<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 2004-10
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning         Interest      Principal
Class     CUSIP    Description      Rate      Certificate Balance  Distribution  Distribution
-----     -----    -----------      ----      -------------------  ------------  ------------
<S>     <C>        <C>          <C>           <C>                  <C>           <C>
A-1A    81744FET0      SEN        2.90813%      106,013,469.28       256,917.46   2,163,677.88
A-1B    81744FEU7      SEN        2.96813%       11,781,951.47        29,141.97     240,463.29
 A-2    81744FEV5      SEN        2.91813%      196,068,056.39       476,973.40   4,001,643.55
A-3A    81744FEW3      SEN        2.57000%      167,207,486.30       358,102.70   3,199,333.27
A-3B    81744FEX1      SEN        2.63000%       18,578,609.59        40,718.12     355,481.47
 A-4    81744FEY9      SEN        2.58000%      117,787,455.86       253,243.03   2,253,734.77
 X-A    81744FEZ6       IO        0.68908%                0.00       354,553.24           0.00
 X-B    81744FFA0       IO        0.22805%                0.00         3,909.07           0.00
 B-1    81744FFC6      SUB        3.09813%       14,042,000.00        36,253.28           0.00
 B-2    81744FFD4      SUB        3.44813%        6,849,000.00        19,680.20           0.00
 B-3    81744FFE2      SUB        3.43742%        3,767,000.00        10,790.62           0.00
 B-4    81744FFF9      SUB        3.43742%        3,081,000.00         8,825.57           0.00
 B-5    81744FFG7      SUB        3.43742%        1,711,000.00         4,901,18           0.00
 B-6    81744FFH5      SUB        3.43742%        3,097,055.38         8,871.56           0.00
 A-R    81744FFB8      RES        3.18870%                0.00             0.14           0.00
                                                --------------     ------------  -------------
Totals                                          649,984,084.27     1,862,701.54  12,214,334.23
                                                --------------     ------------  -------------
</TABLE>

<TABLE>
<CAPTION>
                      Current           Ending            Total         Cumulative
Class     CUSIP    Realized Loss  Certificate Balance  Distribution   Realized Loss
-----     -----    -------------  -------------------  ------------   -------------
<S>     <C>        <C>            <C>                  <C>            <C>
A-1A    81744FET0      0.00         103,849,791.40      2,420,595.34      0.00
A-1B    81744FEU7      0.00          11,541,488.18        269,605.26      0.00
 A-2    81744FEV5      0.00         192,066,412.84      4,478,436.95      0.00
A-3A    81744FEW3      0.00         164,008,153.03      3,557,435.97      0.00
A-3B    81744FEX1      0.00          18,223,128.11        396,199.59      0.00
 A-4    81744FEY9      0.00         115,533,721.09      2,506,977.80      0.00
 X-A    81744FEZ6      0.00                   0.00        354,553.24      0.00
 X-B    81744FFA0      0.00                   0.00          3,909.07      0.00
 B-1    81744FFC6      0.00          14,042,000.00         36,253.28      0.00
 B-2    81744FFD4      0.00           6,849,000.00         19,680.20      0.00
 B-3    81744FFE2      0.00           3,767,000.00         10,790.62      0.00
 B-4    81744FFF9      0.00           3,081,000.00          8,825.57      0.00
 B-5    81744FFG7      0.00           1,711,000.00          4,901.18      0.00
 B-6    81744FFH5      0.00           3,097,055.38          8,871.56      0.00
 A-R    81744FFB8      0.00                   0.00              0.14      0.00
                       ----         --------------     -------------      ----
Totals                 0.00         637,769,750.03     14,077,035.77      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-1A    110,000,000.00  106,013,469.28      0.00       2,163,677.88    0.00       0.00
A-1B     12,225,000.00   11,781,951.47      0.00         240,463.29    0.00       0.00
 A-2    203,441,000.00  196,068,056.39      0.00       4,001,643.55    0.00       0.00
A-3A    180,000,000.00  167,207,486.30      0.00       3,199,333.27    0.00       0.00
A-3B     20,000,000.00   18,578,609.59      0.00         355,481.47    0.00       0.00
 A-4    126,799,000.00  117,787,455.86      0.00       2,253,734.77    0.00       0.00
 X-A              0.00            0.00      0.00               0.00    0.00       0.00
 X-B              0.00            0.00      0.00               0.00    0.00       0.00
 B-1     14,042,000.00   14,042,000.00      0.00               0.00    0.00       0.00
 B-2      6,849,000.00    6,849,000.00      0.00               0.00    0.00       0.00
 B-3      3,767,000.00    3,767,000.00      0.00               0.00    0.00       0.00
 B-4      3,081,000.00    3,081,000.00      0.00               0.00    0.00       0.00
 B-5      1,711,000.00    1,711,000.00      0.00               0.00    0.00       0.00
 B-6      3,097,055.38    3,097,055.38      0.00               0.00    0.00       0.00
 A-R            100.00            0.00      0.00               0.00    0.00       0.00
        --------------  --------------      ----      -------------    ----       ----
Totals  685,012,155.38  649,984,084.27      0.00      12,214,334.23    0.00       0.00
        --------------  --------------      ----      -------------    ----       ----
</TABLE>

<TABLE>
<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance            Percentage       Distribution
-----      ---------          -------            ----------       ------------
<S>     <C>              <C>                 <C>                 <C>
A-1A      2,163,677.88     103,849,791.40        0.94408901        2,163,677.88
A-1B        240,463.29      11,541,488.18        0.94408901          240,463.29
 A-2      4,001,643.55     192,066,412.84        0.94408901        4,001,643.55
A-3A      3,199,333.27     164,008,153.03        0.91115641        3,199,333.27
A-3B        355,481.47      18,223,128.11        0.91115641          355,481.47
 A-4      2,253,734.77     115,533,721.09        0.91115641        2,253,734.77
 X-A              0.00               0.00        0.00000000                0.00
 X-B              0.00               0.00        0.00000000                0.00
 B-1              0.00      14,042,000.00        1.00000000                0.00
 B-2              0.00       6,849,000.00        1.00000000                0.00
 B-3              0.00       3,767,000.00        1.00000000                0.00
 B-4              0.00       3,081,000.00        1.00000000                0.00
 B-5              0.00       1,711,000.00        1.00000000                0.00
 B-6              0.00       3,097,055.38        1.00000000                0.00
 A-R              0.00               0.00        0.00000000                0.00
         -------------     --------------        ----------       -------------
Totals   12,214,334.23     637,769,750.03        0.93103421       12,214,334.23
         -------------     --------------        ----------       -------------
</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-1A   110,000,000.00   963.75881164   0.00000000   19.66979891   0.00000000  0.00000000
A-1B    12,225,000.00   963.75881145   0.00000000   19.66979877   0.00000000  0.00000000
 A-2   203,441,000.00   963.75881160   0.00000000   19.66979886   0.00000000  0.00000000
A-3A   180,000,000.00   928.93047944   0.00000000   17.77407372   0.00000000  0.00000000
A-3B    20,000,000.00   928.93047950   0.00000000   17.77407350   0.00000000  0.00000000
 A-4   126,799,000.00   928.93047942   0.00000000   17.77407369   0.00000000  0.00000000
 X-A             0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-1    14,042,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-2     6,849,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-3     3,767,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-4     3,081,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-5     1,711,000.00  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 B-6     3,097,055.38  1000.00000000   0.00000000    0.00000000   0.00000000  0.00000000
 A-R           100.00     0.00000000   0.00000000    0.00000000   0.00000000  0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                              Ending
       Total Principal  Ending Certificate  Certificate  Total Principal
Class     Reduction           Balance       Percentage    Distribution
-----     ---------           -------       ----------    ------------
<S>    <C>              <C>                 <C>          <C>
A-1A     19.66979891       944.08901273      0.94408901    19.66979891
A-1B     19.66979877       944.08901268      0.94408901    19.66979877
 A-2     19.66979886       944.08901274      0.94408901    19.66979886
A-3A     17.77407372       911.15640572      0.91115641    17.77407372
A-3B     17.77407350       911.15640550      0.91115641    17.77407350
 A-4     17.77407369       911.15640573      0.91115641    17.77407369
 X-A      0.00000000         0.00000000      0.00000000     0.00000000
 X-B      0.00000000         0.00000000      0.00000000     0.00000000
 B-1      0.00000000      1000.00000000      1.00000000     0.00000000
 B-2      0.00000000      1000.00000000      1.00000000     0.00000000
 B-3      0.00000000      1000.00000000      1.00000000     0.00000000
 B-4      0.00000000      1000.00000000      1.00000000     0.00000000
 B-5      0.00000000      1000.00000000      1.00000000     0.00000000
 B-6      0.00000000      1000.00000000      1.00000000     0.00000000
 A-R      0.00000000         0.00000000      0.00000000     0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of               Non-
                                           Certificate/     Current       Unpaid     Current   Supported
        Original Face       Current          Notional       Accrued      Interest    Interest  Interest   Realized
Class       Amount      Certificate Rate     Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)
-----       ------      ----------------     -------        --------     ---------  ---------  ---------  --------
<S>     <C>             <C>               <C>             <C>           <C>         <C>        <C>        <C>
 A-1A   110,000,000.00      2.90813%      106,013,469.28    256,917.46     0.00        0.00       0.00      0.00
 A-1B    12,225,000.00      2.96813%       11,781,951.47     29,141.97     0.00        0.00       0.00      0.00
  A-2   203,441,000.00      2.91813%      196,068,056.39    476,793.40     0.00        0.00       0.00      0.00
 A-3A   180,000,000.00      2.57000%      167,207,486.30    358,102.70     0.00        0.00       0.00      0.00
 A-3B    20,000,000.00      2.63000%       18,578,609.59     40,718.12     0.00        0.00       0.00      0.00
  A-4   126,799,000.00      2.58000%      117,787,455.86    253,243.03     0.00        0.00       0.00      0.00
  X-A             0.00      0.68908%      617,437,028.89    354,553.24     0.00        0.00       0.00      0.00
  X-B             0.00      0.22805%       20,891,000.00      3,970.22     0.00        0.00       0.00      0.00
  B-1    14,042,000.00      3.09813%       14,042,000.00     36,253.28     0.00        0.00       0.00      0.00
  B-2     6,849,000.00      3.44813%        6,849,000.00     19,680.20     0.00        0.00       0.00      0.00
  B-3     3,767,000.00      3.43742%        3,767,000.00     10,790.62     0.00        0.00       0.00      0.00
  B-4     3,081,000.00      3.43742%        3,081,000.00      8,825.57     0.00        0.00       0.00      0.00
  B-5     1,711,000.00      3.43742%        1,711,000.00      4,901.18     0.00        0.00       0.00      0.00
  B-6     3,097,055.38      3.43742%        3,097,055.38      8,871.56     0.00        0.00       0.00      0.00
  A-R           100.00      3.18870%                0.00          0.00     0.00        0.00       0.00      0.00
        --------------                                    ------------     ----        ----       ----      ----
Totals  685,012,155.38                                    1,862,762.55     0.00        0.00       0.00      0.00
        --------------                                    ------------     ----        ----       ----      ----
</TABLE>

<TABLE>
<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
Class    Distribution   Shortfall      Balance
-----    ------------   ---------      -------
<S>     <C>             <C>        <C>
 A-1A      256,917.46     0.00     103,849,791.40
 A-1B       29,141.97     0.00      11,541,488.18
  A-2      476,793.40     0.00     192,066,412.84
 A-3A      358,102.70     0.00     164,008,153.03
 A-3B       40,718.12     0.00      18,223,128.11
  A-4      253,243.03     0.00     115,533,721.09
  X-A      354,553.24     0.00     605,222,694.65
  X-B        3,909.07     0.00      20,891,000.00
  B-1       36,253.28     0.00      14,042,000.00
  B-2       19,680.20     0.00       6,849,000.00
  B-3       10,790.62     0.00       3,767,000.00
  B-4        8,825.57     0.00       3,081,000.00
  B-5        4,901.18     0.00       1,711,000.00
  B-6        8,871.56     0.00       3,097,055.38
  A-R            0.14     0.00               0.00
         ------------     ----
Totals   1,862,701.54     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-1A   110,000,000.00      2.90813%       963.75881164        2.33561327       0.00000000    0.00000000    0.00000000    0.00000000
A-1B    12,225,000.00      2.96813%       963.75881145        2.38380123       0.00000000    0.00000000    0.00000000    0.00000000
 A-2   203,441,000.00      2.91813%       963.75881160        2.34364459       0.00000000    0.00000000    0.00000000    0.00000000
A-3A   180,000,000.00      2.57000%       928.93047944        1.98945944       0.00000000    0.00000000    0.00000000    0.00000000
A-3B    20,000,000.00      2.63000%       928.93047950        2.03590600       0.00000000    0.00000000    0.00000000    0.00000000
 A-4   126,799,000.00      2.58000%       928.93047942        1.99720053       0.00000000    0.00000000    0.00000000    0.00000000
 X-A             0.00      0.68908%       946.31440597        0.54340576       0.00000000    0.00000000    0.00000000    0.00000000
 X-B             0.00      0.22805%      1000.00000000        0.19004452       0.00000000    0.00000000    0.00000000    0.00000000
 B-1    14,042,000.00      3.09813%      1000.00000000        2.58177468       0.00000000    0.00000000    0.00000000    0.00000000
 B-2     6,849,000.00      3.44813%      1000.00000000        2.87344138       0.00000000    0.00000000    0.00000000    0.00000000
 B-3     3,767,000.00      3.43742%      1000.00000000        2.86451287       0.00000000    0.00000000    0.00000000    0.00000000
 B-4     3,081,000.00      3.43742%      1000.00000000        2.86451477       0.00000000    0.00000000    0.00000000    0.00000000
 B-5     1,711,000.00      3.43742%      1000.00000000        2.86451198       0.00000000    0.00000000    0.00000000    0.00000000
 B-6     3,097,055.38      3.43742%      1000.00000000        2.86451449       0.00000000    0.00000000    0.00000000    0.00000000
 A-R           100.00      3.18870%         0.00000000        0.00000000       0.00000000    0.00000000    0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                         Remaining
                          Unpaid
Class  Total Interest    Interest      Ending Certificate/
 (5)    Distribution     Shortfall      Notational Balance
 ---    ------------     ---------      ------------------
<S>    <C>               <C>           <C>
A-1A     2.33561327      0.00000000        944.08901273
A-1B     2.38380123      0.00000000        944.08901268
 A-2     2.34364459      0.00000000        944.08901274
A-3A     1.98945944      0.00000000        911.15640572
A-3B     2.03590600      0.00000000        911.15640550
 A-4     1.99720053      0.00000000        911.15640573
 X-A     0.54340576      0.00000000        927.59411562
 X-B     0.18711742      0.00000000       1000.00000000
 B-1     2.58177468      0.00000000       1000.00000000
 B-2     2.87344138      0.00000000       1000.00000000
 B-3     2.86451287      0.00000000       1000.00000000
 B-4     2.86451477      0.00000000       1000.00000000
 B-5     2.86451198      0.00000000       1000.00000000
 B-6     2.86451449      0.00000000       1000.00000000
 A-R     1.40000000      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
                                       8MN

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

Deposits
           Payments of Interest and Principal                              14,229,686.93
           Liquidations, Insurance Proceeds, Reserve Funds                          0.00
           Proceeds from Repurchased Loans                                          0.00
           Other Amounts (Servicer Advances)                                   56,613.62
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
           Prepayment Penalties                                                     0.00
                                                                           -------------
Total Deposits                                                             14,286,300.55

Withdrawals
           Reimbursement for Servicer Advances                                      0.00
           Payment of Service Fee                                             209,264.78
           Payment of Interest and Principal                               14,077,035.77
                                                                           -------------
Total Withdrawals (Pool Distribution Amount)                               14,286,300.55

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                                              203,848.24
Master Servicing Fee                                               5,416.54
Supported Prepayment/Curtailment Interest Shortfall                    0.00
                                                                 ----------
Net Servicing Fee                                                209,264.78
                                                                 ==========
</TABLE>

<TABLE>
<CAPTION>
                                      OTHER ACCOUNTS
                                        Beginning         Current      Current      Ending
         Account Type                    Balance        Withdrawals    Deposits    Balance
---------------------------------     --------------    -----------    --------    -------
<S>                                   <C>               <C>            <C>         <C>
Class X-A Pool 1 Comp. Sub Amount       4,500.00            0.00         0.00      4,500.00
Class X-A Pool 2 Comp. Sub Amount       4,500.00            0.00         0.00      4,500.00
Class X-B Sub Account                   1,000.00           61.15        61.15      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             50    17,653,895.51
60 Days              2       639,450.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
              --------    -------------
                    52    18,293,345.51

               No. of       Principal
                Loans        Balance

0-29 Days     0.000000%        0.000000%
30 Days       2.702703%        2.768057%
60 Days       0.108108%        0.100263%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------         --------
              2.810811%        2.868320%
</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             50    17,653,895.51
60 Days              2       639,450.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
              --------    -------------
                    52    18,293,345.51

               No. of       Principal
                Loans        Balance

0-29 Days     0.000000%        0.000000%
30 Days       2.702703%        2.768057%
60 Days       0.108108%        0.100263%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------    -------------
              2.810811%        2.868320%
</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    32,547,055.38  4.75131063%  32,547,055.38  5.10326107%     94.896739%      0.000000%
Class B-1  18,505,055.38  2.70142000%  18,505,055.38  2.90152604%      2.201735%     43.143688%
Class B-2  11,656,055.38  1.70158373%  11,656,055.38  1.82762751%      1.073899%     21.043378%
Class B-3   7,889,055.38  1.15166648%   7,889,055.38  1.23697547%      0.590652%     11.574012%
Class B-4   4,808,055.38  0.70189344%   4,808,055.38  0.75388577%      0.483090%      9.466294%
Class B-5   3,097,055.38  0.45211685%   3,097,055.38  0.48560713%      0.268279%      5.257004%
Class B-6           0.00  0.00000000%           0.00  0.00000000%      0.485607%      9.515624%
</TABLE>

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

<PAGE>

                          DELINQUENCY STATUS BY GROUP

GROUP  ONE

             DELINQUENT

<TABLE>
<CAPTION>
               No. of       Principal
                Loans        Balance
<S>           <C>         <C>
0-29 Days            0             0.00
30 Days             29    10,171,175.57
60 Days              2       639,450.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
              --------    -------------
                    31    10,810,625.57

               No. of       Principal
                Loans        Balance
0-29 Days     0.000000%        0.000000%
30 Days       3.314286%        3.142169%
60 Days       0.228571%        0.197545%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------    -------------
              3.542857%        3.339713%
</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             29    10,171,175.57
60 Days              2       639,450.00
90 Days              0             0.00
120 Days             0             0.00
150 Days             0             0.00
180+ Days            0             0.00
              --------    -------------
                    31    10,810,625.57

                No. of      Principal
                 Loans       Balance

0-29 Days     0.000000%        0.000000%
30 Days       3.314286%        3.142169%
60 Days       0.228571%        0.197545%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------    -------------
              3.542857%        3.339713%
</TABLE>

GROUP TWO

              DELINQUENT

<TABLE>
<CAPTION>
                No. of       Principal
                 Loans        Balance
<S>           <C>          <C>
0-29 Days            0             0.00
30 Days             21     7,482,719.94
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
              --------     ------------
                    21     7,482,719.94

                No. of       Principal
                 Loans        Balance

0-29 Days     0.000000%        0.000000%
30 Days       2.153846%        2.382478%
60 Days       0.000000%        0.000000%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------         --------
              2.153846%        2.382478%
</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             21     7,482,719.94
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
              --------     ------------
                    21     7,482,719.94

                No. of      Principal
                 Loans       Balance

0-29 Days     0.000000%        0.000000%
30 Days       2.153846%        2.382478%
60 Days       0.000000%        0.000000%
90 Days       0.000000%        0.000000%
120 Days      0.000000%        0.000000%
150 Days      0.000000%        0.000000%
180+ Days     0.000000%        0.000000%
              --------         --------
              2.153846%        2.382478%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                         Mixed Arm
<S>                                                         <C>
Weighted Average Gross Coupon                                     3.825263%
Weighted Average Net Coupon                                       3.448918%
Weighted Average Pass-Through Rate                                3.438918%
Weighted Average Maturity (Stepdown Calculation)                       336

Beginning Scheduled Collateral Loan Count                            1,876
Number of Loans Paid in Full                                            26
Ending Scheduled Collateral Loan Count                               1,850

Beginning Scheduled Collateral Balance                      649,984,084.27
Ending Scheduled Collateral Balance                         637,769,750.03
Ending Actual Collateral Balance at 28-Feb-2005             637,772,168.41

Monthly P&I Constant                                          2,071,966.53
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       13,983,743.01

Scheduled Principal                                                   0.00
Unscheduled Principal                                        12,214,334.24
</TABLE>

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

<PAGE>

<TABLE>
<CAPTION>
             GROUP                        GROUP ONE             GROUP TWO              TOTAL
<S>                                    <C>                  <C>                   <C>
Collateral Description                      Mixed ARM       6 Month LIBOR ARM          Mixed ARM
Weighted Average Coupon Rate                 3.907903                3.739981           3.825263
Weighted Average Net Rate                    3.532157                3.363019           3.448918
Pass-Through Rate                            3.522157                3.353019           3.438918
Weighted Average Maturity                         332                     339                336
Record Date                                02/28/2005              02/28/2005         02/28/2005
Principal and Interest Constant          1,075,012.34              996,954.19       2,071,966.53
Beginning Loan Count                              886                     990              1,876
Loans Paid in Full                                 11                      15                 26
Ending Loan Count                                 875                     975              1,850
Beginning Scheduled Balance            330,104,123.58          319,879,960.69     649,984,084.27
Ending Scheduled Balance               323,698,338.86          314,071,411.17     637,769,750.03
Scheduled Principal                              0.00                    0.00               0.00
Unscheduled Principal                    6,405,784.72            5,808,549.52      12,214,334.24
Scheduled Interest                       1,075,012.34              996,954.19       2,071,966.53
Servicing Fee                              103,362.79              100,485.45         203,848.24
Master Servicing Fee                         2,750.87                2,665.67           5,416.54
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                               968,898.68              893,803.07       1,862,701.75
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>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                              <C>
Group One
One Month Libor Loan Balance                                     229,544,831.55
Six Month Libor Loan Balance                                      94,153,507.31
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               95.080144%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Two
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               94.902335%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE>