<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 2004-12
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate      Beginning
                       Class    Pass-Through    Certificate      Interest
 Class    CUSIP    Description     Rate           Balance      Distribution
------  ---------  -----------  ------------  --------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>
   A-1  81744FFY8      SEN        3.12000%    366,651,535.15     953,293.99
   A-2  81744FFZ5      SEN        3.04000%    193,952,925.09     491,347.41
   A-3  81744FGZ9      SEN        3.07000%    202,129,979.55     517,115.86
  X-A1  81744FGC5      IO         0.48886%              0.00     228,379.96
  X-A2  81744FGD3      IO         0.77494%              0.00     130,532.79
   X-B  81744FGF8      IO         0.10751%              0.00           0.00
   B-1  81744FGG6      SUB        3.35000%      8,588,000.00      23,974.83
   B-2  81744FGH4      SUB        3.70000%      6,134,000.00      18,913.17
   B-3  81744FGJ0      SUB        4.10000%      3,680,000.00      12,573.33
   B-4  81744FGK7      SUB        3.58037%      2,453,000.00       7,318.87
   B-5  81744FGK7      SUB        3.58037%        920,000.00       2,744.95
   B-6  81744FGL5      SUB        3.58037%      2,762,778.00       8,243.14
   A-R  81744FGE1      RES        3.77405%              0.00           0.50
                                ---------     --------------  -------------
Totals                                        787,272,217.79   2,394,438.80
                                ---------     --------------  -------------

<CAPTION>
                                           Ending
           Principal       Current       Certificate       Total       Cumulative
 Class   Distribution   Realized Loss      Balance      Distribution  Realized Loss
------  --------------  -------------  --------------  -------------  -------------
<S>     <C>             <C>            <C>             <C>            <C>
   A-1    8,542,221.76       0.00      358,109,313.39   9,495,515.75       0.00
   A-2    5,435,430.09       0.00      188,517,495.00   5,926,777.50       0.00
   A-3    7,615,067.75       0.00      194,514,911.80   8,132,183.61       0.00
  X-A1            0.00       0.00                0.00     228,379.96       0.00
  X-A2            0.00       0.00                0.00     130,532.79       0.00
   X-B            0.00       0.00                0.00           0.00       0.00
   B-1            0.00       0.00        8,588,000.00      23,974.83       0.00
   B-2            0.00       0.00        6,134,000.00      18,913.17       0.00
   B-3            0.00       0.00        3,680,000.00      12,573.33       0.00
   B-4            0.00       0.00        2,453,000.00       7,318.87       0.00
   B-5            0.00       0.00          920,000.00       2,744.95       0.00
   B-6            0.00       0.00        2,762,778.00       8,243.14       0.00
   A-R            0.00       0.00                0.00           0.50       0.00
        --------------  ---------      --------------  -------------  ---------
Totals   21,592,719.60       0.00      765,679,498.19  23,987,158.40       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
 Class     Amount          Balance      Distribution  Distribution
------  --------------  --------------  ------------  -------------
<S>     <C>             <C>             <C>           <C>
   A-1  380,510,000.00  366,651,535.15      1,696.92   8,540,524.84
   A-2  208,392,000.00  193,952,925.09        493.88   5,434,936.21
   A-3  218,330,615.00  202,129,979.55          0.00   7,615,067.75
  X-A1            0.00            0.00          0.00           0.00
  X-A2            0.00            0.00          0.00           0.00
   X-B            0.00            0.00          0.00           0.00
   B-1    8,588,000.00    8,588,000.00          0.00           0.00
   B-2    6,134,000.00    6,134,000.00          0.00           0.00
   B-3    3,680,000.00    3,680,000.00          0.00           0.00
   B-4    2,453,000.00    2,453,000.00          0.00           0.00
   B-5      920,000.00      920,000.00          0.00           0.00
   B-6    2,762,778.00    2,762,778.00          0.00           0.00
   A-R          100.00            0.00          0.00           0.00
        --------------  --------------  ------------  -------------
Totals  831,770,493.00  787,272,217.79      2,190.80  21,590,528.80
        --------------  --------------  ------------  -------------

<CAPTION>
                                 Total           Ending       Ending
                   Realized    Principal      Certificate   Certificate  Total Principal
 Class  Accretion  Loss (1)    Reduction        Balance      Percentage   Distribution
------  ---------  --------  -------------  --------------  -----------  ---------------
<S>     <C>        <C>       <C>            <C>             <C>          <C>
   A-1     0.00      0.00     8,542,221.76  358,109,313.39   0.94112983    8,542,221.76
   A-2     0.00      0.00     5,435,430.09  188,517,495.00   0.90462923    5,435,430.09
   A-3     0.00      0.00     7,615,067.75  194,514,911.80   0.89091909    7,615,067.75
  X-A1     0.00      0.00             0.00            0.00   0.00000000            0.00
  X-A2     0.00      0.00             0.00            0.00   0.00000000            0.00
   X-B     0.00      0.00             0.00            0.00   0.00000000            0.00
   B-1     0.00      0.00             0.00    8,588,000.00   1.00000000            0.00
   B-2     0.00      0.00             0.00    6,134,000.00   1.00000000            0.00
   B-3     0.00      0.00             0.00    3,680,000.00   1.00000000            0.00
   B-4     0.00      0.00             0.00    2,453,000.00   1.00000000            0.00
   B-5     0.00      0.00             0.00      920,000.00   1.00000000            0.00
   B-6     0.00      0.00             0.00    2,762,778.00   1.00000000            0.00
   A-R     0.00      0.00             0.00            0.00   0.00000000            0.00
        -------    ------    -------------  --------------  -----------  --------------
Totals     0.00      0.00    21,592,719.60  765,679,498.19   0.92054179   21,592,719.60
        -------    ------    -------------  --------------  -----------  --------------
</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
 Class      Amount         Balance     Distribution  Distribution   Accretion
------  --------------  -------------  ------------  ------------  ----------
<S>     <C>             <C>            <C>           <C>           <C>
  A-1   380,510,000.00   963.57923616    0.00445959   22.44494189  0.00000000
  A-2   208,392,000.00   930.71195195    0.00236996   26.08034958  0.00000000
  A-3   218,330,615.00   925.79769241    0.00000000   34.87860715  0.00000000
 X-A1             0.00     0.00000000    0.00000000    0.00000000  0.00000000
 X-A2             0.00     0.00000000    0.00000000    0.00000000  0.00000000
  X-B             0.00     0.00000000    0.00000000    0.00000000  0.00000000
  B-1     8,588,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
  B-2     6,134,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
  B-3     3,680,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
  B-4     2,453,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
  B-5       920,000.00  1000.00000000    0.00000000    0.00000000  0.00000000
  B-6     2,762,778.00  1000.00000000    0.00000000    0.00000000  0.00000000
  A-R           100.00     0.00000000    0.00000000    0.00000000  0.00000000

<CAPTION>
                                         Ending       Ending
         Realized   Total Principal   Certificate   Certificate  Total Principal
 Class   Loss (3)      Reduction        Balance     Percentage    Distribution
------  ----------  ---------------  -------------  -----------  ---------------
<S>     <C>         <C>              <C>            <C>          <C>
  A-1   0.00000000      22.44940149   941.12983467   0.94112983      22.44940149
  A-2   0.00000000      26.08271954   904.62923241   0.90462923      26.08271954
  A-3   0.00000000      38.87860715   890.91908526   0.89091909      34.87860715
 X-A1   0.00000000       0.00000000     0.00000000   0.00000000       0.00000000
 X-A2   0.00000000       0.00000000     0.00000000   0.00000000       0.00000000
  X-B   0.00000000       0.00000000     0.00000000   0.00000000       0.00000000
  B-1   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  B-2   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  B-3   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  B-4   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  B-5   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  B-6   0.00000000       0.00000000  1000.00000000   1.00000000       0.00000000
  A-R   0.00000000       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
                           Current      Certificate/     Current       Unpaid
         Original Face   Certificate      Notional       Accrued      Interest
 Class      Amount          Rate          Balance        Interest     Shortfall
------  ---------------  ------------  --------------  ------------  ----------
<S>     <C>              <C>           <C>             <C>           <C>
  A-1    380,510,000.00     3.12000%   366,651,535.15    953,293.99     0.00
  A-2    208,392,000.00     3.04000%   193,952,925.09    491,347.41     0.00
  A-3    218,330,615.00     3.07000%   202,129,979.55    517,115.86     0.00
 X-A1              0.00     0.48886%   560,604,460.24    228,379.96     0.00
 X-A2              0.00     0.77494%   202,129,979.55    130,532.79     0.00
  X-B              0.00     0.10751%    18,402,000.00      1,648.69     0.00
  B-1      8,588,000.00     3.35000%     8,588,000.00     23,974.83     0.00
  B-2      6,134,000.00     3.70000%     6,134,000.00     18,913.17     0.00
  B-3      3,680,000.00     4.10000%     3,680,000.00     12,573.33     0.00
  B-4      2,453,000.00     3.58037%     2,453,000.00      7,318.87     0.00
  B-5        920,000.00     3.58037%       920,000.00      2,744.95     0.00
  B-6      2,762,778.00     3.58037%     2,762,778.00      8,243.14     0.00
  A-R            100.00     3.77405%             0.00          0.00     0.00
        ---------------  ----------    --------------  ------------  -------
Totals   831,770,493.00                                2,396,086.99     0.00
        ---------------  ----------    --------------  ------------  -------

<CAPTION>
                                                           Remaining      Ending
        Current    Non-Supporte                              Unpaid    Certificate/
        Interest     Interest    Realized  Total Interest   Interest    Notational
 Class  Shortfall    Shortfall   Loss (4)   Distribution   Shortfall      Balance
------  ---------  ------------  --------  --------------  ---------  --------------
<S>     <C>        <C>           <C>       <C>             <C>        <C>
  A-1      0.00        0.00        0.00        953,293.99     0.00    358,109,313.39
  A-2      0.00        0.00        0.00        491,347.41     0.00    188,517,495.00
  A-3      0.00        0.00        0.00        517,115.86     0.00    194,514,911.80
 X-A1      0.00        0.00        0.00        228,379.96     0.00    546,626,808.39
 X-A2      0.00        0.00        0.00        130,532.79     0.00    194,514,911.80
  X-B      0.00        0.00        0.00              0.00     0.00     18,402,000.00
  B-1      0.00        0.00        0.00         23,974.83     0.00      8,588,000.00
  B-2      0.00        0.00        0.00         18,913.17     0.00      6,134,000.00
  B-3      0.00        0.00        0.00         12,573.33     0.00      3,680,000.00
  B-4      0.00        0.00        0.00          7,318.87     0.00      2,453,000.00
  B-5      0.00        0.00        0.00          2,744.95     0.00        920,000.00
  B-6      0.00        0.00        0.00          8,243.14     0.00      2,762,778.00
  A-R      0.00        0.00        0.00              0.50     0.00              0.00
        -------    --------      ------    --------------  -------    --------------
Totals     0.00        0.00        0.00      2,394,438.80     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
 Class   Original Face  Certificate    Certificate/    Current Accrued   Interest
  (5)       Amount          Rate     Notional Balance      Interest      Shortfall
------  --------------  -----------  ----------------  ---------------  ----------
<S>     <C>             <C>          <C>               <C>              <C>
  A-1   380,510,000.00      3.12000%     963.57923616     2.50530601    0.00000000
  A-2   208,392,000.00      3.04000%     930.71195195     2.35780361    0.00000000
  A-3   218,330,615.00      3.07000%     925.79769241     2.36849908    0.00000000
 X-A1             0.00      0.48886%     951.94864382     0.38780639    0.00000000
 X-A2             0.00      0.77494%     925.79769241     0.59786755    0.00000000
  X-B             0.00      0.10751%    1000.00000000     0.08959298    0.00000000
  B-1     8,588,000.00      3.35000%    1000.00000000     2.79166628    0.00000000
  B-2     6,134,000.00      3.70000%    1000.00000000     3.08333388    0.00000000
  B-3     3,680,000.00      4.10000%    1000.00000000     3.41666576    0.00000000
  B-4     2,453,000.00      3.58037%    1000.00000000     2.98364044    0.00000000
  B-5       920,000.00      3.58037%    1000.00000000     2.98364130    0.00000000
  B-6     2,762,778.00      3.58037%    1000.00000000     2.98364183    0.00000000
  A-R           100.00      3.77405%       0.00000000     0.00000000    0.00000000

<CAPTION>
                      Non-                                  Remaining
         Current    Supported                                Unpaid
 Class   Interest    Interest    Realized   Total Interest   Interest   Ending Certificate/
  (5)    Shortfall  Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
------  ----------  ----------  ----------  --------------  ----------  -------------------
<S>     <C>         <C>         <C>         <C>             <C>         <C>
  A-1   0.00000000  0.00000000  0.00000000    2.50530601    0.00000000         941.12983467
  A-2   0.00000000  0.00000000  0.00000000    2.35780361    0.00000000         904.62923241
  A-3   0.00000000  0.00000000  0.00000000    2.36849908    0.00000000         890.91908526
 X-A1   0.00000000  0.00000000  0.00000000    0.38780639    0.00000000         890.91908526
 X-A2   0.00000000  0.00000000  0.00000000    0.59786755    0.00000000         890.91908526
  X-B   0.00000000  0.00000000  0.00000000    0.00000000    0.00000000        1000.00000000
  B-1   0.00000000  0.00000000  0.00000000    2.79166628    0.00000000        1000.00000000
  B-2   0.00000000  0.00000000  0.00000000    3.08333388    0.00000000        1000.00000000
  B-3   0.00000000  0.00000000  0.00000000    3.41666576    0.00000000        1000.00000000
  B-4   0.00000000  0.00000000  0.00000000    2.98364044    0.00000000        1000.00000000
  B-5   0.00000000  0.00000000  0.00000000    2.98364130    0.00000000        1000.00000000
  B-6   0.00000000  0.00000000  0.00000000    2.98364183    0.00000000        1000.00000000
  A-R   0.00000000  0.00000000  0.00000000    5.00000000    0.00000000           0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                         24,149,498.87
         Liquidations, Insurance Proceeds, Reserve Funds                     0.00
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                              25,783.70
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                    -------------
Total Deposits                                                      24,175,282.57

Withdrawals
         Reimbursement for Servicer Advances                               313.20
         Payment of Service Fee                                        187,810.97
         Payment of Interest and Principal                          23,987,158.40
                                                                    -------------
Total Withdrawals (Pool Distribution Amount)                        24,175,282.57

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                                  182,934.79
Master Servicing Fee                                   4,876.18
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------

Net Servicing Fee                                    187,810.97
                                                     ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning    Current     Current   Ending
             Account Type            Balance   Withdrawals  Deposits   Balance
----------------------------------  ---------  -----------  --------  --------
<S>                                 <C>        <C>          <C>       <C>
Class X-A1 Pool 1 Comp. Sub Amount   3,000.00       0.00        0.00  3,000.00
Class X-A1 Pool 2 Comp. Sub Amount   3,000.00       0.00        0.00  3,000.00
Class X-A2 Sub Amount                3,000.00       0.00        0.00  3,000.00
Class X-B Sub Amount                 1,000.00   2,205.04    1,648.69    443.65
</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          17  7,915,471.31  30 Days           0       0.00  30 Days           0       0.00
60 Days           1    185,020.00  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
           --------  ------------             --------  ---------             -------- ----------
                 18  8,100,491.31                    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    1.011905%     1.385840% 30 Days    0.000000%  0.000000% 30 Days    0.000000%  0.000000%
60 Days    0.059524%     0.032393% 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%
           --------  ------------             --------  ---------             -------- ----------
           1.071429%     1.418234%            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  7,915,471.31
60 Days           0       0.00  60 Days           1    185,020.00
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                   18  8,100,491.31

            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    1.011905%     1.385840%
60 Days    0.000000%  0.000000% 60 Days    0.059524%     0.032393%
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%            1.071429%     1.418234%
</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  25,783.70
</TABLE>
<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            11  4,214,595.21    30 Days            0        0.00    30 Days            0        0.00
60 Days             1    185,020.00    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
            ---------  ------------                --------    --------                --------     -------
                   12  4,399,615.21                       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     1.031895%      1.126999%   30 Days     0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days     0.093809%      0.049475%   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%
            ---------  ------------                --------    --------                --------     --------
            1.125704%      1.176474%               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           11     4,214,595.21
60 Days            0        0.00    60 Days            1      185,020.00
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                      12    4,399,615.21

             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     1.031895%       1.126999%
60 Days     0.000000%   0.000000%   60 Days     0.093809%       0.049475%
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%               1.125704%       1.176474%
</TABLE>

<TABLE>
<CAPTION>
             DELINQUENT                             BANKRUPTCY                         FORECLOSURE
-------------------------------------   ---------------------------------   ---------------------------------
GROUP TWO                                           1.183654%
             No. of       Principal                  No. of     Principal                No. of     Principal
             Loans         Balance                   Loans       Balance                 Loans       Balance
<S>         <C>         <C>             <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days          0            0.00    0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days            6    3,700,876.10    30 Days            0        0.00    30 Days            0        0.00
60 Days            0            0.00    60 Days            0        0.00    60 Days            0        0.00
90 Days            0            0.00    90 Days            0        0.00    90 Days            0        0.00
120 Days           0            0.00    120 Days           0        0.00    120 Days           0        0.00
150 Days           0            0.00    150 Days           0        0.00    150 Days           0        0.00
180+ Days          0            0.00    180+ Days          0        0.00    180+ Days          0        0.00
            --------    ------------                --------    --------                --------    --------
                   6    3,700,876.10                       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     0.977199%       1.876699%   30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days     0.000000%       0.000000%   60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days     0.000000%       0.000000%   90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days    0.000000%       0.000000%   120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days    0.000000%       0.000000%   150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days   0.000000%       0.000000%   180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
            --------    ------------                --------    --------                --------    --------
            0.977199%       1.876699%               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    3,700,876.10
60 Days            0        0.00    60 Days            0            0.00
90 Days            0        0.00    90 Days            0            0.00
120 Days           0        0.00    120 Days           0            0.00
150 Days           0        0.00    150 Days           0            0.00
180+ Days          0        0.00    180+ Days          0            0.00
            --------    --------                --------    ------------
                   0        0.00                       6    3,700,876.10

             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     0.977199%       1.876699%
60 Days     0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days     0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days    0.000000%   0.000000%   120 Days    0.000000%       0.000000%
150 Days    0.000000%   0.000000%   150 Days    0.000000%       0.000000%
180+ Days   0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
            --------    --------                --------        --------
            0.000000%   0.000000%               0.977199%       1.876699%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                           Fixed & Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                             3.966307%
Weighted Average Net Coupon                                               3.591147%
Weighted Average Pass-Through Rate                                        3.006938%
Weighted Average Maturity (Stepdown Calculation)                               335

Beginning Scheduled Collateral Loan Count                                    1,708
Number of Loans Paid in Full                                                    28
Ending Scheduled Collateral Loan Count                                       1,680

Beginning Scheduled Collateral Balance                              585,142,239.15
Ending Scheduled Collateral Balance                                 571,164,587.30
Ending Actual Collateral Balance at 31-Mar-2005                     571,167,578.55

Monthly P&I Constant                                                  1,936,235.52
Special Servicing Fee                                                         0.00
Prepayment Penalties                                                          0.00
Realization Loss Amount                                                       0.00
Cumulative Realized Loss                                                      0.00

Scheduled Principal                                                       2,190.80
Unscheduled Principal                                                13,975,461.05
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                  <C>
Rapid Prepay Condition?                                                          NO
Underlying Certificate Balance                                       194,514,911.82
Underlying Certificate Interest                                          647,648.66
Underlying Certificate Principal                                       7,615,067.73
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                    GROUP ONE           GROUP TWO            TOTAL
<S>                                <C>               <C>                  <C>
Collateral Description                  Mixed ARM    6 Month LIBOR ARM         Mixed ARM
Weighted Average Coupon Rate             4.001807             3.899295          3.966307
Weighted Average Net Rate                3.626671             3.524091          3.591147

Weighted Average Maturity                     334                  338               335
Record Date                            03/31/2005           03/31/2005        03/31/2005
Principal and Interest Constant      1,277,293.74           658,941.78      1,936,235.52
Beginning Loan Count                        1,086                  622             1,708
Loans Paid in Full                             20                    8                28
Ending Loan Count                           1,066                  614             1,680
Beginning Scheduled Balance        382,506,254.00       202,635,985.15    585,142,239.15
Ending Scheduled Balance           373,964,032.24       197,200,555.06    571,164,587.30
Scheduled Principal                      1,696.92               493.88          2,190.80
Unscheduled Principal                8,540,524.84         5,434,936.21     13,975,461.05
Scheduled Interest                   1,275,596.82           658,447.90      1,934,044.72
Servicing Fee                          119,576.60            63,358.19        182,934.79
Master Servicing Fee                     3,187.55             1,688.63          4,876.18
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                         1,152,832.67           593,401.08      1,746,233.75
Realized Loss Amount                         0.00                 0.00              0.00
Cumulative Realized Loss                     0.00                 0.00              0.00
Percentage of Cumulative Losses              0.00                 0.00              0.00
Prepayment Penalties                         0.00                 0.00              0.00
Special Servicing Fee                        0.00                 0.00              0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                              <C>
Group One
One Month Libor Loan Balance                     199,590,758.77
Six Month Libor Loan Balance                     174,373,273.47
Principal Transfer Amount                                  0.00
Interest Transfer Amount                                   0.00
Pro Rata Senior Percent                               95.855043%
Senior Percent                                       100.000000%
Senior Prepayment Percent                            100.000000%
Subordinate Percent                                    0.000000%
Subordinate Prepayment Percent                         0.000000%

Group Two
Principal Transfer Amount                                  0.00
Interest Transfer Amount                                   0.00
Pro Rata Senior Percent                               95.714947%
Senior Percent                                       100.000000%
Senior Prepayment Percent                            100.000000%
Subordinate Percent                                    0.000000%
Subordinate Prepayment Percent                         0.000000%
</TABLE>