<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 2004-9
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate     Certificate
                              Class        Pass-Through          Beginning            Interest        Principal
  Class        CUSIP       Description         Rate         Certificate Balance     Distribution     Distribution
--------     ---------     -----------     ------------     -------------------     ------------     ------------
<S>          <C>           <C>             <C>              <C>                     <C>              <C>
    A-1      81744FDV6         SEN           2.93813%         424,380,175.49        1,039,070.10      4,783,049.05
    A-2      81744FDW4         SEN           2.53000%         280,381,389.90          591,137.43      8,761,290.91
    X-A      81744FDX2         IO            0.88010%                   0.00          516,882.43              0.00
    X-B      81744FDY0         IO            0.41603%                   0.00            8,028.26              0.00
    B-1      81744FEA1         SUB           3.10813%          14,915,000.00           38,631.47              0.00
    B-2      81744FEB9         SUB           3.47813%           8,242,000.00           23,888.96              0.00
    B-3      81744FEC7         SUB           3.65585%           4,318,000.00           13,154.95              0.00
    B-4      81744FED5         SUB           3.65585%           2,355,000.00            7,174.60              0.00
    B-5      81744FEE3         SUB           3.65585%           1,962,000.00            5,977.31              0.00
    B-6      81744FEF0         SUB           3.65585%           3,533,134.00           10,763.83              0.00
    A-R      81744FDZ7         SEN           3.17243%                   0.00                0.78              0.00
                                                              --------------        ------------     -------------
Totals                                                        740,086,699.39        2,254,710.12     13,544,339.96
                                                              --------------        ------------     -------------

<CAPTION>
                              Current        Ending Certificate         Total          Cumulative
  Class        CUSIP       Realized Loss          Balance            Distribution     Realized Loss
--------     ---------     -------------     ------------------     -------------     -------------
<S>          <C>           <C>               <C>                    <C>               <C>
    A-1      81744FDV6          0.00           419,597,126.44        5,822,119.15         0.00
    A-2      81744FDW4          0.00           271,620,098.99        9,352,428.34         0.00
    X-A      81744FDX2          0.00                     0.00          516,882.43         0.00
    X-B      81744FDY0          0.00                     0.00            8,028.26         0.00
    B-1      81744FEA1          0.00            14,915,000.00           36,631.47         0.00
    B-2      81744FEB9          0.00             8,242,000.00           23,888.96         0.00
    B-3      81744FEC7          0.00             4,318,000.00           13,154.95         0.00
    B-4      81744FED5          0.00             2,355,000.00            7,174.60         0.00
    B-5      81744FEE3          0.00             1,962,000.00            5,977.31         0.00
    B-6      81744FEF0          0.00             3,533,134.00           10,763.83         0.00
    A-R      81744FDZ7          0.00                     0.00                0.78         0.00
                                ----           --------------       -------------         ----
Totals                          0.00           726,542,359.43       15,799,050.08         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     453,364,000.00     424,380,175.49        869.89         4,782,179.16       0.00          0.00
    A-2     296,310,000.00     280,381,389.90          0.00         8,761,290.91       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      14,915,000.00      14,915,000.00          0.00                 0.00       0.00          0.00
    B-2       8,242,000.00       8,242,000.00          0.00                 0.00       0.00          0.00
    B-3       4,318,000.00       4,318,000.00          0.00                 0.00       0.00          0.00
    B-4       2,355,000.00       2,355,000.00          0.00                 0.00       0.00          0.00
    B-5       1,962,000.00       1,962,000.00          0.00                 0.00       0.00          0.00
    B-6       3,533,134.00       3,533,134.00          0.00                 0.00       0.00          0.00
    A-R             100.00               0.00          0.00                 0.00       0.00          0.00
            --------------     --------------        ------        -------------       ----          ----
Totals      784,999,234.00     740,086,699.39        869.89        13,543,470.07       0.00          0.00
            --------------     --------------        ------        -------------       ----          ----

<CAPTION>
            Total Principal    Ending Certificate     Ending Certificate     Total Principal
 Class        Reduction             Balance               Percentage          Distribution
-------     ---------------    ------------------     ------------------     ---------------
<S>         <C>                <C>                    <C>                    <C>
    A-1       4,783,049.05       419,597,126.44           0.92551929          4,783,049.05
    A-2       8,761,290.91       271,620,098.99           0.91667544          8,761,290.91
    X-A               0.00                 0.00           0.00000000                  0.00
    X-B               0.00                 0.00           0.00000000                  0.00
    B-1               0.00        14,915,000.00           1.00000000                  0.00
    B-2               0.00         8,242,000.00           1.00000000                  0.00
    B-3               0.00         4,318,000.00           1.00000000                  0.00
    B-4               0.00         2,355,000.00           1.00000000                  0.00
    B-5               0.00         1,962,000.00           1.00000000                  0.00
    B-6               0.00         3,533,134.00           1.00000000                  0.00
    A-R               0.00                 0.00           0.00000000                  0.00
             -------------       --------------           ----------         -------------
Totals       13,544,339.96       726,542,359.43           0.92553257         13,544,339.96
             -------------       --------------           ----------         -------------
</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       453,364,000.00      936.06941771       0.00191875       10.54821106      0.00000000     0.00000000
  A-2       296,310,000.00      946.24342715       0.00000000        29.5678930      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        14,915,000.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  B-2         8,242,000.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  B-3         4,318,000.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  B-4         2,355,000.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  B-5         1,962,000.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  B-6         3,533,134.00     1000.00000000       0.00000000        0.00000000      0.00000000     0.00000000
  A-R               100.00        0.00000000       0.50000000        0.00000000      0.00000000     0.00000000

<CAPTION>
            Total Principal    Ending Certificate     Ending Certificate     Total Principal
 Class        Reduction             Balance               Percentage          Distribution
-------     ---------------    ------------------     ------------------     ---------------
<S>         <C>                <C>                    <C>                    <C>
  A-1         10.55012981         925.51928790            0.92551929          10.55012981
  A-2         29.56798930         916.67543785            0.91667544          29.56798930
  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                  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      453,364,000.00      2.93813%      424,380,175.49   1,039,070.10      0.00        0.00         0.00        0.00
  A-2      296,310,000.00      2.53000%      280,381,389.90     591,137.43      0.00        0.00         0.00        0.00
  X-A                0.00      0.88010%      704,761,565.39     516,882.43      0.00        0.00         0.00        0.00
  X-B                0.00      0.41603%       23,157,000.00       8,028.26      0.00        0.00         0.00        0.00
  B-1       14,915,000.00      3.10813%       14,915,000.00      38,631.47      0.00        0.00         0.00        0.00
  B-2        8,242,000.00      3.47813%        8,242,000.00      23,888.96      0.00        0.00         0.00        0.00
  B-3        4,318,000.00      3.65585%        4,318,000.00      13,154.95      0.00        0.00         0.00        0.00
  B-4        2,355,000.00      3.65585%        2,355,000.00       7,174.60      0.00        0.00         0.00        0.00
  B-5        1,962,000.00      3.65585%        1,962,000.00       5,977.31      0.00        0.00         0.00        0.00
  B-6        3,533,134.00      3.65585%        3,533,134.00      10,763.83      0.00        0.00         0.00        0.00
  A-R              100.00      3.17243%                0.00           0.00      0.00        0.00         0.00        0.00
           --------------                                     ------------      ----        ----         ----        ----
Totals     784,999,234.00                                     2,254,709.34      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       1,039,070.10       0.00       419,597,126.44
  A-2         591,137.43       0.00       271,620,098.99
  X-A         516,882.43       0.00       691,217,225.43
  X-B           8,028.26       0.00        23,157,000.00
  B-1          38,631.47       0.00        14,915,000.00
  B-2          23,888.96       0.00         8,242,000.00
  B-3          13,154.95       0.00         4,318,000.00
  B-4           7,174.60       0.00         2,355,000.00
  B-5           5,977.31       0.00         1,962,000.00
  B-6          10,763.83       0.00         3,533,134.00
  A-R               0.78       0.00                 0.00
            ------------       ----
Totals      2,254,710.12       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                  Non-
                                              Certificate/      Current        Unpaid      Current     Supported
 Class     Original Face       Current          Notional        Accrued       Interest    Interest     Interest      Realized
  (5)          Amount      Certificate Rate     Balance         Interest      Shortfall   Shortfall    Shortfall     Loss (6)
-------    --------------  ----------------  --------------   ------------   ----------   ----------   ----------   ----------
<S>        <C>             <C>               <C>              <C>            <C>          <C>          <C>          <C>
   A-1     453,364,000.00      2.93813%        936.06941771    2.29191136    0.00000000   0.00000000   0.00000000   0.00000000
   A-2     296,310,000.00      2.53000%        946.24342715    1.99499656    0.00000000   0.00000000   0.00000000   0.00000000
   X-A               0.00      0.88010%        940.09071328    0.68947627    0.00000000   0.00000000   0.00000000   0.00000000
   X-B               0.00      0.41603%       1000.00000000    0.34668826    0.00000000   0.00000000   0.00000000   0.00000000
   B-1      14,915,000.00      3.10813%       1000.00000000    2.59010862    0.00000000   0.00000000   0.00000000   0.00000000
   B-2       8,242,000.00      3.47813%       1000.00000000    2.89844213    0.00000000   0.00000000   0.00000000   0.00000000
   B-3       4,318,000.00      3.65585%       1000.00000000    3.04653775    0.00000000   0.00000000   0.00000000   0.00000000
   B-4       2,355,000.00      3.65585%       1000.00000000    3.04653928    0.00000000   0.00000000   0.00000000   0.00000000
   B-5       1,962,000.00      3.65585%       1000.00000000    3.04653925    0.00000000   0.00000000   0.00000000   0.00000000
   B-6       3,533,134.00      3.65585%       1000.00000000    3.04653885    0.00000000   0.00000000   0.00000000   0.00000000
   A-R             100.00      3.17243%          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         2.29191136      0.00000000    925.51928790
 A-2         1.99499656      0.00000000    916.67543785
 X-A         0.68947627      0.00000000    922.02374023
 X-B         0.34668826      0.00000000   1000.00000000
 B-1         2.59010862      0.00000000   1000.00000000
 B-2         2.89844213      0.00000000   1000.00000000
 B-3         3.04653775      0.00000000   1000.00000000
 B-4         3.04653928      0.00000000   1000.00000000
 B-5         3.04653925      0.00000000   1000.00000000
 B-6         3.04653885      0.00000000   1000.00000000
 A-R         7.80000000      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                              15,981,807.01
         Liquidations, Insurance Proceeds, Reserve Funds                          0.00
         Proceeds from Repurchased Loans                                          0.00
         Other Amounts (Servicer Advances)                                   54,059.11
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
         Prepayment Penalties                                                     0.00
                                                                         -------------
Total Deposits                                                           16,035,866.12

Withdrawals
         Reimbursement for Servicer Advances                                      0.00
         Payment of Service Fee                                             236,816.04
         Payment of Interest and Principal                               15,799,050.08
                                                                         -------------
Total Withdrawals (Pool Distribution Amount)                             16,035,866.12

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                                                   231,573.76
Master Servicing Fee                                                    5,242.28
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     236,816.04
                                                                      ==========
</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

            DELINQUENT

<TABLE>
<CAPTION>
             No. of      Principal
              Loans       Balance
<S>         <C>        <C>
0-29 Days          0            0.00
30 Days           49   15,243,770.26
60 Days            4    1,957,221.56
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
            --------   -------------
                  53   17,200,991.82

             No. of      Principal
              Loans       Balance

0-29 Days   0.000000%       0.000000%
30 Days     2.284382%       2.098121%
60 Days     0.186480%       0.269388%
90 Days     0.000000%       0.000000%
120 Days    0.000000%       0.000000%
150 Days    0.000000%       0.000000%
180+ Days   0.000000%       0.000000%
            --------   -------------
            2.470862%       2.367509%
</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           49   15,243,770.26
60 Days            4    1,957,221.56
90 Days            0            0.00
120 Days           0            0.00
150 Days           0            0.00
180+ Days          0            0.00
            --------   -------------
                  53   17,200,991.82

             No. of      Principal
              Loans       Balance

0-29 Days   0.000000%       0.000000%
30 Days     2.284382%       2.098121%
60 Days     0.186480%       0.269388%
90 Days     0.000000%       0.000000%
120 Days    0.000000%       0.000000%
150 Days    0.000000%       0.000000%
180+ Days   0.000000%       0.000000%
            --------   -------------
            2.470862%       2.367509%
</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     35,325,134.00   4.50002146%   35,325,134.00   4.86208870%      95.137911%       0.000000%
Class B-1   20,410,134.00   2.60001961%   20,410,134.00   2.80921459%       2.052874%      42.222062%
Class B-2   12,168,134.00   1.55008228%   12,168,134.00   1.67480035%       1.134414%      23.331829%
Class B-3    7,850,134.00   1.00001805%    7,850,134.00   1.08047850%       0.594322%      12.223591%
Class B-4    5,495,134.00   0.70001775%    5,495,134.00   0.75634048%       0.324138%       6.666641%
Class B-5    3,533,134.00   0.45008120%    3,533,134.00   0.48629429%       0.270046%       5.554119%
Class B-6            0.00   0.00000000%            0.00   0.00000000%       0.486294%      10.001757%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

            DELINQUENT

<TABLE>
<CAPTION>
POOL ONE

              No. of     Principal
              Loans       Balance
<S>          <C>        <C>
0-29 Days           0            0.00
30 Days            38   12,304,943.05
60 Days             3    1,476,221.58
90 Days             0            0.00
120 Days            0            0.00
150 Days            0            0.00
180+ Days           0            0.00
             --------   -------------
                   41   13,781,164.63

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%       0.000000%
30 Days      3.013481%       2.790480%
60 Days      0.237906%       0.334773%
90 Days      0.000000%       0.000000%
120 Days     0.000000%       0.000000%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------   -------------
             3.251388%       3.125254%
</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            38   12,304,943.05
60 Days             3    1,476,221.58
90 Days             0            0.00
120 Days            0            0.00
150 Days            0            0.00
180+ Days           0            0.00
             --------   -------------
                   41   13,781,164.63

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%       0.000000%
30 Days      3.013481%       2.790480%
60 Days      0.237906%       0.334773%
90 Days      0.000000%       0.000000%
120 Days     0.000000%       0.000000%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------   -------------
             3.251388%       3.125254%
</TABLE>

            DELINQUENT

<TABLE>
<CAPTION>
POOL TWO
              No. of     Principal
              Loans       Balance
<S>          <C>        <C>
0-29 Days           0            0.00
30 Days            11    2,938,827.21
60 Days             1      480,999.98
90 Days             0            0.00
120 Days            0            0.00
150 Days            0            0.00
180+ Days           0            0.00
             --------   -------------
                   12    3,419,827.19

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%       0.000000%
30 Days      1.244344%       1.029065%
60 Days      0.113122%       0.168428%
90 Days      0.000000%       0.000000%
120 Days     0.000000%       0.000000%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------   -------------
             1.357466%       1.197493%
</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            11    2,938,827.21
60 Days             1      480,999.98
90 Days             0            0.00
120 Days            0            0.00
150 Days            0            0.00
180+ Days           0            0.00
             --------   -------------
                   12    3,419,827.19

              No. of     Principal
              Loans       Balance

0-29 Days    0.000000%       0.000000%
30 Days      1.244344%       1.029065%
60 Days      0.113122%       0.168428%
90 Days      0.000000%       0.000000%
120 Days     0.000000%       0.000000%
150 Days     0.000000%       0.000000%
180+ Days    0.000000%       0.000000%
             --------   -------------
             1.357466%       1.197493%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                  Mixed Arm
<S>                                                  <C>
Weighted Average Gross Coupon                              4.039839%
Weighted Average Net Coupon                                3.664358%
Weighted Average Pass-Through Rate                         3.655858%
Weighted Average Maturity (Stepdown Calculation)                331

Beginning Scheduled Collateral Loan Count                     2,177
Number of Loans Paid in Full                                     32
Ending Scheduled Collateral Loan Count                        2,145

Beginning Scheduled Collateral Balance               740,086,700.28
Ending Scheduled Collateral Balance                  726,542,360.32
Ending Actual Collateral Balance at 28-Feb-2005      726,543,819.90

Monthly P&I Constant                                   2,492,395.69
Special Servicing Fee                                          0.00
Prepayment Penalties                                           0.00
Realization Loss Amount                                        0.00
Cumulative Realized Loss                                       0.00

Class A Optimal Amount                                15,691,429.92

Scheduled Principal                                          869.89
Unscheduled Principal                                 13,543,470.07
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                         ONE                 TWO               TOTAL
<S>                               <C>                 <C>                 <C>
Collateral Description            1 Month LIBOR ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate               4.037937            4.042718         4.039839
Weighted Average Net Rate                  3.662508            3.667158         3.664358
Pass-Through Rate                          3.654008            3.658658         3.655858
Weighted Average Maturity                       332                 331              331
Record Date                              02/28/2005          02/28/2005       02/28/2005
Principal and Interest Constant        1,500,772.07          991,623.62     2,492,395.69
Beginning Loan Count                          1,276                 901            2,177
Loans Paid in Full                               15                  17               32
Ending Loan Count                             1,261                 884            2,145
Beginning Scheduled Balance          445,743,086.37      294,343,613.91   740,086,700.28
Ending Scheduled Balance             440,960,037.32      285,582,323.00   726,542,360.32
Scheduled Principal                          869.89                0.00           869.89
Unscheduled Principal                  4,782,179.16        8,761,290.91    13,543,470.07
Scheduled Interest                     1,499,902.18          991,623.62     2,491,525.80
Servicing Fee                            139,453.99           92,119.77       231,573.76
Master Servicing Fee                       3,157.35            2,084.93         5,242.28
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                           1,357,290.84          897,418.92     2,254,709.76
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>
<CAPTION>
<S>                               <C>
Group One
Principal Transfer Amount                0.00
Interest Transfer Amount                 0.00
Pro Rata Senior Percent             95.207349%
Senior Percent                     100.000000%
Senior Prepayment Percent          100.000000%
Subordinate Percent                  0.000000%
Subordinate Prepayment Percent       0.000000%

Group Two
Principal Transfer Amount                0.00
Interest Transfer Amount                 0.00
Pro Rata Senior Percent             95.256488%
Senior Percent                     100.000000%
Senior Prepayment Percent          100.000000%
Subordinate Percent                  0.000000%
Subordinate Prepayment Percent       0.000000%
</TABLE>