<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: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate     Beginning                              Current      Ending                   Cumulative
                     Class   Pass-Through   Certificate    Interest     Principal   Realized   Certificate      Total      Realized
Class    CUSIP   Description     Rate         Balance    Distribution Distribution    Loss       Balance    Distribution     Loss
------ --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------- ----------
<S>    <C>       <C>         <C>          <C>            <C>          <C>           <C>      <C>            <C>           <C>
 A-1   81743PDX1    SEN        3.17000%   619,537,880.74 1,636,612.57 17,497,500.63    0.00  602,040,380.11 19,134,113.20     0.00
 X-1   81743PDZ6     IO        0.43090%             0.00   266,586.23          0.00    0.00            0.00    266,586.23     0.00
 A-2   81743PDY9    SEN        3.06000%   122,541,592.64   312,481.06  9,197,856.81    0.00  113,343,735.83  9,510,337.87     0.00
 X-2   81743PEA0     IO        0.12043%             0.00         0.00          0.00    0.00            0.00          0.00     0.00
 B-1   81743PED4    SUB        3.44000%    14,166,000.00    40,609.20          0.00    0.00   14,166,000.00     40,609.20     0.00
 X-B   81743PEB8     IO        0.09040%             0.00         0.00          0.00    0.00            0.00          0.00     0.00
 B-2   81743PEE2    SUB        4.10000%     8,304,000.00    28,372.00          0.00    0.00    8,304,000.00     28,372.00     0.00
 B-3   81743PEF9    SUB        3.58338%     4,884,000.00    14,584.37          0.00    0.00    4,884,000.00     14,584.37     0.00
 B-4   81743PEG7    SUB        3.58338%     2,443,000.00     7,295.17          0.00    0.00    2,443,000.00      7,295.17     0.00
 B-5   81743PEH5    SUB        3.58338%     1,465,000.00     4,374.71          0.00    0.00    1,465,000.00      4,374.71     0.00
 B-6   81743PEJ1    SUB        3.58338%     3,908,267.00    11,670.68          0.00    0.00    3,908,267.00     11,670.68     0.00
 A-R   81743PEC6    RES        2.55825%             0.00         0.00          0.00    0.00            0.00          0.00     0.00
                                          -------------- ------------ -------------    ----  -------------- -------------     ----
Totals                                    777,249,740.38 2,322,585.99 26,695,357.44    0.00  750,554,382.94 29,017,943.43     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  Ending Certificate
Class       Amount          Balance     Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
------  --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
 A-1    791,768,000.00  619,537,880.74     0.00       17,497,500.63     0.00      0.00    17,497,500.63     602,040,380.11
 X-1              0.00            0.00     0.00                0.00     0.00      0.00             0.00               0.00
 A-2    150,000,000.00  122,541,592.64     0.00        9,197,856.81     0.00      0.00     9,197,856.81     113,343,735.83
 X-2              0.00            0.00     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             0.00      14,166,000.00
 X-B              0.00            0.00     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             0.00       8,304,000.00
 B-3      4,884,000.00    4,884,000.00     0.00                0.00     0.00      0.00             0.00       4,884,000.00
 B-4      2,443,000.00    2,443,000.00     0.00                0.00     0.00      0.00             0.00       2,443,000.00
 B-5      1,465,000.00    1,465,000.00     0.00                0.00     0.00      0.00             0.00       1,465,000.00
 B-6      3,908,267.00    3,908,267.00     0.00                0.00     0.00      0.00             0.00       3,908,267.00
 A-R            100.00            0.00     0.00                0.00     0.00      0.00             0.00               0.00
        --------------  --------------     ----       -------------     ----      ----    -------------     --------------
Totals  976,938,367.00  777,249,740.38     0.00       26,695,357.44     0.00      0.00    26,695,357.44     750,554,382.94
        --------------  --------------     ----       -------------     ----      ----    -------------     --------------

<CAPTION>

        Ending Certificate  Total Principal
Class       Percentage       Distribution
------  ------------------  ---------------
<S>     <C>                 <C>
 A-1          0.76037473     17,497,500.63
 X-1          0.00000000              0.00
 A-2          0.75562491      9,197,856.81
 X-2          0.00000000              0.00
 B-1          1.00000000              0.00
 X-B          0.00000000              0.00
 B-2          1.00000000              0.00
 B-3          1.00000000              0.00
 B-4          1.00000000              0.00
 B-5          1.00000000              0.00
 B-6          1.00000000              0.00
 A-R          0.00000000              0.00
              ----------     -------------
Totals        0.76827199     26,695,357.44
              ----------     -------------
</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  Ending Certificate
Class       Amount          Balance    Distribution  Distribution  Accretion    Loss (3)      Reduction          Balance
------  --------------  -------------  ------------  ------------  ----------  ----------  ---------------  ------------------
<S>     <C>             <C>            <C>           <C>           <C>         <C>         <C>              <C>
  A-1   791,768,000.00   782.47400847  0.00000000    22.09927735   0.00000000  0.00000000    22.09927735       760.37473112
  X-1             0.00     0.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000         0.00000000
  A-2   150,000,000.00   816.94395093  0.00000000    61.31904540   0.00000000  0.00000000    61.31904540       755.62490553
  X-2             0.00     0.00000000  0.00000000     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     0.00000000      1000.00000000
  X-B             0.00     0.00000000  0.00000000     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     0.00000000      1000.00000000
  B-3     4,884,000.00  1000.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000      1000.00000000
  B-4     2,443,000.00  1000.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000      1000.00000000
  B-5     1,465,000.00  1000.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000      1000.00000000
  B-6     3,908,267.00  1000.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000      1000.00000000
  A-R           100.00     0.00000000  0.00000000     0.00000000   0.00000000  0.00000000     0.00000000         0.00000000

<CAPTION>

        Ending Certificate  Total Principal
Class       Percentage       Distribution
------  ------------------  ---------------
<S>     <C>                 <C>
  A-1       0.76037473        22.09927735
  X-1       0.00000000         0.00000000
  A-2       0.75562491        61.31904540
  X-2       0.00000000         0.00000000
  B-1       1.00000000         0.00000000
  X-B       0.00000000         0.00000000
  B-2       1.00000000         0.00000000
  B-3       1.00000000         0.00000000
  B-4       1.00000000         0.00000000
  B-5       1.00000000         0.00000000
  B-6       1.00000000         0.00000000
  A-R       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
                              Current Certificate    Certificate/    Current Accrued  Unpaid Interest  Current Interest
Class   Original Face Amount         Rate          Notional Balance     Interest         Shortfall        Shortfall
------  --------------------  -------------------  ----------------  ---------------  ---------------  ----------------
<S>     <C>                   <C>                  <C>               <C>              <C>              <C>
 A-1      791,768,000.00           3.17000%         619,537,880.74     1,636,612.57         0.00              0.00
 X-1                0.00           0.43090%         535,005,639.04       192,114.04         0.00              0.00
 A-2      150,000,000.00           3.06000%         122,541,592.64       312,481.06         0.00              0.00
 X-2                0.00           0.12043%         742,079,473.38        74,472.19         0.00              0.00
 B-1       14,166,000.00           3.44000%          14,166,000.00        40,609.20         0.00              0.00
 X-B                0.00           0.09040%          22,470,000.00         1,692.64         0.00              0.00
 B-2        8,304,000.00           4.10000%           8,304,000.00        28,372.00         0.00              0.00
 B-3        4,884,000.00           3.58338%           4,884,000.00        14,584.37         0.00              0.00
 B-4        2,443,000.00           3.58338%           2,443,000.00         7,295.17         0.00              0.00
 B-5        1,465,000.00           3.58338%           1,465,000.00         4,374.71         0.00              0.00
 B-6        3,908,267.00           3.58338%           3,908,267.00        11,670.68         0.00              0.00
 A-R              100.00           2.55825%                   0.00             0.00         0.00              0.00
          --------------                                               ------------         ----              ----
Totals    976,938,367.00                                               2,324,278.63         0.00              0.00
          --------------                                               ------------         ----              ----

<CAPTION>

        Non-Supported
          Interest     Realized  Total Interest   Remaining Unpaid   Ending Certificate/
Class    Shortfall     Loss (4)   Distribution   Interest Shortfall  Notational Balance
------  -------------  --------  --------------  ------------------  -------------------
<S>     <C>            <C>       <C>             <C>                 <C>
 A-1        0.00        0.00      1.636,612.57            0.00           602,040,380.11
 X-1        0.00        0.00        266,586.23            0.00           514,900,173.64
 A-2        0.00        0.00        312,481.06            0.00           113,343,735.83
 X-2        0.00        0.00              0.00            0.00           715,384,115.94
 B-1        0.00        0.00         40,609.20            0.00            14,166,000.00
 X-B        0.00        0.00              0.00            0.00            22,470,000.00
 B-2        0.00        0.00         28,372.00            0.00             8,304,000.00
 B-3        0.00        0.00         14,584.37            0.00             4,884,000.00
 B-4        0.00        0.00          7,295.17            0.00             2,443,000.00
 B-5        0.00        0.00          4,374.71            0.00             1,465,000.00
 B-6        0.00        0.00         11,670.68            0.00             3,908,267.00
 A-R        0.00        0.00              0.00            0.00                     0.00
            ----        ----      ------------            ----
Totals      0.00        0.00      2,322,585.99            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>
                                                       Beginning                           Payment of
                                Current Certificate    Certificate/    Current Accrued  Unpaid Interest  Current Interest
Class(5)  Original Face Amount         Rate          Notional Balance     Interest         Shortfall        Shortfall
--------  --------------------  -------------------  ----------------  ---------------  ---------------  ----------------
<S>       <C>                   <C>                  <C>               <C>              <C>              <C>
  A-1         791,768,000.00         3.17000%            782.47400847     2.06703551       0.00000000        0.00000000
  X-1                   0.00         0.43090%            568.08644915     0.20399296       0.00000000        0.00000000
  A-2         150,000,000.00         3.06000%            816.94395093     2.08320707       0.00000000        0.00000000
  X-2                   0.00         0.12043%            787.96420496     0.07907700       0.00000000        0.00000000
  B-1          14,166,000.00         3.44000%           1000.00000000     2.86666667       0.00000000        0.00000000
  X-B                   0.00         0.09040%           1000.00000000     0.07532888       0.00000000        0.00000000
  B-2           8,304,000.00         4.10000%           1000.00000000     3.41666667       0.00000000        0.00000000
  B-3           4,884,000.00         3.58338%           1000.00000000     2.98615274       0.00000000        0.00000000
  B-4           2,443,000.00         3.58338%           1000.00000000     2.98615227       0.00000000        0.00000000
  B-5           1,465,000.00         3.58338%           1000.00000000     2.98615017       0.00000000        0.00000000
  B-6           3,908,267.00         3.58338%           1000.00000000     2.98615217       0.00000000        0.00000000
  A-R                 100.00         2.55825%              0.00000000     0.00000000       0.00000000        0.00000000

<CAPTION>

          Non-Supported
             Interest     Realized   Total Interest   Remaining Unpaid   Ending Certificate/
Class(5)    Shortfall     Loss (6)    Distribution   Interest Shortfall  Notational Balance
--------  -------------  ----------  --------------  ------------------  -------------------
<S>       <C>            <C>         <C>             <C>                 <C>
  A-1      0.00000000    0.00000000    2.06703551         0.00000000         760.37473112
  X-1      0.00000000    0.00000000    0.28306996         0.00000000         546.73780978
  A-2      0.00000007    0.00000000    2.08320707         0.00000000         755.62490553
  X-2      0.00000000    0.00000000    0.00000000         0.00000000         759.61820315
  B-1      0.00000000    0.00000000    2.86666667         0.00000000        1000.00000000
  X-B      0.00000000    0.00000000    0.00000000         0.00000000        1000.00000000
  B-2      0.00000000    0.00000000    3.41666667         0.00000000        1000.00000000
  B-3      0.00000000    0.00000000    2.98615274         0.00000000        1000.00000000
  B-4      0.00000000    0.00000000    2.98615227         0.00000000        1000.00000000
  B-5      0.00000000    0.00000000    2.98615017         0.00000000        1000.00000000
  B-6      0.00000000    0.00000000    2.98615217         0.00000000        1000.00000000
  A-R      0.00000000    0.00000000    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                         29,268,526.64
            Liquidations, Insurance Proceeds, Reserve Funds                     0.00
            Proceeds from Repurchased Loans                                     0.00
            Other Amounts (Servicer Advances)                              12,625.23
            Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
            Prepayment Penalties                                                0.00
                                                                       -------------
Total Deposits                                                         29,281,151.87

Withdrawals
            Reimbursement for Servicer Advances                            14,895.02
            Payment of Service Fee                                        248,313.42
            Payment of Interest and Principal                          29,017,943.43
                                                                       -------------
Total Withdrawals (Pool Distribution Amount)                           29,281,151.87

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                                  244,751.05
Master Servicing Fee                                   3,562.37
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------

Net Servicing Fee                                    248,313.42
                                                     ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
         Account Type            Beginning Balance  Current Withdrawals  Current Deposits  Ending Balance
-------------------------------  -----------------  -------------------  ----------------  --------------
<S>                              <C>                <C>                  <C>               <C>
Class 1-A Companion Sub Account       4,000.00           60,241.34           60,241.34       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           14,230.85           14,230.85       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            3,574.99            1,692.64         617.65
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
             DELINQUENT                            BANKRUPTCY
----------------------------------      -------------------------------
            No. of      Principal                    No. of   Principal
             Loans       Balance                     Loans     Balance
<S>        <C>        <C>               <S>        <C>        <C>
0-29 Days         0           0.00      0-29 Days         0       0.00
30 Days          13   3,811,874.60      30 Days           0       0.00
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          1     447,991.05      150 Days          0       0.00
180+ Days         0           0.00      180+ Days         0       0.00
           --------   ------------                        0       0.00
                 14   4,259,865.65
                                                    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    0.569676%      0.507874%      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   0.043821%      0.059688%      180+ Days 0.000000%  0.000000%
180+ Days  0.000000%      0.000000%                0.000000%  0.000000%
           --------   ------------
           0.613497%      0.567562%
</TABLE>

<TABLE>
<CAPTION>
          FORECLOSURE                             REO
-------------------------------    --------------------------------
             No. of   Principal                 No. of   Principal
             Loans     Balance                  Loans     Balance
<S>        <C>        <C>          <S>        <C>        <C>
0-29 Days         0       0.00     0-29 Days         0        0.00
30 Days           0       0.00     30 Days           0        0.00
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                       0        0.00

             No. of   Principal
             Loans     Balance                 No. of    Principal
                                                Loans     Balance
0-29 Days  0.000000%  0.000000%
30 Days    0.000000%  0.000000%    0-29 Days  0.000000%   0.000000%
60 Days    0.000000%  0.000000%    30 Days    0.000000%   0.000000%
90 Days    0.000000%  0.000000%    60 Days    0.000000%   0.000000%
120 Days   0.000000%  0.000000%    90 Days    0.000000%   0.000000%
150 Days   0.000000%  0.000000%    120 Days   0.000000%   0.000000%
180+ Days  0.000000%  0.000000%    150 Days   0.000000%   0.000000%
           --------   --------     180+ Days  0.000000%   0.000000%
           0.000000%  0.000000%               --------    --------
                                              0.000000%   0.000000%
</TABLE>

<TABLE>
<CAPTION>
                  TOTAL
---------------------------------------
             No. of   Principal Balance
             Loans
<S>        <C>        <C>
0-29 Days         0               0.00
30 Days          13       3,811,874.60
60 Days           0               0.00
90 Days           0               0.00
120 Days          0               0.00
150 Days          1         447,991.05
180+ Days         0               0.00
           --------       ------------
                 14       4,259,865.65

             No. of   Principal Balance
             Loans

0-29 Days  0.000000%          0.000000%
30 Days    0.569676%          0.507874%
60 Days    0.000000%          0.000000%
90 Days    0.000000%          0.000000%
120 Days   0.000000%          0.000000%
150 Days   0.043821%          0.059688%
180+ Days  0.000000%          0.000000%
           --------       ------------
           0.613497%          0.567562%
</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  12,625.23
</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 4.68590521%    95.314095%      0.000000%
Class X-1 35,170,267.00 3.60004973% 35,170,267.00 4.68590521%     0.000000%      0.000000%
Class X-2 35,170,267.00 3.60004973% 35,170,267.00 4.68590521%     0.000000%      0.000000%
Class B-1 21,004,267.00 2.15000943% 21,004,267.00 2.79850034%     1.887405%     40.278341%
Class B-2 12,700,267.00 1.30000698% 12,700,267.00 1.69211816%     1.106382%     23.610853%
Class B-3  7,816,267.00 0.80007780%  7,816,267.00 1.04139915%     0.650719%     13.886730%
Class B-4  5,373,267.00 0.55001085%  5,373,267.00 0.71590642%     0.325493%      6.946208%
Class B-5  3,908,267.00 0.40005257%  3,908,267.00 0.52071736%     0.195189%      4.165450%
Class B-6          0.00 0.00000000%          0.00 0.00000000%     0.520717%     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                   10       2,869,332.35
60 Days                    0               0.00
90 Days                    0               0.00
120 Days                   0               0.00
150 Days                   1         447,991.05
180+ Days                  0               0.00
                       --------    ------------
                          11       3,317,323.40

                        No. of      Principal
                         Loans       Balance

0-29 Days              0.000000%       0.000000%
30 Days                0.588235%       0.538469%
60 Days                0.000000%       0.000000%
90 Days                0.000000%       0.000000%
120 Days               0.000000%       0.000000%
150 Days               0.058824%       0.084072%
180+ Days              0.000000%       0.000000%
                       --------    ------------
                       0.647059%       0.622540%
</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                   10       2,869,332.35
60 Days                    0               0.00
90 Days                    0               0.00
120 Days                   0               0.00
150 Days                   1         447,991.05
180+ Days                  0               0.00
                       --------    ------------
                          11       3,317,323.40

                        No. of      Principal
                         Loans       Balance

0-29 Days              0.000000%       0.000000%
30 Days                0.588235%       0.538469%
60 Days                0.000000%       0.000000%
90 Days                0.000000%       0.000000%
120 Days               0.000000%       0.000000%
150 Days               0.058824%       0.084072%
180+ Days              0.000000%       0.000000%
                       --------    ------------
                       0.647059%       0.622540%
</TABLE>

                 DELINQUENT
POOL 2

<TABLE>
<CAPTION>
                        No. of      Principal
                         Loans       Balance
<S>                    <C>         <C>
0-29 Days                  0             0.00
30 Days                    3       942,542.25
60 Days                    0             0.00
90 Days                    0             0.00
120 Days                   0             0.00
150 Days                   0             0.00
180+ Days                  0             0.00
                       --------    ----------
                           3       942,542.25

                        No. of      Principal
                         Loans       Balance

0-29 Days              0.000000%     0.000000%
30 Days                0.773196%     0.792409%
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%
                       --------    ----------
                       0.773196%     0.792409%
</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       942,542.25
60 Days                    0             0.00
90 Days                    0             0.00
120 Days                   0             0.00
150 Days                   0             0.00
180+ Days                  0             0.00
                       --------    ----------
                           3       942,542.25

                        No. of      Principal
                         Loans       Balance

0-29 Days              0.000000%     0.000000%
30 Days                0.773196%     0.792409%
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%
                       --------    ----------
                       0.773196%     0.792409%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                              Mixed Arm
<S>                                                           <C>
Weighted Average Gross Coupon                                       3.966319%
Weighted Average Net Coupon                                         3.588447%
Weighted Average Pass-Through Rate                                  3.582947%
Weighted Average Maturity (Stepdown Calculation)                         307

Beginning Scheduled Collateral Loan Count                              2,349
Number of Loans Paid in Full                                              67
Ending Scheduled Collateral Loan Count                                 2,282

Beginning Scheduled Collateral Balance                        777,249,741.33
Ending Scheduled Collateral Balance                           750,554,383.89
Ending Actual Collateral Balance at 31-Mar-2005               750,554,511.44

Monthly P&I Constant                                            2,569,017.09
Special Servicing Fee                                                   0.00
Prepayment Penalties                                                    0.00
Realized Loss Amount                                                    0.00
Cumulative Realized Loss                                                0.00

Class A Optimal Amount                                         28,909,344.66

Ending Scheduled Balance for Premium Loans                    750,554,383.89

Scheduled Principal                                                     0.00
Unscheduled Principal                                          26,695,357.44
</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 MonthLIBOR ARM         Mixed ARM
Weighted Average Coupon Rate                4.290251                 3.922256               3.899506          3.966319
Weighted Average Net Rate                   3.897126                 3.546881               3.522973          3.588447
Pass-Through Rate                           3.891626                 3.541381               3.517473          3.582947
Weighted Average Maturity                        292                      309                    308               307
Record Date                               03/31/2005               03/31/2005             03/31/2005        03/31/2005
Principal and Interest Constant           361,053.54             1,791,547.45             416,416.10      2,569,017.09
Beginning Loan Count                             202                    1,738                    409             2,349
Loans Paid in Full                                 8                       38                     21                67
Ending Loan Count                                194                    1,700                    388             2,282
Beginning Scheduled Balance           100,988,079.04           548,117,408.63         128,144,253.66    777,249,741.33
Ending Scheduled Balance               98,739,095.06           532,868,891.98         118,946,396.85    750,554,383.89
Scheduled Principal                             0.00                     0.00                   0.00              0.00
Unscheduled Principal                   2,248,983.98            15,248,516.65           9,197,856.81     26,695,357.44
Scheduled Interest                        361,053.54             1,791,547.45             416,416.10      2,569,017.09
Servicing Fee                              33,084.19               171,458.08              40,208.78        244,751.05
Master Servicing Fee                          462.85                 2,512.20                 587.32          3,562.37
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                              327,506.50             1,617,577.17             375,620.00      2,320,703.67
Realized Loss Amount                            0.00                     0.00                   0.00              0.00
Cumulative Realized Loss                        0.00                     0.00                   0.00              0.00
Percentage of Cumulative Losses                 0.00                     0.00                   0.00              0.00
Prepayment Penalties                            0.00                     0.00                   0.00              0.00
Special Servicing Fee                           0.00                     0.00                   0.00              0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                         <C>
Group Pool 1 -- 1 Mo LIBOR
        Interest Transfer Amount                                   0.00
        Principal Transfer Amount                                  0.00
        Prorata Senior Percent                                95.444869%
        Senior Percentage                                    100.000000%
        Senior Prepayment Percentage                         100.000000%
        Subordinate Percentage                                 0.000000%
        Subordinate Prepayment Percentage                      0.000000%

Group Pool 1 -- 6Mo LIBOR
        Interest Transfer Amount                                   0.00
        Principal Transfer Amount                                  0.00
        Prorata Senior Percent                                95.627848%
        Senior Percentage                                    100.000000%
        Senior Prepayment Percentage                         100.000000%
        Subordinate Percentage                                 0.000000%
        Subordinate Prepayment Percentage                      0.000000%
</TABLE>