<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 2004-6
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     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   81744FCG0      SEN          3.73995%       411,244,397.13  1,281,694.56  18,200,146.92       0.00
  A-2   81744FCH8      SEN          3.13000%       156,479,611.04    408,150.99   5,547,797.58       0.00
 A-3-A  81744FCJ4      SEN          3.01750%       165,723,909.08    416,726.58   4,736,845.14       0.00
 A-3-B  81744FCU9      SEN          3.16000%         2,951,825.35      7,773.14      84,371.29       0.00
  X-A   81744FCK1       IO          0.73027%                 0.00    197,877.20           0.00       0.00
  X-B   81744FCL9       IO          0.27678%                 0.00      5,760.46           0.00       0.00
  B-1   81744FCN5      SUB          3.35000%        15,725,000.00     43,898.96           0.00       0.00
  B-2   81744FCP0      SUB          3.73000%         9,250,000.00     28,752.08           0.00       0.00
  B-3   81744FCQ8      SUB          3.76752%         5,550,000.00     17,424.78           0.00       0.00
  B-4   81744FCR6      SUB          3.76752%         2,313,000.00      7,261.89           0.00       0.00
  B-5   81744FCS4      SUB          3.76752%         2,313,000.00      7,261.89           0.00       0.00
  B-6   81744FCT2      SUB          3.76752%         4,166,584.59     13,081.41           0.00       0.00
  A-R   81744FCM7       R           3.35265%                 0.00          0.56           0.00       0.00
                                                   --------------  ------------  -------------       ----
Totals                                             775,717,327.19  2,435,664.50  28,569,160.93       0.00
                                                   --------------  ------------  -------------       ----

<CAPTION>
                     Ending Certificate       Total       Cumulative
Class     CUSIP            Balance         Distribution  Realized Loss
-----     -----            -------         ------------  -------------
<S>     <C>          <C>                  <C>            <C>
  A-1   81744FCG0      393,044,250.21     19,481,841.48       0.00
  A-2   81744FCH8      150,931,813.46      5,955,948.57       0.00
 A-3-A  81744FCJ4      160,987,063.94      5,153,571.72       0.00
 A-3-B  81744FCU9        2,867,454.07         92,144.43       0.00
  X-A   81744FCK1                0.00        197,877.20       0.00
  X-B   81744FCL9                0.00          5,760.46       0.00
  B-1   81744FCN5       15,725,000.00         43,898.96       0.00
  B-2   81744FCP0        9,250,000.00         28,752.08       0.00
  B-3   81744FCQ8        5,550,000.00         17,424.78       0.00
  B-4   81744FCR6        2,313,000.00          7,261.89       0.00
  B-5   81744FCS4        2,313,000.00          7,261.89       0.00
  B-6   81744FCT2        4,166,584.59         13,081.41       0.00
  A-R   81744FCM7                0.00              0.56       0.00
                       --------------     -------------       ----
Totals                 747,148,166.27     31,004,825.43       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
 Class      Amount         Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction
 -----      ------         -------      ------------  ------------   ---------  --------     ---------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>
  A-1   500,000,000.00  411,244,397.13    3,181.16    18,196,965.76     0.00      0.00     18,200,146.92
  A-2   185,687,000.00  156,479,611.04       90.61     5,547,706.97     0.00      0.00      5,547,797.58
  A-3   196,500,000.00  165,723,909.08      521.98     4,736,323.16     0.00      0.00      4,736,845.14
  X-1     3,500,000.00    2,951,825.35        9.30        84,361.99     0.00      0.00         84,371.29
  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    15,725,000.00   15,725,000.00        0.00             0.00     0.00      0.00              0.00
  B-2     9,250,000.00    9,250,000.00        0.00             0.00     0.00      0.00              0.00
  B-3     5,550,000.00    5,550,000.00        0.00             0.00     0.00      0.00              0.00
  B-4     2,313,000.00    2,313,000.00        0.00             0.00     0.00      0.00              0.00
  B-5     2,313,000.00    2,313,000.00        0.00             0.00     0.00      0.00              0.00
  B-6     4,166,584.59    4,166,584.59        0.00             0.00     0.00      0.00              0.00
  A-R           100.00            0.00        0.00             0.00     0.00      0.00              0.00
        --------------  --------------    --------    -------------     ----      ----     -------------
Totals  925,004,684.59  775,717,327.19    3,803.05    28,565,357.88     0.00      0.00     28,569,160.93
        --------------  --------------    --------    -------------     ----      ----     -------------

<CAPTION>

        Ending Certificate  Ending Certificate  Total Principal
 Class       Balance            Percentage       Distribution
 -----       -------            ----------       ------------
<S>     <C>                 <C>                 <C>
  A-1      393,044,250.21       0.78608850       18,200,146.92
  A-2      150,931,813.46       0.81282919        5,547,797.58
  A-3      160,987,063.94       0.81927259        4,736,845.14
  X-1        2,867,454.07       0.81927259           84,371.29
  X-2                0.00       0.00000000                0.00
  X-B                0.00       0.00000000                0.00
  B-1       15,725,000.00       1.00000000                0.00
  B-2        9,250,000.00       1.00000000                0.00
  B-3        5,550,000.00       1.00000000                0.00
  B-4        2,313,000.00       1.00000000                0.00
  B-5        2,313,000.00       1.00000000                0.00
  B-6        4,166,584.59       1.00000000                0.00
  A-R                0.00       0.00000000                0.00
           --------------       ----------       -------------
Totals     747,148,166.27       0.80772366       28,569,160.93
           --------------       ----------       -------------

</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    500,000,000.00   822.48879426   0.00636232    36.39393152  0.00000000  0.00000000    36.40029384
 A-2    185,687,000.00   842.70633399   0.00048797    29.87665787  0.00000000  0.00000000    29.87714584
 A-3    196,500,000.00   843.37867216   0.00265639    24.10342575  0.00000000  0.00000000    24.10608214
 X-1      3,500,000.00   843.37867143   0.00265714    24.10342571  0.00000000  0.00000000    24.10608286
 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     15,725,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-2      9,250,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-3      5,550,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-4      2,313,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-5      2,313,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-6      4,166,584.59  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 A-R            100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000

<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class        Balance            Percentage       Distribution
-----        -------            ----------       ------------
<S>     <C>                 <C>                 <C>
 A-1       786.08850042        0.78608850         36.40029384
 A-2       812.82918815        0.81282919         29.87714584
 A-3       819.27259003        0.81927259         24.10608214
 X-1       819.27259143        0.81927259         24.10608286
 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          0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                              Beginning                   Payment of               Non-
                                             Certificate/      Current     Unpaid      Current   Supported
          Original Face        Current         Notional        Accrued    Interest     Interest   Interest
  Class      Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall  Shortfall
  -----      ------       ----------------     -------        --------    ---------   ---------  ---------
<S>       <C>             <C>               <C>             <C>           <C>         <C>        <C>
   A-1    500,000,000.00      3.73995%      411,244,397.13  1,281,694.56     0.00        0.00      0.00
   A-2    185,687,000.00      3.13000%      156,479,611.04    408,150.99     0.00        0.00      0.00
   A-3    196,500,000.00      3.01750%      165,723,909.08    416,726.58     0.00        0.00      0.00
   X-1      3,500,000.00      3.16000%        2,951,825.35      7,773.14     0.00        0.00      0.00
   X-2              0.00      0.73027%      325,155,345.47    197,877.20     0.00        0.00      0.00
   X-B              0.00      0.27678%       24,975,000.00      5,760.46     0.00        0.00      0.00
   B-1     15,725,000.00      3.35000%       15,725,000.00     43,898.96     0.00        0.00      0.00
   B-2      9,250,000.00      3.73000%        9,250,000.00     28,752.08     0.00        0.00      0.00
   B-3      5,550,000.00      3.76752%        5,550,000.00     17,424.78     0.00        0.00      0.00
   B-4      2,313,000.00      3.76752%        2,313,000.00      7,261.89     0.00        0.00      0.00
   B-5      2,313,000.00      3.76752%        2,313,000.00      7,261.89     0.00        0.00      0.00
   B-6      4,166,584.59      3.76752%        4,166,584.59     13,081.41     0.00        0.00      0.00
   A-R            100.00      3.35265%                0.00          0.00     0.00        0.00      0.00
          --------------      -------       --------------  ------------     ----        ----      ----
 Totals   925,004,684.59                                    2,435,663.94     0.00        0.00      0.00
          --------------      -------       --------------  ------------     ----        ----      ----

<CAPTION>
                                   Remaining      Ending
                                    Unpaid     Certificate/
         Realized  Total Interest   Interest    Notational
  Class  Loss (4)   Distribution   Shortfall     Balance
  -----  --------   ------------   ---------     -------
<S>      <C>       <C>             <C>        <C>
   A-1     0.00     1,281,694.56     0.00     393,044,250.21
   A-2     0.00       408,150.99     0.00     150,931,813.46
   A-3     0.00       416,726.58     0.00     160,987,063.94
   X-1     0.00         7,773.14     0.00       2,867,454.07
   X-2     0.00       197,877.20     0.00     314,786,331.46
   X-B     0.00         5,760.46     0.00      24,975,000.00
   B-1     0.00        43,898.96     0.00      15,725,000.00
   B-2     0.00        28,752.08     0.00       9,250,000.00
   B-3     0.00        17,424.78     0.00       5,550,000.00
   B-4     0.00         7,261.89     0.00       2,313,000.00
   B-5     0.00         7,261.89     0.00       2,313,000.00
   B-6     0.00        13,081.41     0.03       4,166,584.59
   A-R     0.00             0.56     0.00               0.00
           ----     ------------     ----     --------------
 Totals    0.00     2,435,664.50     0.03
           ----     ------------     ----     --------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                        Payment of                 Non-
                          Current       Beginning                         Unpaid     Current    Supported
Class   Original Face   Certificate    Certificate/    Current Accrued   Interest    Interest    Interest
 (5)        Amount          Rate     Notional Balance      Interest      Shortfall  Shortfall   Shortfall
 ---        ------          ----     ----------------      --------      ---------  ---------   ---------
<S>     <C>             <C>          <C>               <C>              <C>         <C>         <C>
 A-1    500,000,000.00    3.73995%     822.48879426       2.56338912    0.00000000  0.00000000  0.00000000
 A-2    185,687,000.00    3.13000%     842.70633399       2.19805905    0.00000000  0.00000000  0.00000000
 A-3    196,500,000.00    3.01750%     843.37867216       2.12074595    0.00000000  0.00000000  0.00000000
 X-1      3,500,000.00    3.16000%     843.37867143       2.22089714    0.00000000  0.00000000  0.00000000
 X-2              0.00    0.73027%     843.05497844       0.51305126    0.00000000  0.00000000  0.00000000
 X-B              0.00    0.27678%    1000.00000000       0.23064905    0.00000000  0.00000000  0.00000000
 B-1     15,725,000.00    3.35000%    1000.00000000       2.79166677    0.00000000  0.00000000  0.00000000
 B-2      9,250,000.00    3.73000%    1000.00000000       3.10833297    0.00000000  0.00000000  0.00000000
 B-3      5,550,000.00    3.76752%    1000.00000000       3.13960000    0.00000000  0.00000000  0.00000000
 B-4      2,313,000.00    3.76752%    1000.00000000       3.13959792    0.00000000  0.00000000  0.00000000
 B-5      2,313,000.00    3.76752%    1000.00000000       3.13959792    0.00000000  0.00000000  0.00000000
 B-6      4,166,584.59    3.76752%    1000.00000000       3.13960025    0.00000000  0.00000000  0.00000000
 A-R            100.00    3.35265%       0.00000000       0.00000000    0.00000000  0.00000000  0.00000000

<CAPTION>
                                     Remaining
                                      Unpaid
Class     Realized   Total Interest   Interest   Ending Certificate/
 (5)      Loss (6)    Distribution   Shortfall    Notational Balance
 ---      --------    ------------   ---------    ------------------
<S>      <C>         <C>             <C>         <C>
 A-1     0.00000000    2.56338912    0.00000000       786.08850042
 A-2     0.00000000    2.19805905    0.00000000       812.82918815
 A-3     0.00000000    2.12074595    0.00000000       819.27259003
 X-1     0.00000000    2.22089714    0.00000000       819.27259143
 X-2     0.00000000    0.51305126    0.00000000       816.17044769
 X-B     0.00000000    0.23064905    0.00000000      1000.00000000
 B-1     0.00000000    2.79166677    0.00000000      1000.00000000
 B-2     0.00000000    3.10833297    0.00000000      1000.00000000
 B-3     0.00000000    3.13960000    0.00000000      1000.00000000
 B-4     0.00000000    3.13959792    0.00000000      1000.00000000
 B-5     0.00000000    3.13959792    0.00000000      1000.00000000
 B-6     0.00000000    3.13960025    0.00000000      1000.00000000
 A-R     0.00000000    5.60000000    0.00000000         0.00000000
</TABLE>

(5)  Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

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

Deposits

            Payments of Interest and Principal                           31,251,755.42
            Liquidations, Insurance Proceeds, Reserve Funds                       0.00
            Proceeds from Repurchased Loans                                       0.00
            Other Amounts (Servicer Advances)                                     0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
            Prepayment Penalties                                                  0.00
                                                                         -------------
Total Deposits                                                           31,251,755.42

Withdrawals

            Reimbursement for Servicer Advances                                   0.00
            Payment of Service Fee                                          246,929.99
            Payment of Interest and Principal                            31,004,825.43
                                                                         -------------
Total Withdrawals (Pool Distribution Amount)                             31,251,755.42

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                                            242,728.19
Master Servicing Fee                                             4,201.80
Supported Prepayment/Curtailment Interest Shortfall                  0.00
                                                               ----------
Net Servicing Fee                                              246,929.99
                                                               ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning    Current     Current   Ending
           Account Type                Balance   Withdrawals  Deposits   Balance
           ------------                -------   -----------  --------   -------
<S>                                   <C>        <C>          <C>        <C>
Class X-A Pool 2 Comp Sub Account     4,500.00      0.00        0.00     4,500.00
Class X-A Pool 3 Comp 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
<C>           <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             17   6,806,576.64   30 Days            0       0.00    30 Days            0       0.00
60 Days              3   1,250,680.39   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             1     259,999.98   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
              --------   ------------               --------   --------                --------   --------
                    21   8,317,257.01                      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       0.708924%      0.911002%  30 Days     0.000000%  0.000000%   30 Days     0.000000%  0.000000%
60 Days       0.125104%      0.167393%  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      0.041701%      0.034799%  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%
              --------       --------               --------   --------                --------   --------
              0.875730%      1.113193%              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           17       6,806,576.64
60 Days            0       0.00     60 Days            3        1,250,680.39
90 Days            0       0.00     90 Days            0                0.00
120 Days           0       0.00     120 Days           1          259,999.98
150 Days           0       0.00     150 Days           0                0.00
180+ Days          0       0.00     180+ Days          0                0.00
            --------   --------                 --------        ------------
                   0       0.00                       21        8,317,257.01

             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     0.708924%           0.911002%
60 Days     0.000000%  0.000000%    60 Days     0.125104%           0.167393%
90 Days     0.000000%  0.000000%    90 Days     0.000000%           0.000000%
120 Days    0.000000%  0.000000%    120 Days    0.041701%           0.034799%
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%                0.875730%           1.113193%
</TABLE>

<TABLE>
<S>                                          <C>    <C>                                            <C>      <C>                 <C>
Current Period Class A Insufficient Funds:   0.00   Principal Balance of Contaminated Properties   0.00     Periodic Advance    0.00
</TABLE>

<TABLE>
<CAPTION>
                   Original $    Original%      Current $     Current %    Current Class %   Prepayment %
                 -------------  -----------   -------------   ----------   ---------------   ------------
<S>              <C>            <C>           <C>             <C>          <C>               <C>
Class A          39,317,584.59   4.25052816%  39,317,584.59   5.26235443%    94.737646%       0.000000%
Class B-1        23,592,584.59   2.55053677%  23,592,584.59   3.15768487%     2.104670%      39.994827%
Class B-2        14,342,584.59   1.55054183%  14,342,584.59   1.91954395%     1.238041%      23.526369%
Class B-3         8,792,584.59   0.95054487%   8,792,584.59   1.17681940%     0.742825%      14.115821%
Class B-4         6,479,584.59   0.70049208%   6,479,584.59   0.86724225%     0.309577%       5.882864%
Class B-5         4,166,584.59   0.45043930%   4,166,584.59   0.55766510%     0.309577%       5.882864%
Class B-6                 0.00   0.00000000%           0.00   0.00000000%     0.557665%      10.597255%
</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           9   3,262,877.61   30 Days            0       0.00    30 Days            0        0.00
60 Days           1     647,283.37   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
           --------   ------------               --------   --------                --------    --------
                 10   3,910,160.98                      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    0.660793%      0.785779%  30 Days     0.000000%  0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.073421%      0.155881%  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%
           --------       --------               --------   --------                --------    --------
           0.734214%      0.941660%              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            9    3,262,877.61
60 Days            0        0.00    60 Days            1      647,283.37
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                      10    3,910,160.98

              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     0.660793%       0.785779%
60 Days     0.000000%   0.000000%   60 Days     0.073421%       0.155881%
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%               0.734214%       0.941660%
</TABLE>

<TABLE>
<CAPTION>
            DELINQUENT                           BANKRUPTCY                         FORECLOSURE
----------------------------------   --------------------------------   ---------------------------------
GROUP TWO
            No. of      Principal                 No. of    Principal                No. of     Principal
             Loans       Balance                   Loans     Balance                 Loans       Balance
<S>        <C>        <C>            <C>         <C>        <C>         <C>         <C>         <C>
                                                 1.183654%
0-29 Days         0           0.00   0-29 Days          0       0.00    0-29 Days          0        0.00
30 Days           3   1,867,875.09   30 Days            0       0.00    30 Days            0        0.00
60 Days           1     180,950.00   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
           --------   ------------               --------   --------                --------    --------
                  4   2,048,825.09                      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    0.646552%      1.173454%  30 Days     0.000000%  0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.215517%      0.113678%  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%
           --------       --------               --------   --------                --------    --------
           0.862069%      1.287132%              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            3    1,867,875.09
60 Days            0        0.00    60 Days            1      180,950.00
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                       4    2,048,825.09

              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     0.646552%       1.173454%
60 Days     0.000000%   0.000000%   60 Days     0.215517%       0.113678%
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%               0.862069%       1.287132%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            DELINQUENT                           BANKRUPTCY                         FORECLOSURE
----------------------------------   --------------------------------   ---------------------------------
GROUP THREE
            No. of      Principal                 No. of    Principal                No. of     Principal
             Loans       Balance                   Loans     Balance                 Loans       Balance
<S>        <C>        <C>            <C>         <C>        <C>         <C>         <C>         <C>
                                                 1.183654%
0-29 Days         0           0.00   0-29 Days          0       0.00    0-29 Days          0        0.00
30 Days           5   1,675,823.94   30 Days            0       0.00    30 Days            0        0.00
60 Days           1     422,447.02   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          1     259,999.98   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
           --------   ------------               --------   --------                --------    --------
                  7   2,358,270.94                      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    0.874126%      0.970176%  30 Days     0.000000%  0.000000%   30 Days     0.000000%   0.000000%
60 Days    0.174825%      0.244545%  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   0.174825%      0.150520%  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%
           --------       --------               --------   --------                --------    --------
           1.223776%      1.365262%              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            5    1,675,823.94
60 Days            0        0.00    60 Days            1      422,447.02
90 Days            0        0.00    90 Days            0            0.00
120 Days           0        0.00    120 Days           1      259,999.98
150 Days           0        0.00    150 Days           0            0.00
180+ Days          0        0.00    180+ Days          0            0.00
            --------    --------                --------    ------------
                   0        0.00                       7    2,358,270.94

              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     0.874126%       0.970176%
60 Days     0.000000%   0.000000%   60 Days     0.174825%       0.244545%
90 Days     0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days    0.000000%   0.000000%   120 Days    0.174825%       0.150520%
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%               1.223776%       1.365262%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                          Mixed Arm
<S>                                                         <C>
Weighted Average Gross Coupon                                     4.150431%
Weighted Average Net Coupon                                       3.774941%
Weighted Average Pass-Through Rate                                3.767864%
Weighted Average Maturity (Stepdown Calculation)                       335

Beginning Scheduled Collateral Loan Count                            2,477
Number of Loans Paid in Full                                            79
Ending Scheduled Collateral Loan Count                               2,398

Beginning Scheduled Collateral Balance                      775,717,327.19
Ending Scheduled Collateral Balance                         747,148,166.26
Ending Actual Collateral Balance at 31-Mar-2005             747,152,904.93

Monthly P&I Constant                                          2,686,770.70
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       30,881,383.39

Scheduled Principal                                               3,803.05
Unscheduled Principal                                        28,565,357.88
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Condition?          NO


<PAGE>

<TABLE>
<CAPTION>
           GROUP                       GROUP ONE          GROUP TWO         GROUP THREE           TOTAL
           -----                       ---------          ---------         -----------           -----
<S>                                 <C>                 <C>              <C>                 <C>
Collateral Description              6 Month LIBOR ARM        Mixed ARM   6 Month LIBOR ARM        Mixed ARM
Weighted Average Coupon Rate                 4.122392         4.271332            4.106712         4.150431
Weighted Average Net Rate                    3.747059         3.895993            3.730701         3.774941
Pass-Through Rate                            3.739951         3.888375            3.724201         3.767864
Weighted Average Maturity                         336              331                 336              335
Record Date                                03/31/2005       03/31/2005          03/31/2005       03/31/2005
Principal and Interest Constant          1,492,184.27       586,419.66          608,166.77     2,686,770.70
Beginning Loan Count                           1.,411              479                 587            2,477
Loans Paid in Full                                 49               15                  15               79
Ending Loan Count                               1,362              464                 572            2,398
Beginning Scheduled Balance            433,438,552.95   164,724,923.68      177,553,850.56   775,717,327.19
Ending Scheduled Balance               415,238,406.03   159,177,126.10      172,732,634.13   747,148,166.26
Scheduled Principal                          3,181.16            90.61              531.28         3,803.05
Unscheduled Principal                   18,196,965.76     5,547,706.97        4,820,685.15    28,565,357.88
Scheduled Interest                       1,489,003.11       586,329.05          607,635.49     2,682,967.65
Servicing Fee                              135,569.83        51,523.07           55,635.29       242,728.19
Master Servicing Fee                         2,347.79           892.26              961.75         4,201.80
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                                      219.74           153.43                0.00           373.17
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                             1,350,865.75       533,760.29          551,038.45     2,435,664.49
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 One
Pro-Rata Senior Percent                                      94.879515%
Senior Percent                                              100.000000%
Senior Prepay Percent                                       100.000000%
Subordinate Percent                                           0.000000%
Subordinate Prepay Percent                                    0.000000%
Interest Transfer Amount                                          0.00
Principal Transfer Amount                                         0.00

Group Two
Pro-Rata Senior Percent                                      94.994496%
Senior Percent                                              100.000000%
Senior Prepay Percent                                       100.000000%
Subordinate Percent                                           0.000000%
Subordinate Prepay Percent                                    0.000000%
Interest Transfer Amount                                          0.00
Principal Transfer Amount                                         0.00

Group Three
Pro-Rata Senior Percent                                     94.999761%
Senior Percent                                             100.000000%
Senior Prepay Percent                                      100.000000%
Subordinate Percent                                          0.000000%
Subordinate Prepay Percent                                   0.000000%
Interest Transfer Amount                                         0.00
Principal Transfer Amount                                        0.00
</TABLE>