<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 2004-5
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                         Certificate                             Beginning
                            Class        Certificate Pass-      Certificate         Interest
Class        CUSIP       Description       Through Rate           Balance         Distribution
------     ---------     -----------     -----------------     --------------     ------------
<S>        <C>           <C>             <C>                   <C>                <C>
 A-1       81744FBS5         SEN             3.64288%          445,318,445.80     1,351,867.70
 A-2       81744FBT3         SEN             3.11000%          152,409,033.76       394,993.41
 A-3       81744FCF2         SEN             2.82000%           61,499,230.80       144,523.19
 X-1       81744FBU0          IO             0.80000%                    0.00       119,128.58
 X-2       81744FBV8          IO             0.18621%                    0.00        33,193.93
 X-B       81744FBX4          IO             0.24771%                    0.00         4,748.63
 B-1       81744FBZ9         SUB             3.33000%           14,874,000.00        41,275.35
 B-2       81744FCA3         SUB             3.73000%            8,499,000.00        26,417.73
 B-3       81744FCB1         SUB             3.71925%            4,674,000.00        14,486.48
 B-4       81744FCC9         SUB             3.71925%            2,124,000.00         6,583.07
 B-5       81744FCD7         SUB             3.71925%            2,124,000.00         6.583.07
 B-6       81744FCE5         SUB             3.71925%            3,830,447.31        11,871.99
 A-R       81744FBY2         RES             3.07980%                    0.00             0.00
                                                               --------------     ------------
Totals                                                         695,352,157.67     2,155,673.13
                                                               --------------     ------------
</TABLE>

<TABLE>
<CAPTION>
                Principal       Current Realized     Ending Certificate        Total          Cumulative Realized
Class         Distribution           Loss                 Balance           Distribution             Loss
------        -------------     ----------------     ------------------     -------------     -------------------
<S>           <C>               <C>                  <C>                    <C>               <C>
 A-1          16,836,967.76           0.00             428,481,478.04       18,188,835.46            0.0
 A-2           7,907,811.89           0.00             144,501,221.87        8,302,805.30            0.0
 A-3           3,190,915.50           0.00              58,308,315.30        3,335,438.69            0.0
 X-1                   0.00           0.00                       0.00          119,128.58            0.0
 X-2                   0.00           0.00                       0.00           33,193.93            0.0
 X-B                   0.00           0.00                       0.00            4,748.63            0.0
 B-1                   0.00           0.00              14,874,000.00           41,275.35            0.0
 B-2                   0.00           0.00               8,499,000.00           26,417.73            0.0
 B-3                   0.00           0.00               4,674,000.00           14,486.48            0.0
 B-4                   0.00           0.00               2,124,000.00            6,583.07            0.0
 B-5                   0.00           0.00               2,124,000.00            6,583.07            0.0
 B-6                   0.00           0.00               3,830,447.31           11,871.99            0.0
 A-R                   0.00           0.00                       0.00                0.00            0.0
              -------------           ----             --------------       -------------            ---
Totals        27,935,695.15           0.00             667,416,462.52       30,091,368.28            0.0
              -------------           ----             --------------       -------------            ---
</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>
           Original Face   Beginning Certificate   Scheduled Principal   Unscheduled Principal
 Class        Amount              Balance              Distribution           Distribution       Accretion
-------   --------------   ---------------------   -------------------   ---------------------   ---------
<S>       <C>              <C>                     <C>                   <C>                     <C>
   A-1    553,000,000.00      445,318,445.80             245.93              16,836,721.83          0.00
   A-2    185,867,000.00      152,409,033.76             143.91               7,907,667.98          0.00
   A-3     75,000,000.00       61,499,230.80              58.07               3,190,857.43          0.00
   X-1              0.00                0.00               0.00                       0.00          0.00
   X-2              0.00                0.00               0.00                       0.00          0.00
   X-B              0.00                0.00               0.00                       0.00          0.00
   B-1     14,874,000.00       14,874,000.00               0.00                       0.00          0.00
   B-2      8,499,000.00        8,499,000.00               0.00                       0.00          0.00
   B-3      4,674,000.00        4,674,000.00               0.00                       0.00          0.00
   B-4      2,124,000.00        2,124,000.00               0.00                       0.00          0.00
   B-5      2,124,000.00        2,124,000.00               0.00                       0.00          0.00
   B-6      3,830,447.31        3,830,447.31               0.00                       0.00          0.00
   A-R            100.00                0.00               0.00                       0.00          0.00
          --------------      --------------             ------              -------------          ----
Totals    849,992,547.31      695,352,157.67             447.91              27,935,247.24          0.00
          ==============      ==============             ======              =============          ====
</TABLE>

<TABLE>
<CAPTION>
           Realized    Total Principal                                                                  Total Principal
 Class     Loss (1)       Reduction       Ending Certificate Balance    Ending Certificate Percentage     Distribution
-------    --------    ---------------    -------------------------    -----------------------------    ---------------
<S>        <C>         <C>                <C>                          <C>                              <C>
   A-1       0.00      16,836,967.76            428,481,478.04                    0.77483088              16,836,967.76
   A-2       0.00       7,907,811.89            144,501,221.87                    0.77744420               7,907,811.89
   A-3       0.00       3,190,915.50             58,308,315.30                    0.77744420               3,190,915.50
   X-1       0.00               0.00                      0.00                    0.00000000                       0.00
   X-2       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             14,874,000.00                    1.00000000                       0.00
   B-2       0.00               0.00              8,499,000.00                    1.00000000                       0.00
   B-3       0.00               0.00              4,674,000.00                    1.00000000                       0.00
   B-4       0.00               0.00              2,124,000.00                    1.00000000                       0.00
   B-5       0.00               0.00              2,124,000.00                    1.00000000                       0.00
   B-6       0.00               0.00              3,830,447.31                    1.00000000                       0.00
   A-R       0.00               0.00                      0.00                    0.00000000                       0.00
             ----      -------------            --------------                    ----------              -------------
Totals       0.00      27,935,695.15            667,416,462.52                    0.78520272              27,935,695.15
             ====      =============            ==============                    ==========              =============
</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
                                 Certificate    Scheduled Principal   Unscheduled Principal                 Realized
Class    Original Face Amount      Balance         Distribution           Distribution         Accretion    Loss (3)
------   --------------------   -------------   -------------------   ---------------------   ----------   ----------
<S>      <C>                    <C>             <C>                   <C>                     <C>          <C>

 A-1        553,000,000.00       805.27747884       0.00044472             30.44615159        0.00000000   0.00000000
 A-2        185,867,000.00       819.98974406       0.00077426             42.54476577        0.00000000   0.00000000
 A-3         75,000,000.00       819.98974400       0.00077427             42.54476573        0.00000000   0.00000000
 X-1                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 X-2                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 X-B                  0.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-1         14,874,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-2          8,499,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-3          4,674,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-4          2,124,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-5          2,124,000.00      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 B-6          3,830,447.31      1000.00000000       0.00000000              0.00000000        0.00000000   0.00000000
 A-R                100.00         0.00000000       0.00000000              0.00000000        0.00000000   0.00000000
</TABLE>

<TABLE>
<CAPTION>
Class    Total Principal Reduction   Ending Certificate Balance   Ending Certificate Percentage   Total Principal Distribution
------   -------------------------   --------------------------   -----------------------------   ----------------------------
<S>      <C>                         <C>                          <C>                             <C>
 A-1            30.44659631                  774.83088253                  0.77483088                     30.44659631
 A-2            42.54554004                  777.44420403                  0.77744420                     42.54554004
 A-3            42.54554000                  777.44420400                  0.77744420                     42.54554000
 X-1             0.00000000                    0.00000000                  0.00000000                      0.00000000
 X-2             0.00000000                    0.00000000                  0.00000000                      0.00000000
 X-B             0.00000000                    0.00000000                  0.00000000                      0.00000000
 B-1             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-2             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-3             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-4             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-5             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 B-6             0.00000000                 1000.00000000                  1.00000000                      0.00000000
 A-R             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 Certificate/  Current Accrued   Payment of Unpaid    Interest
 Class   Original Face Amount  Current Certificate Rate    Notional Balance         Interest       Interest Shortfall   Shortfall
-------  --------------------  ------------------------  ----------------------  ----------------  ------------------  -----------
<S>      <C>                   <C>                       <C>                     <C>               <C>
   A-1      553,000,000.00              3.64288%             445,318,445.80        1,351,867.70          0.00             0.00
   A-2      185,867,000.00              3.11000%             152,409,033.76          394,993.41          0.00             0.00
   A-3       75,000,000.00              2.82000%              61,499,230.80          144,523.19          0.00             0.00
   X-1                0.00              0.80000%             178,692,873.11          119,128.58          0.00             0.00
   X-2                0.00              0.18621%             213,908,264.56           33,193.93          0.00             0.00
   X-B                0.00              0.24771%              23,373,000.00            4,824.76          0.00             0.00
   B-1       14,874,000.00              3.33000%              14,874,000.00           41,275.35          0.00             0.00
   B-2        8,499,000.00              3.73000%               8,499,000.00           26,417.73          0.00             0.00
   B-3        4,674,000.00              3.71925%               4,674,000.00           14,486.48          0.00             0.00
   B-4        2,124,000.00              3.71925%               2,124,000.00            6,583.07          0.00             0.00
   B-5        2,124,000.00              3.71925%               2,124,000.00            6,583.07          0.00             0.00
   B-6        3,830,447.31              3.71925%               3,830,447.31           11,871.99          0.00             0.00
   A-R              100.00              3.07980%                       0.00                0.00          0.00             0.00
            --------------                                                         ------------          ----             ----
Totals      849,992,547.31                                                         2,155,749.26          0.00             0.00
            --------------                                                         ------------          ----             ----
</TABLE>

<TABLE>
<CAPTION>
            Non-Supported       Realized   Total Interest    Remaining Unpaid      Ending Certificate/
 Class     Interest Shortfall   Loss (4)    Distribution     Interest Shortfall    Notational Balance
--------   ------------------   --------   --------------   --------------------   -------------------
<S>        <C>                  <C>        <C>              <C>                    <C>
    A-1           0.00            0.00      1,351,867.70           0.00              428,481,478.04
    A-2           0.00            0.00        394,993.41           0.00              144,501,221.87
    A-3           0.00            0.00        144,523.19           0.00               58,308,315.30
    X-1           0.00            0.00        119,128.58           0.00              171,983,508.30
    X-2           0.00            0.00         33,193.93           0.00              202,809,537.17
    X-B           0.00            0.00          4,748.63           0.00               23,373,000.00
    B-1           0.00            0.00         41,275.35           0.00               14,874,000.00
    B-2           0.00            0.00         26,417.73           0.00                8,499,000.00
    B-3           0.00            0.00         14,486.48           0.00                4,674,000.00
    B-4           0.00            0.00          6,583.07           0.00                2,124,000.00
    B-5           0.00            0.00          6,583.07           0.00                2,124,000.00
    B-6           0.00            0.00         11,871.99           0.00                3,830,447.31
    A-R           0.00            0.00              0.00           0.00                        0.00
                  ----            ----      ------------           ----
 Totals           0.00            0.00      2,155,673.13           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>
                                Current
            Original Face    Certificate    Beginning Certificate/   Current Accrued   Payment of Unpaid
Class (5)       Amount           Rate         Notional Balance           Interest      Interest Shortfall
---------   --------------   ------------   ----------------------   ---------------   ------------------
<S>         <C>              <C>            <C>                      <C>               <C>
   A-1      553,000,000.00     3.64288%          805.27747884           2.44460705         0.00000000
   A-2      185,867,000.00     3.11000%          819.98974406           2.12514007         0.00000000
   A-3       75,000,000.00     2.82000%          819.98974400           1.92697587         0.00000000
   X-1                0.00     0.80000%          684.99608272           0.45666405         0.00000000
   X-2                0.00     0.18621%          819.98974405           0.12724465         0.00000000
   X-B                0.00     0.24771%         1000.00000000           0.20642451         0.00000000
   B-1       14,874,000.00     3.33000%         1000.00000000           2.77500000         0.00000000
   B-2        8,499,000.00     3.73000%         1000.00000000           3.10833392         0.00000000
   B-3        4,674,000.00     3.71925%         1000.00000000           3.09937527         0.00000000
   B-4        2,124,000.00     3.71925%         1000.00000000           3.09937382         0.00000000
   B-5        2,124,000.00     3.71925%         1000.00000000           3.09937382         0.00000000
   B-6        3,830,447.31     3.71925%         1000.00000000           3.09937431         0.00000000
   A-R              100.00     3.07980%            0.00000000           0.00000000         0.00000000
</TABLE>

<TABLE>
<CAPTION>
            Current Interest      Non-Supported       Realized     Total Interest   Remaining Unpaid     Ending Certificate/
Class (5)      Shortfall       Interest Shortfall     Loss (6)      Distribution    Interest Shortfall   Notational Balance
---------   ----------------   ------------------   ------------   --------------   ------------------   -------------------
<S>         <C>                <C>                  <C>            <C>              <C>                  <C>
   A-1         0.00000000          0.00000000        0.00000000      2.44460705        0.00000000            774.83088253
   A-2         0.00000000          0.00000000        0.00000000      2.12514007        0.00000000            777.44420403
   A-3         0.00000000          0.00000000        0.00000000      1.92697587        0.00000000            777.44420400
   X-1         0.00000000          0.00000000        0.00000000      0.45666405        0.00000000            659.27659804
   X-2         0.00000000          0.00000000        0.00000000      0.12724465        0.00000000            777.44420402
   X-B         0.00000000          0.00000000        0.00000000      0.20316733        0.00000000           1000.00000000
   B-1         0.00000000          0.00000000        0.00000000      2.77500000        0.00000000           1000.00000000
   B-2         0.00000000          0.00000000        0.00000000      3.10833392        0.00000000           1000.00000000
   B-3         0.00000000          0.00000000        0.00000000      3.09937527        0.00000000           1000.00000000
   B-4         0.00000000          0.00000000        0.00000000      3.09937382        0.00000000           1000.00000000
   B-5         0.00000000          0.00000000        0.00000000      3.09937382        0.00000000           1000.00000000
   B-6         0.00000000          0.00000000        0.00000000      3.09937431        0.00000000           1000.00000000
   A-R         0.00000000          0.00000000        0.00000000      0.00000000        0.00000000              0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

<TABLE>
<CAPTION>
                               CERTIFICATE ACCOUNT
<S>                                                                           <C>
Beginning Balance                                                                      0.00

Deposits

         Payments of Interest and Principal                                   30,338,170.35
         Liquidations, Insurance Proceeds, Reserve Funds                               0.00
         Proceeds from Repurchased Loans                                               0.00
         Other Amounts (Servicer Advances)                                         5,433.05
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                     0.00
         Prepayment Penalties                                                          0.00
                                                                              -------------
Total Deposits                                                                30,343,603.40
Withdrawals

         Reimbursement for Servicer Advances                                      29,550.40
         Payment of Service Fee                                                  222,684.72
         Payment of Interest and Principal                                    30,091,368.28
                                                                              -------------
Total Withdrawals (Pool Distribution Amount)                                  30,343,603.40

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

<PAGE>

<TABLE>
<CAPTION>
                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<S>                                                                           <C>
Total Prepayment/Curtailment Interest Shortfall                               0.00
Servicing Fee Support                                                         0.00
                                                                              ----
Non-Supported Prepayment Curtailment Interest Shortfall                       0.00
                                                                              ====
</TABLE>

<TABLE>
<CAPTION>
                                 SERVICING FEES
<S>                                                                           <C>
Gross Servicing Fee                                                           217,487.88
LPMI                                                                              850.91
Master Servicing Fee                                                            4,345.93
Supported Prepayment/Curtailment Interest Shortfall                                 0.00
                                                                              ----------
Net Servicing Fee                                                             222,684.72
                                                                              ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                           Beginning        Current
   Account Type             Balance       Withdrawals      Current Deposits     Ending Balance
---------------------      ---------      -----------      ----------------     --------------
<S>                        <C>            <C>              <C>                  <C>
Class X-1 Sub Account       4,500.00          0.00                0.00             4,500.00
Class X-2 Sub Account       4,500.00          0.00                0.00             4,500.00
Class X-B Sub Account       1,000.00         76.13               76.13             1,000.00
</TABLE>
<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
                   DELINQUENT
-----------------------------------------------
                       No. of        Principal
                       Loans          Balance
<S>                  <C>           <C>
0-29 Days                0                 0.00
30 Days                  5         1,455,423.06
60 Days                  1           115,184.21
90 Days                  0                 0.00
120 Days                 0                 0.00
150 Days                 0                 0.00
180+ Days                1           133,459.57
                     ---------     ------------
                         7         1,704,066.84

                       No. of        Principal
                       Loans          Balance

0-29 Days            0.000000%         0.000000%
30 Days              0.246063%         0.218066%
60 Days              0.049213%         0.017258%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.049213%         0.019996%
                     --------          --------
                     0.344488%         0.255320%
</TABLE>

<TABLE>
<CAPTION>
                 BANKRUPTCY
-------------------------------------------
                   No. of         Principal
                    Loans          Balance
<S>               <C>             <C>
0-29 Days             0               0.00
30 Days               0               0.00
60 Days               0               0.00
90 Days               0               0.00
120 Days              0               0.00
150 Days              0               0.00
180+ Days             0               0.00
                  --------        --------
                      0               0.00

                   No. of         Principal
                    Loans          Balance

0-29 Days         0.000000%       0.000000%
30 Days           0.000000%       0.000000%
60 Days           0.000000%       0.000000%
90 Days           0.000000%       0.000000%
120 Days          0.000000%       0.000000%
150 Days          0.000000%       0.000000%
180+ Days         0.000000%       0.000000%
                  --------        --------
                  0.000000%       0.000000%
</TABLE>

<TABLE>
<CAPTION>
                 FORECLOSURE
---------------------------------------------
                    No. of          Principal
                    Loans            Balance
<S>                <C>              <C>
0-29 Days              0                0.00
30 Days                0                0.00
60 Days                0                0.00
90 Days                0                0.00
120 Days               0                0.00
150 Days               0                0.00
180+ Days              0                0.00
                   --------         --------
                       0                0.00

                    No. of          Principal
                    Loans            Balance

0-29 Days          0.000000%        0.000000%
30 Days            0.000000%        0.000000%
60 Days            0.000000%        0.000000%
90 Days            0.000000%        0.000000%
120 Days           0.000000%        0.000000%
150 Days           0.000000%        0.000000%
180+ Days          0.000000%        0.000000%
                   --------         --------
                   0.000000%        0.000000%
</TABLE>

<TABLE>
<CAPTION>
                     REO
--------------------------------------------
                    No. of         Principal
                     Loans          Balance
<S>                <C>             <C>
0-29 Days              0               0.00
30 Days                0               0.00
60 Days                0               0.00
90 Days                0               0.00
120 Days               0               0.00
150 Days               0               0.00
180+ Days              0               0.00
                   --------        --------
                       0               0.00

                    No. of         Principal
                     Loans          Balance

0-29 Days          0.000000%       0.000000%
30 Days            0.000000%       0.000000%
60 Days            0.000000%       0.000000%
90 Days            0.000000%       0.000000%
120 Days           0.000000%       0.000000%
150 Days           0.000000%       0.000000%
180+ Days          0.000000%       0.000000%
                   --------        --------
                   0.000000%       0.000000%
</TABLE>

<TABLE>
<CAPTION>
                       TOTAL
----------------------------------------------
                    No. of          Principal
                    Loans            Balance
<S>                <C>            <C>
0-29 Days              0                  0.00
30 Days                5          1,455,423.06
60 Days                1            115,184.21
90 Days                0                  0.00
120 Days               0                  0.00
150 Days               0                  0.00
180+ Days              1            133,459.57
                   --------       ------------
                       7          1,704,066.84

                    No. of          Principal
                    Loans            Balance

0-29 Days          0.000000%          0.000000%
30 Days            0.246063%          0.218066%
60 Days            0.049213%          0.017258%
90 Days            0.000000%          0.000000%
120 Days           0.000000%          0.000000%
150 Days           0.000000%          0.000000%
180+ Days          0.049213%          0.019996%
                   --------       ------------
                   0.344488%          0.255320%
</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  5,433.05
</TABLE>

<TABLE>
<CAPTION>
              Original $          Original%       Current $          Current %       Current Class %    Prepayment %
              ----------          ---------       ---------          ---------       ---------------    ------------
<S>          <C>                 <C>            <C>                 <C>              <C>                <C>
Class A      36,125,447.31       4.25008989%    36,125,447.31       5.41272943%        94.587271%         0.000000%
Class X-1    36,125,447.31       4.25008989%    36,125,447.31       5.41272943%         0.000000%         0.000000%
Class X-2    36,125,447.31       4.25008989%    36,125,447.31       5.41272943%         0.000000%         0.000000%
Class B-1    21,251,447.31       2.50019219%    21,251,447.31       3.18413592%         2.228594%        41.173193%
Class B-2    12,752,447.31       1.50030107%    12,752,447.31       1.91071812%         1.273418%        25.526352%
Class B-3     8,078,447.31       0.95041390%     8,078,447.31       1.21040576%         0.700312%        12.938248%
Class B-4     5,954,447.31       0.70052936%     5,954,447.31       0.89216369%         0.318242%         5.879512%
Class B-5     3,830,447.31       0.45064481%     3,830,447.31       0.57392161%         0.318242%         5.879512%
Class B-6             0.00       0.00000000%             0.00       0.00000000%         0.573922%        10.603183%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

GROUP ONE

<TABLE>
<CAPTION>
                  DELINQUENT
-----------------------------------------------
                   No. of           Principal
                    Loans            Balance
<S>               <C>              <C>
0-29 Days             0                    0.00
30 Days               3            1,184,472.96
60 Days               0                    0.00
90 Days               0                    0.00
120 Days              0                    0.00
150 Days              0                    0.00
180+ Days             1              133,459.57
                  --------         ------------
                      4            1,317,932.53

                   No. of           Principal
                    Loans            Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.210970%            0.261455%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.070323%            0.029459%
                  --------         ------------
                  0.281294%            0.290914%
</TABLE>

<TABLE>
<CAPTION>
                   BANKRUPTCY
-----------------------------------------------
                   No. of             Principal
                    Loans              Balance
<S>               <C>                 <C>
0-29 Days             0                    0.00
30 Days               0                    0.00
60 Days               0                    0.00
90 Days               0                    0.00
120 Days              0                    0.00
150 Days              0                    0.00
180+ Days             0                    0.00
                  --------             --------
                      0                    0.00

                   No. of             Principal
                    Loans              Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.000000%            0.000000%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.000000%            0.000000%
                  --------             --------
                  0.000000%            0.000000%
</TABLE>

<TABLE>
<CAPTION>
                  FORECLOSURE
-----------------------------------------------
                   No. of             Principal
                    Loans              Balance
<S>               <C>                 <C>
0-29 Days              0                   0.00
30 Days                0                   0.00
60 Days                0                   0.00
90 Days                0                   0.00
120 Days               0                   0.00
150 Days               0                   0.00
180+ Days              0                   0.00
                  --------             --------
                       0                   0.00

                   No. of             Principal
                    Loans              Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.000000%            0.000000%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.000000%            0.000000%
                  --------             --------
                  0.000000%            0.000000%
</TABLE>

<TABLE>
<CAPTION>
                      REO
-----------------------------------------------
                   No. of             Principal
                    Loans              Balance
<S>               <C>                 <C>
0-29 Days              0                   0.00
30 Days                0                   0.00
60 Days                0                   0.00
90 Days                0                   0.00
120 Days               0                   0.00
150 Days               0                   0.00
180+ Days              0                   0.00
                  --------             --------
                       0                   0.00

                   No. of             Principal
                    Loans              Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.000000%            0.000000%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.000000%            0.000000%
                  --------             --------
                  0.000000%            0.000000%
</TABLE>

<TABLE>
<CAPTION>
                      TOTAL
-----------------------------------------------
                   No. of           Principal
                    Loans            Balance
<S>               <C>              <C>
0-29 Days              0                   0.00
30 Days                3           1,184,472.96
60 Days                0                   0.00
90 Days                0                   0.00
120 Days               0                   0.00
150 Days               0                   0.00
180+ Days              1             133,459.57
                  --------         ------------
                       4           1,317,932.53

                   No. of           Principal
                    Loans            Balance

0-29 Days         0.000000%            0.000000%
30 Days           0.210970%            0.261455%
60 Days           0.000000%            0.000000%
90 Days           0.000000%            0.000000%
120 Days          0.000000%            0.000000%
150 Days          0.000000%            0.000000%
180+ Days         0.070323%            0.029459%
                  --------         ------------
                  0.281294%            0.290914%
</TABLE>

<TABLE>
<CAPTION>
                   DELINQUENT

GROUP TWO
-----------------------------------------------
                      No. of          Principal
                      Loans            Balance
<S>                  <C>             <C>
0-29 Days                0                 0.00
30 Days                  2           270,950.10
60 Days                  1           115,184.21
90 Days                  0                 0.00
120 Days                 0                 0.00
150 Days                 0                 0.00
180+ Days                0                 0.00
                     --------        ----------
                         3           386,134.31

                      No. of          Principal
                      Loans            Balance

0-29 Days            0.000000%         0.000000%
30 Days              0.327869%         0.126381%
60 Days              0.163934%         0.053726%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------        ----------
                     0.491803%         0.180107%
</TABLE>

<TABLE>
<CAPTION>
                 BANKRUPTCY
-------------------------------------------
                  1.183654%
                   No. of         Principal
                    Loans          Balance
<S>               <C>             <C>
0-29 Days             0               0.00
30 Days               0               0.00
60 Days               0               0.00
90 Days               0               0.00
120 Days              0               0.00
150 Days              0               0.00
180+ Days             0               0.00
                  --------        --------
                      0               0.00

                   No. of         Principal
                    Loans          Balance

0-29 Days         0.000000%       0.000000%
30 Days           0.000000%       0.000000%
60 Days           0.000000%       0.000000%
90 Days           0.000000%       0.000000%
120 Days          0.000000%       0.000000%
150 Days          0.000000%       0.000000%
180+ Days         0.000000%       0.000000%
                  --------        --------
                  0.000000%       0.000000%
</TABLE>

<TABLE>
<CAPTION>
                 FORECLOSURE
---------------------------------------------
                    No. of          Principal
                     Loans           Balance
<S>                <C>              <C>
0-29 Days              0                0.00
30 Days                0                0.00
60 Days                0                0.00
90 Days                0                0.00
120 Days               0                0.00
150 Days               0                0.00
180+ Days              0                0.00
                   --------         --------
                       0                0.00

                     No. of         Principal
                     Loans           Balance

0-29 Days          0.000000%        0.000000%
30 Days            0.000000%        0.000000%
60 Days            0.000000%        0.000000%
90 Days            0.000000%        0.000000%
120 Days           0.000000%        0.000000%
150 Days           0.000000%        0.000000%
180+ Days          0.000000%        0.000000%
                   --------         --------
                   0.000000%        0.000000%
</TABLE>

<TABLE>
<CAPTION>
                     REO
--------------------------------------------
                    No. of         Principal
                     Loans          Balance
<S>                <C>             <C>
0-29 Days              0               0.00
30 Days                0               0.00
60 Days                0               0.00
90 Days                0               0.00
120 Days               0               0.00
150 Days               0               0.00
180+ Days              0               0.00
                   --------        --------
                       0               0.00

                    No. of         Principal
                     Loans          Balance

0-29 Days          0.000000%       0.000000%
30 Days            0.000000%       0.000000%
60 Days            0.000000%       0.000000%
90 Days            0.000000%       0.000000%
120 Days           0.000000%       0.000000%
150 Days           0.000000%       0.000000%
180+ Days          0.000000%       0.000000%
                   --------        --------
                   0.000000%       0.000000%
</TABLE>

<TABLE>
<CAPTION>
                    TOTAL
---------------------------------------------
                    No. of          Principal
                    Loans            Balance
<S>                <C>             <C>
0-29 Days              0                 0.00
30 Days                2           270,950.10
60 Days                1           115,184.21
90 Days                0                 0.00
120 Days               0                 0.00
150 Days               0                 0.00
180+ Days              0                 0.00
                   --------        ----------
                       3           386,134.31

                    No. of          Principal
                    Loans            Balance

0-29 Days          0.000000%         0.000000%
30 Days            0.327869%         0.126381%
60 Days            0.163934%         0.053726%
90 Days            0.000000%         0.000000%
120 Days           0.000000%         0.000000%
150 Days           0.000000%         0.000000%
180+ Days          0.000000%         0.000000%
                   --------        ----------
                   0.491803%         0.180107%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                          Mixed Arm
<S>                                                          <C>
Weighted Average Gross Coupon                                      4.104437%
Weighted Average Net Coupon                                        3.729109%
Weighted Average Pass-Through Rate                                 3.720141%
Weighted Average Maturity (Stepdown Calculation)                        332

Beginning Scheduled Collateral Loan Count                             2,103
Number of Loans Paid in Full                                             71
Ending Scheduled Collateral Loan Count                                2,032

Beginning Scheduled Collateral Balance                       695,352,157.67
Ending Scheduled Collateral Balance                          667,416,462.52
Ending Actual Collateral Balance at 31-Mar-2005              667,423,640.47

Monthly P&I Constant                                           2,378,805.74
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realization Loss Amount                                                0.00
Cumulative Realized Loss                                               0.00

Class A Optimal Amount                                        29,979,401.96

Ending Scheduled Balance for Premium Loans                   667,416,462.52

Scheduled Principal                                                  447.91
Unscheduled Principal                                         27,935,247.24
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
         GROUP                          GROUP ONE         GROUP TWO           TOTAL
<S>                                <C>                 <C>               <C>
Collateral Description             6 Month LIBOR ARM        Mixed ARM         Mixed ARM
Weighted Average Coupon Rate                4.027064         4.265666          4.104437
Weighted Average Net Rate                   3.651578         3.890666          3.729109
Pass-Through Rate                           3.642879         3.881135          3.720141
Weighted Average Maturity                        334              327               332
Record Date                               03/31/2005       03/31/2005        03/31/2005
Principal and Interest Constant         1,577,056.49       801,749.25      2,378,805.74
Beginning Loan Count                           1,466              637             2,103
Loans Paid in Full                                44               27                71
Ending Loan Count                              1,422              610             2,032
Beginning Scheduled Balance           469,864,116.55   225,488,041.12    695,352,157.67
Ending Scheduled Balance              453,027,148.79   214,389,313.73    667,416,462.52
Scheduled Principal                           245.93           201.98            447.91
Unscheduled Principal                  16,836,721.83    11,098,525.41     27,935,247.24
Scheduled Interest                      1,576,810.56       801,547.27      2,378,357.83
Servicing Fee                             147,022.84        70,465.04        217,487.88
Master Servicing Fee                        2,936.64         1,409.29          4,345.93
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                                     469.30           381.61            850.91
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                            1,426,381.78       729,291.33      2,155,673.11
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

Six-Month Libor Loan Balance            453,027,148.79
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    94.776007%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%

Group Two

One-Month Libor Loan Balance            124,626,723.67
Six-Month Libor Loan Balance             89,762,590.06
Interest Transfer Amount                          0.00
Principal Transfer Amount                         0.00
Prorata Senior Percentage                    94.864572%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%
</TABLE>