<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 2004-8
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate     Certificate      Beginning
                                 Class       Pass-Through      Certificate        Interest
   Class          CUSIP       Description        Rate           Balance          Distribution
----------      ---------     -----------    ------------    --------------     -------------
<S>             <C>           <C>            <C>             <C>                <C>
    A-1         81744FDJ3         SEN          3.20000%      327,504,952.40       873,346.54
    A-2         81744FDK0         SEN          3.45000%      367,243,066.80     1,055,823.82
    X-A         81744FDL8          IO          0.63697%                0.00       368,776.26
    X-B         81744FDM6          IO          0.47283%                0.00         9,693.06
    B-1         81744FDP9         SUB          3.37000%       16,400,000.00        46,056.67
    B-2         81744FDQ7         SUB          3.75000%        8,200,000.00        25,625.00
    B-3         81744FDR5         SUB          3.96950%        4,100,000.00        13,562.45
    B-4         81744FDS3         SUB          3.96950%        2,460,000.00         8,137.47
    B-5         81744FDT1         SUB          3.96950%        2,050,000.00         6,781.23
    B-6         81744FDU8         SUB          3.96950%        3,690,645.34        12,208.34
    A-R         81744FDN4         SEN          3.08748%                0.00             0.29
                                                             --------------     ------------
Totals                                                       731,648,664.54     2,420,011.13
                                                             --------------     ------------

<CAPTION>
                                                                     Ending
                             Principal        Current          Certificate          Total          Cumulative
   Class          CUSIP     Distribution   Realized Loss         Balance         Distribution     Realized Loss
----------      ---------   -------------  -------------      --------------     -------------   --------------
<S>             <C>         <C>            <C>                <C>                <C>             <C>
    A-1         81744FDJ3    8,921,533.83      0.00           318,583,418.57      9,794,880.37         0.00
    A-2         81744FDK0   13,310,003.95      0.00           353,933,062.85     14,365,827.77         0.00
    X-A         81744FDL8            0.00      0.00                     0.00        368,776.26         0.00
    X-B         81744FDM6            0.00      0.00                     0.00          9,693.06         0.00
    B-1         81744FDP9            0.00      0.00            16,400,000.00         46,056.67         0.00
    B-2         81744FDQ7            0.00      0.00             8,200,000.00         25,625.00         0.00
    B-3         81744FDR5            0.00      0.00             4,100,000.00         13,562.45         0.00
    B-4         81744FDS3            0.00      0.00             2,460,000.00          8,137.47         0.00
    B-5         81744FDT1            0.00      0.00             2,050,000.00          6,781.23         0.00
    B-6         81744FDU8            0.00      0.00             3,690,645.34         12,208.34         0.00
    A-R         81744FDN4            0.00      0.00                     0.00              0.29         0.00
                            -------------      ----           --------------     -------------         ----
Totals                      22,231,537.78      0.00           709,417,126.76     24,651,548.91         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  Ending Certificate
Class       Amount          Balance      Distribution  Distribution   Accretion  Loss (1)     Reduction          Balance
-----    --------------  --------------  ------------  -------------  ---------  --------  ---------------  ------------------
<S>      <C>             <C>             <C>           <C>            <C>        <C>       <C>              <C>
 A-1     365,049,000.00  327,504,952.40       0.00      8,921,533.83     0.00       0.00     8,921,533.83     318,583,418.57
 A-2     418,050,000.00  367,243,066.80     189.42     13,309,814.53     0.00       0.00    13,310,003.95     353,933,062.85
 X-A               0.00            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               0.00
 B-1      16,400,000.00   16,400,000.00       0.00              0.00     0.00       0.00             0.00      16,400,000.00
 B-2       8,200,000.00    8,200,000.00       0.00              0.00     0.00       0.00             0.00       8,200,000.00
 B-3       4,100,000.00    4,100,000.00       0.00              0.00     0.00       0.00             0.00       4,100,000.00
 B-4       2,460,000.00    2,460,000.00       0.00              0.00     0.00       0.00             0.00       2,460,000.00
 B-5       2,050,000.00    2,050,000.00       0.00              0.00     0.00       0.00             0.00       2,050,000.00
 B-6       3,690,645.34    3,690,645.34       0.00              0.00     0.00       0.00             0.00       3,690,645.34
 A-R             100.00            0.00       0.00              0.00     0.00       0.00             0.00               0.00
         --------------  --------------     ------     -------------     ----       ----    -------------     --------------
 Totals  819,999,745.34  731,648,664.54     189.42     22,231,348.36     0.00       0.00    22,231,537.78     709,417,126.76
         --------------  --------------     ------     -------------     ----       ----    -------------     --------------
<CAPTION>

           Ending Certificate  Total Principal
Class          Percentage        Distribution
-----      ------------------  ---------------
<S>        <C>                 <C>
 A-1           0.82771412       8,921,533.83
 A-2           0.84662854      13,310,003.95
 X-A           0.00000000               0.00
 X-B           0.00000000               0.00
 B-1           1.00000000               0.00
 B-2           1.00000000               0.00
 B-3           1.00000000               0.00
 B-4           1.00000000               0.00
 B-5           1.00000000               0.00
 B-6           1.00000000               0.00
 A-R           0.00000000               0.00
               ----------      -------------
 Totals        0.86514311      22,231,537.78
               ----------      -------------
</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  Ending Certificate
Class       Amount          Balance     Distribution  Distribution  Accretion    Loss (3)      Reduction           Balance
-----    --------------  -------------  ------------  ------------  ----------  ----------  ---------------  ------------------
<S>      <C>             <C>            <C>           <C>           <C>         <C>         <C>              <C>
 A-1     365,049,000.00   897.15340242   0.00000000    24.43927755  0.00000000  0.00000000    24.43927755        872.71412487
 A-2     418,050,000.00   878.46685038   0.00045310    31.83785320  0.00000000  0.00000000    31.83830630        846.62854407
 X-A               0.00     0.00000000   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          0.00000000
 B-1      16,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-2       8,200,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-3       4,100,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-4       2,460,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-5       2,050,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 B-6       3,690,645.34  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000       1000.00000000
 A-R             100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000          0.00000000

<CAPTION>
           Ending Certificate  Total Principal
Class           Percentage       Distribution
-----      ------------------  ---------------
<S>        <C>                 <C>
 A-1              0.87271412     24.43927755
 A-2              0.84662854     31.83830630
 X-A              0.00000000      0.00000000
 X-B              0.00000000      0.00000000
 B-1              1.00000000      0.00000000
 B-2              1.00000000      0.00000000
 B-3              1.00000000      0.00000000
 B-4              1.00000000      0.00000000
 B-5              1.00000000      0.00000000
 B-6              1.00000000      0.00000000
 A-R              0.00000000      0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                    Payment of                Non-
                                            Certificate/      Current       Unpaid     Current   Supported
         Original Face       Current          Notional        Accrued      Interest   Interest    Interest   Realized
 Class      Amount       Certificate Rate     Balance        Interest     Shortfall   Shortfall  Shortfall   Loss (4)
 -----   --------------  ----------------  --------------  -------------  ----------  ---------  ----------  --------
<S>      <C>             <C>               <C>             <C>            <C>         <C>        <C>         <C>
  A-1    365,049,000.00      3.20000%      327,504,952.40     873,346.54      0.00       0.00        0.00       0.00
  A-2    418,050,000.00      3.45000%      367,243,066.80   1,055,823.82      0.00       0.00        0.00       0.00
  X-A              0.00      0.63697%      694,748,019.20     368,776.26      0.00       0.00        0.00       0.00
  X-B              0.00      0.47283%       24,600,000.00       9,693.06      0.00       0.00        0.00       0.00
  B-1     16,400,000.00      3.37000%       16,400,000.00      46,056.67      0.00       0.00        0.00       0.00
  B-2      8,200,000.00      3.75000%        8,200,000.00      25,625.00      0.00       0.00        0.00       0.00
  B-3      4,100,000.00      3.96950%        4,100,000.00      13,562.45      0.00       0.00        0.00       0.00
  B-4      2,460,000.00      3.96950%        2,460,000.00       8,137.47      0.00       0.00        0.00       0.00
  B-5      2,050,000.00      3.96950%        2,050,000.00       6,781.23      0.00       0.00        0.00       0.00
  B-6      3,690,645.34      3.96950%        3,690,645.34      12,208.34      0.00       0.00        0.00       0.00
  A-R            100.00      3.08748%                0.00           0.00      0.00       0.00        0.00       0.00
         --------------      -------       --------------   ------------      ----       ----        ----       ----
Totals   819,999,745.34                                     2,420,010.84      0.00       0.00        0.00       0.00
         --------------      -------       --------------   ------------      ----       ----        ----       ----
<CAPTION>
                           Remaining     Ending
                            Unpaid     Certificate/
           Total Interest  Interest     Notational
 Class     Distribution    Shortfall     Balance
 -----     ------------    ---------  --------------
<S>        <C>             <C>        <C>
  A-1         873,346.54      0.00    318,583,418.57
  A-2       1,055,823.82      0.00    353,933,062.85
  X-A         368,776.26      0.00    672,516,481.42
  X-B           9,693.06      0.00     24,600,000.00
  B-1          46,056.67      0.00     16,400,000.00
  B-2          25,625.00      0.00       8,200,000.0
  B-3          13,562.45      0.00      4,100,000.00
  B-4           8,137.47      0.00      2,460,000.00
  B-5           6,782.23      0.00      2,050,000.00
  B-6          12,208.34      0.00      3,690,645.34
  A-R               0.29      0.00              0.00
            ------------      ----    --------------
Totals      2,420,011.13      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>
                                                                                                          Non-
                             Current       Beginning                         Payment of      Current    Supported
           Original Face   Certificate    Certificate/    Current Accrued  Unpaid Interest   Interest   Interest     Realized
Class (5)      Amount         Rate      Notional Balance      Interest        Shortfall      Shortfall  Shortfall    Loss (6)
---------  --------------  -----------  ----------------  ---------------  ---------------  ----------  ----------  ----------
<S>        <C>             <C>          <C>               <C>              <C>              <C>         <C>         <C>
   A-1     365,049,000.00    3.20000%     897.15340242       2.39240907      0.00000000     0.00000000  0.00000000  0.00000000
   A-2     418,050,000.00    3.45000%     878.46685038       2.52559220      0.00000000     0.00000000  0.00000000  0.00000000
   X-A               0.00    0.63697%     887.17776322       0.47091908      0.00000000     0.00000000  0.00000000  0.00000000
   X-B               0.00    0.47283%    1000.00000000       0.39402683      0.00000000     0.00000000  0.00000000  0.00000000
   B-1      16,400,000.00    3.37000%    1000.00000000       2.80833354      0.00000000     0.00000000  0.00000000  0.00000000
   B-2       8,200,000.00    3.75000%    1000.00000000       3.12500000      0.00000000     0.00000000  0.00000000  0.00000000
   B-3       4,100,000.00    3.96950%    1000.00000000       3.30791463      0.00000000     0.00000000  0.00000000  0.00000000
   B-4       2,460,000.00    3.96950%    1000.00000000       3.30791463      0.00000000     0.00000000  0.00000000  0.00000000
   B-5       2,050,000.00    3.96950%    1000.00000000       3.30791707      0.00000000     0.00000000  0.00000000  0.00000000
   B-6       3,690,645.34    3.96950%    1000.00000000       3.30791471      0.00000000     0.00000000  0.00000000  0.00000000
   A-R             100.00    3.08748%       0.00000000       0.00000000      0.00000000     0.00000000  0.00000000  0.00000000

<CAPTION>
                             Remaining
                              Unpaid
             Total Interest   Interest    Ending Certificate/
Class (5)    Distribution    Shortfall     Notational Balance
---------    --------------  ----------   -------------------
<S>          <C>             <C>          <C>
   A-1         2.39240907    0.00000000         872.71412487
   A-2         2.52559220    0.00000000         846.62854407
   X-A         0.47091908    0.00000000         858.78858410
   X-B         0.39402683    0.00000000        1000.00000000
   B-1         2.80833354    0.00000000        1000.00000000
   B-2         3.12500000    0.00000000        1000.00000000
   B-3         3.30791463    0.00000000        1000.00000000
   B-4         3.30791463    0.00000000        1000.00000000
   B-5         3.30791707    0.00000000        1000.00000000
   B-6         3.30791471    0.00000000        1000.00000000
   A-R         2.90000000    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                                  24,885,624.90
            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                                                                  24,885,624.90

Withdrawals
            Reimbursement for Servicer Advances                                          0.00
            Payment of Service Fee                                                 234,075.99
            Payment of Interest and Principal                                   24,651,548.91
                                                                                -------------
Total Withdrawals (Pool Distribution Amount)                                    24,885,624.90

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                                               229,503.18
Master Servicing Fee                                                4,572.81
Supported Prepayment/Curtailment Interest Shortfall                     0.00
                                                                  ----------
Net Servicing Fee                                                 234,075.99
                                                                  ==========
</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         20       8,155,172.52     30 Days          0          0.00      30 Days          0             0.00
60 Days          1         120,555.00     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         1       160,000.00
180+ Days        0               0.00     180+ Days        0          0.00      180+ Days        1       134,800.22
                --       ------------                     --          ----                      --       ----------
                21       8,275,727.52                      0          0.00                       2       294,800.22

              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      0.962927%       1.149548%    30 Days       0.000000%   0.000000%   30 Days      0.000000%     0.000000%
60 Days      0.048146%       0.016993%    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     0.048146%     0.022553%
180+ Days    0.000000%       0.000000%    180+ Days     0.000000%   0.000000%   180+ Days    0.048146%     0.019001%
             --------        --------                   --------    --------                 --------      --------
             1.011074%       1.166541%                  0.000000%   0.000000%                0.096293%     0.041555%

<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         8,155,172.52
60 Days          0          0.00        60 Days           1           120,555.00
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          1           160,000.00
180+ Days        0          0.00        180+ Days         1           134,800.22
                --          ----                        ---         ------------
                 0          0.00                         23         8,570,527.74

              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       0.962927%         1.149548%
60 Days      0.000000%     0.000000%    60 Days       0.048146%         0.016993%
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      0.048146%         0.022553%
180+ Days    0.000000%     0.000000%    180+ Days     0.048146%         0.019001%
             --------      --------                   --------          --------
             0.000000%     0.000000%                  1.107366%         1.208096%
</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      36,900,645.34   4.50008061%   36,900,645.34     5.20154419%       94.798456%          0.000000%
Class B-1    20,500,645.34   2.50007976%   20,500,645.34     2.88978720%        2.311757%         44.443667%
Class B-2    12,300,645.34   1.50007934%   12,300,645.34     1.73390871%        1.155878%         22.221834%
Class B-3     8,200,645.34   1.00007912%    8,200,645.34     1.15596946%        0.577939%         11.110917%
Class B-4     5,740,645.34   0.70007900%    5,740,645.34     0.80920591%        0.346764%          6.666550%
Class B-5     3,690,645.34   0.45007889%    3,690,645.34     0.52023629%        0.288970%          5.555458%
Class B-6             0.00   0.00000000%            0.00     0.00000000%        0.520236%         10.001574%
</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
POOL 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          10   4,462,997.10    30 Days           0       0.00   30 Days           0       0.00
60 Days           1     120,555.00    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   4,583,552.10                      0       0.00                     0       0.00

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

0-29 Days  0.000000%      0.000000%   0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.055966%      1.329126%   30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.105597%      0.035903%   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%
           --------   ------------               --------   --------              --------   --------
           1.161563%      1.365029%              0.000000%  0.000000%             0.000000%  0.000000%
</TABLE>

<TABLE>
<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          10   4,462,997.10
60 Days           0       0.00     60 Days           1     120,555.00
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   4,583,552.10

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

0-29 Days  0.000000%  0.000000%    0-29 Days  0.000000%      0.000000%
30 Days    0.000000%  0.000000%    30 Days    1.055966%      1.329126%
60 Days    0.000000%  0.000000%    60 Days    0.105597%      0.035903%
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%               1.161563%      1.365029%
</TABLE>

<TABLE>
<CAPTION>
                                                BANKRUPTCY
            DELINQUENT               -------------------------------              FORECLOSURE
----------------------------------               1.183654%             --------------------------------
            No. of     Principal                 No. of    Principal               No. of    Principal
POOL 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          10   3,692,175.42   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          1   160,000.00
180+ Days         0           0.00   180+ Days         0       0.00    180+ Days         1   134,800.22
           --------   ------------              --------   --------               --------   ----------
                 10   3,692,175.42                     0       0.00                      2   294,800.22

            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    0.884956%      0.988163%  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   0.088496%    0.042822%
180+ Days  0.000000%      0.000000%  180+ Days  0.000000%  0.000000%   180+ Days  0.088496%    0.036078%
           --------   ------------              --------   --------               --------   ----------
           0.884956%      0.988163%             0.000000%  0.000000%              0.176991%    0.078899%
</TABLE>

<TABLE>
<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          10   3,692,175.42
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          1     160,000.00
180+ Days         0       0.00     180+ Days         1     134,800.22
           --------   --------                --------   ------------
                  0       0.00                      12   3,986,975.64

            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    0.884956%      0.988163%
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   0.088496%      0.042822%
180+ Days  0.000000%  0.000000%    180+ Days  0.088496%      0.036078%
           --------   --------                --------   ------------
           0.000000%  0.000000%               1.061947%      1.067063%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                      Mixed Arm
<S>                                                   <C>
Weighted Average Gross Coupon                               4.353051%
Weighted Average Net Coupon                                 3.976636%
Weighted Average Pass-Through Rate                          3.969136%
Weighted Average Maturity (Stepdown Calculation)                 334

Beginning Scheduled Collateral Loan Count                      2,131
Number of Loans Paid in Full                                      54
Ending Scheduled Collateral Loan Count                         2,077

Beginning Scheduled Collateral Balance                731,648,664.54
Ending Scheduled Collateral Balance                   709,417,126.76
Ending Actual Collateral Balance at 31-Mar-2005       709,424,572.02

Monthly P&I Constant                                    2,654,276.16
Special Servicing Fee                                           0.00
Prepayment Penalties                                            0.00
Realization Loss Amount                                         0.00
Cumulative Realized Loss                                        0.00

Class A Optimal Amount                                 24,529,484.40

Scheduled Principal                                           189.42
Unscheduled Principal                                  22,231,348.36
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                             <C>
Rapid Prepay Condition?         NO
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
            GROUP                       POOL 1             POOL 2                 TOTAL
<S>                                  <C>              <C>                    <C>
Collateral Description                    Mixed ARM   1 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate               4.315048            4.386906            4.353051
Weighted Average Net Rate                  3.938073            4.010989            3.976636
Pass-Through Rate                          3.930573            4.003489            3.969136
Weighted Average Maturity                       332                 336                 334
Record Date                              03/31/2005          03/31/2005          03/31/2005
Principal and Interest Constant        1,239,521.04        1,414,755.12        2,654,276.16
Beginning Loan Count                            972               1,159               2,131
Loans Paid in Full                               25                  29                  54
Ending Loan Count                               947               1,130               2,077
Beginning Scheduled Balance          344,706,553.31      386,942,111.23      731,648,664.54
Ending Scheduled Balance             335,785,019.48      373,632,107.28      709,417,126.76
Scheduled Principal                            0.00              189.42              189.42
Unscheduled Principal                  8,921,533.83       13,309,814.53       22,231,348.36
Scheduled Interest                     1,239,521.04        1,414,565.70        2,654,086.74
Servicing Fee                            108,287.97          121,215.21          229,503.18
Master Servicing Fee                       2,154.42            2,418.39            4,572.81
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                           1,129,078.65        1,290,932.10        2,420,010.75
Realized Loss Amount                           0.00                0.00                0.00
Cumulative Realized Loss                       0.00                0.00                0.00
Percentage of Cumulative Losses                0.00                0.00                0.00
Prepayment Penalties                           0.00                0.00                0.00
Special Servicing Fee                          0.00                0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                 <C>
Group Pool One
One-Month LIBOR Loan Balance        189,611,596.98
Six-Month LIBOR Loan Balance        146,173,422.50
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  95.009784%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%

Group Pool Two
Principal Transfer Amount                     0.00
Interest Transfer Amount                      0.00
Pro Rata Senior Percent                  94.909046%
Senior Percent                          100.000000%
Senior Prepayment Percent               100.000000%
Subordinate Percent                       0.000000%
Subordinate Prepayment Percent            0.000000%
</TABLE>