<PAGE>

                                                                    EXHIBIT 10.1

CONTACT:  CUSTOMER SERVICES -- CTSLINK
          WELLS FARGO BANK MINNESOTA, N.A.
          SECURITIES ADMINISTRATION SERVICES
          7485 NEW HORIZON WAY
          FREDERICK, MD  21703
          WWW.CTSLINK.COM
          TELEPHONE: (301) 815-6600
          FAX:       (301) 315-6660

                               SMT SERIES 2004-10
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                             Certificate       Certificate
                                Class          Pass-Through          Beginning              Interest             Principal
 Class          CUSIP        Description           Rate         Certificate Balance       Distribution         Distribution
 -----          -----        -----------       ------------     -------------------       ------------        -------------
<S>           <C>            <C>               <C>              <C>                      <C>                  <C>
  A-1A        81744FET0          SEN             3.16000%         103,849,791.40           273,471.12          2,146,634.86
  A-1B        81744FEU7          SEN             3.22000%          11,541,488.18            30,969.66            238,569.19
  A-2         81744FEV5          SEN             3.17000%         192,066,412.84           507,375.44          3,970,123.12
  A-3A        81744FEW3          SEN             2.57000%         164,008,153.03           351,250.79          6,908,540.05
  A-3B        81744FEX1          SEN             2.63000%          18,223,128.11            39,939.02            767,615.56
  A-4         81744FEY9          SEN             2.58000%         115,533,721.09           248,397.50          4,866,644.28
  X-A         81744FEZ6           IO             0.98575%                   0.00           497,163.46                  0.00
  X-B         81744FFA0           IO             0.39893%                   0.00             6,945.11                  0.00
  B-1         81744FFC6          SUB             3.35000%          14,042,000.00            39,200.58                  0.00
  B-2         81744FFD4          SUB             3.70000%           6,849,000.00            21,117.75                  0.00
  B-3         81744FFE2          SUB             3.86368%           3,767,000.00            12,128.73                  0.00
  B-4         81744FFF9          SUB             3.86368%           3,081,000.00             9,920.00                  0.00
  B-5         81744FFG7          SUB             3.86368%           1,711,000.00             5,508.96                  0.00
  B-6         81744FFH5          SUB             3.86368%           3,097,055.38             9,971.69                  0.00
  A-R         81744FFB8          RES             3.23483%                   0.00                 0.05                  0.00
                                                 -------          --------------         ------------         -------------
Totals                                                            637,769,750.03         2,053,359.86         18,898,127.06
                                                 -------          --------------         ------------         -------------

<CAPTION>
                              Current           Ending Certificate            Total                 Cumulative
Class         CUSIP         Realized Loss            Balance               Distribution           Realized Loss
-----         -----         -------------       ------------------        -------------           -------------
<S>         <C>             <C>                 <C>                       <C>                     <C>
  A-1A      81744FET0           0.00              101,703,156.54           2,420,105.98                0.00
  A-1B      81744FEU7           0.00               11,302,918.99             269,538.85                0.00
  A-2       81744FEV5           0.00              188,096,289.72           4,477,498.56                0.00
  A-3A      81744FEW3           0.00              157,099,612.98           7,259,790.84                0.00
  A-3B      81744FEX1           0.00               17,455,512.55             807,554.58                0.00
  A-4       81744FEY9           0.00              110,667,076.81           5,115,041.78                0.00
  X-A       81744FEZ6           0.00                        0.00             497,163.46                0.00
  X-B       81744FFA0           0.00                        0.00               6,945.11                0.00
  B-1       81744FFC6           0.00               14,042,000.00              39,200.58                0.00
  B-2       81744FFD4           0.00                6,849,000.00              21,117.75                0.00
  B-3       81744FFE2           0.00                3,767,000.00              12,128.75                0.00
  B-4       81744FFF9           0.00                3,081,000.00               9,920.00                0.00
  B-5       81744FFG7           0.00                1,711,000.00               5,508.96                0.00
  B-6       81744FFH5           0.00                3,097,055.38               9,971.69                0.00
  A-R       81744FFB8           0.00                        0.00                   0.05                0.00
                                ----              --------------          -------------                ----
Totals                          0.00              618,871,622.97          20,951,486.92                0.00
                                ----              --------------          -------------                ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning           Scheduled        Unscheduled
                  Original Face            Certificate           Principal        Principal                       Realized
 Class               Amount                  Balance           Distribution      Distribution      Accretion      Loss (1)
 -----               ------                  -------           ------------      ------------      ---------      --------
<S>              <C>                      <C>                  <C>              <C>                <C>            <C>
  A-1A           110,000,000.00           103,849,791.40           0.00          2,146,634.86        0.00           0.00
  A-1B            12,225,000.00            11,541,488.18           0.00            238,569.19        0.00           0.00
  A-2            203,441,000.00           192,066,412.84           0.00          3,970,123.12        0.00           0.00
  A-3A           180,000,000.00           164,008,153.03           0.00          6,908,540.05        0.00           0.00
  A-3B            20,000,000.00            18,223,128.11           0.00            767,615.56        0.00           0.00
  A-4            126,799,000.00           115,533,721.09           0.00          4,866,644.28        0.00           0.00
  X-A                      0.00                     0.00           0.00                  0.00        0.00           0.00
  X-B                      0.00                     0.00           0.00                  0.00        0.00           0.00
  B-1             14,042,000.00            14,042,000.00           0.00                  0.00        0.00           0.00
  B-2              6,849,000.00             6,849,000.00           0.00                  0.00        0.00           0.00
  B-3              3,767,000.00             3,767,000.00           0.00                  0.00        0.00           0.00
  B-4              3,081,000.00             3,081,000.00           0.00                  0.00        0.00           0.00
  B-5              1,711,000.00             1,711,000.00           0.00                  0.00        0.00           0.00
  B-6              3,097,055.38             3,097,055.38           0.00                  0.00        0.00           0.00
  A-R                    100.00                     0.00           0.00                  0.00        0.00           0.00
                 --------------           --------------           ----         -------------        ----           ----
Totals           685,012,155.38           637,769,750.03           0.00         18,898,127.06        0.00           0.00
                 --------------           --------------           ----         -------------        ----           ----

<CAPTION>
                  Total Principal         Ending Certificate        Ending Certificate       Total Principal
 Class               Reduction                 Balance                 Percentage              Distribution
 -----               ---------                 -------                 ----------              ------------
<S>               <C>                     <C>                       <C>                      <C>
  A-1A              2,146,634.86            101,703,156.54              0.92457415            2,146,634.86
  A-1B                238,569.19             11,302,918.99              0.92457415              238,569.19
  A-2               3,970,123.12            188,096,289.72              0.92457415            3,970,123.12
  A-3A              6,908,540.05            157,099,612.98              0.87277563            6,908,540.05
  A-3B                767,615.56             17,455,512.55              0.87277563              767,615.56
  A-4               4,866,644.28            110,667,076.81              0.87277563            4,866,644.28
  X-A                       0.00                      0.00              0.00000000                    0.00
  X-B                       0.00                      0.00              0.00000000                    0.00
  B-1                       0.00             14,042,000.00              1.00000000                    0.00
  B-2                       0.00              6,849,000.00              1.00000000                    0.00
  B-3                       0.00              3,767,000.00              1.00000000                    0.00
  B-4                       0.00              3,081,000.00              1.00000000                    0.00
  B-5                       0.00              1,711,000.00              1.00000000                    0.00
  B-6                       0.00              3,097,055.38              1.00000000                    0.00
  A-R                       0.00                      0.00              0.00000000                    0.00
                   -------------            --------------              ----------           -------------
Totals             18,898,127.06            618,871,622.97              0.90344619           18,898,127.06
                   -------------            --------------              ----------           -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                             Beginning            Scheduled        Unscheduled
                  Original Face             Certificate           Principal         Principal                       Realized
 Class                Amount                  Balance           Distribution      Distribution      Accretion       Loss (3)
 -----                ------                  -------           ------------      ------------      ---------       --------
<S>               <C>                      <C>                  <C>               <C>               <C>            <C>
 A-1A             110,000,000.00            944.08901273          0.00000000       19.51486236      0.00000000     0.00000000
 A-1B              12,225,000.00            944.08901268          0.00000000       19.51486217      0.00000000     0.00000000
 A-2              203,441,000.00            944.08901274          0.00000000       19.51486239      0.00000000     0.00000000
 A-3A             180,000,000.00            911.15640572          0.00000000       38.38077806      0.00000000     0.00000000
 A-3B              20,000,000.00            911.15640550          0.00000000       38.38077800      0.00000000     0.00000000
 A-4              126,799,000.00            911.15640573          0.00000000       38.38077808      0.00000000     0.00000000
 X-A                        0.00              0.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 X-B                        0.00              0.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-1               14,042,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-2                6,849,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-3                3,767,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-4                3,081,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-5                1,711,000.00           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 B-6                3,097,055.38           1000.00000000          0.00000000        0.00000000      0.00000000     0.00000000
 A-R                      100.00              0.00000000          0.00000000        0.00000000      0.00000000     0.00000000

<CAPTION>
                  Total Principal         Ending Certificate        Ending Certificate       Total Principal
 Class               Reduction                 Balance                 Percentage              Distribution
 -----               ---------                 -------                 ----------              ------------
<S>               <C>                     <C>                       <C>                      <C>
 A-1A               19.51486236               924.57415036              0.92457415             19.51486236
 A-1B               19.51486217               924.57415051              0.92457415             19.51486217
 A-2                19.51486239               924.57415034              0.92457415             19.51486239
 A-3A               38.38077806               872.77562767              0.87277563             38.38077806
 A-3B               38.38077800               872.77562750              0.87277563             38.38077800
 A-4                38.38077808               872.77562765              0.87277563             38.38077808
 X-A                 0.00000000                 0.00000000              0.00000000              0.00000000
 X-B                 0.00000000                 0.00000000              0.00000000              0.00000000
 B-1                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-2                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-3                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-4                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-5                 0.00000000              1000.00000000              1.00000000              0.00000000
 B-6                 0.00000000              1000.00000000              1.00000000              0.00000000
 A-R                 0.00000000                 0.00000000              0.00000000              0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                     Beginning                       Payment of                  Non-
                                                   Certificate          Current       Unpaid       Current     Supported
             Original Face        Current            Notional           Accrued      Interest      Interest     Interest   Realized
 Class          Amount        Certificate Rate       Balance            Interest     Shortfall    Shortfall    Shortfall   Loss (4)
 -----          ------        ----------------       -------            --------     ---------    ---------    ---------   --------
<S>         <C>               <C>                 <C>                <C>             <C>          <C>          <C>         <C>
 A-1A       110,000,000.00       3.16000%         103,849,791.40       273,471.12       0.00         0.00         0.00       0.00
 A-1B        12,225,000.00       3.22000%          11,541,488.18        30,969.66       0.00         0.00         0.00       0.00
  A-2       203,441,000.00       3.17000%         192,066,412.84       507,375.44       0.00         0.00         0.00       0.00
 A-3A       180,000,000.00       2.57000%         164,008,153.03       351,250.79       0.00         0.00         0.00       0.00
 A-3B        20,000,000.00       2.63000%          18,223,128.11        39,939.02       0.00         0.00         0.00       0.00
  A-4       126,799,000.00       2.58000%         115,533,721.09       248,397.50       0.00         0.00         0.00       0.00
  X-A                 0.00       0.98575%         605,222,694.65       497,163.46       0.00         0.00         0.00       0.00
  X-B                 0.00       0.39893%          20,891,000.00         6,945.11       0.00         0.00         0.00       0.00
  B-1        14,042,000.00       3.35000%          14,042,000.00        39,200.58       0.00         0.00         0.00       0.00
  B-2         6,849,000.00       3.70000%           6,849,000.00        21,117.75       0.00         0.00         0.00       0.00
  B-3         3,767,000.00       3.86368%           3,767,000.00        12,128.73       0.00         0.00         0.00       0.00
  B-4         3,081,000.00       3.86368%           3,081,000.00         9,920.00       0.00         0.00         0.00       0.00
  B-5         1,711,000.00       3.86368%           1,711,000.00         5,508.96       0.00         0.00         0.00       0.00
  B-6         3,097,055.38       3.86368%           3,097,055.38         9,971.69       0.00         0.00         0.00       0.00
  A-R               100.00       3.23483%                   0.00             0.00       0.00         0.00         0.00       0.00
            --------------       -------          --------------     ------------       ----         ----         ----       ----
Totals      685,012,155.38                                           2,053,359.81       0.00         0.00         0.00       0.00
            --------------       -------          --------------     ------------       ----         ----         ----       ----

<CAPTION>
                                       Remaining             Ending
                                        Unpaid             Certificate
               Total Interest          Interest            Notational
 Class          Distribution           Shortfall             Balance
 -----          ------------           ---------             -------
<S>           <C>                      <C>               <C>
 A-1A           273,471.12               0.00            101,703,156.54
 A-1B            30,969.66               0.00             11,302,918.99
  A-2           507,375.44               0.00            188,096,289.72
 A-3A           351,250.79               0.00            157,099,612.98
 A-3B            39,939.02               0.00             17,455,512.55
  A-4           248,397.50               0.00            110,667,076.81
  X-A           497,163.46               0.00            586,324,567.59
  X-B             6,945.11               0.00             20,891,000.00
  B-1            39,200.58               0.00             14,042,000.00
  B-2            21,117.75               0.00              6,894,000.00
  B-3            12,128.73               0.00              3,767,000.00
  B-4             9,920.00               0.00              3,081,000.00
  B-5             5,508.96               0.00              1,711,000.00
  B-6             9,971.69               0.00              3,097,055.38
  A-R                 0.05               0.00                      0.00
              ------------               ----
Totals        2,053,359.86               0.00
              ------------               ----
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                                                             Payment of
                              Current       Beginning                         Unpaid      Current
           Original Face    Certificate    Certificate/    Current Accrued   Interest    Interest
Class (5)      Amount          Rate      Notional Balance      Interest      Shortfall   Shortfall
---------  --------------- ------------  ----------------  ---------------  -----------  ----------
<S>        <C>              <C>          <C>               <C>              <C>          <C>
  A-1A      110,000,000.00    3.16000%     944.08901273      2.48610109      0.00000000  0.00000000
  A-1B       12,225,000.00    3.22000%     944.08901268      2.53330552      0.00000000  0.00000000
   A-2      203,441,000.00    3.17000%     944.08901274      2.49396847      0.00000000  0.00000000
  A-3A      180,000,000.00    2.57000%     911.15640572      1.95139328      0.00000000  0.00000000
  A-3B       20,000,000.00    2.63000%     911.15640550      1.99695100      0.00000000  0.00000000
   A-4      126,799,000.00    2.58000%     911.15640573      1.95898627      0.00000000  0.00000000
   X-A                0.00    0.98575%     927.59411562      0.76197721      0.00000000  0.00000000
   X-B                0.00    0.39893%    1000.00000000      0.33244507      0.00000000  0.00000000
   B-1       14,042,000.00    3.35000%    1000.00000000      2.79166643      0.00000000  0.00000000
   B-2        6,849,000.00    3.70000%    1000.00000000      3.08333333      0.00000000  0.00000000
   B-3        3,767,000.00    3.86368%    1000.00000000      3.21973188      0.00000000  0.00000000
   B-4        3,081,000.00    3.86368%    1000.00000000      3.21973385      0.00000000  0.00000000
   B-5        1,711,000.00    3.86368%    1000.00000000      3.21973115      0.00000000  0.00000000
   B-6        3,097,055.38    3.86368%    1000.00000000      3.21973254      0.00000000  0.00000000
   A-R              100.00    3.23483%       0.00000000      0.00000000      0.00000000  0.00000000

<CAPTION>
              Non-                                 Remaining
           Supported                                Unpaid
            Interest    Realized   Total Interest  Interest    Ending Certificate/
Class (5)  Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
---------  ----------  ----------  --------------  ----------  -------------------
<S>        <C>         <C>         <C>             <C>         <C>
  A-1A     0.00000000  0.00000000    2.48610109    0.00000000     924.57415036
  A-1B     0.00000000  0.00000000    2.53330552    0.00000000     924.57415051
   A-2     0.00000000  0.00000000    2.49396847    0.00000000     924.57415034
  A-3A     0.00000000  0.00000000    1.95139328    0.00000000     872.77562767
  A-3B     0.00000000  0.00000000    1.99695100    0.00000000     872.77567250
   A-4     0.00000000  0.00000000    1.95898627    0.00000000     872.77562765
   X-A     0.00000000  0.00000000    0.76197721    0.00000000     898.62991515
   X-B     0.00000000  0.00000000    0.33244507    0.00000000    1000.00000000
   B-1     0.00000000  0.00000000    2.79166643    0.00000000    1000.00000000
   B-2     0.00000000  0.00000000    3.08333333    0.00000000    1000.00000000
   B-3     0.00000000  0.00000000    3.21973188    0.00000000    1000.00000000
   B-4     0.00000000  0.00000000    3.21973385    0.00000000    1000.00000000
   B-5     0.00000000  0.00000000    3.21973115    0.00000000    1000.00000000
   B-6     0.00000000  0.00000000    3.21973254    0.00000000    1000.00000000
   A-R     0.00000000  0.00000000    0.50000000    0.00000000       0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT
                                       8MN

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

Deposits
         Payments of Interest and Principal                          21,156,823.13
         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                                                       21,156,823.13

Withdrawals
         Reimbursement for Servicer Advances                                  0.00
         Payment of Service Fee                                         205,336.21
         Payment of Interest and Principal                           20,951,486.92
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         21,156,823.13

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                                   200,021.46
Master Servicing Fee                                    5,314.75
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     205,336.21
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning        Current     Current     Ending
                Account Type           Balance       Withdrawals   Deposits   Balance
---------------------------------   --------------   -----------   --------   --------
<S>                                 <C>              <C>           <C>        <C>
Class X-A Pool 1 Comp. Sub Amount      4,500.00         0.00         0.00     4,500.00
Class X-A Pool 2 Comp. Sub Amount      4,500.00         0.00         0.00     4,500.00
Class X-B Sub Account                  1,000.00         0.00         0.00     1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------  -------------------------------  -------------------------------
             No. of     Principal               No. of    Principal              No. of    Principal
             Loans      Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0         0.00    0-29 Days      0         0.00
30 Days       18      5,909,895.77  30 Days        0         0.00    30 Days        0         0.00
60 Days        1        150,000.00  60 Days        0         0.00    60 Days        0         0.00
90 Days        1        479,950.00  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
              --      ------------                 --        ----                  --         ----
              20      6,539,845.77                 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    0.998336%   0.954942%    30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.055463%   0.024238%    60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.055463%   0.077552%    90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000%   0.000000%    120 Days   0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days   0.000000%   0.000000%    150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000%   0.000000%    180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           --------    --------                --------   --------              --------   --------
           1.109262%   1.056732%               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       18      5,909,895.77
60 Days       0         0.00     60 Days        1        150,000.00
90 Days       0         0.00     90 Days        1        479,950.00
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                   20      6,539,845.77

            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    0.998336%    0.954942%
60 Days    0.000000%  0.000000%  60 Days    0.055463%    0.024238%
90 Days    0.000000%  0.000000%  90 Days    0.055463%    0.077552%
120 Days   0.000000%  0.000000%  120 Days   0.000000%    0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%    0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%    0.000000%
           --------   --------              --------     --------
           0.000000%  0.000000%             1.109262%    1.056732%
</TABLE>

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

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    32,547,055.38  4.75131063%  32,547,055.38  5.25909642%    94.740904%       0.000000%
Class B-1  18,505,055.38  2.70142000%  18,505,055.38  2.99012827%     2.268968%      43.143688%
Class B-2  11,656,055.38  1.70158373%  11,656,055.38  1.88343672%     1.106692%      21.043378%
Class B-3   7,889,055.38  1.15166648%   7,889,055.38  1.27474828%     0.608688%      11.574012%
Class B-4   4,808,055.38  0.70189344%   4,808,055.38  0.77690674%     0.497842%       9.466294%
Class B-5   3,097,055.38  0.45211685%   3,097,055.38  0.50043584%     0.276471%       5.257004%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.500436%       9.515624%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                          FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
               No. of        Principal                 No. of    Principal                 No. of    Principal
GROUP  ONE      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              6     1,303,377.58  30 Days           0        0.00    30 Days            0        0.00
60 Days              0             0.00  60 Days           0        0.00    60 Days            0        0.00
90 Days              1       479,950.00  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
              --------     ------------             --------    --------                --------    --------
                     7     1,783,327.58                    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       0.697674%        0.410714% 30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days       0.000000%        0.000000% 60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days       0.116279%        0.151240% 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%
              --------     ------------             --------    --------                --------    --------
              0.813953%        0.561954%            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           6     1,303,377.58
60 Days              0        0.00    60 Days           0             0.00
90 Days              0        0.00    90 Days           1       479,950.00
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                      7     1,783,327.58

              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    0.697674%        0.410714%
60 Days       0.000000%   0.000000%   60 Days    0.000000%        0.000000%
90 Days       0.000000%   0.000000%   90 Days    0.116279%        0.151240%
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%              0.813953%        0.561954%
</TABLE>



<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                           FORECLOSURE
-------------------------------------   ----------------------------------    --------------------------------
                                                      1.183654%
                No. of      Principal                  No. of   Principal                 No. of    Principal
GROUP TWO        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             12    4,606,518.19     30 Days           0        0.00    30 Days            0        0.00
60 Days              1      150,000.00     60 Days           0        0.00    60 Days            0        0.00
90 Days              0            0.00     90 Days           0        0.00    90 Days            0        0.00
120 Days             0            0.00     120 Days          0        0.00    120 Days           0        0.00
150 Days             0            0.00     150 Days          0        0.00    150 Days           0        0.00
180+ Days            0            0.00     180+ Days         0        0.00    180+ Days          0        0.00
              --------    ------------                --------    --------                --------    --------
                    13    4,756,518.19                       0        0.00                       0        0.00

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

0-29 Days     0.000000%       0.000000%    0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days       1.272534%       1.527714%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days       0.106045%       0.049746%    60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days       0.000000%       0.000000%    90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days      0.000000%       0.000000%    120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days      0.000000%       0.000000%    150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days     0.000000%       0.000000%    180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
              --------    ------------                --------    --------                --------    --------
              1.378579%       1.577460%               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          12     4,606,518.19
 60 Days             0        0.00    60 Days           1       150,000.00
 90 Days             0        0.00    90 Days           0             0.00
 120 Days            0        0.00    120 Days          0             0.00
 150 Days            0        0.00    150 Days          0             0.00
 180+ Days           0        0.00    180+ Days         0             0.00
               -------    --------               --------     ------------
                     0        0.00                     13     4,756,518.19

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

 0-29 Days    0.000000%   0.000000%   0-29 Days  0.000000%        0.000000%
 30 Days      0.000000%   0.000000%   30 Days    1.272534%        1.527714%
 60 Days      0.000000%   0.000000%   60 Days    0.106045%        0.049746%
 90 Days      0.000000%   0.000000%   90 Days    0.000000%        0.000000%
 120 Days     0.000000%   0.000000%   120 Days   0.000000%        0.000000%
 150 Days     0.000000%   0.000000%   150 Days   0.000000%        0.000000%
 180+ Days    0.000000%   0.000000%   180+ Days  0.000000%        0.000000%
              --------    --------               --------     ------------
              0.000000%   0.000000%              1.378579%        1.577460%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                   Mixed Arm
<S>                                                                 <C>
Weighted Average Gross Coupon                                             4.249865%
Weighted Average Net Coupon                                               3.873514%
Weighted Average Pass-Through Rate                                        3.863514%
Weighted Average Maturity (Stepdown Calculation)                               335

Beginning Scheduled Collateral Loan Count                                    1,850
Number of Loans Paid in Full                                                    47
Ending Scheduled Collateral Loan Count                                       1,803

Beginning Scheduled Collateral Balance                              637,769,750.03
Ending Scheduled Collateral Balance                                 618,871,622.97
Ending Actual Collateral Balance at 31-Mar-2005                     618,874,527.12

Monthly P&I Constant                                                  2,258,696.27
Special Servicing Fee                                                         0.00
Prepayment Penalties                                                          0.00
Realization Loss Amount                                                       0.00
Cumulative Realized Loss                                                      0.00

Class A Optimal Amount                                               20,846,694.06

Scheduled Principal                                                           0.00
Unscheduled Principal                                                18,898,127.06
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepay Event            NO

<PAGE>

<TABLE>
<CAPTION>
            GROUP                                    GROUP ONE              GROUP TWO                    TOTAL
<S>                                               <C>                   <C>                         <C>
Collateral Description                                 Mixed ARM        6 Month LIBOR ARM                Mixed ARM
Weighted Average Coupon Rate                            4.239696                 4.260347                 4.249865
Weighted Average Net Rate                               3.863936                 3.883385                 3.873514
Pass-Through Rate                                       3.853936                 3.873385                 3.863514
Weighted Average Maturity                                    331                      338                      335
Record Date                                           03/31/2005               03/31/2005               03/31/2005
Principal and Interest Constant                     1,143,652.05             1,115,044.22             2,258,696.27
Beginning Loan Count                                         875                      975                    1,850
Loans Paid in Full                                            15                       32                       47
Ending Loan Count                                            860                      943                    1,803
Beginning Scheduled Balance                       323,698,338.86           314,071,411.17           637,769,750.03
Ending Scheduled Balance                          317,343,011.69           301,528,611.28           618,871,622.97
Scheduled Principal                                         0.00                     0.00                     0.00
Unscheduled Principal                               6,355,327.17            12,542,799.89            18,898,127.06
Scheduled Interest                                  1,143,652.05             1,115,044.22             2,258,696.27
Servicing Fee                                         101,360.72                98,660.74               200,021.46
Master Servicing Fee                                    2,697.49                 2,617.26                 5,314.75
Trustee Fee                                                 0.00                     0.00                     0.00
FRY Amount                                                  0.00                     0.00                     0.00
Special Hazard Fee                                          0.00                     0.00                     0.00
Other Fee                                                   0.00                     0.00                     0.00
Pool Insurance Fee                                          0.00                     0.00                     0.00
Spread 1                                                    0.00                     0.00                     0.00
Spread 2                                                    0.00                     0.00                     0.00
Spread 3                                                    0.00                     0.00                     0.00
Net Interest                                        1,039,593.84             1,013,766.22             2,053,360.06
Realized Loss Amount                                        0.00                     0.00                     0.00
Cumulative Realized Loss                                    0.00                     0.00                     0.00
Percentage of Cumulative Losses                             0.00                     0.00                     0.00
Prepayment Penalties                                        0.00                     0.00                     0.00
Special Servicing Fee                                       0.00                     0.00                     0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group One
One Month Libor Loan Balance                                     225,620,874.28
Six Month Libor Loan Balance                                      91,722,137.41
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               94.982784%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Two
Principal Transfer                                                         0.00
Interest Transfer                                                          0.00
Pro Rata Senior Percent                                               94.808057%
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
</TABLE>