<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 2005-1
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning                                    Current
                        Class      Pass-Through     Certificate       Interest       Principal    Realized
Class      CUSIP     Description       Rate           Balance       Distribution   Distribution     Loss
-----    ---------   -----------   ------------   --------------    ------------   ------------   --------
<S>      <C>         <C>           <C>            <C>               <C>            <C>            <C>
  A-1    81744FGM#       SEN         2.82813%     295,834,629.68      697,215.66   5,321,355.47     0.00
  A-2    81744FGN1       SEN         3.16875%      99,159,895.24      261,844.10     752,183.24     0.00
  X-A    81744FGP6        IO         0.61224%               0.00      201,526.69           0.00     0.00
  X-B    81744FGS0        IO         0.33215%               0.00        3,069.73           0.00     0.00
  B-1    81744FGQ4       SUB         3.01813%       7,067,000.00       17,774.27           0.00     0.00
  B-2    81744FGR2       SUB         3.29813%       3,949,000.00       10,853.60           0.00     0.00
  B-3    81744FGU5       SUB         3.84813%       2,495,000.00        8,000.90           0.00     0.00
  B-4    81744FGV3       SUB         3.52588%       1,455,000.00        4,275.13           0.00     0.00
  B-5    81744FGW1       SUB         3.52588%         831,000.00        2,441.67           0.00     0.00
  B-6    81744FGX9       SUB         3.52588%       1,871,544.03        5,499.04           0.00     0.00
  A-R    81744FGT8       RES         3.65457%               0.00            0.59           0.00     0.00
                                                  --------------    ------------   ------------     ----
Totals                                            412,663,068.95    1,212,501.38   6,073,538.71     0.00
                                                  --------------    ------------   ------------     ----

<CAPTION>
                        Ending                       Cumulative
                      Certificate        Total        Realized
Class      CUSIP        Balance       Distribution      Loss
-----    ---------   --------------   ------------   ----------
<S>      <C>         <C>              <C>            <C>
  A-1    81744FGM#   290,513,274.21   6,018,571.13      0.00
  A-2    81744FGN1    98,407,712.00   1,014,027.34      0.00
  X-A    81744FGP6             0.00     201,526.69      0.00
  X-B    81744FGS0             0.00       3,069.73      0.00
  B-1    81744FGQ4     7,067,000.00      17,774.27      0.00
  B-2    81744FGR2     3,949,000.00      10,853.60      0.00
  B-3    81744FGU5     2,495,000.00       8,000.90      0.00
  B-4    81744FGV3     1,455,000.00       4,275.13      0.00
  B-5    81744FGW1       831,000.00       2,441.67      0.00
  B-6    81744FGX9     1,871,544.03       5,499.04      0.00
  A-R    81744FGT8             0.00           0.59      0.00
                     --------------   ------------      ----
Totals               406,589,530.24   7,286,040.09      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         298,055,000.00     295,834,629.68       1.41        5,321,354.06       0.00        0.00
 A-2         100,000,000.00      99,159,895.24       0.00          752,183.24       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           7,067,000.00       7,067,000.00       0.00                0.00       0.00        0.00
 B-2           3,949,000.00       3,949,000.00       0.00                0.00       0.00        0.00
 B-3           2,495,000.00       2,495,000.00       0.00                0.00       0.00        0.00
 B-4           1,455,000.00       1,455,000.00       0.00                0.00       0.00        0.00
 B-5             831,000.00         831,000.00       0.00                0.00       0.00        0.00
 B-6           1,871,544.03       1,871,544.03       0.00                0.00       0.00        0.00
 A-R                 100.00               0.00       0.00                0.00       0.00        0.00
             --------------     --------------       ----        ------------       ----        ----
Totals       415,723,644.03     412,663,068.95       1.41        6,073,357.30       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         5,321,355.47      290,513,274.21          0.97469687       5,321,355.47
 A-2           752,183.24       98,407,712.00          0.98407712         752,183.24
 X-A                 0.00                0.00          0.00000000               0.00
 X-B                 0.00                0.00          0.00000000               0.00
 B-1                 0.00        7,067,000.00          1.00000000               0.00
 B-2                 0.00        3,949,000.00          1.00000000               0.00
 B-3                 0.00        2,495,000.00          1.00000000               0.00
 B-4                 0.00        1,455,000.00          1.00000000               0.00
 B-5                 0.00          831,000.00          1.00000000               0.00
 B-6                 0.00        1,871,544.03          1.00000000               0.00
 A-R                 0.00                0.00          0.00000000               0.00
             ------------      --------------         -----------    ---------------
Totals       6,073,538.71      406,589,530.24          0.97802840       6,073,538.71
             ------------      --------------         -----------    ---------------
</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         298,055,000.00      992.55046780     0.00000473      17.85359769    0.00000000    0.00000000
A-2         100,000,000.00      991.59895240     0.00000000       7.52183240    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           7,067,000.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000
B-2           3,949,000.00        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000
B-3           2,495,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
B-4           1,455,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
B-5             831,000.00     1000.00000000     0.00000000       0.00000000    0.00000000    0.00000000
B-6           1,871,544.03     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          17.85360242        974.69686538          0.97469687      17.85360242
A-2           7.52183240        984.07712000          0.98407712       7.52183240
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       298,055,000.00    2.82813%    295,834,629.68     697,215.66          0.00          0.00           0.00         0.00
 A-2       100,000,000.00    3.16875%     99,159,895.24     261,844.10          0.00          0.00           0.00         0.00
 X-A                 0.00    0.61224%    394,994,524.92     201,526.69          0.00          0.00           0.00         0.00
 X-B                 0.00    0.33215%     13,511,000.00       3,739.73          0.00          0.00           0.00         0.00
 B-1         7,067,000.00    3.01813%      7,067,000.00      17,774.27          0.00          0.00           0.00         0.00
 B-2         3,949,000.00    3.29813%      3,949,000.00      10,853.60          0.00          0.00           0.00         0.00
 B-3         2,495,000.00    3.84813%      2,495,000.00       8,000.90          0.00          0.00           0.00         0.00
 B-4         1,455,000.00    3.52588%      1,455,000.00       4,275.13          0.00          0.00           0.00         0.00
 B-5           831,000.00    3.52588%        831,000.00       2,441.67          0.00          0.00           0.00         0.00
 B-6         1,871,544.03    3.52588%      1,871,544.03       5,499.04          0.00          0.00           0.00         0.00
 A-R               100.00    3.65457%              0.00           0.00          0.00          0.00           0.00         0.00
           --------------                                 ------------          ----          ----           ----         ----
Totals     415,723,644.03                                 1,213,170.79          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          697,215.66          0.00     290,513,274.21
 A-2          261,844.10          0.00      98,407,712.00
 X-A          201,526.69          0.00     388,920,986.21
 X-B            3,069.73          0.00      13,511,000.00
 B-1           17,774.27          0.00       7,067,000.00
 B-2           10,853.60          0.00       3,949,000.00
 B-3            8,000.90          0.00       2,495,000.00
 B-4            4,275.13          0.00       1,455,000.00
 B-5            2,441.67          0.00         831,000.00
 B-6            5,499.04          0.00       1,871,544.03
 A-R                0.59          0.00               0.00
            ------------          ----
Totals      1,212,501.38          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>
                                           Beginning                        Payment of
                             Current     Certificate/        Current          Unpaid        Current     Non-Supported
Class       Original Face  Certificate     Notional          Accrued         Interest       Interest      Interest       Realized
 (5)            Amount        Rate          Balance          Interest        Shortfall      Shortfall     Shortfall      Loss (6)
-----      --------------  -----------   -------------    ------------      ----------     ----------   -------------   ----------
<S>        <C>             <C>           <C>              <C>               <C>            <C>          <C>             <C>
A-1        298,055,000.00    2.82813%     992.55046780      2.33921813      0.00000000     0.00000000     0.00000000    0.00000000
A-2        100,000,000.00    3.16875%     991.59895240      2.61844100      0.00000000     0.00000000     0.00000000    0.00000000
X-A                  0.00    0.61224%     992.31142661      0.50627850      0.00000000     0.00000000     0.00000000    0.00000000
X-B                  0.00    0.33215%    1000.00000000      0.27679150      0.00000000     0.00000000     0.00000000    0.00000000
B-1          7,067,000.00    3.01813%    1000.00000000      2.51510825      0.00000000     0.00000000     0.00000000    0.00000000
B-2          3,949,000.00    3.29813%    1000.00000000      2.74844264      0.00000000     0.00000000     0.00000000    0.00000000
B-3          2,495,000.00    3.84813%    1000.00000000      3.20677355      0.00000000     0.00000000     0.00000000    0.00000000
B-4          1,455,000.00    3.52588%    1000.00000000      2.93823368      0.00000000     0.00000000     0.00000000    0.00000000
B-5            831,000.00    3.52588%    1000.00000000      3.93823105      0.00000000     0.00000000     0.00000000    0.00000000
B-6          1,871,544.03    3.52588%    1000.00000000      2.93823704      0.00000000     0.00000000     0.00000000    0.00000000
A-R                100.00    3.56457%       0.00000000      0.00000000      0.00000000     0.00000000     0.00000000    0.00000000

<CAPTION>
                              Remaining       Ending
                                Unpaid      Certificate/
Class      Total Interest      Interest     Notational
 (5)        Distribution      Shortfall       Balance
-----      --------------     ----------   -------------
<S>        <C>                <C>          <C>
A-1          2.33921813       0.00000000    974.69686538
A-2          2.61844100       0.00000000    984.07712000
X-A          0.50627850       0.00000000    977.05338762
X-B          0.22720228       0.00000000   1000.00000000
B-1          2.51510825       0.00000000   1000.00000000
B-2          2.74844264       0.00000000   1000.00000000
B-3          3.20677355       0.00000000   1000.00000000
B-4          2.93823368       0.00000000   1000.00000000
B-5          2.93823105       0.00000000   1000.00000000
B-6          2.93823704       0.00000000   1000.00000000
A-R          5.90000000       0.00000000      0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                         7,381,692.40
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             39,486.97
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      7,421,179.37

Withdrawals
         Reimbursement for Servicer Advances                            1,815.13
         Payment of Service Fee                                       133,324.15
         Payment of Interest and Principal                          7,286,040.90
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        7,421,179.37

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                                          129,025.58
Master Servicing Fee                                           4,298.57
Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                             ----------

Net Servicing Fee                                            133,324.15
                                                             ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                            Beginning     Current     Current    Ending
     Account Type            Balance    Withdrawals   Deposits   Balance
-----------------------     ---------   -----------   --------   --------
<S>                         <C>         <C>           <C>        <C>
X-A Pool 1 Reserve Fund     4,500.00         0.00         0.00   4,500.00
X-A Pool 2 Reserve Fund     4,500.00         0.00         0.00   4,500.00
X-B Reserve Fund            1,000.00       670.01       670.01   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                                    32                 12,904,462.84
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
                                     --------                 -------------
                                           32                 12,904,462.84

                                      No. of                    Principal
                                       Loans                     Balance
0-29 Days                            0.000000%                     0.000000%
30 Days                              2.702703%                     3.173795%
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%
                                     --------                 -------------
                                     2.702703%                     3.173795%
</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                                    32                  12,904,462.84
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
                                     --------                  -------------
                                           32                  12,904,462.84

                                      No. of                     Principal
                                       Loans                      Balance
0-29 Days                            0.000000%                      0.000000%
30 Days                              2.702703%                      3.173795%
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%
                                     --------                  -------------
                                     2.702703%                      3.173795%
</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 39,486.97
</TABLE>

<TABLE>
<CAPTION>
                Original $       Original%     Current $     Current %    Current Class %  Prepayment %
              -------------     ----------   -------------  ----------    ---------------  ------------
<S>           <C>               <C>          <C>            <C>           <C>              <C>
Class A       17,668,544.03     4.25006956%  17,668,544.03  4.34554820%      95.654452%      0.000000%
Class B-1     10,601,544.03     2.55014219%  10,601,544.03  2.60743163%       1.738117%     39.997636%
Class B-2      6,652,544.03     1.60023230%   6,652,544.03  1.63618183%       0.971250%     22.350455%
Class B-3      4,157,544.03     1.00007399%   4,157,544.03  1.02254085%       0.613641%     14.121141%
Class B-4      2,702,544.03     0.65008187%   2,702,544.03  0.66468608%       0.357855%      8.234974%
Class B-5      1,871,544.03     0.45018946%   1,871,544.03  0.46030306%       0.204383%      4.703274%
Class B-6              0.00     0.00000000%           0.00  0.00000000%       0.460303%     10.592520%
</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              24    9,377,999.39
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
               --------    ------------
                     24    9,377,999.39

                 No. of     Principal
                 Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        2.733485%       3.087457%
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%
               --------    ------------
               2.733485%       3.087457%
</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              24   9,377,999.39
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
               --------   ------------
                     24   9,377,999.39

                No. of     Principal
                Loans       Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.733485%      3.087457%
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%
               --------   ------------
               2.733485%      3.087457%
</TABLE>

                 DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of     Principal
                Loans       Balance
<S>            <C>        <C>
0-29 Days             0           0.00
30 Days               8   3,526,463.45
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
               --------   ------------
                      8   3,526,463.45

                No. of     Principal
                Loans       Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.614379%      3.428779%
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%
               --------   ------------
               2.614379%      3.428779%
</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            8    3,526,463.45
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
            --------    ------------
                   8    3,526,463.45

             No. of       Principal
             Loans        Balance

0-29 Days   0.000000%       0.000000%
30 Days     2.614379%       3.428779%
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%
            --------    ------------
            2.614379%       3.428779%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
            Collateral Description                        Mixed ARM
<S>                                                    <C>
Weighted Average Gross Coupon                                3.913581%
Weighted Average Net Coupon                                  3.538383%
Weighted Average Pass-Through Rate                           3.525883%
Weighted Average Maturity (Stepdown Calculation)                  334

Beginning Scheduled Collateral Loan Count                       1,197
Number of Loans Paid in Full                                       13
Ending Scheduled Collateral Loan Count                          1,184

Beginning Scheduled Collateral Balance                 412,663,068.95
Ending Scheduled Collateral Balance                    406,589,530.24
Ending Actual Collateral Balance at 28-Feb-2005        406,594,088.49

Monthly P&I Constant                                     1,345,826.82
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   7,233,455.15

Scheduled Principal                                              1.41
Unscheduled Principal                                    6,073,537.30
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                   <C>
Pro Rata Senior Percent               95.718409%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                    POOL ONE          POOL TWO           TOTAL
-------------------------------    --------------   -----------------  --------------
<S>                                <C>              <C>                <C>
Collateral Description                  Mixed ARM   6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate             3.911611            3.919460        3.913581
Weighted Average Net Rate                3.536480            3.544059        3.538383
Pass-Through Rate                        3.523980            3.531559        3.525883
Weighted Average Maturity                     333                 338             334
Record Date                            02/28/2005          02/28/2005      02/28/2005
Principal and Interest Constant      1,007,451.28          338,375.54    1,345,826.82
Beginning Loan Count                          889                 308           1,197
Loans Paid in Full                             11                   2              13
Ending Loan Count                             878                 306           1,184
Beginning Scheduled Balance        309,064,435.66      103,598,633.29  412,663,068.95
Ending Scheduled Balance           303,743,080.19      102,846,450.05  406,589,530.24
Scheduled Principal                          1.41                0.00            1.41
Unscheduled Principal                5,321,354.06          752,183.24    6,073,537.30
Scheduled Interest                   1,007,449.87          338,375.54    1,345,825.41
Servicing Fee                           96,616.39           32,409.19      129,025.58
Master Servicing Fee                     3,219.42            1,079.15        4,298.57
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                           907,614.06          304,887.20    1,212,501.26
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         155,832,493.22
Six Month Libor Loan Balance         147,910,586.97
Senior Percent                           100.000000%
Senior Prepayment Percent                100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepayment Percent             0.000000%
Principal Transfer Amount                      0.00
Interest Transfer Amount                       0.00

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