<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 2005-2
                           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     81744FGY7      SEN          3.07000%     199,387,713.73     509,554.92   2,272,161.02        0.00
 A-2     81744FGZ4      SEN          3.36000%     126,179,209.78     353,301.79   3,660,686.92        0.00
 A-R     81744FHJ9      REZ          3.79455%               0.00           0.45           0.00        0.00
 X-A     81744FHD2       IO          0.56961%               0.00     154,419.19           0.00        0.00
 B-1     81744FHA8      SUB          3.24000%       6,016,000.00      16,232.51           0.00        0.00
 B-2     81744FHB6      SUB          3.52000%       3,266,000.00       9,573.96           0.00        0.00
 X-B     81744FHE0       IO          0.41345%               0.00       3,195.91           0.00        0.00
 B-3     81744FHC4      SUB          3.75197%       1,890,000.00       5,905.46           0.00        0.00
 B-4     81744FHF7      SUB          3.75197%       1,231,000.00       3,846.36           0.00        0.00
 B-5     81744FHG5      SUB          3.75197%         687,000.00       2,146.59           0.00        0.00
 B-6     81744FHH3      SUB          3.75197%       1,549,605.55       4,841.87           0.00        0.00
                                                  --------------   ------------   ------------        ----
Totals                                            340,206,529.06   1,063,019.01   5,932,847.94        0.00
                                                  --------------   ------------   ------------        ----

<CAPTION>
                        Ending
                      Certificate        Total        Cumulative
 Class     CUSIP        Balance       Distribution   Realized Loss
 -----     -----      -----------     ------------   -------------
<S>      <C>         <C>              <C>            <C>
 A-1     81744FGY7   197,115,522.71   2,781,715.94        0.00
 A-2     81744FGZ4   122,518,522.86   4,013,988.71        0.00
 A-R     81744FHJ9             0.00           0.45        0.00
 X-A     81744FHD2             0.00     154,419.19        0.00
 B-1     81744FHA8     6,016,000.00      16,232.51        0.00
 B-2     81744FHB6     3,266,000.00       9,573.96        0.00
 X-B     81744FHE0             0.00       3,195.91        0.00
 B-3     81744FHC4     1,890,000.00       5,905.46        0.00
 B-4     81744FHF7     1,231,000.00       3,846.36        0.00
 B-5     81744FHG5       687,000.00       2,146.59        0.00
 B-6     81744FHH3     1,549,605.55       4,841.87        0.00
                     --------------   ------------        ----
Totals               334,273,681.12   6,995,866.95        0.00
                     --------------   ------------        ----
</TABLE>

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

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                             Beginning       Scheduled     Unscheduled
           Original Face    Certificate      Principal      Principal                 Realized   Total Principal
 Class        Amount          Balance       Distribution   Distribution   Accretion   Loss (1)      Reduction
 -----    --------------   --------------   ------------   ------------   ---------   --------   ---------------
<S>       <C>              <C>              <C>            <C>            <C>         <C>        <C>
A-1       202,462,000.00   199,387,713.73       607.14     2,271,553.88      0.00       0.00      2,272,161.02
A-2       126,737,000.00   126,179,209.78       480.04     3,660,206.88      0.00       0.00      3,660,686.92
A-R               100.00             0.00         0.00             0.00      0.00       0.00              0.00
X-A                 0.00             0.00         0.00             0.00      0.00       0.00              0.00
B-1         6,016,000.00     6,016,000.00         0.00             0.00      0.00       0.00              0.00
B-2         3,266,000.00     3,266,000.00         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-3         1,890,000.00     1,890,000.00         0.00             0.00      0.00       0.00              0.00
B-4         1,231,000.00     1,231,000.00         0.00             0.00      0.00       0.00              0.00
B-5           687,000.00       687,000.00         0.00             0.00      0.00       0.00              0.00
B-6         1,549,605.55     1,549,605.55         0.00             0.00      0.00       0.00              0.00
          --------------   --------------     --------     ------------      ----       ----      ------------
Totals    343,838,705.55   340,260,529.06     1,087.18     5,931,760.76      0.00       0.00      5,932,847.94
          --------------   --------------     --------     ------------      ----       ----      ------------

<CAPTION>
             Ending          Ending
           Certificate     Certificate   Total Principal
 Class       Balance       Percentage     Distribution
 -----    --------------   -----------   ---------------
<S>       <C>              <C>           <C>
A-1       197,115,552.71    0.97359284    2,272,161.02
A-2       122,518,522.86    0.96671472    3,660,686.92
A-R                 0.00    0.00000000            0.00
X-A                 0.00    0.00000000            0.00
B-1         6,016,000.00    1.00000000            0.00
B-2         3,266,000.00    1.00000000            0.00
X-B                 0.00    0.00000000            0.00
B-3         1,890,000.00    1.00000000            0.00
B-4         1,231,000.00    1.00000000            0.00
B-5           687,000.00    1.00000000            0.00
B-6         1,549,605.55    1.00000000            0.00
          --------------    ----------    ------------
Totals    334,273,681.12    0.97218165    5,932,847.94
          --------------    ----------    ------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                             Beginning      Scheduled     Unscheduled
         Original Face      Certificate     Principal      Principal                   Realized    Total Principal
Class       Amount            Balance      Distribution   Distribution   Accretion     Loss (3)       Reduction
-----    --------------    -------------   ------------   ------------   ----------   ----------   ---------------
<S>      <C>               <C>             <C>            <C>            <C>          <C>          <C>
A-1      202,462,000.00     984.81548997    0.00299878     11.21965544   0.00000000   0.00000000     11.22265423
A-2      126,737,000.00     995.59883680    0.00378769     28.88033392   0.00000000   0.00000000     28.88412161
A-R              100.00       0.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
X-A                0.00       0.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
B-1        6,016,000.00    1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
B-2        3,266,000.00    1000.00000000    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-3        1,890,000.00    1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
B-4        1,231,000.00    1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
B-5          687,000.00    1000.00000000    0.00000000      0.00000000   0.00000000   0.00000000      0.00000000
B-6        1,549,605.55    1000.00000000    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       973.59283574   0.97359284      11.22265423
A-2       966.71471520   0.96671472      28.88412161
A-R         0.00000000   0.00000000       0.00000000
X-A         0.00000000   0.00000000       0.00000000
B-1      1000.00000000   1.00000000       0.00000000
B-2      1000.00000000   1.00000000       0.00000000
X-B         0.00000000   0.00000000       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
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                  Beginning                      Payment of                  Non-
                                                 Certificate/       Current        Unpaid       Current    Supported
          Original Face         Current            Notional         Accrued       Interest      Interest   Interest    Realized
 Class       Amount         Certificate Rate       Balance          Interest     Shortfall     Shortfall   Shortfall   Loss (4)
 -----       ------         ----------------    --------------    ------------   ----------    ---------   ---------   --------
<S>       <C>               <C>                 <C>               <C>            <C>           <C>         <C>         <C>
A-1       202,462,000.00       3.07000%         199,387,713.73      510,100.23      0.00          0.00      545.31       0.00
A-2       126,737,000.00       3.36000%         126,179,209.78      353,301.79      0.00          0.00        0.00       0.00
A-R               100.00       3.79455%                   0.00            0.00      0.00          0.00        0.00       0.00
X-A                 0.00       0.56961%         325,566,923.51      154,539.51      0.00          0.00      120.32       0.00
B-1         6,016,000.00       3.24000%           6,016,000.00       16,243.20      0.00          0.00       10.69       0.00
B-2         3,266,000.00       3.52000%           3,266,000.00        9,580.27      0.00          0.00        6.31       0.00
X-B                 0.00       0.41345%           9,282,000.00        3,198.01      0.00          0.00        2.11       0.00
B-3         1,890,000.00       3.75197%           1,890,000.00        5,909.35      0.00          0.00        3.89       0.00
B-4         1,231,000.00       3.75197%           1,231,000.00        3,848.89      0.00          0.00        2.53       0.00
B-5           687,000.00       3.75197%             687,000.00        2,148.00      0.00          0.00        1.41       0.00
B-6         1,549,605.55       3.75197%           1,549,605.55        4,485.06      0.00          0.00        3.19       0.00
          --------------       -------          --------------    ------------      ----          ----      ------       ----
Totals    343,838,705.55                                          1,063,714.31      0.00          0.00      695.76       0.00
          --------------       -------          --------------    ------------      ----          ----      ------       ----

<CAPTION>
                           Remaining      Ending
                            Unpaid      Certificate/
          Total Interest   Interest      Notational
 Class     Distribution    Shortfall      Balance
 -----    --------------   ---------   --------------
<S>       <C>              <C>         <C>
A-1          509,554.92       0.00     197,115,552.71
A-2          353,301.79       0.00     122,518,522.86
A-R                0.45       0.00               0.00
X-A          154,419.19       0.00     319,634,075.57
B-1           16,232.51       0.00       6,016,000.00
B-2            9,573.96       0.00       3,266,000.00
X-B            3,195.91       0.00       9,282,000.00
B-3            5,905.46       0.00       1,890,000.00
B-4            3,846.36       0.00       1,231,000.00
B-5            2,146.59       0.00         687,000.00
B-6            4,841.87       0.00       1,549,605.55
           ------------       ----     --------------
Totals     1,063,019.01       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                   Non-
                            Current         Beginning                          Unpaid      Current     Supported
Class    Original Face    Certificate     Certificate/     Current Accrued    Interest    Interest      Interest     Realized
 (5)         Amount          Rate       Notional Balance      Interest       Shortfall    Shortfall    Shortfall     Loss (6)
-----    --------------   -----------   ----------------   ---------------   ----------   ----------   ----------   ----------
<S>      <C>              <C>           <C>                <C>               <C>          <C>          <C>          <C>
 A-1     202,462,000.00     3.07000%      984.51548997        2.51948627     0.00000000   0.00000000   0.00269339   0.00000000
 A-2     126,737,000.00     3.36000%      995.59883680        2.78767676     0.00000000   0.00000000   0.00000000   0.00000000
 A-R             100.00     3.79455%        0.00000000        0.00000000     0.00000000   0.00000000   0.00000000   0.00000000
 X-A               0.00     0.56961%      988.96692733        0.46944101     0.00000000   0.00000000   0.00036549   0.00000000
 B-1       6,016,000.00     3.24000%     1000.00000000        2.70000000     0.00000000   0.00000000   0.00177693   0.00000000
 B-2       3,266,000.00     3.52000%     1000.00000000        2.93333435     0.00000000   0.00000000   0.00193203   0.00000000
 X-B               0.00     0.41345%     1000.00000000        0.34453889     0.00000000   0.00000000   0.00022732   0.00000000
 B-3       1,890,000.00     3.75197%     1000.00000000        3.12664021     0.00000000   0.00000000   0.00205820   0.00000000
 B-4       1,231,000.00     3.75197%     1000.00000000        3.12663688     0.00000000   0.00000000   0.00205524   0.00000000
 B-5         687,000.00     3.75197%     1000.00000000        3.12663755     0.00000000   0.00000000   0.00205240   0.00000000
 B-6       1,549,605.55     3.75197%     1000.00000000        3.12664084     0.00000000   0.00000000   0.00205859   0.00000000

<CAPTION>
                          Remaining
                            Unpaid
Class    Total Interest    Interest    Ending Certificate/
 (5)      Distribution    Shortfall    Notational Balance
-----    --------------   ----------   -------------------
<S>      <C>              <C>          <C>
 A-1       2.51679288     0.00000000      973.59283574
 A-2       2.78767676     0.00000000      966.71471520
 A-R       4.50000000     0.00000000        0.00000000
 X-A       0.46907551     0.00000000      970.94485576
 B-1       2.69822307     0.00000000     1000.00000000
 B-2       2.93140233     0.00000000     1000.00000000
 X-B       0.34431265     0.00000000     1000.00000000
 B-3       3.12458201     0.00000000     1000.00000000
 B-4       3.12458164     0.00000000     1000.00000000
 B-5       3.12458515     0.00000000     1000.00000000
 B-6       3.12458225     0.00000000     1000.00000000
</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                                   7,109,300.03
         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                                                                7,109,300.03

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 113,433.08
         Payment of Interest and Principal                                    6,995,866.95
                                                                              ------------
Total Withdrawals (Pool Distribution Amount)                                  7,109,300.03

Ending Balance                                                                        0.00
                                                                              ============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                       <C>
Total Prepayment/Curtailment Interest Shortfall                           695.76
Servicing Fee Support                                                       0.00
                                                                          ------

Non-Supported Prepayment Curtailment Interest Shortfall                   695.76
                                                                          ======
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                   <C>
Gross Servicing Fee                                                   108,471.74
Master Servicing Fee                                                    4,961.34
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     113,433.08
                                                                      ==========
</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              17    5,664,729.87   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
                -------    ------------              --------    --------                --------    --------
                     17    5,664,729.87                     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        1.868132%       1.694624%  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%
               --------    ------------              --------    --------                --------    --------
               1.868132%       1.694624%             0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
               REO                                 TOTAL
---------------------------------    ------------------------------------
             No. of     Principal                 No. of       Principal
              Loans      Balance                  Loans         Balance
<S>          <C>        <C>          <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days           17    5,664,729.87
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                      17    5,664,729.87

             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     1.868132%       1.694624%
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%               1.868132%       1.694624%
</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         14,639,605.55    4.25769563%    14,639,605.55    4.37952683%      95.620473%         0.000000%
Class B-1        8,623,605.55    2.50803805%     8,623,605.55    2.57980393%       1.799723%        41.094003%
Class B-2        5,357,605.55    1.55817407%     5,357,605.55    1.60276021%       0.977044%        22.309344%
Class B-3        3,467,605.55    1.00849773%     3,467,605.55    1.03735524%       0.565405%        12.910184%
Class B-4        2,236,605.55    0.65048103%     2,236,605.55    0.66909412%       0.368261%         8.408697%
Class B-5        1,549,605.55    0.45067804%     1,549,605.55    0.46357390%       0.205520%         4.692749%
Class B-6                0.00    0.00000000%             0.00    0.00000000%       0.463574%        10.585023%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
-------------------------------------    --------------------------------    ---------------------------------
GROUP ONE
              No. of      Principal                   No. of    Principal                 No. of     Principal
              Loans        Balance                    Loans      Balance                  Loans       Balance
<S>          <C>         <C>            <C>         <C>         <C>          <C>         <C>         <C>
0-29 Days           0            0.00    0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days            11    2,943,693.44    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
             --------    ------------               ---------   ---------                --------    --------
                   11    2,943,693.44                       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      2.010969%       1.428069%   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%
             --------    ------------                --------    --------                --------    --------
             2.010969%       1.428069%               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     2,943,693.44
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                      11     2,943,693.44

              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     2.010969%        1.428069%
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%               2.010969%        1.428069%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
------------------------------------- ----------------------------------    ---------------------------------
GROUP TWO                                           1.183654%
              No. of      Principal                  No. of     Principal                No. of     Principal
               Loans       Balance                   Loans       Balance                 Loans       Balance
<S>          <C>         <C>            <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days           0            0.00   0-29 Days          0        0.00    0-29 Days          0        0.00
30 Days             6    2,721,036.43   30 Days            0        0.00    30 Days            0        0.00
60 Days             0            0.00   60 Days            0        0.00    60 Days            0        0.00
90 Days             0            0.00   90 Days            0        0.00    90 Days            0        0.00
120 Days            0            0.00   120 Days           0        0.00    120 Days           0        0.00
150 Days            0            0.00   150 Days           0        0.00    150 Days           0        0.00
180+ Days           0            0.00   180+ Days          0        0.00    180+ Days          0        0.00
             --------    ------------               --------    --------                --------    --------
                    6    2,721,036.43                      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      1.652893%       2.123398%  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%
             --------    ------------               --------    --------                --------    --------
             1.652893%       2.123398%              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    2,721,036.43
60 Days             0        0.00    60 Days            0            0.00
90 Days             0        0.00    90 Days            0            0.00
120 Days            0        0.00    120 Days           0            0.00
150 Days            0        0.00    150 Days           0            0.00
180+ Days           0        0.00    180+ Days          0            0.00
             --------    --------                --------    ------------
                    0        0.00                       6    2,721,036.43

              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     1.652893%       2.123398%
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%               1.652893%       2.123398%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                                 Mixed ARM
<S>                                                               <C>
Weighted Average Gross Coupon                                           4.152117%
Weighted Average Net Coupon                                             3.769508%
Weighted Average Pass-Through Rate                                      3.752008%
Weighted Average Maturity (Stepdown Calculation)                             336

Beginning Scheduled Collateral Loan Count                                    925
Number of Loans Paid in Full                                                  15
Ending Scheduled Collateral Loan Count                                       910

Beginning Scheduled Collateral Balance                            340,206,529.06
Ending Scheduled Collateral Balance                               334,273,681.12
Ending Actual Collateral Balance at 31-Mar-2005                   334,276,427.70

Monthly P&I Constant                                                1,178,234.87
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realization Loss Amount                                                     0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                              6,950,789.47

Scheduled Principal                                                     1,087.18
Unscheduled Principal                                               5,931,760.76
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                    <C>
Pro Rata Senior Percent                                                95.696848%
Pro Rata Subordinate Percent                                            4.303152%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                  GROUP                            ONE                       TWO                TOTAL
<S>                                           <C>                       <C>                 <C>
Collateral Description                             Mixed ARM                 Mixed ARM           Mixed ARM
Weighted Average Coupon Rate                        4.147531%                 4.162213            4.152117
Weighted Average Net Rate                           3.764862%                 3.776853            3.769508
Pass-Through Rate                                   3.747362%                 3.759353            3.752008
Weighted Average Maturity                                333                       341                 336
Record Date                                       03/31/2005                03/31/2005          03/31/2005
Principal and Interest Constant                   720,588.54                457,646.33        1,178,234.87
Beginning Loan Count                                     553                       372                 925
Loans Paid in Full                                         6                         9                  15
Ending Loan Count                                        547                       363                 910
Beginning Scheduled Balance                   208,401,766.68            131,804,762.38      340,206,529.06
Ending Scheduled Balance                      206,129,605.66            128,144,075.46      334,273,681.12
Scheduled Principal                                   607.14                    480.04            1,087.18
Unscheduled Principal                           2,271,553.88              3,660,206.88        5,931,760.76
Scheduled Interest                                719,981.40                457,166.29        1,177,147.69
Servicing Fee                                      66,144.78                 42,326.96          108,471.74
Master Servicing Fee                                3,039.19                  1,922.15            4,961.34
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                                      650,797.43                412,917.18        1,063,714.61
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 0ne

One Month Libor Loan Balance                                     108,290,608.13
Principal Transfer Amount                                                  0.00
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Interest Transfer Amount                                                   0.00

Group Two

Six-Month Libor Loan Balance                                      97,838,997.53
Principal Transfer Amount                                                  0.00
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Interest Transfer Amount                                                   0.00
</TABLE>