<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 2004-9
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate      Beginning
                      Class     Pass-Through    Certificate     Interest     Principal
Class     CUSIP    Description      Rate          Balance     Distribution  Distribution
------  ---------  -----------  ------------  --------------  ------------  -------------
<S>     <C>        <C>          <C>           <C>             <C>           <C>
 A-1    81744FDV6      SEN        3.19000%    419,597,126.44  1,115,429.03  16,573,748.92
 A-2    81744FDW4      SEN        3.65625%    271,620,098.99    827,592.49   7,689,089.19
 X-A    81744FDX2       IO        0.67162%              0.00    386,860.53           0.00
 X-B    81744FDY0       IO        0.55360%              0.00     10,683.10           0.00
 B-1    81744FEA1      SUB        3.36000%     14,915,000.00     41,762.00           0.00
 B-2    81744FEB9      SUB        3.73000%      8,242,000.00     25,618.88           0.00
 B-3    81744FEC7      SUB        4.04529%      4,318,000.00     14,556.30           0.00
 B-4    81744FED5      SUB        4.04529%      2,355,000.00      7,938.88           0.00
 B-5    81744FEE3      SUB        4.04529%      1,962,000.00      6,614.05           0.00
 B-6    81744FEF0      SUB        4.04529%      3,533,134.00     11,910.46           0.00
 A-R    81744FDZ7      SEN        3.20330%              0.00          0.59           0.00
                                              --------------  ------------  -------------
Totals                                        726,542,359.43  2,448,966.31  24,262,838.11
                                              --------------  ------------  -------------
<CAPTION>
                           Ending
           Current       Certificate       Total       Cumulative
Class   Realized Loss     Balance       Distribution  Realized Loss
------  -------------  --------------  -------------  -------------
<S>     <C>            <C>             <C>            <C>
 A-1         0.00      403,023,377.52  17,689,177.95      0.00
 A-2         0.00      263,931,009.80   8,516,681.68      0.00
 X-A         0.00                0.00     386,860.53      0.00
 X-B         0.00                0.00      10,683.10      0.00
 B-1         0.00       14,915,000.00      41,762.00      0.00
 B-2         0.00        8,242,000.00      25,618.88      0.00
 B-3         0.00        4,318,000.00      14,556.30      0.00
 B-4         0.00        2,355,000.00       7,938.88      0.00
 B-5         0.00        1,962,000.00       6,614.05      0.00
 B-6         0.00        3,533,134.00      11,910.46      0.00
 A-R         0.00                0.00           0.59      0.00
             ----      --------------  -------------      ----
Totals       0.00      702,279,521.32  26,711,804.42      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   Accretion
------  --------------  --------------  ------------  -------------  ---------
<S>     <C>             <C>             <C>           <C>            <C>
 A-1    453,364,000.00  419,597,126.44      0.00      16,573,748.92    0.00
 A-2    296,310,000.00  271,620,098.99      0.00       7,689,089.19    0.00
 X-A              0.00            0.00      0.00               0.00    0.00
 X-B              0.00            0.00      0.00               0.00    0.00
 B-1     14,915,000.00   14,915,000.00      0.00               0.00    0.00
 B-2      8,242,000.00    8,242,000.00      0.00               0.00    0.00
 B-3      4,318,000.00    4,318,000.00      0.00               0.00    0.00
 B-4      2,355,000.00    2,355,000.00      0.00               0.00    0.00
 B-5      1,962,000.00    1,962,000.00      0.00               0.00    0.00
 B-6      3,533,134.00    3,533,134.00      0.00               0.00    0.00
 A-R            100.00            0.00      0.00               0.00    0.00
        --------------  --------------      ----      -------------    ----
Totals  784,999,234.00  726,542,359.43      0.00      24,262,838.11    0.00
        --------------  --------------      ----      -------------    ----
<CAPTION>
                     Total          Ending         Ending
        Realized    Principal     Certificate    Certificate  Total Principal
Class   Loss (1)    Reduction       Balance       Percentage   Distribution
------  --------  -------------  --------------  -----------  ---------------
<S>     <C>       <C>            <C>             <C>          <C>
 A-1      0.00    16,573,748.92  403,023,377.52   0.88896202   16,573,748.92
 A-2      0.00     7,689,089.19  263,931,009.80   0.89072596    7,689,089.19
 X-A      0.00             0.00            0.00   0.00000000            0.00
 X-B      0.00             0.00            0.00   0.00000000            0.00
 B-1      0.00             0.00   14,915,000.00   1.00000000            0.00
 B-2      0.00             0.00    8,242,000.00   1.00000000            0.00
 B-3      0.00             0.00    4,318,000.00   1.00000000            0.00
 B-4      0.00             0.00    2,355,000.00   1.00000000            0.00
 B-5      0.00             0.00    1,962,000.00   1.00000000            0.00
 B-6      0.00             0.00    3,533,134.00   1.00000000            0.00
 A-R      0.00             0.00            0.00   0.00000000            0.00
          ----    -------------  --------------   ----------   -------------
Totals    0.00    24,262,838.11  702,279,521.32   0.89462447   24,262,838.11
          ----    -------------  --------------   ----------   -------------
</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   453,364,000.00   925.51928790   0.00000000    36.55726727  0.00000000
 A-2   296,310,000.00   916.67543785   0.00000000    25.94947585  0.00000000
 X-A             0.00     0.00000000   0.00000000     0.00000000  0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000
 B-1    14,915,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-2     8,242,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-3     4,318,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-4     2,355,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-5     1,962,000.00  1000.00000000   0.00000000     0.00000000  0.00000000
 B-6     3,533,134.00  1000.00000000   0.00000000     0.00000000  0.00000000
 A-R           100.00     0.00000000   0.50000000     0.00000000  0.00000000

<CAPTION>
                      Total        Ending        Ending
        Realized    Principal    Certificate   Certificate  Total Principal
Class   Loss (3)    Reduction      Balance     Percentage     Distribution
-----  ----------  -----------  -------------  -----------  ---------------
<S>    <C>         <C>          <C>            <C>          <C>
 A-1   0.00000000  36.55726727   888.96202063   0.88896202    36.55726727
 A-2   0.00000000  25.94947585   890.72596200   0.89075296    25.94947585
 X-A   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>
                        Current      Beginning                       Payment of                     Non-Supported
          Original    Certificate   Certificate/   Current Accrued Unpaid Interest Current Interest    Interest   Realized
Class   Face Amount       Rate    Notional Balance    Interest        Shortfall       Shortfall       Shortfall   Loss (4)
-----   -----------       ----    ----------------    --------        ---------       ---------       ---------   --------
<S>    <C>            <C>         <C>              <C>             <C>             <C>              <C>           <C>
 A-1   453,364,000.00   3.19000%   419,597,126.44    1,115,429.03       0.00             0.00           0.00        0.00
 A-2   296,310,000.00   3.65625%   271,620,098.99      827,592.49       0.00             0.00           0.00        0.00
 X-A             0.00   0.67162%   691,217,225.43      386,860.53       0.00             0.00           0.00        0.00
 X-B             0.00   0.55360%    23,157,000.00       10,683.10       0.00             0.00           0.00        0.00
 B-1    14,915,000.00   3.36000%    14,915,000.00       41,762.00       0.00             0.00           0.00        0.00
 B-2     8,242,000.00   3.73000%     8,242,000.00       25,618.88       0.00             0.00           0.00        0.00
 B-3     4,318,000.00   4.04529%     4,318,000.00       14,556.30       0.00             0.00           0.00        0.00
 B-4     2,355,000.00   4.04529%     2,355,000.00        7,938.88       0.00             0.00           0.00        0.00
 B-5     1,962,000.00   4.04529%     1,962,000.00        6,614.05       0.00             0.00           0.00        0.00
 B-6     3,533,134.00   4.04529%     3,533,134.00       11,910.46       0.00             0.00           0.00        0.00
 A-R           100.00   3.20330%             0.00            0.00       0.00             0.00           0.00        0.00
       --------------   -------    --------------    ------------       ----             ----           ----        ----
Totals 784,999,234.00                                2,448,965.72       0.00             0.00           0.00        0.00
       --------------   -------    --------------    ------------       ----             ----           ----        ----
</TABLE>

<TABLE>
<CAPTION>
       Total Interest Remaining Unpaid   Ending Certificate/
 Class  Distribution  Interest Shortfall  Notational Balance
 -----  ------------  ------------------  ------------------
<S>    <C>            <C>                <C>
  A-1   1,115,429.03         0.00          403,023,377.52
  A-2     827,592.49         0.00          263,931,009.80
  X-A     386,860.53         0.00          666,954,387.32
  X-B      10,683.10         0.00           23,157,000.00
  B-1      41,762.00         0.00           14,915,000.00
  B-2      25,618.88         0.00            8,242,000.00
  B-3      14,556.30         0.00            4,318,000.00
  B-4       7,938.88         0.00            2,355,000.00
  B-5       6,614.05         0.00            1,962,000.00
  B-6      11,910.46         0.00            3,533,134.00
  A-R           0.59         0.00                    0.00
        ------------         ----          --------------
Totals  2,448,966.31         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>
                           Current      Beginning                        Payment of     Current
             Original    Certificate   Certificate/        Current     Unpaid Interest  Interest    Non-Supported     Realized
Class (5)  Face Amount       Rate    Notional Balance Accrued Interest    Shortfall    Shortfall  Interest Shortfall  Loss (6)
---------  -----------       ----    ---------------- ----------------    ---------    ---------  ------------------  --------
<S>       <C>            <C>         <C>              <C>              <C>             <C>        <C>                <C>
   A-1    453,364,000.00   3.19000%     925.51928790     2.46033878       0.00000000   0.00000000      0.00000000    0.00000000
   A-2    296,310,000.00   3.65625%     916.67543785     2.79299548       0.00000000   0.00000000      0.00000000    0.00000000
   X-A              0.00   0.67162%     922.02374023     0.51603834       0.00000000   0.00000000      0.00000000    0.00000000
   X-B              0.00   0.55360%    1000.00000000     0.46133351       0.00000000   0.00000000      0.00000000    0.00000000
   B-1     14,915,000.00   3.36000%    1000.00000000     2.80000000       0.00000000   0.00000000      0.00000000    0.00000000
   B-2      8,242,000.00   3.73000%    1000.00000000     3.10833293       0.00000000   0.00000000      0.00000000    0.00000000
   B-3      4,318,000.00   4.04529%    1000.00000000     3.37107457       0.00000000   0.00000000      0.00000000    0.00000000
   B-4      2,355,000.00   4.04529%    1000.00000000     3.37107431       0.00000000   0.00000000      0.00000000    0.00000000
   B-5      1,962,000.00   4.04529%    1000.00000000     3.37107543       0.00000000   0.00000000      0.00000000    0.00000000
   B-6      3,533,134.00   4.04529%    1000.00000000     3.37107509       0.00000000   0.00000000      0.00000000    0.00000000
   A-R            100.00   3.20330%       0.00000000     0.00000000       0.00000000   0.00000000      0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                            Remaining
          Total Interest Unpaid Interest Ending Certificate/
Class (5)  Distribution     Shortfall    Notational Balance
---------  ------------     ---------    ------------------
<S>       <C>            <C>             <C>
   A-1      2.46033878      0.00000000       888.96202063
   A-2      2.79299548      0.00000000       890.72596200
   X-A      0.51603834      0.00000000       889.65922164
   X-B      0.46133351      0.00000000      1000.00000000
   B-1      2.80000000      0.00000000      1000.00000000
   B-2      3.10833293      0.00000000      1000.00000000
   B-3      3.37107457      0.00000000      1000.00000000
   B-4      3.37107431      0.00000000      1000.00000000
   B-5      3.37107543      0.00000000      1000.00000000
   B-6      3.37107509      0.00000000      1000.00000000
   A-R      5.90000000      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                          26,944,291.90
            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                                                          26,944,291.90

Withdrawals
            Reimbursement for Servicer Advances                                  0.00
            Payment of Service Fee                                         232,487.48
            Payment of Interest and Principal                           26,711,804.42
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            26,944,291.90

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                                   227,341.14
Master Servicing Fee                                    5,146.34
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     232,487.48
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                DELINQUENT                               BANKRUPTCY                              FORECLOSURE
-----------------------------------------   -----------------------------------    -------------------------------------
             No. of          Principal                   No. of       Principal                   No. of       Principal
              Loans            Balance                    Loans        Balance                     Loans        Balance
<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            26      10,120,440.20    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
                   --      -------------                   --            ----                       --           ----
                   26      10,120,440.20                    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      1.242236%           1.441081%  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%
             --------            --------                --------      --------                  --------      --------
             1.242236%           1.441081%               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           26            10,120,440.20
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                          26            10,120,440.20

               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        1.242236%             1.441081%
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%                   1.242236%             1.441081%
</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      35,325,134.00    4.50002146%   35,325,134.00    5.03006750%        94.969932%       0.000000%
Class B-1    20,410,134.00    2.60001961%   20,410,134.00    2.90626928%         2.123798%      42.222062%
Class B-2    12,168,134.00    1.55008228%   12,168,134.00    1.73266251%         1.173607%      23.331829%
Class B-3     7,850,134.00    1.00001805%    7,850,134.00    1.11780762%         0.614855%      12.223591%
Class B-4     5,495,134.00    0.70001775%    5,495,134.00    0.78247106%         0.335337%       6.666641%
Class B-5     3,533,134.00    0.45008120%    3,533,134.00    0.50309512%         0.279376%       5.554119%
Class B-6             0.00    0.00000000%            0.00    0.00000000%         0.503095%      10.001757%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
                DELINQUENT                                  BANKRUPTCY                              FORECLOSURE
------------------------------------------     -----------------------------------     -------------------------------------
POOL ONE
              No. of     Principal Balance                   No. of      Principal                    No. of       Principal
              Loans                                           Loans       Balance                      Loans        Balance
<S>          <C>         <C>                   <C>          <C>          <C>           <C>           <C>           <C>
0-29 Days        0                    0.00     0-29 Days         0         0.00        0-29 Days         0            0.00
30 Days         18            6,699,071.24     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
                --            ------------                      --         ----                         --            ----
                18            6,699,071.24                       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      1.465798%            1.578525%    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%
             --------             --------                   --------     --------                    --------      --------
             1.465798%            1.578525%                  0.000000%    0.000000%                   0.000000%     0.000000%

<CAPTION>
                 REO                                         TOTAL
-------------------------------------     -------------------------------------------
               No. of       Principal                   No. of         Principal
                Loans        Balance                     Loans          Balance
<S>           <C>           <C>           <C>          <C>          <C>
0-29 Days          0          0.00        0-29 Days         0                    0.00
30 Days            0          0.00        30 Days          18            6,699,071.24
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                         18            6,699,071.24

               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       1.465798%            1.578525%
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%                  1.465798%            1.578525%

</TABLE>

<TABLE>
<CAPTION>
                DELINQUENT                                  BANKRUPTCY                              FORECLOSURE
------------------------------------------     -----------------------------------    --------------------------------------
POOL 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         8             3,421,368.96     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
               --             ------------                     --           ----                        --            ----
                8             3,421,368.96                      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      0.924855%            1.231181%    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%
             --------             --------                   --------     --------                    --------      --------
             0.924855%            1.231181%                  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           8            3,421,368.96
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                         8            3,421,368.96

               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       0.924855%            1.231181%
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%                  0.924855%            1.231181%
</TABLE>
<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                         4.418673%
Weighted Average Net Coupon                                           4.043183%
Weighted Average Pass-Through Rate                                    4.034683%
Weighted Average Maturity (Stepdown Calculation)                            330

Beginning Scheduled Collateral Loan Count                                 2,145
Number of Loans Paid in Full                                                 52
Ending Scheduled Collateral Loan Count                                    2,093

Beginning Scheduled Collateral Balance                           726,542,360.32
Ending Scheduled Collateral Balance                              702,279,522.21
Ending Actual Collateral Balance at 31-Mar-2005                  702,281,225.05

Monthly P&I Constant                                               2,675,294.29
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            26,592,720.16

Scheduled Principal                                                        0.00
Unscheduled Principal                                             24,262,838.11
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
           GROUP                          ONE                      TWO                  TOTAL
<S>                                 <C>                     <C>                    <C>
Collateral Description              1 Month LIBOR ARM       6 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                 4.333638%               4.549973            4.418673
Weighted Average Net Rate                    3.958205%               4.174396            4.043183
Pass-Through Rate                            3.949705%               4.165896            4.034683
Weighted Average Maturity                         331                     330                 330
Record Date                                03/31/2005              03/31/2005          03/31/2005
Principal and Interest Constant          1,592,467.65            1,082,826.64        2,675,294.29
Beginning Loan Count                            1,261                     884               2,145
Loans Paid in Full                                 33                      19                  52
Ending Loan Count                               1,228                     865               2,093
Beginning Scheduled Balance            440,960,037.32          285,582,323.00      726,542,360.32
Ending Scheduled Balance               424,386,288.40          277,893,233.81      702,279,522.21
Scheduled Principal                              0.00                    0.00                0.00
Unscheduled Principal                   16,573,748.92            7,689,089.19       24,262,838.11
Scheduled Interest                       1,592,467.65            1,082,826.64        2,675,294.29
Servicing Fee                              137,959.28               89,381.86          227,341.14
Master Servicing Fee                         3,123.47                2,022.87            5,146.34
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                             1,451,384.90              991,421.91        2,442,806.81
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
Principal Transfer Amount                                 0.00
Interest Transfer Amount                                  0.00
Pro Rata Senior Percent                              95.155364%
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                              95.110963%
Senior Percent                                      100.000000%
Senior Prepayment Percent                           100.000000%
Subordinate Percent                                   0.000000%
Subordinate Prepayment Percent                        0.000000%
</TABLE>