<PAGE>

                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE: (301) 815-6600
         FAX:       (301) 315-6660

                                SMT SERIES 2005-2
                         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   Distribution  Distribution
                                              Balance
------- --------- ----------- ------------ -------------- ------------ -------------
<S>     <C>       <C>         <C>          <C>            <C>          <C>
  A-1   81744FGY7     SEN       2.84000%   202,462,000.00   415,272.06 3,074,286.27
  A-2   81744FGZ4     SEN       3.36000%   126,737,000.00   307,548.45   557,790.22
  A-4   81744FHJ9     REZ       3.65224%           100.00         0.92       100.00
  X-A   81744FHD2      IO       1.02204%             0.00   280,379.51         0.00
  B-1   81744FHA8     SUB       3.01000%     6,016,000.00    13,078.12         0.00
  B-2   81744FHB6     SUB       3.29000%     3,266,000.00     7,760.38         0.00
  X-B   81744FHE0      IO       0.96281%             0.00     7,447.38         0.00
  B-3   81744FHC4     SUB       3.65687%     1,890,000.00     5,759.57         0.00
  B-4   81744FHF7     SUB       3.65687%     1,231,000.00     3,751.34         0.00
  B-5   81744FHG5     SUB       3.65687%       687,000.00     2,093.56         0.00
  B-6   81744FHH3     SUB       3.65687%     1,549,605.55     4,722.25         0.00
                                           -------------- ------------ ------------
Totals                                     343,838,705.55 1,047,813.54 3,632,176.49
                                           -------------- ------------ ------------
</TABLE>

<TABLE>
<CAPTION>
                  Certificate
                     Class       Current       Ending         Total      Cumulative
 Class    CUSIP   Description Realized Loss  Certificate  Distribution Realized Loss
                                               Balance
------- --------- ----------- ------------ -------------- ------------ -------------
<S>     <C>       <C>         <C>          <C>            <C>          <C>
  A-1   81744FGY7     SEN         0.00     199,387,713.73 3,489,558.33     0.00
  A-2   81744FGZ4     SEN         0.00     126,179,209.78   865,338.67     0.00
  A-4   81744FHJ9     REZ         0.00               0.00       100.92     0.00
  X-A   81744FHD2      IO         0.00               0.00   280,379.51     0.00
  B-1   81744FHA8     SUB         0.00       6,016,000.00    13,078.12     0.00
  B-2   81744FHB6     SUB         0.00       3,266,000.00     7,760.38     0.00
  X-B   81744FHE0      IO         0.00               0.00     7,447.38     0.00
  B-3   81744FHC4     SUB         0.00       1,890,000.00     5,759.57     0.00
  B-4   81744FHF7     SUB         0.00       1,231,000.00     3,751.34     0.00
  B-5   81744FHG5     SUB         0.00         687,000.00     2,093.56     0.00
  B-6   81744FHH3     SUB         0.00       1,549,605.55     4,722.25     0.00
                                           -------------- ------------     ----
Totals                            0.00     340,206,529.06 4,679,990.03     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    202,462,000.00  202,462,000.00      604.81    3,073,681.46    0.00       0.00
 A-2    126,737,000.00  126,737,000.00      571.34      557,218.88    0.00       0.00
 A-4            100.00          100.00        0.00           99.98    0.00       0.00
 X-A              0.00            0.00        0.00            0.00    0.00       0.00
 B-1      6,016,000.00    6,016,000.00        0.00            0.00    0.00       0.00
 B-2      3,266,000.00    3,266,000.00        0.00            0.00    0.00       0.00
 X-B              0.00            0.00        0.00            0.00    0.00       0.00
 B-3      1,890,000.00    1,890,000.00        0.00            0.00    0.00       0.00
 B-4      1,231,000.00    1,231,000.00        0.00            0.00    0.00       0.00
 B-5        687,000.00      687,000.00        0.00            0.00    0.00       0.00
 B-6      1,549,605.55    1,549,605.55        0.00            0.00    0.00       0.00
        --------------  --------------  ----------    ------------  ------    -------
Totals  343,838,705.55  343,838,705.55    1,176.17    3,631,000.32    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     3,074,286.27      199,387,713.73        0.98481549       3,074,286.27
 A-2       557,790.22      126,179,209.78        0.99559884         557,790.22
 A-4           100.00                0.00        0.00000000             100.00
 X-A             0.00                0.00        0.00000000               0.00
 B-1             0.00        6,016,000.00        1.00000000               0.00
 B-2             0.00        3,266,000.00        1.00000000               0.00
 X-B             0.00                0.00        0.00000000               0.00
 B-3             0.00        1,890,000.00        1.00000000               0.00
 B-4             0.00        1,231,000.00        1.00000000               0.00
 B-5             0.00          687,000.00        1.00000000               0.00
 B-6             0.00        1,549,605.55        1.00000000               0.00
        -------------    ----------------    --------------      -------------
Totals   3,632,176.49      340,206,529.06        0.98943639       3,632,176.49
        -------------    ----------------    --------------      -------------
</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   202,462,000.00  1000.00000000   0.00298728     15.18152275  0.00000000  0.00000000
 A-2   126,737,000.00  1000.00000000   0.00450808      4.39665512  0.00000000  0.00000000
 A-4           100.00  1000.00000000   0.20000000   999.800000000  0.00000000  0.00000000
 X-A             0.00     0.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-1     6,016,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-2     3,266,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-3     1,890,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-4     1,231,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-5       687,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-6     1,549,605.55  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000

<CAPTION>
                                              Ending
       Total Principal  Ending Certificate  Certificate  Total Principal
Class     Reduction         Balance         Percentage    Distribution
-----  ---------------  ------------------  -----------  ---------------
<S>    <C>              <C>                 <C>          <C>
 A-1      15.18451003      984.81548997     0.98481549      15.18451003
 A-2       4.40116320      995.59883680     0.99559884       4.40116320
 A-4    1000.00000000        0.00000000     0.00000000    1000.00000000
 X-A       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
 X-B       0.00000000     1000.00000000     0.00000000       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
</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-
                          Current     Certificate/     Current       Unpaid     Current   Supported
        Original Face   Certificate     Notional       Accrued      Interest    Interest   Interest  Realized
 Class     Amount          Rate         Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>
  A-1   202,462,000.00    2.84000%   202,462,000.00    415,272.06     0.00       0.00       0.00       0.00
  A-2   126,737,000.00    3.36000%   126,737,000.00    307,548.45     0.00       0.00       0.00       0.00
  A-4           100.00    3.65224%           100.00          0.30     0.00       0.00       0.00       0.00
  X-A             0.00    1.02204%   329,199,000.00    280,379.51     0.00       0.00       0.00       0.00
  B-1     6,016,000.00    3.01000%     6,016,000.00     13,078.12     0.00       0.00       0.00       0.00
  B-2     3,266,000.00    3.29000%     3,266,000.00      7,760.38     0.00       0.00       0.00       0.00
  X-B             0.00    0.96281%     9,282,000.00      7,447.38     0.00       0.00       0.00       0.00
  B-3     1,890,000.00    3.65687%     1,890,000.00      5,759.57     0.00       0.00       0.00       0.00
  B-4     1,231,000.00    3.65687%     1,231,000.00      3,751.34     0.00       0.00       0.00       0.00
  B-5       687,000.00    3.65687%       687,000.00      2,093.56     0.00       0.00       0.00       0.00
  B-6     1,549,605.55    3.65687%     1,549,605.55      4,722.25     0.00       0.00       0.00       0.00
        --------------                               ------------  -------     ------     ------     ------
Totals  343,838,705.55                               1,047,812.92     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      415,272.06     0.00     199,387,713.73
  A-2      307,548.45     0.00     126,179,209.78
  A-4            0.92     0.00               0.00
  X-A      280,379.51     0.00     325,566,923.51
  B-1       13,078.12     0.00       6,016,000.00
  B-2        7,760.38     0.00       3,266,000.00
  X-B        7,447.38     0.00       9,282,000.00
  B-3        5,759.57     0.00       1,890,000.00
  B-4        3,751.34     0.00       1,231,000.00
  B-5        2,093.56     0.00         687,000.00
  B-6        4,722.25     0.00       1,549,605.55
        -------------   ------
Totals   1,047,813.54     0.00
        -------------   ------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                 Non-
                         Current       Beginning                         Unpaid     Current    Supported
Class  Original Face   Certificate    Certificate/    Current Accrued   Interest    Interest    Interest    Realized
 (5)       Amount         Rate      Notional Balance     Interest       Shortfall  Shortfall   Shortfall    Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
 A-1   202,462,000.00    2.84000%    1000.00000000      2.05111112     0.00000000  0.00000000  0.00000000  0.00000000
 A-2   126,737,000.00    3.36000%    1000.00000000      2.42666664     0.00000000  0.00000000  0.00000000  0.00000000
 A-4           100.00    3.65224%    1000.00000000      3.00000000     0.00000000  0.00000000  0.00000000  0.00000000
 X-A             0.00    1.02204%    1000.00000000      0.85170219     0.00000000  0.00000000  0.00000000  0.00000000
 B-1     6,016,000.00    3.01000%    1000.00000000      2.17388963     0.00000000  0.00000000  0.00000000  0.00000000
 B-2     3,266,000.00    3.29000%    1000.00000000      2.37611145     0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.96281%    1000.00000000      0.80234648     0.00000000  0.00000000  0.00000000  0.00000000
 B-3     1,890,000.00    3.65687%    1000.00000000      3.04739153     0.00000000  0.00000000  0.00000000  0.00000000
 B-4     1,231,000.00    3.65687%    1000.00000000      3.04739236     0.00000000  0.00000000  0.00000000  0.00000000
 B-5       687,000.00    3.65687%    1000.00000000      3.04739447     0.00000000  0.00000000  0.00000000  0.00000000
 B-6     1,549,605.55    3.65687%    1000.00000000      3.04738841     0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                       Remaining
                         Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)   Distribution    Shortfall   Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
 A-1     2.05111112    0.00000000      984.81548997
 A-2     2.42666664    0.00000000      995.59883680
 A-4     9.20000000    0.00000000        0.00000000
 X-A     0.85170219    0.00000000      998.96692733
 B-1     2.17388963    0.00000000     1000.00000000
 B-2     2.37611145    0.00000000     1000.00000000
 X-B     0.80234648    0.00000000     1000.00000000
 B-3     3.04739153    0.00000000     1000.00000000
 B-4     3.04739236    0.00000000     1000.00000000
 B-5     3.04739447    0.00000000     1000.00000000
 B-6     3.04738841    0.00000000     1000.00000000
</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                         4,794,628.92
            Liquidations, Insurance Proceeds, Reserve Funds                    0.00
            Proceeds from Repurchased Loans                                    0.00
            Other Amounts (Servicer Advances)                                  0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
            Prepayment Penalties                                               0.00
                                                                       ------------
Total Deposits                                                         4,794,628.92

Withdrawals
            Reimbursement for Servicer Advances                                0.00
            Payment of Service Fee                                       114,638.89
            Payment of Interest and Principal                          4,679,990.03
                                                                       ------------
Total Withdrawals (Pool Distribution Amount)                           4,794,628.92

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                                  109,624.57
Master Servicing Fee                                   5,014.32
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------

Net Servicing Fee                                    114,638.89
                                                     ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
              Beginning    Current     Current   Ending
Account Type   Balance   Withdrawals  Deposits  Balance
------------  ---------  -----------  --------  --------
<S>           <C>        <C>          <C>       <C>
Reserve Fund  4,500.00      0.00        0.00    4,500.00
Reserve Fund  4,500.00      0.00        0.00    4,500.00
Reserve Fund  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               3    1,658,954.44
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
               --------    ------------
                      3    1,658,954.44

                No. of      Principal
                 Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.324324%       0.487629%
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%
               --------    ------------
               0.324324%       0.487629%
</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            3     1,658,954.44
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
               -----     ------------
                   3     1,658,954.44

             No. of       Principal
             Loans         Balance

0-29 Days   0.000000%        0.000000%
30 Days     0.324324%        0.487629%
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%
            --------         --------
            0.324324%        0.487629%
</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        14,639,605.55       4.25769563%   14,639,605.55      4.30315244%        95.696848%       0.000000%
Class B-1       8,623,605.55       2.50803805%    8,623,605.55      2.53481483%         1.768338%      41.094003%
Class B-2       5,357,605.55       1.55817407%    5,357,605.55      1.57480974%         0.960005%      22.309344%
Class B-3       3,467,605.55       1.00849773%    3,467,605.55      1.01926484%         0.555545%      12.910184%
Class B-4       2,236,605.55       0.65048103%    2,236,605.55      0.65742582%         0.361839%       8.408697%
Class B-5       1,549,605.55       0.45067804%    1,549,605.55      0.45548966%         0.201936%       4.692749%
Class B-6               0.00       0.00000000%            0.00      0.00000000%         0.455490%      10.585023%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

               DELINQUENT
GROUP  ONE

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>         <C>
0-29 Days             0            0.00
  30 Days             3    1,658,954.44
  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
               ------------------------
                      3    1,658,954.44

                 No. of        Principal
                 Loans          Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.542495%       0.796034%
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%
               ------------------------
               0.542495%       0.796034%
</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          3  1,658,954.44
  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
            ----------------------
                   3  1,658,954.44

              No. of      Principal
              Loans        Balance
0-29 Days   0.000000%     0.000000%
  30 Days   0.542495%     0.796034%
  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%
            ----------------------
            0.542495%     0.796034%
</TABLE>

                  DELINQUENT

GROUP TWO

<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>

               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            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>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<S>                                                                              <C>
Collateral Description                                                                Mixed ARM

Weighted Average Gross Coupon                                                          4.056968%
Weighted Average Net Coupon                                                            3.674378%
Weighted Average Pass-Through Rate                                                     3.656878%
Weighted Average Maturity (Stepdown Calculation)                                            337

Beginning Scheduled Collateral Loan Count                                                   934
Number of Loans Paid in Full                                                                  9
Ending Scheduled Collateral Loan Count                                                      925

Beginning Scheduled Collateral Balance                                           343,838,705.55
Ending Scheduled Collateral Balance                                              340,206,529.06
Ending Actual Collateral Balance at 28-Feb-2005                                  340,208,010.94

Monthly P&I Constant                                                               1,163,628.48
Special Servicing Fee                                                                      0.00
Prepayment Penalties                                                                       0.00
Realization Loss Amount                                                                    0.00
Cumulative Realized Loss                                                                   0.00

Class A Optimal Amount                                                             4,635,376.81

Scheduled Principal                                                                    1,176.17
Unscheduled Principal                                                              3,631,000.32
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
Pro Rata Senior Percent                              95.742304%
Pro Rata Subordinate Percent                          4.257696%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                                     ONE                       TWO                TOTAL
<S>                                           <C>                       <C>                 <C>
Collateral Description                             Mixed ARM                 Mixed ARM           Mixed ARM
Weighted Average Coupon Rate                        4.050524                  4.067265            4.056968
Weighted Average Net Rate                           3.669739                  3.681789            3.674378
Pass-Through Rate                                   3.652239                  3.664289            3.656878
Weighted Average Maturity                                334                       342                 337
Record Date                                       02/28/2005                02/28/2005          02/28/2005
Principal and Interest Constant                   714,429.21                449,199.27        1,163,628.48
Beginning Loan Count                                     560                       374                 934
Loans Paid in Full                                         7                         2                   9
Ending Loan Count                                        553                       372                 925
Beginning Scheduled Balance                   211,476,152.95            132,362,552.60      343,838,705.55
Ending Scheduled Balance                      208,401,766.68            131,804,762.38      340,206,529.06
Scheduled Principal                                   604.83                    571.34            1,176.17
Unscheduled Principal                           3,073,781.44                557,218.88        3,631,000.32
Scheduled Interest                                713,824.38                448,627.93        1,162,452.31
Servicing Fee                                      67,105.79                 45,518.78          109,624.57
Master Servicing Fee                                3,084.03                  1,930.29            5,014.32
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                                      643,634.56                404,178.86        1,047,813.42
Realized Loss Amount                                    0.00                      0.00                0.00
Cumulative Realized Loss                                0.00                      0.00                0.00
Percentage of Cumulative Losses                         0.00                      0.00                0.00
Prepayment Penalties                                    0.00                      0.00                0.00
Special Servicing Fee                                   0.00                      0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group 0ne
One Month Libor Loan Balance                                     108,511,301.22
Principal Transfer Amount                                                  0.00
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Interest Transfer Amount                                                   0.00

Group Two
Six-Month Libor Loan Balance                                      99,890,465.46
Principal Transfer Amount                                                  0.00
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Interest Transfer Amount                                                   0.00
</TABLE>