<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 2003-8
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning
                     Class      Certificate Pass-   Certificate       Interest       Principal
Class     CUSIP    Description    Through Rate        Balance       Distribution    Distribution
-----     -----    -----------    ------------        -------       ------------    ------------
<S>     <C>        <C>          <C>                <C>             <C>             <C>
 A-1    81743PDX1      SEN          2.91813%       635,647,246.16   1,545,751.08    16,109,365.42
 X-1    81743PDZ6       IO          0.57529%                 0.00     354,158.03             0.00
 A-2    81743PDY9      SEN          3.06000%       125,488,802.84     319,996.44     2,947,210.20
 X-2    81743PEA0       IO          0.15405%                 0.00      10,026.92             0.00
 B-1    81743PED4      SUB          3.18813%        14,166,000.00      37,635.87             0.00
 X-B    81743PEB8       IO          0.20671%                 0.00       1,572.39             0.00
 B-2    81743PEE2      SUB          3.84813%         8,304,000.00      26,629.06             0.00
 B-3    81743PEF9      SUB          3.51601%         4,884,000.00      14,310.17             0.00
 B-4    81743PEG7      SUB          3.51601%         2,443,000.00       7,158.01             0.00
 B-5    81743PEH5      SUB          3.51601%         1,465,000.00       4,292.46             0.00
 B-6    81743PEJ1      SUB          3.51601%         3,908,267.00      11,451.26             0.00
 A-R    81743PEC6      RES          2.55853%                 0.00           0.00             0.00
------                                             --------------  -------------    -------------
Totals                                             796,306,316.00   2,332,981.69    19,056,575.62
                                                   --------------  -------------    -------------

<CAPTION>
           Current      Ending Certificate      Total        Cumulative
Class    Realized Loss       Balance         Distribution   Realized Loss
-----    -------------  ------------------   ------------   -------------
<S>      <C>             <C>                 <C>            <C>
A-1          0.00         619,537,880.74     17,655,116.50       0.00
X-1          0.00                   0.00        354,158.03       0.00
A-2          0.00         122,541,592.64      3,267,206.64       0.00
X-2          0.00                   0.00         10,026.92       0.00
B-1          0.00          14,166,000.00         37,635.87       0.00
X-B          0.00                   0.00          1,572.39       0.00
B-2          0.00           8,304,000.00         26,629.06       0.00
B-3          0.00           4,884,000.00         14,310.17       0.00
B-4          0.00           2,443,000.00          7,158.01       0.00
B-5          0.00           1,465,000.00          4,292.46       0.00
B-6          0.00           3,908,267.00         11,451.26       0.00
A-R          0.00                   0.00              0.00       0.00
             ----         --------------     -------------       ----
             0.00         777,249,740.38     21,389,557.31       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     791,768,000.00  635,647,246.16       0.00       16,109,365.42     0.00       0.00
 X-1               0.00            0.00       0.00                0.00     0.00       0.00
 A-2     150,000,000.00  125,488,802.84       0.00        2,947,210.20     0.00       0.00
 X-2               0.00            0.00       0.00                0.00     0.00       0.00
 B-1      14,166,000.00   14,166,000.00       0.00                0.00     0.00       0.00
 X-B               0.00            0.00       0.00                0.00     0.00       0.00
 B-2       8,304,000.00    8,304,000.00       0.00                0.00     0.00       0.00
 B-3       4,884,000.00    4,884,000.00       0.00                0.00     0.00       0.00
 B-4       2,443,000.00    2,443,000.00       0.00                0.00     0.00       0.00
 B-5       1,465,000.00    1,465,000.00       0.00                0.00     0.00       0.00
 B-6       3,908,267.00    3,908,267.00       0.00                0.00     0.00       0.00
 A-R             100.00            0.00       0.00                0.00     0.00       0.00
------   --------------  --------------       ----       -------------     -----      ----
Totals   976,938,367.00  796,306,316.00       0.00       19,056,575.62     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    16,109,365.42      619,537,880.74        0.78247401       16,109,365.42
 X-1             0.00                0.00        0.00000000                0.00
 A-2     2,947,210.20      122,541,592.64        0.81694395        2,947,210.20
 X-2             0.00                0.00        0.00000000                0.00
 B-1             0.00       14,166,000.00        1.00000000                0.00
 X-B             0.00                0.00        0.00000000                0.00
 B-2             0.00        8,304,000.00        1.00000000                0.00
 B-3             0.00        4,884,000.00        1.00000000                0.00
 B-4             0.00        2,443,000.00        1.00000000                0.00
 B-5             0.00        1,465,000.00        1.00000000                0.00
 B-6             0.00        3,908,267.00        1.00000000                0.00
 A-R             0.00                0.00        0.00000000                0.00
        -------------      --------------        ----------       -------------
        19,056,575.62      777,249,740.38        0.79559752       19,056,575.62
        -------------      --------------        ----------       -------------
</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   791,768,000.00    802.82007628    0.00000000    20.34606781   0.00000000  0.00000000
 X-1             0.00      0.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 A-2   150,000,000.00    836.59201893    0.00000000    19.64806800   0.00000000  0.00000000
 X-2             0.00      0.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 B-1    14,166,000.00   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-2     8,304,000.00   1000.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 B-3     4,884,000.00   1000.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 B-4     2,443,000.00   1000.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 B-5     1,465,000.00   1000.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 B-6     3,908,267.00   1000.00000000    0.00000000     0.00000000   0.00000000  0.00000000
 A-R           100.00      0.00000000    0.00000000     0.00000000   0.00000000  0.00000000

<CAPTION>
         Total Principal    Ending Certificate    Ending Certificate    Total Principal
Class      Reduction            Balance              Percentage          Distribution
-----    ---------------   ------------------    ------------------    ---------------
<S>      <C>               <C>                   <C>                   <C>
 A-1      20.34606781         782.47400847            0.78247401         20.34606781
 X-1       0.00000000           0.00000000            0.00000000          0.00000000
 A-2      19.64806800         816.94395093            0.81694395         19.64806800
 X-2       0.00000000           0.00000000            0.00000000          0.00000000
 B-1       0.00000000        1000.00000000            1.00000000          0.00000000
 X-B       0.00000000           0.00000000            0.00000000          0.00000000
 B-2       0.00000000        1000.00000000            1.00000000          0.00000000
 B-3       0.00000000        1000.00000000            1.00000000          0.00000000
 B-4       0.00000000        1000.00000000            1.00000000          0.00000000
 B-5       0.00000000        1000.00000000            1.00000000          0.00000000
 B-6       0.00000000        1000.00000000            1.00000000          0.00000000
 A-R       0.00000000           0.00000000            0.00000000          0.00000000
</TABLE>

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


                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of                Non-
                                           Certificate/     Current       Unpaid     Current   Supported
         Original Face      Current          Notional       Accrued      Interest   Interest    Interest  Realized
Class       Amount      Certificate Rate     Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)
------  --------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>               <C>             <C>           <C>         <C>        <C>        <C>
  A-1   791,768,000.00     2.91813%       635,647,246.16  1,545,751.08     0.00       0.00       0.01       0.00
  X-1             0.00     0.57259%       555,845,973.49    266,475.97     0.00       0.00       0.00       0.00
  A-2   150,000,000.00     3.06000%       125,488,802.84    319,996.45     0.00       0.00       0.01       0.00
  X-2             0.00     0.15405%       761,136,049.00     97,708.98     0.00       0.00       0.00       0.00
  B-1    14,166,000.00     3.18813%        14,166,000.00     37,635.87     0.00       0.00       0.00       0.00
  X-B             0.00     0.20671%        22,470,000.00      3,870.65     0.00       0.00       0.00       0.00
  B-2     8,304,000.00     3.84813%         8,304,000.00     26,629.06     0.00       0.00       0.00       0.00
  B-3     4,884,000.00     3.51601%         4,884,000.00     14,310.17     0.00       0.00       0.00       0.00
  B-4     2,443,000.00     3.51601%         2,443,000.00      7,158.01     0.00       0.00       0.00       0.00
  B-5     1,465,000.00     3.51601%         1,465,000.00      4,292.46     0.00       0.00       0.00       0.00
  B-6     3,908,267.00     3.51601%         3,908,267.00     11,451.26     0.00       0.00       0.00       0.00
  A-R           100.00     2.55853%                 0.00          0.00     0.00       0.00       0.00       0.00
        --------------                                    ------------     ----       ----       ----       ----
Totals  976,938,367.00                                    2,335,279.96     0.00       0.00       0.02       0.00
        --------------                                    ------------     ----       ----       ----       ----

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
Class    Distribution   Shortfall     Balance
------  --------------  ---------  --------------
<S>     <C>             <C>        <C>
  A-1    1,545,751.08      0.00    619,537,880.74
  X-1      354,158.03      0.00    535,005,639.04
  A-2      319,996.44      0.00    122,541,592.64
  X-2       10,026.92      0.00    742,079,473.38
  B-1       37,635.87      0.00     14,166,000.00
  X-B        1,572.39      0.00     22,470,000.00
  B-2       26,629.06      0.00      8,304,000.00
  B-3       14,310.17      0.00      4,884,000.00
  B-4        7,158.01      0.00      2,443,000.00
  B-5        4,292.46      0.00      1,465,000.00
  B-6       11,451.26      0.00      3,908,267.00
  A-R            0.00      0.00              0.00
         ------------      ----
Totals   2,332,981.69      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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                            Payment of                   Non-
                             Current       Beginning                          Unpaid      Current     Supported
           Original Face   Certificate    Certificate/    Current Accrued    Interest     Interest    Interest      Realized
Class (5)      Amount         Rate      Notional Balance     Interest       Shortfall    Shortfall    Shortfall     Loss (6)
---------  --------------  -----------  ----------------  ---------------   ----------   ----------   ----------   ----------
<S>        <C>             <C>          <C>               <C>               <C>          <C>          <C>          <C>
   A-1     791,768,000.00    2.91813%      802.82007628     1.95227779      0.00000000   0.00000000   0.00000001   0.00000000
   X-1               0.00    0.57259%      590.21539646     0.28295288      0.00000000   0.00000000   0.00000000   0.00000000
   A-2     150,000,000.00    3.06000%      836.59201893     2.13330967      0.00000000   0.00000000   0.00000007   0.00000000
   X-2               0.00    0.15405%      808.19909893     0.10375058      0.00000000   0.00000000   0.00000000   0.00000000
   B-1      14,166,000.00    3.18813%     1000.00000000     2.65677467      0.00000000   0.00000000   0.00000000   0.00000000
   X-B               0.00    0.20671%     1000.00000000     0.17225857      0.00000000   0.00000000   0.00000000   0.00000000
   B-2       8,304,000.00    3.84813%     1000.00000000     3.20677505      0.00000000   0.00000000   0.00000000   0.00000000
   B-3       4,884,000.00    3.51601%     1000.00000000     2.93001024      0.00000000   0.00000000   0.00000000   0.00000000
   B-4       2,443,000.00    3.51601%     1000.00000000     2.93000819      0.00000000   0.00000000   0.00000000   0.00000000
   B-5       1,465,000.00    3.51601%     1000.00000000     2.93000683      0.00000000   0.00000000   0.00000000   0.00000000
   B-6       3,908,267.00    3.51601%     1000.00000000     2.93000964      0.00000000   0.00000000   0.00000000   0.00000000
   A-R             100.00    2.55853%        0.00000000     0.00000000      0.00000000   0.00000000   0.00000000   0.00000000

<CAPTION>
                           Remaining
                            Unpaid
           Total Interest  Interest     Ending Certificate/
Class (5)   Distribution   Shortfall    Notational Balance
---------  --------------  ----------   ------------------
<S>        <C>             <C>          <C>
   A-1       1.95227779    0.00000000      782.47400847
   X-1       0.37605656    0.00000000      568.08644915
   A-2       2.13330960    0.00000000      816.94395093
   X-2       0.01064691    0.00000000      787.96240496
   B-1       2.65677467    0.00000000     1000.00000000
   X-B       0.06997730    0.00000000     1000.00000000
   B-2       3.20677505    0.00000000     1000.00000000
   B-3       2.93001024    0.00000000     1000.00000000
   B-4       2.93000819    0.00000000     1000.00000000
   B-5       2.93000683    0.00000000     1000.00000000
   B-6       2.93000964    0.00000000     1000.00000000
   A-R       0.00000000    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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                           CERTIFICATE ACCOUNT

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

Deposits
    Payments of Interest and Principal                             21,640,271.62
    Liquidations, Insurance Proceeds, Reserve Funds                         0.00
    Proceeds from Repurchased Loans                                         0.00
    Other Amounts (Servicer Advances)                                  14,895.02
    Realized Losses (Gains, Subsequent Expenses & Recoveries)               0.00
    Prepayment Penalties                                                    0.00
                                                                   -------------
Total Deposits                                                     21,655,166.64

Withdrawals
    Reimbursement for Servicer Advances                                11,198.88
    Payment of Service Fee                                            254,410.45
    Payment of Interest and Principal                              21,389,557.31
                                                                   -------------
Total Withdrawals (Pool Distribution Amount)                       21,655,166.64

Ending Balance                                                              0.00
                                                                   =============
</TABLE>

            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                                                250,760.72
Master Servicing Fee                                                 3,649.73
Supported Prepayment/Curtailment Interest Shortfall                      0.00
                                                                   ----------

Net Servicing Fee                                                  254,410.45
                                                                   ==========
</TABLE>

<PAGE>

                             OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                   Beginning     Current      Current       Ending
         Account Type               Balance    Withdrawals   Deposits      Balance
-------------------------------    ---------   -----------   ---------     --------
<S>                                <C>         <C>           <C>           <C>
Class 1-A Companion Sub Account     4,000.00    75,131.71    75,131.71     4,000.00
Class 1-A NAS Sub Account           1,000.00         0.00         0.00     1,000.00
Class 2-A Companion Sub Account     2,000.00    12,550.36    12,550.36     2,000.00
Class 2-A NAS Sub Account             500.00         0.00         0.00       500.00
Class X-B Sub Account               2,500.00     2,298.26     2,298.26     2,500.00
</TABLE>

             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            18     4,535,923.56
60 Days             0             0.00
90 Days             0             0.00
120 Days            1       447,991.05
150 Days            0             0.00
180+ Days           1       100,000.00
             --------     ------------
                   20     5,083,914.61

              No. of        Principal
              Loans          Balance

0-29 Days    0.000000%        0.000000%
30 Days      0.766284%        0.583586%
60 Days      0.000000%        0.000000%
90 Days      0.000000%        0.000000%
120 Days     0.042571%        0.057638%
150 Days     0.000000%        0.000000%
180+ Days    0.042571%        0.012866%
             --------     ------------
             0.851426%        0.654090%
</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            18       4,535,923.56
60 Days             0               0.00
90 Days             0               0.00
120 Days            1         447,991.05
150 Days            0               0.00
180+ Days           1         100,000.00
             --------       ------------
                   20       5,083,914.61

              No. of          Principal
              Loans            Balance

0-29 Days    0.000000%          0.000000%
30 Days      0.766284%          0.583586%
60 Days      0.000000%          0.000000%
90 Days      0.000000%          0.000000%
120 Days     0.042571%          0.057638%
150 Days     0.000000%          0.000000%
180+ Days    0.042571%          0.012866%
             --------       ------------
             0.851426%          0.654090%
</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  14,895.02
</TABLE>

<PAGE>

                     SUBORDINATION LEVEL/CREDIT ENHANCEMENT/
                   CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
              Original $          Original %      Current $          Current %      Current Class %     Prepayment %
             -------------       -----------    -------------       -----------     ---------------     ------------
<S>          <C>                 <C>            <C>                 <C>             <C>                 <C>
Class A      35,170,267.00       3.60004973%    35,170,267.00       4.52496349%        95.475036%         0.000000%
Class X-1    35,170,267.00       3.60004973%    35,170,267.00       4.52496349%         0.000000%         0.000000%
Class X-2    35,170,267.00       3.60004973%    35,170,267.00       4.52496349%         0.000000%         0.000000%
Class B-1    21,004,267.00       2.15000943%    21,004,267.00       2.70238327%         1.822580%        40.278341%
Class B-2    12,700,267.00       1.30000698%    12,700,267.00       1.63400080%         1.068382%        23.610853%
Class B-3     7,816,267.00       0.80007780%     7,816,267.00       1.00563134%         0.628369%        13.886730%
Class B-4     5,373,267.00       0.55001085%     5,373,267.00       0.69131795%         0.314313%         6.946208%
Class B-5     3,908,267.00       0.40005257%     3,908,267.00       0.50283285%         0.188485%         4.165450%
Class B-6             0.00       0.00000000%             0.00       0.00000000%         0.502833%        11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

           DELINQUENT

POOL 1 -- 1 MO LIBOR

<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>
             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>

              DELINQUENT

POOL 1 -- 6 MO LIBOR

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>        <C>
0-29 Days             0           0.00
30 Days              15   3,961,523.56
60 Days               0           0.00
90 Days               0           0.00
120 Days              1     447,991.05
150 Days              0           0.00
180+ Days             0           0.00
               --------   ------------
                     16   4,409,514.61

                 No. of      Principal
                 Loans        Balance

0-29 Days      0.000000%      0.000000%
30 Days        0.863061%      0.722751%
60 Days        0.000000%      0.000000%
90 Days        0.000000%      0.000000%
120 Days       0.057537%      0.081733%
150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%
               --------   ------------
               0.920598%      0.804484%

</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           15   3,961,523.56
60 Days            0           0.00
90 Days            0           0.00
120 Days           1     447,991.05
150 Days           0           0.00
180+ Days          0           0.00
            --------   ------------
                  16   4,409,514.61

              No. of     Principal
              Loans       Balance

0-29 Days   0.000000%      0.000000%
30 Days     0.863061%      0.722751%
60 Days     0.000000%      0.000000%
90 Days     0.000000%      0.000000%
120 Days    0.057537%      0.081733%
150 Days    0.000000%      0.000000%
180+ Days   0.000000%      0.000000%
            --------   ------------
            0.920598%      0.804484%
</TABLE>

               DELINQUENT

POOL 2

<TABLE>
<CAPTION>
                  No. of      Principal
                  Loans        Balance
<S>             <C>          <C>
0-29 Days              0           0.00
30 Days                3     574,400.00
60 Days                0           0.00
90 Days                0           0.00
120 Days               0           0.00
150 Days               0           0.00
180+ Days              1     100,000.00
                --------     ----------
                       4     674,400.00

                  No. of      Principal
                  Loans        Balance

0-29 Days       0.000000%      0.000000%
30 Days         0.733496%      0.448245%
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       0.244499%      0.078037%
                --------     ----------
                0.977995%      0.526282%
</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     574,400.00
60 Days            0           0.00
90 Days            0           0.00
120 Days           0           0.00
150 Days           0           0.00
180+ Days          1     100,000.00
            --------     ----------
                   4     674,400.00

              No. of     Principal
              Loans       Balance

0-29 Days   0.000000%      0.000000%
30 Days     0.733496%      0.448245%
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   0.244499%      0.078037%
            --------     ----------
            0.977995%      0.526282%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
            Collateral Description                                                                    Mixed Arm
<S>                                                                                                 <C>
Weighted Average Gross Coupon                                                                             3.899091%
Weighted Average Net Coupon                                                                               3.521205%
Weighted Average Pass-Through Rate                                                                        3.515705%
Weighted Average Maturity (Stepdown Calculation)                                                               308

Beginning Scheduled Collateral Loan Count                                                                    2,399
Number of Loans Paid in Full                                                                                    50
Ending Scheduled Collateral Loan Count                                                                       2,349

Beginning Scheduled Collateral Balance                                                              796,306,316.95
Ending Scheduled Collateral Balance                                                                 777,249,741.33
Ending Actual Collateral Balance at 28-Feb-2005                                                     777,249,671.01

Monthly P&I Constant                                                                                  2,587,392.18
Special Servicing Fee                                                                                         0.00
Prepayment Penalties                                                                                          0.00
Realized Loss Amount                                                                                          0.00
Cumulative Realized Loss                                                                                      0.00

Class A Optimal Amount                                                                               21,284,209.84

Ending Scheduled Balance for Premium Loans                                                          777,249,741.33

Scheduled Principal                                                                                           0.00
Unscheduled Principal                                                                                19,056,575.62
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            GROUP                POOL 1 -- 1 MO LIBOR  POOL 1 -- 6 MO LIBOR       POOL 2            TOTAL
<S>                              <C>                   <C>                  <C>                <C>
Collateral Description             1 Month LIBOR ARM     6 Month LIBOR ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate                4.043506              3.884239           3.849831        3.899091
Weighted Average Net Rate                   3.650661              3.508832           3.473014        3.521205
Pass-Through Rate                           3.645161              3.503332           3.467514        3.515705
Weighted Average Maturity                        293                   310                309             308
Record Date                               02/28/2005            02/28/2005         02/28/2005      02/28/2005
Principal and Interest Constant           345,639.12          1,821,186.36         420,566.70    2,587,392.18
Beginning Loan Count                             208                 1,775                416           2,399
Loans Paid in Full                                 6                    37                  7              50
Ending Loan Count                                202                 1,738                409           2,349
Beginning Scheduled Balance           102,576,071.96        562,638,781.13     131,091,463.86  796,306,316.95
Ending Scheduled Balance              100,988,079.04        548,117,408.63     128,144,253.66  777,249,741.33
Scheduled Principal                             0.00                  0.00               0.00            0.00
Unscheduled Principal                   1,587,992.92         14,521,372.50       2,947,210.20   19,056,575.62
Scheduled Interest                        345,639.12          1,821,186.36         420,566.70    2,587,392.18
Servicing Fee                              35,580.44            176,015.63          41,164.65      250,760.72
Master Servicing Fee                          470.13              2,578.76             600.84        3,649.73
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                              311,588.55          1,642,591.97         378,801.21    2,332,981.73
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>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                   <C>
Group Pool 1 -- 1 Mo LIBOR
   Interest Transfer Amount                  0.00
   Principal Transfer Amount                 0.00
   Prorata Senior Percent              95.555179%
   Senior Percentage                  100.000000%
   Senior Prepayment Percentage       100.000000%
   Subordinate Percentage               0.000000%
   Subordinate Prepayment Percentage    0.000000%

Group Pool 1 -- 6 Mo LIBOR
   Interest Transfer Amount                  0.00
   Principal Transfer Amount                 0.00
   Prorata Senior Percent              95.726144%
   Senior Percentage                  100.000000%
   Senior Prepayment Percentage       100.000000%
   Subordinate Percentage               0.000000%
   Subordinate Prepayment Percentage    0.000000%
</TABLE>