128%      23,373,000.00       8,010.79      0.00          0.00         0.00         0.00
 B-1         14,874,000.00      3.07813%      14,874,000.00      38,153.42      0.00          0.00         2.89         0.00
 B-2          8,499,000.00      3.47813%       8,499,000.00      24,633.86      0.00          0.00         1.87         0.00
 B-3          4,674,000.00      3.63486%       4,674,000.00      14,157.80      0.00          0.00         1.07         0.00
 B-4          2,124,000.00      3.63486%       2,124,000.00       6,433.71      0.00          0.00         0.49         0.00
 B-5          2,124,000.00      3.63486%       2,124,000.00       6,433.71      0.00          0.00         0.49         0.00
 B-6          3,830,447.31      3.63486%       3,830,447.31      11,602.63      0.00          0.00         0.88         0.00
 A-R                100.00      3.08123%               0.00           0.00      0.00          0.00         0.00         0.00
           --------------- ------------      --------------   ------------  --------      --------    ---------     --------
Totals      849,992,547.31                                    2,168,349.38      0.00          0.00       150.89         0.00
           --------------- ------------      --------------   ------------  --------      --------    ---------     --------

<CAPTION>
                            Remaining         Ending
                             Unpaid        Certificate/
        Total Interest      Interest        Notational
Class     Distribution     Shortfall         Balance
-----   --------------     ----------     --------------
<S>     <C>                <C>            <C>
 A-1       1,367,121.93          0.00     445,318,445.80
 A-2         378,017.89          0.00     152,409,033.80
 A-3         150,500.68          0.00      61,499,230.80
 X-1         123,764.98          0.00     178,692,873.11
 X-2          39,374.78          0.00     213,908,264.56
 X-B           8,010.79          0.00      23,373,000.00
 B-1          38,150.53          0.00      14,874,000.00
 B-2          24,631.99          0.00       8,499,000.00
 B-3          14,156.73          0.00       4,674,000.00
 B-4           6,433.22          0.00       2,124,000.00
 B-5           6,433.22          0.00       2,124,000.00
 B-6          11,601.75          0.00       3,830,447.31
 A-R               0.00          0.00               0.00
        ---------------    ----------     --------------
Totals     2,168,198.49          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       553,000,000.00      3.59186%      826.01712447      2.47245049      0.00000000     0.00000000  0.00025895    0.00000000
A-2       185,867,000.00      2.85813%      853.90457354      2.03380858      0.00000000     0.00000000  0.00000000    0.00000000
A-3        75,000,000.00      2.82000%      853.90457347      2.00667573      0.00000000     0.00000000  0.00000000    0.00000000
X-1                 0.00      0.80000%      711.65563283      0.47443709      0.00000000     0.00000000  0.00000000    0.00000000
X-2                 0.00      0.21212%      853.90457352      0.15093814      0.00000000     0.00000000  0.00000000    0.00000000
X-B                 0.00      0.41128%     1000.00000000      0.34273692      0.00000000     0.00000000  0.00000000    0.00000000
B-1        14,874,000.00      3.07813%     1000.00000000      2.56510824      0.00000000     0.00000000  0.00019430    0.00000000
B-2         8,499,000.00      3.47813%     1000.00000000      2.89844217      0.00000000     0.00000000  0.00022003    0.00000000
B-3         4,674,000.00      3.63486%     1000.00000000      3.02905434      0.00000000     0.00000000  0.00023893    0.00000000
B-4         2,124,000.00      3.63486%     1000.00000000      3.02905367      0.00000000     0.00000000  0.00023070    0.00000000
B-5         2,124,000.00      3.63486%     1000.00000000      3.02905367      0.00000000     0.00000000  0.00023070    0.00000000
B-6         3,830,447.31      3.63486%     1000.00000000      3.02905354      0.00000000     0.00000000  0.00022974    0.00000000
A-R               100.00      3.08123%        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         2.47219156     0.00000000      805.27747884
A-2         2.03380853     0.00000000      819.98974406
A-3         2.00667573     0.00000000      819.98974400
X-1         0.47443709     0.00000000      684.99608272
X-2         0.15093814     0.00000000      819.98974405
X-B         0.34273692     0.00000000     1000.00000000
B-1         2.56491394     0.00000000     1000.00000000
B-2         2.89822214     0.00000000     1000.00000000
B-3         3.02882542     0.00000000     1000.00000000
B-4         3.02882298     0.00000000     1000.00000000
B-5         3.02882298     0.00000000     1000.00000000
B-6         3.02882381     0.00000000     1000.00000000
A-R         0.00000000     0.00000000        0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                            22,706,723.87
         Liquidations, Insurance Proceeds, Reserve Funds                        0.00
         Proceeds from Repurchased Loans                                        0.00
         Other Amounts (Servicer Advances)                                 29,550.40
         Realized Losses (Gains, Subsequent Expenses & Recoveries)              0.00
         Prepayment Penalties                                                   0.00
                                                                       -------------
Total Deposits                                                         22,736,274.27

Withdrawals
         Reimbursement for Servicer Advances                               22,619.88
         Payment of Service Fee                                           229,172.05
         Payment of Interest and Principal                             22,484,482.34
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           22,736,274.27

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                         150.89
                                                                                ======
</TABLE>

                                 SERVICING FEES
<TABLE>
<S>                                                                         <C>
Gross Servicing Fee                                                         223,847.33
LPMI                                                                            851.83
Master Servicing Fee                                                          4,472.89
Supported Prepayment/Curtailment Interest Shortfall                               0.00
                                                                            ----------
Net Servicing Fee                                                           229,172.05
                                                                            ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                     Beginning          Current          Current        Ending
    Account Type                      Balance         Withdrawals       Deposits       Balance
---------------------                ---------        -----------       --------       --------
<S>                                  <C>              <C>               <C>            <C>
Class X-1 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-2 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                 1,000.00            0.00             0.00        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              21       8,305,603.55
60 Days               2       1,019,138.61
90 Days               0               0.00
120 Days              0               0.00
150 Days              1         133,459.32
180+ Days             0               0.00
               --------       ------------
                  24          9,458,201.48

                No. of           Principal
                 Loans            Balance

0-29 Days      0.000000%          0.000000%
30 Days        0.998573%          1.194444%
60 Days        0.095102%          0.146564%
90 Days        0.000000%          0.000000%
120 Days       0.000000%          0.000000%
150 Days       0.047551%          0.019193%
180+ Days      0.000000%          0.000000%
               --------           --------
               1.141227%          1.360201%
</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              21       8,305,603.55
60 Days               2       1,019,138.61
90 Days               0               0.00
120 Days              0               0.00
150 Days              1         133,459.32
180+ Days             0               0.00
               --------       ------------
                     24       9,458,201.48

                  No. of      Principal
                  Loans        Balance

0-29 Days      0.000000%          0.000000%
30 Days        0.998573%          1.194444%
60 Days        0.095102%          0.146564%
90 Days        0.000000%          0.000000%
120 Days       0.000000%          0.000000%
150 Days       0.047551%          0.019193%
180+ Days      0.000000%          0.000000%
               --------           --------
               1.141227%          1.360201%
</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   29,550.40
</TABLE>


<TABLE>
<CAPTION>
              Original $        Original%       Current $         Current %    Current Class %      Prepayment %
             -------------     ----------      -------------     ----------    ---------------      ------------
<S>          <C>               <C>             <C>               <C>           <C>                  <C>
Class A      36,125,447.31     4.25008989%     36,125,447.31     5.19527363%       94.804726%         0.000000%
Class X-1    36,125,447.31     4.25008989%     36,125,447.31     5.19527363%        0.000000%         0.000000%
Class X-2    36,125,447.31     4.25008989%     36,125,447.31     5.19527363%        0.000000%         0.000000%
Class B-1    21,251,447.31     2.50019219%     21,251,447.31     3.05621361%        2.139060%        41.173193%
Class B-2    12,752,447.31     1.50030107%     12,752,447.31     1.83395524%        1.222258%        23.526352%
Class B-3     8,078,447.31     0.95041390%      8,078,447.31     1.16177784%        0.672177%        12.938248%
Class B-4     5,954,447.31     0.70052936%      5,954,447.31     0.85632111%        0.305457%         5.879512%
Class B-5     3,830,447.31     0.45064481%      3,830,447.31     0.55086437%        0.305457%         5.879512%
Class B-6             0.00     0.00000000%              0.00     0.00000000%        0.550864%        10.603183%
</TABLE>

Please  refer  to the  prospectus  supplement  for a full  description  of  loss
exposure

<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                 14    5,160,767.16
60 Days                  1      277,987.87
90 Days                  0            0.00
120 Days                 0            0.00
150 Days                 1      133,459.32
180+ Days                0            0.00
                  --------    ------------
                        16    5,572,214.35

                   No. of      Principal
                   Loans        Balance

0-29 Days         0.000000%      0.000000%
30 Days           0.954980%      1.098351%
60 Days           0.068213%      0.059163%
90 Days           0.000000%      0.000000%
120 Days          0.000000%      0.000000%
150 Days          0.068213%      0.028404%
180+ Days         0.000000%      0.000000%
                  --------       --------
                  1.091405%      1.185918%
</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                 14    5,160,767.16
60 Days                  1      277,987.87
90 Days                  0            0.00
120 Days                 0            0.00
150 Days                 1      133,459.32
180+ Days                0            0.00
                        --    ------------
                        16    5,572,214.35

                   No. of       Principal
                   Loans         Balance

0-29 Days         0.000000%       0.000000%
30 Days           0.954980%       1.098351%
60 Days           0.068213%       0.059163%
90 Days           0.000000%       0.000000%
120 Days          0.000000%       0.000000%
150 Days          0.068213%       0.028404%
180+ Days         0.000000%       0.000000%
                  --------    ------------
                  1.091405%       1.185918%
</TABLE>

                       DELINQUENT
GROUP TWO

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
<S>               <C>         <C>
0-29 Days                0            0.00
30 Days                  7    3,144,836.39
60 Days                  1      741,150.74
90 Days                  0            0.00
120 Days                 0            0.00
150 Days                 0            0.00
180+ Days                0            0.00
                  --------    ------------
                         8    3,885,987.13

                   No. of       Principal
                    Loans        Balance

0-29 Days         0.000000%       0.000000%
30 Days           1.098901%       1.394678%
60 Days           0.156986%       0.328687%
90 Days           0.000000%       0.000000%
120 Days          0.000000%       0.000000%
150 Days          0.000000%       0.000000%
180+ Days         0.000000%       0.000000%
                  --------    ------------
                  1.255887%       1.723364%
</TABLE>



                      BANKRUPTCY

<TABLE>
<CAPTION>
                  1.183654%
                   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                  7    3,144,836.39
60 Days                  1      741,150.74
90 Days                  0            0.00
120 Days                 0            0.00
150 Days                 0            0.00
180+ Days                0            0.00
                  --------    ------------
                         8    3,885,987.13

                   No. of       Principal
                   Loans         Balance

0-29 Days         0.000000%       0.000000%
30 Days           1.098901%       1.394678%
60 Days           0.156986%       0.328687%
90 Days           0.000000%       0.000000%
120 Days          0.000000%       0.000000%
150 Days          0.000000%       0.000000%
180+ Days         0.000000%       0.000000%
                  --------    ------------
                  1.255887%       1.723364%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                             Mixed Arm
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         4.020054%
Weighted Average Net Coupon                                                           3.644717%
Weighted Average Pass-Through Rate                                                    3.635789%
Weighted Average Maturity (Stepdown Calculation)                                           333

Beginning Scheduled Collateral Loan Count                                                2,155
Number of Loans Paid in Full                                                                52
Ending Scheduled Collateral Loan Count                                                   2,103

Beginning Scheduled Collateral Balance                                          715,668,441.52
Ending Scheduled Collateral Balance                                             695,352,157.67
Ending Actual Collateral Balance at 28-Feb-2005                                 695,353,382.00

Monthly P&I Constant                                                              2,400,506.51
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realization Loss Amount                                                                   0.00
Cumulative Realized Loss                                                                  0.00

Class A Optimal Amount                                                           22,375,207.31

Ending Scheduled Balance for Premium Loans                                      695,352,157.67

Scheduled Principal                                                                   2,985.10
Unscheduled Principal                                                            20,313,298.75
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                   GROUP                            GROUP ONE                   GROUP TWO                TOTAL
<S>                                              <C>                          <C>                     <C>
Collateral Description                           6 Month LIBOR ARM                 Mixed ARM               Mixed ARM
Weighted Average Coupon Rate                              3.976036                  4.110467                4.020054
Weighted Average Net Rate                                 3.600536                  3.735467                3.644717
Pass-Through Rate                                         3.591863                  3.726013                3.635789
Weighted Average Maturity                                      335                       328                     333
Record Date                                             02/28/2005                02/28/2005              02/28/2005
Principal and Interest Constant                       1,595,519.85                804,986.66            2,400,506.51
Beginning Loan Count                                         1,499                       656                   2,155
Loans Paid in Full                                              33                        19                      52
Ending Loan Count                                            1,466                       637                   2,103
Beginning Scheduled Balance                         481,333,140.58            234,335,300.94          715,668,441.52
Ending Scheduled Balance                            469,864,116.55            225,488,041.12          695,352,157.67
Scheduled Principal                                         688.10                  2,297.00                2,985.10
Unscheduled Principal                                11,468,335.93              8,844,962.82           20,313,298.75
Scheduled Interest                                    1,594,831.75                802,689.66            2,397,521.41
Servicing Fee                                           150,617.52                 73,229.81              223,847.33
Master Servicing Fee                                      3,008.32                  1,464.57                4,472.89
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                                                   470.22                    381.61                  851.83
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                                          1,440,735.69                727,613.67            2,168,349.36
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
Six-Month Libor Loan Balance                                   469,864,116.55
Interest Transfer Amount                                                 0.00
Principal Transfer Amount                                                0.00
Prorata Senior Percentage                                           94.900482%
Senior Percentage                                                  100.000000%
Senior Prepayment Percentage                                       100.000000%
Subordinate Percentage                                               0.000000%
Subordinate Prepayment Percentage                                    0.000000%

Group Two
One-Month Libor Loan Balance                                   129,060,524.62
Six-Month Libor Loan Balance                                    96,427,516.50
Interest Transfer Amount                                                 0.00
Principal Transfer Amount                                                0.00
Prorata Senior Percentage                                           95.058458%
Senior Percentage                                                  100.000000%
Senior Prepayment Percentage                                       100.000000%
Subordinate Percentage                                               0.000000%
Subordinate Prepayment Percentage                                    0.000000%
</TABLE>