<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 2004-7
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate     Certificate      Beginning
                                 Class       Pass-Through     Certificate         Interest      Principal        Current
   Class          CUSIP       Description        Rate           Balance         Distribution   Distribution   Realized Loss
   -----          -----       -----------    ------------       -------         ------------   ------------   -------------
<S>             <C>           <C>            <C>             <C>                <C>            <C>            <C>
    A-1         81744FCV7         SEN          3.84494%      436,485,253.82     1,398,551.02   16,444,194.87       0.00
    A-2         81744FCW5         SEN          3.16000%      222,201,618.42       585,130.93   10,977,097.89       0.00
  A-3-A         81744FCX3         SEN          3.22750%      209,855,197.74       564,423.04    7,700,560.83       0.00
  A-3-B         81744FDH7         SEN          3.45250%        3,349,230.51         9,636.02      122,898.81       0.00
    X-A         81744FCY1          IO          0.74484%                0.00       270,256.04            0.00       0.00
    X-B         81744FCZ8          IO          0.34824%                0.00         8,684.33            0.00       0.00
    B-1         81744FDB0         SUB          3.40000%       18,900,000.00        53,550.00            0.00       0.00
    B-2         81744FDC8         SUB          3.79000%       11,025,000.00        34,820.63            0.00       0.00
    B-3         81744FDD6         SUB          3.89193%        6,300,000.00        20,432.62            0.00       0.00
    B-4         81744FDE4         SUB          3.89193%        3,150,000.00        10,216.30            0.00       0.00
    B-5         81744FDF1         SUB          3.89193%        2,625,000.00         8,513.59            0.00       0.00
    B-6         81744FDG9         SUB          3.89193%        5,250,582.74        17,029.07            0.00       0.00
    A-R         81744FDA2         RES          3.37594%                0.00             0.81            0.00       0.00
                                               -------       --------------     ------------   -------------       ----
Totals                                                       919,141,883.23     2,981,244.41   35,244,752.40       0.00
                                               -------       --------------     ------------   -------------       ----

<CAPTION>
                  Ending
              Certificate          Total          Cumulative
   Class        Balance         Distribution     Realized Loss
   -----        -------         ------------     -------------
<S>         <C>                <C>               <C>
    A-1     420,041,058.95     17,842,745.89          0.00
    A-2     211,224,520.53     11,562,228.82          0.00
  A-3-A     202,154,636.91      8,264,983.87          0.00
  A-3-B       3,226,331.70        132,534.83          0.00
    X-A               0.00        270,256.04          0.00
    X-B               0.00          8,684.33          0.00
    B-1      18,900,000.00         53,550.00          0.00
    B-2      11,025,000.00         34,820.63          0.00
    B-3       6,300,000.00         20,432.62          0.00
    B-4       3,150,000.00         10,216.31          0.00
    B-5       2,625,000.00          8,513.59          0.00
    B-6       5,250,582.74         17,029.07          0.00
    A-R               0.00              0.81          0.00
            --------------     -------------          ----
Totals      883,897,130.83     38,225,996.81          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                               Total
               Original Face     Certificate        Principal     Principal                 Realized     Principal
   Class           Amount          Balance        Distribution  Distribution    Accretion   Loss (1)     Reduction
   -----           ------          -------        ------------  ------------    ---------   --------     ---------
<S>           <C>               <C>               <C>           <C>             <C>         <C>        <C>
    A-1       498,828,000.00    436,485,253.82         0.00     16,444,198.87      0.00        0.00    16,444,194.87
    A-2       252,102,000.00    222,201,618.42         0.00     10,977,097.89      0.00        0.00    10,977,097.89
   A-3-A      247,874,000.00    209,855,197.74         0.00      7,700,560.83      0.00        0.00     7,700,560.83
   A-3-B        3,956,000.00      3,349,230.51         0.00        122,898.81      0.00        0.00       122,898.81
    X-A                 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        18,900,000.00     18,900,000.00         0.00              0.00      0.00        0.00             0.00
    B-2        11,025,000.00     11,025,000.00         0.00              0.00      0.00        0.00             0.00
    B-3         6,300,000.00      6,300,000.00         0.00              0.00      0.00        0.00             0.00
    B-4         3,150,000.00      3,150,000.00         0.00              0.00      0.00        0.00             0.00
    B-5         2,625,000.00      2,625,000.00         0.00              0.00      0.00        0.00             0.00
    B-6         5,250,582.74      5,250,582.74         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      1,050,010,682.74    919,141,883.23         0.00     35,244,752.40      0.00        0.00    35,244,752.40
            ----------------    --------------         ----     -------------      ----        ----    -------------

<CAPTION>
               Ending          Ending
             Certificate     Certificate     Total Principal
   Class       Balance        Percentage       Distribution
   -----       -------        ----------       ------------
<S>        <C>               <C>             <C>
    A-1    420,041,058.95     0.84205590      16,444,194.87
    A-2    211,224,520.53     0.83785341      10,977,097.89
   A-3-A   202,154,636.91     0.81555402       7,700,560.83
   A-3-B     3,226,331.70     0.81555402         122,898.81
    X-A              0.00     0.00000000               0.00
    X-B              0.00     0.00000000               0.00
    B-1     18,900,000.00     1.00000000               0.00
    B-2     11,025,000.00     1.00000000               0.00
    B-3      6,300,000.00     1.00000000               0.00
    B-4      3,150,000.00     1.00000000               0.00
    B-5      2,625,000.00     1.00000000               0.00
    B-6      5,250,582.74     1.00000000               0.00
    A-R              0.00     0.00000000               0.00
           --------------     ----------      -------------
Totals     883,897,130.83     0.84179823      35,244,752.40
           --------------     ----------      -------------
</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                                       Total
             Original Face      Certificate     Principal       Principal                      Realized        Principal
Class            Amount           Balance      Distribution    Distribution    Accretion       Loss (3)        Reduction
-----            ------           -------      ------------    ------------    ---------       --------        ---------
<S>         <C>                <C>             <C>             <C>             <C>            <C>             <C>
  A-1       498,828,000.00      875.02155817    0.00000000      32.96566125    0.00000000     0.00000000      32.96566125
  A-2       252,102,000.00      881.39569865    0.00000000      43.54228800    0.00000000     0.00000000      43.54228800
A-3-A       247,874,000.00      846.62045128    0.00000000      31.06643226    0.00000000     0.00000000      31.06643226
A-3-B         3,956,000.00      846.62045248    0.00000000      31.06643327    0.00000000     0.00000000      31.06643327
  X-A                 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        18,900,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  B-2        11,025,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  B-3         6,300,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  B-4         3,150,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  B-5         2,625,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  B-6         5,250,582.74     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               Ending
              Certificate         Certificate       Total Principal
Class           Balance            Percentage        Distribution
-----           -------            ----------        ------------
<S>          <C>                  <C>               <C>
  A-1         842.05589692          0.84205590        32.96566125
  A-2         837.85341064          0.83785341        43.54228800
A-3-A         815.55401902          0.81555402        31.06643226
A-3-B         815.55401921          0.81555402        31.06643327
  X-A           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>
                                                                                  Payment of
                                   Current        Beginning         Current         Unpaid        Current     Non-Supported
              Original Face      Certificate     Certificate/       Accrued        Interest       Interest      Interest
Class            Amount             Rate       Notional Balance     Interest       Shortfall      Shortfall     Shortfall
-----            ------             ----       ----------------     --------       ---------      ---------     ---------
<S>         <C>                  <C>           <C>                <C>             <C>             <C>         <C>
  A-1         498,828,000.00       3.84494%     436,485,253.82    1,398,551.02         0.00          0.00          0.00
  A-2         252,102,000.00       3.16000%     222,201,618.42      585,130.93         0.00          0.00          0.00
A-3-A         247,874,000.00       3.22750%     209,855,197.74      564,423.04         0.00          0.00          0.00
A-3-B           3,956,000.00       3.45250%       3,349,230.51        9,636.02         0.00          0.00          0.00
  X-A                   0.00       0.74484%     435,406,046.67      270,256.04         0.00          0.00          0.00
  X-B                   0.00       0.34824%      29,925,000.00        8,684.33         0.00          0.00          0.00
  B-1          18,900,000.00       3.40000%      18,900,000.00       53,550.00         0.00          0.00          0.00
  B-2          11,025,000.00       3.79000%      11,025,000.00       34,820.63         0.00          0.00          0.00
  B-3           6,300,000.00       3.89193%       6,300,000.00       20,432.62         0.00          0.00          0.00
  B-4           3,150,000.00       3.89193%       3,150,000.00       10,216.31         0.00          0.00          0.00
  B-5           2,625,000.00       3.89193%       2,625,000.00        8,513.59         0.00          0.00          0.00
  B-6           5,250,582.74       3.89193%       5,250,582.74       17,029.07         0.00          0.00          0.00
  A-R                 100.00       3.37594%               0.00            0.00         0.00          0.00          0.00
            ----------------       -------      --------------    -------------        ----          ----          ----
 Totals     1,050,010,682.74                                      2,981,243.60         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     1,398,551.02          0.00     420,041,058.95
  A-2            0.00       585,130.93          0.00     211,224,520.53
A-3-A            0.00       564,423.04          0.00     202,154,636.91
A-3-B            0.00         9,636.02          0.00       3,226,331.70
  X-A            0.00       270,256.04          0.00     416,605,489.14
  X-B            0.00         8,684.33          0.00      29,925,000.00
  B-1            0.00        53,550.00          0.00      18,900,000.00
  B-2            0.00        34,820.63          0.00      11,025,000.00
  B-3            0.00        20,432.62          0.00       6,300,000.00
  B-4            0.00        10,216.31          0.00       3,150,000.00
  B-5            0.00         8,513.59          0.00       2,625,000.00
  B-6            0.00        17,029.07          0.00       5,250,582.74
  A-R            0.00             0.81          0.00               0.00
                 ----     ------------          ----     --------------
 Totals          0.00     2,981,244.41          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           Current         Unpaid       Current     Non-Supported
Class        Original Face  Certificate     Certificate/          Accrued        Interest      Interest      Interest
 (5)             Amount         Rate       Notional Balance       Interest       Shortfall     Shortfall     Shortfall
-----            ------         ----       ----------------       --------       ---------     ---------     ---------
<S>         <C>              <C>           <C>                    <C>            <C>          <C>           <C>
  A-1       498,828,000.00    3.84494%        875.02155817        2.80367385     0.00000000   0.00000000    0.00000000
  A-2       252,102,000.00    3.16000%        881.39569865        2.32100868     0.00000000   0.00000000    0.00000000
A-3-A       247,874,000.00    3.22750%        846.62045128        2.27705625     0.00000000   0.00000000    0.00000000
A-3-B         3,956,000.00    3.45250%        846.62045248        2.43579879     0.00000000   0.00000000    0.00000000
  X-A                 0.00    0.74484%        864.01746003        0.53629466     0.00000000   0.00000000    0.00000000
  X-B                 0.00    0.34824%       1000.00000000        0.29020317     0.00000000   0.00000000    0.00000000
  B-1        18,900,000.00    3.40000%       1000.00000000        2.83333333     0.00000000   0.00000000    0.00000000
  B-2        11,025,000.00    3.79000%       1000.00000000        3.15833379     0.00000000   0.00000000    0.00000000
  B-3         6,300,000.00    3.89193%       1000.00000000        3.24327302     0.00000000   0.00000000    0.00000000
  B-4         3,150,000.00    3.89193%       1000.00000000        3.24327302     0.00000000   0.00000000    0.00000000
  B-5         2,625,000.00    3.89193%       1000.00000000        3.24327238     0.00000000   0.00000000    0.00000000
  B-6         5,250,582.74    3.89193%       1000.00000000        3.24327238     0.00000000   0.00000000    0.00000000
  A-R               100.00    3.37594%          0.00000000        0.00000000     0.00000000   0.00000000    0.00000000

<CAPTION>
                                                Remaining         Ending
                                                  Unpaid        Certificate/
              Realized       Total Interest      Interest       Notational
Class         Loss (6)        Distribution       Shortfall        Balance
-----         --------        ------------       ---------        -------
<S>          <C>             <C>                <C>           <C>
  A-1        0.00000000        2.80367385       0.00000000     842.05589692
  A-2        0.00000000        2.32100868       0.00000000     837.85341064
A-3-A        0.00000000        2.27705625       0.00000000     815.55401902
A-3-B        0.00000000        2.43579879       0.00000000     815.55401921
  X-A        0.00000000        0.53629466       0.00000000     826.70973294
  X-B        0.00000000        0.29020317       0.00000000    1000.00000000
  B-1        0.00000000        2.83333333       0.00000000    1000.00000000
  B-2        0.00000000        3.15833379       0.00000000    1000.00000000
  B-3        0.00000000        3.24327302       0.00000000    1000.00000000
  B-4        0.00000000        3.24327302       0.00000000    1000.00000000
  B-5        0.00000000        3.24327238       0.00000000    1000.00000000
  B-6        0.00000000        3.24327238       0.00000000    1000.00000000
  A-R        0.00000000        8.10000000       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                                  38,518,750.10
         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                                                               38,518,750.10

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 292,753.29
         Payment of Interest and Principal                                   38,225,996.81
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 38,518,750.10

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                                         288,540.55
Master Servicing Fee                                          4,212.74
Supported Prepayment/Curtailment Interest Shortfall               0.00
                                                            ----------
Net Servicing Fee                                           292,753.29
                                                            ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning       Current         Current        Ending
Account Type              Balance      Withdrawals       Deposits       Balance
------------              -------      -----------       --------       -------
<S>                      <C>           <C>               <C>           <C>
Reserve Fund              4,500.00        0.00             0.00        4,500.00
Reserve Fund              4,500.00        0.00             0.00        4,500.00
Reserve Fund              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          20   6,029,704.88   30 Days           0       0.00   30 Days           0        0.00
60 Days           2     908,000.00   60 Days           0       0.00   60 Days           0        0.00
90 Days           1     100,700.00   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          1     101,600.00   150 Days          0       0.00   150 Days          0        0.00
180+ Days         0           0.00   180+ Days         0       0.00   180+ Days         0        0.00
           --------   ------------              --------   --------              --------    --------
                 24   7,140,004.88                     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    0.726744%      0.682162%  30 Days    0.000000%  0.000000%  30 Days    0.000000%   0.000000%
60 Days    0.072674%      0.102725%  60 Days    0.000000%  0.000000%  60 Days    0.000000%   0.000000%
90 Days    0.036337%      0.011393%  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   0.036337%      0.011494%  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%
           --------   ------------              --------   --------              --------    --------
           0.872093%      0.807774%             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          20   6,029,704.88
60 Days           0       0.00   60 Days           2     908,000.00
90 Days           0       0.00   90 Days           1     100,700.00
120 Days          0       0.00   120 Days          0           0.00
150 Days          0       0.00   150 Days          1     101,600.00
180+ Days         0       0.00   180+ Days         0           0.00
           --------   --------               -------   ------------
                  0       0.00                    24   7,140,004.88
           --------   --------               -------   ------------

            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    0.726744%      0.682162%
60 Days    0.000000%  0.000000%  60 Days    0.072674%      0.102725%
90 Days    0.000000%  0.000000%  90 Days    0.036337%      0.011393%
120 Days   0.000000%  0.000000%  120 Days   0.000000%      0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.036337%      0.011494%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%      0.000000%
           --------   --------               -------   ------------
           0.000000%  0.000000%             0.872093%      0.807774%
           --------   --------               -------   ------------
</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    47,250,582.74   4.50000972%  47,250,582.74  5.34571061%     94.654289%      0.000000%
Class B-1  28,350,582.74   2.70002803%  28,350,582.74  3.20745274%      2.138258%     39.999507%
Class B-2  17,325,582.74   1.65003871%  17,325,582.74  1.96013565%      1.247317%     23.333046%
Class B-3  11,025,582.74   1.05004482%  11,025,582.74  1.24738302%      0.712753%     13.333169%
Class B-4   7,875,582.74   0.75004787%   7,875,582.74  0.89100671%      0.356376%      6.666584%
Class B-5   5,250,582.74   0.50005041%   5,250,582.74  0.59402645%      0.296980%      5.555487%
Class B-6           0.00   0.00000000%           0.00  0.00000000%      0.594026%     11.112207%
</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           11       3,466,979.42    30 Days           0        0.00     30 Days            0        0.00
60 Days            1         740,000.00    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
            --------       ------------               --------    --------                 --------    --------
                  12       4,206,979.42                      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     0.807636%          0.781645%   30 Days    0.000000%   0.000000%    30 Days     0.000000%   0.000000%
60 Days     0.073421%          0.166836%   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%
            --------       ------------               --------    --------                 --------    --------
            0.881057%          0.948481%              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        3,466,979.42
60 Days             0        0.00    60 Days            1          740,000.00
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                      12        4,206,979.42

               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     0.807636%           0.781645%
60 Days      0.000000%   0.000000%   60 Days     0.073421%           0.166836%
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%               0.881057%           0.948481%
             --------    --------                --------        ------------
</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            6       2,185,467.69    30 Days           0        0.00     30 Days            0        0.00
60 Days            1         168,000.00    60 Days           0        0.00     60 Days            0        0.00
90 Days            1         100,700.00    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
            --------       ------------               --------    --------                 --------    --------
                   8       2,454,167.69                      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     0.917431%          0.979563%   30 Days    0.000000%   0.000000%    30 Days     0.000000%   0.000000%
60 Days     0.152905%          0.075300%   60 Days    0.000000%   0.000000%    60 Days     0.000000%   0.000000%
90 Days     0.152905%          0.045135%   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%
            --------       ------------               --------    --------                 --------    --------
            1.223242%          1.099999%              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        2,185,467.69
60 Days             0        0.00    60 Days            1          168,000.00
90 Days             0        0.00    90 Days            1          100,700.00
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                       8        2,454,167.69

              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     0.917431%           0.979563%
60 Days      0.000000%   0.000000%   60 Days     0.152905%           0.075300%
90 Days      0.000000%   0.000000%   90 Days     0.152905%           0.045135%
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%               1.223242%           1.099999%
             --------    --------                --------        ------------
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
           DELINQUENT                        BANKRUPTCY                       FORECLOSURE
---------------------------------  -------------------------------  -------------------------------
GROUP THREE                                   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           3   377,257.77   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          1   101,600.00   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   478,857.77                     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    0.407609%    0.173647%  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   0.135870%    0.046765%  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%
           --------   ----------              --------   --------              --------   --------
           0.543478%    0.220412%             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          16   4,621,544.47
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          1     101,600.00
150 Days          0       0.00   150 Days          0           0.00
180+ Days         0       0.00   180+ Days         0           0.00
           --------   --------              --------   ------------
                  0       0.00                    17   4,723,144.47
           --------   --------              --------   ------------

            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    0.407609%      0.173647%
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   0.135870%      0.046765%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%      0.000000%
           --------   --------              --------   ------------
           0.000000%  0.000000%             0.543478%      0.220412%
           --------   --------              --------   ------------
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                         Mixed Arm
<S>                                                         <C>
Weighted Average Gross Coupon                                     4.274418%
Weighted Average Net Coupon                                       3.897710%
Weighted Average Pass-Through Rate                                3.892210%
Weighted Average Maturity (Stepdown Calculation)                       334

Beginning Scheduled Collateral Loan Count                            2,838
Number of Loans Paid in Full                                            86
Ending Scheduled Collateral Loan Count                               2,752

Beginning Scheduled Collateral Balance                      919,141,883.23
Ending Scheduled Collateral Balance                         883,897,130.83
Ending Actual Collateral Balance at 31-Mar-2005             883,910,975.87

Monthly P&I Constant                                          3,273,997.37
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       38,072,749.44

Scheduled Principal                                                   0.00
Unscheduled Principal                                        35,244,752.40
</TABLE>

MISCELLANEOUS REPORTING

Rapid Prepayment Event                                       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                   4.227410               4.378745             4.261988            4.274418
Weighted Average Net Rate                      3.850445               4.002713             3.885101            3.897710
Pass-Through Rate                              3.844945               3.997213             3.879601            3.892210
Weighted Average Maturity                           333                    331                  339                 334
Record Date                                  03/31/2005             03/31/2005           03/31/2005          03/31/2005
Principal and Interest Constant            1,620,472.91             854,148.55           799,375.91        3,273,997.37
Beginning Loan Count                              1,405                    678                  755               2,838
Loans Paid in Full                                   43                     24                   19                  86
Ending Loan Count                                 1,362                    654                  736               2,752
Beginning Scheduled Balance              459,990,260.35         234,080,350.39       225,071,272.49      919,141,883.23
Ending Scheduled Balance                 443,546,065.48         223,103,252.50       217,247,812.85      883,897,130.83
Scheduled Principal                                0.00                   0.00                 0.00                0.00
Unscheduled Principal                     16,444,194.87          10,977,097.89         7,823,459.64       35,244,752.40
Scheduled Interest                         1,620,472.91             854,148.55           799,375.91        3,273,997.37
Servicing Fee                                144,500.38              73,351.54            70,688.63          288,540.55
Master Servicing Fee                           2,108.29               1,072.87             1,031.58            4,212.74
Trustee Fee                                        0.00                   0.00                 0.00                0.00
FRY Amount                                         0.00                   0.00                 0.00                0.00
Special Hazard Fee                                 0.00                   0.00                 0.00                0.00
Other Fee                                          0.00                   0.00                 0.00                0.00
Pool Insurance Fee                                 0.00                   0.00                 0.00                0.00
Spread 1                                           0.00                   0.00                 0.00                0.00
Spread 2                                           0.00                   0.00                 0.00                0.00
Spread 3                                           0.00                   0.00                 0.00                0.00
Net Interest                               1,473,864.24             779,724.14           727,655.70        2,981,244.08
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
Principal Transfer Amount                                 0.00
Pro-Rata Senior Percent                              94.890108%
Senior Percentage                                   100.000000%
Senior Prepayment Percentage                        100.000000%
Subordinate Percentage                                0.000000%
Subordinate Prepayment Percentage                     0.000000%
Interest Transfer Amount                                  0.00

Group Two
One-Month LIBOR Loan Balance                    162,404,718.66
Six-Month LIBOR Loan Balance                     60,698,533.84
Principal Transfer Amount                                 0.00
Pro-Rata Senior Percent                              94.925361%
Senior Percentage                                   100.000000%
Senior Prepayment Percentage                        100.000000%
Subordinate Percentage                                0.000000%
Subordinate Prepayment Percentage                     0.000000%
Interest Transfer Amount                                  0.00

Group Three
Principal Transfer Amount                                 0.00
Pro-Rate Senior Percent                              94.727517%
Senior Percentage                                   100.000000%
Senior Prepayment Percentage                        100.000000%
Subordinate Percentage                                0.000000%
Subordinate Prepayment Percentage                     0.000000%
Interest Transfer Amount                                  0.00
</TABLE>