<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 2004-11
                         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           81744FFJ1         SEN          2.89813%          420,852,205.27     1,016,403.67    8,245,096.95
  A-2           81744FFK8         SEN          2.87000%           82,587,029.11       197,520.64      863,015.17
  A-3           81744FFL6         SEN          2.89813%          164,578,090.83       397,473.92    4,269,624.80
 X-A1           81744FFM4          IO          0.60262%                    0.00       252,817.52            0.00
 X-A2           81744FFN2          IO          0.96540%                    0.00       132,403.23            0.00
  X-B           81744FFP7          IO          0.34703%                    0.00         4,346.88            0.00
  B-1           81744FFR3         SUB          3.09813%            8,947,000.00        23,099.14            0.00
  B-2           81744FFS1         SUB          3.44813%            6,084,000.00        17,482.02            0.00
  B-3           81744FFT9         SUB          3.58683%            4,294,000.00        12,834.88            0.00
  B-4           81744FFU6         SUB          3.58683%            1,431,000.00         4,277.30            0.00
  B-5           81744FFV4         SUB          3.58683%            1,431,000.00         4,277.30            0.00
  B-6           81744FFW2         SUB          3.58683%            2,865,425.69         8,564.83            0.00
  A-R           81744FFQ5         RES          3.40468%                    0.00             0.44            0.00
                                                                 --------------     ------------   -------------
Totals                                                           693,069,750.90     2,071,501.77   13,377,736.92
                                                                 --------------     ------------   -------------

<CAPTION>
                                                    Ending
                                Current          Certificate          Total          Cumulative
 Class            CUSIP       Realized Loss        Balance         Distribution     Realized Loss
------          ---------     -------------     --------------     -------------    -------------
<S>             <C>           <C>               <C>                <C>              <C>
  A-1           81744FFJ1         0.00          412,607,108.32      9,261,500.62         0.00
  A-2           81744FFK8         0.00           81,724,013.94      1,060,535.81         0.00
  A-3           81744FFL6         0.00          160,308,466.03      4,667,098.72         0.00
 X-A1           81744FFM4         0.00                    0.00        252,817.52         0.00
 X-A2           81744FFN2         0.00                    0.00        132,403.23         0.00
  X-B           81744FFP7         0.00                    0.00          4,346.88         0.00
  B-1           81744FFR3         0.00            8,947,000.00         23,099.14         0.00
  B-2           81744FFS1         0.00            6,084,000.00         17,482.02         0.00
  B-3           81744FFT9         0.00            4,294,000.00         12,834.88         0.00
  B-4           81744FFU6         0.00            1,431,000.00          4,277.30         0.00
  B-5           81744FFV4         0.00            1,431,000.00          4,277.30         0.00
  B-6           81744FFW2         0.00            2,865,425.69          8,564.83         0.00
  A-R           81744FFQ5         0.00                    0.00              0.44         0.00
                                  ----          --------------     -------------         ----
Totals                            0.00          679,692,013.98     15,449,238.69         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          433,985,000.00     420,852,205.27       0.00          8,245,096.95    0.00          0.00
  A-2           86,036,000.00      82,587,029.11       0.00            863,015.17    0.00          0.00
  A-3          170,694,000.00     164,578,090.83       0.00          4,269,624.80    0.00          0.00
 X-A1                    0.00               0.00       0.00                  0.00    0.00          0.00
 X-A2                    0.00               0.00       0.00                  0.00    0.00          0.00
  X-B                    0.00               0.00       0.00                  0.00    0.00          0.00
  B-1            8,947,000.00       8,947,000.00       0.00                  0.00    0.00          0.00
  B-2            6,084,000.00       6,084,000.00       0.00                  0.00    0.00          0.00
  B-3            4,294,000.00       4,294,000.00       0.00                  0.00    0.00          0.00
  B-4            1,431,000.00       1,431,000.00       0.00                  0.00    0.00          0.00
  B-5            1,431,000.00       1,431,000.00       0.00                  0.00    0.00          0.00
  B-6            2,865,425.69       2,865,425.69       0.00                  0.00    0.00          0.00
  A-R                  100.00               0.00       0.00                  0.00    0.00          0.00
               --------------     --------------       ----         -------------    ----          ----
Totals         715,767,525.69     693,069,750.90       0.00         13,377,736.92    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           8,245,096.95      412,607,108.32       0.95074048          8,245,096.95
  A-2             863,015.17       81,724,013.94       0.94988161            863,015.17
  A-3           4,269,624.80      160,308,466.03       0.93915701          4,269,624.80
 X-A1                   0.00                0.00       0.00000000                  0.00
 X-A2                   0.00                0.00       0.00000000                  0.00
  X-B                   0.00                0.00       0.00000000                  0.00
  B-1                   0.00        8,947,000.00       1.00000000                  0.00
  B-2                   0.00        6,084,000.00       1.00000000                  0.00
  B-3                   0.00        4,294,000.00       1.00000000                  0.00
  B-4                   0.00        1,431,000.00       1.00000000                  0.00
  B-5                   0.00        1,431,000.00       1.00000000                  0.00
  B-6                   0.00        2,865,425.69       1.00000000                  0.00
  A-R                   0.00                0.00       0.00000000                  0.00
               -------------      --------------      -----------       ---------------
Totals         13,377,736.92      679,692,013.98       0.94959884         13,377,736.92
               -------------      --------------      -----------       ---------------
</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       433,985,000900      969.73905842     0.00000000       18.99857587    0.00000000    0.00000000
 A-2        86,036,000.00      959.91246815     0.00000000       10.03086115    0.00000000    0.00000000
 A-3       170,694,000.00      964.17033305     0.00000000       25.01332677    0.00000000    0.00000000
X-A1                 0.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000
X-A2                 0.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 X-B                 0.00        0.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-1         8,947,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-2         6,084,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-3         4,294,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-4         1,431,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-5         1,431,000.00     1000.00000000     0.00000000        0.00000000    0.00000000    0.00000000
 B-6         2,865,425.69     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>
                                    Ending            Ending
           Total Principal        Certificate       Certificate       Total Principal
Class         Reduction             Balance         Percentage          Distribution
-----      ---------------       -------------      -----------       ---------------
<S>        <C>                   <C>                <C>               <C>
 A-1         18.99857587          950.74048255       0.95074048        18.99857587
 A-2         10.03086115          949.88160700       0.94988161        10.03086115
 A-3         25.01332677          939.15700628       0.93915701        25.01332677
X-A1          0.00000000            0.00000000       0.00000000         0.00000000
X-A2          0.00000000            0.00000000       0.00000000         0.00000000
 X-B          0.00000000            0.00000000       0.00000000         0.00000000
 B-1          0.00000000         1000.00000000       1.00000000         0.00000000
 B-2          0.00000000         1000.00000000       1.00000000         0.00000000
 B-3          0.00000000         1000.00000000       1.00000000         0.00000000
 B-4          0.00000000         1000.00000000       1.00000000         0.00000000
 B-5          0.00000000         1000.00000000       1.00000000         0.00000000
 B-6          0.00000000         1000.00000000       1.00000000         0.00000000
 A-R          0.00000000            0.00000000       0.00000000         0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                      Payment of               Non-Supported
                                     Current      Certificate/      Current         Unpaid       Current     Interest
                Original Face      Certificate      Notional        Accrued        Interest      Interest    Shortfall      Realized
 Class             Amount             Rate          Balance         Interest      Shortfall     Shortfall                   Loss (4)
------         --------------      -----------   --------------   ------------    ----------    ---------  -------------    --------
<S>            <C>                 <C>           <C>              <C>             <C>           <C>        <C>              <C>
  A-1          433,985,000.00        2.89813%    420,852,205.27   1,016,403.67       0.00          0.00         0.00          0.00
  A-2           80,036,000.00        2.87000%     82,587,029.11     197,520.64       0.00          0.00         0.00          0.00
  A-3          170,694,000.00        2.89813%    164,587,090.83     397,473.92       0.00          0.00         0.00          0.00
 X-A1                    0.00        0.60262%    503,439,234.38     252,817.52       0.00          0.00         0.00          0.00
 X-A2                    0.00        0.96540%    164,578,090.83     132,403.23       0.00          0.00         0.00          0.00
  X-B                    0.00        0.34703%     15,031,000.00       4,346.88       0.00          0.00         0.00          0.00
  B-1            8,947,000.00        3.09813%      8,947,000.00      23,099.14       0.00          0.00         0.00          0.00
  B-2            6,084,000.00        3.44813%      6,084,000.00      17,482.02       0.00          0.00         0.00          0.00
  B-3            4,294,000.00        3.58683%      4,294,000.00      12,834.88       0.00          0.00         0.00          0.00
  B-4            1,431,000.00        3.58683%      1,431,000.00       4,277.30       0.00          0.00         0.00          0.00
  B-5            1,431,000.00        3.58683%      1,431,000.00       4,277.30       0.00          0.00         0.00          0.00
  B-6            2,865,425.69        3.58683%      2,865,425.69       8,564.83       0.00          0.00         0.00          0.00
  A-R                  100.00        3.40468%              0.00           0.00       0.00          0.00         0.00          0.00
               --------------                                     ------------       ----          ----         ----          ----
Totals         715,767,525.69                                     2,071,501.33       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            1,016,403.67       0.00        412,607,108.32
  A-2              197,520.64       0.00         81,724,013.94
  A-3              397,473.92       0.00        160,308,466.03
 X-A1              252,817.52       0.00        494,331,122.26
 X-A2              132,403.23       0.00        160,308,466.03
  X-B                4,346.88       0.00         15,031,000.00
  B-1               23,099.14       0.00          8,947,000.00
  B-2               17,482.02       0.00          6,084,000.00
  B-3               12,834.88       0.00          4,294,000.00
  B-4                4,277.30       0.00          1,431,000.00
  B-5                4,277.30       0.00          1,431,000.00
  B-6                8,564.83       0.00          2,865,425.69
  A-R                    0.44       0.00                  0.00
               --------------       ----
Totals           2,071,501.77       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 (5)     Original Face  Certificate    Certificate/      Current Accrued    Interest     Interest     Interest        Realized
                 Amount         Rate       Notional Balance      Interest       Shortfall    Shortfall     Shortfall       Loss (6)
---------    --------------  -----------   ----------------   ---------------   ----------   ----------  -------------    ----------
<S>          <C>             <C>           <C>                <C>               <C>          <C>         <C>              <C>
 A-1         433,985,000.00    2.89813%      969.73905842        2.34202849     0.00000000   0.00000000    0.00000000     0.00000000
 A-2          86,036,000.00    2.87000%      959.91246815        2.29579060     0.00000000   0.00000000    0.00000000     0.00000000
 A-3         170,694,000.00    2.89813%      964.17033305        2.32857581     0.00000000   0.00000000    0.00000000     0.00000000
X-A1                   0.00    0.60262%      968.11327693        0.48616790     0.00000000   0.00000000    0.00000000     0.00000000
X-A2                   0.00    0.96540%      964.17033305        0.77567595     0.00000000   0.00000000    0.00000000     0.00000000
 X-B                   0.00    0.34703%     1000.00000000        0.28919433     0.00000000   0.00000000    0.00000000     0.00000000
 B-1           8,947,000.00    3.09813%     1000.00000000        2.58177490     0.00000000   0.00000000    0.00000000     0.00000000
 B-2           6,084,000.00    3.44813%     1000.00000000        2.87344181     0.00000000   0.00000000    0.00000000     0.00000000
 B-3           4,294,000.00    3.58683%     1000.00000000        2.98902655     0.00000000   0.00000000    0.00000000     0.00000000
 B-4           1,431,000.00    3.58683%     1000.00000000        2.98902865     0.00000000   0.00000000    0.00000000     0.00000000
 B-5           1,431,000.00    3.58683%     1000.00000000        2.98902865     0.00000000   0.00000000    0.00000000     0.00000000
 B-6           2,865,425.69    3.58683%     1000.00000000        2.98902534     0.00000000   0.00000000    0.00000000     0.00000000
 A-R                 100.00    3.40468%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                               Remaining
                                Unpaid
Class (5)     Total Interest    Interest    Ending Certificate/
               Distribution     Shortfall   Notational Balance
---------     --------------   ----------   ------------------
<S>           <C>              <C>          <C>
 A-1            2.34202489     0.00000000      950.74048255
 A-2            2.29579060     0.00000000      949.88160700
 A-3            2.32857581     0.00000000      939.15700628
X-A1            0.48616790     0.00000000      950.59838403
X-A2            0.77567595     0.00000000      939.15700628
 X-B            0.28919433     0.00000000     1000.00000000
 B-1            2.58177490     0.00000000     1000.00000000
 B-2            2.87344181     0.00000000     1000.00000000
 B-3            2.98902655     0.00000000     1000.00000000
 B-4            2.98902865     0.00000000     1000.00000000
 B-5            2.98902865     0.00000000     1000.00000000
 B-6            2.98902534     0.00000000     1000.00000000
 A-R            4.40000000     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                                  15,580,448.12
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       73,904.22
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             --------------
Total Deposits                                                               15,654,352.34

Withdrawals

         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 205,113.65
         Payment of Interest and Principal                                   15,449,238.69
                                                                             --------------
Total Withdrawals (Pool Distribution Amount)                                 15,654,352.34

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                                                    199,626.85
Master Servicing Fee                                                     5,486.80
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      205,113.65
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                                Beginning          Current           Current       Ending
         Account Type                            Balance         Withdrawals        Deposits       Balance
----------------------------------              ---------        -----------        --------      --------
<S>                                             <C>              <C>                <C>           <C>
Class X-A1 Pool 1 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A1 Pool 2 Comp. Sub Amount               3,000.00            0.00             0.00        3,000.00
Class X-A2 Sub Amount                            3,000.00            0.00             0.00        3,000.00
Class X-B Sub Amount                             1,000.00            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             41       21,260,219.34
60 Days              4          963,327.61
90 Days              1          918,750.00
120 Days             1           79,000.00
150 Days             0                0.00
180+ Days            0                0.00
              --------       -------------
                    47       23,221,296.95

               No. of          Principal
               Loans            Balance

0-29 Days     0.000000%           0.000000%
30 Days       2.182012%           3.127925%
60 Days       0.212879%           0.141730%
90 Days       0.053220%           0.135172%
120 Days      0.053220%           0.011623%
150 Days      0.000000%           0.000000%
180+ Days     0.000000%           0.000000%
              --------       -------------
              2.501330%           3.416449%
</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             41      21,260,219.34
60 Days              4         963,327.61
90 Days              1         918,750.00
120 Days             1          79,000.00
150 Days             0               0.00
180+ Days            0               0.00
              --------      -------------
                    47      23,221,296.95

               No. of         Principal
               Loans           Balance

0-29 Days     0.000000%          0.000000%
30 Days       2.182012%          3.127925%
60 Days       0.212879%          0.141730%
90 Days       0.053220%          0.135172%
120 Days      0.053220%          0.011623%
150 Days      0.000000%          0.000000%
180+ Days     0.000000%          0.000000%
              --------      -------------
              2.501330%          3.416449%
</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        25,052,425.69         3.50007856%      25,052,425.69         3.68584965%       96.314150%            0.000000%
Class B-1      16,105,425.69         2.25009170%      16,105,425.69         2.36951816%        1.316331%           35.713109%
Class B-2      10,021,425.69         1.40009505%      10,021,425.69         1.47440686%        0.895111%           24.285074%
Class B-3       5,727,425.69         0.80017959%       5,727,425.69         0.84265014%        0.631757%           17.140057%
Class B-4       4,296,425.69         0.60025435%       4,296,425.69         0.63211360%        0.210537%            5.712022%
Class B-5       2,865,425.69         0.40032910%       2,865,425.69         0.42157707%        0.210537%            5.712022%
Class B-6               0.00         0.00000000%               0.00         0.00000000%        0.421577%           11.437718%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

           DELINQUENT

POOL  ONE

<TABLE>
<CAPTION>
               No. of        Principal
               Loans          Balance
<S>           <C>          <C>
0-29 Days            0              0.00
30 Days             25     13,156,024.50
60 Days              2        571,872.38
90 Days              0              0.00
120 Days             1         79,000.00
150 Days             0              0.00
180+ Days            0              0.00
              --------     -------------
                    28     13,806,896.88

               No. of         Principal
               Loans           Balance

0-29 Days     0.000000%         0.000000%
30 Days       2.192982%         3.071351%
60 Days       0.175439%         0.133507%
90 Days       0.000000%         0.000000%
120 Days      0.087719%         0.018443%
150 Days      0.000000%         0.000000%
180+ Days     0.000000%         0.000000%
              ---------         --------
              2.456140%         3.223301%
</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             25      13,156,024.50
60 Days              2         571,872.38
90 Days              0               0.00
120 Days             1          79,000.00
150 Days             0               0.00
180+ Days            0               0.00
              --------      -------------
                    28      13,806,896.88

               No. of          Principal
               Loans            Balance

0-29 Days     0.000000%          0.000000%
30 Days       2.192982%          3.071351%
60 Days       0.175439%          0.133507%
90 Days       0.000000%          0.000000%
120 Days      0.087719%          0.018443%
150 Days      0.000000%          0.000000%
180+ Days     0.000000%          0.000000%
              --------      -------------
              2.456140%          3.223301%
</TABLE>

            DELINQUENT

POOL TWO

<TABLE>
<CAPTION>
               No. of          Principal
               Loans            Balance
<S>           <C>           <C>
0-29 Days            0              0.00
30 Days              1        277,200.00
60 Days              0              0.00
90 Days              1        918,750.00
120 Days             0              0.00
150 Days             0              0.00
180+ Days            0              0.00
              --------      ------------
                     2      1,195,950.00

               No. of          Principal
               Loans            Balance

0-29 Days     0.000000%         0.000000%
30 Days       0.432900%         0.326714%
60 Days       0.000000%         0.000000%
90 Days       0.432900%         1.082858%
120 Days      0.000000%         0.000000%
150 Days      0.000000%         0.000000%
180+ Days     0.000000%         0.000000%
              --------      ------------
              0.865801%         1.409572%
</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              1         277,200.00
60 Days              0               0.00
90 Days              1         918,750.00
120 Days             0               0.00
150 Days             0               0.00
180+ Days            0               0.00
              --------       ------------
                     2       1,195,950.00

               No. of          Principal
               Loans            Balance

0-29 Days     0.000000%          0.000000%
30 Days       0.432900%          0.326714%
60 Days       0.000000%          0.000000%
90 Days       0.432900%          1.082858%
120 Days      0.000000%          0.000000%
150 Days      0.000000%          0.000000%
180+ Days     0.000000%          0.000000%
              --------       ------------
              0.865801%          1.409572%
</TABLE>

<PAGE>

              DELINQUENT

POOL THREE

<TABLE>
<CAPTION>
               No. of         Principal
               Loans           Balance
<S>           <C>           <C>
0-29 Days            0              0.00
30 Days             15      7,826,994.84
60 Days              2        391,455.23
90 Days              0              0.00
120 Days             0              0.00
150 Days             0              0.00
180+ Days            0              0.00
              --------      ------------
                    17      8,218,450.07

               No. of         Principal
               Loans           Balance

0-29 Days     0.000000%         0.000000%
30 Days       2.952756%         4.700910%
60 Days       0.393701%         0.235109%
90 Days       0.000000%         0.000000%
120 Days      0.000000%         0.000000%
150 Days      0.000000%         0.000000%
180+ Days     0.000000%         0.000000%
              --------      ------------
              3.346457%         4.936019%
</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             15       7,826,994.84
60 Days              2         391,455.23
90 Days              0               0.00
120 Days             0               0.00
150 Days             0               0.00
180+ Days            0               0.00
              --------       ------------
                    17       8,218,450.07

               No. of          Principal
               Loans            Balance

0-29 Days     0.000000%          0.000000%
30 Days       2.952756%          4.700910%
60 Days       0.393701%          0.235109%
90 Days       0.000000%          0.000000%
120 Days      0.000000%          0.000000%
150 Days      0.000000%          0.000000%
180+ Days     0.000000%          0.000000%
              --------       ------------
              3.346457%          4.936019%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                   Fixed & Mixed Arm
<S>                                                      <C>
Weighted Average Gross Coupon                                   3.941794%
Weighted Average Net Coupon                                     3.596155%
Weighted Average Pass-Through Rate                              3.586655%
Weighted Average Maturity (Stepdown Calculation)                     300

Beginning Scheduled Collateral Loan Count                          1,910
Number of Loans Paid in Full                                          31
Ending Scheduled Collateral Loan Count                             1,879

Beginning Scheduled Collateral Balance                    693,069,750.90
Ending Scheduled Collateral Balance                       679,692,013.98
Ending Actual Collateral Balance at 28-Feb-2005           679,690,924.16

Monthly P&I Constant                                        2,276,615.22
Special Servicing Fee                                               0.00
Prepayment Penalties                                                0.00
Realization Loss Amount                                             0.00
Cumulative Realized Loss                                            0.00

Class A Optimal Amount                                     15,374,355.90

Scheduled Principal                                                 0.00
Unscheduled Principal                                      13,377,736.92
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                         <C>
Rapid Prepay Condition?     NO
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                          POOL ONE           POOL TWO              POOL THREE           TOTAL
<S>                                   <C>               <C>                     <C>               <C>
Collateral Description                     Mixed ARM    6 Month LIBOR ARM            Mixed ARM    Fixed & Mixed ARM
Weighted Average Coupon Rate                3.897659             3.805511             4.123031             3.941794
Weighted Average Net Rate                   3.520375             3.430511             3.873031             3.596155
Pass-Through Rate                           3.510875             3.421011             3.863531             3.586655
Weighted Average Maturity                        330                  334                  207                  300
Record Date                               02/28/2005           02/28/2005           02/28/2005           02/28/2005
Principal and Interest Constant         1,418,074.86           271,801.48           586,738.88         2,276,615.22
Beginning Loan Count                           1,160                  234                  516                1,910
Loans Paid in Full                                20                    3                    8                   31
Ending Loan Count                              1,140                  231                  508                1,879
Beginning Scheduled Balance           436,592,822.42        85,707,746.37       170,769,182.11       693,069,750.90
Ending Scheduled Balance              428,347,725.47        84,844,731.20       166,499,557.31       679,692,013.98
Scheduled Principal                             0.00                 0.00                 0.00                 0.00
Unscheduled Principal                   8,245,096.95           863,015.17         4,269,624.80        13,377,736.92
Scheduled Interest                      1,418,074.86           271,801.48           586,738.88         2,276,615.22
Servicing Fee                             137,266.27            26,783.67            35,576.91           199,626.85
Master Servicing Fee                        3,456.36               678.52             1,351.92             5,486.80
Trustee Fee                                     0.00                 0.00                 0.00                 0.00
FRY Amount                                      0.00                 0.00                 0.00                 0.00
Special Hazard Fee                              0.00                 0.00                 0.00                 0.00
Other Fee                                       0.00                 0.00                 0.00                 0.00
Pool Insurance Fee                              0.00                 0.00                 0.00                 0.00
Spread 1                                        0.00                 0.00                 0.00                 0.00
Spread 2                                        0.00                 0.00                 0.00                 0.00
Spread 3                                        0.00                 0.00                 0.00                 0.00
Net Interest                            1,277,352.23           244,339.29           549,810.05         2,071,501.57
Realized Loss Amount                            0.00                 0.00                 0.00                 0.00
Cumulative Realized Loss                        0.00                 0.00                 0.00                 0.00
Percentage of Cumulative Losses                 0.00                 0.00                 0.00                 0.00
Prepayment Penalties                            0.00                 0.00                 0.00                 0.00
Special Servicing Fee                           0.00                 0.00                 0.00                 0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                       <C>
Group Pool One
One Month Libor Loan Balance              214,743,960.66
Six Month Libor Loan Balance              213,603,764.81
Principal Transfer Amount                           0.00
Pro Rata Senior Percent                        95.394669%
Senior Percent                                100.000000%
Senior Prepayment Percent                     100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepayment Percent                  0.000000%
Interest Transfer Amount                            0.00

Group Pool Two
Principal Transfer Amount                           0.00
Pro Rata Senior Percent                        96.358885%
Senior Percent                                100.000000%
Senior Prepayment Percent                     100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepayment Percent                  0.000000%
Interest Transfer Amount                            0.00

Group Pool Three
One Month Libor Loan Balance               81,420,524.36
Six Month Libor Loan Balance               85,079,032.95
Principal Transfer Amount                           0.00
Pro Rata Senior Percent                        96.374585%
Senior Percent                                100.000000%
Senior Prepayment Percent                     100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepayment Percent                  0.000000%
Interest Transfer Amount                            0.00
</TABLE>