<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 2004-5
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                      Certificate                       Beginning
                        Class      Certificate Pass-   Certificate       Interest       Principal       Current
Class     CUSIP       Description   Through Rate         Balance       Distribution    Distribution   Realized Loss
-----     -----       -----------  -----------------  ---------------  ------------   --------------  ---------------
<S>     <C>           <C>          <C>                <C>              <C>            <C>             <C>
 A-1    81744FBS5       SEN              2.74715%     553,000,000.00   1,265,977.58    5,343,207.50        0.00
 A-2    81744FBT3       SEN              1.36000%     185,867,000.00     161,497.77      254,430.60        0.00
 A-3    81744FCF2       SEN              1.86250%      75,000,000.00      89,244.79      102,666.39        0.00
 X-1    81744FBU0        IO              0.80000%               0.00     173,911.33            0.00        0.00
 X-2    81744FBV8        IO              0.68843%               0.00     149,656.63            0.00        0.00
 X-B    81744FBX4        IO              0.39055%               0.00      27,084.48            0.00        0.00
 B-1    81744FBZ9       SUB              1.58000%      14,874,000.00      15,014.48            0.00        0.00
 B-2    81744FCA3       SUB              1.98000%       8,499,000.00      10,751.24            0.00        0.00
 B-3    81744FCB1       SUB              2.71340%       4,674,000.00      10,568.68            0.00        0.00
 B-4    81744FCC9       SUB              2.71340%       2,124,000.00       4,802.71            0.00        0.00
 B-5    81744FCD7       SUB              2.71340%       2,124,000.00       4,802.71            0.00        0.00
 B-6    81744FCE5       SUB              2.71340%       3,830,447.31       8,661.27            0.00        0.00
 A-R    81744FBY2       RES              2.74715%             100.00           0.23          100.00        0.00
                                                      --------------   ------------    ------------        ----
Totals                                                849,992,547.31   1,921,973.90    5,700,404.49        0.00
                                                      --------------   ------------    ------------        ----

<CAPTION>
                     Ending Certificate      Total         Cumulative
Class     CUSIP           Balance         Distribution    Realized Loss
-----     -----      ------------------   -------------   -------------
<S>     <C>          <C>                  <C>             <C>
 A-1    81744FBS5     547,656,792.50      6,609,185.08        0.00
 A-2    81744FBT3     185,612,569.61        415,928.37        0.00
 A-3    81744FCF2      74,897,333.61        191,911.18        0.00
 X-1    81744FBU0               0.00        173,911.33        0.00
 X-2    81744FBV8               0.00        149,656.63        0.00
 X-B    81744FBX4               0.00         27,084.48        0.00
 B-1    81744FBZ9      14,874,000.00         15,014.48        0.00
 B-2    81744FCA3       8,499,000.00         10,751.24        0.00
 B-3    81744FCB1       4,674,000.00         10,568.68        0.00
 B-4    81744FCC9       2,124,000.00          4,802.71        0.00
 B-5    81744FCD7       2,124,000.00          4,802.71        0.00
 B-6    81744FCE5       3,830,447.31          8,661.27        0.00
 A-R    81744FBY2               0.00            100.23        0.00
                      --------------      ------------        ----
Totals                884,292,142.82      7,622,378.39        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      Total Principal
Class      Amount          Balance        Distribution  Distribution      Accretion    Loss (1)         Reduction
-----    -------------  ---------------  -------------  -------------     ---------    --------      ---------------
<S>     <C>             <C>              <C>            <C>               <C>          <C>           <C>
 A-1    553,000,000.00  553,000,000.00       0.00        5,343,207.50       0.00         0.00           5,343,207.50
 A-2    185,867,000.00  185,867,000.00       0.00          254,430.60       0.00         0.00             254,430.60
 A-3     75,000,000.00   75,000,000.00       0.00          102,666.39       0.00         0.00             102,666.39
 X-1              0.00            0.00       0.00                0.00       0.00         0.00                   0.00
 X-2              0.00            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                   0.00
 B-1     14,874,000.00   14,874,000.00       0.00                0.00       0.00         0.00                   0.00
 B-2      8,499,000.00   8,499,0000.00       0.00                0.00       0.00         0.00                   0.00
 B-3      4,674,000.00    4,674,000.00       0.00                0.00       0.00         0.00                   0.00
 B-4      2,124,000.00    2,124,000.00       0.00                0.00       0.00         0.00                   0.00
 B-5      2,124,000.00    2,124,000.00       0.00                0.00       0.00         0.00                   0.00
 B-6      3,830,447.31    3,830,447.31       0.00                0.00       0.00         0.00                   0.00
 A-R            100.00          100.00       0.00              100.00       0.00         0.00                 100.00
        --------------  --------------       ----        ------------       ----         ----        ---------------
Totals  849,992,547.31  849,992,547.31       0.00        5,700,404.49       0.00         0.00           5,700,404.49
        --------------  --------------       ----        ------------       ----         ----        ---------------

<CAPTION>
          Ending Certificate     Ending  Certificate  Total Principal
Class          Balance              Percentage         Distribution
-----     ------------------     -------------------  ---------------
<S>       <C>                    <C>                  <C>
 A-1        547,656,792.50          0.99033778          5,343,207.50
 A-2        185,612,569.40          0.99863111            254,430.60
 A-3         74,897,333.61          0.99863111            102,666.39
 X-1                  0.00          0.00000000                  0.00
 X-2                  0.00          0.00000000                  0.00
 X-B                  0.00          0.00000000                  0.00
 B-1         14,874,000.00          1.00000000                  0.00
 B-2          8,499,000.00          1.00000000                  0.00
 B-3          4,674,000.00          1.00000000                  0.00
 B-4          2,124,000.00          1.00000000                  0.00
 B-5          2,124,000.00          1.00000000                  0.00
 B-6          3,830,447.31          1.00000000                  0.00
 A-R                  0.00          0.00000000                100.00
            --------------          ----------          ------------
Totals      844,292,142.82          0.99329358          5,700,404.49
            --------------          ----------          ------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning       Scheduled     Unscheduled
         Original Face     Certificate      Principal      Principal                   Realized      Total Principal
Class       Amount          Balance       Distribution   Distribution    Accretion       Loss (3)       Reduction
-----       ------      ---------------  -------------  -------------    ---------     ----------    ---------------
<S>     <C>             <C>              <C>            <C>              <C>           <C>           <C>
 A-1    553,000,000.00   1000.00000000    0.00000000       9.66221971    0.00000000    0.00000000       9.66221971
 A-2    185,867,000.00   1000.00000000    0.00000000       1.36888528    0.00000000    0.00000000       1.36888528
 A-3     75,000,000.00   1000.00000000    0.00000000       1.36888520    0.00000000    0.00000000       1.36888520
 X-1              0.00      0.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 X-2              0.00      0.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 X-B              0.00      0.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-1     14,874,000.00   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-2      8,499,000.00   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-3      4,674,000.00   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-4      2,124,000.00   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-5      2,124,000.00   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 B-6      3,830,447.31   1000.00000000    0.00000000       0.00000000    0.00000000    0.00000000       0.00000000
 A-R            100.00   1000.00000000    0.00000000    1000.00000000    0.00000000    0.00000000    1000.00000000

<CAPTION>
          Ending Certificate    Ending Certificate    Total Principal
Class          Balance             Percentage          Distribution
-----     ------------------     -------------------  ---------------
<S>       <C>                   <C>                   <C>
 A-1         990.33778029          0.99033778             9.66221971
 A-2         998.63111472          0.99863111             1.36888528
 A-3         998.63111480          0.99863111             1.36888520
 X-1           0.00000000          0.00000000             0.00000000
 X-2           0.00000000          0.00000000             0.00000000
 X-B           0.00000000          0.00000000             0.00000000
 B-1        1000.00000000          1.00000000             0.00000000
 B-2        1000.00000000          1.00000000             0.00000000
 B-3        1000.00000000          1.00000000             0.00000000
 B-4        1000.00000000          1.00000000             0.00000000
 B-5        1000.00000000          1.00000000             0.00000000
 B-6        1000.00000000          1.00000000             0.00000000
 A-R           0.00000000          0.00000000          1000.00000000
</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    553,000,000.00        2.74715%    553,000,000.00   1,265,977.57      0.00        0.00        0.00       0.00
 A-2    185,867,000.00        1.36000%    185,867,000.00     161,497.77      0.00        0.00        0.00       0.00
 A-3     75,000,000.00        1.86250%     75,000,000.00      89,244.79      0.00        0.00        0.00       0.00
 X-1              0.00        0.80000%    260,867,000.00     173,911.33      0.00        0.00        0.00       0.00
 X-2              0.00        0.68843%    260,867,000.00     149,656.63      0.00        0.00        0.00       0.00
 X-B              0.00        1.39055%     23,373,000.00      27,084.48      0.00        0.00        0.00       0.00
 B-1     14,874,000.00        1.58000%     14,874,000.00      15,014.48      0.00        0.00        0.00       0.00
 B-2      8,499,000.00        1.98000%      8,499,000.00      10,751.24      0.00        0.00        0.00       0.00
 B-3      4,674,000.00        2.71340%      4,674,000.00      10,568,68      0.00        0.00        0.00       0.00
 B-4      2,124,000.00        2.71340%      2,124,000.00       4,802.71      0.00        0.00        0.00       0.00
 B-5      2,124,000.00        2.71340%      2,124,000.00       4,802.71      0.00        0.00        0.00       0.00
 B-6      3,830,447.31        2.71340%      3,830,447.31       8,661.27      0.00        0.00        0.00       0.00
 A-R            100.00        2.74715%            100.00           0.23      0.00        0.00        0.00       0.00
        --------------                                     ------------      ----        ----        ----       ----
Totals  849,992,547.31                                     1,921,973.89      0.00        0.00        0.00       0.00
        --------------                                     ------------      ----        ----        ----       ----

<CAPTION>
                             Remaining         Ending
                               Unpaid       Certificate/
          Total Interest      Interest       Notational
Class      Distribution      Shortfall         Balance
-----     --------------    ----------    ---------------
<S>       <C>               <C>           <C>
 A-1       1,265,977.58         0.00       547,656,792.50
 A-2         161,497.77         0.00       185,612,569.40
 A-3          89,244.79         0.00        74,897,333.61
 X-1         173,911.33         0.00       251,260,118.76
 X-2         149,656.63         0.00       260,509,903.01
 X-B          27,084.48         0.00        23,373,000.00
 B-1          15,014.48         0.00        14,874,000.00
 B-2          10,751.24         0.00         8,499,000.00
 B-3          10,568.68         0.00         4,674,000.00
 B-4           4,802.71         0.00         2,124,000.00
 B-5           4,802.71         0.00         2,124,000.00
 B-6           8,661.27         0.00         3,830,447.31
 A-R               0.23         0.00                 0.00
           ------------         ----
Totals     1,921,973.90         0.00
           ------------         ----
</TABLE>

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

                    INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of
                               Current       Beginning                           Unpaid      Current      Non-Supported
  Class      Original Face   Certificate    Certificate/    Current Accrued     Interest     Interest        Interest     Realized
   (5)          Amount          Rate      Notional Balance      Interest        Shortfall    Shortfall      Shortfall     Loss (6)
---------   ---------------  -----------  ----------------  ---------------   ------------   ----------   -------------   --------
<S>         <C>              <C>          <C>               <C>               <C>            <C>          <C>            <C>
   A-1       553,000,000.00    2.74715%     1000.00000000        2.28929036     0.00000000   0.00000000    0.00000000     0.00000000
   A-2       185,867,000.00    1.36000%     1000.00000000        0.86888888     0.00000000   0.00000000    0.00000000     0.00000000
   A-3        75,000,000.00    1.86250%     1000.00000000        1.18993053     0.00000000   0.00000000    0.00000000     0.00000000
   X-1                 0.00    0.80000%     1000.00000000        0.66666665     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                 0.00    0.68843%     1000.00000000        0.57368939     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00    1.39055%     1000.00000000        1.15879348     0.00000000   0.00000000    0.00000000     0.00000000
   B-1        14,874,000.00    1.58000%     1000.00000000        1.00944467     0.00000000   0.00000000    0.00000000     0.00000000
   B-2         8,499,000.00    1.98000%     1000.00000000        1.26500059     0.00000000   0.00000000    0.00000000     0.00000000
   B-3         4,674,000.00    2.71340%     1000.00000000        2.26116389     0.00000000   0.00000000    0.00000000     0.00000000
   B-4         2,124,000.00    2.71340%     1000.00000000        2.26116290     0.00000000   0.00000000    0.00000000     0.00000000
   B-5         2,124,000.00    2.71340%     1000.00000000        2.26116290     0.00000000   0.00000000    0.00000000     0.00000000
   B-6         3,830,447.31    2.71340%     1000.00000000        2.26116411     0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00    2.74715%     1000.00000000        2.30000000     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         2.28929038    0.00000000       990.33778029
   A-2         0.86888888    0.00000000       998.63111472
   A-3         1.18993053    0.00000000       998.63111480
   X-1         0.66666665    0.00000000       963.17325978
   X-2         0.57368939    0.00000000       998.63111474
   X-B         1.15879348    0.00000000      1000.00000000
   B-1         1.00944467    0.00000000      1000.00000000
   B-2         1.26500059    0.00000000      1000.00000000
   B-3         2.26116389    0.00000000      1000.00000000
   B-4         2.26116290    0.00000000      1000.00000000
   B-5         2.26116290    0.00000000      1000.00000000
   B-6         2.26116411    0.00000000      1000.00000000
   A-R         2.30000000    0.00000000         0.00000000
</TABLE>

(5) Per $1 Denomination

(6) Amount does not include excess special hazard, bankcruptcy, or fraud losses
    unless otherwise disclosed.Please refer to other prospectus supplement for
    full description.

                      CERTIFICATEHOLDER ACCOUNT STATEMENT

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

Deposits

         Payments of Interest and Principal                                   7,868,274.22
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       26,454.17
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                              ------------
Total Deposits                                                                7,894,728.39

Withdrawals

         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 272,350.00
         Payment of Interest and Principal                                    7,622,378.39
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  7,894,728.39

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                                         265,825.33
Master Servicing Fee                                          5,312.48
PMI                                                           1,212.19
Supported Prepayment/Curtailment Interest Shortfall               0.00
                                                            ----------

Net Servicing Fee                                           272,350.00
                                                            ==========
</TABLE>

                                 OTHER ACCOUNTS
<TABLE>
<CAPTION>
                             Beginning          Current           Current        Ending
       Account Type           Balance         Withdrawals        Deposits       Balance
  ---------------------      ----------       ----------         --------       --------
  <S>                        <C>              <C>                <C>            <C>
  Class X-1 Sub Account        4,500.00             0.00             0.00       4,500.00
  Class X-2 Sub Account        4,500.00             0.00             0.00       4,500.00
  Class X-B Sub Account        1,000.00             0.00             0.00       1,000.00
</TABLE>





<PAGE>
             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
                No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>        <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days             0            0.00  0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              24   11,141,916.70  30 Days           0        0.00    30 Days            0        0.00
60 Days               0            0.00  60 Days           0        0.00    60 Days            0        0.00
90 Days               0            0.00  90 Days           0        0.00    90 Days            0        0.00
120 Days              0            0.00  120 Days          0        0.00    120 Days           0        0.00
150 Days              0            0.00  150 Days          0        0.00    150 Days           0        0.00
180+ Days             0            0.00  180+ Days         0        0.00    180+ Days          0        0.00
               --------   -------------             --------    --------                --------    --------
                     24   11,141,916.70                    0        0.00                       0        0.00

                No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days      0.000000%       0.000000% 0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.988875%       1.319674% 30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%       0.000000% 60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%       0.000000% 90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%       0.000000% 120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%       0.000000% 150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%       0.000000% 180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   -------------             --------    --------                --------    --------
               0.988875%       1.319674%            0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           24    11,141,916.70
60 Days             0        0.00    60 Days            0             0.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------    -------------
                    0        0.00                      24    11,141,916.70

              No. of     Principal                 No. of        Principal
               Loans      Balance                  Loans          Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.988875%        1.319674%
60 Days      0.000000%   0.000000%   60 Days     0.000000%        0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------    -------------
             0.000000%   0.000000%               0.988875%        1.319674%
</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  26,454.17
</TABLE>

<TABLE>
<CAPTION>
                Original $          Original%          Current $           Current %          Current Class %      Prepayment %
               -------------       ----------        -------------         ----------         ---------------      ------------
<S>            <C>                 <C>               <C>                   <C>                <C>                  <C>
Class A        36,125,447.31       4.25008989%       36,125,447.31         4.27878521%           95.721215%          0.000000%
Class X-1      36,125,447.31       4.25008989%       36,125,447.31         4.27878521%            0.000000%          0.000000%
Class X-2      36,125,447.31       4.25008989%       36,125,447.31         4.27878521%            0.000000%          0.000000%
Class B-1      21,251,447.31       2.50019219%       21,251,447.31         2.51707273%            1.761712%         41.173193%
Class B-2      12,752,447.31       1.50030107%       12,752,447.31         1.51043065%            1.006642%         23.526352%
Class B-3       8,078,447.31       0.95041390%        8,078,447.31         0.95683081%            0.553600%         12.938248%
Class B-4       5,954,447.31       0.70052936%        5,954,447.31         0.70525912%            0.251572%          5.879512%
Class B-5       3,830,447.31       0.45064481%        3,830,447.31         0.45368743%            0.251572%          5.879512%
Class B-6               0.00       0.00000000%                0.00         0.00000000%            0.453687%         10.603183%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
GROUP ONE
                 No. of     Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>         <C>           <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days             0            0.00  0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              13    6,772,905.70  30 Days           0        0.00    30 Days            0        0.00
60 Days               0            0.00  60 Days           0        0.00    60 Days            0        0.00
90 Days               0            0.00  90 Days           0        0.00    90 Days            0        0.00
120 Days              0            0.00  120 Days          0        0.00    120 Days           0        0.00
150 Days              0            0.00  150 Days          0        0.00    150 Days           0        0.00
180+ Days             0            0.00  180+ Days         0        0.00    180+ Days          0        0.00
               --------    ------------             --------    --------                --------    --------
                     13    6,772,905.70                    0        0.00                       0        0.00

                 No. of     Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days      0.000000%       0.000000% 0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        0.765156%       1.183654% 30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%       0.000000% 60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%       0.000000% 90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%       0.000000% 120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%       0.000000% 150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%       0.000000% 180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------    ------------             --------    --------                --------    --------
               0.765156%       1.183654%            0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>          <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           13     6,772,905.70
60 Days             0        0.00    60 Days            0             0.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------     ------------
                    0        0.00                      13     6,772,905.70

              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.765156%        1.183654%
60 Days      0.000000%   0.000000%   60 Days     0.000000%        0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------     ------------
             0.000000%   0.000000%               0.765156%        1.183654%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
GROUP TWO                                           1.183654%
                No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>         <C>           <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days             0            0.00  0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              11    4,369,011.00  30 Days           0        0.00    30 Days            0        0.00
60 Days               0            0.00  60 Days           0        0.00    60 Days            0        0.00
90 Days               0            0.00  90 Days           0        0.00    90 Days            0        0.00
120 Days              0            0.00  120 Days          0        0.00    120 Days           0        0.00
150 Days              0            0.00  150 Days          0        0.00    150 Days           0        0.00
180+ Days             0            0.00  180+ Days         0        0.00    180+ Days          0        0.00
               --------    ------------             --------    --------                --------    --------
                     11    4,369,011.00                    0        0.00                       0        0.00

                No. of      Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance

0-29 Days      0.000000%       0.000000% 0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        1.510989%       1.605723% 30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%       0.000000% 60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%       0.000000% 90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%       0.000000% 120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%       0.000000% 150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%       0.000000% 180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------    ------------             --------    --------                --------    --------
               1.510989%       1.605723%            0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
              No. of     Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<C>          <C>         <C>         <C>         <C>          <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           11     4,369,011.00
60 Days             0        0.00    60 Days            0             0.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------     ------------
                    0        0.00                      11     4,369,011.00

              No. of     Principal                 No. of       Principal
               Loans      Balance                  Loans         Balance

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     1.510989%        1.605723%
60 Days      0.000000%   0.000000%   60 Days     0.000000%        0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------     ------------
             0.000000%   0.000000%               1.510989%        1.605723%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
           Collateral Description                                  Mixed Arm
<S>                                                             <C>
Weighted Average Gross Coupon                                         3.097896%
Weighted Average Net Coupon                                           2.722610%
Weighted Average Pass-Through Rate                                    2.713399%
Weighted Average Maturity (Stepdown Calculation)                           342

Beginning Scheduled Collateral Loan Count                                2,436
Number of Loans Paid in Full                                                 9
Ending Scheduled Collateral Loan Count                                   2,427

Beginning Scheduled Collateral Balance                          849,992,547.31
Ending Scheduled Collateral Balance                             844,292,142.82
Ending Actual Collateral Balance at 28-May-2004                 844,293,073.50

Monthly P&I Constant                                              2,194,323.89
Special Servicing Fee                                                     0.00
Prepayment Penalties                                                      0.00
Realization Loss Amount                                                   0.00
Cumulative Realized Loss                                                  0.00

Class A Optimal Amount                                            7,540,692.82

Ending Scheduled Balance for Premium Loans                      844,292,142.82

Scheduled Principal                                                       0.00
Unscheduled Principal                                             5,700,404.49
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
            GROUP                     GROUP ONE            GROUP TWO              TOTAL
<S>                               <C>                    <C>                <C>
Collateral Description            6 Month LIBOR ARM           Mixed ARM          Mixed ARM
Weighted Average Coupon Rate               3.131794            3.026037           3.097896
Weighted Average Net Rate                  2.756373            2.651037           2.722610
Pass-Through Rate                          2.747148            2.641854           2.713399
Weighted Average Maturity                       344                 337                342
Record Date                              05/28/2004          05/28/2004         05/28/2004
Principal and Interest Constant        1,507,295.55          687,028.34       2,194,323.89
Beginning Loan Count                          1,708                 728              2,436
Loans Paid in Full                                9                   0                  9
Ending Loan Count                             1,699                 728              2,427
Beginning Scheduled Balance          577,545,770.75      272,446,776.56     849,992,547.31
Ending Scheduled Balance             572,202,463.25      272,089,679.57     844,292,142.82
Scheduled Principal                            0.00                0.00               0.00
Unscheduled Principal                  5,343,307.50          357,096.99       5,700,404.49
Scheduled Interest                     1,507,295.55          687,028.34       2,194,323.89
Servicing Fee                            180,685.71           85,139.62         265,825.33
Master Servicing Fee                       3,609.68            1,702.80           5,312.48
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                                    830.21              381.98           1,212.19
Pool Insurance Fee                             0.00                0.00               0.00
Spread 1                                       0.00                0.00               0.00
Spread 2                                       0.00                0.00               0.00
Spread 3                                       0.00                0.00               0.00
Net Interest                           1,322,169.95          599,803.94       1,921,973.89
Realized Loss Amount                           0.00                0.00               0.00
Cumulative Realized Loss                       0.00                0.00               0.00
Percentage of Cumulative Losses                0.00                0.00               0.00
Prepayment Penalties                           0.00                0.00               0.00
Special Servicing Fee                          0.00                0.00               0.00
</TABLE>


<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Group One

Six-Month Libor Loan Balance        72,202,463.25
Interest Transfer Amount                     0.00
Principal Transfer Amount                    0.00
Prorata Senior Percentage               95.750004%
Senior Percentage                      100.000000%
Senior Prepayment Percentage           100.000000%
Subordinate Percentage                   0.000000%
Subordinate Prepayment Percentage        0.000000%

Group Two

One-Month Libor Loan Balance        50,105,568.90
Six-Month Libor Loan Balance        21,984,110.67
Interest Transfer Amount                     0.00
Principal Transfer Amount                    0.00
Prorata Senior Percentage               95.749711%
Senior Percentage                      100.000000%
Senior Prepayment Percentage           100.000000%
Subordinate Percentage                   0.000000%
Subordinate Prepayment Percentage        0.000000%
</TABLE>