<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 2004-8
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate   Certificate     Beginning
                        Class     Pass-Through    Certificate     Interest      Principal
Class       CUSIP    Description      Rate          Balance     Distribution   Distribution
------    ---------  -----------  ------------  --------------  ------------  -------------
<S>       <C>        <C>          <C>           <C>             <C>           <C>
  A-1     81744FDJ3      SEN          2.94813%  332,174,554.68    816,078.14   4,669,602.28
  A-2     81744FDK0      SEN          3.45000%  378,988,578.00  1,089,592.16  11,745,511.20
  X-A     81744FDL8       IO          0.68998%            0.00    408,906.82           0.00
  X-B     81744FDM6       IO          0.66096%            0.00     13,549.62           0.00
  B-1     81744FDP9      SUB          3.11813%   16,400,000.00     42,614.44           0.00
  B-2     81744FDQ7      SUB          3.49813%    8,200,000.00     23,903.89           0.00
  B-3     81744FDR5      SUB          3.90575%    4,100,000.00     13,344.66           0.00
  B-4     81744FDS3      SUB          3.90575%    2,460,000.00      8,006.79           0.00
  B-5     81744FDT1      SUB          3.90575%    2,050,000.00      6,672.33           0.00
  B-6     81744FDU8      SUB          3.90575%    3,690,645.34     12,012.29           0.00
  A-R     81744FDN4      SEN          3.09244%            0.00          0.52           0.00
                                      -------   --------------  ------------  -------------
Totals                                          748,063,778.02  2,434,681.66  16,415,113.48
                                                --------------  ------------  -------------

<CAPTION>
                                            Ending
                             Current      Certificate        Total       Cumulative
Class       CUSIP         Realized Loss     Balance      Distribution   Realized Loss
------    ---------       -------------  --------------  -------------  -------------
<S>       <C>             <C>            <C>             <C>            <C>
  A-1     81744FDJ3           0.00       327,504,952.40   5,485,680.42       0.00
  A-2     81744FDK0           0.00       367,243,066.80  12,835,103.36       0.00
  X-A     81744FDL8           0.00                 0.00     408,906.82       0.00
  X-B     81744FDM6           0.00                 0.00      13,549.62       0.00
  B-1     81744FDP9           0.00        16,400,000.00      42,614.44       0.00
  B-2     81744FDQ7           0.00         8,200,000.00      23,903.89       0.00
  B-3     81744FDR5           0.00         4,100,000.00      13,344.66       0.00
  B-4     81744FDS3           0.00         2,460,000.00       8,006.79       0.00
  B-5     81744FDT1           0.00         2,050,000.00       6,672.33       0.00
  B-6     81744FDU8           0.00         3,690,645.34      12,012.29       0.00
  A-R     81744FDN4           0.00                 0.00           0.52       0.00
                              ----       --------------  -------------       ----
Totals                        0.00       731,648,664.54  18,849,795.14       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   365,049,000.00  332,174,554.68       0.00      4,669,602.28    0.00       0.00
  A-2   418,050,000.00  378,988,578.00     188.75     11,745,322.45    0.00       0.00
  X-A             0.00            0.00       0.00              0.00    0.00       0.00
  X-B             0.00            0.00       0.00              0.00    0.00       0.00
  B-1    16,400,000.00   16,400,000.00       0.00              0.00    0.00       0.00
  B-2     8,200,000.00    8,200,000.00       0.00              0.00    0.00       0.00
  B-3     4,100,000.00    4,100,000.00       0.00              0.00    0.00       0.00
  B-4     2,460,000.00    2,460,000.00       0.00              0.00    0.00       0.00
  B-5     2,050,000.00    2,050,000.90       0.00              0.00    0.00       0.00
  B-6     3,690,645.34    3,690,645.34       0.00              0.00    0.00       0.00
  A-R           100.00            0.00       0.00              0.00    0.00       0.00
        --------------  --------------     ------     -------------    ----       ----
Totals  819,999,745.34  748,063,778.02     188.75     16,414,924.73    0.00       0.00
        --------------  --------------     ------     -------------    ----       ----

<CAPTION>
              Total         Ending         Ending
            Principal     Certificate    Certificate  Total Principal
Class       Reduction       Balance       Percentage    Distribution
------    -------------  --------------  -----------  ---------------
<S>       <C>            <C>             <C>          <C>
  A-1      4,669,602.28  357,504,952.40   0.89715340     4,669,602.28
  A-2     11,745,511.20  367,243,066.80   0.87846685    11,745,511.20
  X-A              0.00            0.00   0.00000000             0.00
  X-B              0.00            0.00   0.00000000             0.00
  B-1              0.00   16,400,000.00   1.00000000             0.00
  B-2              0.00    8,200,000.00   1.00000000             0.00
  B-3              0.00    4,100,000.00   1.00000000             0.00
  B-4              0.00    2,460,000.00   1.00000000             0.00
  B-5              0.00    2,050,000.00   1.00000000             0.00
  B-6              0.00    3,690,645.34   1.00000000             0.00
  A-R              0.00            0.00   0.00000000             0.00
          -------------  --------------   ----------    -------------
Totals    16,415,113.48  731,648,664.54   0.89225475    16,415,113.48
          -------------  --------------   ----------    -------------
</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    365,049,000.00   909.94511608   0.00000000    12.79171366  0.00000000  0.00000000
A-2    418,050,000.00   906.56279871   0.00045150    28.09549683  0.00000000  0.00000000
X-A              0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
X-B              0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-1     16,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-2      8,200,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-3      4,100,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-4      2,460,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-5      2,050,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
B-6      3,690,645.34  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        Ending        Ending
          Principal    Certificate   Certificate  Total Principal
Class     Reduction      Balance      Percentage   Distribution
-----    -----------  -------------  -----------  ---------------
<S>      <C>          <C>            <C>          <C>
A-1      12.79171366   897.15340242   0.89715340   12.79171366
A-2      28.09594833   878.46685038   0.87846685   28.09594833
X-A       0.00000000     0.00000000   0.00000000    0.00000000
X-B       0.00000000     0.00000000   0.00000000    0.00000000
B-1       0.00000000  1000.00000000   1.00000000    0.00000000
B-2       0.00000000  1000.00000000   1.00000000    0.00000000
B-3       0.00000000  1000.00000000   1.00000000    0.00000000
B-4       0.00000000  1000.00000000   1.00000000    0.00000000
B-5       0.00000000  1000.00000000   1.00000000    0.00000000
B-6       0.00000000  1000.00000000   1.00000000    0.00000000
A-R       0.00000000     0.00000000   0.00000000    0.00000000
         -----------  -------------   ----------   -----------
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                  Payment of
                          Current     Certificate/     Current       Unpaid     Current   Non-Supported
        Original Face   Certificate     Notional       Accrued      Interest    Interest    Interest     Realized
Class       Amount         Rate         Balance        Interest    Shortfall   Shortfall   Shortfall     Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  -------------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>            <C>
  A-1   365,049,000.00    2.94813%   332,174,554.68    816,078.14     0.00       0.00         0.00         0.00
  A-2   418,050,000.00    3.45000%   378,988,578.00  1,089,592.16     0.00       0.00         0.00         0.00
  X-A             0.00    0.68998%   711,163,132.68    408,906.82     0.00       0.00         0.00         0.00
  X-B             0.00    0.66096%    24,600,000.00     13,549.62     0.00       0.00         0.00         0.00
  B-1    16,400,000.00    3.11813%    16,400,000.00     42,614.44     0.00       0.00         0.00         0.00
  B-2     8,200,000.00    3.49813%     8,200,000.00     23,903.89     0.00       0.00         0.00         0.00
  B-3     4,100,000.00    3.90575%     4,100,000.00     13,344.66     0.00       0.00         0.00         0.00
  B-4     2,460,000.00    3.90575%     2,460,000.00      8,006.79     0.00       0.00         0.00         0.00
  B-5     2,050,000.00    3.90575%     2,050,000.00      6,672.33     0.00       0.00         0.00         0.00
  B-6     3,690,645.34    3.90575%     3,690,645.34     12,012.29     0.00       0.00         0.00         0.00
  A-R           100.00    3.09244%             0.00          0.00     0.00       0.00         0.00         0.00
        --------------    -------    --------------  ------------     ----       ----         ----         ----
Totals  819,999,745.34                               2,434,681.14     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         816,078.14    0.00     327,504,952.40
  A-2       1,089,592.16    0.00     367,243,066.80
  X-A         408,906.82    0.00     694,748,019.20
  X-B          13,549.62    0.00      24,600,000.00
  B-1          42,614.44    0.00      16,400,000.00
  B-2          23,903.89    0.00       8,200,000.00
  B-3          13,344.66    0.00       4,100,000.00
  B-4           8,006.79    0.00       2,460,000.00
  B-5           6,672.33    0.00       2,050,000.00
  B-6          12,012.29    0.00       3,690,645.34
  A-R               0.52    0.00               0.00
          --------------    ----     --------------
Totals      2,434,681.66    0.00
          --------------    ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of
                         Current       Beginning                         Unpaid     Current    Non-Supported
Class   Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest     Interest      Realized
 (5)       Amount         Rate      Notional Balance      Interest      Shortfall   Shortfall    Shortfall     Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  -------------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>            <C>
A-1    365,049,000.00    2.94813%     909.94511608       2.23553041    0.00000000  0.00000000    0.00000000   0.00000000
A-2    418,050,000.00    3.45000%     906.56279871       2.60636804    0.00000000  0.00000000    0.00000000   0.00000000
X-A              0.00    0.68998%     908.13949792       0.52216491    0.00000000  0.00000000    0.00000000   0.00000000
X-B              0.00    0.66096%    1000.00000000       0.55079756    0.00000000  0.00000000    0.00000000   0.00000000
B-1     16,400,000.00    3.11813%    1000.00000000       2.59844146    0.00000000  0.00000000    0.00000000   0.00000000
B-2      8,200,000.00    3.49813%    1000.00000000       2.91510854    0.00000000  0.00000000    0.00000000   0.00000000
B-3      4,100,000.00    3.90575%    1000.00000000       3.25479512    0.00000000  0.00000000    0.00000000   0.00000000
B-4      2,460,000.00    3.90575%    1000.00000000       3.25479268    0.00000000  0.00000000    0.00000000   0.00000000
B-5      2,050,000.00    3.90575%    1000.00000000       3.25479512    0.00000000  0.00000000    0.00000000   0.00000000
B-6      3,690,645.34    3.90575%    1000.00000000       3.25479392    0.00000000  0.00000000    0.00000000   0.00000000
A-R            100.00    3.09244%       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       2.23553041   0.00000000      897.15340242
A-2       2.60636804   0.00000000      878.46685038
X-A       0.52216491   0.00000000      887.17776322
X-B       0.55079756   0.00000000     1000.00000000
B-1       2.59844146   0.00000000     1000.00000000
B-2       2.91510854   0.00000000     1000.00000000
B-3       3.25479512   0.00000000     1000.00000000
B-4       3.25479268   0.00000000     1000.00000000
B-5       3.25479512   0.00000000     1000.00000000
B-6       3.25479392   0.00000000     1000.00000000
A-R       5.20000000   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                                  19,018,789.89
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       70,314.39
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               19,089,104.28

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 239,309.14
         Payment of Interest and Principal                                   18,849,795.14
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 19,089,104.28

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                                                   234,633.74
Master Servicing Fee                                                    4,675.40
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     239,309.14
                                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning    Current      Current   Ending
          Account Type               Balance   Withdrawals   Deposits   Balance
---------------------------------   ---------  -----------   --------  --------
<S>                                 <C>        <C>           <C>       <C>
Class X-A Pool 1 Comp Sub Account   4,500.00      0.00         0.00    4,500.00
Class X-A Pool 2 Comp 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

<TABLE>
<CAPTION>
                   DELINQUENT
              No. of
              Loans      Principal Balance
<S>           <C>        <C>
0-29 Days            0             0.00
30 Days             48    19,421,973.75
60 Days              1     1,199,750.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
                   ---    -------------
                    49    20,621,723.75

              No. of
               Loans     Principal Balance
0-29 Days     0.000000%        0.000000%
30 Days       2.252464%        2.654542%
60 Days       0.046926%        0.163979%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------         --------
              2.299390%        2.818520%

</TABLE>

<TABLE>
<CAPTION>
                   BANKRUPTCY
              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>

<TABLE>
<CAPTION>
                   FORECLOSURE
               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            1      160,000.00
150 Days            2      252,300.16
180+ Days           0            0.00
                   --      ----------
                    3      412,300.16

               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     0.046926%       0.021868%
150 Days     0.093853%       0.034484%
180+ Days    0.000000%       0.000000%
             --------        --------
             0.140779%       0.056352%
</TABLE>

<TABLE>
<CAPTION>
                      REO
               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>

<TABLE>
<CAPTION>
                    TOTAL
               No. of
               Loans     Principal Balance
<S>          <C>         <C>
0-29 Days            0              0.00
30 Days             48     19,421,973.75
60 Days              1      1,199,750.00
90 Days              0              0.00
120 Days             1        160,000.00
150 Days             2        252,300.16
180+ Days            0              0.00
                    --     -------------
                    52     21,034,023.91

               No. of
               Loans     Principal Balance
0-29 Days    0.000000%          0.000000%
30 Days      2.252464%          2.654542%
60 Days      0.046926%          0.163979%
90 Days      0.000000%          0.000000%
120 Days     0.046926%          0.021868%
150 Days     0.093853%          0.034484%
180+ Days    0.000000%          0.000000%
             --------           --------
             2.440169%          2.874872%
</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  0.00
</TABLE>

<TABLE>
<CAPTION>
               Original $     Original%     Current $      Current %   Current Class %  Prepayment %
             -------------   -----------  -------------   -----------  ---------------  ------------
<S>          <C>             <C>          <C>             <C>          <C>              <C>
Class A      36,900,645.34   4.50008061%  36,900,645.34   5.04349248%    94.956508%      0.000000%
Class B-1    20,500,645.34   2.50007976%  20,500,645.34   2.80197947%     2.241513%     44.443667%
Class B-2    12,300,645.34   1.50007934%  12,300,645.34   1.68122296%     1.120757%     22.221834%
Class B-3     8,200,645.34   1.00007912%   8,200,645.34   1.12084471%     0.560378%     11.110917%
Class B-4     5,740,645.34   0.70007900%   5,740,645.34   0.78461776%     0.336227%      6.666550%
Class B-5     3,690,645.34   0.45007889%   3,690,645.34   0.50442863%     0.280189%      5.555458%
Class B-6             0.00   0.00000000%           0.00   0.00000000%     0.504429%     10.001574%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
                            DELINQUENT
                       No. of
POOL ONE               Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days                   0                 0.00
30 Days                    20         9,714,269.96
60 Days                     1         1,199,750.00
90 Days                     0                 0.00
120 Days                    0                 0.00
150 Days                    0                 0.00
180+ Days                   0                 0.00
                           --        -------------
                           21        10,914,019.96

                       No. of
                       Loans       Principal Balance
0-29 Days            0.000000%            0.000000%
30 Days              2.057613%            2.818128%
60 Days              0.102881%            0.348050%
90 Days              0.000000%            0.000000%
120 Days             0.000000%            0.000000%
150 Days             0.000000%            0.000000%
180+ Days            0.000000%            0.000000%
                     --------             --------
                     2.160494%            3.166177%
</TABLE>

<TABLE>
<CAPTION>
                         BANKRUPTCY
                   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>

<TABLE>
<CAPTION>
                          FORECLOSURE
                     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>

<TABLE>
<CAPTION>
                             REO
                    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>

<TABLE>
<CAPTION>
                           TOTAL
                     No. of       Principal Balance
                     Loans
<S>                <C>            <C>
0-29 Days                 0                   0.00
30 Days                  20           9,714,269.96
60 Days                   1           1,199,750.00
90 Days                   0                   0.00
120 Days                  0                   0.00
150 Days                  0                   0.00
180+ Days                 0                   0.00
                         --          -------------
                         21          10,914,019.96

                     No. of       Principal Balance
                     Loans
0-29 Days          0.000000%             0.000000%
30 Days            2.057613%             2.818128%
60 Days            0.102881%             0.348050%
90 Days            0.000000%             0.000000%
120 Days           0.000000%             0.000000%
150 Days           0.000000%             0.000000%
180+ Days          0.000000%             0.000000%
                   --------              --------
                   2.160494%             3.166177%
</TABLE>

<TABLE>
<CAPTION>
                           DELINQUENT
                      No. of
POOL TWO              Loans        Principal Balance
<S>                  <C>           <C>
0-29 Days                   0                 0.00
30 Days                    28         9,707,703.79
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
                           --         ------------
                           28         9,707,703.79

                      No. of
                      Loans        Principal Balance
0-29 Days            0.000000%            0.000000%
30 Days              2.415876%            2.508812%
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%
                     --------             --------
                     2.415876%            2.508812%
</TABLE>

<TABLE>
<CAPTION>
                          BANKRUPTCY
                  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>

<TABLE>
<CAPTION>
                          FORECLOSURE
                     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                  1         160,000.00
150 Days                  2         252,300.16
180+ Days                 0               0.00
                         --         ----------
                          3         412,300.16

                     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           0.086281%          0.041350%
150 Days           0.172563%          0.065203%
180+ Days          0.000000%          0.000000%
                   --------           --------
                   0.258844%          0.106553%
</TABLE>

<TABLE>
<CAPTION>
                             REO
                    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>

<TABLE>
<CAPTION>
                             TOTAL
                     No. of
                     Loans        Principal Balance
<S>                <C>            <C>
0-29 Days                 0                  0.00
30 Days                  28          9,707,703.79
60 Days                   0                  0.00
90 Days                   0                  0.00
120 Days                  1            160,000.00
150 Days                  2            252,300.16
180+ Days                 0                  0.00
                         --         -------------
                         31         10,120,003.95

                     No. of
                     Loans        Principal Balance
0-29 Days          0.000000%             0.000000%
30 Days            2.415876%             2.508812%
60 Days            0.000000%             0.000000%
90 Days            0.000000%             0.000000%
120 Days           0.086281%             0.041350%
150 Days           0.172563%             0.065203%
180+ Days          0.000000%             0.000000%
                   --------              --------
                   2.674720%             2.615365%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                                    Mixed Arm
<S>                                                 <C>
Weighted Average Gross Coupon                             4.289458%
Weighted Average Net Coupon                               3.913073%
Weighted Average Pass-Through Rate                        3.905573%
Weighted Average Maturity (Stepdown Calculation)               335

Beginning Scheduled Collateral Loan Count                    2,164
Number of Loans Paid in Full                                    33
Ending Scheduled Collateral Loan Count                       2,131

Beginning Scheduled Collateral Balance              748,063,778.02
Ending Scheduled Collateral Balance                 731,648,664.54
Ending Actual Collateral Balance at 28-Feb-2005     731,650,701.63

Monthly P&I Constant                                  2,674,179.11
Special Servicing Fee                                         0.00
Prepayment Penalties                                          0.00
Realization Loss Amount                                       0.00
Cumulative Realized Loss                                      0.00

Class A Optimal Amount                               18,729,690.60

Scheduled Principal                                         188.75
Unscheduled Principal                                16,414,924.73
</TABLE>

              MISCELLANEOUS REPORTING

              Rapid Prepay Condition?                NO

<PAGE>


<TABLE>
<CAPTION>
           GROUP                             POOL 1          POOL 2                TOTAL
<S>                                      <C>            <C>                     <C>
Collateral Description                        Mixed ARM 1 Month LIBOR ARM            Mixed ARM
Weighted Average Coupon Rate                   4.180528          4.384915             4.289458
Weighted Average Net Rate                      3.803578          4.009024             3.913073
Pass-Through Rate                              3.796078          4.001524             3.905573
Weighted Average Maturity                           333               337                  335
Record Date                                  02/28/2005        02/28/2005           02/28/2005
Principal and Interest Constant            1,217,147.48      1,457,031.63         2,674,179.11
Beginning Loan Count                                982             1,182                2,164
Loans Paid in Full                                   10                23                   33
Ending Loan Count                                   972             1,159                2,131
Beginning Scheduled Balance              349,376,155.59    398,687,622.43       748,063,778.02
Ending Scheduled Balance                 344,706,553.31    386,942,111.23       731,648,664.54
Scheduled Principal                                0.00            188.75               188.75
Unscheduled Principal                      4,669,602.28     11,745,322.45        16,414,924.73
Scheduled Interest                         1,217,147.48      1,456,842.88         2,673,990.36
Servicing Fee                                109,747.83        124,885.91           234,633.74
Master Servicing Fee                           2,183.60          2,491.80             4,675.40
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                               1,105,216.05      1,329,465.17         2,434,681.22
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 Pool One
One-Month LIBOR Loan Balance             193,337,291.78
Six-Month LIBOR Loan Balance             151,369,261.53
Principal Transfer Amount                          0.00
Interest Transfer Amount                           0.00
Pro Rata Senior Percent                       95.076481%
Senior Percent                               100.000000%
Senior Prepayment Percent                    100.000000%
Subordinate Percent                            0.000000%
Subordinate Prepayment Percent                 0.000000%

Group Pool Two
Principal Transfer Amount                          0.00
Interest Transfer Amount                           0.00
Pro Rata Senior Percent                       95.059028%
Senior Percent                               100.000000%
Senior Prepayment Percent                    100.000000%
Subordinate Percent                            0.000000%
Subordinate Prepayment Percent                 0.000000%
</TABLE>